Daily review on soybean meal: US soybean prices edged lower last night, whereas, Dalian meal today picks up, of which domestic soybean meal spots slide steadily, yet turnover is not much. Soybean meal prices in coastal areas range from 2,890 to 2,930 yuan/tonne, some falling 10-20 yuan/tonne against yesterday (Tianjin prices 2,960 yuan/tonne, Shandong 2,900-2,930 yuan/tonne, Jiangsu 2,900-2,930 yuan/tonne, Dongguan 2900-2920 yuan/tonne, Guangxi 2,900-2,920 yuan/tonne). US soybean futures are weighed down by long profit-taking and favorable rainfall forecast in Argentine region. Besides, operating rate in oil mills keeps high for profitable soybean crush at the moment, followed by growing soybean meal in stocks, which weighs on spots further. However, unfinished large contracts in oil mills, basically exhausted spots 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. Shorter term, soybean meal will run weak in volatile sessions, therefore buyers for the moment can stay sidelines.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal keep steady, among which prices in coastal areas stay at 2,260-2,290 yuan/tonne (Guangxi offers 2,260 yuan/tonne, Guangdong 2,280 yuan/tonne, Fujian 2300 yuan/tonne). 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 are buoyant, yet bargaining is confined to ranges and shipments at ports are light. Northern ports: fishmeal price for Peru ordinary SD with 65% protein content are 13,000-13,200 yuan/tonne, 13,700-13,900 yuan/tonne for Japanese SD with 67% protein content, 14,000-14,200 yuan/tonne for super steam fishmeal with 68% protein content, all rising 200-300 yuan/tonne over yesterday. Southern ports: fishmeal price for Peru ordinary SD with 65% protein content are 12,900 yuan/tonne and 13,700 yuan/tonne for Japanese SD with 67% protein content, both rising 400 yuan/tonne; 14,000 yuan/tonne for super steam fishmeal with 68% protein content, rising 200 yuan/tonne. Port stocks: Hangpu has 24,000 tonnes, Fuzhou 33,000 tonnes, Shanghai 11,000 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. Peruvian fishing situation is still not clear, given that, fishmeal holders are markedly inclined to price up in consideration of falling stocks at ports.

    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. US soybean futures are weighed down by long profit-taking and favorable rainfall forecast in Argentine region. Furthermore, market players for the moment prefer to stay sidelines in consideration of ample domestic soybean supply and large soybean arrivals amid poor demand and they estimate that price decline may come after resumed quotation, still, attention should paid to port inspections and soybean arrivals.

    Daily review on oils: US soybeans and soybean oil last night pared gains mildly, while on the opposite, Dalian oils today rise mildly in a session where domestic soybean oil and palm oil spots are buoyant tracking futures. Additionally, long dumping for profit-taking and favorable rains in Argentine growing areas showed in weather forecast put strains on Chicago Board of Trade. As international crude oil strikes a fresh high to USD $ 62 in wake of peak time for packing oils stockpiling and increasing demand for oils, oils market in these days may welcome rebounds though still 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 5,640-5,800 yuan/tonne, rising 20-40 yuan/tonne in most areas (Tianjin traders offer 5,740-5,750 yuan/tonne, Rizhao traders 5,730-5,740 yuan/tonne, Zhangjiagang traders 5,790 yuan/tonne, Guangzhou traders 5,670-5,680 yuan/tonne, Fujian traders 5,790-5,820 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,250-5,350 yuan/tonne, increasing by 20-50 yuan/tonne  (Tianjin traders offer 5,340-5,350 yuan/tonne, a rise of 20 yuan/tonne; Rizhao traders 5,320 yuan/tonne, a rise of 50 yuan/tonne; Zhangjiagang traders offer 5,330 yuan/tonne, a rise of 30 yuan/tonne; Guangzhou 5,250-5,260 yuan/tonne, a rise of 20 yuan/tonne; Xiamen 5,320 yuan/tonne, a rise of 20 yuan/tonne).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil rise drastically, among which prices in coastal areas are 6,450-6,650 yuan/tonne, up 20-30 yuan/tonne (Basis: Maple in Fangchenggang, Guangxi offers 1805-100; 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 53,000 tonnes or 91% of rapeseed oil storage are sold out today, its selling actually has limited effect on rapeseed oil seeing that volume for auction is limited and those rapeseed oil auctioned has far exceeded the upper limit of edible-grade storage period (2-3 years). In addition, with the starting of rapeseed oil auction, market players are more interested in long positions with bearish factors dying out in market, moreover, as stockpiles now go out in an all-round way 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.

    Daily review on corn: today, domestic corn prices vibrate with upward tendency. Corn purchasing prices in Shandong deep processors mostly stay at 1,760-1,860 yuan/tonne, but some change on a small scale, by contrast, purchasing prices in the northeast stand at 1,630-1,730 yuan/tonne. While the prices offered at Jinzhou port, Liaoning are revised to 1,810-1,815 yuan/tonne, up 15-20 yuan/tonne from yesterday, and corn with 30% moisture prices at 1,540 yuan/tonne, up 40 yuan/tonne form yesterday. Drying new corn of Liaoning and Jilin (moisture≤15%, volume weight 690-700 g/L) at Bayuquan port prices at 1,790 yuan/tonne, up 5-10 yuan/tonne from yesterday. New corn prices at Shekou port, Guangdong are raised to 1,960 yuan/tonne, a rise of 10 yuan/tonne over yesterday. 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 strong sentiment. At the same time, local downstream enterprises are still in need of corn stockpiling, therefore corn purchasing prices still keep high. During China’s New Year’s Day, northeastern corn prices are fueled significantly by uplifted market sentiment, while market players in North China are increasingly inclined to stay sidelines. Meantime, corn sales turn well coming after increasing inquiry in sales market, and specially, some enterprises are in want of corn when January comes, which boosts corn prices thereby. On the whole, corn prices in a short term may remain strong, but indeed, attention should still be paid to grain selling progress in corn belt and changing demand for corn purchasing among enterprises.

    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 in November stay in a low level followed by decreasing imports of barley, and grain supply at Tianjin and Nantong ports become tightened, where sorghum in North China and East China are deficient in stocks, given that, market is to be buoyed by such bullish fundamentals. Moreover, market is still supported by buoyant corn prices at ports. 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.