Daily review on soybean meal: Chicago beans ended high last night, correspondingly, US soybeans and Dalian soybean meal today in Globex edge higher, of which soybean meal spots are mostly stable though some changing 10-20 yuan/tonne, yet turnover turns poor. Soybean meal prices in coastal areas range from 2,850 to 2,910 yuan/tonne, some rising 10-20 yuan/tonne against yesterday (Tianjin prices 2,910 yuan/tonne, Shandong 2,870-2,900 yuan/tonne, Jiangsu 2,840-2,860 yuan/tonne, Dongguan 2,850-2,860 yuan/tonne, Guangxi 2,850-2,860 yuan/tonne). US soybean futures are fueled by short covering on concerns that dryness in Argentina may result in reduced production of soybeans. While soybean meal experiences a little rally amid processors?support in view of sluggish soybean oil. But price upside of soybean meal is also limited as it is in a dilemma that large-scale snowfall nationwide recently has paralyzed the transportation on one side, and stocks grow to 960,000 tonnes by 46% in light of profitable crush margins and high operating rate on the other side. Buyers may as well maintain proper replenishment and buy in in batches when forward basis is not more than 50 yuan. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal drop steadily, among which prices in coastal areas stand at 2,280-2,310 yuan/tonne, some decreasing by 10 yuan/tonne over yesterday (Guangxi offers 2,280 yuan/tonne; Guangdong 2,290 yuan/tonne with 10 yuan/tonne lower than yesterday; Fujian 2,310 yuan/tonne). Rapeseed meal stocks in South China are still higher than the figure the same period last year. Turnover of rapeseed meal is rather poor and even reached the bottom under the impact of other meal in times of off-time aquaculture, and what is worsen, soybean meal stocks keep accumulating in the wake of impressive soybean crush, therefore under such pressure, rapeseed meal in a short term may go weaker and lower in volatile sessions. 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 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 26th, about 661,081 tonnes of fish have been caught in northern and central Peru in B season of year 2017, accounting for 44.37% of the total volume; fishing quota for this season is 1.49 Mln tonnes, among which 828,919 tonnes remain unfinished. 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. Deficient fishmeal supplies for China’s market are made obvious since fishing in northern and central Peru in the second season now finishes, in this case, fishmeal in a shorter term will remain stable in market. 

    Daily review on soybeans: due to a strict investigation by State Commodity Inspection Department, soybeans at ports fail to be quoted, of which prices of imported soybeans for distribution remain unquoted at Qingdao and Rizhao ports. And in expectations, that will continue in the run-up to Lunar New Year. 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. Attention should still be paid to port inspections and soybean arrivals. 

    Daily review on oils: Chicago beans last night all priced up due to adverse weather in Argentina, whereas, Dalian oils today pare gains, of which soybean oil and palm oil drop by 20-60 yuan/tonne, yet turnover is not much. Processors now hold out for higher prices seeing strong performance of US soybeans and decreasing soybean oil in stocks to 1.5 Mln tonnes. While soybean weekly crush remains at an exceedingly high level of 1.99 Mln tonnes and palm oil now totals 0.66 Mln tonnes the time stockpiling comes to an end with less demand in end users. As a result, stock decline of soybean oil will be limited and US soybeans will probably below 10 yuan mark amid persisting oil glut, on this very note, Dalian oils today starts to draw back. Overall, oil spots are probably subject to frequent vibrations tracking futures,  thereby buyers can wait and see for the time being. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,590-5,700 yuan/tonne, falling 20-50 yuan/tonne (Tianjin traders offer 5,630-5,640 yuan/tonne, Rizhao traders 5,630 yuan/tonne, Zhangjiagang traders 5,700 yuan/tonne, Guangzhou traders 5,590-5,600 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,090 and 5,260 yuan/tonne, a decline of 30-60 yuan/tonne (Tianjin traders offer 5,210-5,220 yuan/tonne, a drop of 40 yuan/tonne; Zhangjiagang traders offer 5,260 yuan/tonne, a decline of 40 yuan/tonne; Guangzhou 5,090-5,110 yuan/tonne; Rizhao traders and Xiamen traders have not reported). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil are slashed, among which main prices in coastal areas stay at 6,270-6,490 yuan/tonne, down 10-50 yuan/tonne (Basis: Maple in Fangchenggang, Guangxi offer 1805-80; Yinxiang in Xiamen, Fujian stops to report; Shenheng in Dongguan, Guangdong 1,805-160). Rapeseed oil supplies in a shorter term will keep accumulating as four times of dumping have been conducted by State Reserves Bureau. Inventory consumption is under way in market, while its demand is hard to be great in consideration of relatively large stocks of soybean oil and palm oil and expanded price gap between soybean oil and rapeseed oils. Shorter term, rapeseed oil may vibrate frequently with futures when a build up in small-packing oils draws to an end. 

    Daily review on corn: today, prices for most domestic corn remain stable, some fluctuating in a tight range. Corn buying prices in Shandong deep processors mostly stay at 1,840-1,970 yuan/tonne, some picking up, by contrast, purchasing prices in the northeast stand at 1,640-1,720 yuan/tonne, keeping flat compared with yesterday. While the purchasing prices offered at Jinzhou port, Liaoning keep flat at 1,810-1,825 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, being flat. Corn spot prices at Shekou port, Guangdong are 1,900-1,910 yuan/tonne, down 10 yuan/tonne on the highest price. Logistics and transportation in such regions as Henan, Anhui, Jiangsu are now paralyzed due to extreme weather, and in addition, corn demand for replenishment in some medium and small businesses is still robust amid tightened corn supplies for the moment, which boosts corn prices in market. Nevertheless, intensive corn auction goes forward in the northeast though on a small scale, which uplifts market bearish sentiments, and accordingly, with Lunar New Year approaching, traders have strong preference to make shipments given that feed consumption becomes poorer and poorer for increasing pig slaughter the time most large businesses almost finish building up their inventories. Therefore, price upside of corn is likely to be capped, but overall corn spot prices may go up in a high level and vibrate in a tight range ahead of Spring Festival.   

    Daily review on sorghum and barley: today, prices for imported sorghum go steady which settle at 1,860-1,960 yuan/tonne at main ports (Tianjin offers 1,950-1,960 yuan/tonne; Nantong 1,870-1,880 yuan/tonne; Shanghai 1,860-1,870 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 transaction prices at 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 continue to pare gains steadily in a tight range. Market players can wait for new information for guidance.