Given certain developments regarding soymeal and soyoil in November, some stockpiling in the near term makes sense. Nonetheless, the massive turnover and size of the open interest for both soymeal and soyoil futures contracts on the Dalian Commodity Exchange dwarf the actual physical market in China.

  Oilseeds November Soymeal Inventories Revised Revised survey data related to China’s major soybean crushing facilities shows capacity utilization rates were lower than previously reported. It indicates crushers have generally been operating at 50 percent or less utilization in recent weeks. These low rates have been successful in propping up both the cash and futures markets for soymeal during November. The revised data also...