Today is 12/23/2024

Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 27, 2020)

2020-07-06 www.cofeed.com

According to Cofeed, in the week as of July 3, 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 27

Week 26

Var.

Week 27

Week 26

Var.

Northeast China

12.95

12.25

0.7

12.55

12.05

0.5

North China

16.87

16

0.87

54.42

55.2

-0.78

Shandong

11.9

11.4

0.5

17.73

17.8

-0.07

East China

32.3

30.35

1.95

61.07

58.24

2.83

Guangdong

9.15

9.4

-0.25

28

27

1

Guangxi

8.5

7.1

1.4

14.8

15.4

-0.6

Fujian

7.8

7.1

0.7

5.2

5.2

0

Henan

5.398

5.608

-0.21

0.756

0.425

0.331

Hubei

3.8

3.37

0.43

0.9

0.81

0.09

Hunan

1.35

1.37

-0.02

 

 

 

Sichuan

2.4

2.2

0.2

4.55

4.15

0.4

Chongqing

4.56

4.9

-0.34

2.62

1.97

0.65

Shaanxi

1.25

1.2

0.05

0.8

0.8

0

Total

118.228

112.248

5.98

203.396

199.045

4.351

 

Soybean oil stocks continue the growth this week. In the week ending July 3, China’s soybean oil commercial inventory has totaled 1,182,280 tonnes, up 59,800 tonnes by 5.33% from 1,122,480 tonnes last week, up 240,780 tonnes by 25.57% from 941,500 tonnes last month, yet down 296,620 tonnes by 20.06% from 1,478,900 tonnes of the corresponding period last year. And the five-year average at the same period is 1,288,700 tonnes. 

 

Following a slight rise in operation rates this week (Jun 27-Jul 3), soybean crush at domestic mills totals 2,042,700 tonnes (meal 1,613,733 tonnes and oil 388,113 tonnes), up 11,700 tonnes or 0.05% from 2,031,000 tonnes in the previous week. Meanwhile, operation rates (capacity utilization) are 58.83%, up 0.33% from 58.50% in the previous week. Soybean crush is predicted to continue the uptrend to 2.06 mln tonnes and 2.10 mln tonnes in the next two weeks, respectively. A majority of mills will not suspend production as they are speeding up deliveries amid huge pressure from soybean meal inventories.

Hence, soybean oil stocks are expected to maintain the uptrend.

 

Fig.: China’s Soybean Oil Stocks in Recent Years