Daily review on soybean meal: US soybeans dropped last Friday, correspondingly, soybean meal today fall a little in DCE where domestic soybean meal spots are weighed down with futures, yet turnover is not much. Soybean meal prices in coastal areas range from 2,980 to 3,020 yuan/tonne, most falling 10-20 yuan/tonne against last Friday(Tianjin prices 3,020 yuan/tonne, Shandong 2,980-3,010 yuan/tonne, Jiangsu 2,980-2,990 yuan/tonne, Dongguan 3,020-3040 yuan/tonne, Guangxi 3,020-3,040 yuan/tonne). US soybeans are weighed down by unholy rains in Argentina soybean producing areas and fragile export requirements. Besides, with estimated more than 26 Mln tonnes of soybeans arriving at ports from November to January, soybean crush last week was lifted to 1.96 Mln tonnes due to good crush margins and active operation, and it’s said that total crush in this week and the week to come will reach 1.95-2 Mln tonnes on average, followed by increased rapeseed oil stocks. Since last week, most oil mills in Shandong have been brimming in stocks, some of which have urged traders to start delivery, under such circumstances, spot prices are to be depressed or to drop a little with futures. But most oil mills now fall short of spots, and turnover is mostly based on implemented contract, besides, with persisting concerns over GMO certificates in market, soybean meal is probably limited to fall. Buyers can stand sidelines for the moment.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal are stable, among which prices in coastal areas stand at 2,320-2,380 yuan/tonne(Guangxi offers 2,320 yuan/tonne; Guangdong 2,330 yuan/tonne; Fujian 2,380 yuan/tonne). The expanded price gap between rapeseed meal and soybean meal somewhat boost the consumption of rapeseed meal, besides, more time in GMO certificates censorship and environment protection in progress may affect the production of soybean oil, thus supporting rapeseed meal in market. Notably, rapeseed meal stocks last week in South China were increased to 43,000 tonnes by 43%, weighing on its upside, meantime demand for aquaculture comes to an end and some enterprises in South markedly slow down delivery, to illustrate, some oil mills in Guangdong and Guangxi are brimming in inventories. In short, rapeseed meal will fluctuate in a tight range with a limit on its upside, furthermore, after-market performance is not so good as expected.

    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 ordinary SD with 65% protein content in Peru is 11,700-12,000 yuan/tonne; 12,400-12,700 yuan/tonne for Japanese SD with 67% protein content; 13,000 yuan/tonne for super steam fishmeal with 68% protein content, all rising 400-500 yuan/tonne over last week. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru are 11,700 yuan/tonne, 12,500 yuan/tonne for Japanese SD with 67% protein content, 13,000 yuan/tonne for super steam fishmeal with 68% protein content, all rising 500 yuan/tonne compared to last week. Fishing: till November 23rd, about 3,335 tonnes of fish have been caught in northern Peru in B season over 17 years, accounting for 0.22% of the total volume; fishing quota for this season is 1.49 Mln tonnes, leaving 1,486, 665 tonnes unfinished. By contrast, about 9,384 tonnes have been caught in southern Peru, 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 55,000 tonnes, Fuzhou 38,000 tonnes, Shanghai 32,000 tonnes, Tianjin 1,000 tonnes, Dalian 6,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Spot offers in foreign trading(FOB) pick up: the fishmeal of ordinary SD with 65% protein content in Peru prices at USD 1,420 $/tonne, up USD 50 $/tonne over last week;  USD 1,580 $/tonne for super steam fishmeal with 68% protein content, up USD 60 $/tonne compared with last week; the offer in Chile for ordinary SD with 65% protein content is USD 1,350 $/tonne, USD 1,460 $/tonne for excellent fishmeal with 68% protein content, all of which are shipments in D/J. Overall, fishmeal in market will continue to be buoyant as price pick-up in outer disc supports holders' sentiment for high offers.

    Daily review on soybean: ports of Shangdong are laid an embargo on all ships by state commodity inspection department, consequently, prices of imported soybeans are stopped to report in Qingdao and Rizhao ports. On one hand, imported and distributed soybeans may be underpinned as import of some soybeans for trade is to be limited in consideration of even more strict censorship of GMO certificates. On the other hand, US soybeans are weighed down by unholy rains in Argentina soybean producing areas and poor export requirements, in addition, estimated more than 26 Mln tonnes of soybeans will arrive at ports from November to January though domestic new soybeans now keep supplying in market, given that, imported and distributed soybeans will be pressured down later if soybean unloading goes smooth. Besides, uncertainties in market still persist, therefore attention should be paid on later soybean arrivals and domestic soybean supplying in market.

    Daily review on oils: affected by technical selling and improved weather pattern in Argentine, beans in COBT last Friday night were all plunged, consequently, oils in DCE today pare gains where domestic soybean oil and palm oil are falling with futures, and turnover is not much. Notably, exports of US soybeans are 21% less than a week ago and 45% less than the average of former four weeks, therefore US soybeans are still under 1,000 cents with slight fluctuations. On one hand, with estimated more than 26 Mln tonnes of soybeans arriving at ports from November to January, soybean oil remains at a record high the time palm oil is building its stocks due to good crush margins and active operation, on the other hand, little terminal consumption and slow delivery  in oil mills amid large stocks will push down oils though delivery is urged in quite a few oil mills. Shorter term, meal and oils will remain opposite in market with weak performance of the latter, nevertheless, buyers are willing to buy in when price floor, seeing that, oils are not likely to fall a lot, but to remain weak overall. Buyers can stand sidelines and wait for price floor--the golden chance to build stocks.

    Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stand at 5,880-6,000 yuan/tonne, falling 20-50 yuan/tonne(Tianjin traders offer 5,960-5,970 yuan/tonne, Rizhao traders 5,980 yuan/tonne, Zhangjiagang traders 5,960 yuan/tonne, Guangzhou traders 5,880 yuan/tonne, Fujian traders have not quoted yet).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,330 and 5,470 yuan/tonne, a decline of 60-90 yuan/tonne(Tianjin traders offer 5,460-5,470 yuan/tonne, down 80 yuan/tonne; Zhangjiagang traders offer 5430 yuan/tonne, down 90 yuan/tonne; Guangzhou 5,330-5,350 yuan/tonne, down 60 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 6,500-6,740 yuan/tonne, down 30-60 yuan/tonne against last Friday(Basis: Guangxi stops to report; Yinxiang in Xiamen, Fujian offers 1,805-300 for January delivery; Shenheng in Guangdong offers 1801-160 for December delivery). Though rapeseed oil in South China last week were accumulated by 7.1% week on week to 96,000 tonnes in stocks, soybean oil has hit a new high to 1.64 Mln tonnes and palm oil has also reached 500,000 tonnes in total with stock building amid overall oil glut and overwhelming soybean oil for rapeseed oil, shorter term, rapeseed oil in market will be under pressure. Whereas, strengthened import inspections on GM soybeans and winter’s haze-treatment plans under way may affect operation in oil mills, thus underpinning rapeseed oil in market. Generally, rapeseed oil will keep rangebound with futures, then buyers should take heed when chasing high.

    Daily review on corn: today, domestic corn prices meet slight fluctuations with upward tendency. Most purchasing prices for corn in Shandong deep-processing enterprises stay at 1,680-1,770 yuan/tonne, some fluctuating a little compared with last week, by contrast, purchasing prices in the northeast are revised to 1,470-1,590 yuan/tonne, up 20-60 yuan/tonne over last Friday. Corn prices at Jinzhou port, Liaoning are revised lower to 1,635-1,640 yuan/tonne with a drop 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, while Heilongjiang corn prices at 1,600-1,610 yuan/tonne, remaining flat against last week. New corn prices at Shekou port, Guangdong stay at 1,830 yuan/tonne, remaining flat over last week, yet prices are negotiable and can be lowered by 10 yuan/tonne.  Prices for domestic corn spot today remain strong in market. As corn purchases for temporary reservation becomes robust in the northeast amid strong bullish sentiments of farmers and traders to hold on to corn to this year, corn with moisture continues to price up. What’s more, for the sake of more corn supplying, deep-processing enterprises in Shandong continue to revise the purchasing price upward, saying an increase of 20-60 yuan/tonne or so. Yet, from the perspectives of supply/demand patter, though a small-time peak selling of grains may be launched in corn belts before year 2018, feed sectors tend to be cautious about corn purchasing.  Overall, corn prices are hard to rise by leaps. Instead, spot prices will keep rangebound in a tight range.

    Daily review on sorghum and barley: today, prices for imported sorghum are buoyant which settle at 1,790-2,230 yuan/tonne at main ports(Tianjin offers 2,230 yuan/tonne; Shanghai 1,890 yuan/tonne; Guangdong 1,790-1,800 yuan/tonne. Meantime prices for most imported barley keep stable which stay at 1,660-1,880 yuan/tonne at main ports(Tianjin has not reported yet; Zhangjiagang 1,780 yuan/tonne, but 1,750 yuan/tonne upon transaction; Nantong 1,700-1,800 yuan/tonne; Shekou port in Guangdong 1,660-1,780 yuan/tonne). Grain supply at Tianjin and Nantong ports become tightened, where barley at Qingdao port and sorghum at Nantong port are basically sold out, and turnover is mostly based on implemented contract, hence bullish fundamentals bolster the market. 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 amid mixed long and short positions. Shorter term, sorghum and barley will remain strong in market instead of experiencing great ups and downs.