Daily review on soybean meal: US soybeans last Friday fell down, the same trend going to soybean meal today in Dalian Commodity of Exchange. Domestic soybean meal spots are weighed down with futures, yet turnover is not much. Soybean meal prices in coastal areas range from 2,810 to 2,870 yuan/tonne, a drop of 10-30 yuan/tonne against last Friday (Tianjin prices 2,870 yuan/tonne, Shandong 2,850-2,860 yuan/tonne, Jiangsu 2,800-2,810 yuan/tonne, Dongguan 2,810-2,830 yuan/tonne, Guangxi 2,820-2,840 yuan/tonne). Improved weather pattern in South America poses downward pressure on US soybeans. In real terms, sales of soybean meal turn poor when stockpiles comes to an end amid ample soybean supplies and high operating rate, under such pressure, traders offer lower prices than processors to grab more profits. And in expectation, soybean meal may be still under fundamental pressure for large livestock and poultry are slaughtered during the Spring Festival and demand for feed is dented in February and March traditionally though a small-scale peak build up in inventory will come about one or two days after the holidays. Market players should keep an eye on price fluctuations of soybean meal after holidays if weather in South America goes well in February. Buyers can take a wait-and-watch attitude for the time being. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal slide modestly, among which prices in coastal areas stay at 2,250-2,280 yuan/tonne with some falling 10-20 yuan/tonne (Guangxi offers 2,260 yuan/tonne, Guangdong 2,280 yuan/tonne, Fujian 2,280 yuan/tonne). Rapeseed meal stocks last week in South China fell to 40,700 tonnes on the week by 24%. However, off-season aquatic raising and accumulating soybean meal stocks based on profitable crush margins and exceedingly high operating rate, in this case, rapeseed meal still runs weaker in market. 

    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 February 1st, about 9,806 tonnes of fish have been caught in southern Peru in A season of year 2018, accounting for 1.83% of total quota--530,000 tonnes--this season, among which 525,194 tonnes remain unfinished. Port stocks: Hangpu has 23,000 tonnes, Fuzhou 32,000 tonnes, Shanghai 15,000 tonnes, Tianjin 1,000 tonnes, Dalian 3,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. 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. Sales in market are light as stockpiles have almost finished in the run-up to holidays, therefore, fishmeal prices shorter term will keep firm. 

    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 last Friday night all came down under the impact of improved weather in South America and technical selling, accordingly, Dalian oils today further pare gains, where both domestic soybean oil and palm oil go down with futures, yet turnover is not much. US soybeans now fall below 980 cents since predicted cold and rainy weather in Argentina will alleviate drought damage for one thing and dry in Brazil will quicken harvest progress for another But notably, demand for oils turn light as stockpiles for packing oils come to an end, which also contributes to accumulation of stocks, and moreover, palm oil reached 0.65 tonnes in stocks and soybean crush last week totaled 1.9 Mln tonnes with increasing soybean oil output based on overwhelming soybean stocks and good crush margins. In this way, oils in market will remain weaker amid considerable fundamental pressure, therefore, buyers can for the moment stay by.  

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,460-5,550 yuan/tonne, falling 30-100 yuan/tonne (Tianjin traders offer 5,500-5,520 yuan/tonne; Rizhao traders 5,500 yuan/tonne; Zhangjiagang traders 5,550 yuan/tonne; Guangzhou traders 5,460 yuan/tonne, down 90 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,000 to 5,100 yuan/tonne, falling 50-120 yuan/tonne (Tianjin traders offer 5,100-5,120 yuan/tonne, down 50 yuan/tonne; Rizhao traders stop to report; Zhangjiagang traders 5,100 yuan/tonne, down 120 yuan/tonne; Guangzhou traders stop to report; Xiamen traders 5,100 yuan/tonne, down 50 yuan/tonne). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil go down, among which main prices in coastal areas stay at 6,170-6,380 yuan/tonne, down 20-50 yuan/tonne (Basis: Maple in Fangchenggang, Guangxi and Yinxiang in Xiamen, Fujian stop to report; Shenheng in Dongguan, Guangdong 1805-150). Rapeseed oil stocks last week in South China fell to 45,000 tonnes on the week by 16%, while stocks in East China plunged to 175,700 tonnes on the week by 22%, boosting rapeseed oil in market. However, rapeseed oil supplies now keep growing as about 0.21 Mln tonnes of rapeseed oil have been tendered publicly by State Reserves Bureau and another targeted 0.9 Mln tonnes will be put into market in the first half of year 2018. Shorter term, rapeseed oil may vibrate lower with futures when a build up in inventory draws to an end. 

    Daily review on corn: today, prices for most domestic corn are stable amid some mixed. Corn buying prices in Shandong deep processors mostly stay at 1,840-1,970 yuan/tonne, down 4-10 yuan/tonne from last Friday, by contrast, purchasing prices in the northeast stand at 1,626-1,720 yuan/tonne, most being flat over last Friday. Corn purchasing prices at Jinzhou port, Liaoning mostly keep at 1,820-1,830 yuan/tonne, up 10 yuan/tonne from last Friday. Drying new corn of Liaoning and Jilin (moisture ≤15%, volume weight 690-700 g/L) at Bayuquan port prices at 1,820-1,830 yuan/tonne, up 20 yuan/tonne from last Friday. Corn spot prices at Shekou port, Guangdong are raised to 1,930 yuan/tonne, a rise of 10-20 yuan/tonne over last Friday. Deep processors in North China almost finish inventory replenishment in these days, and corn buying prices are also seen falling marginally factored in large corn arrivals. However, traders still have strong preference to hold onto goods in hope of higher prices when logistics are in tense and corn replenishment still continues in small and medium-sized businesses in sales area even though selling and buying turn light in corn belt, particularly, corn prices at northern and southern ports are a tad higher today. On the whole, corn spot prices probably remain high and vibrate in a tight range before holidays and are not likely to suffer from big ups and downs, additionally, words go that another auction of reserved corn will be conducted in March, therefore attention should be paid to afterwards. 

    Daily review on sorghum and barley: today, prices for imported sorghum go steady which settle at 1,860-1,930 yuan/tonne at main ports (Tianjin offers 1,930 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). A campaign of anti-dumping and anti-subsidy?has recently been launched by China’s Ministry of Commerce for American sorghum, yet market players are still unflappable for the moment. Vessels loaded with sorghum have arrived at ports in North China recently, and there is an incentive for traders who have stocks at hand to make more shipments upon lower offers for the sake of money collecting when holidays are around the corner. Farmers also have great willingness to sell goods in consideration of enlarged policy risks in corn market, and moreover, sorghum in market is affected by declining corn prices in some northeastern businesses. However, 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. In real terms, imports of sorghum and barley may be subdued factored in this newly campaign and in expectation, sorghum may remain stable with little variations later. Market players can wait for new information for guidance.