According to Cofeed, on the week as of Jan 22, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Soybean stocks are lower this week as soybean crush drastically picks up to 2.1 mln tonnes. In the week as of Jan 22, China’s imported soybean stocks in coastal regions total 4,841,600 tonnes, down 439,700 tonnes by 8.33% from 5,281,300 tonnes last week but up by 37.26% from 3,527,200 tonnes year over year.  

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

Soybean meal: Soybean meal stocks continue reducing this week on brisk delivery and as mid-and-downstream buyers bring forward their schedule to stock up for the Chinese Lunar New Year with concerns that the the pandemic could affect the logistics. In the week as of Jan 22, China’s soybean meal stocks in coastal regions are 482,000 tonnes, down 141,600 tonnes by 22.71% from 623,600 tonnes last week and up 2.70% from 469,300 tonnes a year earlier. As weekly soybean crush will stay high at 2.1 mln tonnes next week and downstream buyers are getting cautious at current high prices in soybean meal market, soybean meal inventory is expected to increase fractionally next week.

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. In the week as of Jan 22, outstanding contracts in mills in domestic coastal regions hold 3,544,900 tonnes not delivered, down 1,177,500 tonnes by 24.93% from 4,722,400 tonnes last week and up by 72.53% from 2,054,600 tonnes year over year

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