Daily review on soybean meal: Chicago soybeans last night pared gains, accordingly, Dalian meal today also falls, of which domestic soybean meal spots decline steadily. Yet, turnover of spots is still not much though forward lower prices may attract some deals. Soybean meal prices in coastal areas range from 2,840 to 2,910 yuan/tonne, a steady drop of 10-20 yuan/tonne against yesterday (Tianjin prices 2,910 yuan/tonne, Shandong 2,870-2,890 yuan/tonne, Jiangsu 2,840-2,860 yuan/tonne, Dongguan 2,840-2,870 yuan/tonne, Guangxi 2,870-2,880 yuan/tonne). Hit by profit taking for long positions and scattered rains in Argentina, US soybean futures now fall below 1,000 cents mark. While soybean meal is still in dilemma and is probable to vibrate in a tight range for its spots are deprived of vitality to rebound based on profitable crush margin, exceedingly high operating rate and accumulating stocks on one hand and good momentum in turnover with final-round stockpiling under way among feed sectors amid processors?support on the other side.  Buyers had better maintain a safe inventory level and keep an eye on when chasing high, particularly, buyers may as well buy in in batches when forward basis is not more than 60 yuan. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal are basically stable, among which prices in coastal areas stand at 2,250-2,320 yuan/tonne, decreasing by 10 yuan/tonne over yesterday in part (Guangxi offers 2,270 yuan/tonne with a decline of 10 yuan/tonne; Guangdong 2,300 yuan/tonne; Fujian 2,320 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 what is worse, soybean meal stocks keep accumulating in the wake of exceedingly high operating rate of 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 30th, about 1,790 tonnes of fish have been caught in southern Peru in A season of year 2018, accounting for 0.03% of total quota--530,000 tonnes--this season, among which 533,209 tonnes remain unfinished. Spots offers (FOB) in the outer remain stable, 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. Stable fishmeal performance in the outer uplifts Chinese holders?bullish sentiment irrespective of poor demand, in this case, fishmeal in a shorter term may 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: CBOT beans last night all came down, dragged by profit taking and increasing probability of rainfall in parched Argentina in next month. Correspondingly, Dalian oils continue to pare gains, of which domestic soybean oil and palm oil spots plummet tracking futures, yet turnover is not much. On one hand, soybean crush this week may reach 2 Mln tonnes based on large soybean supplies and good crush margins, but on the other hand, oil demand is somewhat reduced as stockpiling for packing oils is basically finished amid fewer demand for oils in bulk. Generally, oil spots will further vibrate with futures and run weaker and lower seeing stock decline of soybean oil is again limited amid oil glut, where Malaysian palm oil exports in January drop by 9% from last month and China抯 palm oil stocks accumulate to 0.66 Mln tonnes. Buyers may as well stand on the sidelines. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,550-5,660 yuan/tonne, falling 20-50 yuan/tonne (Tianjin traders offer 5,600-5,610 yuan/tonne, Rizhao traders 5,570 yuan/tonne, Zhangjiagang traders 5,660 yuan/tonne, Guangzhou traders 5,550-5,560 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,030 to 5,220 yuan/tonne, falling 20-70 yuan/tonne (Tianjin traders offer 5,160-5,170 yuan/tonne, down 50 yuan/tonne; Rizhao traders stop to report; Zhangjiagang traders 5,220 yuan/tonne, down 20 yuan/tonne; Guangzhou traders 5,030 yuan/tonne; Xiamen traders 5,150 yuan/tonne, down 30 yuan/tonne). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil are basically stable amid some falls, among which main prices in coastal areas stay at 6,260-6,470 yuan/tonne, some down 10-20 yuan/tonne (Basis: Maple in Fangchenggang, Guangxi offer 1805-80; Yinxiang in Xiamen, Fujian stops to report; Shenheng in Dongguan, Guangdong 1805-160). Rapeseed oil supplies in a shorter term will keep accumulating as four times of dumping have been conducted by State Reserves Bureau though inventory consumption is under way in market. Shorter term, rapeseed oil may vibrate frequently with futures amid oil glut and reduced demand in end users 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 up 10-20 yuan/tonne, by contrast, purchasing prices in the northeast stand at 1,640-1,720 yuan/tonne, some further down 6-10 yuan/tonne from yesterday. While the purchasing prices offered at Jinzhou port, Liaoning stand at 1,810-1,820 yuan/tonne, being flat from yesterday. 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 1,900-1,920 yuan/tonne, down 10 yuan/tonne on the highest price from yesterday. Stockpiling in the downstream almost comes to an end when Lunar New Year holidays are around the corner--only 15 days away, and affected by ongoing auctions, quite a lot traders prefer to make more shipments, consequently, northeastern corn prices go stable but with downward tendency and some businesses are seen further cutting corn buying prices. But notably, corn prices in North China keep high due to deficient supplies in the market when logistics are under pressure in time of holidays and bad weather. Therefore corn spot prices may remain high and vibrate in a volatile session before holidays, besides attention should still be paid to farmers?selling for a round corn selling may be reached by some farmers before holiday celebrations as usual. 

    Daily review on sorghum and barley: today, prices for imported sorghum drop on a steady pace, settling at 1,860-1,930 yuan/tonne at main ports (Tianjin offers 1,930 yuan/tonne, down 30 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). Vessels loaded with sorghum have arrived at ports in North China recently, and there is an incentive for importers to make more shipment when holidays are around the corner--sorghum transaction prices today fall impressively--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.