Daily review on soybean meal: US soybeans continued to come down last night, correspondingly, Dalian oils today continue to fall. Domestic soybean meal spots are weighed down with futures, yet turnover is still not much.Soybean meal prices in coastal areas range from 2,840 to 2,910 yuan/tonne, a drop of 10-30 yuan/tonne against yesterday (Tianjin prices 2,910 yuan/tonne, Shandong 2,880-2,910 yuan/tonne, Jiangsu 2,845-2,860 yuan/tonne, Dongguan 2,860-2,870 yuan/tonne, Guangxi 2,880-2,900,yuan/tonne).US soybeans tumble to a four-mouth low owing to the slowdown in exports and probably raised US soybean final stocks and Brazil’s soybean yield estimate in the tomorrow report by U.S. Department of Agriculture. Meanwhile, soybean meal continues to come down as stocks keep high in light of profitable crush margins, assured soybean supply and exceedingly high operating rate amid buyers cautiousness about the market. 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 with support from oil mills, but to run weak in volatile sessions tracking futures, in that buyers can stay sidelines or take a hand-to-mouth purchasing strategy.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal drop steadily, among which prices in coastal areas stand at 2,250-2,300 yuan/tonne, some decreasing by 10 yuan/tonne over yesterday (Guangxi offers 2,260 yuan/tonne; Guangdong 2,250 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 the time consumption of rapeseed meal becomes less and less, generally, soybean meal stocks pile up further in the wake of impressive soybean crush. Rapeseed meal is seen to go weak in a near time for lack of support, therefore, buyers can stay sidelines or 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 9th, about 63,135 tonnes of fish have been caught in northern Peru in B season over 17 years, accounting for 4.24% of the total volume; fishing quota for this season is 1.49 Mln tonnes, among which 142,6865 tonnes remain unfinished.Port stocks: Hangpu has 20,000 tonnes, Fuzhou 32,000 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 Peru's central and northern parts goes well, though fishing is forbidden at some ports, in general, price are now stable as market players at home and abroad now prefer to stay sidelines.

    Daily review on soybeans: due to a strict investigation by State Commodity Inspection Department, soybeans at ports fail to be quoted and delivered, of which prices of most imported and distributed soybeans are stopped to report at Qingdao and Rizhao ports. In terms of a slowdown in exports, US soybeans continued to come down overnight as analysts speculate that government is probable to increase US soybeans final stocks and Brazil soybean yield estimates in supply/demand report, bringing about bearish sentiment to the domestic soybeans in market. And in consideration of ample domestic soybean supply and large soybean arrivals, market players are not optimistic about its performance later. Still, attention should paid to port inspections and soybean arrivals.

    Daily review on oils: US soybeans and soybean meal continued to pare gains overnight, affected by positions balance before the release of crop report in the United States and improved weather pattern in South America, meantime Chicago soybean oil fell again. Accordingly, Dalian oils go down after gains where domestic soybean oil and palm oil spots slump tracking futures, yet turnover is not much. On one hand, oil futures undergo decline in volatile sessions as US soybeans breach 950 cents since market expects that final stocks of US soybean are likely to reach 472 Mln tonnes bushels from 77 Mln tonnes bushels and soybean yield in Brazilian growing areas may hit 111.8 Mln tonnes, 1.9% higher than estimates. While on the other hand, international crude oil keeps robust in performance and soybean oil falls to 1.60 Mln tonnes in stocks for packing oil stockpiles are under way in China, thus with all factors taken into account, oils market may keep buoyant before holidays amid frequent vibrations, yet with supply pressure of oil persisting, price upside of oils will not be great, in this case, buyers can maintain proper inventory till price tumble goes steady.

    Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stay at 5,630-5,730 yuan/tonne, most falling 10-40 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 5,630-5,640 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,210 and 5,310 yuan/tonne, some falling 10-20 yuan/tonne (Tianjin traders offer 5,300-5,310 yuan/tonne, keeping flat; Rizhao traders 5,290 yuan/tonne, a drop of 20 yuan/tonne; Zhangjiagang traders 5,280 yuan/tonne, a decline of 20 yuan/tonne; Guangzhou 5,210-5,220 yuan/tonne, down 10 yuan/tonne, Xiamen 5,300 yuan/tonne, keeping flat against yesterday).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil rise steadily, among which main prices in coastal areas stay at 6,360-6,570 yuan/tonne, some up 10-30 yuan/tonne (Basis: Maple in Fangchenggang, Guangxi reaches 1,805-110; Yinxiang in Xiamen, Fujian stops to report; Shenheng in Dongguan, Guangdong 1,805-200). Demand for rapeseed oil 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, and continuous auction for rapeseed oil reserved, while it is now the right time to stock up ahead of Spring Festival holidays, in this case, rapeseed oil in near term will rebound in volatile sessions.

    Daily review on corn: today, domestic corn prices are mixed.Corn purchasing prices in Shandong deep processors mostly stay at 1,780-1,900 yuan/tonne, some up 10-20 yuan/tonne from yesterday, by contrast, purchasing prices in the northeast keep high at 1,630-1,720 yuan/tonne. While the purchasing prices offered at Jinzhou port, Liaoning stand at 1,800-1,820 yuan/tonne, keeping flat over yesterday. 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, keeping flat over yesterday.New corn spot prices at Shekou port, Guangdong stay at 1,950-1,970 yuan/tonne, being flat over yesterday.Farmers in corn belt and traders hoarding goods for the moment are still reluctant to sell in a strong mindset, while affected by weather conditions, inventory levels in deep processors mostly become low amid less corn supplying. Meantime, demand for corn purchasing becomes robust in the stocking-up period, consequently, deep processors in North China continue to price up to attract more corn supplying. Whereas, market sentiment may be affected since the latest rumor goes that northeastern corn will be put on the market by auction in the near future with companies’ decision on auction volume, in detail, 1.5 Mln tonnes from Jilin province and roughly 3-4 Mln tonnes from provinces in the northeast. Overall, corn prices are hard to fall factored in corn yield cut and tightened supply of high-quality corn amid robust demand in the downstream ahead of Lunar New Year.

    Daily review on sorghum and barley: today, prices for imported sorghum go steady which settle at 1,870-1,970 yuan/tonne at main ports (Tianjin offers 1,970 yuan/tonne; Nantong 1,880 yuan/tonne; Shanghai 1,880-1,890 yuan/tonne; Guangdong 1,870-1,880 yuan/tonne, all keeping flat over yesterday.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).Sorghum is estimated to arrive at ports in East China and South China before Chinese Lunar New Year, which may therefore ease supply tension. In addition, sorghum at ports are under pressure as corn prices slide on account of strong sentiment of importers to make shipments and prevailing rumors about national policies recently, correspondingly, transaction prices at some ports in these days are also seen sliding. Whereas, 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. Overall, any price downsize of sorghum, if possible, will not be great, furthermore, sorghum may be fueled if corn at ports rebounds after falls, therefore, attention should still be paid to corn market before Spring Festival.