According to Cofeed, on the week as of October 25th, details of soybean stocks and  soybean meal stocks and outstanding contracts in coastal regions of China are as follows:

Soybean: Soybean stocks continue to decline this week as the crush continues to increase to 1.74 mln tonnes and with few shipments discharged from the ports to mills. In the week as of October 18th, imported soybean stocks total 3,319,000 tonnes in main domestic coastal oil mills, down 606,100 tonnes by 15.44% from 3,925,100 tonnes last week and down by 51.82% from 6,890,000 tonnes of the same period last year. Soybean crush will drop slightly to 1.67 mln tonnes next week, so the stocks will likely drop accordingly.

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

Soybean meal: Soybean meal is trading quite well this week, a total of 2.45396 mln tonnes as of this Friday, a weekly increase of 228.08% from 747,970 tonnes in the previous week. The trading is mostly signed on forward basis, but soybean meal stocks also slightly decrease due to growing delivery. In the week as of October 25th, the inventory totals 556,500 tonnes, down 17,300 tonnes by 3.01% from 573,800 tonnes last week and down by 37.72% from 893,600 tonnes of the corresponding period last year. Despite the fractionally lower crush next week, soybean meal stocks will remain little changed with slower trading. The overall tight supplies may ease only after mid-November. 

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 (Most trading this week is signed on forward basis, so forward contracts for June to September 2020 are not included). In the week as of October 25th, outstanding contracts in domestic main areas hold 3,121,400 tonnes unfinished, down 269,300 tonnes by 7.94% from 3,390,700 tonnes last week and down by 30.82% from 4,512,400 tonnes of the same period last year.

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