According to Cofeed, on the week as of November 22nd, details of soybean stocks and  soybean meal stocks and outstanding contracts in coastal regions of China are as follows:

Soybean: Imported soybean stocks reduce further this week as soybean crush moves higher to 1.77 mln tonnes. In the week as of November 22nd, imported soybean stocks in mills in domestic coastal regions total 2,969,800 tonnes in main domestic coastal oil mills, down 135,800 tonnes by 4.37% from 3,105,600 tonnes last week and down by 55.41% from 6,660,300 tonnes of the same period last year. Soybean crush will continue to go higher to 1.81mln tonnes and 1.84 mln tonnes in the next two weeks, so the stocks will likely continue to decline.

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

Soybean meal: Soybean meal stocks slightly increase this week due to higher soybean crush, but still remain at a relatively low level. In the week as of November 22nd, the inventory in mills in domestic coastal regions totals 371,300 tonnes, up 16,200 tonnes by 4.56% from 355,100 tonnes last week yet down by 62.90% from 1,001,000 tonnes of the corresponding period last year. The inventory is predicted to go steadily higher as mills will continue to pick up soybean 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 22nd, outstanding contracts in mills in domestic coastal regions hold 2,971,400 tonnes unfinished, down 460,400 tonnes by 13.42% from 3,431,800 tonnes last week and down by 24.08% from 3,914,100 tonnes of the same period last year.

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