According to Cofeed, on the week as of Nov 13, 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 13, China’s imported soybean stocks in coastal regions total 6,064,400 tonnes, up 86,000 tonnes by 1.44% from 5,978,400 tonnes last week and up by 95.27% from 3,105,600 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 increase this week as soybean crush continues rising to 2.12 mln tonnes. In the week as of Nov 13, China’s soybean meal stocks in coastal regions are 870,300 tonnes, up 28,400 tonnes by 3.37% from 841,900 tonnes last week and up by 145.08% from 355,100 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 are likely to continue slight rises.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts reduces this week. In the week as of Nov 13, outstanding contracts in mills in domestic coastal regions hold 5,223,500 tonnes not delivered, down 717,000 tonnes by 12.07% from 5,940,500 tonnes last week and up by 52.20% from 3,431,800 tonnes of the same period last year.

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