According to Cofeed, on the week as of March 27th, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:
Soybean: Imported soybean stocks slightly increase this week, as soybean crush remains at a relatively low level of 1.47 mln tonnes. But the increment is small, for soybean imports are not huge. In the week as of March 27th, imported soybean stocks in mills in domestic coastal regions total 2,503,300 tonnes in main domestic coastal oil mills, up 94,000 tonnes by 3.90% from 2,409,300 tonnes last week yet down by 29.42% from 3,546,800 tonnes of the same period last year. Soybean stocks are forecast to continue to stay relatively low as soybean imports are small in March and April.
Fig. 1: China’s coastal soybean carry-over stocks in recent years
Soybean meal: Soybean meal stocks continue to decrease to a six-an-a-half-year low this week as soybean crush remains at a low level. In the week ending March 27th, soybean meal stocks in mills in domestic coastal regions are 272,700 tonnes, down 53,000 tonnes by 16.27% from 325,700 tonnes last week and down by 56.86% from 632,200 tonnes of the corresponding period last year. Soybean crush will still remain at a low level of 1.50 mln and 1.39 mln tonnes in the next two weeks, so soybean meal stocks will probably continue to stay low. And the tight supply in soybean meal market may not abate until late April, for soybean imports will also 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 further reduces this week. In the week as of March 27th, outstanding contracts in mills in domestic coastal regions hold 2,561,500 tonnes not delivered, down 245,500 tonnes by 8.75% from 2,807,000 tonnes last week and down by 1.38% from 2,597,400 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
