According to Cofeed, on the week as of January 3rd, details of soybean oil inventories and outstanding contracts are as follows:

 

The operation rates for soybean crush continue the upward trend this week (Dec. 28-Jan. 3), in spite of the downtime for swollen stocks in some Guangdong mills. The crush at domestic mills totals 2,000,500 tonnes (meal 1,580,395 tonnes and oil 380,095 tonnes), up 1700 tonnes or 0.08% from 1,998,800 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) reach 56.78%, up 0.05 percentage points from 56.73% in the previous week. Soybean crush is predicted to go further higher to around 2.03 mln tonnes next week and then fall down to around 1.92 mln tonnes that following week amid downtime in some mills. 

 

Soybean oil sees higher stocks this week as its output increases with rising operation rates. In the week as of Jan. 3rd, China’s commercial inventory has totaled 924,500 tonnes, up 7,770 tonnes by 0.85% from 916,730 tonnes last week, down 127,500 tonnes by 12.12% from 1,052,000 tonnes last month, and down 662,500 tonnes by 41.75% from 1,587,000 tonnes of the corresponding period last year. And the five-year average at the same period is 1,189,800 tonnes. 

 

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