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Soybean and Soybean Meal Stocks and Amounts in Contracts in China (Week 24, 2020)

2020-06-15 www.cofeed.com

According to Cofeed, on the week as of June 12, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

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Soybean: Soybean stocks continue the growth in coastal regions this week in spite of high crushing volume, as mills are busy unloading soybean cargoes due to huge imports. In the week as of June 12, imported soybean stocks in mills in domestic coastal regions total 5,086,000 tonnes, up 271,900 tonnes by 5.65% from 4,814,100 tonnes last week and up by 19.27% from 4,264,100 tonnes of the same period last year. Soybean stocks will gradually build up along with huge soybean arrivals between June and August.

 

Fig. 1: China’s coastal soybean carry-over stocks in recent years

 

Soybean meal: Soybean meal stocks continue the uptrend for an eighth straight week this week as soybean crush still stays at a very high level. In the week ending June 12, soybean meal stocks in mills in domestic coastal regions are 750,900 tonnes, up 85,100 tonnes by 12.78% from 665,800 tonnes last week yet down 1.19% from 760,000 tonnes of the corresponding period last year. Soybean meal stocks will likely continue increasing, as weekly soybean crush is forecast to stay high over 2.1 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 reduces this week. In the week as of June 12, outstanding contracts in mills in domestic coastal regions hold 4,478,900 tonnes not delivered, down 394,200 tonnes by 8.09% from 4,873,100 tonnes last week yet up by 22.23% from 3,664,300 tonnes of the same period last year.

 

Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years