China's weekly soybean crush level rises further to 2.02 mil mt: CNGOIC

China’s soybean crush level rose to 2.02 million mt in the week to November 24, an increase of 170,000 mt, or 9.2%, from the previous week on improved arrivals of imported soybeans, data from the China National Grain and Oil Information Centre (CNGOIC) showed.

The level was an 11.01% fall from the level of 2.27 million mt seen a month ago, while a 2.02% increase from a year ago.

The crush level this week was expected to hold at around 2 million mt.

Soybean stocks rose again to reach 4.88 million mt as of November 24 on lower-than-expected utilization rates for crushers, with the level being an increase of 110,000 mt from the previous week and was 560,000 mt and 1.4 million mt more than a month and a year ago, respectively.

Around 20 million mt of imported soybeans were expected to arrive in China between November and December, which means soybean stocks could continue to rise, according to CNGOIC.

Soymeal stocks also rose slightly to stand at 740,000 mt as of November 24, which was 10,000 mt more than the previous week, 30,000 mt less than a month ago and an increase of 520,000 mt versus a year ago.

Lastly, soyoil stocks also increased by 50,000 mt from the previous week to reach 900,000 mt last week, while the level was 10,000 mt more than a month ago and 220,000 mt more than a year ago.

Soyoil stocks are expected to continue rising amid a heavy soybean arrivals programme expected to reach Chinese ports in late November.