According to Cofeed, in the week as of Oct 23, details of soybean oil inventories and outstanding contracts in main domestic regions are as follows:

As crushers continue picking up operation rates this week (Oct 17-23), soybean crush at domestic mills totals 2,197,250 tonnes (meal 1,735,828 tonnes and oil 417,478 tonnes), up 108,950 tonnes or 5.21% from 2,088,300 tonnes last week. Meanwhile, operation rates (capacity utilization) are 63.26%, up 3.14% from 60.12% in the previous week. Soybean crush is expected to stay at 2.16 mln tonnes and move to 2.20 mln tonnes in the next two weeks, respectively.

But soybean oil stocks continue reducing this week, as buyers from various fields are stocking up soybean oil now and the consumption of soybean oil to replace its rivals and in feed has been increasing. And it is said millers in east China are waiting in line to ship out their cargoes at ports.. In the week ending Oct 23, China’s soybean oil commercial inventories total 1,272,600 tonnes, down 15,800 tonnes by 1.23% from 1,288,400 tonnes last week, down 61,900 tonnes by 4.64% from 1,334,500 tonnes a month earlier, and down 41,850 tonnes by 3.18% from 1,314,450 tonnes of the corresponding period last year. And the five-year (2015-2019) average at the same period is 1,382,100 tonnes.

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