According to Cofeed, in the week as of Sept 4, details of soybean oil inventories and outstanding contracts in main domestic regions are as follows:

Soybean crush eases this week (Aug 29-Sept 4) as some mills have limited or suspended production due to huge pressure from soybean meal inventories. The crush at domestic mills totals 1,951,050 tonnes (meal 1,541,330 tonnes and oil 370,700 tonnes), down 87,150 tonnes or 4.2% from 2,038,200 tonnes last week. Meanwhile, operation rates (capacity utilization) are 56.19%, down 2.51% from 58.70% in the previous week. Soybean crush is predicted to increase to around 2.0 mln tonnes and 2.05 mln tonnes in the coming two weeks, respectively.  

In the week ending Sept 4, China’s soybean oil commercial inventories total 1,274,950 tonnes, down 32,500 tonnes by 2.49% from 1,307,450 tonnes last week, up 29,750 tonnes by 2.39% from 1,245,200 tonnes a month earlier, and down 57,350 tonnes by 4.3% from 1,332,300 tonnes of the corresponding period last year. And the five-year average at the same period is 1,359,630 tonnes. 

Fig.: China’s Soybean Oil Stocks in Recent Years