According to Cofeed, on the week as of Mar 12, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions are as follows:

Soybean: Soybean stocks continue reducing this week as soybean volume put into mill stock remains small. In the week as of Mar 12, China’s imported soybean stocks in coastal regions total 4,398,700 tonnes, down 377,100 tonnes by 7.90% from 4,775,800 tonnes last week and up by 52.57% from 2,882,900 tonnes from a year earlier.  

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

Soybean meal: Soybean meal stocks slightly reduce this week, as feed manufacturers are picking up the pace in delivery under the consumption of stocks. In the week as of Mar 12, China’s soybean meal stocks in coastal regions are 744,700 tonnes, down 106,700 tonnes by 12.53% from 851,400 tonnes last week and also up 45.33% from 512,400 tonnes from a year earlier.

As domestic buyers are making replenishment after the festival, and some domestic millers have a plan for downtime periodically in March and April due to negative crush margins and a delay in soybean harvests and shipments in Brazil, soybean meal stocks are expected to continue a reduction.

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

Outstanding contracts: The amount of soybean meal in outstanding contracts decrease this week. In the week as of Mar 12, outstanding contracts in mills in domestic coastal regions hold 3,803,700 tonnes not delivered, down 532,300 tonnes by 12.28% from 4,336,000 tonnes last week and down 1% from 3,842,400 tonnes year over year.

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