Today is 12/23/2024
According to Cofeed, in the week as of June 19, 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 25 |
Week 24 |
Var. |
Week 25 |
Week 24 |
Var. |
|
Northeast China |
10.85 |
9 |
1.85 |
11.8 |
12.3 |
-0.5 |
|
North China |
14.55 |
14.1 |
0.45 |
59.15 |
58.95 |
0.2 |
|
Shandong |
9.12 |
8.5 |
0.62 |
19 |
17.95 |
1.05 |
|
East China |
29.55 |
27.1 |
2.45 |
56.5 |
51.74 |
4.76 |
|
Guangdong |
7.98 |
7.7 |
0.28 |
24.95 |
25.85 |
-0.9 |
|
Guangxi |
5.7 |
5.6 |
0.1 |
11 |
16.35 |
-5.35 |
|
Fujian |
6.7 |
6.6 |
0.1 |
5.65 |
5.7 |
-0.05 |
|
Henan |
5.275 |
4.89 |
0.385 |
0.585 |
0.645 |
-0.06 |
|
Hubei |
4.2 |
|
|
0.58 |
0.58 |
0 |
|
Hunan |
1.3 |
|
|
|
|
|
|
Sichuan |
2.4 |
1.96 |
0.44 |
4.33 |
4 |
0.33 |
|
Chongqing |
4.83 |
|
|
1.35 |
|
|
|
Shaanxi |
1.3 |
1 |
0.3 |
0.8 |
0.7 |
0.1 |
|
Total |
103.755 |
95.62 |
8.135 |
195.695 |
196.295 |
-0.6 |
Soybean oil stocks continue the growth this week. In the week ending June 19, China’s soybean oil commercial inventory has totaled 1,037,550 tonnes, up 81,350 tonnes by 8.51% from 956,200 tonnes last week, up 162,550 tonnes by 18.58% from 875,000 tonnes last month, yet down 436,850 tonnes by 29.63% from 1,474,400 tonnes of the corresponding period last year. And the five-year average at the same period is 1,220,700 tonnes.
With huge soybean arrivals and on concerns over the storage in the scorching summer, oil mills are seeking to maintain high operation rates, which hit a weekly new high this week (June 13-19). Soybean crush at domestic mills totals 2,138,200 tonnes (meal 1,689,178 tonnes and oil 406,258 tonnes), up 86,200 tonnes or 4.20% from 2,052,000 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) are 61.58%, up 2.48% from 59.10% in the previous week. Soybean crush is predicted to continue the uptrend to 2.15 mln tonnes and 2.17 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