China's soybean crush level rises to 1.57 mil mt

China’s weekly soybean crush level rose by nearly 70% from the previous week to 1.57 million mt last week, according to data from the China National Grain and Oil Information Centre (CNGOIC).

The level also represents a 23% drop from a month ago and a 4.9% decline from a year ago.

This week the crush volume is expected to increase to around 2.01 million mt.

In the week prior to last week, the crush level plunged to 930,000 mt because of the country’s week-long Autumn holiday, during which many crushing plants suspended operations.

Imported soybean stocks meanwhile reversed their continuous declines seen in previous weeks to stand at 4.72 million mt as of October 14, representing a 13.7% increase from the previous week’s 4.15 million mt, due to the still low utilization rate of crushing plants following the holiday.

The level also represents a 2.68% decline from a month ago and a 31.1% rise from a year ago.

Soymeal stock meanwhile fell sharply last week, with the stock of the product standing at 720,000 mt as of October 13, which was a 13.2% drop from the previous week and a 6.5% decline from a month ago。

Meanwhile, this was still a 140% rise from a year ago.

Lastly, soyoil stocks decreased slightly last week as the utilization rate of crushing plants remained low while downstream pick up of the product increased, with the stock standing at 880,000 mt, a 6.4% decline from the previous week and a 1.1% drop from a month ago.

This week the crushing level of soybeans is expected to bounce back fast, which could lead to a slower decrease of soyoil stock.