According to Cofeed, on the week as of Sept 18, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Imported soybean inventories drop in domestic coastal regions this week, as weekly soybean crush rises to a historical high of 2.18 mln tonnes. In the week as of Sept 18, China’s imported soybean stocks in coastal regions total 6,319,800 tonnes, down 288,200 tonnes by 4.36% from 6,608,000 tonnes last week and up by 33.84% from 4,721,800 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 declining this week, as buyers are picking up soybean meal ahead of the Mid-autumn Festival and the National Day holidays at a brisker pace than ever before. In the week as of Sept 18, China’s soybean meal stocks in coastal regions are 1,023,200 tonnes, down 43,300 tonnes by 4.06% from 1,066,500 tonnes last week but up by 33.52% from 766,300 tonnes of the corresponding period last year. Soybean crush is predicted to stay high at 2.19 mln tonnes next week, which may slow down the reduction 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 continues decreasing. In the week as of Sept 18, outstanding contracts in mills in domestic coastal regions hold 4,878,100 tonnes not delivered, down 833,900 tonnes by 14.60% from 5,712,000 tonnes last week and up by 38.29% from 3,527,300 tonnes of the same period last year.

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