iGrain India - The stock of edible oils at Chinese ports saw a slight decline over a one-week period from December 27, 2024, to January 3, 2025, dropping by about 2,000 tonnes. The total stock of edible oils at Chinese ports was approximately 7.82 lakh tonnes on December 27, 2024, and fell to around 7.80 lakh tonnes by January 3, 2025.
The decline in stock was observed across various types of oils:
- Palm oil stock decreased from 49,000 tonnes to 44,000 tonnes.
- Soybean oil stock reduced from 85,000 tonnes to 80,000 tonnes.
- However, the stock of rapeseed-canola oil slightly increased from 47,000 tonnes to 48,000 tonnes.
In contrast to edible oils, China's stock of soybeans at ports improved slightly, rising from 5.40 lakh tonnes to 5.50 lakh tonnes. However, the stock of soymeal decreased from 61,000 tonnes to around 58,000 tonnes. China is the largest importer of soybeans globally, importing around 80-90 million tonnes each year, with a significant portion coming from Brazil and the United States. This emphasizes China's strong preference for oilseeds over finished edible oils, particularly soybean, which is crucial for the country's import strategies.