According to Cofeed, on the week as of January 10th, 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 decline this week as the crush stays at a high level of 2.03 mln tonnes. In the week as of January 10th, imported soybean stocks in mills in domestic coastal regions total 3,923,400 tonnes in main domestic coastal oil mills, down 127,000 tonnes by 3.14% from 4,050,400 tonnes last week and down by 32.21% from 5,787,700 tonnes of the same period last year. As mills will gradually close for the Spring Festival, the stocks may have a smaller decline next week.

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

Soybean meal: Soybean meal stocks increase in coastal regions due to its growing output under high soybean crush, but the increase is small as some mills suspend production for swelling stocks and on quicker delivery ahead of the festival. In the week as of January 10th, the inventory in mills in domestic coastal regions totals 593,700 tonnes, up 4,300 tonnes by 0.73% from 589,400 tonnes last week yet down by 41.07% from 1,007,600 tonnes of the corresponding period last year. Soybean meal stocks will probably decrease slightly 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 decreases this week. In the week as of January 10th, outstanding contracts in mills in domestic coastal regions hold 2,643,800 tonnes unfinished, down 443,500 tonnes by 14.37% from 3,087,300 tonnes last week and down by 23.26% from 3,445,500 tonnes of the same period last year.

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