According to Cofeed, on the week as of March 6th, 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 with smaller soybean volume arriving at domestic ports. In the week as of March 6th, imported soybean stocks in mills in domestic coastal regions total 2,882,900 tonnes in main domestic coastal oil mills, down 928,800 tonnes by 24.37% from 3,811,700 tonnes last week and down by 33.02% from 4,304,300 tonnes of the same period last year. Soybean stocks are forecast to continue the decline as soybean imports are lower in March.

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

Soybean meal: Soybean meal stocks go on increasing this week as oil mills do not make bulk shipments. In the week ending March 6th, soybean meal stocks in mills in domestic coastal regions are 512,400 tonnes, up 41,000 tonnes by 8.70% from 471,400 tonnes last week yet down by 23.36% from 668,600 tonnes of the corresponding period last year. Soybean meal stocks may fall again, for mills will reduce soybean crush to 1.54 mln and 1.42 mln tonnes in the coming two weeks, respectively.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts significantly increases this week. In the week as of March 6th, outstanding contracts in mills in domestic coastal regions hold 3,842,400 tonnes unfinished, up 1,038,700 tonnes by 37.05% from 2,803,700 tonnes last week and up by 48.49% from 2,587,500 tonnes of the same period last year.

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