Daily review on soybean meal: US soybeans and Dalian meal show an uptick in prices, yet soybean meal spots today decrease steadily by 10-30 yuan/tonne, indeed, turnover is not much. Although US soybeans may temporarily be fueled by low rainfall and drought in Argentine weather forecast, ample global supply prospects on the other side still cap the price upside. In general, soybean stocks climb to 0.94 Mln tonnes week on week by 7% in light of high operating rate but poorer demand, thus weighing down soybean meal spots. However, contracts to implement in oil mills are still quite a lot and soybean arrival in January and February is estimated to be lower than expectations for logistic problems in the US, therefore, meal may be limited to fall along with supports from oil mills. In words, soybean meal in a near term will remain weak, seeing that, buyers can stay 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 2,260-2,290 yuan/tonne, some down 40 yuan/tonne (Guangxi offers 2,260 yuan/tonne, down 40 yuan/tonne; Guangdong 2,280 yuan/tonne; Fujian stops to report). Rapeseed meal stocks in South China keep growing and the figure is higher than that in corresponding period last year as aquaculture is now off-season, generally, soybean meal stocks pile up further in the wake of impressive soybean crush. In the context of few bullish factors in market, rapeseed meal is seen to be under pressure, on the whole, rapeseed meal may go weak with futures in a near time, therefore, buyers can stay sidelines for the moment.

    Daily review on fishmeal: today, prices for imported fishmeal keep firm, yet bargaining is confined to ranges and shipments at ports are general. Northern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 12,800-12,900 yuan/tonne; 13,500-13,600 yuan/tonne for Japanese SD with 67% protein content; 13,800-13,900 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. Port stocks: Hangpu has 25,000 tonnes, Fuzhou 34,000 tonnes, Shanghai 12,000 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 $1,820 per tonne, USD $1,980 per tonne for super steam fishmeal with 68% protein content; the offer in Chile ordinary SD with 65% protein content is USD $1,850 per tonne, USD $1,980 per tonne for excellent fishmeal with 68% protein content. Market players at home and abroad are now waiting for Peruvian EurekaLXXI survey result with high offers for fishmeal prices.

    Daily review on soybeans: due to a strict investigation in Shandong region by State Commodity Inspection Department, prices of most imported and distributed soybeans are stopped to report in Qingdao and Rizhao ports.

    Daily review on oils: oils in Chicago Board of Trade overnight ended higher in a mild tendency, accordingly, Dalian oils today continue to price up though increases are significantly narrowed, running below the former closing price actually. Correspondingly, most soybean oil and palm oil spots turn stable after session of gains, but some fluctuate 10-20 yuan/tonne or so. Although US soybeans may temporarily be fueled by low rainfall and drought in Argentine weather forecast, ample global supply prospects on the other side still cap the price upside. And regardless of a tad lower operating rate in domestic oil mills, soybean oil stocks are now seen slightly recovered to 1.65 Mln tonnes since an intensive and large-scale stockpiling has not yet launched when stockpiles of packing oils are just in the start, in this case, price upside of oils is likely to be capped. However, soybean arrival in January and February is estimated to be lower than expectations for logistic problems in the US and with further increasing stockpiles before Chinese Lunar New Year celebrations, there is still hope for a rebound in the oil market. However, it is difficult to ensure a smooth rally, instead, there will be repeated vibrations in the period, therefore businesses should grasp the golden time for selling and buying.

    Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stay at 5,600-5,750 yuan/tonne, some fluctuating 10-30 yuan/tonne (Tianjin traders offer 5,680-5,690 yuan/tonne, Rizhao traders 5,700 yuan/tonne, Zhangjiagang traders 5,720 yuan/tonne, Guangzhou traders 5,600-5,610 yuan/tonne, Fujian traders 5,750 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,200 to 5,290 yuan/tonne, part of which fluctuate 10-20 yuan/tonne (Tianjin traders offer 5,280-5,290 yuan/tonne, a drop of 10 yuan/tonne; Rizhao traders 5,240 yuan/tonne with a decline of 20 yuan/tonne; Zhangjiagang traders 5,270 yuan/tonne; Guangzhou traders 5,200-5,230 yuan/tonne; Xiamen traders 5,250 yuan/tonne, up 20 yuan/tonne).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil rise drastically, among which prices in coastal areas are 6,400-6,550 yuan/tonne, up 20-30 yuan/tonne from yesterday (Basis: Maple in Fangchenggang, Guangxi offers 1805-150; Yinxiang in Xiamen, Fujian stop to report; Shenheng in Dongguan, Guangdong offers 1805-160). Rapeseed oil stocks in South China and East China last week were all plunging, moreover, soybean oil and palm oil were also seen falling in stocks, indicating that stockpiling in the run-up to holidays went out all round, which boosting the oils market. Whereas, enlarged price gap between soybean oil and rapeseed oil and estimated 57,000 tonnes of rapeseed oil storage selling on January 5th may curb demands for rapeseed oil and limit the price upside. On the whole, with further increasing stockpiles before Chinese Lunar New Year celebrations, there is still hope for a rally in rapeseed oil. Yet, there will be repeated vibrations coming along in the period, therefore buyers should grasp the golden time to buy, and indeed chasing high is not recommended.

    Daily review on corn: today, part of domestic corn prices continue to go up. Corn purchasing prices in Shandong deep processors mostly stay at 1,760-1,860 yuan/tonne, some up 10-20 yuan/tonne, by contrast, purchasing prices in the northeast stand at 1,620-1,730 yuan/tonne. While the prices offered at Jinzhou port, Liaoning are revised to 1,790-1,800 yuan/tonne, up 25 yuan/tonne from yesterday, and corn with 30% moisture prices at 1,500 yuan/tonne. Drying new corn of Liaoning and Jilin (moisture≤15%, volume weight 690-700 g/L) at Bayuquan port prices at 1,770-1,780 yuan/tonne, up 20-30 yuan/tonne compared from yesterday. Transaction prices for new corn at Shekou port, Guangdong settle at 1,920-1,940 yuan/tonne, up 10 yuan/tonne over yesterday. Bullish sentiments in North China are further fueled by soaring northeastern corn prices, meantime, with worries about inventory decline due to recent rainy and snowy weather in Huanghuai and North China, local deep processors continue to increase corn purchase prices the time some feed sectors quicken the pace of corn delivery in North China for alternatives, thus local corn prices are somehow buoyed. Moreover, deep processors in northeastern regions hold firm the purchase prices though farmers and traders still have the sentiments for high offers.  Overall, corn in a short time will remain strong in market when enterprises in the downstream start to stock up one after another, therefore attention should be paid on corn selling in producing belt and corn purchasing among enterprises.

    Daily review on sorghum and barley: today, prices for imported sorghum go steady which settle at 1,880-1,980 yuan/tonne at main ports (Tianjin offers 1,980 yuan/tonne; Nantong 1,890 yuan/tonne; Shanghai 1,890-1,900 yuan/tonne; Guangdong 1,870-1,880 yuan/tonne. Meantime prices for most imported barley keep stable which stay at 1,710-1,800 yuan/tonne at main ports (Qingdao in Shandong offers 1,900 yuan/tonne for delivery in inventory; Tianjin has not reported yet; Nantong 1,790-1,800 yuan/tonne; Shekou port in Guangdong 1,710-1,770 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 stay high in recent days. 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. Overall, grains will remain strong in a short term factored in all conditions, and an upward tendency is probably seen at some ports in the run-up to Spring Festival.