According to Cofeed, on the week as of August 21, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Imported soybean inventories increase in coastal regions this week, as soybean vessels are arriving at ports and millers are unloading cargoes. In the week as of Aug 21, China’s imported soybean stocks in coastal regions total 6,360,000 tonnes, up 170,800 tonnes by 2.76% from 6,189,200 tonnes last week and up by 17.98% from 5,390,400 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 the uptrend under high soybean crush and a slower pace in soybean meal deliveries. In the week as of Aug 21, China’s soybean meal stocks in coastal regions are 1,141,300 tonnes, up 109,900 tonnes by 10.66% from 1,031,400 tonnes last week and up by 55.97% from 731,700 tonnes of the corresponding period last year. Soybean crush is predicted to stay high at 2.02 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 decrease this week due to fewer new contracts signed. In the week as of Aug 21, outstanding contracts in mills in domestic coastal regions hold 4,750,400 tonnes not delivered, down 835,800 tonnes by 14.96% from 5,586,200 tonnes last week yet up by 29.53% from 3,667,200 tonnes of the same period last year.

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