According to Cofeed, on the week as of June 19, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Soybean stocks continue the growth in coastal regions this week as mills are busy unloading soybean cargoes due to huge imports, but the growth is narrowing down as soybean crush has again hit a new high. In the week as of June 19, imported soybean stocks in mills in domestic coastal regions total 5,183,500 tonnes, up 97,500 tonnes by 1.92% from 5,086,000 tonnes last week and up by 15.69% from 4,480,200 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 a ninth straight week this week as soybean crush still stays at a very high level. In the week ending June 19, soybean meal stocks in mills in domestic coastal regions are 900,300 tonnes, up 149,400 tonnes by 19.90% from 750,900 tonnes last week and up by 5.56% from 852,800 tonnes of the corresponding period last year. Soybean meal stocks will likely continue increasing, as weekly soybean crush is forecast to stay high around 2.15 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 reduce this week. In the week as of June 19, outstanding contracts in mills in domestic coastal regions hold 4,048,600 tonnes not delivered, down 430,300 tonnes by 9.61% from 4,478,900 tonnes last week yet up by 32.12% from 3,064,300 tonnes of the same period last year.

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