Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 16, 2020)
According to Cofeed, in the week as of Apr. 17, details of soybean oil inventories and outstanding contracts in main domestic regions are as follows:
Soybean oil stocks continue the decline this week due to low soybean crush in the previous weeks and decent soybean oil deliveries in oil mills. In the week ending Apr. 17, China’s commercial inventory has totaled 904,450 tonnes, down 123,200 tonnes by 11.99% from 1,027,650 tonnes last week, down 465,550 tonnes by 33.98% from 1,370,000 tonnes last month, and down 454,450 tonnes by 33.44% from 1,358,900 tonnes of the corresponding period last year. And the five-year average at the same period is 1,073,030 tonnes.
As operation rates pick up this week (Apr. 11-17), soybean crush at domestic mills totals 1,582,400 tonnes (meal 1,250,096 tonnes and oil 300,656 tonnes), up 225,800 tonnes or 16.64% from 1,356,600 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) are 45.58%, up 6.51% from 39.07% in the previous week. Soybean crush will continue to rise to around 1.75mln tonnes and 1.85 mln tonnes in the next two weeks, respectively.
Fig.: China’s Soybean Oil Stocks in Recent Years
