Soybean Oil Stocks and Amounts in Outstanding Contracts in China (week 41, 2017)
According to Cofeed, the latest statistics of soybean oil stocks and amounts in outstanding contracts in Chinese major areas till week 41 ( till October 13th, hereinafter referred to this week) are shown as follows:
(unit：ten thousand tonnes)
|
Area/Item
|
Soybean oil stocks
|
Soybean oil in outstanding contracts
|
|
Week 41
|
Week 40
|
Fluctuation
|
Week 41
|
Week 40
|
Fluctuation
|
|
Northeast China
|
8.55
|
8.05
|
0.5
|
11.9
|
11.98
|
-0.08
|
|
North China
|
24.24
|
24.24
|
0
|
15.8
|
15.42
|
0.38
|
|
Shandong
|
16.14
|
16.02
|
0.12
|
8.16
|
6.5
|
1.66
|
|
East China
|
48.15
|
48
|
0.15
|
43.15
|
36.72
|
6.43
|
|
Guangdong
|
18.02
|
17.31
|
0.71
|
18.44
|
16.22
|
2.22
|
|
Guangxi
|
16.1
|
15.66
|
0.44
|
13
|
12.4
|
0.6
|
|
Fujian
|
9.95
|
9.4
|
0.55
|
4.8
|
4.85
|
-0.05
|
|
Henan
|
4.48
|
4.25
|
0.23
|
1.98
|
0.77
|
1.21
|
|
Sichuan
|
4.9
|
3.25
|
1.65
|
3.1
|
2.51
|
0.59
|
|
Others
|
9.45
|
8.82
|
0.63
|
1.47
|
1.45
|
0.02
|
|
Total
|
159.98
|
155
|
4.98
|
121.8
|
108.82
|
12.98
|
Comments: Chinese oil factories resume operation in succession after national holidays in which operation rate begin to pick up from last week. Generally, soybean crush in domestic oil factories amounts to 1,735,600 tonnes(1,379,802 tonnes of soybean meal and 312,408 tonnes of soybean oil), which is up 17.85% from the previous two weeks’1,472,600 tonnes, an increase 263,000 tonnes; while capacity utilization of soybean crush this week accounts for 51.66%, an increase of 7.51 percentage points when compared with 44.15% of the week before last week. More and more oil factories are starting up in mid-October, furthermore, such trend will go forward in the following two weeks when weekly crush on soybeans reaches 1.9 and 2 Mln tonnes respectively.
With the rapid increase of operating rate and soybean oil outputs in oil factories,soybean oil amounts in business inventories continue to refresh the record high. According to the latest statistics, soybean oil in Chinese business inventories amounts to 1,599,800 tonnes till October 13th,up 3.21% from 1.55 Mln tonnes over the same period last week with an increase of 49,800 tonnes, up 17.81% from 1.358 Mln tonnes over the same period last month with an increase of 241,800 tonnes,and up 31.18% from 1.2195 Mln tonnes over the same period last year with an increase of 380,300 tonnes. Sufficient supplies for soybeans will go forward given surprising 9 Mln tonnes soybeans will arrive at ports in November and December,in that stocks of soybean oils will further accumulate in term of high operating rate in oil factories in the near future.
Figure: Comparison of domestic soybean oil stocks in recent years
