Daily review on soybean meal: Chicago soybeans continued to price up last night, while surprisingly, soybean meal today fall in DCE, of which domestic soybean meal spots are weighed down with futures, yet turnover is not much. Soybean meal prices in coastal areas range from 2,840 to 2,910 yuan/tonne, falling 10-20 yuan/tonne against yesterday following futures (Tianjin prices 2,900 yuan/tonne, Shandong 2,880-2,910 yuan/tonne, Jiangsu 2,840-2,870 yuan/tonne, Dongguan 2,840-2,860 yuan/tonne, Guangxi 2,850-2,860 yuan/tonne). Notably, there isn’t much buying interest in the downstream in the run-up to holidays this year when compared with former years and with high operating rate, high soybean stocks put a cap on its spots rally factored in delayed intensive stockpiles. Though US soybeans rose for a seventh straight session last night due to dry weather in Argentina and 44 cents above the former trading session, price upside of soybean meal was still not much. Moreover, falling pressure may come after continuously jumping US soybeans, consequently, soybean meal future is probable to drop a little with vibrations, but its later trends depend much on whether an intensive build up in inventory will be reached or not. Buyers for the time being can stand on the sidelines.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal drop steadily, among which prices in coastal areas stand at 2,230-2,300 yuan/tonne, some decreasing by 20 yuan/tonne over yesterday (Guangxi offers 2,270 yuan/tonne; Guangdong 2,280 yuan/tonne with 20 yuan/tonne lower than yesterday; Fujian 2,300 yuan/tonne). Rapeseed meal keeps higher in stocks than figures in former years amid its poor performance in market consumption, while on the other side, soybean meal stocks keep growing in the wake of impressive soybean crush, and under such bearish circumstances, rapeseed meal in a short term may go weaker and lower, therefore buyers may as well take a hand-to-mouth purchasing strategy for the moment.

    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 22nd, about 548,284 tonnes of fish have been caught in northern and central Peru in B season over 17 years, accounting for 36.8% of the total volume; fishing quota for this season is 1.49 Mln tonnes, among which 941,716 tonnes remain unfinished. Port stocks: Hangpu has 20,000 tonnes, Fuzhou 31,000 tonnes, Shanghai 13,000 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. Peruvian fishing takes a turn for the better the moment some holders have great preference to make shipments when Lunar New Year is around the corner, as a result, fishmeal in market for a short term will remain stable with downward tendency.

    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 yesterday ended high tracking former steps, imported soybeans for distribution are markedly restricted in food-grade products circulation for port inspections, and in consideration of ample domestic soybean supply and large soybean arrivals, market players are not optimistic about its performance later. Attention should still be paid to port inspections and soybean arrivals.

    Daily review on oils: Chicago soybeans last night rose for a seventh straight session along with increasing soybean meal, fueled by short covering and worries about parched Argentina, meantime, soybean oils also rebounded after falls. Accordingly, Dalian oils today bounce up further, among which domestic soybean oil and palm oil pick up tracking futures, yet lower prices may attract some deals. Oils in market are still buoyant seeing US soybean exports window go strong and a build up in inventory is under way given that soybean oil now plummets to 1.52 Mln tonnes in stocks. However, soybean weekly crush remains at an exceedingly high level of 1.95 Mln tonnes with considerable soybean supply at ports and palm oil now totals 0.65 Mln tonnes as soybean output in Brazil is estimated to be around 114 Mln tonnes, under such circumstance, it is hard for US soybeans to push pass 1,000 cents mark. In general, oil spots is limited to bounce up and may rather go weaker, therefore buyers can stay by for the moment.

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,640-5,730 yuan/tonnes, increasing by 10-50 yuan/tonne, (Tianjin traders offer 5,660-5,670 yuan/tonne, Rizhao traders 5,640 yuan/tonne, Zhangjiagang traders 5,730 yuan/tonne, Guangzhou traders 5,640-5,650 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,140-5,260 yuan/tonne, increasing by 30-50 yuan/tonne (Tianjin traders offer 5,230-5,240 yuan/tonne, a rise of 30 yuan/tonne; Rizhao traders 5,260 yuan/tonne, a rise of 30 yuan/tonne; Zhangjiagang traders offer 5,300 yuan/tonne, a rise of 50 yuan/tonne; Guangzhou 5,140 yuan/tonne; Xiamen 5,200 yuan/tonne, a rise of 30 yuan/tonne).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil go up steadily, among which main prices in coastal areas stay at 6,310-6,530 yuan/tonne, some down 20-30 yuan/tonne (Basis: Maple in Fangchenggang, Guangxi reaches 1,805-80; Yinxiang in Xiamen, Fujian stops to report; Shenheng in Dongguan, Guangdong offers 1805-180). Spring Festival holidays are only three weeks left when stockpiles of small-packing oils nearly come to an end, besides, European ban on palm oil imports is seen removed and rapeseed oils reserved are still auctioned under way, factored in all circumstances, price upside of rapeseed oil is probably capped in a near term amid persisting oil glut. In short, rapeseed oil will still be in volatile sessions tracking futures.

    Daily review on corn: today, prices for domestic corn prices remain stable where some are buoyant. Corn purchasing prices in Shandong deep processors mostly stay at 1,840-1,960 yuan/tonne, some down 10 yuan/tonne from yesterday, by contrast, purchasing prices in the northeast stand at 1,640-1,740 yuan/tonne, keeping flat. While the purchasing prices offered at Jinzhou port, Liaoning keep flat at 1,790-1,810 yuan/tonne. Drying new corn of Liaoning and Jilin (moisture ≤15%, volume weight 690-700 g/L) at Bayuquan port prices at 1,790-1,800 yuan/tonne, basically flat over yesterday. Corn prices at Shekou port, Guangdong are 1,950 yuan/tonne with transaction prices stabilizing at 1,920 yuan/tonne, basically flat from yesterday. Corn auction goes forward this week, which uplifts market bullish sentiments, accordingly, some traders now speed up shipments upon higher prices irrespective of steadily lowered northern corn prices. While notably, grain-selling progress in the producing areas this year is obviously faster than that of the same period of last year with less surplus grain left. And a large-scale rainfall in North China and Huanghuai region in recent days has chopped corn supplying, in that corn buying prices are further fueled by businesses in the downstream in want of corn stocks. On the whole, corn prices ahead of Chinese Lunar New Year will keep high amid small volatility, yet, attention should be paid to corn auction this week in northeastern areas, and added it, turnover in Inner Mongolia today goes poor, therefore businesses should keep an eye on when involved.

    Daily review on sorghum and barley: today, prices for imported sorghum go steady which settle at 1,880-1,960 yuan/tonne at main ports (Tianjin offers 1,960 yuan/tonne; Nantong 1,880-1,890 yuan/tonne; Shanghai 1,890-1,900 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 shipment--sorghum prices at Tianjin ports in these days are seen lower--and for farmers to sell goods in consideration of enlarged policy risks in corn market. 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. Given that, with long and short positions mixed, sorghum and barley at ports in the run-up to Spring Festival holidays are not likely to suffer from significant volatility, but to stabilize in a tight range.