Daily review on soybean meal: beans on Chicago Board of Trade rebounded last Friday, the same trend going to Dalian soybean meal today, accordingly, soybean meal spots pick up tracking futures, and turnover on lower prices turns good.Soybean meal prices in coastal areas range from 2,850 to 2,930 yuan/tonne, increasing by 10-30 yuan/tonne against last Friday (Tianjin prices 2,930 yuan/tonne, Shandong 2,910-2,920 yuan/tonne, Jiangsu 2,850-2,880yuan/tonne, Dongguan 2,850-2,860 yuan/tonne, Guangxi 2,870-2,890 yuan/tonne).US soybeans for the moment are seeing rebounding, supported by the bearish report that US soybean yield estimate was surprisingly lowered by U.S. Department of Agriculture (USDA), meanwhile, with delayed soybean unloading in some of Rizhao and Nanjing oil mills due to GMO certificates inspection, soybean meal spots are to welcome a rally as buyers are inclined to build up stock ahead of time. But notably, price upside of US soybeans is to be capped by hefty gains of soybeans in South America and abundant global supply, additionally, as soybean crush hit 1.81 Mln tonnes last week with overall glut, and may further reach about 1.85 Mln tonnes in the following two weeks, soybean meal is limited to price up and therefore its trend after the holidays is worth noticing. Practically speaking, buyers who have a low inventory level can make proper replenishment upon bargain hunting. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal pick up steadily, among which prices in coastal areas stay at 2,240-2,270 yuan/tonne with a rise of 10-30 yuan/tonne over yesterday (Guangxi offers 2,270 yuan/tonne, with a rise of 30 yuan/tonne; Guangdong 2,250 yuan/tonne, up 10 yuan/tonne; Fujian 2,270 yuan/tonne, growing by 10 yuan/tonne).Rapeseed meal stocks in South China last week climbed to 70,000 tonnes week on week by 12%. While soybean meal stocks keep growing in the wake of impressive soybean crush, overall, rapeseed meal in a short term may go weak with futures in light of dominating pressure from off-season demand and overflowing inventories in South China.

    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 11th, about 129,699 tonnes of fish have been caught in northern Peru in B season over 17 years, accounting for 8.7% of the total volume; fishing quota for this season is 1.49 Mln tonnes, among which 1,360,301 tonnes remain unfinished.Port stocks: Hangpu has 19,000 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.Though fishing in northern Peru goes well for the time being, fishmeal holders at home still prefer to stay by, consequently, prices go steady.

    Daily review on soybeans: due to a strict investigation by State Commodity Inspection Department, soybeans for distribution 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.Soybean ended high last Friday in the outer, affected by a blessing January supply/demand report released by U.S. Department of Agriculture, while in consideration of ample domestic soybean supply and large soybean arrivals, market players are still not optimistic about its performance later.Still, attention should paid to port inspections and soybean arrivals.

    Daily review on oils: beans on Chicago Board of Trade last Friday night pricked up factored in lowered soybean yield estimate by USDA, nevertheless, soybean oil futures went down on a small scale as trading went between soybean meal and soybean oil price gap. Accordingly, Dalian oils today are subject to vibrations and run above former trading level where domestic soybean oil is mostly stable after decline amid rebounds in part and palm oil experiences fluctuations in part, yet turnover is general. Though exports of US soybean are seen falling, soybean carryover stocks are still a tad lower than market expectations in connection with surprisingly lowered yield, moreover, yield in South America also falls below previous expectations for US soybeans push pass to 960 cents from the lower level of 950 cents by the bearish report. While Environmental Protection Agency (EPA) gives small-sized oil refiners exemptions to reduce the statutory amount of biodiesel in blending, given that, soybean oil on Chicago Board of Trade and oil spots in a short term demonstrate weak in performance in time of oil glut, meantime, Dalian oils this afternoon again pare gains. Attentions should still paid to GMO certificates’ impact on soybean unloading in oil mills based in Rizhao, Shandong. Practically, buyers for the present can take a hand-to-mouth purchasing strategy and wait for stable price decline to make significant replenishment.

    Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stay at 5,600-5,700 yuan/tonnes, some growing by 10-30 yuan/tonne (Tianjin traders offer 5,660-5,670 yuan/tonne, Rizhao traders 5,620 yuan/tonne, Zhangjiagang traders 5,700 yuan/tonne, Guangzhou traders 5,600-5,620 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,150 to 5,270 yuan/tonne, part of which fluctuate 10-50 yuan/tonne (Tianjin traders offer 5,260-5,270 yuan/tonne, up 10 yuan/tonne; Rizhao traders 5,250 yuan/tonne with a decline of 20 yuan/tonne; Zhangjiagang traders 5,230 yuan/tonne, down 10 yuan/tonne; Guangzhou traders 5,150 yuan/tonne; Xiamen traders 5,250 yuan/tonne, up 50 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 6,300-6,500 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). Rapeseed oil in South China last week grew by 54,800 tonnes week on week by 1%, furthermore about 54,900 tonnes of rapeseed oil reserved are projected to under auction on January 19th. Yet, demand for rapeseed oil is still not great in consideration of large soybean oil and palm oil in stocks, further expanded price gap between soybean oil and palm oil. In short, rapeseed oil in near term will still be in volatile sessions.

    Daily review on corn: today, domestic corn continue to price up.Most purchasing prices for corn in Shandong deep processors stay at 1,840-1,970 yuan/tonne, up 10-40 yuan/tonne from last Friday, by contrast, purchasing prices in the northeast stand at 1,644-1,750 yuan/tonne, some up 10-70 yuan/tonne over last Friday. Corn purchasing prices at Jinzhou port, Liaoning are revised to 1,800-1,820 yuan/tonne, down 20 yuan/tonne from last Friday. Drying new corn of Liaoning and Jilin (moisture≤15%, volume weight 690-700 g/L) at Bayuquan port prices at 1,810-1,820 yuan/tonne, up 10 yuan/tonne from last Friday.New corn spot prices at Shekou port, Guangdong stay at 1,950-1,970 yuan/tonne, being flat from last week.China Grain Reserves Corporation projects to launch an auction on corn around 31,000 tonnes this week in Inner Mongolia coming after auctions in Shanxi last week, at the same time, rumors about reserved corn dumping in northeastern market go around, as a result, corn shipments are seen growing for some traders previously hoarding goods are inclined to sell out, particularly, corn prices at Jinzhou ports pare gains on a small scale. Whereas, market bullish moods still persist along with most traders’ reluctance to sell, besides, stocking-up demand keep strong in the downstream when Lunar New Year around the corner. Notably, corn purchasing prices these days are significantly raised in deep processors in North China, with an expectation to grow by 80-120 yuan/tonne in nearly half month. In words, domestic corn prices in a near term will keep strong.    

    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.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, transaction prices at some ports in these days slide on account of strong sentiment of importers to make shipment. 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. Furthermore, buoyant  corn prices in corn belts like northeast and North China boost the market, therefore, sorghum and barley in a near term will go strong.