According to Cofeed, on the week as of Jan 8, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Soybean stocks are higher in China this week, as domestic soybean crush fell more than the forecast to 1.68 mln tonnes. In the week as of Jan 8, China’s imported soybean stocks in coastal regions total 5,251,100 tonnes, up 109,700 tonnes by 2.13% from 5,141,400 tonnes last week and up by 29.64% from 4,050,400 tonnes year over year.  

Fig. 1: China’s coastal soybean carry-over stocks in recent years

Soybean meal: Soybean meal stocks decline in China this week as soybean crush goes below the forecast and due to strong soybean meal trade throughout the week. In the week as of Jan 8, China’s soybean meal stocks in coastal regions are 803,700 tonnes, down 56,400 tonnes by 6.56% from 860,100 tonnes last week and up by 36.35% from 589,400 tonnes a year earlier. As soybean crush will go to 1.90 mln tonnes weekly in coming two week, soybean meal inventory is expected to only have small declines.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts is further higher this week. In the week as of Jan 8, outstanding contracts in mills in domestic coastal regions hold 5,418,600 tonnes not delivered, up 1,145,600 tonnes by 26.81% from 4,273,000 tonnes last week and up by 75.51% from 3,087,300 tonnes year over year. 

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