Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 20, 2020)
According to Cofeed, in the week as of May 15, details of soybean oil inventories and outstanding contracts in main domestic regions are as follows:
As oil mills have picked up operation rates this week (May 9-15), soybean crush at domestic mills totals 1,912,200 tonnes (meal 1,510,638 tonnes and oil 363,318 tonnes), up 162,700 tonnes or 9.29% from 1,749,500 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) are 55.07%, up 4.68% from 50.39% in the previous week. Soybean crush will continue its uptrend to around 2.01 mln tonnes and 2.05 mln tonnes in the next two weeks, respectively.
Soybean oil stocks continue the uptrend this week. In the week ending May 15, China’s commercial inventory has totaled 868,330 tonnes, up 23,330 tonnes by 2.76% from 845,000 tonnes last week, down 71,670 tonnes by 7.62% from 940,000 tonnes last month, and down 561,800 tonnes by 39.26% from 1,429,500 tonnes of the corresponding period last year. And the five-year average at the same period is 1,102,400 tonnes. As oil mills continue picking up operation rates, soybean oil stocks will probably keep rising for weeks to come.
Fig.: China’s Soybean Oil Stocks in Recent Years
