According to Cofeed, on the week as of February 14th, 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, but the growth is smaller as mills further pick up soybean crush to 1.57 mln tonnes. In the week as of February 14th, imported soybean stocks in mills in domestic coastal regions total 4,882,200 tonnes in main domestic coastal oil mills, up 69,800 tonnes by 1.45% from 4,812,400 tonnes last week yet down by 15.71% from 5,792,500 tonnes of the same period last year. As the crush is predicted to be around 1.75 mln tonnes next week and 1.80 mln tonnes that following week, soybean stocks will probably follow to decline. 

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

Soybean meal: Soybean meal stocks slightly increase this week with growing soybean crush. In the week ending February 14th, soybean meal stocks in mills in domestic coastal regions are 346,500 tonnes, up 23,400 tonnes by 7.24% from 323,100 tonnes last week and down by 38.73% from 565,600 tonnes of the corresponding period last year. Soybean meal stocks may increase as mills will continue to pick up soybean crush in the coming two weeks, but the overall stocks 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 14th, outstanding contracts in mills in domestic coastal regions hold 3,0390,700 tonnes unfinished, up 332,400 tonnes by 10.87% from 3,058,300 tonnes last week and up by 73.03% from 1,959,600 tonnes of the same period last year.

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