Daily review on soybean meal: Chicago soybeans rose for a eighth consecutive day last night, accordingly, Dalian soybean meal today rebounds a little after fall, among which domestic soybean meal spots mostly turn stable after falls amid marginal vibrations, yet turnover is not to be much in expectations.Coastal soybean meal prices range from 2,840 to 2,900 yuan/tonne, a fluctuation of 10-20 yuan/tonne compared with yesterday (Tianjin prices 2,900 yuan/tonne, Shandong 2,880-2,900 yuan/tonne, Jiangsu 2,840-2,870 yuan/tonne, Dongguan 2,840-2,860 yuan/tonne, Guangxi 2,850-2,860 yuan/tonne).US soybeans continue to go strong based on weaker US dollars and drying Argentine soybean acreage, furthermore, price downside of soybean meal is capped as volume in contracts to implement remains large amid processors’ support in view of sluggish soybean oil. Yet, soybean meal is now in a dilemma of burdensome and large stocks on one hand due to profitable soybean crush margins and high operating rate, but insufficient demand on the other hand for there isn’t much buying interest in the downstream in the run-up to holidays this year when compared with former years, given that soybean meal spots fail to rebound by leaps. Shorter term, soybean meal will vibrate in a tight range, therefore buyers can stand by for the moment.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal decline steadily, among which prices in coastal areas stand at 2,230-2,300 yuan/tonne, some down 10 yuan/tonne (Guangxi offers 2,250 yuan/tonne, down 10 yuan/tonne; Guangdong 2,250 yuan/tonne, down 10 yuan/tonne; Fujian stops to report).Price upside of rapeseed meal is far behind international market levels in consideration of ample supplies but poor consumption, while on the other side, soybean meal stocks keep growing in the wake of impressive soybean crush, and under such 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 23rd, about 596,543 tonnes of fish have been caught in northern and central Peru in B season of year 2017, accounting for 40.04% of the total volume; fishing quota for this season is 1.49 Mln tonnes, among which 893,457 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.Fishmeal holders now have strong preference to hold onto goods in the hope of higher prices as a second-round fishing in central and northern Peru will come to a halt on January 26th, as a result, fishmeal in market is likely to be stable.

    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: CBOT soybeans last night were further fueled by US dollar depreciation and Argentine dryness, charting for a eighth successive session of gains, meantime both soybean meal and oil picked up, while by contrast, Dalian oils today demonstrate poor in performance and in a volatile session, of which most domestic soybean oil and palm oil spots remain stable irrespective of vibrations in part, yet turnover is not much. In the next ten days, approximately 80% of the soybean acreage in Argentina will still be dry, in that soybean production will probably be impacted by shriveled planting. Additionally, US soybean price has risen above 990 cents, though soybean oil is seen downsized to 1.51 Mln tonnes in stocks, which uplifts processors’ mind for higher prices. However, soybean weekly crush remains at an exceedingly high level of 1.95 Mln tonnes and palm oil now totals 0.65 Mln tonnes the time the demand for stocking is gradually weakened and fundamentals are still bearish. Overall, oil spots are probably weak and are subject to vibrations frequently tracking futures, therefore buyers can stand by for the moment.

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,620-5,720 yuan/tonne, some fluctuating 10-20 yuan/tonne (Tianjin traders offer 5,650-5,660 yuan/tonne, Rizhao traders 5,630 yuan/tonne, Zhangjiagang traders 5,720 yuan/tonne, Guangzhou traders 5,620-5,630 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,120-5,240 yuan/ton, a reduction of 30 yuan/tonne in part (Tianjin traders offer 5,230-5,240 yuan/tonne, keeping flat; Rizhao traders have not reported the prices; Zhangjiagang traders offer 5,270 yuan/tonne, down 30 yuan/tonne; Guangzhou 5,120-5,140 yuan/tonne,  Xiamen 5,200 yuan/tonne, keeping flat).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil are basically stable, among which main prices in coastal areas stay at 6,310-6,530 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). Irrespective of higher soybean oil stocks than those in previous years, rapeseed oil keep supplying in market as reserved rapeseed oil is auctioned under way by government, to be specific, three tenders have been conducted till last week with 0.15 Mln tonnes adding to the market. While, its price upside will not be great as stockpiling of small-packing oils draws to an end, instead, rapeseed oil in a near term will be vibrate frequently.

    Daily review on corn: today, prices for most domestic corn prices remain stable where some pick up further.Corn purchasing prices in Shandong deep processors mostly stay at 1,840-1,960 yuan/tonne, some down 10-20 yuan/tonne from yesterday, by contrast, purchasing prices in the northeast stand at 1,640-1,740 yuan/tonne, keeping flat. While the buying prices offered at Jinzhou port, Liaoning settle at 1,790-1,815 yuan/tonne, up 5 yuan/tonne upon the highest price from yesterday. 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 for the time being, which uplifts market sentiments, accordingly, some traders now speed up shipments upon higher prices and that somewhat exerts pressure on corn prices. While notably, less surplus grain left in corn belt and bouts of frigid temperatures--dramatically falling temperatures in northeast and a large-scale rainfall in North China and Huanghuai region in recent days--have chopped corn supplying and flows, 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, corn buying price grows by 13-23 yuan/tonne in Jilin province with today full turnover rate.

    Daily review on sorghum and barley: today, prices for imported sorghum drop on a steady upward trend 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/tonne).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.