China increased weekly soybean processing volume by about 2.2 million tons from July 15-21, up 5% from the previous reporting period and 32% above the same dates last year according to analysts at the China National Grain and Oil Information Center (CNGOIC)
In addition, by July 21, the Chinese market’s oilseed balances fell 6% over the week to 5.5 million tons.
As for soybean meal and oil stocks in China, they amounted to 740,000 tons (+12% week-on-week; -25% year-on-year) and 930,000 tons (+3%; +5%) on the above date, respectively.
To recall China buys more than 60% of the world’s traded soybeans, well over 90 million tonnes a year, mainly from the US and Brazil.