According to Cofeed, latest soybean oil stocks and amounts in outstanding contracts in China's major areas in week 35 ended Aug. 31st (hereinafter referred to this week) are shown as follows:
Unit: 0'000 T
|
Area/Enterprise
|
Soybean Oil Stocks
|
Soybean Oil in
Outstanding Contracts
|
|
|
Week 35
|
Week 34
|
Var.
|
Week 35
|
Week 34
|
Var.
|
|
Northeast China
|
6.55
|
6.75
|
-0.2
|
7.75
|
7.5
|
0.25
|
|
North China
|
30.71
|
30.1
|
0.61
|
19.43
|
19.75
|
-0.32
|
|
Shandong
|
13.19
|
12.55
|
0.64
|
12.66
|
12.3
|
0.36
|
|
East China
|
53.08
|
52.5
|
0.58
|
33.28
|
31.14
|
2.14
|
|
Guangdong
|
17.11
|
17.64
|
-0.53
|
26.92
|
27.35
|
-0.43
|
|
Guangxi
|
12.91
|
13.51
|
-0.6
|
15.65
|
15.9
|
-0.25
|
|
Fujian
|
13.53
|
14.35
|
-0.82
|
6.25
|
5.8
|
0.45
|
|
Henan
|
2.46
|
2.63
|
-0.17
|
0.35
|
0.38
|
-0.03
|
|
Sichuan
|
4.06
|
4.25
|
-0.19
|
4.38
|
3.48
|
0.9
|
|
Others
|
9.15
|
9.6
|
-0.45
|
2.73
|
1.95
|
0.78
|
|
Total
|
162.75
|
163.88
|
-1.13
|
129.4
|
125.55
|
3.85
|
Soybean oil this week sees a reduction in stocks and according to Cofeed, soybean oil in China's business inventories till Aug. 31st is trimmed to 1,627,500 tonnes, about 11,300 tonnes and 0.69% lower than 1,638,800 tonnes last week. Whereas, it is up 27,500 tonnes from 1,600,000 tonnes the same week last month (week 31) by 1.72%, and up 222,500 tonnes vis-a-vis 1405,000 tonnes by 15.84%. In this way, average stocks of soybean oil in recent five years now settle at 1,319,200 tonnes.
As more and more mills suspend operation for machine overhaul near the end of August, the operation rate falls further this week. Consequently, national soybean crush is cut to 1,858,410 tonnes (1,468,143 tonnes of soybean meal, 353,097 tonnes of soybean oil), down 57,290 tonnes or 2.99% from 1,915,700 tonnes last week. Meantime, soybean processing rate (capacity utilization) also declines from 54.84% to 53.20% on the week, about 1.64 percentage points lower. Total soybean crush, according to Cofeed, will probably come into at 1.75 Mln tonnes in week 36 next week and at 1.87 Mln tonnes in week 36 on grounds that machine overhaul is to continue next week with lowered operation rate. If such, soybean oil rallying pace in stockpiles will be seen slowed down.
Figure: China’s Soybean Oil Stocks in Recent Years
