Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 19, 2020)
According to Cofeed, in the week as of May 8, details of soybean oil inventories and outstanding contracts in main domestic regions are as follows:
Soybean oil stocks start an uptrend this week. In the week ending May 8, China’s commercial inventory has totaled 845,000 tonnes, up 32,850 tonnes by 4.04% from 812,150 tonnes last week, down 219,500 tonnes by 20.62% from 1,064,500 tonnes last month, and down 555,000 tonnes by 39.64% from 1,400,000 tonnes of the corresponding period last year. And the five-year average at the same period is 1,146,600 tonnes.
Oil mills have maintained lower-than-forecast operation rates due to the May Day holiday and soybean shortages in several mills this week (May 2-8). Soybean crush at domestic mills totals 1,749,500 tonnes (meal 1,382,105 tonnes and oil 332,405 tonnes), down 27,500 tonnes or 1.5% from 1,777,000 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) are 50.39%, down 0.79% from 51.18% in the previous week. Soybean crush will start the uptrend to around 1.98 mln tonnes and 2.01 mln tonnes in the next two weeks, respectively. Hence, soybean oil stocks are forecast to follow to continue the uptrend.
Fig.: China’s Soybean Oil Stocks in Recent Years
