According to Cofeed, in the week as of January 31st, details of soybean oil inventories and outstanding contracts are as follows:

 

This week (Jan. 25-31), operation rates for soybean crush stay at a very low level amid the Lunar New Year holidays. Soybean crush at domestic mills totals 52,700 tonnes (meal 41,633 tonnes and oil 10,013 tonnes), down 889,300 tonnes or 94.41% from 942000 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) are 1.50%, down 25.38 percentage points from 26.88% in the previous week. Soybean crush will slightly go higher in the next two weeks, to 710,000 tonnes next week and to 1.48 mln tonnes that following week.

 

In the week ending January 31st, China’s commercial inventory has totaled 848,100 tonnes, down 2,800 tonnes by 0.33% from 850,900 tonnes in the week ending January 31st, down 69,900 tonnes by 7.61% from 918,000 tonnes last month, and down 490,900 tonnes by 36.66% from 1,339,000 tonnes of the corresponding period last year. And the five-year average at the same period is 1,087,900 tonnes. 

 

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