According to Cofeed, on the week as of February 7th, 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 increase this week as mills have just crushed 787,500 tonnes this week In the week as of February 7th, imported soybean stocks in mills in domestic coastal regions total 4,812,400 tonnes in main domestic coastal oil mills, up 822,000 tonnes by 20.57% from 3,990,400 tonnes last week yet down by 12.10% from 5,474,100 tonnes of the same period last year. As soybean crush is predicted to be around 1.50 mln tonnes next week and 1.75 mln tonnes that following week, the stocks will probably slow down the growth.

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

Soybean meal: Mid-to-downstream buyers are rushing to make replenishment this week on worry over the spread of the epidemic, as they stocked up very little for the Lunar New Year holidays previously, sending the trading to be better than that before the festival. In the week ended February 7th, the trading in soybean meal market has totaled 868,840 tonnes, a weekly increase of 551.30% or 133,400 tonnes from Week 4. And soybean crush remains at a low level, so soybean meal stocks continue to reduce. In the week ending February 7th, soybean meal stocks in mills in domestic coastal regions are 323,100 tonnes, down 32,900 tonnes by 9.24% from 356,000 tonnes last week and down by 50.20% from 648,800 tonnes of the corresponding period last year. Soybean meal stock may increase with a sharp rise in soybean crush, but it will stay at a low level overall by the end of this month. 

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

Outstanding contracts: The amount of soybean meal in outstanding contracts continues to increase this week. In the week as of February 7th, outstanding contracts in mills in domestic coastal regions hold 3,058,300 tonnes unfinished, up 508,400 tonnes by 19.94% from 2,549,900 tonnes last week and up by 45.70% from 2,099,000 tonnes of the same period last year.

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