Daily review on soybean meal: US soybeans prices slid slightly last night, the same case for soybean meal futures today in DCE, accordingly, domestic soybean meal spots are steadily weighed down with few turnover, whereas, lower basis will attract more deals for months afar. Coastal soybean meal prices range from 2,800 to 2,920 yuan/tonne, a decline of 10-20 yuan/tonne over yesterday(Tianjin prices 2,980 yuan/tonne, Shandong 2,860-2,920 yuan/tonne, Jiangsu 2,840-2,850 yuan/tonne, Dongguan 2,880-2,900 yuan/tonne, Guangxi 2,820-2,840 yuan/tonne). A bearing on US soybean has been obvious with good weather to promote the soybean harvest, in addition, auction for NE soybean has been successful today with 100% transaction rate. Yet, turnover for soybean meal spots turns poor amid large supply of soybean with good crush margin and basically finished stockpiling before holidays, which will temporarily push down soybean meal prices. As holidays and 19th National People's Congress come, more than half of oil refineries are projected to stop operation in October, where operation is to be downsized to 43% with higher rate of machine halt in NC and Shandong region. Nevertheless, a near-term steep slump on soybean meal prices may hard to reach in view of its tightened supplies in northern areas, instead, slight fluctuations will continue following futures before holidays. From the medium term, prospect for soybean meal will be dim coming after resumed operation of oil refineries and harvest season of US soybean later. Practically, buyers can hold a wait-and-see attitude or take a hand-to-mouth purchasing for the moment.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal keep steady, among which prices in coastal areas stay at 2,300-2,370 yuan/tonne (Guangxi offers 2,300 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 soybeans enters the 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. 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 69,000 tonnes, Tianjin 1,000 tonnes, Dalian 7,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Fishing: till September 27th, 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. 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.

 

    Daily review on soybean: today, prices for imported and distributed soybean remain firm, which settles at 3,350-3,400 yuan/tonne at mains ports, relatively stable over yesterday. Generally, prices for imported and distributed soybeans are expected to remain in a short term considering gradual reduction of soybeans stocks and traders' mind to hold out for higher prices. Yet, in some respects, prices for imported and distributed soybeans will be restrained since some new domestic soybeans have entered the market recently to affect shipments of imported soybeans at ports, besides, domestic soybeans will be into the market in large quantities later. Additionally, harvest of US soybeans in central and western regions has been carried out across the board along, therefore, US soybeans in a short term may rebound slightly amid massive harvest, by contrast, prices for imported and distributed soybeans may go downward.

    Daily review on oils: affected by a pressing bumper harvest and technically active selling, US soybeans last night started to slide, accordingly, US soybean oil fell for the sixth consecutive trading day because of uncertain demands in the days to come. Oils futures continue to fall in DCE today, but much slower than before, by comparison, palm oils run above the former closing. Most domestic oils remain stable today with some falling down, yet turnover is still not much. Downward pressure on oils futures will continue in consideration of dry weather in US producing area conductive to soybean harvest and uncertain demands for US biodiesel in the days to come. Overall, the first 300,000 tonnes reserved soybeans have been auctioned today with turnover amounting to 216,000 tonnes. It's estimated that another 300,000 tonnes soybeans will be auctioned on October 13th, such being the cases, a large bearing on oils supply will be made obvious providing large arrival of imported soybeans at ports, good crush margin and highly resumed operation. Generally, oils spots will continue to go downward with futures in a short term. Practically, buyers can hold a wait-and-see attitude today.

    Today's soybean oil: main prices for one-grade soybean oil in coastal areas stay at 6,000-6,200 yuan/tonne, falling by 10 yuan/tonne, (Tianjin traders offer 6,100-6,110 yuan/tonne, Rizhao traders 6,000 yuan/tonne, Zhangjiagang traders 6,200 yuan/tonne, Guangzhou traders 6,070-6,080 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,660 and 5,760 yuan/tonne(Tianjin traders offer 5,700-5,710 yuan/tonne; Rizhao traders have not reported the prices; Zhangjiagang traders offer 5,760 yuan/tonne; Guangzhou 5,660-5,670 yuan/tonne; Xiamen 5,850 yuan/tonne).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil decline steadily, among which main prices for imported four-degree rapeseed oil upon crush in coastal areas stay at 6,380-6,590 yuan/tonne, with a slight rise of 40-90 yuan/tonne over yesterday(October basis for Maple in Fangchenggang, Guangxi reaches 1,801-210; Yinxiang in Xiamen, Fujian 1801-220; Chinatex in Zhanjiang, Guangdong 1,801-190). Soybean oil stocks keep growing drastically by high operation rates in oil refineries, taking the priority in market share. A series of downward pressure may happen to rapeseed oil prices later after the end of stockpiling and a bumper harvest of US soybeans in market. Practically, buyers can hold a wait-and-see attitude today.

    Daily review on corn: today, prices for domestic corn prices remain stable among which some encounter with slight fluctuations. Main prices for corn acquisition in Shandong enterprises in deep processing stay at 1,610-1,780 yuan/tonne, some fluctuating 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 1,720 yuan/tonne; 1,720 yuan/tonne for some new corn with 14.5%-15% moisture, remaining flat over yesterday. Corn prices at Bayuquan port remain stable, among which drying new corn with 14.5%-15% moisture is 1,710 yuan/tonne, remaining flat over yesterday. N corn prices at Shekou port, Guangdong stay at 1,790-1,810 yuan/tonne, remaining flat over yesterday. Speculations on this year's new-crop corn yields boost new corn prices to open high amid high demands for high-quality corn and supported old corn on the bottom, however, buyers are now likely to hold a wait-and-see attitude toward corn prices, such being the cases, prices cut will be going forward when massive corn enters the market after holidays.

    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; Nantong 1,850 yuan/tonne; Guangdong 1,780-1,800 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; 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 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 be in mind.