China’s soybean meal stocks hit record high of 1.38 million tons

China’s soybean meal stocks reached a record high of 1.38 million tons as of July 26, up 29% from the previous month and 86.5% from the same period last year, according to the China National Grain and Oil Information Center.

Soybean stocks at crushing plants also continued to rise, reaching a total of 7.12 million tons, up 14.3% from the previous month and up 29.5% from the same period last year.

The average weekly processing capacity of oil mills in August may remain at around 2 million tons, with throughput lower than last year, but the pressure on the meal market will not subside due to the concentration of oilseeds in ports, according to analysts. In July, the volume of imported soybeans arriving at the port continued to increase and the supply of soybean meal was unstable, leading to pressure on prices.

By the end of the month, the average market price of soybean meal was 3,048 yuan per ton, down 7.69% for the month.

Tags: stocks, China