According to Cofeed, in the week as of February 14th, details of soybean oil inventories and outstanding contracts are as follows:

 

Following another rise in operation rates this week (Feb. 8-14), soybean crush at domestic mills totals 1,575,600 tonnes (meal 1,244,724 tonnes and oil 299,364 tonnes), up 788,100 tonnes or 100.08% from 787,500 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) reach 45.28% up 22.65 percentage points from 22.63% in the previous week. As operation rates continue to increase in the next two weeks, soybean crush is predicted to be around 1.75 mln tonnes and 1.80 mln tonnes, respectively.

 

Oil mills continue to pick up operation rates, but under the influence of the epidemic, most of them are just crushing and unable to make shipment; hence, soybean oil stocks sharply increase this week. In the week ending February 14th, China’s commercial inventory has totaled 1,027,600 tonnes, up 130,700 tonnes by 14.57% from 896,900 tonnes last week, up 159,600 tonnes by 18.39% from 868,000 tonnes last month, yet down 282,700 tonnes by 21.58% from 1,310,300 tonnes of the corresponding period last year. And the five-year average at the same period is 1,104,400 tonnes. 

 

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