Source: Oleoscope (Russia)
China’s National Grain and Oil Information Center reported that soybean stocks in domestic oil mills have continued to rise since June, exceeding 7 million tons at the end of July. Monitoring of the shipping schedule shows that China’s ports will continue to receive large quantities of imported soybeans, with 8 million tons expected in August and 7.6 million tons in September. Domestic stocks of imported soybeans will also be high. Monthly soybean processing will be around 9 million tons.
A soybean meal analyst at Shengyi Society believes that soybean oil mill output increased in August, while the supply of soybean meal remained weak, putting pressure on market growth.
Earlier, the center reported a record inventory of soybean meal in the country of 1.38 million tons, 29% more than the previous month and 86.5% more than the same period last year.