According to Cofeed, on the week as of Dec 11, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Imported soybean stocks reduce this week as soybean crush rises as expected to 1.95 mln tonnes. In the week as of Dec 11, China’s imported soybean stocks in coastal regions total 5,486,400 tonnes, down 7,300 tonnes by 0.13% from 5,493,700 tonnes last week and up by 64.82% from 3,328,600 tonnes of the same period last year. Domestic soybean stocks usually decreased gradually from September in previous years, but China has purchased many 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 again this week due to slow meal delivery and a rise in soybean crush. In the week as of Dec 11, China’s soybean meal stocks in coastal regions are 886,300 tonnes, up 47,400 tonnes by 5.65% from 838,900 tonnes last week and up by 126.09% from 392,000 tonnes of the corresponding period last year. As soybean crush will pick up to 1.97 mln tonnes next week, soybean meal stocks are likely to keep growing correspondingly.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts decreases this week. In the week as of Dec 11, outstanding contracts in mills in domestic coastal regions hold 5,477,200 tonnes not delivered, down 414,000 tonnes by 7.03% from 5,891,200 tonnes last week and up by 64.35% from 3,332,500 tonnes of the same period last year.

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