According to Cofeed, in the week as of Sept 11, details of soybean oil inventories and outstanding contracts in main domestic regions are as follows:

With a slight rise in operation rates this week (Sept 5-11), soybean crush at domestic mills totals 1,971,650 tonnes (meal 1,557,604 tonnes and oil 374,614 tonnes), up 20,600 tonnes or 1.05% from 1,951,050 tonnes last week. Meanwhile, operation rates (capacity utilization) are 56.76%, up 0.57% from 56.19% in the previous week. Soybean crush is predicted to increase to around 2.02 mln tonnes and 2.08 mln tonnes in the coming two weeks, respectively. 

In the week ending Sept 11, China’s soybean oil commercial inventories total 1,271,550 tonnes, down 3,400 tonnes by 0.27% from 1,274,950 tonnes last week, up 36,550 tonnes by 2.96% from 1,235,000 tonnes a month earlier, and down 58,450 tonnes by 4.39% from 1,330,000 tonnes of the corresponding period last year. And the five-year average at the same period is 1,346,000 tonnes.

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