According to Cofeed, in the week as of Nov 13, details of soybean oil inventories and outstanding contracts in main domestic regions are as follows:

As millers continue raising operation rates this week (Nov 7-13), soybean crush at domestic mills totals 2,120,080 tonnes (meal 1,674,863 tonnes and oil 402,815 tonnes), up 24,500 tonnes or 1.17% from 2,095,580 tonnes last week. Meanwhile, operation rates (capacity utilization) are 60.55%, up 0.7% from 59.85% in the previous week. Soybean crush is expected to rise to 2.13 mln tonnes and move to 2.15 mln tonnes in the next two weeks, respectively.

Soybean oil stocks continue reducing this week in spite of a rise in soybean crush, as buyers from various fields still have strong demand. In the week ending Nov 13, China’s soybean oil commercial inventories total 1,179,100 tonnes, down 39,300 tonnes by 3.23% from 1,218,400 tonnes last week, down 140,900 tonnes by 10.67% from 1,320,000 tonnes a month earlier, and up 44,100 tonnes by 3.89% from 1,135,000 tonnes of the corresponding period last year. And the five-year (2015-2019) average at the same period is 1,325,200 tonnes.

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