According to Cofeed, on the week as of Oct 16, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Imported soybean inventories decline in coastal regions this week, as soybean crush picks up sharply to 2.08 mln tonnes. In the week as of Oct 16, China’s imported soybean stocks in coastal regions total 5,872,700 tonnes, down 90,800 tonnes by 1.52% from 5,963,500 tonnes last week and up by 49.61% from 3,925,100 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 reducing this week. In the week as of Oct 16, China’s soybean meal stocks in coastal regions are 889,900 tonnes, down 49,700 tonnes by 5.29% from 939,600 tonnes last week but up by 55.08% from 573,800 tonnes of the corresponding period last year. As soybean crush is predicted to pick up to 2.1 mln tonnes next week, soybean meal stocks are forecast to slow down declines.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts decreases this week. In the week as of Oct 16, outstanding contracts in mills in domestic coastal regions hold 5,155,000 tonnes not delivered, down 536,200 tonnes by 9.42% from 5,691,200 tonnes last week and up by 52.03% from 3,390,700 tonnes of the same period last year. 

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