Daily review on soybean meal: US soybean prices continued to fall last night, the same trend going to Dallian soybean meal today. Domestic soybean meal spots are steadily weighed down with futures today, yet turnover is still light. Soybean meal prices in coastal areas range from 2,950 to 3,030 yuan/tonne, most decreasing by 10-20 yuan/tonne against yesterday (Tianjin prices 2,990 yuan/tonne, Shandong 2,930-2,980 yuan/tonne, Jiangsu 2,950-2,960 yuan/tonne, Dongguan 3,020-3,030 yuan/tonne, Guangxi 3,010-3,020 yuan/tonne). US soybean futures are cracked down further as more rains are estimated to come in Argentina, for another thing, soybean meal keep growing in stocks with large soybean arrivals and high operating rate amid slow delivery and little improvement in terminal demand, where some oil mills in Shandong, East China and North China are bloated in inventories, as a result, soybean meal spots now vibrate downward amid transient rebounds. However, quite a lot of December-January contracts are made mainly by implementation amid strong wills in mills to hold out for prices, which limits the downside of soybean meal. In this case, buyers can stand sidelines for the moment.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal decline steadily, among which prices in coastal areas stand at 2,280-2,370 yuan/tonne with a drop of 10-20 yuan/tonne over yesterday (Guangxi offers basis at RM801-50 yuan/tonne; Guangdong offers 2,320 yuan/tonne, falling 10 yuan/tonne; Fujian stops to report). However, overwhelmingly higher rapeseed meal stocks in South China this year than the figures a year earlier drag down the market when some mills are bloated in inventories and aquaculture is off-season. Meantime, soybean meal stocks continue to accumulate in terms of large soybeans available at ports and high soybean crush in mills, which puts strains on rapeseed meal, nevertheless, expanded price gap between soybean meal and rapeseed meal and probably growing demand ahead of Spring Festival may somehow put supports to rapeseed meal prices. Shorter term, rapeseed meal will vibrate with futures frequently, thus buyers for the time can stand sidelines instead of chasing high.

    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 ordinary SD with 65% protein content in Peru is 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. 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 13th, 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 40,000 tonnes, Fuzhou 36,000 tonnes, Shanghai 22,000 tonnes, Tianjin 1,000 tonnes, Dalian 5,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Spots offers (FOB) in the outer remain stable for J/F delivery, in detail, the fishmeal offer for ordinary SD with 65% protein content in Peru stays at USD $1,720 per tonne, USD $1,880 per tonne for super steam fishmeal with 68% protein content; the offer in Chile ordinary SD with 65% protein content is USD $1,750 per tonne, USD $1,880 per tonne for excellent fishmeal with 68% protein content. Fishmeal in the outer remains high and stable, supporting holders to hold out for high prices amid low port stocks. Overall, fishmeal market will remain stable with strong momentum for growth.

    Daily review on soybeans: today, prices for imported and distributed soybeans at Shandong ports keep flat at 3,470-3,510 yuan/tonne. Rebounds in US soybeans are just a flash in the pan, to illustrate, US soybeans overnight fell again for much-needed rains were expected to come in Argentine soybean growing areas, besides with estimated large amounts of soybean at ports later, market players now are seen to stand sidelines. In fact, imported and distributed soybeans in a shorter term will experience a volatile session with upward tendency as stocks of imported soybeans at ports have not significantly piled up amid strict inspections at ports, limited supplies available for trade in market and traders’ strong sentiments for higher offers. Attention should be paid to port inspections and soybean arrivals.

    Daily review on oils: Chicago beans overnight were all eased as weather forecast surfaced that more rains were expected to come in Argentina, accordingly, Dalian oil futures continue to edge lower where domestic soybean oil and palm oil spots go down tracking futures, yet turnover is not much. Rainfall in Argentina will ease part of the drought, thus pushing US soybeans to go below 970 cents, additionally, soybean oil stocks keep a record high in light of healthy crush margins, large soybean arrivals and extraordinarily high operating rate, meantime China’s stocks of palm oil are also seen growing, in this case, oils in Bursa Malaysia Derivatives yesterday once tumbled to a 16-month low amid sluggish. Shorter term, oil spots will stay weak when small-packing stockpiling in the run-up to Spring Festival is to be delayed by poor market. Buyers can take a hand-to-mouth purchasing for the present.

    Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stand at 5,650-5,800 yuan/tonne, falling 10-50 yuan/tonne (Tianjin traders offer 5,730-5,740 yuan/tonne, Rizhao traders 5,790 yuan/tonne, Zhangjiagang traders 5,770 yuan/tonne, Guangzhou traders 5,650-5,670 yuan/tonne, Fujian traders 5,800 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas are probably between 5,140 and 5,250 yuan/tonne, some decreasing by 10 yuan/tonne (Tianjin traders offers 5,240-5,250 yuan/tonne, down 10 yuan/tonne; Rizhao traders 5,230 yuan/tonne, keeping flat; Zhangjiagang traders 5,200 yuan/tonne, keeping flat; Guangzhou 5,140 yuan/tonne, Xiamen 5,200 yuan/tonne, keeping flat).

Daily review on imported rapeseed oil: today, prices for imported rapeseed oil drop steadily, among which prices in coastal areas are 6,300-6,550 yuan/tonne, falling 10-40 yuan/tonne against yesterday (Basis: Maple in Fangchenggang, Guangxi offers 1805-150; Yinxiang in Xiamen, Fujian offers 1,805-300 for January delivery; Fuzhiyuan in Dongguan, Guangdong offers 6,620 yuan/tonne for GB grade one, falling 30 yuan/tonne), yet turnover is not much. Supply pressure of oils is still considerable when soybean oil stocks are as high as 1.68 Mln tonnes and palm oil are climbed to 0.54 Mln tonnes with exceedingly high operating rate, meantime US soybeans are under pressure due to improved weather pattern in South America, given that, rapeseed oils will remain weak in a volatile session till peak-season stockpiling of packing oils in the run-up to holidays.

    Daily review on corn: today, prices for most domestic corn remain stable, some fluctuating in a tight range. Main purchasing prices for corn in Shandong deep processors keep flat at 1,656-1,760 yuan/tonne, by contrast, main purchasing prices in the northeast are stabilized at 1,470-1,610 yuan/tonne though some are mixed. Corn prices of Liaoning and Inner Mongolia at Jinzhou port are pegged at 1,680-1,690 yuan/tonne, keeping flat over yesterday, and corn prices at Bayuquan port are also stable, among which drying new corn of Liaoning and Jilin with 14.5%-15% moisture keep flat at 1,675 yuan/tonne over yesterday. New corn prices at Shekou port, Guangdong are 1,860 yuan/tonne with transaction prices stabilizing at 1,840-1,850 yuan/tonne over yesterday. Corn prices are now bolstered by farmers' reluctance to sell out and traders' sentiments to hold out for prices. Whereas, a wave of concentrated and peak sales of corn is likely to come in market before Spring Festival though deep processors now are not proactive in corn procurement amid soaring corn prices and squeezed processing margins, meanwhile most feed sectors in sale areas now maintain a safe inventory with a hand-to-mouth purchasing for feed consumption is quite low in the time of low livestock raising, thus corn prices in a shorter term will keep rangebound with mixed short and long positions and be hard to rise. Attention should be paid to the corn supply/demand balance.

    Daily review on sorghum and barley: today, prices for imported sorghum go steady which settle at 1,840-2,180 yuan/tonne at main ports (Tianjin and Nantong stop to report for exhausted stocks; Yancheng offers 2,080 yuan/tonne for dried corn; Shanghai 1,900 yuan/tonne;  Guangdong 1,850 yuan/tonne, keeping flat against yesterday). 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 1,730-1,750 yuan/tonne; Nantong 1,800 yuan/tonne; Shekou port in Guangdong 1,660-1,780 yuan/tonne). Costs of barley and sorghum keep high, and it’s said that Chinese buyers are proactive in sorghum purchasing, supporting its prices in the outer, especially, CNF prices in US keep high all the time in recent days. According to customs, imports of sorghum and barley in October wane, besides grain supply at Tianjin and Nantong ports become tightened, where barley at Qingdao port and sorghum in North China and East China are basically sold out, and turnover is mostly based on contract, given that, market is to be buoyed by such bullish fundamentals when supply is tightened before Spring Festival. Overall, grains will remain strong in a short term, where an upward tendency is seen at some ports.