Today(on November 15th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows:
Plant protein:
Daily review on soybean meal: US soybeans continued to drop overnight, the same trend going to soybean meal in DCE today where domestic spots decline slightly. Turnover of spot is poor, yet forward basis will attract some deals. Soybean meal prices in coastal areas range from 2,900 to 2,980 yuan/tonne, some fluctuating 10-20 yuan/tonne(Tianjin prices 2,970 yuan/tonne, Shandong 2,930-2,980 yuan/tonne, Jiangsu 2,900-2,930 yuan/tonne, Dongguan 2940-2970 yuan/tonne, Guangxi 2,950-2,960 yuan/tonne). Good weather in South America continues to weigh down on US soybeans. And affected by good crush margins and high operating rate, soybean meal in a short term will pare gains slightly with futures since turnover on higher prices has been limited this week. Yet, soybean meal spots are unlikely to fall a lot as oil mills are basically out of spots and market concerns over the soybean unloading in December still persist, thus motivating sentiments to hold out for higher prices among oil mills, such being the cases, slight fluctuations will go forward seeing soybean meal in DCE rebounds slightly in the afternoon.
Buyers can take a hand-to-mouth strategy for spots purchasing, and buy in when bargain-hunting upon lower forward basis.
Daily review on imported rapeseed meal: today, prices for imported rapeseed meal pick up steadily, among which main prices in coastal areas stay at 2,260-2,310 yuan/tonne with a rise of 10-30 yuan/tonne over yesterday(Guangxi offers 2,290 yuan/tonne, with an increase of 30 yuan/tonne; Guangdong 2,290 yuan/tonne, rising 10 yuan/tonne, Fujian stops to quote). Stocks of rapeseed meal in South China continue to drop in a lower level, which bolsters its prices. Price gap between soybean meal and rapeseed meal is quite small even though soybean meal overwhelms the rapeseed meal in market amid poor demands. Shorter term, rapeseed meal is hard to go up or fall down greatly, instead, it may keep rangebound in a tight range with futures.
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 10,400-10,500 yuan/tonne; 11,100-11,200 yuan/tonne for Japanese SD with 67% protein content; 11,400-11,500 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: fishmeal price for Peru ordinary SD with 65% protein content is 10,300 yuan/tonne; 11,100 yuan/tonne for Japanese SD with 67% protein content; 11,400 yuan/tonne for super steam fishmeal with 68% protein content. Fishing: till November 12th, 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 37,000 tonnes, Tianjin 1,000 tonnes, Dalian 6,000 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. Market insiders are now waiting for news from Peru, therefore price fluctuations are somewhat confined.
Oils & Oilseeds:
Daily review on soybeans: today, prices for imported and distributed soybeans keep stable after falls, which stays at 3,350-3,410 yuan/tonne at mains ports, remaining flat over yesterday. Prices for imported and distributed soybeans today keep stable the time supply tension still persists at Shandong ports amid strong sentiments of some traders to hold out for high prices. However, US soybeans tumble in prices as favorable rains in Brazil are about to boost crop growing. 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 at ports. Given that bearish sentiments still persist and GMO certificates have little effect on the market, imported and distributed soybeans will be pressured down later
Daily review on oils: good weather in Brazil to come continues to put stress on US soybeans, thus US soybeans last night closed lower. Correspondingly, oils in DCE today continue to fall where domestic soybean and palm oils are weighed down with futures, yet turnover is not much. Stocks of soybean oil have accumulated to 1.62 Mln tonnes due to good crush margins and exceedingly high operating rate in the following two weeks. Consequently, with high oil stockpiles, oil mills are now facing a shortage of cans to store up and what they can do is to urge traders to speed up delivery, yet that makes little difference. Generally, supply pressure of oils is hard to fade away till the intensive stockpiling ahead of Chinese holidays when palm oil is also rebuilding its stocks for profitable import margins amid significant oils glut. In the context of falling tendency in US trading, oil spots will revised weak with futures in a short term. Buyers can replenish stockpiles upon bargain hunting when prices go steady.
Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stand at 5,970-6,100 yuan/tonne, falling 10-50 yuan/tonne(Tianjin traders offer 6,020-6,030 yuan/tonne, Rizhao traders 6,010 yuan/tonne, Zhangjiagang traders 6,030 yuan/tonne, Guangzhou traders 5,970 yuan/tonne, Fujian traders stop to report).
Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,550 and 5,700 yuan/tonne, a decline of 10-50 yuan/tonne(Tianjin traders offer 5,690-5,700 yuan/tonne, a drop of 10 yuan/tonne; Zhangjiagang traders offer 5,650 yuan/tonne, a decline of 50 yuan/tonne; Guangzhou 5,550 yuan/tonne, decreasing 30 yuan/tonne; Rizhao traders are out of stock and Xiamen traders have not reported).
Daily review on imported rapeseed oil: today, prices for imported rapeseed oil decline steadily, among which prices in coastal areas are 6,560-6,750 yuan/tonne, falling 20 yuan/tonne(basis for Maple in Fangchenggang, Guangxi reaches 1,801-160; Yinxiang in Xiamen, Fujian stops to report; Shenheng in Guangdong offers 1801-320 for basis in November). Stocks of rapeseed oil in East China last week were downsized, totally opposite to South China, additionally, stocks of soybean oil were regained to more than 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.
Grains:
Daily review on corn: today, domestic corn prices meet slight fluctuations with upward tendency. Main prices for corn acquisition in Shandong deep-processing enterprises stay at 1,680-1,760 yuan/tonne, most keeping flat over yesterday but some rising 10 yuan/tonne. New corn of Liaoning and Inner Mongolia at Jinzhou port, Liaoning settles at 1,625-1,630 yuan/tonne, a small rise of 5-10 yuan/tonne over yesterday, and Heilongjiang corn stands at 1,620-1,625 yuan/tonne, rising 15-20 yuan/tonne over yesterday. While drying new corn of Liaoning and Inner Mongolia at Bayuquan port prices at 1,600 yuan/tonne, 1,580-1,590 yuan/tonne for Heilongjiang corn, both remaining flat against yesterday, and 1,310 yuan/tonne for corn with 30% moisture. New corn prices at Shekou port, Guangdong are raised to 1,850 yuan/tonne, a rise of 10 yuan/tonne over yesterday. New corn in the producing belt now keep supplying in market, among which grain dryer in Jilin and Longjiang grow in number, but intensive supply of corn pressure its prices down. Additionally, most downstream enterprises prefer a hand-to-mouth purchasing the time stockpiles are not yet rebuilt in batches, which hampers corn prices to rise. Yet, good quality of corn is still in scarcity the time corn quality in Huanghuai and Jinaghuai areas is not so good. Besides, with national policy support, prices for corn spots are limited to fall. Shorter term, domestic corn prices will remain stable with slight fluctuations.
Daily review on sorghum and barley: today, prices for imported sorghum remain stable which settle at 1,780-2,250 yuan/tonne at main ports(Tianjin offers 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 1,660-1,840 yuan/tonne at main ports(Tianjin has not reported yet; Qingdao 1,850 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). 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 due to 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.
( USD $1= CNY 6.633)
