Daily review on soybean meal: US soybeans rebounded after falls last Friday, the same trend going to soybean meal in DCE today where domestic soybean meal spots pick up steadily, overall, turnover is not much and low forward basis may attract some deals. Soybean meal prices in coastal areas range from 2,940 to 3,040 yuan/tonne, some rising 10-30 yuan/tonne against last week(Tianjin prices 3,020-3,040 yuan/tonne, Shandong 2,950-2,980 yuan/tonne, Jiangsu 2,880-2,940 yuan/tonne, Dongguan 2,940-3,000 yuan/tonne, Guangxi 2,940-2,960 yuan/tonne, where USD $1=CNY 6.637). Weather speculation for soybeans in South America goes forward with robust demand in China, bolstering US soybean futures temporarily. In addition, affected by delayed arrival of soybeans and unloading trouble, some oil mills are forced to shut down or postpone operation, where soybean crush last week was downsized to 1.72 Mln tonnes week on week by 4%. Given that, oil mills are now out of spots and turnover made is mostly on forward basis contracts. Rumors have aroused market concerns that the more strict examination on imported soybeans in China will affect import progress, which triggers strong sentiments of oil mills to hold out for high prices. Yet, the bearish report by USDA will limit the upside of US soybeans, correspondingly, shorter term, soybean meal will not rebound by leaps but to keep frequently rangebound in a tight range with futures in high positions as soybean crush in the next two weeks may regain to 1.85-1.9 Mln tonnes with profitable crush margin. Notable, longer term, the market involved should keep an eye on the trend of soybean meal as more than 26 Mln tonnes of imported soybeans are poised to arrive at ports from November to January the time bumper domestic soybeans are sufficient in market. Attention should be paid on the issuance of GMO certificates of soybeans, and if soybean unloading becomes common at ports, basis contracts based on 01 benchmark may shift to 05 benchmark contracts.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal decline steadily, among which prices in coastal areas stand at 2,240-2,280 yuan/tonne with a fluctuation of 10-20 yuan/tonne(Guangxi offers 2,240 yuan/tonne, falling 10 yuan/tonne; Guangdong 2,280 yuan/tonne, falling 20 yuan/tonne; Fujian stops to report, where USD $1=CNY 6.637). Albeit stocks of rapeseed meal in South China last week fell slightly to 19,000 tonnes, price gap between soybean meal and rapeseed meal is quite small when soybean meal overwhelms the rapeseed meal in market amid poor demands. Generally, shorter term, rapeseed meal is hard to go up or fall down greatly, instead, it may keep rangebound in a tight range with futures. Buyers are advised to maintain a proper inventory when bargain-hunting, but more attention should be paid if chasing high prices.

    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 10,200-10,300 yuan/tonne with a rise of 200 yuan/tonne over last week; 10,900-11,000 yuan/tonne for Japanese SD with 67% protein content, rising 100 yuan/tonne against last week; 11,200-11,300 yuan/tonne for super steam fishmeal with 68% protein content, rising 100 yuan/tonne over last week. Southern ports: fishmeal prices for Peru ordinary SD with 65% protein content are 10,200 yuan/tonne; 11,000 yuan/tonne for Japanese SD with 67% protein content; 11,300 yuan/tonne for super steam fishmeal with 68% protein content, all rising 100 yuan/tonne, where USD $ 1= CNY 6.637. Port stocks: Hangpu has 60,000 tonnes, Fuzhou 39,000 tonnes, Shanghai 39,000 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 $1,370 per tonne, USD $1,520 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 new season fishmeal registers good in presale, and fishmeal is likely to keep buoyant in market with its strong performance in foreign trading.

    Daily review on soybeans: today, prices for most  imported and distributed soybeans remain stable, which stays at 3,350-3,410 yuan/tonne at mains ports, while some falling 10 yuan/tonne.

Large soybeans will arrive at ports later where around 18.2 Mln tonnes of domestic soybeans are expected to arrive in November and December amid soaring supply of domestic new soybeans in market. Given that, some imported and distributed soybeans today fell down as bearish sentiments persist in market. US soybean futures are temporarily buoyed by weather speculation and robust demand in China, additionally, imported and distributed soybeans are not likely to plunge greatly seeing market concerns over rumors persist and stock pressure is not yet eased markedly at ports amid high offers by traders. Generally, prices for imported and distributed soybeans may be pressured down later if soybean unloading goes smooth.

    Daily review on oils: US soybeans and meals closed higher last Friday night due to technical rebounds, while by contrast, US soybean oil was dragged down by lower international crude oil futures. Consequently, oils in DCE today continue to drop where domestic soybean oil fall slightly with futures, yet with a pick-up in some palm oil. Though the bearish report still lingers on market, US soybean futures are now temporarily buoyed by weather speculation in South America and robust demand in China and oil market, for the time being, is also supported by market concerns over the above-said rumors. Stocks of soybean oil has been an all-time high with high operating rate and good crush margin as large soybeans are expected to arrive in the following three months coupled with rebuilding palm oil stocks, in that, oil mills are hard to price up greatly amid oils glut. Overall, oil spots shorter term will continue to fluctuate frequently with futures, but not in the pattern of big rise and fall. Buyers are encouraged to buy in when bargain hunting to maintain the inventory, but more attention should be paid when chasing high prices.

    Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stand at 6,050-6,150 yuan/tonne, falling 10-30 yuan/tonne(Tianjin traders offer 6,080-6,090 yuan/tonne, Rizhao traders 6,060 yuan/tonne, Zhangjiagang traders 6,110 yuan/tonne, Guangzhou traders 6,050 yuan/tonne, Fujian traders 6,150 yuan/tonne, where USD $ 1= CNY 6.637).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,670-5,810 yuan/tonne, some rising 10-20 yuan/tonne(Tianjin traders offer 5,800-5,810 yuan/tonne, a rise of 10 yuan/tonne; Rizhao traders are out of stocks; Zhangjiagang traders offer 5,750 yuan/tonne, remaining flat; Guangzhou 5,670-5,690 yuan/tonne, a rise of 20 yuan/tonne; Xiamen stops to report, where USD $ 1= CNY 6.637).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil decline steadily, among which prices in coastal areas are 6,630-6,820 yuan/tonne, falling 30-50 yuan/tonne over last Friday(November basis for Maple in Fangchenggang, Guangxi reaches 1,801-160; Yinxiang in Xiamen, Fujian stops to report; Shenheng in Guangdong 1801-160). Stocks of rapeseed oil in South China last week were raised to 98,000 tonnes week on week by 6.5%, correspondingly, stocks of soybean oil were regained to 1.6 Mln tonnes. Generally, rapeseed oil may keep frequently rangebound with futures amid oils glut and overwhelming soybean oils in market. Buyers can take a hand-to-mouth purchasing for the moment.

    Daily review on corn: today, prices for most domestic corn remain stable, some fluctuating in a tight range. Main prices for corn acquisition in Shandong deep-processing enterprises stay at 1,680-1,760 yuan/tonne, most keeping flat over last Friday but some rising 10 yuan/tonne. New corn of Liaoning and Inner Mongolia settles at 1,615-1,620 yuan/tonne, Heilongjiang corn stands at 1,600-1,610 yuan/tonne, both remaining flat over last Saturday, but 1,310 yuan/tonne foe corn with 30% moisture. Drying new corn of Liaoning and Inner Mongolia at Bayuquan port prices at 1,615-1,620 yuan/tonne, while Heilongjiang corn prices at 1,600-1,610 yuan/tonne, both remaining flat against last Saturday, yet 1,310 yuan/tonne foe corn with 30% moisture. New corn prices at Shekou port, Guangdong are raised to 1,840 yuan/tonne, a rise of 10 yuan/tonne over last Friday, yet prices are negotiable upon transaction. Albeit new corn in producing belt keeps supplying in market, most downstream enterprises prefer a hand-to-mouth corn procurement amid corn glut in market. However, market concerns over the corn quality linger on, especially in Huang-huai and Jiang-huai areas in the context of enlarged deep processing. Therefore, corn in the medium term is limited to fall with recovered market confidence and optimistic attitude towards corn prices. Shorter term, domestic corn prices will remain stable with slight fluctuations. 

    Daily review on sorghum and barley: today, prices for imported sorghum rise steadily which settle at 1,780-2,250 yuan/tonne at main ports(Tianjin offers 2,250 yuan/tonne with a rise of 10 yuan/tonne; Shanghai 1,880 yuan/tonne; Guangdong 1,780-1,790 yuan/tonne. Meantime prices for most imported barley are buoyant, most standing at 1,660-1,840 yuan/tonne at ports, while some rising 10 yuan/tonne (Tianjin has not reported yet; Qingdao 1,850 yuan/tonne with a rise of 10 yuan/tonne; Lianyungang 1,700 yuan/tonne; Zhangjiagang 1,780-1,790 yuan/tonne; Nantong 1,700-1,800 yuan/tonne; Shekou port in Guangdong 1,660-1,780 yuan/tonne, where USD $1= CNY 6.637). 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 slightly 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, poor demand for feed will also affect grain requirements, limiting the rally of spots. Shorter term, spots will remain strong in market.