According to Cofeed, in the week as of March 13th, details of soybean oil inventories and outstanding contracts in main domestic regions are as follows:

 

As operation rates further decline this week (Mar. 7-13), soybean crush at domestic mills totals 1,471,100 tonnes (meal 1,162,169 tonnes and oil 279,509 tonnes), down 188,200 tonnes or 11.3% from 1,659,300 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) are 42.28%, down 5.41 percentage points from 47.69% in the previous week. Soybean crush will continue to fall to around 1.40 mln tonnes next week, and the it may rise slightly to 1.48 mln tonnes that following week.

 

Soybean oil stocks turn to fall this week with reducing output under a further decline in operation rates. In the week ending March 13th, China’s commercial inventory has totaled 1,392,100 tonnes, down 7,450 tonnes by 0.5% from 1,399,550 tonnes last week, up 407,100 tonnes by 41.33% from 985,000 tonnes last month, and up 81,800 tonnes by 6.24% from 1,310,300 tonnes of the corresponding period last year. And the five-year average at the same period is 1,184,400 tonnes. 

 

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