According to Cofeed, in the week as of March 20th, details of soybean oil inventories and outstanding contracts in main domestic regions are as follows:

 

As operation rates continue the decline this week (Mar. 14-20), soybean crush at domestic mills totals 1,386,600 tonnes (meal 1,095,414 tonnes and oil 263,454 tonnes), down 84,500 tonnes or 5.7% from 1,471,100 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) are 39.85%, down 2.43 percentage points from 42.28% in the previous week. Soybean crush will slightly recover in the next two weeks to 1.48 mln tonnes and 1.58 mln tonnes, respectively.

 

Soybean oil stocks continue to fall this week with reducing output under a further decline in operation rates. In the week ending March 20th, China’s commercial inventory has totaled 1,321,530 tonnes, down 70,570 tonnes by 5.07% from 1,392,100 tonnes last week, up 156,530 tonnes by 13.44% from 1,165,000 tonnes last month, and down 58,470 tonnes by 4.24% from 1,380,000 tonnes of the corresponding period last year. And the five-year average at the same period is 1,172,200 tonnes. 

 

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