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Stock Comparison

Country : China
Oils and Fats Ending Stocks
  Palm Oil (MT) Soybean Oil (MT) Sunflower Oil (MT) Rapeseed Oil (MT) Other Oils (MT) Total Ending Stocks (MT)
  2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
January 691,500 918,000 824,100 677,300 - - 384,000 149,500 - - 1,899,600 1,744,800
February 533,600 943,400 781,700 596,900 - - 384,000 200,500 - - 1,699,300 1,740,800
March 458,100 911,800 712,600 541,100 - - 386,000 240,600 - - 1,556,700 1,693,500
April 385,800 762,400 725,400 631,900 - - 372,000 359,600 - - 1,483,200 1,753,900
May 345,000 543,500 852,700 709,400 - - 420,500 473,500 - - 1,618,200 1,726,400
June 325,100 453,200 890,800 891,200 - - 404,000 452,400 - - 1,619,900 1,796,800
July 441,000 634,200 1,101,100 983,200 - - 428,500 404,500 - - 1,880,600 2,021,900
August 540,900 627,500 1,023,100 976,300 - - 422,000 430,400 - - 1,986,000 2,034,200
September 461,800 719,500 1,059,400 966,400   - 404,500 394,100   - 1,925,700 2,080,200
October   867,100   877,400   -   367,500   -   2,112,000
November   904,700   930,600   -   389,500   -   2,224,800
December   852,100   907,700   -   410,000   -   2,169,800

 

Accumulated end-stock of 3 major vegetable oils in China charted its first drop in Sep’24, after ended its 4-month up trend started in May’24.  The total stock declined by 3.0% or 60,300 MT m-o-m to reach 1.93 million MT, matched the 1.93 million MT average monthly stock recorded in 2023. Despite the drop, the stock level is still the 2nd highest in 2024 indicating the pressure from high stock on price remained significant.  With the total import of these vegetable oils being lower y-o-y in Jan-Aug period in 2024, the poor demand remained as the major factor contributed to the stable high stock in current month.

The decline in total stock was mainly contributed by the sharp drop of PO stock in China during the month, which recorded a m-o-m decline of 14.6% or 79,100 MT.  The end stock of 461,800 MT is considered high against the poorer monthly average demand for PO in 2024 against last year.  For Jan-Aug period, average monthly PO consumption was estimated at only 340,426 MT, a far cry from 457,100 MT recorded in the same period in 2023.  The consumption was affected by the high CPO price due to lower than expected global CPO output, as well as build-up of SBO stock in the country. This led to the situation where PL was being sold at a premium to SBO during half of the period in Jan-Aug 2024.  This has largely deterred buyers from importing large volume of PO to replenish the stock, in anticipation that demand for PL is weaker due to the loss in price competitiveness.

In contrary, stock level of SBO continued its upward trends for the 6th consecutive months in Sep’24. The stock level was up by 3.5% or 36,300 MT and recorded at 1.06 million MT, which is also the 55-month recorded high level not seen since Feb 2020.  The ongoing rise of SBO stock was due to the improved profit margin of swine farming since May’24, and the low SBM’s stock level in Apr’24 and May’24 triggered the higher crushing of soybean. This led to the higher output of SBO during this period but as highlighted earlier, the lower demand for oils & fats ultimately contributed to the built up of SBO stock.

Different from PO and SBO, stock of RSO declined for the 2nd consecutive month by 4.1% or 17,500 MT to 404,500 MT in Sep’24. Nevertheless, despite the drop, the current stock level is still 13.6% higher than the average monthly stock level recorded in 2023. The drop in stock level could be due to the lower crushing activities took place in Sep’24 against Aug’24, and compounded by forecasted lower RSO import during the month.  However, rising PO price might have also led the switch to RSO during the month and contributed to the marginal lower stock in Sep’24.


Source: MPOC Market Intelligence

Stock figures will be updated no later than the 10th of every month

*Disclaimer: This document has been prepared based on information from sources believed to be reliable but we do not make any representations as to its accuracy. This document is for information only and opinion expressed may be subject to change without notice and we will not accept any responsibility and shall not be held responsible for any loss or damage arising from or in respect of any use or misuse or reliance on the contents. We reserve our right to delete or edit any information on this site at any time at our absolute discretion without giving any prior notice.

Country : India
Oils and Fats Ending Stocks
  Palm Oil (MT) Soybean Oil (MT) Sunflower Oil (MT) Rapeseed Oil (MT) Other Oils (MT) Total Ending Stocks (MT)
  2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
January 522,182 667,054 167,646 169,253 113,817 229,212 - - - - 803,645 1,065,519
February 410,068 623,359 68,523 113,401 146,068 194,138 - - - - 624,659 930,898
March 233,000 567,775 105,000 138,644 252,000 169,358 - - - - 590,000 875,777
April 305,000 448,951 123,000 132,989 175,000 175,111 - - - - 603,000 756,960
May 286,000 326,338 124,000 138,245 258,000 267,748 - - - - 668,000 732,331
June 295,000 387,948 111,000 231,114 307,000 174,656 - - - - 713,000 793,718
July 482,000 445,774 184,000 274,344 322,000 200,860 - - - - 988,000 920,978
August 412,000 758,003 228,000 291,994 401,000 281,153 - - - - 1,041,000 1,331,150
September 312,000 681,161 278,000 348,967 341,000 345,494   -   - 931,000 1,375,622
October   464,129   260,621   222,473   -   -   947,223
November   498,092   246,522   130,077   -   -   874,691
December   548,281   173,597   133,489   -   -   855,367

 

During Sep’24, Indian edible oil port stocks are expected to decline to 931 KMT compared to around 1.04 MMT reported at the end of previous month. During this period, palm and soy oil stocks are anticipated to 310-320 KMT and 270-280 KMT meanwhile sun oil stocks are likely to dip towards 330-340 KMT. Decline in Indian edible oil imports during Sep’24 likely to tighten the stocks at ports. During Sep’24, India imported around 1.2-1.25 MMT. During this period, palm oil imports are likely to decline to 600-620 KMT whereas soft oil imports are expected to be around 630-640 KMT.


Source: MPOC Market Intelligence

Stock figures will be updated no later than the 10th of every month

*Disclaimer: This document has been prepared based on information from sources believed to be reliable but we do not make any representations as to its accuracy. This document is for information only and opinion expressed may be subject to change without notice and we will not accept any responsibility and shall not be held responsible for any loss or damage arising from or in respect of any use or misuse or reliance on the contents. We reserve our right to delete or edit any information on this site at any time at our absolute discretion without giving any prior notice.

Country : Pakistan
Oils and Fats Ending Stocks
  Palm Oil (MT) Soybean Oil (MT) Sunflower Oil (MT) Rapeseed Oil (MT) Other Oils (MT) Total Ending Stocks (MT)
  2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
January 256,470 369,445 19,500 33,500 6,500 - 1,500 2,000 - - 283,970 404,945
February 300,736 418,415 19,800 37,900 6,200 - 600 - - - 327,336 456,315
March 227,500 297,380 6,800 19,000 2,700 - 800 - - - 237,800 316,380
April 288,574 249,980 7,000 20,500 3,800 - 500 - - - 299,874 270,780
May 275,487 298,500 7,000 33,000 3,800 - 250 - - - 286,537 331,500
June 256,455 335,198 11,000 30,450 3,500 4,500 - 8,000 - - 270,955 378,148
July 259,905 416,532 1,700 39,800 1,100 3,900 - 4,200 - - 262,705 464,432
August 232,800 368,713 7,500 43,550 2,500 2,500 - 9,000 - - 242,800 423,763
September 226,500 411,008 21,000 55,700 3,000 14,250   7,000   - 250,500 487,958
October   489,175   45,350   11,750   6,800   -   553,075
November   426,304   36,450   12,500   4,000   -   479,254
December   348,000   35,000   11,500   -   -   394,500

 

At the end of September 2024, the edible oil stocks at Port Qasim Authority (PQA) and Karachi Port Trust (KPT) have recorded a figure of 250,500 MT which is 3.2% higher than the closing stocks of the previous month. The closing stocks of September 2024 is also 48.7% lower than the closing stocks of September 2023. 

In September, Pakistan imported 266,738 MT of oils and fats, a decrease of 13% compared to the previous month. This decline in imports can be attributed to delays in shipments that were scheduled for loading in September. These delays are primarily due to a lack of available cargo at Indonesian ports, which has pushed the loading of some sales into October.

Out of the total 250,500 MT of stocks available at Port Qasim Authority and Karachi Port, the stocks of RBD palm olein is showing the highest share of 48.3% followed by RBD palm oil 42.1%. Palm oil and its various fractions have a share of 90.4% in the total ending stocks.



Source: MPOC Market Intelligence

Stock figures will be updated no later than the 10th of every month

*Disclaimer: This document has been prepared based on information from sources believed to be reliable but we do not make any representations as to its accuracy. This document is for information only and opinion expressed may be subject to change without notice and we will not accept any responsibility and shall not be held responsible for any loss or damage arising from or in respect of any use or misuse or reliance on the contents. We reserve our right to delete or edit any information on this site at any time at our absolute discretion without giving any prior notice.

Country : Bangladesh
Oils and Fats Ending Stocks
  Palm Oil (MT) Soybean Oil (MT) Sunflower Oil (MT) Rapeseed Oil (MT) Other Oils (MT) Total Ending Stocks (MT)
  2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
January 152,720 131,530 15,085 49,830 - - - - - - 167,805 181,360
February 107,290 138,870 10,320 54,900 - - - - - - 117,610 193,770
March 135,480 149,100 11,470 67,900 - - - - - - 146,950 217,000
April 129,480 138,960 28,290 79,520 - - - - - - 157,770 218,480
May 111,680 113,030 33,380 70,550 - - - - - - 145,060 183,580
June 118,420 91,540 56,820 62,760 - - - - - - 175,240 154,300
July 111,600 99,450 86,640 71,990 - - - - - - 198,240 171,440
August 146,780 102,170 52,610 44,077 - - - - 7,000 - 206,390 146,247
September 99,540 94,480 34,000 38,440   -   -   - 133,540 132,920
October   134,230   55,220   -   -   -   189,450
November   127,780   23,830   -   -   -   151,610
December   160,090   26,850   -   -   -   186,940

 

In Sept 2024, Total Oil stocks increased by 0.466% compared to the same month in the previous year Sept 23 and showing 54.55 lower compared to the preceding month, Aug 2024. Palm oil (PO) stock saw a decline by 47.45% when compared its Aug 2024 levels, while soft oil stocks was seen declined by 54.73% during the same period.

Due to recent political unrest and changes of Government in Bangladesh the Oil imports have been impacted and may continue more times ahead.



Source: MPOC Market Intelligence

Due to unforeseen circumstances, stock figures for Bangladesh will be delayed

*Disclaimer: This document has been prepared based on information from sources believed to be reliable but we do not make any representations as to its accuracy. This document is for information only and opinion expressed may be subject to change without notice and we will not accept any responsibility and shall not be held responsible for any loss or damage arising from or in respect of any use or misuse or reliance on the contents. We reserve our right to delete or edit any information on this site at any time at our absolute discretion without giving any prior notice.

Country : USA
Oils and Fats Ending Stocks
  Palm Oil (MT) Soybean Oil (MT)* Sunflower Oil (MT)* Rapeseed Oil (MT) Other Oils (MT) Total Ending Stocks (MT)*
  2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
January 159,000 159,000 715,000 878,000 29,000 26,000 89,000 102,000 116,000 116,000 1,108,000 1,281,000
February 159,000 159,000 718,000 878,000 29,000 26,000 85,000 102,000 126,000 116,000 1,113,000 1,281,000
March 159,000 159,000 738,000 878,000 29,000 26,000 81,000 131,000 130,000 116,000 1,137,000 1,310,000
April 159,000 159,000 836,000 878,000 34,000 26,000 84,000 131,000 126,000 116,000 1,239,000 1,310,000
May 159,000 159,000 829,000 831,000 34,000 29,000 84,000 120,000 126,000 116,000 1,232,000 1,255,000
June 159,000 159,000 806,000 833,000 34,000 29,000 86,000 94,000 126,000 116,000 1,211,000 1,231,000
July 159,000 159,000 806,000 831,000 34,000 29,000 86,000 79,000 126,000 116,000 1,211,000 1,214,000
August 159,000 159,000 811,000 826,000 34,000 29,000 80,000 86,000 126,000 116,000 1,210,000 1,216,000
September   159,000   788,000   29,000   87,000   116,000   1,179,000
October   159,000   715,000   29,000   79,000   116,000   1,098,000
November   159,000   715,000   29,000   80,000   116,000   1,099,000
December   159,000   715,000   29,000   90,000   116,000   1,109,000

 

US ending stock reported a total of 1,210,000 MT for August 2024, declining by 0.08% when compared to the amount in July 2024. Soybean oil endstock increased by 0.62% while rapeseed oil endstock decreased by 6.98%. No changes were recorded for the endstock of palm oil and sunflower oil. Surplus soybean supply expectations sent prices of U.S. soybeans lower than soybeans in Brazil and Argentina for the first time since December 2022. Robust supplies and lower prices triggered higher sales of U.S. soybeans. These factors coupled with concerns about weather at harvest in the Northern Hemisphere and planting conditions in the Southern Hemisphere have led to a rebound in prices by the end of the month. Soybean meal prices declined along with soybean prices. Competitive prices of U.S. soybean meal have resulted in 10‐year highs for U.S. export sales. Prices of U.S. soybean oil remained low last month due to weaker demand and competition from other vegetable oils and biofuels feedstocks including used cooking oil. Prices of soybean oil in Argentina have dropped due to seasonally large crush volumes. EU and Black Sea rapeseed and sunflower complex prices have risen due to a lower production outlook.

 


Source: *USDA, MPOC Estimates

*Disclaimer: This document has been prepared based on information from sources believed to be reliable but we do not make any representations as to its accuracy. This document is for information only and opinion expressed may be subject to change without notice and we will not accept any responsibility and shall not be held responsible for any loss or damage arising from or in respect of any use or misuse or reliance on the contents. We reserve our right to delete or edit any information on this site at any time at our absolute discretion without giving any prior notice.