Today is 05/04/2024
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