Mumbai, October 18 (CommoditiesControl):China experienced a significant surge in its weekly soybean crush levels, which jumped nearly 70% to 1.57 million mt in the past week, reports the China National Grain and Oil Information Centre (CNGOIC). This sudden rise follows a slump in the previous week where crush levels fell to 930,000 mt, largely attributed to the country's week-long Autumn holiday when numerous crushing facilities halted their operations.
However, in a broader perspective, the current figure shows a 23% decrease from the figures a month earlier, and a 4.9% dip from the same period the previous year. The crush volume is anticipated to see a further increase this week, with estimates pointing to around 2.01 million mt.
In relation to imported soybean stocks, they reversed a trend of consecutive declines that had been noted in preceding weeks. As of October 14, the stockpile was at 4.72 million mt, indicating a 13.7% ascent from the previous week's 4.15 million mt. The rise is attributed to the continued underutilization of crushing plants post-holiday. Nonetheless, this figure represents a slight 2.68% drop from last month but marks a significant 31.1% rise from last year's data.
The stock of soymeal witnessed a stark reduction last week, settling at 720,000 mt as of October 13. This was a 13.2% drop week-on-week and a 6.5% decline from the previous month. Intriguingly, this figure still marks a staggering 140% surge when compared to the same time last year.
Soyoil stocks experienced a slight decline over the past week, attributed to the underutilization of crushing plants coupled with an increased downstream demand for the product. As a result, the inventory settled at 880,000 mt, reflecting a 6.4% reduction from the previous week and a 1.1% decrease from the last month. Given that soybean crushing activities are anticipated to pick up pace this week, industry experts anticipate a stabilization in soyoil stocks.
(By CommoditiesControl Bureau; +91-9820130172)
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