Today is 04/19/2024
According to Cofeed, in the week as of June 12, details of soybean oil inventories and outstanding contracts in main domestic regions are as follows:
|
Region |
Soybean Oil Stocks |
Outstanding Contracts |
||||
|
(0,000 tonnes) |
Week 24 |
Week 23 |
Var. |
Week 24 |
Week 23 |
Var. |
|
Northeast China |
9 |
8.75 |
0.25 |
12.3 |
13.8 |
-1.5 |
|
North China |
14.1 |
13.7 |
0.4 |
58.95 |
50.9 |
8.05 |
|
Shandong |
8.5 |
8.78 |
-0.28 |
17.95 |
19.5 |
-1.55 |
|
East China |
27.1 |
26.9 |
0.2 |
51.74 |
51.56 |
0.18 |
|
Guangdong |
7.7 |
7.83 |
-0.13 |
25.85 |
25.63 |
0.22 |
|
Guangxi |
5.6 |
5.8 |
-0.2 |
16.35 |
16 |
0.35 |
|
Fujian |
6.6 |
5.83 |
0.77 |
5.7 |
5.25 |
0.45 |
|
Henan |
4.89 |
5.087 |
-0.197 |
0.645 |
0.443 |
0.202 |
|
Sichuan |
1.96 |
2.07 |
-0.11 |
4 |
4.3 |
-0.3 |
|
Others |
10.17 |
10.2 |
-0.03 |
2.81 |
2.7 |
0.11 |
|
Total |
95.62 |
94.947 |
0.673 |
196.295 |
190.083 |
6.212 |
Soybean oil stocks continue a slight rise this week. In the week ending June 12, China’s soybean oil commercial inventory has totaled 956,200 tonnes, up 6,730 tonnes by 0.71% from 949,470 tonnes last week, up 103,200 tonnes by 12.1% from 853,000 tonnes last month, yet down 491,800 tonnes by 33.96% from 1,448,000 tonnes of the corresponding period last year. And the five-year average at the same period is 1,165,800 tonnes.
Along with a rally in operation rates this week (June 6-12), soybean crush at domestic mills totals 2,052,000 tonnes (meal 1,621,080 tonnes and oil 389,880 tonnes), up 136,450 tonnes or 7.12% from 1,915,550 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) are 59.10%, up 3.93% from 55.17% in the previous week. Soybean crush is predicted to continue the uptrend to a record high of 2.13 mln tonnes and 2.15 mln tonnes in the next two weeks, respectively. Hence, soybean oil stocks are expected to maintain the uptrend.
Fig.: China’s Soybean Oil Stocks in Recent Years