According to Cofeed, in the week as of Sept 18, details of soybean oil inventories and outstanding contracts in main domestic regions are as follows:

Soybean crush continues rising this week (Sept 12-18) as millers seek to maintain high operation rates ahead of the Mid-autumn Festival and the National Day holidays. Soybean crush at domestic mills totals 2,183,650 tonnes (meal 1,725,084 tonnes and oil 414,894 tonnes), up 212,000 tonnes or 10.75% from 1,971,650 tonnes last week. Meanwhile, operation rates (capacity utilization) are 62.87%, up 6.11% from 56.76% in the previous week. Soybean crush is predicted to increase to around 2.19 mln tonnes next week and fall to 1.97 mln tonnes that following week due to the coming of the holidays. 

Soybean oil stocks mount higher this week, as its output increases with higher soybean crush and as 29,000 tonnes of imported crude soybean oil has arrived at a Jiangsu mill and 10,000 tonnes at one Fujian mill. In the week ending Sept 18, China’s soybean oil commercial inventories total 1,330,850 tonnes, up 59,300 tonnes by 4.66% from 1,271,550 tonnes last week, up 95,350 tonnes by 7.71% from 1,235,500 tonnes a month earlier, and down 17,200 tonnes by 1.28% from 1,348,050 tonnes of the corresponding period last year. And the five-year (2015-2019) average at the same period is 1,324,400 tonnes.

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