According to Cofeed, on the week as of Feb 5, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Soybean stocks continue decreasing and expand the decline this week as soybean crush remains high at 1.98 mln tonnes and the volume put into mills is small. In the week as of Feb 5, China’s imported soybean stocks in coastal regions total 3,981,300 tonnes, down 538,000 tonnes by 11.90% from 4,519,300 tonnes last week but down by 0.22% from 3,990,400 tonnes year over year.  

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

Soybean meal: Soybean meal stocks are fractionally higher this week as soybean crush remains high and due to the comletion of the festival replenishment. In the week as of Feb 5, China’s soybean meal stocks in coastal regions are 449,900 tonnes, up 31,500 tonnes by 7.53% from 418,400 tonnes last week and up 26.37% from 356,000 tonnes a year earlier. 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 when soybean crush remain high alongside huge imports from South America.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts rises this week as another new month is counted in. In the week as of Feb 5, outstanding contracts in mills in domestic coastal regions hold 3,401,000 tonnes not delivered, up 554,600 tonnes by 19.48% from 2,846,400 tonnes last week and up by 33.37% from 2,549,900 tonnes year over year.

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