According to Cofeed, on the week as of March 20th, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions and in all regions of China are as follows:

Soybean: Imported soybean stocks continue to decline this week with smaller soybean volume arriving at domestic ports, but the decline is limited as soybean crush drops to 1.38 mln tonnes. In the week as of March 20th, imported soybean stocks in mills in domestic coastal regions total 2,409,300 tonnes in main domestic coastal oil mills, down 5,500 tonnes by 0.23% from 2,414,800 tonnes last week and down by 35.24% from 3,720,400 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 continue to decrease this week as delivery increases with bouncing prices, albeit with a further decline in soybean crush. In the week ending March 20th, soybean meal stocks in mills in domestic coastal regions are 325,700 tonnes, down 114,800 tonnes by 26.06% from 440,500 tonnes last week and down by 47.72% from 623,100 tonnes of the corresponding period last year. Soybean crush will still remain at a low level of 1.48 mln and 1.58 mln tonnes in the next two week, so soybean meal stocks will probably stay low. And the tight supply in soybean meal market may not abate until late next month, for soybean imports may be lower than expected in April due to slow shipments in Brazil.

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 20th, outstanding contracts in mills in domestic coastal regions hold 2,807,000 tonnes not delivered, down 502,000 tonnes by 15.17% from 3,309,000 tonnes last week yet up by 6.80% from 2,628,200 tonnes of the same period last year.

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