According to Cofeed, on the week as of May 15, 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 15, imported soybean stocks in mills in domestic coastal regions total 4,019,300 tonnes in main domestic coastal oil mills, up 840,700 tonnes by 26.45% from 3,178,600 tonnes last week yet down by 12.51% from 4,594,100 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 the uptrend this week as soybean crush climbs to a high level of 1.91 mln tonnes. In the week ending May 15, soybean meal stocks in mills in domestic coastal regions are 367,600 tonnes, up 61,800 tonnes by 20.21% from 305,800 tonnes last week yet down by 40.38% from 616,600 tonnes of the corresponding period last year. As weekly soybean crush is forecast to hit a very high level of around 2 mln tonnes in coming two weeks, soybean meal stocks will likely continue the growth.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: The amount of soybean meal in outstanding contracts decreases this week. In the week as of May 15, outstanding contracts in mills in domestic coastal regions hold 3,616,800 tonnes not delivered, down 821,600 tonnes by 18.51% from 4,438,400 tonnes last week and down by 13.54% from 4,183,400 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
