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

Soybean: Soybean stocks reduce this week on higher soybean crush and as imported soybean volume remains not huge. In the week as of Mar 5, China’s imported soybean stocks in coastal regions total 4,775,800 tonnes, down 247,500 tonnes by 4.93% from 5,023,300 tonnes last week and up by 25.29% from 3,811,700 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 slow delivery due to slack demand at present. In the week as of Mar 5, China’s soybean meal stocks in coastal regions are 851,400 tonnes, up 102,800 tonnes by 13.73% from 748,600 tonnes last week and also up 80.61% from 471,400 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 increasing this week, which spans from February to March. In the week as of Mar 5, outstanding contracts in mills in domestic coastal regions hold 4,336,000 tonnes not delivered, up 1,357,800 tonnes by 45.59% from 2,978,600 tonnes last week and up 54.65% from 2,803,700 tonnes year over year.

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