According to Cofeed, on the week as of Feb 19, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Soybean stocks keep building up in China as soybean crush is sharply lower during the Lunar New Year holidays while imported soybeans are arriving at domestic ports. In the week as of Feb 19, China’s imported soybean stocks in coastal regions total 4,760,400 tonnes, up 220,700 tonnes by 4.86% from 4,539,700 tonnes last week (week 6) and up 779,100 tonnes by 19.57% from 3,981,300 tonnes from that before the festival (week 5), but down by 2.49% from 4,882,200 tonnes from a year earlier.  

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

Soybean meal: Soybean meal stocks are slightly higher in China this week as shipments remain sluggish while some oil mills are in operation during the he Lunar New Year holidays, of which stocks in north China see a biggest growth and some are under swollen stocks. In the week as of Feb 19, China’s soybean meal stocks in coastal regions are 696,900 tonnes, up 25,700 tonnes by 3.82% from 671,200 tonnes last week (week 6) and up 247,000 tonnes by 54.90% from 449,900 tonnes from that before the festival (week 5), and also up 101.12% from 346,500 tonnes from a year earlier.

Usually, soybean meal stocks will build up temporarily after the festival as some mills keep operating whilst the delivery comes to a standstill during the festival holidays. And later, as consumers started to make replenishment and some domestic processors will keep low operation rates this year due to a delay in soybean harvest and shipment in Brazil, the overall soybean meal stocks will decline again.

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 Feb 19, outstanding contracts in mills in domestic coastal regions hold 2,966,600 tonnes not delivered, down 131,900 tonnes by 4.25% from 3,098,500 tonnes last week (week 6) and down 434,400 tonnes or 12.77% from 3,401,000 tonnes from that before the festival (week 5), and also down 12.50% from 3,390,700 tonnes year over year.

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