The rate of soybean processing at oil-extracting enterprises of China is beginning to gradually gain momentum after the fixed downward trend in recent weeks.
According to analysts of China National Grain and Oil Information Center (CNGOIC), from May 13 to 19 the country processed 1.9 million tons of oilseeds, which is 9% higher than the previous reporting period (May 6-12), but 2% lower than the same date last year.
Against this background, stocks of soybean meal and soybean oil residues increased by 5% and 2%, to 222 thousand tons and 640 thousand tons respectively.
At the same time, current stocks of soybeans in the country are estimated at 4.1 million tons (+4% per week), which corresponds to the level of the previous year.