China’s vegetable oil stocks declined

According to the National Grain and Oils Information Center of China (CNGOIC), China’s combined stocks of the main vegetable oils – soybean oil and palm oil – declined over the week, with a rise in rapeseed oil stocks outweighing a fall in palm oil.

Combined stocks of the three types of vegetable oils totaled 1.85 million tons, down 10,000 tons from 1.86 million tons a week earlier. The figure is also 120,000 tons lower compared to 1.97 million tons for the same period in 2024.

Soybean oil stocks are estimated at 900,000 tons, down 50,000 tons from 950,000 tons a month earlier. On a year-on-year basis, soybean oil stocks increased by 70 thousand tons compared to 830 thousand tons recorded for the same period in 2024.

Meanwhile, palm oil stocks stood at 470,000 tons, down 40,000 tons from 510,000 tons a week earlier. The figure was up 60 thousand tons from 410 thousand tons a month earlier, but remained more than half of last year’s figure. 320 thousand tons vs. 790 thousand tons in 2024.

Rapeseed oil stocks rose by 20,000 during the week to 480,000 tons, up 60,000 tons from December’s figures and 130,000 tons more than the 350,000 tons recorded a year earlier.

According to CNGOIC, Chinese soybean oil futures are expected to strengthen in the first calendar quarter due to a slow harvest amid persistent rains in southern Brazil and drought in Argentina, as domestic soybean oil stocks are expected to shrink in the short term.

China’s General Administration of Customs reported the day before that the volume of agricultural products the republic purchased from other countries over the year fell 2.3% in physical terms and 15.6% in value terms.

Tags: China, soybean oil, palm oil, stocks, rapeseed oil