According to Cofeed, on the week as of Feb 26, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Soybean stocks continue increasing at a small pace this week as soybean crush is not picking up as much as expected and imported soybean cargoes are arriving at ports. In the week as of Feb 26, China’s imported soybean stocks in coastal regions total 5,023,300 tonnes, up 262,900 tonnes by 5.52% from 4,760,400 tonnes last week and up by 14.53% from 4,386,000 tonnes from a year earlier.  

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

Soybean meal: Soybean meal stocks are further higher this week as soybean crush has been picking up and soybean meal is in tepid trade due to slack demand right after the Chinese Lunar New Year. In the week as of Feb 26, China’s soybean meal stocks in coastal regions are 748,600 tonnes, up 51,700 tonnes by 7.42% from 696,900 tonnes last week and also up 104.70% from 365,700 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 fractionally increases this week. In the week as of Feb 26, outstanding contracts in mills in domestic coastal regions hold 2,978,600 tonnes not delivered, up 11,600 tonnes by 0.39% from 2,966,600 tonnes last week and up 4.28% from 2,856,200 tonnes year over year.

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