Daily review on soybean meal: US soybean prices dropped last night, accordingly, soybean meal futures meet stagflation today in DCE. Domestic soybean meal spots are steadily weighed down with futures, yet turnover turns to be few. Coastal soybean meal prices range from 2,820 to 2,920 yuan/tonne, a decline of 10-30 yuan/tonne over yesterday(Tianjin prices 3,000 yuan/tonne, Shandong 2,840-2,920 yuan/tonne, Jiangsu 2,850-2,860 yuan/tonne, Dongguan 2,910-2,920 yuan/tonne, Guangxi 2,820-2,840 yuan/tonne). A higher-than-expected soybean yield in early harvest is registered in central and western regions in China, besides, favorable rains are expected to come in Brazil, dragging down US soybean prices temporarily. Considering that an all-time high price in soybean meal has been reached, demands for higher prices of soybean meal spots will be curbed with the end of stockpiling, what's more, a temporary plump in prices may happen for the time being. In consideration of the coming holidays and 19th National People's Congress, some oil refineries are projected to stop operation. Meanwhile dealers take the advantage to price up amid tightened supplies in NC, such being the cases, soybean meal prices will be high with slight fluctuations in a short term before national holidays. From the medium term, stocks for soybean meal keep growing with large supply of soybean at ports and resumed operation of oil factories in light of good crush margin. Bumper harvest in US soybean is a forgone conclusion, consequently, prices cut may happen to US soybean when it enters the market in large quantities, meantime downward pressure on soybean meal may be enlarged. Practically, buyers can 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 2,330-2,370 yuan/tonne with a drop of 20 yuan/tonne over yesterday(Guangxi offers 2,330 yuan/tonne, with a decline of 20 yuan/tonne; Guangdong 2,370 yuan/tonne, down 20 yuan/tonne; Fujian stops to quote). A slump of stocks in SC registers a bull market. Notably, 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 poor demands for aquatic products, lower prices and massive supplies of soybean meal to replace rapeseed meal. Nevertheless, slight fluctuations may be going forward following futures for insufficient stocks, therefore, buyers can hold a wait-and-see attitude for the moment.

    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 35,000 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 for Peru ordinary SD with 65% protein content stays at USD 1,350 $/tonne, USD 1,500 $/tonne for super steam fishmeal with 68% protein content; 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. Sales on new-season Peru fishmeal turn to be good in these days, propping up the offers in foreign trading. Generally, domestic fishmeal market will remain stable before the holidays where a bull market in domestic fishmeal is going forward.

    Daily review on soybean: today, prices for imported and distributed soybean remain firm, which settles at 3,380-3,420 yuan/tonne at mains ports, relatively stable over yesterday. Albeit exports on US soybean show a good momentum, US soybean will keep on fluctuations in a short time for higher-than-expected soybean yield in early harvest and favorable rains in Brazil. With gradual reduction of stocks at Shandong ports, traders now are reluctant to sell out soybean, which supports the prices. Generally, such trend is expected to remain with strong momentum in a short term. 

    Daily review on oils: it’s said that higher-than-expected soybean yield in early harvest is registered in central and western regions in China, besides, rains are expected to come in Brazil. Given that, beans prices in US trading were plunged last night, the same trend going to soybean meal prices in DCE today when compared with former settlement, but still, prices today run above the former closing. Generally, domestic oil spots suffer from slight fluctuations today. In spite of robust exports on US soybean, US soybean will keep on fluctuations in a short time for higher-than-expected soybean yield in early harvest and favorable rains in Brazil. Approximately, 25 Mln tonnes soybean will arrive at ports from October to December. A surprising 2.01 Mln tonnes soybean crush was reached last week with good crush margin when stockpiling before holidays was basically finished. Soybean oil stocks are now gained to overall 1.43 Mln tonnes among which 300,000 tonnes soybean will be auctioned by national grain reserve, registering a bearish market. Notably, a near-term rebound may be going on for oils spots with futures, so buyers can take hand-to-mouth purchasing for the moment.

    Today's soybean oil: main prices for one-grade soybean oil in coastal areas stay at 6,160-6,300 yuan/tonne, part of which fall by 10-20 yuan/tonne, (Tianjin traders offer 6,240-6,260 yuan/tonne, Rizhao traders 6,180 yuan/tonne, Zhangjiagang traders 6,300 yuan/tonne, Guangzhou traders 6,160-6,170 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,730 and 5,850 yuan/tonne, a decline of 10 yuan/tonne (Tianjin traders offer 5,780-5,790 yuan/tonne; Rizhao traders have not reported the prices; Zhangjiagang traders offer 5,850 yuan/tonne; Guangzhou 5,730-5,760 yuan/tonne; Xiamen 5,830-5,850 yuan/tonne, a decline of 10 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 6,480-6,670 yuan/tonne, slumping 10-40 yuan/tonne against yesterday(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). A probable auction of reserved oil in market is said to be the contributing factor for a slump in rapeseed oil price. A total 6 Mln soybean will be auctioned by national grain reserves where 300,000 tonnes are projected on Friday, in that soybean oil stocks are increasingly large in quantities yet with low prices, which takes the priority in market. Overall, prices cut may happen to oils later after bumper harvest of US soybean in market and the end of stockpiling in oils market, therefore, buyers can hold a wait-and-see attitude for the time being.

    Daily review on corn: today, prices for domestic corn prices remain stable where some are edging down. Main prices for corn acquisition in Shandong enterprises in deep processing stay at 1,610-1,780 yuan/tonne, part of which continue to fall 10-30 yuan/tonne over yesterday. 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 yesterday. Corn prices at Bayuquan port remain stable, among which 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 yesterday. The supply of new-crop corn is keep growing in the Huang-huai area, NC, however, enterprises in deep processing become more cautious about corn 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 later corn sales and the changes of weather.

    Daily review on sorghum and barley: today, prices for imported sorghum remain stable which settles at 1,790-2,170 yuan/tonne at main ports, remaining flat over yesterday(Tianjin offers 1,910-2,170 yuan/tonne; Guangdong 1,800 yuan/tonne). At the same time, prices for imported barley also keep stable mostly which stay at 1,670-1,800 yuan/tonne at main ports, (Tianjin has not reported yet; 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 and 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, corn supplies are still great in market with auction corn by strategic grain reserve soaring to over 3 Mln tonnes. Seeing that new corn has flocked into the market, most enterprises in deep processing prefer to keep an eye on market in case of any 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 tons. 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.