According to Cofeed, on the week as of Sept 25, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Imported soybean inventories continue reducing in domestic coastal regions this week, as weekly soybean crush hits another fresh single-week high of 2.27 mln tonnes. In the week as of Sept 25, China’s imported soybean stocks in coastal regions total 6,248,100 tonnes, down 717,000 tonnes by 1.13% from 6,319,800 tonnes last week and up by 52.48% from 4,097,400 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 mount higher this week as soybean crush hits another fresh single-week high. In the week as of Sept 25, China’s soybean meal stocks in coastal regions are 1,035,400 tonnes, up 12,200 tonnes by 1.19% from 1,023,200 tonnes last week but up by 53.55% from 674,300 tonnes of the corresponding period last year. As soybean crush is predicted to fall to around 1.90 mln tonnes next week and 1.53 mln tonnes that following week due to the National Day holidays, soybean meal stocks will probably only have small rises in the short term.

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 25, outstanding contracts in mills in domestic coastal regions hold 4,127,200 tonnes not delivered, down 750,900 tonnes by 15.39% from 4,878,100 tonnes last week and up by 34.16% from 3,076,300 tonnes of the same period last year.

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