Daily review on soybean meal: US soybeans continued to slide last night, the same trend going to soybean meal in DCE today. Generally, prices for most domestic soybean meal spots remain stable amid slight declines in some areas. Coastal soybean meal prices range from 2,830 to 2,920 yuan/tonne, a decline of 10 yuan/tonne over yesterday in part(Tianjin prices 2,960 yuan/tonne, Shandong 2,880-2,910 yuan/tonne, Jiangsu 2,850-2,860 yuan/tonne, Dongguan 2,880-2,890 yuan/tonne, Guangxi 2,830-2,850 yuan/tonne, where USD $1=CNY 6.584). It is expected that US soybeans yields and output forecast will be enhanced in USDA tonight, yet coupled with lessened rainfall later this week, harvest of soybeans will move on quickly, weighing on the US soybeans. Also, buyers' mind of waiting and seeing gains stronger, temporarily restraining soybean meal market. Tightened supplies of soybean meal in north have not yet eased on account of delayed arrivals of imported soybeans in next two weeks and machine halt in some oil factories for insufficient soybeans stocks, which brings supports to oils and meal in market to some degree. Overall, prices for soybean meal spots in a short term will remain strong. But operating rate of oil factories is estimated to hit a record next week, with gained soybean meal stocks later and intensive delivery in downstream market after holidays, the delivery speed will be slowed down. From the long run, prices drop may come about once stocks of soybean meal are gained and larger quantities of soybeans arrive at ports in November and December with over 18 Mln tonnes in total.In real term, buyers can take a hand-to-mouth purchasing and focus on tonight's reports.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal slide modestly, among which prices in coastal areas stay at 2,300-2,370 yuan/tonne with a decline of 10 yuan/tonne(Guangxi offers 2,300 yuan/tonne, Guangdong 2,390 yuan/tonne, Fujian 2320 yuan/tonne, where USD $1=CNY 6.584). Stocks of rapeseed meal are lessened on account of machine halt in some oil refineries, which helps to support soybean meal prices. Yet, poor impetus for further prices gains is made obvious and fluctuations on rapeseed meal later may be impressive when lower prices and massive supplies of soybean meal in market to replace rapeseed meal, coupled with dwindling demands of rapeseed meal upon gradually decreasing outstanding contracts. Buyers can hold a wait-and-see attitude or take a hand-to-mouth purchasing for the time being.

    Daily review on fishmeal: today, offers for imported fishmeal remain steadily, yet prices are negotiable upon transaction and shipments at ports today are general. Northern ports: fishmeal price in Peru ordinary SD with 65% protein content is 9,200 yuan/tonne; 10,300 yuan/tonne for Japanese SD with 67% protein content; 10,600 yuan/tonne for super steam fishmeal with 68% protein content,where USD $1=CNY 6.584. Southern ports: fishmeal price for Peru ordinary SD with 65% protein content is 9,100 yuan/tonne; 10,100 yuan/tonne for Japanese SD with 67% protein content; 10,400 yuan/tonne for super steam fishmeal with 68% protein content, where USD $1= CNY 6.584. Port stocks: Hangpu has 76,000 tonnes, Fuzhou 35,000 tonnes, Shanghai 64,000 tonnes, Tianjin 1,000 tonnes, Dalian 6,000 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 N/D. Overall, domestic fishmeal market is expected to be stable with strong momentum for the time being seeing that pressure on port inventory is released and higher prices are held out in foreign trading.

 

    Daily review on soybean: today, prices for imported and distributed soybean meet stagflation, which ranges from 3,280 to 3,390 yuan/tonne($498-$515) at mains ports. It is expected that US soybeans yields and output forecast will be enhanced in USDA tonight, and rumors prevail that US soybeans contain lower protein content in 2017, such being the cases, China may prefer more soybeans in South America, further dragging down US soybeans. Increasing new soybeans in recent domestic market further weigh on imported and distributed soybean market and its prices. However, gradual reduction of soybeans stocks and traders' mind to hold out for higher prices have in return brought favorable supports to imported and distributed soybean amid buoyant domestic soybeans in these days. Overall, imported and distributed soybean in a short term will remain strong. Yet with gradually increasing soybeans in market later, a potential bearing on imported and distributed soybeans prices will go forward.

    Daily review on oils: traders adjust to their positions before USDA reports on monthly supply/demand Thursday. US soybeans suffered from fluctuations last night, while oils in DCE today start to rebound slightly where domestic soybean oil spots meet slight and stable fluctuations and prices for palm oil spots pick up modestly, yet turnover is general. About 36% of US soybeans has been harvested, far behind the five-year average progress of 43%, but harvest progress is expected to be quicker due to rainfall later this week. Rumors go that US soybeans contain lower protein content in 2017, such being the cases, China may prefer more soybeans in South America, futher dragging down US soybeans. Soybean oil stock levels have risen sharply to 1.55 Mln tonnes of a record high with strong and upward tendency, additionally, soybean crush will gain to 1.9 Mln tonnes of high levels in next week and palm oil stocks have exceeded to more than 0.4 Mln tonnes, such being the cases, oil spots will follow futures with weak momentum in light of oversupply. In real term, buyers can take a hand-to-mouth purchasing and focus on tonight's reports.

    Today's soybean oil: main prices for one-grade soybean oil in coastal areas stay at 6,000-6,150 yuan/tonne, part of which fluctuating by 10-50 yuan/tonne (Tianjin traders offer 6,080-6,090 yuan/tonne, Rizhao traders 6,000 yuan/tonne, Zhangjiagang traders 6,150 yuan/tonne, Guangzhou traders 6,030 yuan/tonne, where USD $ 1= CNY 6.584).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,650 and 5,800 yuan/tonne, a rise of 10-20 yuan/tonne mostly(Tianjin traders offer 5,750-5,760 yuan/tonne, a rise of 10 yuan/tonne; Rizhao traders 5,800 yuan/tonne, an increase of 20 yuan/tonne; Zhangjiagang traders offer 5,750 yuan/tonne; Guangzhou 5,650-5,670 yuan/tonne, increasing by 10 yuan/tonne; Xiamen 5,850 yuan/tonne where prices are negotiable, USD $ 1= CNY 6.584).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil fall steadily, among which prices for imported rapeseed oil in coastal areas stay at 6,420-6,620 yuan/tonne, with a fall of 20-40 yuan/ton over yesterday( October basis for Maple in Fangchenggang, Guangxi reaches 1,801-200; Yinxiang, Xiamen in Fujian 1,801-200; Chinatex in Zhanjiang, Guangdong 1,801-200, where USD $ 1= CNY 6.584). Fragile demands for rapeseed oil have been obvious due to oversupply in domestic market, by striking contrast, soybeans oil stocks have jumped to 1.55 Mln tonnes in light of high operating rate of soybean oil factories, such being the cases, soybean oil takes the priority in market. Additionally, rumors prevail that reserved rapeseed oils are projected to be auctioned in market, which worsens the market. Overall, rapeseed oil will pare gains in a short term.

    Daily review on corn: today, prices for domestic corn prices remain stable where some are buoyant. Main prices for corn acquisition in Shandong enterprises in deep processing stay at 1,650-1,780 yuan/tonne, most remaining stable. Corn prices at Jinzhou port, Liaoning remain flat, ranging from 1,450 to 1,570 yaun/tonne, among which prices for new corns settle at 1,660 yuan/tonne in Liaoning, a rise of 5-10 yuan/tonne over yesterday; 1,340-1,370 yuan/tonne for corns with 30% moisture, a rise of 5 yuan/tonne upon the highest price over yesterday. Corn prices at Bayuquan port also keep firm, among which drying new corns with 14.5%-15% moisture in Liaoning and Jilin are 1,650 yuan/tonne, where USD $ 1= CNY 6.584. Second-class corn prices at Shekou port, Guangdong stay at 1,780-1,790 yuan/tonne, remaining flat over yesterday. New corns price between 1,830-1,850 yuan/tonne. Prices for new corns pick up slightly given that continuous rainfall in Huanghuai area, NC has resulted in weaker-than-expected harvest, drying and yield of new corns. Yet, increasing new corns from northeast belt in market have pushed down prices for new corns, besides, most feed businesses in southern area have abundant inventory levels, so purchasing needs are quite general. In a short term, corn prices will remain strong or go on with slight fluctuations due to unholy weather. Yet, once the weather turns fine, downward pressure may come to corn prices when next-round new corns enter the market in quantities.

    Daily review on sorghum and barley: today, prices for imported sorghum remain stable which settles at 1,780-2,200 yuan/tonne at main ports, remaining flat over yesterday(Tianjin offers 1,900-2,200 yuan/tonne; Nantong 1,850-1,860 yuan/tonne; Guangdong 1,780-1,800 yuan/tonne,where USD $ 1= CNY 6.584). Meantime prices for most imported barley remain stable, which stay at 1,660-1,820 yuan/tonnes at main ports, (Tianjin has not reported yet; Qingdao 1,820 yuan/tonne; Nantong 1,700-1,800 yuan/tonne; Shekou port in Guangdong 1,660-1,780 yuan/tonnes, where USD $1= CNY 6.584). 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. Given that weather turns good in northeast belt in October and new autumn corn in Huang-huai area, NC is being harvested into market, especially in Liaoning areas, corn supplies are still great in market, accordingly, prices cut of new corns appears to be different in regions. Seeing that new corns flock into the market, most enterprises engaging in 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. Additionally, domestic new sorghum and barley will also weigh down other grains at ports. With mixed long and short positions in market, significant fluctuations will not be reached on barley and sorghum, instead, steady fluctuations will go forward.