Soybean processing in China decreased by 1.5 times in a week

According to the analysts of the China National Grain and Oil Information Center (CNGOIC), from October 1 to 7, the country processed about 930 thsd tonnes of soybeans, which is 1.5 times lower than the level of the previous reporting period, and 39% less than the same period last year.

In addition, by the middle of the month, the stocks of the oilseed on the Chinese market decreased by 10% to 4.2 mln tonnes (-6% compared to the previous year’s figure as of the reporting date).

“This reduction is due to the high level of utilization of the country’s processing plants ahead of the holiday season, as well as the seasonal decline in soybean imports,” the report said.

As for the stocks of soybean meal in China, they amounted to 830 thsd tonnes (-1% per week) as of the specified date, and oil – 940 thsd tonnes (+2%), respectively.

Tags: soybean, China