Daily review on soybean meal: US soybeans continued to pick up overnight, the same trend going to soybean meal today where most domestic spots remain stable, but some a tad higher. Turnover of spot is general, yet forward basis will attract some deals. Soybean meal prices in coastal areas range from 2,930 to 3,020 yuan/tonne, some rising 10-20 yuan/tonne against yesterday(Tianjin prices 3,020 yuan/tonne, Shandong 2,950-3,000 yuan/tonne, Jiangsu 2,910-2,940 yuan/tonne, Dongguan 2930-2960 yuan/tonne, Guangxi 2,920-2,940 yuan/tonne, where USD $1=CNY 6.632). China projects to sign letter of intent in US beans procurement during Trump's visit to China this week, which continues to bolster US beans as market speculates that yield in tonight's report will be revised downward. Market rumors also get around that China’s Ministry of Agriculture will strictly control the issuance of GMO certificates with more time in censorship, additionally, some soybeans projected to arrive in December may fail to load at ports in time. Though having not been verified yet, these rumors trigger participant’s vigilance over market. Most oil mills now run out of spots, but turnover remain robust upon forward basis contract in spite of high offers. Shorter term, soybean meal spots will be strong amid fluctuations, however, bounce will not go forward by leaps followed by decreasing turnover but good crush margins and gradually resumed operating rate in the week later, especially for oil mills in North China which were previously closed due to environmental inspections and unavailable soybean supplies. But once GMO certificates rumors are seen as certain, speculation will prevail in market.

Buyers are recommended to replenish low inventories when bargain hunting, but to be cautious if chasing high. Attention should be paid on tonight’s report.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal decline steadily, among which prices in coastal areas stand at 2,250-2,270 yuan/tonne with a drop of 10-20 yuan/tonne over yesterday(Guangxi offers 2,250 yuan/tonne, with a decline of 10 yuan/tonne; Guangdong 2,270 yuan/tonne, down 10 yuan/tonne; Fujian 2,290 yuan/tonne, where USD $1=CNY 6.632). Market rumors about GMO certificates and delayed load in December will arouse market vigilance though rumors are not verified. Lower soybean meal prices overwhelm the rapeseed meal, hence rapeseed meal in a short term may continue to fluctuate in a tight range with futures amid poor demands. Buyers are recommended to replenish and maintain safe inventories when bargain hunting, but to be cautious if chasing high. Attention should be paid on tonight’s report.

    Daily review on fishmeal: today, prices for imported fishmeal pick up, 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 10,00-10,300 yuan/tonne with a rise of 200-300 yuan/tonne over yesterday; 10,800-11,000 yuan/tonne for Japanese SD with 67% protein content, rising 100 yuan/tonne against yesterday; 11,100-11,300 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 are 10,100 yuan/tonne; 10,900 yuan/tonne for Japanese SD with 67% protein content; 11,200 yuan/tonne for super steam fishmeal with 68% protein content, all rising 100 yuan/tonne, where USD $ 1= CNY 6.632. Fishing: till November 7th, 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 60,000 tonnes, Fuzhou 38,000 tonnes, Shanghai 40,000 tonnes, Tianjin 1,000 tonnes, Dalian 5,000 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. Overall, fishmeal market will continue to be buoyant on the back of high offers at home and abroad.

    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, remaining flat over yesterday. China projects to sign letter of intent in US beans procurement during U.S. President Trump's visit to China this week, which continues to bolster US beans as market speculates that yield in tonight's report will be revised downward. Market rumors about GMO certificates and delayed load in December will arouse market vigilance though rumors are not verified, which supports imported and distributed soybeans today amid daily shipments of soybeans around 2,000 tonnes and high offers by traders. Large soybeans will arrive at ports later, among which around 18.2 Mln tonnes of domestic soybeans are expected to arrive in November and December despite soaring supply of domestic new soybeans in market, if soybean unloading goes smooth. Given that, imported and distributed soybeans will pressure down later.

    Daily review on oils: with adjusted position by investors ahead of USDA's monthly supply/demand report and active arbitrage of buying soybean oil and selling soybean meal, US soybeans and oils continued to rise last night. Correspondingly, soybean oil in DCE today rise mildly where palm oil jumps and domestic spots of soybean and palm oils go up with futures. The report is about to be released as buyers now wait and see for its instruction, as a result, turnover is not much. During Trump's visit, Chinese importers will purchase extra 12 Mln tonnes of US soybeans in 17/18, further boosting US soybeans to go strong when yield estimates are likely to be lowered in tonight’s report. Market rumors about GMO certificates and delayed load in December will arouse market vigilance and drive domestic oils to rebound. However, soybean volume in the next two months will reach 18.2 Mln tonnes If soybean unloading goes smooth, then stocks of soybean oil will pile up with all-time highs and palm oil will be accumulated as well in light of high operating rate. Given that, weak fundamentals will continue to hamper the upside on oil spots, while market insiders should be cautious about the market trend in the medium term. Buyers are recommended to replenish low inventories when bargain hunting, but to be cautious if chasing high. 

Attention should be paid on soybean unloading and tonight’s report.

    Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stand at 6,120-6,200 yuan/tonne, rising 10-70 yuan/tonne(Tianjin traders offer 6,130-6,140 yuan/tonne, Rizhao traders 6,120 yuan/tonne, Zhangjiagang traders 6,180 yuan/tonne, Guangzhou traders 6,100-6,120 yuan/tonne, Fujian traders 6,180-6,200 yuan/tonne, where USD $ 1= CNY 6.632).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,720-5,840 yuan/tonne, most rising 20-60 yuan/tonne(Tianjin traders offer 5,830-5,840 yuan/tonne, a rise of 50 yuan/tonne; Rizhao traders are out of stocks; Zhangjiagang traders offer 5,820 yuan/tonne, keeping flat; Guangzhou 5,720-5,740 yuan/tonne, a rise of 60 yuan/tonne; Xiamen 5,780 yuan/tonne, rising 20 yuan/tonne, where USD $ 1= CNY 6.632).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil decline steadily, among which prices in coastal areas are 6,720-6,910 yuan/tonne, rising 10-20 yuan/tonne( November basis for Maple in Fangchenggang, Guangxi reaches 1,801-170; Yinxiang in Xiamen, Fujian stops to report; Shenheng in Guangdong 1801-150 ). During Trump's visit, Chinese importers will purchase extra 12 Mln tonnes of US soybeans in 17/18, further boosting US soybeans to go strong when yield estimates are likely to be lowered in tonight’s report. Market rumors about GMO certificates and delayed load in December will arouse market vigilance and drive domestic oils to rebound. However, soybean volume in the next two months will reach 18.2 Mln tonnes If soybean unloading goes smooth, then stocks of soybean oil will pile up with all-time highs and palm oil will be accumulated as well in light of high operating rate. Overall, rapeseed oil in a short term may fluctuate with futures as soybean oil markedly overwhelms rapeseed oil. 

    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 deep-processing enterprises stay at 1,700-1,760 yuan/tonne, some fluctuating in a tight range. Corn prices at Jinzhou port in Liaoning remain stable, where new corn of Liaoning and Inner Mongolia settles at 1,620-1,630 yuan/tonne, basically keeping flat over yesterday, 1,320 yuan/tonne for corn with 30% moisture. Drying new corn of Liaoning and Jilin with 14.5%-15% moisture at Bayuquan port prices at 1,610 yuan/tonne, remaining flat over yesterday, while Heilongjiang corn procurement prices stand at 1,590 yuan/tonne. New corn prices at Shekou port, Guangdong stay at 1,830 yuan/tonne, remaining flat over yesterday. Albeit new corn in producing belt keeps supplying in market, most deep-processing enterprises prefer a hand-to-mouth corn procurement as new corn with relatively high moisture is hard to store up. Additionally, livestock raising keeps low in the context of slow capacity production and sluggish feed consumption, feed sectors therefore are cautious about corn procurement. Yet, corn overall is limited to fall as supply falls short of demand with recovered market confidence and strong sentiments of farmers to hold on goods amid traders' willingness to store up. Shorter term, corn will remain stable with slight fluctuations.

    Daily review on sorghum and barley: today, prices for imported sorghum remain stable which settle at 1,780-2,220 yuan/tonne at main ports(Tianjin offers 2,230-2,250 yuan/tonne; Shanghai 1,880 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 6.632). 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.