According to Cofeed, on the week as of Nov 6, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Imported soybean stocks continue increasing in coastal regions this week, as more soybeans have been put into mills. In the week as of Nov 6, China’s imported soybean stocks in coastal regions total 5,978,400 tonnes, up 168,400 tonnes by 2.90% from 5,810,000 tonnes last week and up by 87.76% from 3,184,000 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 whether soybean crush would stay high.

Fig. 1: China’s coastal soybean carry-over stocks in recent years

Soybean meal: Soybean meal stocks continue decreasing this week due to quick deliveries, but the decline is small as soybean crush picks up to 2.09 mln tonnes. In the week as of Nov 6, China’s soybean meal stocks in coastal regions are 841,900 tonnes, down 13,200 tonnes by 1.54% from 855,100 tonnes last week but up by 104.29% from 412,100 tonnes of the corresponding period last year. As weekly soybean crush is predicted to stay above 2.10 mln tonnes in the next two weeks, soybean meal stocks may show a slight rise.

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, which spans from October to November. In the week as of Nov 6, outstanding contracts in mills in domestic coastal regions hold 5,940,500 tonnes not delivered, up 1,743,400 tonnes by 41.54% from 4,197,100 tonnes last week and up by 51.69% from 3,916,000 tonnes of the same period last year.

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