According to Cofeed, on the week as of September 27th, details of soybean stocks and  soybean meal stocks and outstanding contracts in coastal regions of China are as follows:

Soybean: Imported soybean inventory continues to decrease this week, as mills keep soybean crush at a high level of over 1.80 mln tonnes. In the week as of September 27th, imported soybean inventory is 4,097,400 tonnes in main domestic coastal oil mills, down 624,400 tonnes by 13.22% from 4,721,800 tonnes last week and down by 43.84% from 7,296,600 tonnes of the same period last year. The inventory may increase slightly after the National Day holiday, during which mills will slash the crush below 1.10 mln tonnes. 

Fig. 1: China’s coastal soybean carry-over stocks in recent years

Soybean meal: The inventory has fractionally declined this week on quick delivery, as some downstream companies are stocking up for the National Day holiday, which is one week left to come. In the week as of September 27th, the inventory totals 674,300 tonnes, down 92,000 tonnes by 12.01% from 766,300 tonnes last week and down by 23.94% from 886,600 tonnes of the corresponding period last year. As most mills will halt production during the holiday next week, the inventory is predicted to continue to drop accordingly. 

Fig. 2: China’s coastal soybean meal carry-over stocks in recent years

Outstanding contracts: The amount of soybean meal in outstanding contracts continues to decrease this week. In the week as of September 27th, outstanding contracts in domestic main areas hold 3,076,300 tonnes unfinished, down 451,000 tonnes by 12.79% from 3,527,300 tonnes last week and by 34.84% from 4,721,200 tonnes of the same period last year.

Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years