China’s soybean processing volume will reach 9 mln tons in August

China’s National Grain and Oil Information Center reported that soybean stocks at domestic oil mills have continued to rise since June, exceeding 7 million tons by the end of July. Monitoring of the shipment schedule shows that China’s ports will continue to receive large quantities of imported soybeans, with 8 million tons expected to arrive in August and 7.6 million tons in September. Domestic imported soybean stocks 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 soybean meal supply remained weak, putting pressure on market growth.

Earlier, the center reported record soybean meal stocks in the country at 1.38 million tons, up 29% from the previous month and 86.5% from the same period last year.

Tags: China, soybean