Monthly Stock Comparison 2024
| Country : China | ||||||||||||
| Oils and Fats Ending Stocks | ||||||||||||
| Â | Palm Oil (MT) | Soybean Oil (MT) | Sunflower Oil (MT) | Rapeseed Oil (MT) | Other Oils (MT) | Total Ending Stocks (MT) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Â | 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 | Â | 943,400 | Â | 596,900 | Â | – | Â | 200,500 | Â | – | Â | 1,740,800 |
| March | Â | 911,800 | Â | 541,100 | Â | – | Â | 240,600 | Â | – | Â | 1,693,500 |
| April | Â | 762,400 | Â | 631,900 | Â | – | Â | 359,600 | Â | – | Â | 1,753,900 |
| May | Â | 543,500 | Â | 709,400 | Â | – | Â | 473,500 | Â | – | Â | 1,726,400 |
| June | Â | 453,200 | Â | 891,200 | Â | – | Â | 452,400 | Â | – | Â | 1,796,800 |
| July | Â | 634,200 | Â | 983,200 | Â | – | Â | 404,500 | Â | – | Â | 2,021,900 |
| August | Â | 627,500 | Â | 976,300 | Â | – | Â | 430,400 | Â | – | Â | 2,034,200 |
| September | Â | 719,500 | Â | 966,400 | Â | – | Â | 394,100 | Â | – | Â | 2,080,200 |
| October | Â | 867,100 | Â | 877,400 | Â | – | Â | 367,500 | Â | – | Â | 2,112,000 |
| November | Â | 904,700 | Â | 930,600 | Â | – | Â | 389,500 | Â | – | Â | 2,224,800 |
| December | Â | 852,100 | Â | 907,700 | Â | – | Â | 410,000 | Â | – | Â | 2,169,800 |
China experienced a huge drawdown on vegetable oil stock in Jan 2024, where the accumulated stock of 3 major vegetable oils declined by 270,200 MT or 12.5% m-o-m against the end-stock of 2023. This is the second consecutive months of downtrend for total stock since Dec 2023, where all 3 vegetable oils witnessed m-o-m decline concurrently.
Palm oil stock dropped sharply in Jan 2024 by 18.8% or 160,600 MT m-o-m to 691,500 MT, brought its stock level to a 4-month low level since Sep 2023. The decline indicates that the import of PO extended its downtrend in Jan 2024 even though the official import data is not available at the point of writing. The persistent negative monthly average import margin of above RMB200/MT since Jul 2023 is seen to play the major role in deterring the interest of importers to stock up PO in China. Such long period of negative margin (which was last seen in Jan-Apr 2016) reflecting the weak demand of overall oils & fats in China. Besides that, the continuous narrowing of PL price discount against SBO is expected to shy away the fractionation processers to offer low melting point PL, and this will lead to further slowdown in PO uptake and import interest.
Similar to PO, SBO stock by end Jan 2024 also declined for the 2nd consecutive month by 9.2% or 83,600 MT against Dec 2023, and reached 8-month low of 824,100 MT.  This came despite the recovery of soybean crushing activities due to improvement in crushing margin from a monthly average of –RMB205/MT to RM106.20/MT, where larger volume of SBO being released into the market. The main reason for the decline of SBO stock would be the higher demand of consumer packed cooking oil due to upcoming Chinese Spring Festival, which PO has no presence in this sector, and hence led to the drawdown of SBO stock. As the demand for SBM remains weak due to the poor uptake of livestock products, reflected by the SBM stock which is at its 17-month record high by end Jan 2024, the drawdown of SBO stock might continue in near term, unless the premium of SBO against PL widen again.
Stock of RSO went south in Jan 2024 after rose for 2 consecutive months, recorded a drop of 6.3% or 26,000 MT to 384,000 MT. The decline might be due to the slowdown in rapeseed import in Jan 2024, which slowed down the pace of rapeseed crushing activities and subsequently the RSO output. At the same time, the premium of RSO price against SBO has also narrowed from a monthly average of RMB400/MT in Dec’23 to an average of RMB300/MT, which lifted the demand of RSO in Jan 2024. Nevertheless, the stock level of RSO is expected to increase in subsequent months as higher seasonal demand for RSM will lift the rapeseed crushing activities and leads to higher output of RSO.
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 | ||||||||||||
| Â | Palm Oil (MT) | Soybean Oil (MT) | Sunflower Oil (MT) | Rapeseed Oil (MT) | Other Oils (MT) | Total Ending Stocks (MT) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Â | 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 | Â | 623,359 | Â | 113,401 | Â | 194,138 | Â | – | Â | – | Â | 930,898 |
| March | Â | 567,775 | Â | 138,644 | Â | 169,358 | Â | – | Â | – | Â | 875,777 |
| April | Â | 448,951 | Â | 132,989 | Â | 175,111 | Â | – | Â | – | Â | 756,960 |
| May | Â | 326,338 | Â | 138,245 | Â | 267,748 | Â | – | Â | – | Â | 732,331 |
| June | Â | 387,948 | Â | 231,114 | Â | 174,656 | Â | – | Â | – | Â | 793,718 |
| July | Â | 445,774 | Â | 274,344 | Â | 200,860 | Â | – | Â | – | Â | 920,978 |
| August | Â | 758,003 | Â | 291,994 | Â | 281,153 | Â | – | Â | – | Â | 1,331,150 |
| September | Â | 681,161 | Â | 348,967 | Â | 345,494 | Â | – | Â | – | Â | 1,375,622 |
| October | Â | 464,129 | Â | 260,621 | Â | 222,473 | Â | – | Â | – | Â | 947,223 |
| November | Â | 498,092 | Â | 246,522 | Â | 130,077 | Â | – | Â | – | Â | 874,691 |
| December | Â | 548,281 | Â | 173,597 | Â | 133,489 | Â | – | Â | – | Â | 855,367 |
January 2024 stocks are 25% lower than January 2023 and 6% lower than the previous month, December 2023. POP stocks, at 522k, are lower by 5% compared to the 548k the previous month, December 2023; but 22% lower when compared to the January 2023 stocks. Soft Oils stocks have registered a decrease of 29% compared to January 2023 and 8% compared to December 2023. CDSBO stocks fell 1% compared to January 2023 and fell 3% compared to December 2023. CSFO stocks, for the same periods, were lower by 50% and 15%. In POP, RBD Olein stocks at 195k, are 46% higher compared to the 134K in December 2023. At the same time, CPO stocks fell 23% to 281k from 365k in December 2023. The price competitiveness of POP will continue to influence the composition of the import basket.Â
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 | ||||||||||||
| Â | Palm Oil (MT) | Soybean Oil (MT) | Sunflower Oil (MT) | Rapeseed Oil (MT) | Other Oils (MT) | Total Ending Stocks (MT) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Â | 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 | Â | 418,415 | Â | 37,900 | Â | – | Â | – | Â | – | Â | 456,315 |
| March | Â | 297,380 | Â | 19,000 | Â | – | Â | – | Â | – | Â | 316,380 |
| April | Â | 249,980 | Â | 20,500 | Â | – | Â | – | Â | – | Â | 270,780 |
| May | Â | 298,500 | Â | 33,000 | Â | – | Â | – | Â | – | Â | 331,500 |
| June | Â | 335,198 | Â | 30,450 | Â | 4,500 | Â | 8,000 | Â | – | Â | 378,148 |
| July | Â | 416,532 | Â | 39,800 | Â | 3,900 | Â | 4,200 | Â | – | Â | 464,432 |
| August | Â | 368,713 | Â | 43,550 | Â | 2,500 | Â | 9,000 | Â | – | Â | 423,763 |
| September | Â | 411,008 | Â | 55,700 | Â | 14,250 | Â | 7,000 | Â | – | Â | 487,958 |
| October | Â | 489,175 | Â | 45,350 | Â | 11,750 | Â | 6,800 | Â | – | Â | 553,075 |
| November | Â | 426,304 | Â | 36,450 | Â | 12,500 | Â | 4,000 | Â | – | Â | 479,254 |
| December | Â | 348,000 | Â | 35,000 | Â | 11,500 | Â | – | Â | – | Â | 394,500 |
At the end of January 2024, the edible oil stocks at Port Qasim Authority (PQA) and Karachi Port Trust (KPT) have recorded a figure of 283,970 MT which is 28.02% less than the closing stocks of the previous month. The closing stocks of January 2024 is also 29.87% lower than the closing stocks of January 2023.
The edible oil stocks have continued their declining trend for the third month in a row which is primarily due to lower than average imports of oils and fats. The imports of edible oils in the month of January were lower than 175,000 MT which led to higher consumption from stocks. The imports of edible oils are likely to pick up in anticipation of Ramadan which will commence in early March.
Out of the total 283,970 MT of stocks available at Port Qasim Authority and Karachi Port, the stocks of RBD palm olein is showing the highest share of 46.77% followed by RBD palm oil 39.26%. Palm oil and its various fractions have a share of 90.32% in the total ending stocks.Â
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 | ||||||||||||
| Â | Palm Oil (MT) | Soybean Oil (MT) | Sunflower Oil (MT) | Rapeseed Oil (MT) | Other Oils (MT) | Total Ending Stocks (MT) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Â | 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 | Â | 138,870 | Â | 54,900 | Â | – | Â | – | Â | – | Â | 193,770 |
| March | Â | 149,100 | Â | 67,900 | Â | – | Â | – | Â | – | Â | 217,000 |
| April | Â | 138,960 | Â | 79,520 | Â | – | Â | – | Â | – | Â | 218,480 |
| May | Â | 113,030 | Â | 70,550 | Â | – | Â | – | Â | – | Â | 183,580 |
| June | Â | 91,540 | Â | 62,760 | Â | – | Â | – | Â | – | Â | 154,300 |
| July | Â | 99,450 | Â | 71,990 | Â | – | Â | – | Â | – | Â | 171,440 |
| August | Â | 102,170 | Â | 44,077 | Â | – | Â | – | Â | – | Â | 146,247 |
| September | Â | 94,480 | Â | 38,440 | Â | – | Â | – | Â | – | Â | 132,920 |
| October | Â | 134,230 | Â | 55,220 | Â | – | Â | – | Â | – | Â | 189,450 |
| November | Â | 127,780 | Â | 23,830 | Â | – | Â | – | Â | – | Â | 151,610 |
| December | Â | 160,090 | Â | 26,850 | Â | – | Â | – | Â | – | Â | 186,940 |
In Jan 2024, stocks experienced a decline by 8.08% compared to the same month in the previous year, Jan 23, and showing an 11.40% decline compared to the preceding month, Dec 2023. This decline can be attributed to restrictions on palm oil (PO) imports due to export limitations imposed by Indonesia, decline/inadequate US Dollar reserve in Central Bank for payment. Palm oil (PO) stock saw a decline of 4.82% when compared to its Dec 2023 levels, while soft oil stocks also declined by 77.99% during the same period.
The ongoing and fluctuating situation in Ukraine will continue to have a notable impact on the composition of the import basket, particularly in the case of soybean oil (SBO) and palm oil.
The Govt. of Bangladesh has instructed the Cabinet to reduce the import duties on edible oil, sugar, dates and rice in a bid to keep the commodity prices at an affordable level during the month of Ramadan.According to the market price report of the government agency Trading Corporation of Bangladesh (TCB) on Tuesday, the price of open soybeans in various retail markets of Dhaka is now Tk 158 to Tk 165 per liter. A week ago this oil was bought at the price of Tk 155 to 160 per liter.
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 | ||||||||||||
| Â | Palm Oil (MT) | Soybean Oil (MT)* | Sunflower Oil (MT)* | Rapeseed Oil (MT) | Other Oils (MT) | Total Ending Stocks (MT)* | ||||||
| Â | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| January | Â | 159,000 | Â | 878,000 | Â | 26,000 | Â | 102,000 | Â | 116,000 | Â | 1,281,000 |
| February | Â | 159,000 | Â | 878,000 | Â | 26,000 | Â | 102,000 | Â | 116,000 | Â | 1,281,000 |
| March | Â | 159,000 | Â | 878,000 | Â | 26,000 | Â | 131,000 | Â | 116,000 | Â | 1,310,000 |
| April | Â | 159,000 | Â | 878,000 | Â | 26,000 | Â | 131,000 | Â | 116,000 | Â | 1,310,000 |
| May | Â | 159,000 | Â | 831,000 | Â | 29,000 | Â | 120,000 | Â | 116,000 | Â | 1,255,000 |
| June | Â | 159,000 | Â | 833,000 | Â | 29,000 | Â | 94,000 | Â | 116,000 | Â | 1,231,000 |
| July | Â | 159,000 | Â | 831,000 | Â | 29,000 | Â | 79,000 | Â | 116,000 | Â | 1,214,000 |
| August | Â | 159,000 | Â | 826,000 | Â | 29,000 | Â | 86,000 | Â | 116,000 | Â | 1,216,000 |
| September | Â | 159,000 | Â | 788,000 | Â | 29,000 | Â | 87,000 | Â | 116,000 | Â | 1,179,000 |
| October | Â | 159,000 | Â | 715,000 | Â | 29,000 | Â | 79,000 | Â | 116,000 | Â | 1,098,000 |
| November | Â | 159,000 | Â | 715,000 | Â | 29,000 | Â | 80,000 | Â | 116,000 | Â | 1,099,000 |
| December | Â | 159,000 | Â | 715,000 | Â | 29,000 | Â | 90,000 | Â | 116,000 | Â | 1,109,000 |
US ending stock reported a total of 1,109,000 MT for December 2023, reflecting an increment of 0.6% when compared to the previous month. From that amount, rapeseed oil ending stock increased by 12.5%. No changes were recorded for the ending stock of palm oil, soybean oil and sunflower oil. USDA estimated the 2023/24 Brazilian soybean crop to be around 157 million MT while Brazilian National Supply (CONAB) estimated the crop to reach 155.3 million MT. However, lower estimates were given by Brazilian farmers group at only 135 million MT (Aprosoja) and 143.3 million MT (Agronegociois). This is due to prolonged adverse weather in Brazil key producing regions. The share of US soybean oil used in the country’s domestic biofuel industry has diminished significantly in recent months. Instead of using the local soybean oil, US biofuel producers areÂ
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.
