China’s Soybean Crush Monthly (May, 2020)

2020-06-05 www.cofeed.com

Soybean crush in May in China

According to final detailed investigation and verification by Cofeed, soybean crush in oil mills in May totals 8,619,400 tonnes (meal 6,809,326 tonnes and oil 1,637,686 tonnes), up 1,889,800 tonnes by 28.08% from 6,578,300 tonnes in April, and up by 10.24% from 7,818,050 tonnes in the corresponding period last year.

Soybean crush nationwide totals 49,354,100 tonnes in the crushing year of 2019/2020 (from Oct. 1st, 2019), up 447,150 tonnes by 0.91% from 48,906,950 tonnes in 2018/2019. In calendar 2020 (from Jan. 1st, 2020), national soybean crush totals 48,906,950 tonnes, up 689,900 tonnes by 6.96% from 24,855,700 tonnes in 2019.

Soybean Crush in May in China by Region (tonne)
Ranking	Region	1st	2nd-8th	9th-15th	16th-22nd	23rd-29th	30th-31st	Total
1	Shandong	49600	328800	345000	390600	395700	99000	1608700
2	Jiangsu	46500	302500	294500	375500	394500	112000	1525500
3	Guangdong	25500	196800	225300	236600	218400	63400	966000
4	Guangxi	36800	229600	231000	223600	183600	37600	942200
5	Liaoning	27900	179800	179800	187100	167100	36600	778300
6	Tianjin	17500	130500	148500	150500	145500	38000	630500
7	Hebei	13000	94500	129500	149500	157500	45000	589000
8	Fujian	9500	39400	85400	85400	86900	24400	331000
9	Zhejiang	9900	69300	69300	71800	65800	18800	304900
10	Sichuan	4400	30800	28000	31500	73300	23800	191800
11	Hubei	5100	32700	26200	51800	44900	10200	170900
12	Henan	4800	38600	38800	28000	19000	2000	131200
13	Shaanxi	2400	9200	30800	30800	30800	8800	112800
14	Jilin	0	0	20000	28000	28000	8000	84000
15	Anhui	2700	10500	16500	18900	18900	5400	72900
16	Jiangxi	1500	10500	10500	10500	10500	3000	46500
17	Chongqing	1500	10500	10500	10500	10500	3000	46500
18	Shanghai	2500	7500	10000	7500	5000	3000	35500
19	Hunan	1000	7000	7000	7000	7000	2000	31000
20	Heilongjiang	1800	5600	5600	2400	3200	1600	20200
21	Inner Mongolia	0	0	0	0	0	0	0
22	Xinjiang	0	0	0	0	0	0	0
23	Shanxi	0	0	0	0	0	0	0
	Total	263900	1734100	1912200	2097500	2066100	545600	8619400
Remarks: Above is the final data after verification.

Soybean imports in China

China’s Customs: Soybean Imports in China by Month (0’000 tonnes)

M/Y	2019	2020
Jan	737.70	783.77
Feb	446.00	567.56
Mar	492.00	427.78
Apr	764.00	671.45
May	736.00	986.50
Jun	651.32	1044.10
Jul	864.03	1010.00
Aug	948.07	950.00
Sept	819.66	800.00
Oct	618.14
Nov	827.76
Dec	954.24
Total	8858.92	7241.16

Remarks: Imports from May to September in 2020 were surveyed and estimated by Cofeed

China imported 6,714,500 tonnes of soybeans in April, up by 2,436,500 tonnes or 56.95% from 4,278,000 tonnes last month and down by 925,600 tonnes or 12.12% from 7,640,100 tonnes the same period last year, according to China’s customs. And China’s soybean imports totaled 24,505,800 tonnes from January to April, increased by 117,400 tonnes or 0.48% from 24,388,400 tonnes the previous year.

In light of supplier, Brazil was still the top supplier. China brought in 5,939,000 tonnes of soybeans from Brazil in April, an increase of 2,098,800 tonnes or 182.97% from a month earlier and an increase of 152,900 tonnes or 2.64% from April last year. From January to April, China imported Brazilian soybeans totaling 13,177,100 tonnes, down 2,319,500 tonnes or 14.97% from 15,496,600 tonnes of the corresponding period last year.

China is expected to receive 151 cargoes totaling 9.865 mln tonnes of imported soybeans at ports in May and 159 cargoes totaling 10.441 mln tonnes in June, according to Cofeed. Likewise, soybean arrivals forecast preliminarily at 10.1 mln tonnes in July, 9.5 mln tonnes in August and 8 mln tonnes in September. Based on above estimate, China’s soybean imports are projected to be 95,777,500 tonnes in 2019/2020 (October-September, 2019/20), an increase of 12,982,600 tonnes or 15.68% from 82,794,900 tonnes that surveyed last year. Statistics will be updated every week on account of variable and unstable buying.

Monthly carryover stocks at ports in China

Soybean stocks rose distinctly in May due to huge imports of soybeans. By the end of May, domestic imported soybean stocks totaled 6,000,400 tonnes, up by 2,233,100 tonnes or 59.27% from 3,767,300 tonnes in April and up by 12.07% from 5,354,000 tonnes of the same period last year. And soybean stocks will gradually rise in later period as a result of huge amount of arrivals from June to August.

Soybean crush margins

Soybean Crush Margins in China (CNY/tonne)
Date	U.S. soybean	Brz. soybean	Arg. soybean	Distributed	Domestic
May. 6	155	326	197	-408	-936
May. 7	151	321	194	-425	-976
May. 8	118	274	126	-443	-992
May. 11	136	266	144	-445	-997
May. 12	85	216	96	-472	-1022
May. 13	73	202	80	-499	-1064
May. 14	61	200	66	-529	-1085
May. 15	82	210	89	-529	-1104
May. 18	49	102	69	-595	-1096
May. 19	14	91	64	-595	-1096
May. 20	35	100	84	-583	-1061
May. 21	15	92	47	-591	-1090
May. 22	14	87	48	-618	-1110
May. 25	68	89	64	-531	-1064
May. 26	88	144	98	-510	-1072
May. 27	76	99	84	-479	-1034
May. 28	46	38	25	-485	-1037
May. 29	36	39	23	-493	-1045

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