Daily review on soybean meal: US soybeans in Chicago Board of Trade ended low last night, while soybean meal in Dalian Commodity Exchange today picks up. Domestic soybean meal spots change in a steady pace with futures today, yet turnover is not much.Soybean meal prices in coastal areas range from 2,890 to 2,940 yuan/tonne, a fluctuation of 10-20 yuan/tonne against yesterday (Tianjin prices 2,950 yuan/tonne, Shandong 2,905-2,930 yuan/tonne, Jiangsu 2,880-2,900 yuan/tonne, Dongguan 2,890-2,900 yuan/tonne, Guangxi 2,900-2,920 yuan/tonne). A downward pressure is now posed on US soybeans since market speculates that USDA monthly supply/demand report is probably to show an ample soybean supply worldwide.In addition, about 8.09 Mln tonnes of soybeans may arrive at ports in January, which is much higher than the same period in previous years. In real terms, soybean meal in stocks is seen a tad lower for some oil mills have to make a machine halt temporarily in consideration of bloated inventory facilities though crush margins for soybean crush are still profitable, yet total stocks still keep at a high level of 0.87 Mln tonnes amid 2% less. Meantime, with heavy snowfall in some areas recently, transportation is blocked and turnover turns light for lack of impetus to rebound. Nevertheless, with quite a lot contracts to implement in oil mills and expected stockpiles in feed sectors in the second half of the January, the run-up to holidays, soybean meal spots is not likely to fall a lot in a short term, but to run weak in volatile sessions tracking futures, in that buyers can take a hand-to-mouth purchasing strategy. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal go steady amid some fluctuations, among which prices in coastal areas stand at 2,260-2,300 yuan/tonne with a fluctuation of 10 yuan/tonne (Guangxi offers 2,260 yuan/tonne, down 10 yuan/tonne; Guangdong 2,260 yuan/tonne; Fujian 2,300 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 take a hand-to-mouth purchasing 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 light.Northern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 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.Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 12,900 yuan/tonne; 13,700 yuan/tonne for Japanese SD with 67% protein content; 14,000 yuan/tonne for super steam fishmeal with 68% protein content.Fishing: till January 7th, about 15,479 tonnes of fish have been caught in northern Peru in B season over 18 years, accounting for 1.04% of the total volume; fishing quota for this season is 1.49 Mln tonnes, among which 147,4521 tonnes remain unfinished.Port stocks: Hangpu has 21,000 tonnes, Fuzhou 33,000 tonnes, Shanghai 10,000 tonnes, Tianjin 1,000 tonnes, Dalian 4,000 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.Fishing in central and northern Peru starts again though specific fishing situation remains unknown, therefore shorter term, fishmeal market is expected to continue its steady growth amid its stable trend in the outer.

    Daily review on soybeans: due to a strict investigation by State Commodity Inspection Department, prices of most imported and distributed soybeans are stopped to report at Qingdao and Rizhao ports. Market speculates that the January supply/demand report by USDA is likely to show an adequate supply of soybeans worldwide as weather pattern goes better in South America, in this case, US soybeans overnight edged lower, bringing about bearish sentiment to the domestic soybean market. Yet, 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 overnight all plummeted, affected by profit taking and position adjustment before the monthly crop supply/demand report release later this week. Accordingly, Dalian palm oil today rebounds after falls and soybean oil experiences a mild rebound coming after a straight session of decline in the morning, of which domestic soybean oil and palm oil spots rebound tracking futures, but turnover is not much even though lower prices may attract some deals. For one thing, persisting weather concerns for Argentina limit the falling pace in Chicago Board of Trade, for another, turnover in oil mills goes better as packing oil stockpiles are under way in China, with soybean oil falling to 1.61 Mln tonnes in stocks. Notably, it still takes time to consume such large stocks, thus oils market may be buoyant before holidays amid frequent vibrations, in this case, buyers can maintain proper inventory and not chase high as recommended.

    Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stay at 5,640-5,730 yuan/tonne, most decreasing by 10-30 yuan/tonne, yet few increasing by 10-20 yuan/tonne, (Tianjin traders offer 5,700-5,710 yuan/tonne, Rizhao traders 5,700 yuan/tonne, Zhangjiagang traders 5,730 yuan/tonne, Guangzhou traders 5,640 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,250-5,320 yuan/tonne, some increasing by 20-30 yuan/tonne (Tianjin traders offer 5,310-5,320 yuan/tonne, a rise of 20 yuan/tonne; Rizhao traders 5,300 yuan/tonne, a rise of 20 yuan/tonne; Zhangjiagang traders offer 5,300 yuan/tonne, keeping flat; Guangzhou 5,250 yuan/tonne, a rise of 30 yuan/tonne; Xiamen 5,300 yuan/tonne, down 20 yuan/tonne).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil go steady, among which main prices in coastal areas stay at 6,390-6,590 yuan/tonne (Basis: Maple in Fangchenggang, Guangxi reaches 1,801-100; Yinxiang in Xiamen, Fujian stops to report; Shenheng in Dongguan, Guangdong 1,801-200 yuan/tonne). Rapeseed oil is now supported by an uptick in demand when it is the right time to stock up before Spring Festival holidays, however, price upside is not likely to be great in consideration of large soybean oil and palm oil in stocks, further expanded price gap between soybean oil and palm oil, limited demand for rapeseed oil and continuous auction for rapeseed oil reserved.

    Daily review on corn: today, prices for domestic corn prices remain stable mostly where some are mixed.Corn purchasing prices in Shandong deep processors mostly stay at 1,760-1,870 yuan/tonne, some up 10-20 yuan/tonne from yesterday, by contrast, purchasing prices in the northeast stand at 1,630-1,720 yuan/tonne, keeping flat. While the purchasing prices offered at Jinzhou port, Liaoning keep flat at 1,810-1,820 yuan/tonne compared with yesterday's afternoon. Drying new corn of Liaoning and Jilin (moisture≤15%, volume weight 690-700 g/L) at Bayuquan port prices at 1,800-1,810 yuan/tonne, down 20 yuan/tonne from yesterday.New corn spot prices at Shekou port, Guangdong stay at 1,950 yuan/tonne, remaining flat over yesterday's afternoon.Corn purchasing in facilities directly affiliated to northeastern warehouses is stopped one after another and market rumor goes that old corn is to be sold, under such circumstances, corn prices at coastal ports yesterday were seen falling drastically, where prices decrease by 20-30 yuan/tonne at northern ports, by 50 yuan/tonne at Guangdong ports and by 20 yuan/tonne at Nantong ports with no exception for a reasonable new-round decline later. Yet, farmers in corn belt and traders hoarding goods are still reluctant to sell in a strong mindset, while on the other side, downstream enterprises are probably to stock up when lunar new year is approaching, given that, domestic corn prices are probably to go high in a short term in terms of strong corn demand.

    Daily review on sorghum and barley: today, prices for imported sorghum go steady which settle at 1,870-1,980 yuan/tonne at main ports (Tianjin offers 1,980 yuan/tonne; Nantong 1,880 yuan/tonne; Shanghai 1,880-1,890 yuan/tonne; Guangdong 1,870-1,880 yuan/tonne.Meantime prices for most imported barley keep stable which stay at 1,720-1,810 yuan/tonne at main ports (Tianjin has not reported yet; Nantong 1,800-1,810 yuan/tonne; Shekou port in Guangdong 1,720-1,770 yuan/tonnes).It’s said that Chinese buyers are proactive in sorghum purchasing, supporting its prices in the outer, moreover, high CNF prices in US stay in recent days give substantial support to its market. According to customs, imports of sorghum in November stay in a low level followed by decreasing imports of barley, where sorghum in North China and East China are tightened in stocks, additionally, sorghum arrivals are projected to be few before Spring Festival, in this case, the market is to be buoyed by such bullish fundamentals.Overall, grains will remain strong in a short term,nevertheless, port delivery of sorghum in East China and South China becomes poor and with rumors about corn policies going around in market, marketer' bullish sentiments are somewhat affected, specifically, corn prices at southern and northern ports in these days pare gains. Attentions should be paid to the trend in market for sorghum at ports may be weighed down provided if corn prices continue to edge lower.