According to Cofeed, on the week as of November 15th, details of soybean stocks and  soybean meal stocks and outstanding contracts in coastal regions of China are as follows:

Soybean: Imported soybean stocks decrease slightly this week as soybean crush is raised to 1.63 mln tonnes. In the week as of November 15th, imported soybean stocks in mills in domestic coastal regions total 3,105,600 tonnes in main domestic coastal oil mills, down 78,400 tonnes by 2.46% from 3,184,000 tonnes last week and down by 51.37% from 6,386,300 tonnes of the same period last year. Soybean crush will continue to go higher to 1.68 mln tonnes and 1.75 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 to a nearly six-year low this week due to renewed strong trading and slightly quicker consumption speed. In the week as of November 15th, the inventory in mills in domestic coastal regions totals 355,100 tonnes, down 57,000 tonnes by 13.83% from 412,100 tonnes last week and down by 65.44% from 1,027,600 tonnes of the corresponding period last year. The inventory is predicted to slow down declines with higher crush in the next two weeks, but the total tight supply may not ease until late December. 

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 November 15th, outstanding contracts in mills in domestic coastal regions hold 3,431,800 tonnes unfinished, down 484,200 tonnes by 12.36% from 3,916,000 tonnes last week and down by 22.91% from 4,452,100 tonnes of the same period last year.

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