Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 22, 2020)
According to Cofeed, in the week as of May 29, details of soybean oil inventories and outstanding contracts in main domestic regions are as follows:
Soybean oil stocks continue the uptrend this week. In the week ending May 29, China’s commercial inventory has totaled 931,650 tonnes, up 42,500 tonnes by 4.78% from 889,150 tonnes last week, up 111,650 tonnes by 13.62% from 820,000 tonnes last month, yet down 489,850 tonnes by 34.46% from 1,421,500 tonnes of the corresponding period last year. And the five-year average at the same period is 1,130,400 tonnes.
Following a slight decline in operation rates this week (May 23-29), soybean crush at domestic mills totals 2,066,100 tonnes (meal 1,632,219 tonnes and oil 392,559 tonnes), down 31,400 tonnes or 1.4% from 2,097,500 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) are 59.51%, down 0.9% from 60.41% in the previous week. Soybean crush will continue the decline next week to 1.98 mln tonnes due to soybean shortages and swelling soybean meal inventories, but it will pick up again to 2.04 mln tonnes that following week, according to Cofeed. Given this, soybean oil stocks will probably maintain the uptrend.
Fig.: China’s Soybean Oil Stocks in Recent Years
