According to Cofeed, on the week as of June 5, 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. In the week as of June 5, imported soybean stocks in mills in domestic coastal regions total 4,814,100 tonnes, up 286,800 tonnes by 6.33% from 4,527,300 tonnes last week and up by 12.34% from 4,285,000 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 seventh straight week this week as soybean crush still stays at a very high level. In the week ending June 5, soybean meal stocks in mills in domestic coastal regions are 665,800 tonnes, up 24,200 tonnes by 3.77% from 641,600 tonnes last week yet down 9.55% from 736,100 tonnes of the corresponding period last year. Soybean meal stocks will likely continue increasing, as weekly soybean crush is forecast to stay high at around 2 mln tonnes in the next two weeks.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: The amount of soybean meal in outstanding contracts continues to increase this week, which spans from May to June. In the week as of June 5, outstanding contracts in mills in domestic coastal regions hold 4,873,100 tonnes not delivered, up 1,326,500 tonnes by 37.40% from 3,546,600 tonnes last week and up by 17.39% from 4,151,200 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
