According to Cofeed, on the week as of August 16th, details of soybean oil inventories and outstanding contracts are as follows:

　　

 

This week (Aug. 10th-16th), an unexpected cut in operation rate has occurred as some mills are still confronted with swelling soybean meal inventories and some have made an emergency shutdown by typhoon Lekima. Thereby, soybean crush totals 1,578,400 tonnes (meal 1,246,936 tonnes and oil 299,896 tonnes), a reduction of 79,200 tonnes by 4.77% from 1,657,600 tonnes last week. Meanwhile, the operation rate (capacity utilization) is 44.18%, down 2.21 percentage points from 46.39% last week. As mills plan to boost their operation rate a little bit, soybean crush is predicted to increase to around 1.62 mln tonnes next week and to around 1.68 mln tonnes the following week. 

 

On the week as of August 16th, the inventory has totaled 1,331,600 tonnes, down 44,800 tonnes by 3.25% from 1,376,400 tonnes last week, down 98,400 tonnes by 6.88% from 1,430,000 tonnes last month, and down 261,900 tonnes by 16.44% from 1,593,500 tonnes of the corresponding period last year. And the five-year average at the same period is 1,310,200 tonnes.

 

Fig.: China’s Soybean Oil Stocks in Recent Years