Daily review on soybean meal: US soybeans priced up further overnight, but Dalian meal today is lack of volatility to rebound, of which domestic soybean meal spots are mostly stable amid some falls, yet turnover is still light.Coastal soybean meal prices range from 2,830 to 2,920 yuan/tonne, a decline of 10-30 yuan/tonne over yesterday (Tianjin prices 2,910 yuan/tonne, Shandong 2,900-2,920 yuan/tonne, Jiangsu 2,830-2,860 yuan/tonne, Dongguan 2,840-2,860 yuan/tonne, Guangxi 2,840-2,860 yuan/tonne).A short-lived rally now comes to US soybean due to short covering, but otherwise its price upside may be capped by estimated hefty gains of soybeans in Brazil.While soybean meal is also pressured down in light of considerable stock pressure amid large soybean supply, good crush margins and high operating rate in oil mills. Nevertheless, with quite a lot contracts to implement in oil mills and basically exhausted spots, price decline in soybean meal may be limited with supports from oil mills and in time of lower soybean oil prices, yet, a rally may come about when an intensive stockpiling is launched in the run-up to holidays, but market players should pay attention to the market trends if a bumper harvest of soybeans is to come in South America. Buyers can take a hand-to-mouth purchasing strategy for the time being.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal are basically stable, among which prices in coastal areas stand at 2,220-2,270 yuan/tonne, decreasing by 10-20 yuan/tonne over yesterday (Guangxi offers 2,250 yuan/tonne with a decline of 20 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, therefore under such bearish circumstances, rapeseed meal in a short term may go weaker and lower. Buyers may as well stand on the sidelines.

    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 16th, about 295,294 tonnes of fish have been caught in northern Peru in B season over 17 years, accounting for 19.82% of the total volume; fishing quota for this season is 1.49 Mln tonnes, among which 1,194,706 tonnes remain unfinished.Port stocks: Hangpu has 18,000 tonnes, Fuzhou 32,000 tonnes, Shanghai 11,000 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 Peru turns better, deficient spot stocks available for transaction at home and at abroad still put a cap on its prices.

    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.Though beans in the outer last night ended high, 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: fueled by short covering and spillover effects of rising corn and wheat prices, US soybeans continued to rise last night, however, US soybean oil went lower by trade upon soybean meal/oil spreads. Correspondingly, Dalian oils today continue to come down where domestic soybean oil spots fall tracking yesterday’s tendency and palm oil suffers from fluctuations in part, still, turnover is not much. In general, US soybeans now stay around 960-980 cents mark as Argentine drought meets Brazil abundant rains. Moreover, domestic soybean oil on one hand is fueled as it has shriveled to around 1.55 Mln tonnes in stocks with 0.13 Mln tonnes less than the previous record-high level due to stockpiling ahead of holidays, an incentive for traders in midstream and downstream to make replenishment on lower prices and for manufacturers to store supplier in hope of selling at a higher price, but on the other hand, stockpiles of packing oils draw to a end with roughly one week left, in this case, oil spots in the short term will be subject to volatility in a lower level tracking futures amid oil glut and restrictions on higher prices if any rebounds come about. Buyers may as well make proper 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 5,560-5,660 yuan/tonne, falling 20-40 yuan/tonne (Tianjin traders offer 5,600-5,610 yuan/tonne, Rizhao traders 5,580 yuan/tonne, Zhangjiagang traders 5,660 yuan/tonne, Guangzhou traders 5,560-5,570 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,110 to 5,210 yuan/tonne, part of which fluctuate 10-30 yuan/tonne (Tianjin traders offer 5,210 yuan/tonne, up 10 yuan/tonne; Rizhao traders 5,200-5,210 yuan/tonne with a decline of 20 yuan/tonne; Zhangjiagang traders 5,200 yuan/tonne, up 20 yuan/tonne; Guangzhou traders 5,110 yuan/tonne; Xiamen traders 5,180-5,200 yuan/tonne, down 30 yuan/tonne).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil drop steadily, among which main prices in coastal areas stay at 6,270-6,470 yuan/tonne, some up 10-20 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 limited in consideration of expanded price gap between soybean oil and rapeseed oil, continuous auctions of rapeseed oil reserved and considerable stocks pf soybean oil and palm oil. Moreover, imports of rapeseed are robust seeing its crush margins demonstrate good, which greatly supply the rapeseed oil in market later. In short, rapeseed oil in near term will still be in volatile sessions tracking futures and its price upside will be capped.

    Daily review on corn: today, domestic corn prices continue to fall steadily.Corn purchasing prices in Shandong deep processors mostly stay at 1,820-1,940 yuan/tonne, down 6-10 yuan/tonne from yesterday, by contrast, purchasing prices in the northeast stand at 1,640-1,750 yuan/tonne, keeping flat. While the purchasing prices offered at Jinzhou port, Liaoning keep flat at 1,800-1,815 yuan/tonne. 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 are pegged at 1,920-1,940 yuan/tonne, further decreasing by 10 yuan/tonne from yesterday.Rumors about corn auction in Jilin again stir the market sentiment after auction in Shanxi and Inner Mongolia, as a result, some traders in northeastern gradually offer high prices for goods delivered. Meantime, corn purchasing prices are seen decreasing by 20-50 yuan/tonne in these days as corn arrivals at deep processors in North China keep growing along with accumulated stocks. Nevertheless, the supply of high-quality corn in the market is still tight and corn demand in the downstream remains robust when Lunar New Year is approaching, in this case, corn prices are not likely to go lower, but probably to stay in high levels in volatile sessions.

    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, additionally, there is an incentive for importers to make more shipments. Whereas, import costs remain high as CNF in US prices up in recent days, and importers are inclined to higher prices for goods at hand in fear of unavailable supply of lower costs, giving substantial support to its market. Furthermore, buoyant corn prices in northeastern corn belts also boost the market, therefore, sorghum and barley at ports in the run-up to Spring Festival holidays will go strong.