China’s weekly soybean stocks surge to a 9-month high: CNGOIC

China’s soybean stocks rose to their highest level since October 2020 last week, as a rebound in the pace of crushing still lagged behind an increase in the import volumes of beans in July, data from the China National Grain & Oil Centre Information (CNGOIC) showed Thursday.

Soybean stocks jumped 140,000 mt to 7.1 million mt in the week to July 11, up 870,000 mt month-on-month and were 520,000 mt higher than the same week last year.

“The volumes of Brazilian soybeans that arrived in July remain huge and will gradually decrease in August and after. Imports are still higher than the crushing capacity, so bean stocks maintain an upward trend,” said CNGOIC.

Soybean crush volumes rebounded during the week to 1.78 million mt, up 90,000 mt on the week but were still 220,000 mt down from 2 million mt in the same period of 2020.

“With the rebounding crush pace and more active procurements from some feed and animal husbandry companies, soymeal stocks were stable,” CNGOIC added, flatlining at 1.14 million mt the data showed.

That’s up 180,000 mt on the previous month and 190,000 on the same point of last year.

However, soyoil stocks fell by 10,000 mt on the week to stand at 860,000 mt, but levels were up 100,000 mt from last month.