According to Cofeed, on the week as of Mar 26, 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 the volume put into mill stock remains small. In the week as of Mar 26, China’s imported soybean stocks in coastal regions total 3,947,600 tonnes, down 332,900 tonnes by 7.78% from 4,280,500 tonnes last week and up by 63.84% from 2,409,300 tonnes from a year earlier.  

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

Soybean meal: Soybean meal stocks fractionally decrease this week on a slight reduction soybean crush volume and brisker shipments under a slow recovery in the demand. In the week as of Mar 26, China’s soybean meal stocks in coastal regions are 743,100 tonnes, down 2,200 tonnes by 0.30% from 745,300 tonnes last week and also up 128.15% from 325,700 tonnes from a year earlier. 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 and there will be a recovery in aquaculture, so 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 continues a decline this week due to tepid trade in the market. In the week as of Mar 26, outstanding contracts in mills in domestic coastal regions hold 2,892,500 tonnes not delivered, down 315,100 tonnes by 9.82% from 3,207,600 tonnes last week and down 3.04% from 2,807,000 tonnes year over year.

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