Soybean stocks in China jumped nearly 10% last week as crushing volumes fell to a three-week low, according to the China National Grain and Oil Information Centre. Soybean stocks edged higher to 5.45 million mt last week, up from 4.97 million mt the week before. Crushing volumes fell last week while soybean vessel arrivals increased causing soybean stocks to move upward.
The soybean stocks figure was down 570,000 mt on the month and 250,000 mt lower on the same month last year. This was the first increase of soybean stocks seen in the past seven weeks since stocks peaked at 7.94 million mt in late February this year, the agency expects the stock level to increase further as “cargoes carrying new crops of soybeans from Brazil and the US will arrive at port.”
Soybean crushing volumes fell more than 4% to 1.6 million mt last week, pushing soymeal and soyoil stocks marginally lower.