According to Cofeed, on the week as of Nov 20, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Imported soybean stocks are lower this week as soybean crush remains above 2 mln tonnes, coupled with fewer cargoes into the factory. In the week as of Nov 20, China’s imported soybean stocks in coastal regions total 5,674,500 tonnes, down 389,900 tonnes by 6.44% from 6,064,400 tonnes last week and up by 91.07% from 2,969,800 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 increasing this week as there is a decline in delivery. In the week as of Nov 20, China’s soybean meal stocks in coastal regions are 1,002,400 tonnes, up 132,100 tonnes by 15.18% from 870,300 tonnes last week and up by 169.97% from 371,300 tonnes of the corresponding period last year. As weekly soybean crush will further decline in the next two weeks, soybean meal stocks are likely to slow down rises.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts continues decreasing this week due to fallow trade. In the week as of Nov 20, outstanding contracts in mills in domestic coastal regions hold 4,529,300 tonnes not delivered, down 694,200 tonnes by 13.29% from 5,223,500 tonnes last week and up by 52.42% from 2,971,400 tonnes of the same period last year.

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