Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 6, 2020)
According to Cofeed, on the week as of February 7th, details of soybean oil inventories and outstanding contracts are as follows:
Following a rise in operation rates this week (Feb. 1-7), soybean crush at domestic mills totals 787,500 tonnes (meal 622,125 tonnes and oil 149,625 tonnes), up 734,800 tonnes or 1394% from 52,700 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) reach 22.63%, up 21.13 percentage points from 1.50% in the previous week. With a further quick increase in operation rares, soybean crush is predicted to be around 1.50 mln tonnes next week and to 1.75 mln tonnes that following week.
In the week ending February 7th, China’s commercial inventory has totaled 896,900 tonnes, up 48,800 tonnes by 5.75% from 848,100 tonnes last week, down 6,300 tonnes by 0.7% from 903,200 tonnes last month, and down 413,400 tonnes by 31.55% from 1,310,300 tonnes of the corresponding period last year. And the five-year average at the same period is 1,099,800 tonnes.
Fig.: China’s Soybean Oil Stocks in Recent Years
