According to Cofeed, on the week as of July 17, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Soybean stocks continue rising due to huge soybean arrivals at ports. In the week as of July 17, China’s imported soybean stocks in coastal regions total 5,858,600 tonnes, up 232,600 tonnes by 4.13% from 5,626,000 tonnes last week and up by 21.15% from 4,835,700 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 further decline this week due to robust trading and fair deliveries. In the week as of July 17^th, soybean meal traded 1.8139 mln tonnes, an increase of 9.83% from 1.6515 mln tonnes in he previous week and a huge rise of 26.75% from 1.431 mln tonnes a year earlier. In the week ending July 17, China’s soybean meal stocks in coastal regions are 879,000 tonnes, down 42,900 tonnes by 4.65% from 921,900 tonnes last week yet up by 2.57% from 856,900 tonnes of the corresponding period last year. Soybean crush is predicted to rally to 2.09 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 continues reducing this week. In the week as of July 17, outstanding contracts in mills in domestic coastal regions hold 4,659,000 tonnes not delivered, down 775,900 tonnes by 14.28% from 5,434,900 tonnes last week yet up by 43.64% from 3,243,400 tonnes of the same period last year.

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