According to Cofeed, on the week as of October 4th, 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 due to few boatloads arriving at ports during the National Day holiday. In the week as of October 4th, imported soybean inventory is 3,810,800 tonnes in main domestic coastal oil mills, down 286,600 tonnes by 6.99% from 4,097,400 tonnes last week and down by 48.18% from 7,354,000 tonnes of the same period last year. The inventory is predicted to increase slightly next week as mills have cut down soybean crush to 1.10 mln tonnes during the holiday and will maintain it at around 1.30 mln tonnes next week. 

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

Soybean meal: The inventory has continued to decline this week with a sharp drop in operation rates. In the week as of October 4th, the inventory totals 584,700 tonnes, down 89,600 tonnes by 13.29% from 674,300 tonnes last week and down by 37.57% from 584,700 tonnes of the corresponding period last year. As most mills will maintain soybean crush at a low level of 1.30 mln tonnes 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 increases this week. In the week as of October 4th, outstanding contracts in domestic main areas hold 3,681,800 tonnes unfinished, up 605,500 tonnes by 19.68% from 3,076,300 tonnes last week yet down by 36.21% from 5,771,900 tonnes of the same period last year.

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