According to Cofeed, on the week as of Apr. 3, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:
Soybean: Imported soybean stocks continue to increase this week, as soybean crush declines further to 1.43 mln tonnes under low operation rates for soybean shortages. But the increment is small, for soybean imports are not huge. In the week as of Apr. 3, imported soybean stocks in mills in domestic coastal regions total 2,525,100 tonnes in main domestic coastal oil mills, up 21,800 tonnes by 0.87% from 2,503,300 tonnes last week yet down by 36.10% from 3,951,800 tonnes of the same period last year. Soybean stocks are forecast to continue to stay relatively low as soybean imports are small in April.
Fig. 1: China’s coastal soybean carry-over stocks in recent years
Soybean meal: Soybean meal stocks continue to decrease to a historical low this week as soybean crush declines to 1.43 mln tonnes. In the week ending Apr. 3, soybean meal stocks in mills in domestic coastal regions are 167,800 tonnes, down 104,900 tonnes by 38.47% from 272,700 tonnes last week and down by 72.41% from 608,400 tonnes of the corresponding period last year. Soybean crush will still remain at a low level of 1.35mln and 1.60 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.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: The amount of soybean meal in outstanding contracts significantly increases this week, which spans from March to April. In the week as of Apr. 3, outstanding contracts in mills in domestic coastal regions hold 4,324,900 tonnes not delivered, up 1,763,400 tonnes by 68.84% from 2,561,500 tonnes last week and up by 33.34% from 3,243,500 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
