Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 21, 2020)
According to Cofeed, in the week as of May 22, details of soybean oil inventories and outstanding contracts in main domestic regions are as follows:
As oil mills have raised operation rates to an extremely high level this week (May 16-22), soybean crush at domestic mills totals 2,097,500 tonnes (meal 1,657,025 tonnes and oil 398,525 tonnes), up 185,300 tonnes or 9.69% from 1,912,200 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) are 60.41%, up 5.34% from 55.07% in the previous week. Soybean crush will fall to around 1.98 mln tonnes next week as mills will slightly lower down operation rates due to swollen inventories, but it will pick up again to 2.05 mln tonnes in that following week.
Soybean oil stocks continue the uptrend this week. In the week ending May 22, China’s commercial inventory has totaled 889,150 tonnes, up 20,820 tonnes by 2.4% from 868,330 tonnes last week, up 39,200 tonnes by 4.61% from 850,000 tonnes last month, and down 557,550 tonnes by 38.54% from 1,446,700 tonnes of the corresponding period last year. And the five-year average at the same period is 1,117,300 tonnes. Alongside rising operation rates, soybean oil stocks will probably keep rising for weeks to come.
Fig.: China’s Soybean Oil Stocks in Recent Years
