Daily review on soybean meal: US soybeans prices slid last night, the same case for soybean meal futures today in DCE. Accordingly, domestic soybean meal spots are steadily weighed down with futures, yet spots prices and basis for soybean meal in some oil refineries hike slightly, quite opposite to the market, so turnover turns to be few. Coastal soybean meal prices range from 2,800 to 2,910 yuan/tonne, a decline of 10-20 yuan/tonne over yesterday(Tianjin prices 2,980 yuan/tonne; Shandong 2,850-2,920 yuan/tonne; Jiangsu 2,830-2,840 yuan/tonne; Dongguan 2,900-2,910 yuan/tonne; Guangxi 2,840-2,860 yuan/tonne). A higher-than-expected US soybean yield has led to an overall prices cut in US soybean. Meantime soybean meal prices start to dwindle since stockpiling before holidays draws to a close. The first 300,000 tonnes reserved soybeans are projected to be auctioned on Friday where rumor goes that total soybeans for auction will amount to 6Mln tonnes. Approximately, 25 Mln tonnes soybeans will arrive at ports from October to December when soybean meal stocks may be regained significantly with good crush margin and resumed operation of oil refineries. In that soybean meal will suffer from a price slump when massive US soybeans in market. In consideration of the coming holidays and 19th National People's Congress, some oil refineries are projected to stop operation in early October. Meanwhile dealers take the advantage to price up amid tightened supplies in NC, such being the cases, soybean meal prices will keep high with slight fluctuations in a short term before national holidays. Practically, buyers can hold a wait-and-see attitude today.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal fluctuate steadily, among which prices in coastal areas stay at 2,330-2,370 yuan/tonne with a fluctuation of 10-20 yuan/tonne(Guangxi offers 2,340 yuan/tonne, with an increase of 10 yuan/tonne; Guangdong 2,370 yuan/tonne; Fujian stops to quote). Notably, a bearing on rapeseed meal later may be impressive when a bumper harvest of US soybean in market along 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 in NC recently, 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 79,000 tonnes, Fuzhou 35,000 tonnes, Shanghai 86,000 tonnes, Tianjin 1,000 tonnes, Dalian 8,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Spots offers in foreign trading(FOB) remain stable, in detail, 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. Yet, prices inversion happens to fishmeal at home and abroad, being in great favor of sellers who hold on to goods. As supply surges, while demand dwindles, fishmeal in market will suffer from restrictions along with mixed long and short positions, generally, market for domestic fishmeal will remain stable in a short term.

    Daily review on soybean: today, prices for imported and distributed soybean remain firm, which settles at 3,360-3,460 yuan/ton at mains ports, relatively stable over yesterday. With few soybeans available at Shandong ports amid 3,000 tons are shipped at port every day, traders are now reluctant to sell out, which props the price up. Nevertheless, some new soybeans harvested in China have been into the market, which may push down the higher prices of imported soybeans to some degree. Generally, prices for imported and distributed soybeans are expected to remain with week momentum in a short term. By the progress in harvest, a higher-than-expected soybean yield will lead to near-term fluctuations in US soybean, especially, prices slide will happen to imported and distributed soybeans later when great pressure is exposed by US soybeans harvest.

   

    Daily review on oils: affected by technical selling and the progress in harvest, along with pressing higher-than-expected soybean yield, US soybeans prices continued to slump last night, the same trend going to soybean oils but prices cut turns to be greater. Seeing that US Environmental Protection Agency is now seeking public opinions about the reduction of biodiesel blending in domestic fuel supply, soybean oil today continues to follow a moderate drop as yesterday. Whereas, market concerns for the released pace of Malaysian yield help to boost palm oil prices in light of strong performance in Malaysian trading. Overall, soybean oil spots drop slightly, while palm oil spots rise slightly. A higher-than-expected US soybean yield and technical selling have had a much larger bearing on US soybean. The first 300,000 tonnes reserved soybeans are projected to be auctioned on Friday where rumor goes that total soybeans for auction will amount to 6Mln tonnes. Approximately, 25 Mln tonnes soybean will arrive at ports from October to December, nevertheless, a surprising 2.01 Mln tonnes soybean crush was reached last week with good crush margin. Soybean oil stocks are now gained to overall 1.43 Mln tonnes amid trimmed demands coming after the end of stockpiling. Overall, a near-term rebound may be going on for oils spots with futures. Practically, buyers can take hand-to-mouth purchasing for the moment, or hold a wait-and-see attitude in case of sufficient stocks.

    Today's soybean oil: main prices for one-grade soybean oil in coastal areas stay at 6,120-6,280 yuan/tonnes, falling by 10-50 yuan/tonnes, (Tianjin traders offer 6,200-6,220 yuan/tonnes, Rizhao traders 6,140 yuan/tonnes, Zhangjiagang traders 6,280 yuan/tonnes, Guangzhou traders 6,120 yuan/tonnes).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,750 and 5,860 yuan/tonne, a rise of 10 yuan/tonne (Tianjin traders offer 5,770-5,780 yuan/tonne, up 10 yuan/tonne; Rizhao traders have not reported the prices; Zhangjiagang traders offer 5,860 yuan/tonne, up 10 yuan/tonne; Guangzhou 5,750 yuan/tonne; Xiamen 5,850 yuan/tonne, up 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 6,450-6,660 yuan/tonne, plunging by 10-30 yuan/tonne against yesterday(September basis for Maple in Fangchenggang, Guangxi reaches 1,801-200; Yinxiang in Xiamen, Fujian stops to report; Chinatex in Zhanjiang, Guangdong 1,801-210 for October basis). The confirmed first 300,000 tonnes reserved soybeans are projected to be auctioned on Friday by national grain reserves, yet rumor also goes that a probable auction of rapeseed oil is on the corner. With high stocks and low prices of soybean oil, rapeseed oil is said to risk in prices cut after 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, domestic corn prices remain stable with downward tendency, but the bearish stance are significantly slowed down. Main prices for corn acquisition in Shandong enterprises in deep processing stay at 1,610-1,780 yuan/tonne, some falling by 10-20 yuan/tonne over yesterday but most remaining stable. Corn prices at Jinzhou port, Liaoning keep stable, among which main prices for second-class old corn settle at 1,660-1,700 yuan/tonne with 10 yuan/tonne rise on the highest compared with yesterday; 1,710-1,720 yuan/tonne for some new corn with 14.5%-15% moisture, a rise of 10 yuan/tonne over yesterday. Corn prices at Bayuquan port remain stable, among which drying new corn with 14.5%-15% moisture are 1,705-1,710 yuan/tonne, a rise of 5-10 yuan/tonne over yesterday. 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. Particularly, acquisition prices for corn at northern ports pick up 10 yuan/tonne today. Attention should be paid more on later corn sales and the changes in 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). Meantime prices for imported barley also remain stable, most of which stay at 1,670-1,820 yuan/tonnes at main ports, (Tianjin has not reported yet; Qingdao 1,820 yuan/tonne with 10 yuan/tonne rise; Zhangjiagang 1,790 yuan/tonne; Nantong 1,700-1,790 yuan/tonne; 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, hence barley and sorghum 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, with auction corn by strategic grain reserve soaring to over 3 Mln tons, corn supplies are still great in market. Seeing that new corn flock 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 registered strong tendency in NC but weak in SC should keep in mind.