China’s Soymeal Stockpiles Are Climbing

Soymeal stockpiles held by crushers are rising as crush volume exceeds market demand and as the country will continue to import a large volume of supply May-July, China National Grain and Oils Information Center says in emailed report on Wednesday. Meal stockpiles rose to 875,000 tons by Tuesday, +20% week on week and +25% month on month. Weekly crush volume stayed over 1.8 million metric tons over the past 3 weeks and is set to remain at a high level in coming weeks. (Source: Bloomberg)