Daily review on soybean meal: US soybeans tumbled last Friday, consequently, soybean meal in DCE today is weighed down where domestic spots suffer from the same setback with future. Turnover of spot is not much, yet forward basis will attract some deals. Soybean meal prices in coastal areas range from 2,900 to 3,000 yuan/tonne, a drop of 10-20 yuan/tonne against last Friday(Tianjin prices 3,000 yuan/tonne, Shandong 2,940-2,980 yuan/tonne, Jiangsu 2,900-2,920 yuan/tonne, Dongguan 2900-2930 yuan/tonne, Guangxi 2,900-2,920 yuan/tonne, where USD $1=CNY 6.634). Market’s worries prevail that competitiveness of US soybean export is likely to be weak as Brazilian real loses ground, and such worries further drag down US beans. Large soybean arrivals and climbing operating rate on the back of good crush margins increased soybean crush volume to 1.81 Mlln tonnes by 3% last week, however, with growing stocks of soybean meal and increasing operating rate in the next few weeks, spot prices of soybean meal will be pressured down. However, 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 in a short run may keep rangebound in a tight range or have resilience to fall owing to supply tensions in some regions and exceedingly large volume of transaction upon forward basis contract at 50 yuan last week. Practically, buyers should be cautious if chasing high prices and be mindful to buy in when forward basis is lower than 50 yuan.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal keep steady, among which prices in coastal areas stand at 2,230-2,280 yuan/tonne with a drop of 20-50 yuan/tonne over last Friday(Guangxi offers 2,280 yuan/tonne with a decline of 20 yuan/tonne; Guangdong 2,260 yuan/tonne, down 30 yuan/tonne; Fujian 2,280 yuan/tonne, where USD $1=CNY 6.634). Though stocks of rapeseed meal in South China are downgraded to 18,000 tonnes by 11% compared with last week, soybean meal will be gained with high operating rate and large soybean arrivals in the following two months. Lower soybean meal prices overwhelm the rapeseed meal, hence rapeseed meal in a short term may continue to fluctuate with futures amid poor demands.

    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 prices for Peru ordinary SD with 65% protein content are 9,800 yuan/tonne; 10,700 yuan/tonne for Japanese SD with 67% protein content; 11,000 yuan/tonne for super steam fishmeal with 68% protein content, all rising 100 yuan/tonne over last week, where USD $ 1= CNY 6.634. 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 6.634. Port stocks: Hangpu has 61,000 tonnes, Fuzhou 39,000 tonnes, Shanghai 43,000 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) remain stable, in detail, the fishmeal offer for Peru ordinary SD with 65% protein content stays at USD $1,360 per tonne, USD $1,510 per tonne for super steam fishmeal with 68% protein content; 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 D/J. Peru's new season fishing project has not yet released, therefore, fishmeal market in a short term will remain steady with good momentum for growth amid holders' wait and see attitude.

    Daily review on soybeans: today, prices for imported and distributed soybeans keep firm, which stays at 3,390-3,430 yuan/tonne at mains ports. Imported and distributed soybeans continue to be buoyed by insufficient soybean stockpiles at ports and strong sentiments of traders to hold out for high prices. But market’s worries prevail that competitiveness of US soybean export is likely to be weak as Brazilian real loses ground, and such worries further drag down US beans. With growing domestic soybeans in market and large arrivals of imported soybeans later, traders now prefer to hold a wait-and-see attitude. Yet, imported soybeans may pare gains once supply pressure is eased after the first 20 days of November.

    Daily review on oils: market concerns that competitiveness of US soybean exports may be dragged down as Brazilian real loses ground pressured down beans in US trading last Friday night, correspondingly, oils in DCE pare gains where domestic soybean and palm oil spots fall down with futures, and turnover is not much. In the next two months, domestic soybean arrivals at ports will reach 18.2 Mln tonnes amid recovered operating rate. Notably, stocks of soybean oil are still at record highs the time palm oil stocks are accumulated. Given that, oil spots will continue to fluctuate with downward tendency in the pattern of oversupply. As falling risks still persist, the outlook of oil market is going to be dim till the stockpiling before New Year’s Day and Spring Festival. Practically, buyers can take hand-to-mouth purchasing for the moment.

    Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stand at 6,060-6,180 yuan/tonne, falling 20-50 yuan/tonne in most areas (Tianjin traders offer 6,070-6,080 yuan/tonne, Rizhao traders 6,050 yuan/tonne, Zhangjiagang traders 6,130 yuan/tonne, Guangzhou traders 6,060 yuan/tonne, Fujian traders 6,170-6,180 yuan/tonne, where USD $ 1= CNY 6.634).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,670 and 5,800 yuan/tonne, a decline of 20-50 yuan/tonne(Tianjin traders offer 5,770-5,780 yuan/tonne, a drop of 40 yuan/tonne; Rizhao taders are out of stock; Zhangjiagang traders offer 5,800 yuan/tonne, a decline of 50 yuan/tonne; Guangzhou 5,670 yuan/tonne, falling 30 yuan/tonne; Xiamen 5,800 yuan/tonne, falling 20 yuan/tonne, where USD $ 1= CNY 6.634).

Daily review on imported rapeseed oil: today, prices for imported rapeseed oil decline steadily, among which prices for imported rapeseed oil in coastal areas are 6,670-6,840 yuan/tonne with few turnover, falling 20-30 yuan/tonne over last week( November basis for Maple in Fangchenggang, Guangxi reaches 1,801-170; Yinxiang in Xiamen, Fujian stops to report; Shenheng in Guangdong 1801-150 ). Stocks of rapeseed oil in South China are downgraded to 92,000 tonnes by 12.3% over last week, but stocks in East China are increased to 284,000 tonnes by 6.2%. Overall, rapeseed oil in a short term may fluctuate with futures on account of increasing stocks of domestic soybean and palm oil and enlarged supply pressure of oils.

    Daily review on corn: today, prices for domestic corn prices remain stable among which some fluctuate in a tight range. Main prices for corn acquisition in Shandong enterprises engaging in deep processing stay at 1,700-1,776 yuan/tonne, some fluctuating in a tight range. New corn of Liaoning and Inner Mongolia at Jinzhou port settles at 1,635-1,640 yuan/tonne, 1,320 yuan/tonne for corn with 30 moisture, both remaining flat over last Friday. Drying new corn of Liaoning and Jilin with 14.5%-15% moisture at Bayuquan port prices at 1,620 yuan/tonne, while Heilongjiang corn prices at 1,600 yuan/tonne, both remaining flat over last Friday. New corn prices at Shekou port, Guangdong stay at 1,830-1,840 yuan/tonne, keeping flat over last Friday. Albeit new corn in producing belt keeps supplying in market, most downstream enterprises prefer a hand-to-mouth corn procurement to maintain basic inventories, therefore, corn is under pressure in light of increasing supplies. Nevertheless, farmers in North China project to hold on to crops, such being the cases, enterprises who are low in stocks tend to raise procurement prices to stimulate supplying. Meanwhile, corn prices at southern ports are somewhat supported by soaring freight between southern and northern ports. Overall, corn prices in a short term are hard to go up upon seasonal supply pressure. 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 2,230-2,250 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 1,660-1,830 yuan/tonne at main ports(Tianjin has not reported yet; Qingdao 1,830 yuan/tonne; Lianyungang 1,700 yuan/tonne; Nantong 1,700-1,800 yuan/tonne; Shekou port in Guangdong 1,660-1,780 yuan/tonnes, where USD $1= CNY 6.634). 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.