According to Cofeed, on the week as of February 28th, 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 decrease this week, for mills continue to pick up soybean crush to a very high level of 1.92 mln tonnes. In the week as of February 28th, imported soybean stocks in mills in domestic coastal regions total 3,811,700 tonnes in main domestic coastal oil mills, down 574,300 tonnes by 13.09% from 4,386,000 tonnes last week and down by 22.45% from 4,915,400 tonnes of the same period last year. The crush will drop to 1.60-1.65 mln tonnes in the coming two weeks, but soybean stocks are forecast to continue the decline due to small soybean arrivals in March. 

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 28th, soybean meal stocks in mills in domestic coastal regions are 471,400 tonnes, up 105,700 tonnes by 28.90% from 365,700 tonnes last week yet down by 33.43% from 708,200 tonnes of the corresponding period last year. Soybean meal stocks may fall again, for mills will reduce 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 continues to reduce this week. In the week as of February 28th, outstanding contracts in mills in domestic coastal regions hold 2,803,700 tonnes unfinished, down 52,500 tonnes by 1.84% from 2,856,200 tonnes last week yet up by 33.06% from 2,107,000 tonnes of the same period last year.

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