Daily review on soybean meal: US soybeans continued to drop overnight, yet meal in DCE today rebounds slightly where most domestic soybean meal spots turn stable after falls though some are a tad lower. Soybean meal prices in coastal areas range from 2,950 to 3,000 yuan/tonne, some falling 10-20 yuan/tonne against yesterday(Tianjin prices 3,000 yuan/tonne, Shandong 2,960-2,980 yuan/tonne, Jiangsu 2,960-2,980 yuan/tonne, Dongguan 2,990-3,000 yuan/tonne, Guangxi 3,020-3,050 yuan/tonne). Dryness in Argentina is mitigated by coming rains, as a result, US soybeans come under considerable pressure amid technical selling. Additionally, with lifted operating rate and good crush margins, stockpiles of soybean meal continue to pile up though turnover is quite poor along with slow delivery for general demands. Particularly, some oil mills in Shandong are bloated in stocks. Overall, spots lack the impetus to price up and are likely to pare gains in a small scale, and downward pressure on soybean meal will be considerable in the following one or two weeks when supply pressure is enlarged. Buyers who have inventories at hand 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 2,280-2,400 yuan/tonne(Guangxi offers 2,280 yuan/tonne; Guangdong 2,300 yuan/tonne; Fujian 2,400 yuan/tonne). As weather turns colder and colder in south, demand for aquaculture shrank sharply amid fragile terminal demands for rapeseed meal. Rapeseed meal wanes slightly with futures though stocks in South China are significantly accumulated, yet with enlarged price gap between soybean meal and rapeseed meal, rapeseed meal is hard to fall a lot, but to pare gains in a small scale. Buyers can stand sidelines for the moment.

    Daily review on fishmeal: today, prices for imported fishmeal are buoyant, yet prices are not likely to negotiate and shipments at ports are general. Northern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 12,200-12,700 yuan/tonne; 12,900-13,400 yuan/tonne for Japanese SD with 67% protein content; 13,500-13,700 yuan/tonne for super steam fishmeal with 68% protein content, all rising 500-700 yuan/tonne over yesterday. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru are 11,900-12,200 yuan/tonne, 12,700-13,000 yuan/tonne for Japanese SD with 67% protein content, 13,200-13,500 yuan/tonne for super steam fishmeal with 68% protein content, all rising 200-500 yuan/tonne compared to yesterday. Fishing: till November 28th, about 6,026 tonnes of fish have been caught in northern Peru in B season over 17 years, accounting for 0.4% of the total volume; fishing quota for this season is 1.49 Mln tonnes, leaving 1,483, 974 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 51,000 tonnes, Fuzhou 38,000 tonnes, Shanghai 30,000 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 ordinary SD with 65% protein content in Peru stays at USD $1,570 per tonne, USD $1,730 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. Fishmeal holders at ports have strong sentiments in price hike in light of falling stocks and strong performance in outer disc. Overall, fishmeal are buoyant in market. 

    Daily review on soybeans: today, prices for imported and distributed soybeans edge up, which stays at 3,400-3,480 yuan/tonne at mains ports, some rising 10 yuan/tonne. Imported and distributed soybeans are buoyed today as stocks of imported soybeans at ports have not significantly piled up in the context of strict censorship of GMO certificates to limit imports of some soybeans. Dryness in Argentina is mitigated by coming rains, as a result, US soybeans come under considerable pressure amid technical selling. On the other hand, domestic new soybeans now keep supplying in market amid limited sales of imported and distributed soybean due to strict inspections at ports, given that, imported and distributed soybeans will be pressured down upon large soybean arrivals later if soybean unloading goes smooth. Attention should be paid to port inspections and soybean arrivals.

    Daily review on oils: technical selling and finished arbitrage pushed down US soybeans and US soybean oil overnight though concerns over dryness in Argentine soybean growing area bring about some supports, however, oils in DCE today end highs in spite of low opens where domestic soybean oil and palm oil pick up with futures, overall, turnover is not much though it turns good on lower prices. For another thing, US soybeans in a short term remain strong owing to capricious weather pattern in South America and robust export requirements, while soybean meal is likely to pare gains with enlarged supply pressure, thus boosting oils in market where a mild rally may come back to oils after continuous falls. In the context of good crush margins and extremely high operating rate amid estimated over 26 Mln tonnes of soybeans at China’s ports during November and January, soybean oil has now hit a record high in stocks along with growing palm oil stocks. Generally, Malaysia's palm oil production is probably to edge down in November, yet production this year surprisingly go up, given that, weak fundamentals will limit the upside of oil prices and the overall performance is not likely to change till the peak stockpiling ahead of holidays. If oils continue to rebound in the afternoon market, buyers who fall short of stocks can take chances to replenish inventories in terms of bargain hunting, but take heed when chasing high, besides, buyers should balance the shipping space well.

    Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stand at 5,860-5,970 yuan/tonne, rising 10-30 yuan/tonne in most areas (Tianjin traders offer 5,920-5,930 yuan/tonne, Rizhao traders 5,930 yuan/tonne, Zhangjiagang traders 5,960 yuan/tonne, Guangzhou traders 5,860 yuan/tonne, Fujian traders 5,940-5,970 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,340-5,450 yuan/tonne, some rising 10-30 yuan/tonne(Tianjin traders offer 5,440-5,450 yuan/tonne with a rise of 10 yuan/tonne, Rizhao traders are out of stocks; Zhangjiagang traders offer 5,380 yuan/tonne, keep flat over yesterday; Guangzhou 5,340 yuan/tonne with an increase of 30 yuan/tonne, Xiamen 5,320-5,330 yuan/tonne, keeping flat).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil rise steadily, among which prices in coastal areas are 6,500-6,740 yuan/tonne, up 10-30 yuan/tonne over yesterday(Basis: Guangxi offers 1,805-190 for January-March delivery; Yinxiang in Xiamen, Fujian offers 1,805-300 for January delivery; Shenheng in Guangdong offers 1801-160 for December delivery). Soybean oil has hit a new high to 1.68 Mln tonnes and palm oil has also raised above 500,000 tonnes in stocks amid overall oil glut and overwhelming soybean oil for rapeseed oil. Shorter term, a small rally may come about in oils after continuous falls, but the rebound will not be significant and after-market performance is probable to be dim.

    Daily review on corn: today, prices for domestic corn prices remain stable with slight fluctuations. Most purchasing prices for corn in Shandong deep-processing enterprises stay at 1,670-1,770 yuan/tonne, some dropping by 6-16 yuan/tonne compared with yesterday, by contrast, purchasing prices in the northeast are revised to 1,470-1,610 yuan/tonne where some enterprises in Jilin continue to increase by 20 yuan/tonne. Corn prices of Liaoning and Inner Mongolia at Jinzhou port are revised to 1,655-1,660 yuan/tonne, new corn of Heilongjiang prices at 1,650 yuan/tonne, and corn with 30% moisture is 1,330 yuan/tonne, all keeping flat over yesterday. Drying new corn of Liaoning and Jilin with 14.5%-15% moisture at Bayuquan port prices at 1,650 yuan/tonne, keeping flat against yesterday. New corn prices at Shekou port, Guangdong stay at 1,840-1,850 yuan/tonne, remaining flat over yesterday. Corn in northeastern belt remain strong amid stronger sentiments of farmers to hold on to goods. Deep-processing enterprises in surroundings are proactive in corn purchasing and stocks building to replenish low inventories, in addition, to attract more corn supplying, those enterprises continue to price up corn procurement where prices at coastal ports and corn selling areas are lifted. However, grain selling progress in northern China has shown a year-on-year decline as local enterprises have little willingness to make stockpiling, then corn prices today are seen depreciation and dumping pressure may come about before the coming of new year. Shorter term, corn will be strong in market with impressive performance in regions, therefore, attention should be paid to farmers’ selling progress and downstream demand changes. 

    Daily review on sorghum and barley: today, prices for imported sorghum keep strong which settle at 1,800-2,180 yuan/tonne at main ports(Tianjin offers 2,180 yuan/tonne; Shanghai 1,890 yuan/tonne; Guangdong 1,800-1,810 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 1,800 yuan/tonne; Shekou port in Guangdong 1,660-1,780 yuan/tonne). According to customs, imports of sorghum and barley in October wane. Additionally, 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 amid strong sentiment of importers to hold out for high prices in case of unavailable supplies on lower costs. Overall, grains will remain strong in a short term with upward tendency.