According to Cofeed, on the week as of May 29, 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 small as soybean crush remains at a high level of 2.06 mln tonnes. In the week as of May 29, imported soybean stocks in mills in domestic coastal regions total 4,527,300 tonnes, up 26,800 tonnes by 0.60% from 4,500,500 tonnes last week and up by 4.15% from 4,346,800 tonnes of the same period last year. Soybean stocks will gradually build up alongside huge soybean arrivals from June to August.
Fig. 1: China’s coastal soybean carry-over stocks in recent years
Soybean meal: Soybean meal stocks continue the uptrend for a sixth consecutive week this week as soybean crush still stays at a very high level. In the week ending May 29, soybean meal stocks in mills in domestic coastal regions are 641,600 tonnes, up 120,600 tonnes by 23.15% from 521,000 tonnes last week and up 0.10% from 640,900 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 2.04 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 fractionally increases this week, as the market has been in hot trading. In the week as of May 29, outstanding contracts in mills in domestic coastal regions hold 3,546,600 tonnes not delivered, up 475,400 tonnes by 15.48% from 3,071,200 tonnes last week yet down by 3.21% from 3,664,400 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
