According to Cofeed, on the week as of Apr. 24, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:
Soybean: Soybean stocks slightly move higher in coastal regions this week, as mills have unloaded some cargoes. In the week as of Apr. 24, imported soybean stocks in mills in domestic coastal regions total 2,699,800 tonnes in main domestic coastal oil mills, up 317,900 tonnes by 13.35% from 2,381,900 tonnes last week yet down by 27.58% from 3,728,000 tonnes of the same period last year. Soybean stocks still stay at a low level due to lower-than-forecast imports in April, but will gradually mount higher with he arrivals from May to July.
Fig. 1: China’s coastal soybean carry-over stocks in recent years
Soybean meal: Soybean meal stocks make some increment this week as soybean crush continue pick up to 1.67 mln tonnes, but the overall stocks remain low. In the week ending Apr. 24, soybean meal stocks in mills in domestic coastal regions are 162,500 tonnes, up 26,400 tonnes by 19.40% from 136,100 tonnes last week yet down by 73.88% from 622,200 tonnes of the corresponding period last year. As weekly soybean crush is forecast to be 1.75 mln tonnes in coming two weeks, soybean meal stocks may rally gradually. Besides, there will be a monthly average of nearly 10 mln tonnes of soybean vessels arriving in China from May-July, so the tight supply will follow to ease at that time.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: The amount of soybean meal in outstanding contracts continues to reduce this week. In the week as of Apr. 24, outstanding contracts in mills in domestic coastal regions hold 2,817,500 tonnes not delivered, down 597,600 tonnes by 17.50% from 3,415,100 tonnes last week and down by 11.66% from 3,189,500 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
