According to Cofeed, on the week as of May 22, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:
Soybean: Soybean stocks continue rising in coastal regions this week as mills are busy unloading soybean cargoes, but the rise is smaller than last week as mills have further picked up operation rates. In the week as of May 22, imported soybean stocks in mills in domestic coastal regions total 4,500,500 tonnes, up 481,200 tonnes by 11.97% from 4,019,300 tonnes last week and up by 7.67% from 4,179,600 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 further higher to 2.09 mln tonnes. In the week ending May 22, soybean meal stocks in mills in domestic coastal regions are 521,000 tonnes, up 153,400 tonnes by 41.73% from 367,600 tonnes last week yet down by 14.98% from 612,800 tonnes of the corresponding period last year. Soybean meal stocks will likely continue increasing, as soybean crush is forecast to stay high at 1.98 mln tonnes and 2.05 mln tonnes in the next two weeks, respectively.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: The amount of soybean meal in outstanding contracts continues decreasing this week. In the week as of May 22, outstanding contracts in mills in domestic coastal regions hold 3,071,200 tonnes not delivered, down 545,600 tonnes by 15.09% from 3,616,800 tonnes last week and down by 17.46% from 3,721,300 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
