China soybean crush hit almost 2 million mt last week

China crushed almost 2 million mt of soybeans last week, according to China’s National Grain and Oil Information Centre, taking the total crush rate for January to 8.2 million mt.

Last week’s crush rate is 90,000 mt higher than the previous week and up on the 1.96 million mt in the same week last year, the centre said.

CNGOIC expects the total amount of crushed soybean to be 8 million mt in January – a decrease from 8.2 million mt from December.

As of January 28, the total storage of soybean meal was at 880,000 mt – 40,000 lower than last week, and 120,000 mt more than same time last year

As of January 30, the total stock of soybean oil was at 1.51 million mt in China – 25,000 mt lower than last week and 145,000 mt lower than the same week last month.

Chinese crushers will start to wind down next week ahead of the New Year celebrations, with crushing rates expected to fall to 6 million mt.