According to Cofeed, on the week as of December 27th, details of soybean stocks and  soybean meal stocks and outstanding contracts in coastal regions of China are as follows:

Soybean: Imported soybean stocks continue to increase this week. In the week as of December 27th, imported soybean stocks in mills in domestic coastal regions total 4,069,200 tonnes in main domestic coastal oil mills, up 349,900 tonnes by 9.41% from 3,719,300 tonnes last week yet down by 28.40% from 5,683,300 tonnes of the same period last year. Although soybean imports are arriving at ports substantially in December, the stocks will slow down growth with higher crush next week.

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

Soybean meal: Soybean meal stocks continue to increase this week as soybean crush extends its upward pace to an extremely high level of 1.99 mln tonnes. In the week as of December 27th, the inventory in mills in domestic coastal regions totals 520,300 tonnes, up 84,500 tonnes by 19.39% from 435,800 tonnes last week yet down by 54.02% from 1,131,600 tonnes of the corresponding period last year. Soybean meal stocks may continue to climb higher as soybean crush is estimated at 2.0 mln tonnes in the next two weeks, but the pace will be slowed down by the festival demand.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts continue to decrease this week. In the week as of December 27th, outstanding contracts in mills in domestic coastal regions hold 2,403,200 tonnes unfinished, down 318,800 tonnes by 11.71% from 2,722,000 tonnes last week and down by 23.13% from 3,126,400 tonnes of the same period last year.

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