Daily review on soybean meal: Chicago Board of Trade beans future last night closed, accordingly, futures for Dalian meal and Globex pick up where domestic soybean meal spots keep firm amid some fluctuations, yet turnover is not much.Coastal soybean meal prices range from 2,850 to 2,930 yuan/tonne, a fluctuation of 10-20 yuan/tonne (Tianjin prices 2,930 yuan/tonne, Shandong 2,905-2,930 yuan/tonne, Jiangsu 2,860-2,880 yuan/tonne, Dongguan 2,840-2,860 yuan/tonne, Guangxi 2,850-2,870 yuan/tonne).Ample global supply puts an cap on price upside in US soybeans, besides, soybean meal spots are also limited to rebound as stocks further reach 0.96 Mln tonnes week on week by 10% in light of good crush margins and relatively high operating rate but delayed stockpiles and light trading volume. Nevertheless, with quite a lot contracts to implement in oil mills and expected stockpiles in feed producers in the second half of the January, the run-up to holidays, soybean meal is not likely to fall a lot in a short term, but to experience slightly volatile sessions tracking futures and later probably go through a mild rally. Buyers who have a lower inventory level can make replenishment upon bargain hunting, and should keep an eye on if chasing high.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal are basically stable, among which prices in coastal areas stand at 2,240-2,270 yuan/tonne (Guangxi offers 2,270 yuan/tonne; Guangdong 2,250 yuan/tonne; Fujian 2,270 yuan/tonne).More and more oil mills in South China are now faced with swelling rapeseed meal stocks amid its poor performance in market consumption, while on the other side, soybean meal stocks keep growing in the wake of impressive soybean crush, in that rapeseed meal in a short term may go weak with future and be hard to jump by leaps for lack of volatility.

    Daily review on fishmeal: today, prices for imported fishmeal keep firm, yet prices are negotiable upon transaction 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 14th, about 232,188 tonnes of fish have been caught in northern Peru in B season over 17 years, accounting for 15.58% of the total volume; fishing quota for this season is 1.49 Mln tonnes, among which 125,7812 tonnes remain unfinished.Port stocks: Hangpu has 17,000 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.Manufacturers at home and abroad now stay on the sidelines and hold on fishmeal prices for promising volume in Peru fishing, correspondingly, price volatility is to be limited. Generally speaking, fishmeal holders at home and abroad are gradually inclined to make delivery when Lunar New Year is around the corner.

    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.At present, imported soybeans for distribution are markedly restricted in food-grade products circulation, 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: Chicago Board of Trade closed last night, leaving no guidance to market players, consequently, Dalian oils today open high but end low, of which palm oil sags in volatile sessions. While most soybean oil spots price up amid falls in some, and palm oil is seeing falling, still, turnover is not much. Overall, price upside in US soybeans is limited to a certain range factored in surprisingly bullish report by USDA but favorable rain in the parched Argentine in the weekend and high level of soybean production in Brazil (114.1 Mln tonnes), a level equivalent to last year’s record high. Domestic soybean oil on one hand is fueled as it has shriveled to 1.56 Mln tonnes in stocks with a reduction of 0.12 Mln tonnes from the previous record-high level due to stockpiling ahead of holidays, but on the other hand, palm oil in stocks has grown to 0.64 Mln tonnes when stockpiles of packing oils draw to a end with roughly ten days left, in this case, oil spots in the short term will be subject to volatility tracking futures amid oil glut and be capped on higher prices if any rebounds come about. Buyers can wait and see for the moment and make replenishment upon bargain hunting when price decline goes steady.

    Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stay at 5,600-5,700 yuan/tonne, most of which increase by 10-30 yuan/tonne, yet few decrease by 10-20 yuan/tonne (Tianjin traders offer 5,650-5,660 yuan/tonne, Rizhao traders 5,630 yuan/tonne, Zhangjiagang traders 5,700 yuan/tonne, Guangzhou traders 5,600-5,610 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,100 and 5,230 yuan/tonne, most decreasing by 20-30 yuan/tonne (Tianjin traders offer 5,230 yuan/tonne, a drop of 20 yuan/ton; Rizhao traders have not reported the prices; Zhangjiagang traders offer 5,200 yuan/tonne, a decline of 30 yuan/tonne; Guangzhou 5,100-5,120 yuan/tonne, down 20 yuan/tonne; Xiamen 5,230 yuan/tonne, a decline of 20 yuan/tonne).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil go steady basically, among which main prices in coastal areas stay at 6,250-6,450 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). Turnover demonstrates high in two-round rapeseed oil tenders as market players are passionate in participating, and along with the peak time for building up stocks, rapeseed oil in market is fueled. Yet, demand for rapeseed oil is not likely to be great in consideration of 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: corn purchase prices in Shandong deep processors push pass 1,900 yuan/tonne across the board with the highest almost reaching 2,000 yuan/tonne, beside, corn volume is seen soaring in these two days as processors are active in delivery making. Specifically, con purchase prices in part like southern and northern ports pare gains from yesterday’s afternoon and with the third tender in 2018 projecting to be launched in Inner Mongolia this week, market concerns prevail that grains supply by state reserves may somewhat hit the market. Nevertheless, more than half of grain surplus in corn belt has been sold, and additionally, due to the poor grain quality in North China this year, high-quality corn in the latter part of the year will still be deficient, and with Lunar New Year approaching, corn demand becomes much-needed for enterprises in the downstream, under such circumstances, corn prices are limited to fall and are probable to run high in the run-up to new year. Indeed, attention should still be paid to supply and demand changes. 

    Daily review on sorghum and barley: today, prices for imported sorghum go steady which settle at 1,880-1,970 yuan/tonne at main ports (Tianjin offers 1,970 yuan/tonne; Nantong 1,880-1,890 yuan/tonne; Shanghai 1,890-1,890 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).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, there is an incentive for importers to make more shipments. 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.