Daily review on soybean meal: affected by buoyant US soybean prices last night and arbitrary of buying meal to sell oil by traders, soybean meal futures show a significant surge today in DCE, the same trend going to domestic soybean meal spots, where lower prices attract more deals, but excluding those of great changes. Coastal soybean meal prices range from 2,820 to 2,940 yuan/tonnes, a steady rise of 20-60 yuan/tonnes (Tianjin prices 2,940 yuan/tonnes, Shandong 2,860-2,890 yuan/tonnes, Jiangsu 2,820-2,830 yuan/tonnes, Dongguan 2,870-2,880 yuan/tonnes, Guangxi 2,810-2,820 yuan/tonnes) Robust exports will continue to prop up US soybean prices to soar in trading. In consideration of the coming holidays and 19th National People's Congress, quite a few oil refineries are projected to stop operation in which machine halt will be further prolonged in NC, and accordingly, buyers are rushing to market to make stockpiling and the pace of buying is heightened for the moment, which has tightened soybean meal supplies. Such being the cases, an impressive limitation on delivery has been made by oil refineries in NC and Shandong region, besides, soybean meal spots and basis will be strong in a short term where an upward tendency may remain for soybean meal spots before national holidays. Approximately, 7.2 Mln tonnes soybean will arrive at ports in October, 8.8 Mln tonnes in November, and 8.5 Mln tonnes in December. With large supply of soybean, good crush margin and resumed operation of oil factories, overall stocks for soybean meal keep growing in light of the slow recovery of breeding industry by tough environmental inspections. As soybean meal spots turn robust in NC but weak in SC, fundamental pressure may happen to market again after national holidays, therefore harvest of US soybean in market regain its attention in market. Practically, buyers are encouraged to buy in when prices cut to maintain the inventory,instead of chasing high prices.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal soar sharply, among which main prices in coastal areas stay at 2,340-2,390 yuan/tonnes with a rise of 20-70 yuan/tonnes (Guangxi offers 2,340 yuan/tonnes, with an increase of 40 yuan/tonnes; Guangdong 2,380 yuan/tonnes, a rise of 40 yuan/ton; Fujian stops to quote). On account of lower prices and massive supplies of soybean meal to replace rapeseed meal, turnover of rapeseed meal turns poor in theses days. What's more, prices slump in rapeseed meal later may be impressive when a harvest-time slide in US soybean comes after its large quantities in market. Nevertheless, upward fluctuations may be going forward before holidays for insufficient stocks and surging tendency in US trading.

    Daily review on fishmeal: today, offers for imported fishmeal keep stable, yet prices are negotiable upon transaction and shipments at ports today are general. Fishmeal price in Peru ordinary SD with 65% protein content ranges from 9,000 to 9,100 yuan/tonnes ; 10,000-10,200 yuan/tonnes for Japanese SD with 67% protein content; 10,300-10,500 yuan/tonnes for super steam fishmeal with 68% protein content, all of which remain flat over yesterday, yet prices are negotiable. Port stocks: Hangpu has 78,000 tonnes, Fuzhou 36,000 tonnes, Shanghai 85,000 tonnes, Tianjin 1,000 tonnes, Dalian 9,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes . Fishing: till September 18th, about 9,384 tonnes of fish have been caught in southern Peru in B season over 17 years, accounting for 1.82% of the total volume; fishing quota for this season is 515,000 tonnes, among which 50,5616 tonnes remain unfinished. Demands of fishmeal at home are rather general, hence a near-term sluggish tendency will remain in market.

    Daily review on soybean: today, prices for imported and distributed soybean remain firm, which settles at 3,370--3,420 yuan/tonnes at mains ports, relatively stable over yesterday. However, gradual reduction of soybean surplus and traders' unwillingness to sell out in lower at ports still prop up the prices and such trend is expected to remain with strong momentum in a short term. Albeit US soybean prices are lifted for good exports, with the approaching overall harvest and later rains anticipated in Brazil being in favor of sowing, a near-term rebound of US soybean will not be significant, instead, fluctuations will remain in US soybean.

    Daily review on oils: lower prices in crude oil, poor soybean oil exports demand and meal/oil spread drag down US soybean oil prices sharply today, though US soybean and soybean meal continued to pick up last night. Oils in DCE today come off low open, similarly, domestic oil spots also suffer from a slide. Albeit US soybean prices are lifted for good exports, with the approaching overall harvest and later rains anticipated in Brazil being in favor of sowing, a near-term rebound of US soybean will not be significant. Some oil refineries had held back crushing seeing that the crush is greater than projected and stocking is basically finished with remarkably lessened demands by oversupply. The arbitrage of buying meal to sell oil by traders weighs down the oils futures today. Though fluctuations with futures will go forward, a significant slump is not expected since market in oils spots may have been formed in the stage. Indeed, buyers can wait for prices slide to replenish the inventory.

    Today's soybean oil: main prices for one-grade soybean oil in coastal areas stay at 6,200-6,350 yuan/tonnes, part of which fall by 50-100 yuan/tonnes, (Tianjin traders offer 6,320-6,330 yuan/tonnes, Rizhao traders 6,250 yuan/tonnes, Zhangjiagang traders 6,350 yuan/tonnes, Guangzhou traders 6,200 yuan/tonnes)

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,780 and 5,900 yuan/tonnes, a decline of 50-100 yuan/tonnes (Tianjin traders offer 5,810-5,820 yuan/tonnes, a drop of 50 yuan/tonnes ; Rizhao and Xiamen traders have not reported the prices; Zhangjiagang traders offer 5,900 yuan/tonnes, a decline of 100 yuan/tonnes ; Guangzhou 5,780 yuan/tonnes, decreasing by 70 yuan/tonnes)

 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil slide slightly, among which main prices for imported four-degree rapeseed oil upon crush in coastal areas stay at 6,570-6,780 yuan/tonnes, slumping 40-50 yuan/tonnes against yesterday(September basis for Maple in Fangchenggang, Guangxi reaches 1,801-200 yuan/tonnes ; Yinxiang in Xiamen, Fujian stops to report; Chinatex in Zhanjiang, Guangdong 1,801-220 yuan/tonnes) Soybean oil stocks are still large in quantities yet with low prices, taking the priority in market share. A series of prices cut may happen to oils later after the end of stocking and bumper harvest of US soybean in market, but steep decline may be hard to reach in a short term, therefore, buyers can hold a wait-and-see attitude for the time being and wait for prices tumble to maintain the inventory.

    Daily review on corn: today, domestic corn prices continue to fall steadily. Main prices for corn acquisition in Shandong enterprises engaging in deep processing stay at 1,700-1,820 yuan/tonnes, part of which continue to fall 10-20 yuan/tonnes over yesterday. Corn prices at Jinzhou port, Liaoning keep stable, among which main prices for second-class old corn settle at 1,660 yuan/tonnes, 1,590-1,620 yuan/tonnes for third-class old corn and 1,700-1,710 yuan/tonnes for some new corn with 14.5%-15% moisture, all of which remain flat over yesterday. Prices for moist corn with 30% moisture range from 1,330 to 1,350 yuan/tonnes . Corn prices at Bayuquan port remian stable, most of which are 1,650 yuan/tonnes (second-class mellow corn), remaining flat over yesterday. Prices for some drying new corn with 14.5%-15% moisture are 1,700 yuan/tonnes, remaining flat over yesterday. Second-class corn prices at Shekou port, Guangdong stay at 1,800 yuan/tonnes, remaining flat over yesterday. In terms of tightened supply of good corn in the region, mellow corn prices continue to pick up for high costs of reserved corn.

    Daily review on sorghum and barley: today, prices for imported sorghum remain stable which settles at 1,790-2,170 yuan/tonnes at main ports, remaining flat over yesterday(Tianjin offers 1,910-2,170 yuan/tonnes ; Guangdong 1,800 yuan/tonnes) At the same time, prices for imported barley also keep stable mostly which stay at 1,670-1,800 yuan/tonnes at main ports, (Tianjin has not reported yet; Shekou port in Guangdong 1,670-1,760 yuan/tonnes) Barley supplies in circulation at Nantong ports become tightened, additionally, costs for barley will keep high later, such being the cases, barley prices in EC will edge up at ports in these days. Weather continues to be good and new autumn corn in Huang-huai area, NC is being harvested and being in market, and with auction corn by strategic grain reserve soaring to over 3 Mln tonnes, corn supplies are still great in market. Seeing that new corn flock into the market, most enterprises engaging deep processing prefer hand-to-mouth purchasing to maintain the basic inventory in case of risks. Yet, the weighed corn prices will also affect demands for barley and sorghum. Customs data show that sorghum imports have been growing for two consecutive months, in addition, the arrival of sorghum and barley shipments in August and September is expected to rise to 1 Mln tonnes. Pressure of sorghum and barley in market fundamentals has been obvious, hence overall, a strong tendency in NC but weak in SC will be registered.