Daily review on soybean meal: US soybeans prices continued to pick up last Friday, accordingly, soybean meal futures pick up today in DCE and domestic soybean meal spots are lifted with futures, yet turnover turns to be few upon higher prices. Coastal soybean meal prices range from 2,850 to 2,970 yuan/tonne, a rise of 30-40 yuan/tonne with futures against last Friday(Tianjin prices 2,970 yuan/tonne, Shandong 2,840-2,920 yuan/tonne, Jiangsu 2,860-2,900 yuan/tonne, Dongguan 2,920-2,930 yuan/tonne, Guangxi 2,830-2,880 yuan/tonne). On the premise of technical buying, robust exports and weak USD, US soybean prices continue to go up with strong momentum. In consideration of the coming holidays and 19th National People's Congress, some oil refineries are projected to stop operation. Meanwhile with the stockpiling before holidays, sales on soybean meal turn to be good amid tightened supplies in NC, NE China and Shandong region. Such being the cases, an impressive limitation on delivery has been made when dealers take the advantage to price up and traders take the arbitrary of buying meals to buy oils, indeed, soybean meal prices will be high in a short term before national holidays. With large supply of soybean, good crush margin and resumed operation of oil factories after national holidays, overall stocks for soybean meal may keep growing in October. Harvest of US soybean in market will regain its attention upon a rebound risk of soybean meal spots at that time. Practically, buyers who have already filled their inventories are not encouraged to chase high prices, instead, to hold a wait-and-see attitude today.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal pick up steadily, among which prices in coastal areas stay at 2,350-2,410 yuan/tonne with a rise of 10-20 yuan/tonne over last Friday(Guangxi offers 2,340 yuan/tonne, with an increase of 40 yuan/tonne; Guangdong 2,380 yuan/tonne, up 40 yuan/tonne; Fujian stops to quote). Soybean meal stocks plunged to 28,000 tonnes in SC last week, down 20% by the same stage in previous week, registering a bull market. US soybean prices are supported by robust exported and bad weather in South America to delay the soybean planting. Yet, prices slump in rapeseed meal later may be impressive when a harvest-time slide in US soybean comes after its large quantities in market coupled with the poor demands for aquatic products, lower prices and massive supplies of soybean meal to replace rapeseed meal. Nevertheless, upward fluctuations may be going forward following futures 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/tonne; 10,000-10,200 yuan/tonne for Japanese SD with 67% protein content; 10,300-10,500 yuan/tonne 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. Spots offers in foreign trading(FOB): the fishmeal offer in Peru ordinary SD with 65% protein content stays at USD 1,350 $/tonne, a rise of USD 20 $/tonne; USD 1,500 $/tonne for super steam fishmeal with 68% protein content, increasing by USD 20 $/tonne; the offer in Chile ordinary SD with 65% protein content is USD 1,350 $/tonne, USD 1,460 $/tonne for excellent fishmeal with 68% protein content, all of which are shipments in O/N. Fishing: till September 20th, 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. Given that holidays near the corner and replenishment is much-needed in feed sectors, domestic market turns bull with slight rise in foreign trading. Generally, domestic fishmeal market will remain stable before the holiday.

    Daily review on soybean: today, prices for imported and distributed soybean remain firm, which settles at 3,280-3,410 yuan/tonne at mains ports, relatively stable over yesterday. However, soybean surplus insufficiency 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. Additionally, on the premise of technical buying, robust exports and weak USD, US soybean prices will continue to go up with strong momentum in a short term.

    Daily review on oils: today(on September 25th), affected by technical buying and robust exports, US soybean and soybean meal prices continued to hike last Friday night, yet trading spread between soybean meal and soybean oil pushed down US soybean oil prices. Oils in DCE today keep fluctuating with downward tendency where oils spots at home are dragged down. Strong demands on US soybean amid only 4% crops harvested last week, US soybean prices float at 980 cents with upward tendency. Approximately, 7.2 Mln tonnes soybean will arrive at ports in October, 9 Mln tonnes in November, and 8.8 Mln tonnes in December amid weak market for domestic oils in recent days. A surprising 2.01 Mln tonnes soybean crush was reached last week with good crush margin when stockpiling before holidays is basically finished. Soybean oil stocks are gained with overall eased demands, registering a remarkable oversupply. Additionally, rumor goes that rapeseed oils are going to be auctioned from national grain reserves, which leads to a significant slump of rapeseed oil in ZCE. Generally, oil spots in a short term will continue to rebound with futures. Practically, buyers can hold a wait-and-see attitude or take hand-to-mouth purchasing for the moment.

    Today's soybean oil: main prices for one-grade soybean oil in coastal areas stay at 6,150-6,300 yuan/tonne, part of which fall by 20-100 yuan/tonne, (Tianjin traders offer 6,260-6,270 yuan/tonne, Rizhao traders 6,210 yuan/tonne, Zhangjiagang traders 6,300 yuan/tonne, Guangzhou traders 6,150 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,720 and 5,850 yuan/tonne, a decline of 30-50 yuan/tonne (Tianjin traders offer 5,770-5,780 yuan/tonne, a drop of 40 yuan/tonne ; Rizhao and Xiamen traders have not reported the prices; Zhangjiagang traders offer 5,850 yuan/tonne, a decline of 50 yuan/tonne ; Guangzhou 5,720-5,750 yuan/tonne, decreasing by 30 yuan/tonne).

 

    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 6,450-6,660 yuan/tonne, slumping 30-80 yuan/tonne against last Friday(September basis for Maple in Fangchenggang, Guangxi reaches 1,801-200 yuan/tonne ; Yinxiang in Xiamen, Fujian stops to report; Chinatex in Zhanjiang, Guangdong 1,801-220 yuan/tonne). Rapeseed oil stocks plunged to 116,000 tonnes in SC last week, down 9% by the same stage in previous week, registering a bull market, nevertheless, rumors about auction of reserved oils in market have led to dramatic plunge of oil futures in ZCE. Seeing that stockpiling before holidays is drawing to a close, 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 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 slide in NC. Main prices for corn acquisition in Shandong enterprises engaging in deep processing stay at 1,610-1,780 yuan/tonne, part of which continue to fall 10-80 yuan/tonne over last week. Corn prices at Jinzhou port, Liaoning keep stable, among which main prices for second-class old corn settle at 1,660-1,690 yuan/tonne, and 1,700-1,710 yuan/tonne for some new corn with 14.5%-15% moisture, moist corn with 30% moisture ranging from 1,330 to 1,360 yuan/tonne, all of which remain flat over last Friday. Corn prices at Bayuquan port remain stable, prices for some drying new corn with 14.5%-15% moisture are 1,700 yuan/tonne. Second-class corn prices at Shekou port, Guangdong stay at 1,790-1,810 yuan/tonne, remaining flat over last Friday. The supply of new-crop corn is keep growing in the Huang-huai area, NC, however, enterprises in deep processing prefer hand-to-mouth purchasing for the moment, in that corn demands for feed in a short term may not be great amid slow recovery of breeding industry. Downward pressure on corn prices are doomed to happen with large supply in market, but a significant slump may not come to corn prices in a short term since continuous monsoon rains in NC in recent days to slow down the corn yield and much-needed of good corn in some downstream enterprises. Attention should be paid more on late corn sales and the weather.

    Daily review on sorghum and barley: today, prices for some imported sorghum remain buoyant which settles at 1,780-2,250 yuan/tonne at main ports, remaining flat over last Friday(Tianjin offers 1,930-2,250 yuan/tonne; Nantong 1,810-1,860 yuan/tonne; Guangdong 1,780-1,800 yuan/tonne) .At the same time, prices for imported barley also rise steadily mostly which stay at 1,670-1,810 yuan/tonne at main ports, (Tianjin has not reported yet; Qindao 1,810 yuan/tonnene; Nantong 1,680-1,790 yuan/tonnene; Shekou port in Guangdong 1,670-1,760 yuan/tonne). 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 into market, in that 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. Overall, a strong tendency in NC but weak in SC will be registered which requires more attention.