According to Cofeed, on the week as of January 3rd, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions of China are as follows:

Soybean: Imported soybean stocks decline this week as the crush returns to a high level of 2 mln tonnes, but the decline is limited by huge imports arriving at ports. In the week as of January 3rd, imported soybean stocks in mills in domestic coastal regions total 4,050,400 tonnes in main domestic coastal oil mills, down 18,800 tonnes by 0.46% from 4,069,200 tonnes last week and down by 31.43% from 5,907,000 tonnes of the same period last year. As soybean crush is expected to stay a high level of over 2 mln tonnes next week, the stocks will likely follow to fall slightly.

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 continues to stay at a very high level. In the week as of January 3rd, the inventory in mills in domestic coastal regions totals 589,400 tonnes, up 69,100 tonnes by 13.28% from 520,300 tonnes last week yet down by 52.13% from 1,231,300 tonnes of the corresponding period last year. Soybean meal stocks will probably continue to mount higher next week.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts increase this week which spans from December to January. In the week as of January 3rd, outstanding contracts in mills in domestic coastal regions hold 3,087,300 tonnes unfinished, up 684,100 tonnes by 28.47% from 2,403,200 tonnes last week yet down by 11.54% from 3,490,100 tonnes of the same period last year.

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