According to Cofeed, on the week as of December 27th, details of soybean oil inventories and outstanding contracts are as follows:

 

This week (Dec. 21-27), with a further rise in operation rates, soybean crush at domestic mills totals 1,998,800 tonnes (meal 1,579,052 tonnes and oil 379,772 tonnes), up 142,300 tonnes or 7.66% from 1,856,500 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) reach 56.73%, up 5.82 percentage points from 50.91% in the previous week. Soybean crush is predicted to continue the upward trend to a very high level of 2.01 mln tonnes next week and 2.02 mln tonnes that following week. 

 

Soybean oil sees higher stocks this week, as its output increases with rising operation rates and its delivery is slower with the end of festival replenishment. In the week as of Dec. 27th, China’s commercial inventory has totaled 916,730 tonnes, up 15,830 tonnes by 1.76% from 900,900 tonnes last week, down 152,770 tonnes by 14.28% from 1,069,500 tonnes last month, and down 720,270 tonnes by 44% from 1,637,000 tonnes of the corresponding period last year. And the five-year average at the same period is 1,208,700 tonnes. 

 

Fig.: China’s Soybean Oil Stocks in Recent Years