According to Cofeed, on the week as of Jan 1, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Soybean stocks are lower this week due to smaller imported cargoes put into warehouses. In the week as of Jan 1, China’s imported soybean stocks in coastal regions total 5,141,400 tonnes, down 388,800 tonnes by 7.03% from 5,530,200 tonnes last week and up by 26.34% from 4,069,200 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 marginally this week due to slow shipments under sluggish terminal consumption. In the week as of Jan 1, China’s soybean meal stocks in coastal regions are 860,100 tonnes, up 14,900 tonnes by 1.76% from 845,200 tonnes last week and up by 65.30% from 520,300 tonnes of the corresponding period last year. Soybean meal stocks are likely to keep increasing slightly under slow shipments.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts is fractionally higher this week. In the week as of Jan 1, outstanding contracts in mills in domestic coastal regions hold 4,273,000 tonnes not delivered, up 152,000 tonnes by 3.69% from 4,121,000 tonnes last week and up by 77.80% from 2,403,200 tonnes of the same period last year.

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