China soybean crush plunges to 6-mth low, stocks jump

China's weekly soybean crush volume slumped to its lowest level since early April as operation rates dropped sharply amid an...

China’s weekly soybean crush volume slumped to its lowest level since early April as operation rates dropped sharply amid an eight-day national holiday but soybean stocks rebounded significantly on steady vessel landing pace.

Total crush volume across the country fell to 1.39 million mt last week, down 480,000 mt from the previous week, but was 100,000 mt above the same week last year, according to China’s National Grain and Oil Information Centre (CNGOIC) on Thursday.

However, the lower crush meant soybean stocks increased by 310,000 mt to hit 6.8 million mt last week.

“Main crushers soybean crush volumes fell significantly during the national holiday and soybean stocks stopped falling and started rising,” said CNGOIC.

Soymeal stocks slid during the holiday to 960,000 mt as of the end of last week, down 20,000 mt from the week before.

In contrast, soyoil stocks bounced 10,000 mt up to 1.36 million mt last week.

What to read next
Suppliers were not letting-up in their search for price increases for market pulp imports into China, despite Chinese buyers’ escalating pushback, and this has worsened the unusual situation in which pulp is more expensive than finished products in that market
Fastmarkets launched a new price assessment for MB-GER-0006 germanium dioxide, in-whs China, on Friday May 10.
Chinese rare earth magnetic materials prices edged up this week after suppliers stood firm behind higher offer prices, market sources told Fastmarkets
Spot lithium carbonate and hydroxide battery grade prices in the seaborne Asia market were stable in the week to Thursday April 4, with conditions quiet due to a public holiday in China, sources told Fastmarkets
A bullish consensus formed last week in Shanghai as leading market participants met for the annual CPICC conference and Shanghai Pulp Week. Meetings were held against the backdrop of growing concerns around market pulp and woodchip supply, while questions remained around the strength of underlying demand. Heading into the week, the rally in pulp prices […]
The March 2024 monthly averages were published today based on the index values of March 1, 8, 15 and 22.