Daily review on soybean meal: US soybeans overnight reached a record high as of late July. Accordingly, soybean meal in DCE today continues to go up where domestic soybean meal spots are buoyant with futures, yet relatively low spot prices and low forward basis will attract deals. Soybean meal prices in coastal areas range from 2,990 to 3,060 yuan/tonne, a rise of 20-40 yuan/tonne against yesterday(Tianjin prices 3,030 yuan/tonne; Shandong 2,990-3,020 yuan/tonne; Jiangsu 3,020-3,050 yuan/tonne; Dongguan 3,050-3,060 yuan/tonne; Guangxi 3,040-3,060 yuan/tonne). US soybeans run over 1,000 cents again and hit a new record as of late July as dry weather in Argentina in the next 6-10 days attract market buying. Additionally, soybean meal in these days is buoyed and remains robust for oil mills have strong sentiments to hold out for high offers when in consideration of quite a lot outstanding contracts. Notably, soybean arrivals will be large in the following months, where about 9.07 Mln tonnes and 8.20 Mln tonnes of soybeans may arrive in December and January(2018), respectively. Whereas, along with good crush margins and high operating rate, some oil mills in Shandong are bloated and are forced to make a machine halt, besides, soybean meal stocks are also seen growing in North China, under such circumstances, soybean meal prices are not likely to jump further in light of present fundamentals and basically eased supply tension, but precaution should be taken to cope with any risks in the frequent volatile sessions to come. Buyers are not encouraged to chase high, but to keep safe stocks upon bargain-hunting.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal go up, among which prices in coastal areas are pegged at 2,280-2,380 yuan/tonne with a rise of 10-50 yuan/tonne over yesterday(Guangxi offers 2,330 yuan/tonne, up 50 yuan/tonne; Guangdong 2,340 yuan/tonne, up 20 yuan/tonne; Fujian 2,380 yuan/tonne, up 10 yuan/tonne). Albeit rapeseed meal are off-season, continuous rapeseed processing with high operating rate has led to a bloated inventory in some mills, such being the cases, oil mills are more cautious about price hikes for the sake of shipments. Overall, rapeseed meal may fluctuate frequently, tracking futures, and be hard to jump. Buyers are encouraged to maintain a proper inventory upon bargain hunting, but more attention should be paid when chasing high prices.

    Daily review on fishmeal: today, prices for imported fishmeal pick up steadily, 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 pegged at 12,800 yuan/tonne, 13,500 yuan/tonne for Japanese SD with 67% protein content, 13,800 yuan/tonne for super steam fishmeal with 68% protein content, all rising 100-200 yuan/tonne over yesterday. 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. Fishing: till December 4th, 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 48,000 tonnes, Fuzhou 37,000 tonnes, Shanghai 27,000 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 $1,620 per tonne, USD $1,780 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 J/F. High offers in the outer ignite Chinese sellers to hold out for high prices. Overall, fishmeal market will be buoyant with slight pick-up.

    Daily review on soybeans: today, prices for imported and distributed soybeans stay at 3,420-3,450 yuan/tonne at mains ports, remaining flat over yesterday. US soybeans run over 1,000 cents again and hit a new record since late July as dry weather in Argentina in the next 6-10 days attract market buying. Prices for imported and distributed soybean are still buoyed and are hard to fall as stocks of imported soybeans at ports have not significantly piled up amid less supplies for trade at ports. But buyers now are cautious about soybean procurement for domestic new soybean keeps supplying in market and large soybean may arrive at ports later, for instance, anout 9.07 Mln and 8.20 Mln tonnes of soybean will be at ports in December and January(2018), respectively. Overall, imported and distributed soybeans in a shorter term will keep fluctuating, and later will be under considerable pressure if unloading goes smooth. Attention should be paid to port inspections and soybean arrivals.

    Daily review on oils: haunted weather concern in Argentina push forward buying in market, as a result, US soybeans overnight reached a record high as of late July, while US soybean oil was restrained to rise by leaps due to poor performance of crude oil. Accordingly, oils in DCE today vibrate downward where prices for some domestic soybean oil spots are weighed down and some palm oil are a tad lower in prices, generally, turnover is not much. Indeed, oil futures in near future lack strength to rebound under considerable supply pressure since peak stockpiling for packing oils is to be delayed the time soybean oil remains a record high with good crush margins and surprisingly high operating rate on the back of large domestic soybean arrivals. Yet strong US soybeans may limit oils to plunge further seeing US soybeans run over 1,000 cents again and hit a new record since late July as dry weather in Argentina in the next 6-10 days attract market buying. Overall, oils are estimated to vibrate frequently with futures in a tight range, and a rally may come about when peak stockpiling of small-packing oils is fully launched.  Buyers can make a proper replenishment when price tumble goes steady.

    Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stand at 5,820-5,950 yuan/tonne, falling 10-20 yuan/tonne in some areas (Tianjin traders offer 5,900-5,910 yuan/tonne, Rizhao traders 5,910 yuan/tonne, Zhangjiagang traders 5,900 yuan/tonne, Guangzhou traders 5,820 yuan/tonne, Fujian traders have not reported yet).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,300 and 5,420 yuan/tonne, some declining 20-50 yuan/tonne(Tianjin traders offer 5,410-5,420 yuan/tonne, keeping flat; Rizhao traders 5,420 yuan/tonne, keeping flat; Zhangjiagang traders offer 5,300 yuan/tonne, down 50 yuan/tonne, Guangzhou 5,300 yuan/tonne, Xiamen 5,330 yuan/tonne, down 20 yuan/tonne).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil go steady, among which prices in coastal areas are 6,400-6,740 yuan/tonne, keeping firm compared with yesterday(Basis: Guangxi offers 1,805-150 for January-March delivery; Yinxiang in Xiamen, Fujian offers 1,805-300 for January delivery; Chinatex in Shenheng, Guangdong offers 1,801-160 for December delivery). Soybean oil has reached a record high of 1.68 Mln tonnes in stocks in spite of overwhelming supply pressure, and lower prices of soybean oil dwarf the market of rapeseed oil in market. Shorter term, rapeseed oil will neither rebound by leaps nor fall a lot, but to fluctuate in a tight range.

    Daily review on corn: today, prices for domestic corn prices remain stable with slight fluctuations. Main corn purchasing prices in Shandong deep-processing enterprises are 1,656-1,750 yuan/tonne, some falling 4-10 yuan/tonne compared with yesterday, by contrast, purchasing prices in the northeast stand at 1,500-1,650 yuan/tonne, up 20-50 yuan/tonne in most enterprises over yesterday. Corn prices of Liaoning and Inner Mongolia at Jinzhou port are revised to 1,680 yuan/tonne, up 5 yuan/tonne over yesterday, and corn with moisture is pegged at 1,350 yuan/tonne. New corn of Liaoning and Inner Mongolia at Bayuquan port prices at 1,680 yuan/tonne, up 5 yuan/tonne against yesterday, while corn with moisture stays at 1,350 yuan/tonne. New corn prices at Shekou port, Guangdong are 1,860 yuan/tonne, yet 1,840-1,850 yuan/tonne upon transaction, remaining flat over yesterday. Corn prices increase by around 20-50 yuan/tonne as farmers in northeastern belt have stronger sentiments to hold onto the goods the time deep-processing enterprises are proactive in corn purchasing. However, drying towers are now stopped with market players' wait-and-see attitudes being on the increase since middlemen' profits are squeezed. At present, grain sources in producing areas are still sufficient, therefore one should keep an eye on falling risks. Grain selling volumes in North China has shown a marked increase than before, but enterprises in surrounding areas have little willingness to make purchases, then prices continue to dip around 4-10 yuan/tonne in some parts of Shandong, and corn in North China goes weaker with steady pace. Shorter term, prices for domestic corn will experience a slight volatile session, therefore attention should be paid to farmers' selling progress and downstream demand changes.

    Daily review on sorghum and barley: today, prices for imported sorghum go steady 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. 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.