Daily review on soybean meal: US soybeans and soybean meal in DCE rebound sharply, inspiring market confidence the time US soybeans in CBOT break through 1,000 cents. Accordingly, domestic soybean meal spots rise with futures and turnover turns good upon prices with slight pick-ups. Soybean meal prices in coastal areas range from 2,950 to 3,030 yuan/tonne, increasing by 20-50 yuan/tonne against last Friday(Tianjin prices 3,020 yuan/tonne, Shandong 2,980-3,010 yuan/tonne, Jiangsu 3,000-3,010 yuan/tonne, Dongguan 3,010-3020 yuan/tonne, Guangxi 3,020-3,040 yuan/tonne). It is indicated that approximately 37% of the soybean acreage in Argentina is in need of moisture, consequently, worries over dry weather in Argentina are seen to support US soybeans. With industrial-side reform and limited production in winter by environmental protection, industrial products show a significant momentum for growth with agricultural commodities included. Besides, a rally comes to soybean meal in light of traders arbitrary of buying meal and selling oils, then soybean meal is probably to be strong in the first half of December. Nevertheless, stocks of soybean meal keep growing in market with active operation in oil mills and good crush margins amid large soybean arrivals later, among which oversupply in Shandong is seen to be obvious, limiting the upside of spots. On the whole, buyers are not encouraged to chase high prices, but to maintain a right inventory on bargain buying, notably, buyers can buy on a small scale when forward basis is lower than 60 yuan/tonne.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal rise sharply, among which prices in coastal areas stay at 2,280-2,400 yuan/tonne with a rise of 10-40 yuan/tonne over last Friday(Guangxi offers 2,280 yuan/tonne, up 20 yuan/tonne; Guangdong 2,320 yuan/tonne, up 30 yuan/tonne ; Fujian 2,400 yuan/tonne, up 30 yuan/tonne). Meal futures in market are bolstered by such bullish factors as persisting worries over weather pattern in South America, surging industrial products, and active arbitrary of buying meal and selling oils. However, as weather turns colder and colder in south, aquaculture come to shrink amid fragile terminal demands for rapeseed meal. And rapeseed meal is hard to rebound by leaps as stocks in South China last week were accumulated to 52,000 tonnes by 20%, shorter term, it will fluctuate with futures frequently.

    Daily review on fishmeal: today, offers for imported fishmeal pick up steadily, 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 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. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 12,500 yuan/tonne; 13,300 yuan/tonne for Japanese SD with 67% protein content; 13,800 yuan/tonne for super steam fishmeal with 68% protein content, all rising 300-600 yuan/tonne over last week. Fishing: till November 30th, 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 50,000 tonnes, Fuzhou 38,000 tonnes, Shanghai 29,000 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): the fishmeal offer in Peru ordinary SD with 65% protein content stays at USD $1,620 a tonne, USD $1,780 per tonne for super steam fishmeal with 68% protein content, both increasing by USD $50 a tonne; 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 J/F. Fishmeal holders at ports have strong sentiments in price hike in light of markedly falling stocks and uncertain fish catching in Peru. Overall, fishmeal is buoyant in market in the near future.

    Daily review on soybeans: today, prices for most imported and distributed soybeans keep stable, which stays at 3,450-3,500 yuan/tonne at Shandong ports, some rising 50 yuan/tonne against last week. It is indicated that approximately 37% of the soybean acreage in Argentina is in need of moisture, consequently, US soybeans are supported in market. Besides, market confidence is still buoyed as stocks of imported soybeans at ports have not significantly piled up amid strict censorship of GMO certificates to somewhat limit imports of some soybeans, thus boosting the performance of some imported and distributed soybeans. Yet, the upside of imported and distributed soybean is probably to be limited the time market buyers are cautious about high procurement prices amid growing domestic soybeans in market and estimated large imports of soybeans later. Overall, imported and distributed soybeans in a shorter term will experience a strong and volatile session, but later will be under considerable pressure if soybean unloading goes smooth. Attention should be paid to port inspections and soybean arrivals. 

    Daily review on oils: generally, commodity markets are seen to rise, attributed by the technical buying and a weaker dollar. Last Friday night, US soybean ended high, while US soybean oils ended low owing to released arbitrary of buying oils and selling meal. Whereas, soybeans in CBOT today break 1000 cents with bullish factors coming after soaring black futures , additionally, oils in DCE end high in spite of low open where domestic soybean oil and palm oil spots are lifted with futures, and turnover turns good on lower prices. With good crush margins and exceedingly high operating rate on the back of large soybean arrivals, soybean oil has hit a record high of 1.70 Mln tonnes, such being the cases, oils in market are to be restrained by traders’ arbitrary of buying meal and selling oils. Generally, oils are estimated to rebound with futures in CBOT within a certain range, yet oils are hard to get rid of the disadvantaged pattern till stockpiling is fully launched before holidays. Buyers who fall short of stocks can make a proper replenishment on bargain buying, but chasing high prices is not recommended.

    Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stand at 5,850-5,970 yuan/tonne, rising 10-20 yuan/tonne(Tianjin traders offer 5,920-5,930 yuan/tonne, Rizhao traders 5,940 yuan/tonne, Zhangjiagang traders 5,960 yuan/tonne, Guangzhou traders 5,850 yuan/tonne, Fujian traders 5,950-5,970 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,370-5,470 yuan/tonne, a rise of 20-30 yuan/tonne(Tianjin traders offer 5,460-5,470 yuan/tonne, a rise of 30 yuan/tonne; Rizhao traders are out of stock; Zhangjiagang traders offer 5,400 yuan/tonne, a rise of 20 yuan/tonne; Guangzhou 5,370 yuan/tonne, a rise of 20 yuan/tonne; Xiamen 5,370 yuan/tonne, a rise of 30 yuan/tonne).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil go steadily, among which prices in coastal areas are 6,500-6,740 yuan/tonne, fluctuating 10-20 yuan/tonne with few turnover(Basis: Guangxi offers 1,805-150 for January-March delivery; Yinxiang in Xiamen, Fujian offers 1,805-300 for January delivery; Shenheng in Guangdong stops to report). US soybeans in CBOT break through 1,000 cents in light of concerns over weather pattern in South America, while domestic oils today show resilience to fall and go high in spite of low open. Whereas, soybean oil has hit a new high to 1.68 Mln tonnes amid overall oil glut and overwhelming soybean oil for rapeseed oil. Shorter term, rapeseed oil is hard to jump, but to  fluctuate in a tight range primarily.

    Daily review on corn: today, prices for domestic corn prices remain stable mostly where some are mixed. Most purchasing prices for corn in Shandong deep-processing enterprises stay at 1,660-1,770 yuan/tonne, some continuing to fall 6-10 yuan/tonne compared with last week, by contrast, purchasing prices in the northeast stay at 1,500-1,610 yuan/tonne, some up 10-30 yuan/tonne over last Friday. Corn prices of Liaoning and Inner Mongolia at Jinzhou port are revised to 1,665-1,670 yuan/tonne, up 10 yuan/tonne over last Friday, new corn of Heilongjiang prices at 1,655 yuan/tonne with a rise of 5 yuan/tonne. Drying new corn of Liaoning and Jilin with 14.5%-15% moisture at Bayuquan port prices at 1,655 yuan/tonne, with a slight increase on the highest price compared with last Friday. New corn prices at Shekou port, Guangdong stay at 1,840-1,850 yuan/tonne, keeping flat over last Friday. Corn in northeastern belt remain strong amid stronger sentiments of farmers to hold onto goods, while deep-processing enterprises are proactive in corn purchasing, boosting corn prices continuously. On the other sides, profits based on drying towers are squeezed the time towers collection comes to a halt, seeing that, most market insiders prefer to stand sidelines. Grain selling volumes in North China has shown a markedly increase than before as corn prices are seen depreciation in these days, resulting from enterprises’ little willingness to make stockpiling, additionally, most feed sectors in southern selling areas are more cautious about corn procurement as most have a normal inventory level. Shorter term, corn will be strong in market with impressive and differentiated performance in regions, but overall, corn spot prices may fluctuate in a tight range when corn in North China is stable but with weak momentum for growth, therefore, attention should be paid to farmers’ selling progress and downstream demand changes.

    Daily review on sorghum and barley: today, prices for imported sorghum pick up steadily which settle at 1,820-2,180 yuan/tonne at main ports(Tianjin offers 2,180 yuan/tonne; Nantong 1,910 yuan/tonne; Shanghai 1,890 yuan/tonne; Guangdong 1,820 yuan/tonne, up 10 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, to illustrate, sorghum prices at some ports pick up today.