About 1.96 million tons of soybeans were processed in China from June 17 to 23, down 6% from the previous reporting period but 15% higher than the same dates last year, according to analysts from China National Grain and Oil Information Center (CNGOIC).
“The rate of oilseed processing at oil extraction facilities in China is beginning to gradually decline after the figures reached the highest point of 2.08 million tonnes a week earlier,” the report said.
At the same time soybean stocks on the Chinese market fell by 9% to 4.4 mln tonnes for the week to 23 June, also down 20% from a year earlier. Soybean meal stocks in China increased by 27%, to 700 thousand tons (-36% y-o-y), and soybean oil by 5%, to 860 thousand tons (-7% y-o-y).