I. February soybean crush in China

Soybean crush dropped markedly during the month of February that was in Spring Festival holidays. China’s soybean crush totaled 4,682,000 tonnes in February (meal 3,698,780 tonnes and oil 889,580 tonnes), a decrease of 4,132,520 tonnes or 46.88% from 8,814,520 tonnes in January and a fall of 25.97% from 6,324,700 tonnes in February 2020, according to final detailed investigation and verification by Cofeed.

Soybean crush nationwide totaled 38,850,280 tonnes in the crushing year of 2020/2021 (from Oct 1st, 2020), up 4,693,880 tonnes by 13.74% from 34,156,400 tonnes in 2019/2020. In the calendar year of 2021 (from Jan 1st, 2021), national soybean crush totaled 13,496,520 tonnes, up 1,258,820 tonnes by 10.28% from 12,237,700 tonnes in 2020.

Details for monthly soybean crush by region are shown as follows: 

II. Soybean imports in China

Soybean arrivals at domestic ports are forecast to be 97 cargoes totaling 6.407 mln tonnes in February 2021, lower than the previous projection, according to the survey by Cofeed. And the main reason is a general delay in Brazilian soybean shipment. Soybean arrivals are projected to be 95 vessels or 6.202 mln tonnes in March, 7.60 mln tonnes in April, 10 mln tonnes in May, 10.30 mln tonnes in June and 10 mln tonnes in July. Statistics will be revised every week on account of variable and unstable buying.

III. Carryover soybean stocks in China

China’s soybean stocks had picked up in February due to a sharp reduction in soybean crush. By the end of this month, imported soybean stocks in China totaled 6,015,300 tonnes, up 528,000 tonnes or 9.62% from 5,487,300 tonnes in January and up by 22.36% versus 4,916,200 tonnes in February 2020.

IV. February Soybean Crush Margins in China