According to Cofeed, latest soybean oil stocks and amounts in outstanding contracts in China's major areas in week 37 ended Sept. 14th (hereinafter referred to this week) are shown as follows:
Unit: 0'000 T
|
Area/Enterprise
|
Soybean Oil Stocks
|
Soybean Oil in
Outstanding Contracts
|
|
|
Week 37
|
Week 36
|
Var.
|
Week 37
|
Week 36
|
Var.
|
|
Northeast China
|
7.95
|
6.7
|
1.25
|
7.8
|
7.1
|
0.7
|
|
North China
|
29.77
|
29.72
|
0.05
|
24.05
|
24.6
|
-0.55
|
|
Shandong
|
11.97
|
12.64
|
-0.67
|
15.23
|
15.36
|
-0.13
|
|
East China
|
54
|
52.9
|
1.1
|
31.57
|
32.08
|
-0.51
|
|
Guangdong
|
17.32
|
16.95
|
0.37
|
27.1
|
27.51
|
-0.41
|
|
Guangxi
|
11.46
|
11.56
|
-0.1
|
15.66
|
16.56
|
-0.9
|
|
Fujian
|
13.3
|
13.05
|
0.25
|
6.1
|
6.2
|
-0.1
|
|
Henan
|
2.27
|
2.34
|
-0.07
|
0.19
|
0.25
|
-0.06
|
|
Sichuan
|
3.85
|
4.13
|
-0.28
|
3.85
|
4.1
|
-0.25
|
|
Others
|
7.33
|
9.1
|
-1.77
|
3.83
|
2.2
|
1.63
|
|
Total
|
159.22
|
159.09
|
0.13
|
135.38
|
135.96
|
-0.58
|
Soybean oil this week pile up in stocks and according to Cofeed, soybean oil in China's commercial inventories till Sept. 14th is up from 1,590,900 tonnes to 1,592,200 tonnes, about 1,300 tonnes and 0.08% higher by contrast, and 237,200 tonnes and 17.51% higher than 1,355,000 tonnes the corresponding week last year. Yet soybean oil stockpiles this week are still 0.49% below 1,600,000 tonnes the same week last month (week 33). In this way, average stocks of soybean oil in recent five years now settle at 1,288,320 tonnes.
Given the operation rate comes back to a normal level this week (Sept 8th- 14th), national soybean crush recovers to 1,851,900 tonnes (1,462,211 tonnes of soybean meal, 351,861 tonnes of soybean oil), up 149,600 tonnes from 1,702,300 tonnes attained last week by 8.78%. Meantime, soybean processing rate (capacity utilization) also climbs to 53.02% from 48.73% the prior week, about 4.29 percentage points higher by comparison. Total soybean crush, according to Cofeed, will probably stand at 1.89 Mln tonnes in week 38 next week and at 1.92 Mln tonnes in week 39.
Operation rate in oil mills is seen a tad higher, followed by growing soybean oil output this week. Nonetheless, soybean oil presents a dull trade amid the finishing stockpiling for packing oils. According to Cofeed, traded volumes inChina’s key factories this week are lowered to 92,210 tonnes, with a daily average at 18,442 tonnes, contrasting with 134,800 tonnes in volumes last week when daily average settled at 26,960 tonnes. By the way, eased pace in goods delivery also leaves an accumulative stockpiles of soybean oil from this day forth.
Figure: China’s Soybean Oil Stocks in Recent Years
