According to Cofeed, on the week as of Jan 29, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Soybean stocks continue decreasing this week as soybean crush further picks up to 2.14 mln tonnes. In the week as of Jan 29, China’s imported soybean stocks in coastal regions total 4,519,300 tonnes, down 322,300 tonnes by 6.66% from 4,841,600 tonnes last week but up by 26.83% from 3,563,000 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 as some mid-and-downstream buyers are stocking up for the festival. In the week as of Jan 29, China’s soybean meal stocks in coastal regions are 418,400 tonnes, down 63,600 tonnes by 13.20% from 482,000 tonnes last week and up 16.02% from 360,600 tonnes a year earlier. As buyers are wrapping up festival replenishment and soybean crush may still stay high above 2 mln tonnes, soybean meal stocks will probably slow down decline.

In previous years, soybean meal stocks will build up temporarily after the festival as some mills keep operating during the festival holidays whilst the delivery comes to a standstill, but will decline again as buyers go for replenishment after the festival. The overall soybean meal stocks will keep building up from April.

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 29, outstanding contracts in mills in domestic coastal regions hold 2,847,400 tonnes not delivered, down 697,500 tonnes by 19.68% from 3,544,900 tonnes last week and up by 40.07%from 2,032,700 tonnes year over year

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