Daily review on soybean meal: US soybeans overnight continued to rise due to robust demand and worries about lower-than-expected harvest. Correspondingly, soybean meal in DCE today goes up mildly where soybean meal spots are a tad higher following futures. Spots turnover is not much, yet forward basis still attracts some deals. Soybean meal prices in coastal areas range from 2,930 to 3,030 yuan/tonne, a steady rise of 10-20 yuan/tonne against yesterday(Tianjin prices 3,020 yuan/tonne, Shandong 2,950-3,000 yuan/tonne, Jiangsu 2,920-2,940 yuan/tonne, Dongguan 2930-2950 yuan/tonne, Guangxi 2,930-2,940 yuan/tonne, where USD $1=CNY 6.623). US soybeans keep strong in market and bolstered by robust demand and market worries. Additionally, in the context that a more strict environmental inspection may be conducted in North China from November 15th to solve haze problem, soybean meal spots today pick up with futures and in a short run spots may keep rangebound with strong momentum for growth owing to supply tensions in some regions and exceedingly large volume of transaction upon forward basis at 50 yuan for contract this week. Stocks of soybean meal are probably to be accumulated in second half of November the time large soybeans arrive at ports and operating rate is recovered, yet, falling risks will come back once supply tensions are released. Practically, buyers are encouraged to take a hand-to-mouth purchasing for spots and to buy in batches when forward basis is low.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal keep stable, among which prices in coastal areas stand at 2,280-2,300 yuan/tonne(Guangxi offers 2,300 yuan/tonne; Guangdong 2,290 yuan/tonne; Fujian reports basis of 1801+100, where USD $1=CNY 6.623). Though stocks of rapeseed meal in coastal areas keep growing, gradually sufficient soybean meal in market with high operating rate and large soybean arrivals in the following two months may probably overwhelm the market for rapeseed meal. Rapeseed meal in a short term may continue to fluctuate in a tight range for poor demand unless it is spurred by soybean meal. Buyers can take a hand-to-mouth purchasing for the time being.

    Daily review on fishmeal: today, prices for imported fishmeal keep firm, yet prices are negotiable upon transaction and shipments at ports are general. Northern ports: fishmeal price for Peru ordinary SD with 65% protein content is 9,700-9,800 yuan/tonne; 10,600-10,700 yuan/tonne for Japanese SD with 67% protein content; 10,900-11,000 yuan/tonne for super steam fishmeal with 68% protein content. 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 6.623. Fishing: till November 1st, 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 38,000 tonnes, Shanghai 44,000 tonnes, Tianjin 1,000 tonnes, Dalian 4,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Spots offers in foreign trading(FOB): the fishmeal offer in Peru ordinary SD with 65% protein content stays at USD $1,360 a tonne with a rise of USD $10; USD $1,510 per tonne for super steam fishmeal with 68% protein content, increasing by USD $10; the offer in Chile ordinary SD with 65% protein content is USD $1,350 per tonne, USD $1,460 per tonne for excellent fishmeal with 68% protein content, all of which are shipments in N/J. High offers in foreign trading ignite sellers to hold out for high prices. Overall, fishmeal market will remain stable with strong momentum for growth.

    Daily review on soybeans: today, prices for most imported and distributed soybeans keep firm, which stays at 3,390-3,400 yuan/tonne at mains ports. US soybeans keep strong in market and bolstered by robust demand and market worries. Imported and distributed soybeans today are now buoyed by insufficient soybean stockpiles at ports and strong sentiments of traders to hold out for high prices. As domestic soybeans keep growing in market amid large arrivals of imported soybeans later, traders now prefer to hold a wait-and-see attitude. Yet, imported soybeans may pare gains once stocks pressure are eased after the first 20 days of November.

    Daily review on oils: US soybeans and meal continued to rise overnight owing to robust demand and market worries, but oils in DCE today fall back mildly seeing that US soybean oil is dragged down by released arbitrary of buying oils and selling meal, yet, turnover is not much. Generally, market speculations prevail that US soybean yield is probably to be lowered down, such being the cases, the downside of oils will be limited as US soybeans are now keeping stable with strong momentum for growth amid China’s good demand requirements. In the context of heavy volume of soybean meal transactions on the back of roughly more than 18 Mln tonnes of domestic soybean arrivals at ports in the following two weeks, operation rate will remain high, and the pattern of soybean oil glut will continue amid reestablished palm oil stocks to get import margins. Yet, oil spots in a short term will go on frequent fluctuations with futures as weaker landscape of fundamentals is hard to change for the time being. Meanwhile marked upside on oils is quite difficult to reach otherwise a new-round stockpiling comes before holidays. Practically, buyers can take 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 10-20 yuan/tonne in most areas (Tianjin traders offer 6,090-6,100 yuan/tonne, Rizhao traders 6,080 yuan/tonne, Zhangjiagang traders 6,160 yuan/tonne, Guangzhou traders 6,080 yuan/tonne, Fujian traders 6,180-6,200 yuan/tonne, where USD $ 1= CNY 6.623).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,690 and 5,850 yuan/tonne, a decline of 30-50 yuan/tonne(Tianjin traders offer 5,810-5,820 yuan/tonne, a drop of 30 yuan/tonne; Rizhao taders are out of stock; Zhangjiagang traders offer 5,850 yuan/tonne, a decline of 30 yuan/tonne; Guangzhou 5,690 yuan/tonne, falling 50 yuan/tonne; Xiamen 5,820 yuan/tonne, falling 50 yuan/tonne, where USD $ 1= CNY 6.623).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil keep firm, among which prices for imported rapeseed oil in coastal areas are 6,710-6,870 yuan/tonne, 10-20 yuan/tonne with a tad lower(November basis for Maple in Fangchenggang, Guangxi reaches 1,801-170; Yinxiang in Xiamen, Fujian stops to report; Shenheng in Guangdong 1801-150, where USD $1=CNY 6.623). Imported rapeseed and rapeseed oil become lucrative thanks to active purchases of importers. Oils supply caused by soaring stockpiles of soybean and palm oils limits the upside on rapeseed oil, overall, rapeseed oil will pare gains with futures in a short run.

    Daily review on corns: domestic corn prices today remain stable with strong momentum for growth, where a slight rise goes to corn prices in North China but corn prices begin to rebound after sessions of decline at northern and southern ports. Main prices for corn acquisition in Shandong enterprises engaging in deep processing stay at 1,700-1,780 yuan/tonne, some falling 10-20 yuan/tonne over yesterday. Corn prices at Jinzhou port, Liaoning begin to rebound, where new corn of Liaoning and Inner Mongolia settles at 1,630-1,640 yuan/tonne with a rise of 5-10 yuan/tonne. Drying new corn of Liaoning and Jilin with 14.5%-15% moisture at Bayuquan port prices at 1,620 yuan/tonne, rising 10 yuan/tonne over yesterday on the lowest price, while Heilongjiang corn prices at 1,600 yuan/tonne, remaining flat against yesterday. New corn prices at Shekou port, Guangdong are raised to 1,830-1,840 yuan/tonne with a rise of 20-30 yuan/tonne over yesterday. Due to rising ocean freights and falling cargo volume at ports, prices of corn at northern and southern ports today rebound, up 10-30 yuan /tonne, correspondingly, corn prices in some part of North China continue to pick up slightly driven by reluctant sentiments of traders to sell out. In the case of low inventory on the whole, deep-processing enterprises in succession raise the prices slightly aiming to boost corn supplying. However, seasonal supply pressure is enlarged as new-crop corn keeps supplying in market on the back that most downstream enterprises are cautious about new corn procurement and consumption of feed remains sluggish though the production capacity of livestock is quite low now. In a short term, domestic corn may price down with little sigh for growth. 

    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; Lianyungang in Jiangsu 1,700 yuan/tonne, Guangdong 1,780-1,790 yuan/tonne. Meantime prices for most imported barley keep stable which stay at 1,660-1,830 yuan/tonne at main ports, remaining flat over yesterday(Tianjin has not reported yet; Qingdao 1,830 yuan/tonne; Nantong 1,700-1,800 yuan/tonne; Shekou port in Guangdong 1,660-1,780 yuan/tonne, where USD $1= CNY 6.623). 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 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.