According to Cofeed, on the week as of November 8th, details of soybean stocks and  soybean meal stocks and outstanding contracts in coastal regions of China are as follows:

Soybean: Soybean stocks slightly increase this week as soybean crush falls to 1.54 mln tonnes. In the week as of November 8th, imported soybean stocks total 3.184 tonnes in main domestic coastal oil mills, up 219,100 tonnes by 7.39% from 2,964,900 tonnes last week yet down by 50.99% from 6,497,600 tonnes of the same period last year. Soybean crush will return higher to 1.68 mln tonnes and 1.77 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 stocks continue falling this week with lower soybean crush. In the week as of November 8th, the inventory totals 412,100 tonnes, down 69,100 tonnes by 14.36% from 481,200 tonnes last week and down by 57.75% from 975,500 tonnes of the corresponding period last year. The inventory is predicted to slow down declines with higher crush next week, but the total tight supply will ease only after late November or December. 

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

Outstanding contracts: The amount of soybean meal in outstanding contracts decreases this week. In the week as of November 8th, outstanding contracts in domestic main areas hold 3,916,000 tonnes unfinished, down 131,200 tonnes by 3.24% from 4,047,200 tonnes last week and down by 23.37% from 5,110,400 tonnes of the same period last year.

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