According to Cofeed, on the week as of November 1st, details of soybean stocks and  soybean meal stocks and outstanding contracts in coastal regions of China are as follows:

Soybean: Soybean stocks continue declining this week with few shipments of imported soybeans discharged from the ports to mills. In the week as of November 1st, imported soybean stocks total 2,964,900 tonnes in main domestic coastal oil mills, down 354,100 tonnes by 10.67% from 3,319,000 tonnes last week and down by 54.55% from 6,524,100 tonnes of the same period last year. Soybean crush will return higher to 1.66 mln tonnes and 1.80 mln tonnes in the next two weeks, so the stocks will likely drop accordingly.

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

Soybean meal: Soybean meal continues trading quite well this week as of November 1st, a total of 2,710,100 tonnes (spot contracts 281,500 tonnes and forward contracts 2,428,600 tonnes), a weekly increase of 10.44% from 2,453,960 mln tonnes in the previous week and a year-on-year increase of 727.51% from 327,500 tonnes. In addition, soybean crush also declines this week. Therefore, soybean meal stocks continue falling. In the week as of November 1st, the inventory totals 481,200 tonnes, down 75,300 tonnes by 13.53% from 556,500 tonnes last week and down by 50.33% from 968,900 tonnes of the corresponding period last year. The inventory is predicted to increase with higher crush next week, but the total tight supply will ease only after late November. 

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 November 1st, outstanding contracts in domestic main areas hold 4,047,200 tonnes unfinished, up 925,800 tonnes by 29.66% from 3,121,400 tonnes last week yet down by 26.12% from 5,478,100 tonnes of the same period last year.

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