According to Cofeed, on the week as of May 8, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:
Soybean: Soybean stocks go on mounting higher this week, as mills are busy unloading soybean cargoes. In the week as of May 8, imported soybean stocks in mills in domestic coastal regions total 3,178,600 tonnes in main domestic coastal oil mills, up 145,600 tonnes by 4.80% from 3,033,000 tonnes last week yet down by 32.39% from 4,702,000 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 to increase at a quicker pace this week. In the week ending May 8, soybean meal stocks in mills in domestic coastal regions are 305,800 tonnes, up 126,200 tonnes by 70.27% from 179,600 tonnes last week yet down by 48.23% from 590,700 tonnes of the corresponding period last year. As weekly soybean crush is forecast to get near to 2 mln tonnes in coming two weeks, soybean meal stocks will likely continue to grow and the tight supply has basically eased.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: The amount of soybean meal in outstanding contracts continue to increase this week. In the week as of May 8, outstanding contracts in mills in domestic coastal regions hold 4,438,400 tonnes not delivered, up 75,900 tonnes by 1.74% from 4,362,500 tonnes last week and up by 7.01% from 4,147,300 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
