Daily review on soybean meal: although meal in Chicago Board of Trade overnight continued to rise due to worries about Argentine weather pattern, Dalian meal today pares gains, of which soybean meal spots decline steadily, yet turnover is not much. Soybean meal prices in coastal areas range from 2,890 to 2,960 yuan/tonne, a steady reduction of 10-20 yuan/tonne against yesterday (Tianjin prices 2,960 yuan/tonne, Shandong 2,900-2,950 yuan/tonne, Jiangsu 2,900-2,920 yuan/tonne, Dongguan 2,920-2,930 yuan/tonne, Guangxi 2,920-2,940 yuan/tonne).In general, US beans are capped to  rebound and turn to be weak in market as China’s quality control standards for imported US beans become stricter and weather pattern in South America is still good. On one hand, operating rate in oil mills keeps high for profitable soybean crush at the moment, on the other hand, with Chinese Lunar New Year around the corner, feed consumption is somehow lessened as it’s the peak time for pig slaughter, as a result, turnover of soybean meal in these days turns light with stocks increasing to 0.9 Mln tonnes. In this way, soybean meal is pressured down on a sequential basis under such fundamental pressure. However, unfinished large contracts in oil mills, slow-moving US logistics due to icy inland river, where soybean arrivals during January and February are seen lower than expectations and feed sectors’ need for stocking in the second half of the year uplifts supports for meal in oil mills, therefore, its price downside is likely to be capped. Buyers for the moment can stay sidelines.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal are a tad lower, among which prices in coastal areas stand at 2,260-2,290 yuan/tonne, down 10 yuan/tonne (Guangxi offers 2,260 yuan/tonne; Guangdong 2,280 yuan/tonne, down 10 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. Rapeseed meal is seen to be under pressure, and overall it 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.Fishing: till January 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, among which 148,3974 tonnes remain unfinished.Port stocks: Hangpu has 24,000 tonnes, Fuzhou 33,000 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.Supply of fishmeal becomes tight in China's market the time fishmeal stays stable in a high level in the outer, overall, fishmeal market will remain strong.

    Daily review on soybeans: most imported beans for distribution at Qingdao Ports and Rizhao Ports in Shandong today are still suspended in quotation due to a thorough investigation by the commodity inspection authorities, and it’s said that the inspection time is probably to be more than one week.In general, US beans are capped to  rebound and turn to be weak in market as China’s quality control standards for imported US beans become stricter and weather pattern in South America is still good.Furthermore, traders and manufacturers for the moment prefer to stay sidelines in consideration of ample domestic soybean supply and large soybean arrivals. Market players estimate that price decline may come after resumed quotation, still, attention should paid to port inspections and soybean arrivals. 

    Daily review on oils: beans in Chicago board of Trade last night trended up as the weather forecast showed the upcoming dryness in Argentina, correspondingly, Dalian oil futures climb up today where soybean oil and palm oil spots are a tad higher tracking futures, yet turnover is general. Though Chicago beans are fueled by weather concerns in Argentina and soaring crude oil prices, ample global supply prospects on the other side still cap the price upside. Additionally, with packaging oils being stocked up one after another in the run-up to holidays, oils in market are probably to be buoyant in volatile sessions, whereas, soybean oil stocks are now seen recovered to 1.65 Mln tonnes and palm oil stocks reach 0.6 Mln tonnes, in that, it still takes time for stocks consumption. Moreover, price upside is probably accompanied with frequent vibrations,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 stand at 5,630-5,800 yuan/tonne, rising 20-30 yuan/tonne in most areas (Tianjin traders offer 5,710-5,720 yuan/tonne, Rizhao traders 5,720 yuan/tonne, Zhangjiagang traders 5,750 yuan/tonne, Guangzhou traders 5,630 yuan/tonne, Fujian traders 5,770-5,800 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,220-5,300 yuan/tonne, increasing by 20-50 yuan/tonne  (Tianjin traders offer 5,320-5,330 yuan/tonne, a rise of 30 yuan/tonne; Rizhao traders 5,270 yuan/tonne, a rise of 30 yuan/tonne; Zhangjiagang traders offer 5,300 yuan/tonne, a rise of 30 yuan/tonne; Guangzhou 5,220 yuan/tonne, a rise of 20 yuan/tonne; Xiamen 5,300 yuan/tonne, a rise of 50 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 10-30 yuan/tonne (Basis: Maple in Fangchenggang, Guangxi offers 1805-130; Yinxiang in Xiamen, Fujian stop to report; Shenheng in Dongguan, Guangdong offers 1805-200). Rapeseed oil stocks in South China and East China last week all plunged, moreover, soybean oil and palm oil were also seen falling in stocks. Though estimated 57,000 tonnes of rapeseed oil storage are projected to sell on January 5th, those oils have far exceeded the upper limit of the edible storage time with longest storage dating back to 2011 and the shortest to 2012 and 2013, yet normally two or three-year storage is acceptable, in that storage selling may pose limited effects on rapeseed oils in market. On the whole, as stockpiles before Chinese Lunar New Year celebrations now go out in an all-round way, there is still hope for a rally in rapeseed oil. Yet, there will be repeated vibrations coming along in the period, therefore businesses should grasp the golden time to buy and sell.

    Daily review on corn: today, domestic corn prices fall steadily.Corn purchasing prices in Shandong deep processors mostly stay at 1,760-1,860 yuan/tonne, some up 10 yuan/tonne, by contrast, purchasing prices in the northeast stand at 1,620-1,730 yuan/tonne, some up 20 yuan/tonne from yesterday. While the prices offered at Jinzhou port, Liaoning keep flat at 1,790-1,800 yuan/tonne 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 1,780-1,790 yuan/tonne, up 10 yuan/tonne from yesterday.New corn prices at Shekou port, Guangdong are 1,950 yuan/tonne with transaction prices stabilizing at 1,930-1,940 yuan/tonne compared with yesterday, yet prices upon transaction are negotiable.Sales in the northeastern producing areas have been progressing rapidly this year, however, farmers and traders hoarding goods at hand are not in a hurry to sell surplus grain, but to hold out for high prices in a strong sentiment. At the same time, local downstream enterprises are still in need of corn stockpiling, to be specific, some enterprises further revise up the corn purchasing prices in recent days to attract more corn supplying. Indeed, corn prices in North China keep high as the prices are pulled up during New Year’s Day though corn supplying in these days are affected by snowy and rainy weather. Generally speaking, domestic corn prices in a near term are expected to remain strong, and with Spring Festival holiday approaching, precaution should be taken to settle supply-side pressure rising from intensive repayment of loans before the holiday.

    Daily review on sorghum and barley: today, prices for imported sorghum go steady which settle at 1,880-2,100 yuan/tonne at main ports (Tianjin offers 1,980 yuan/tonne; Nantong 1,880-1,890 yuan/tonne; Shanghai 1,900 yuan/tonne; Guangdong 1,870 yuan/tonne.Meantime prices for most imported barley keep stable which stay at 1,710-1,800 yuan/tonne at main ports (Tianjin has not reported yet; Zhangjiagang 1,730-1,750 yuan/tonne; Nantong 1,740-1,800 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, moreover, CNF prices in US stay high in recent days. According to customs, imports of sorghum and barley in November stay in a low level, and 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.