According to Cofeed, on the week as of Sept 11, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Imported soybean inventories continue increasing in coastal China this week, as soybeans are going into warehouses after a delay in unloading previously. In the week as of Sept 11, China’s imported soybean stocks in coastal regions total 6,608,000 tonnes, up 128,600 tonnes by 1.98% from 6,479,400 tonnes last week and up by 23.81% from 5,337,100 tonnes of the same period last year. Domestic soybean stocks usually decreased gradually from September in previous years, but China has purchased much more U.S. soybeans this year as a part of the trade deal, so it is necessary to focus on soybean crush.

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

Soybean meal: Soybean meal stocks continue reducing this week, as mid-and-downstream buyers are picking up soybean meal in the wake of a rise in price. In the week as of Sept 11, China’s soybean meal stocks in coastal regions are 1,066,500 tonnes, down 95,800 tonnes by 8.24% from 1,162,300 tonnes last week but up by 43.73% from 742,000 tonnes of the corresponding period last year. Soybean crush is predicted to stay high at 2.02 mln tonnes next week, which will slow down the decline in soybean meal stocks.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts fractionally decline. In the week as of Sept 11, outstanding contracts in mills in domestic coastal regions hold 5,712,000 tonnes not delivered, down 657,800 tonnes by 10.33% from 6,376,800 tonnes last week and up by 40.14% from 4,075,700 tonnes of the same period last year.

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