According to Cofeed, on the week as of June 26, 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 due to huge imports. In the week as of June 26, China’s imported soybean stocks in coastal regions total 5,648,000 tonnes, up 464,500 tonnes by 8.96% from 5,183,500 tonnes last week and up by 39.26% from 4,055,600 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 tenth straight week this week as soybean crush still stays at a very high level. In the week ending June 26, China’s soybean meal stocks in coastal regions are 964,700 tonnes, up 64,400 tonnes by 7.15% from 900,300 tonnes last week and up by 7.78% from 895,000 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 2.05 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 26, outstanding contracts in mills in domestic coastal regions hold 3,605,500 tonnes not delivered, down 443,100 tonnes by 10.94% from 4,048,600 tonnes last week yet up by 27.33% from 2,831,600 tonnes of the same period last year.

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