Daily review on soybean meal: US soybeans closed lower overnight, consequently, soybean meal in DCE today pares gains mildly where domestic soybean meal spots fall steadily. Soybean meal prices in coastal areas range from 2,890 to 2,980 yuan/tonne, some falling 10-20 yuan/tonne over yesterday(Tianjin prices 3,000 yuan/tonne, Shandong 2,960-2,980 yuan/tonne, Jiangsu 2,900-2,950 yuan/tonne, Dongguan 2940-2950 yuan/tonne, Guangxi 2,890-2,920 yuan/tonne, where USD $1=CNY 6.63). Yet, despite the fact that turnover of soybean meal in high prices is limited and spots fail to to go up further amid large soybean arrivals later, lucrative crush margin and recovered operating rate in the following two weeks, soybean meal spots have resilience to fall due to persisting supply tensions in some regions, to illustrate, stocks in coastal areas are downgraded by 9% to 0.664 Mln tonnes against a week before, therefore spots in a short term will go on slight fluctuations with futures. Soybean meal may still meet falling risks even though supply tensions are going to be eased later. Practically, buyers can take a hand-to-mouth purchasing for the moment.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal decline steadily, among which prices in coastal areas stand at 2,280-2,300 yuan/tonne with a drop of 10-20 yuan/tonne over yesterday(Guangxi offers 2,300 yuan/tonne; Guangdong 2,310 yuan/tonne, falling 20 yuan/tonne; Fujian stops to report, where USD $1=CNY 6.63). Stocks of rapeseed meal in coastal areas keep growing, meantime soybean meal are gradually sufficient in supplies with high operating rate and large soybean arrivals in the following two months, yet rapeseed meal in a short term is not likely to fall sharply, but to go on fluctuations in light of few supply pressure.

    Daily review on fishmeal: today, prices for imported fishmeal pick up steadily, yet prices are negotiable upon transaction and shipments at ports are general. Northern ports: fishmeal price for Peru ordinary SD with 65% protein content are 9,700-9,800 yuan/tonne with a rise of 200 yuan/tonne over yesterday; 10,600-10,700 yuan/tonne for Japanese SD with 67% protein content, rising 100 yuan/tonne against yesterday; 10,900-11,000 yuan/tonne for super steam fishmeal with 68% protein content with a rise of 100 yuan/tonne. Southern ports: fishmeal price for Peru ordinary SD with 65% protein content is 9,600 yuan/tonne; 10,400 yuan/tonne for Japanese SD with 67% protein content; 10,700 yuan/tonne for super steam fishmeal with 68% protein content, where USD $1=CNY 6.63. Fishing: till October 26th, 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. Port stocks: Hangpu has 62,000 tonnes, Fuzhou 37,000 tonnes, Shanghai 46,000 tonnes, Tianjin 1,000 tonnes, Dalian 4,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Pressure on stockpile at ports is relatively restrained, such being the cases, fishmeal in a short term will remain stable with strong momentum for growth supported by high offers from traders.

    Daily review on soybeans: today, prices for most imported and distributed soybeans remain stable, which stays at 3,400-3,450 yuan/tonne at mains ports. Imported and distributed soybeans today keep firm, supported by insufficient soybean surpluses at ports and strong sentiments of traders to hold out for high prices. Yet, predicted rains in Brazil and month-end technical selling pressure down US soybeans today. Growing domestic soybeans in market and larger arrivals of imported soybeans further exert pressure on and limit the market of imported soybeans amid traders' wait-and-see sentiments. Overall, imported soybean prices may pare gains given heavy domestic soybeans in market and eased stocks pressure in the first 20 days of November at ports.

    Daily review on oils: US soybeans and soybean oil closed lower overnight due to favorable rains forecast in some Brazil soybean producing belts, active technical selling and shipment adjustments in the end of October, and released arbitrary of buying soybean oil and selling soybean meal. Accordingly, soybean oil today in DCE stops to go up but pares gains mildly, by contrast, palm oil fluctuates in a tight range. Meantime domestic soybean and palm oil spots are weighed down with futures, yet turnover is not much. Basically, stocks of soybean oil fall to 1.58 Mln tonnes due to delayed arrival of soybeans in some factories, while rapeseed oil and palm oil are also few in stocks, hence oil prices offered in factories keep high. But in light of larger soybean arrivals in the next two months, soybean oil glut is difficult to change. As it’s hard for US soybeans to break the restriction of 1000 cents, oil spots will not fluctuate with great ups and downs, instead, frequent fluctuations will go on in a short term with futures and a rally may come till a new-round small stockpiling after the end of November. Practically, buyers can hold a wait-and-see attitude or take a hand-to-mouth purchasing for the moment.

    Today's soybean oil: main prices for one-grade soybean oil in coastal areas stand at 6,080-6,200 yuan/tonne, falling 20-30 yuan/tonne in some areas (Tianjin traders offer 6,110-6,120 yuan/tonne, Rizhao traders 6,080 yuan/tonne, Zhangjiagang traders 6,170 yuan/tonne, Guangzhou traders 6,100 yuan/tonne, Fujian traders 6,200 yuan/tonne, where USD $ 1= CNY 6.63).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,780 and 5,900 yuan/tonne, a decline of 30-60 yuan/tonne(Tianjin traders offer 5,870-5,880 yuan/tonne, a drop of 30 yuan/tonne; Rizhao taders are out of stock; Zhangjiagang traders offer 5,900 yuan/tonne, a decline of 60 yuan/tonne; Guangzhou 5,780 yuan/tonne, falling 40 yuan/tonne; Xiamen 5,900 yuan/tonne, where USD $ 1= CNY 6.63).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil drop steadily, among which prices for imported rapeseed oil in coastal areas are 6,710-6,890 yuan/tonne, falling 50-80 yuan/tonne over yesterday(October basis for Maple in Fangchenggang, Guangxi reaches 1,801-170; Yinxiang in Xiamen, Fujian and Shenheng in Guangdong stop to report, where USD $1=CNY 6.63). As rapeseed oil prices rise in domestic market, imported rapeseed and rapeseed oil become lucrative amid active buying of importers and soaring stockpiles of soybean and palm oils. Oils supply glut will limit the upside on rapeseed oil the time US new soybeans enter the market in large quantities, overall, rapeseed oil will pare gains with futures in a short run. 

    Daily review on corn: today, domestic corn prices keep rangebound with downward tendency. Main prices for corn acquisition in Shandong enterprises engaging in deep processing stay at 1,690-1,770 yuan/tonne, some falling 10 yuan/tonne over yesterday. Corn prices at Jinzhou port, Liaoning continue to fall, where new corn of Liaoning and Inner Mongolia settles at 1,630-1,650 yuan/tonne, falling 10 yuan/tonne over yesterday on the lowest price, and Heilongjiang corn stands at 1,620-1,630 yuan/tonne, down 10 yuan/tonne over yesterday. Drying new corn in Liaoning and Jilin with 14.5%-15% moisture at Bayuquan port prices at 1,630 yuan/tonne with a decline of 10 yuan/tonne over yesterday, while Heilongjiang corn prices at 1,620 yuan/tonne. New corn prices at Shekou port, Guangdong stay at 1,820 yuan/tonne, remaining flat over yesterday, some pricing at 1,810 yuan/tonne upon transaction, where USD $1=CNY 6.63. New-crop corn in northeastern producing belts will enter the market in a quickened pace when November comes, further weighing down prices for northeastern corn. Meantime, seasonal supply pressure are enlarged as good weather in North China to help corn drying and supplying. Generally, feed makers are inclined to be cautious about new corn procurement considering fragile consumption of feed and low capacity production of livestock, such being the cases, domestic corn prices register low and weak in a short time amid grain glut. Nevertheless, yield cut in new-crop corn this year and significantly increasing capacity production in deep-processing enterprises with regained confidence for market bolster corn prices amid stronger and stronger sentiments of farmers to hold on to corn, and therefor, corn will not suffer from impressive decline later. Attention should be paid on new corn supplying and related policies.

    Daily review on sorghum and barley: today, prices for imported sorghum remain stable which settle at 1,780-2,200 yuan/tonne at main ports, remaining flat over yesterday(Tianjin offers 1,920-2,220 yuan/tonne; Nantong 1,880 yuan/tonne; Shanghai 1,880-1,890 yuan/tonne; Guangdong 1,780-1,790 yuan/tonne. Meantime prices for most imported barley keep stable which stay at 1,660-1,820 yuan/tonne 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 6.63). Sorghum market are buoyed by tight supply at Tianjin and Nantong ports and bullish fundamentals. Additionally, costs for barley and sorghum keep at a high level, which bolsters their performance in these days at ports amid strong sentiment of importers to hold out for high prices in case of unavailable supplies on lower costs. However, corn prices at northeastern and north-south ports have fallen across the board recently, and sorghum and barley, as corn's alternatives, are also affected. In addition, fragile demands for feed also affect grain market. Overall, sorghum and barley will remain stable with strong momentum for growth when long and short positions are mixed.