Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 17, 2020)
According to Cofeed, in the week as of Apr. 24, details of soybean oil inventories and outstanding contracts in main domestic regions are as follows:
Soybean oil stocks continue declining this week. In the week ending Apr. 24, China’s commercial inventory has totaled 837,650 tonnes, down 66,800 tonnes by 7.39% from 904,450 tonnes last week, down 442,350 tonnes by 34.56% from 1,280,000 tonnes last month, and down 547,850 tonnes by 39.54% from 1,385,500 tonnes of the corresponding period last year. And the five-year average at the same period is 1,066,000 tonnes.
Oil mills continue picking up operation rates this week (Apr. 18-24), but the pickup is smaller than the forecast due to some delayed soybean vessels. Soybean crush at domestic mills totals 1,674,900 tonnes (meal 1,323,171 tonnes and oil 318,231 tonnes), up 92,500 tonnes or 5.84% from 1,582,400 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) are 48.24%, up 2.9% from 45.34% in the previous week. Soybean crush will continue to rise to around 1.75mln tonnes and 1.76 mln tonnes in the next two weeks, respectively. Hence, soybean oil stocks are also forecast to narrow the declines.
Fig.: China’s Soybean Oil Stocks in Recent Years
