According to Cofeed, on the week as of August 7, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: While soybean crush remains high at 2.04 mln tonnes, it is slow to unload soybean cargoes when berths are in tensions at some ports, so imported soybean inventories reduce slightly in coastal regions this week. In the week as of Aug 7, China’s imported soybean stocks in coastal regions total 6,038,700 tonnes, down 11,200 tonnes by 0.19% from 6,049,900 tonnes last week yet up by 9.85% from 5,497,200 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 mount higher under high soybean crush. In the week as of Aug 7, China’s soybean meal stocks in coastal regions are 935,000 tonnes, up 74,800 tonnes by 8.70% from 860,200 tonnes last week and up by 8.84% from 859,000 tonnes of the corresponding period last year. Soybean crush is predicted to stay high at 2.05 mln tonnes next week, so soybean meal stocks may continue to increase.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts continues to increase this week. In the week as of Aug 7, outstanding contracts in mills in domestic coastal regions hold 5,883,600 tonnes not delivered, up 1,321,200 tonnes by 28.96% from 4,562,400 tonnes last week and up by 39.13% from 4,228,800 tonnes of the same period last year.

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