According to Cofeed, on the week as of March 13th, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions 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 13th, imported soybean stocks in mills in domestic coastal regions total 2,414,800 tonnes in main domestic coastal oil mills, down 468,100 tonnes by 16.24% from 2,882,900 tonnes last week and down by 37.53% from 3,865,700 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 are fractionally lower this week as soybean crush continues to decline to 1.47 mln tonnes. In the week ending March 13th, soybean meal stocks in mills in domestic coastal regions are 440,500 tonnes, down 71,900 tonnes by 14.03% from 512,400 tonnes last week and down by 31.58% from 643,900 tonnes of the corresponding period last year. Soybean meal stocks are expected to decline further, for soybean crush will stay at a low level of 1.40 mln and 1.48 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 reduces this week. In the week as of March 13th, outstanding contracts in mills in domestic coastal regions hold 3,309,000 tonnes not delivered, down 533,400 tonnes by 13.88% from 3,842,400 tonnes last week yet up by 27.70% from 2,591,100 tonnes of the same period last year.

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