According to analysts of the China National Grain and Oil Information Center (CNGOIC), from 1 to 7 October in the country processed about only 930 thousand tons of soybeans, which is 1.5 times lower than the level of the previous reporting period, as well as 39% less than the figure for the same dates last year.
In addition, by the middle of the month, the balance of oilseed in the Chinese market decreased by 10% for the week, to 4.2 million tons (-6% corresponds to last year’s figure on the reporting date).
“The said decrease was due to the high level of workload at China’s processing plants ahead of the vacation period, as well as the seasonal reduction in soybean imports,” the report said.
As for soybean meal stocks in the China, they amounted to 830,000 tons (-1% week-on-week) and oil – 940,000 tons (+2%) on the mentioned date, respectively.