According to Cofeed, in the week as of May 1, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:
Soybean: Soybean stocks continue mounting higher in coastal regions this week, as mills have unloaded cargoes at ports. In the week as of May 1, imported soybean stocks in mills in domestic coastal regions total 3,033,000 tonnes in main domestic coastal oil mills, up 333,200 tonnes by 12.34% from 2,699,800 tonnes last week yet down by 28.74% from 4,256,600 tonnes of the same period last year. Soybean stocks will gradually build up alongside huge soybean arrivals from May to July.
Fig. 1: China’s coastal soybean carry-over stocks in recent years
Soybean meal: Soybean meal stocks continue growing this week as soybean crush picks up further to 1.77 mln tonnes, but the overall stocks remain low. In the week ending May 1, soybean meal stocks in mills in domestic coastal regions are 179,600 tonnes, up 17,100 tonnes by 10.52% from 162,500 tonnes last week yet down by 72.68% from 657,600 tonnes of the corresponding period last year. As weekly soybean crush is forecast to reach 1.82 mln tonnes and 1.98 mln tonnes in coming two weeks, soybean meal stocks may rally from the low level and the tight supply will follow to ease gradually.
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 April to May. In the week as of May 1, outstanding contracts in mills in domestic coastal regions hold 4,362,500 tonnes not delivered, up 1,545,000 tonnes by 54.84% from 2,817,500 tonnes last week and up by 21.25% from 3,597,700 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
