According to Cofeed, on the week as of Oct 9, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Imported soybean inventories are slightly higher in coastal regions this week, as soybean crush falls to 1.38 mln tonnes. In the week as of Oct 9, China’s imported soybean stocks in coastal regions total 5,963,500 tonnes, up 267,400 tonnes by 4.69% from 5,696,100 tonnes last week and up by 45.88% from 4,087,900 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 fractionally decline this week as soybean crush drops drastically. In the week as of Oct 9, China’s soybean meal stocks in coastal regions are 939,600 tonnes, down 21,300 tonnes by 2.22% from 960,900 tonnes last week but up by 78.93% from 525,100 tonnes of the corresponding period last year. As soybean crush is predicted to pick up to 2.04 mln tonnes next week, soybean meal stocks will probably stop declining.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts increases this week. In the week as of Oct 9, outstanding contracts in mills in domestic coastal regions hold 5,691,200 tonnes not delivered, up 840,900 tonnes by 17.34% from 4,850,300 tonnes last week and up by 46.73% from 3,878,600 tonnes of the same period last year.

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