According to Cofeed, on the week as of July 10, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Soybean stocks are slightly higher due to huge soybean arrivals at ports. In the week as of July 10, China’s imported soybean stocks in coastal regions total 5,626,000 tonnes, up 83,100 tonnes by 1.50% from 5,542,900 tonnes last week and up by 31.74% from 4,270,400 tonnes of the same period last year. Soybean stocks will gradually build up along with huge soybean arrivals in July and August.

Fig. 1: China’s coastal soybean carry-over stocks in recent years

Soybean meal: Soybean meal stocks break off an 11-week uptrend to decline this week, as soybean crush falls to 1.99 mln tonnes and soybean meal has been in strong trading. In the week ending July 10, China’s soybean meal stocks in coastal regions are 921,900 tonnes, down 76,100 tonnes by 7.63% from 998,000 tonnes last week yet up by 0.98% from 912,900 tonnes of the corresponding period last year. Soybean crush is predicted to rally to 2.06 mln tonnes next week, so soybean meal stocks will not see sharp decline.

Fig. 2: China’s coastal soybean meal carry-over stocks in recent years

Outstanding contracts: The amount of soybean meal in outstanding contracts decreases this week. In the week as of July 10, outstanding contracts in mills in domestic coastal regions hold 5,434,900 tonnes not delivered, down 758,100 tonnes by 12.24% from 6,193,000 tonnes last week yet up by 57.51% from 3,450,300 tonnes of the same period last year.

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