According to Cofeed, on the week as of July 31, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Imported soybean stocks increase this week, as mills have put a large quantity of soybeans in storage amid huge imports. In the week as of July 31, China’s imported soybean stocks in coastal regions total 6,049,900 tonnes, up 311,800 tonnes by 5.43% from 5,738,100 tonnes last week and up by 9.11% from 5,544,500 tonnes of the same period last year. Soybean stocks will gradually build up along with huge soybean arrivals in August.

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

Soybean meal: Soybean meal stocks continue decreasing along with quick soybean meal shipments. In the week as of July 31, China’s soybean meal stocks in coastal regions are 860,200 tonnes, down 14,900 tonnes by 1.70% from 875,100 tonnes last week yet up by 2.13% from 842,200 tonnes of the corresponding period last year. Soybean crush is predicted to stay high at 2.08 mln tonnes next week, so soybean meal stocks may see a light increase.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts increases this week. In the week as of July 31, outstanding contracts in mills in domestic coastal regions hold 4,562,400 tonnes not delivered, up 481,300 tonnes by 11.79% from 4,081,100 tonnes last week and up by 9.17% from 4,178,900 tonnes of the same period last year.

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