According to Cofeed, on the week as of February 21st, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions of China are as follows:

Soybean: Imported soybean stocks slightly decrease this week, for mills continue to to pick up soybean crush to a high level of 1.80 mln tonnes. In the week as of February 21st, imported soybean stocks in mills in domestic coastal regions total 4,386,000 tonnes in main domestic coastal oil mills, down 496,200 tonnes by 10.16% from 4,882,200 tonnes last week and down by 20.96% from 5,549,500 tonnes of the same period last year. As the crush is predicted to extend the uptrend to around 1.85 mln tonnes next week and 1.87 mln tonnes that following week, soybean stocks will likely continue declining. 

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

Soybean meal: Soybean meal stocks go on increasing this week with growing soybean crush. In the week ending February 21st, soybean meal stocks in mills in domestic coastal regions are 365,700 tonnes, up 19,200 tonnes by 5.54% from 346,500 tonnes last week yet down by 43.27% from 644,700 tonnes of the corresponding period last year. Soybean meal stocks may rise from the low level, for mills will continue to pick up soybean crush in the coming two weeks.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts reduces this week, as the consumption has quickened up with more and more companies resuming work. In the week as of February 21st, outstanding contracts in mills in domestic coastal regions hold 2,856,200 tonnes unfinished, down 534,500 tonnes by 15.76% from 3,390,700 tonnes last week yet up by 44.84% from 1,971,900 tonnes of the same period last year.

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