Today (on February 6th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: Chicago soybeans last night fell further, accordingly, Dalian meal today also edges lower, of which domestic soybean meal spots decline steadily. Yet, lower spots prices and forward basis may attract some deals. Soybean meal prices in coastal areas range from 2,800 to 2,870 yuan/tonne, some falling 10-20 yuan/tonne against yesterday (Tianjin prices 2,870 yuan/tonne, Shandong 2,840-2,850 yuan/tonne, Jiangsu 2,800-2,810 yuan/tonne, Dongguan 2,810-2,820 yuan/tonne, Guangxi 2,820-2,840 yuan/tonne). US soybeans tumble to a two-week low since blessing rains are showed in weather forecast for some parts of Argentina. In real terms, soybean meal spots are now under pressure as traders offer lower prices than processors to grab more profits when stockpiles comes to an end. However, soybean meal amounts to implement in contracts keep high at 5.31 Mln tonnes with an increase of 60% as compared to that in last year. And at present, soybean meal in stocks totals 0.88 Mln tonnes, down 9% on the week due to stockpiling ahead of holidays, therefore with above situations taken into consideration, soybean meal prices are limited to fall amid lower soybean oil prices and processors?support for meal. Market players should keep an eye on soybean meal trends after holidays if soybeans are hefty in market and weather in South America goes well during Chinese holidays.  Buyers had better maintain safe inventory and buy in in batches when forward basis is less than 60 yuan, and especially, keep an eye on if chasing high. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal decline steadily, among which prices in coastal areas stand at 2,230-2,280 yuan/tonne, some down 10 yuan/tonne (Guangxi offers 2,250 yuan/tonne, down 10 yuan/tonne; Guangdong 2,280 yuan/tonne; Fujian 2,280 yuan/tonne). Operating rate falls significantly for some oil mills start machine overhaul in consideration of coming holidays, besides pressure on rapeseed meal is somewhat eased by falling stocks. Yet on the other hand, soybean meal stocks still pile up based on profitable crush margins and exceedingly high operating rate irrespective of off-season demand, consequently, rapeseed meal overall may remain weak 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 4th, about 24,092 tonnes of fish have been caught in southern Peru in A season of year 2018, accouting for 4.5% of total quota--530,000 tonnes--this season, among which 510,908 tonnes remain unfinished. Port stocks: Hangpu has 23,000 tonnes, Fuzhou 32,000 tonnes, Shanghai 16,000 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 of fishmeal in China's market turn light given that there is not much stockpiling interest among feed sectors in these days, and logistics are also suspended one by one when Spring Festival holidays are coming. Therefore, price fluctuations of fishmeal are somewhat limited in a short term. 

    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: Improved weather conditions in Argentina including much-needed rains in weather forecast put a downward pressure on CBOT beans last night, nevertheless, Dalian oils today start to rebound after sessions of falls, of which part of domestic oil spots go up amid some falls and palm oil is also seeing rising in part, yet lower prices may attract stockpiling for oils in bulk before the coming of holidays. An expected and much-needed rain to come in Argentina put US soybeans to fall a two-week low, but on the other hand, demand for oils in bulk is not much as stockpiles for packing oils come to an end, and moreover, palm oil keeps rising in stocks, soybean crush piles up based on overwhelming soybean stocks and good crush margins -- about 1.9 Mln tonnes of soybean crush last week, and soybean oil in stocks is probably to recover after holidays though its stocks now plunge to 1.48 Mln tonnes. In this way, oils in market lack the vitality to rebound and are likely to remain weaker overall amid overwhelmingly oil glut, yet such trend may continue provided if soybeans are hefty in market with good weather in South America during Chinese holidays, therefore, buyers may as well maintain a safe inventory level and keep an eye on when chasing high.  

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,480-5,550 yuan/tonne, some growing by 10-30 yuan/tonne while some down 30 yuan/tonne (Tianjin traders offer 5,510-5,520 yuan/tonne, Rizhao traders 5,500 yuan/tonne, Zhangjiagang traders 5,550 yuan/tonne, Guangzhou traders 5,480 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,040 to 5,150 yuan/tonne, some rising 20-30 yuan/tonne (Tianjin traders offer 5,140-5,150 yuan/tonne, up 30 yuan/tonne; Zhangjiagang traders 5,100 yuan/tonne, keeping flat; Guangzhou traders 5,040 yuan/tonne; Rizhao traders and Xiamen traders stop to report). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil go atable, among which main prices in coastal areas stay at 6,200-6,420 yuan/tonne (Basis: Maple in Fangchenggang, Guangxi and Yinxiang in Xiamen, Fujian stop to report; Shenheng in Dongguan, Guangdong 1805-150). More pressure would be put on rapeseed oil as about 0.21 Mln tonnes of rapeseed oil have been tendered publicly by State Reserves Bureau along with another targeted 0.9 Mln tonnes later. Meantime, supply pressure of soybean oil and palm oil still persist though oil stockpiles come to an end, in this way, rapeseed oil in a shorter term may run weaker tracking futures and be capped by considerable supply pressure of oils.  

    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, most being flat as compared to yesterday though some decreasing by 4-6 yuan/tonne, by contrast, purchasing prices in the northeast stand at 1,626-1,720 yuan/tonne, being flat over yesterday. While the purchasing prices offered at Jinzhou port, Liaoning stand at 1,820-1,830 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 1,830 yuan/tonne, a tad higher on the highest price compared with yesterday. Corn spot prices at Shekou port, Guangdong stay at 1,930 yuan/tonne, being flat over yesterday. Selling and buying turn light in corn belt and logistics nationwide go tightened as Chinese holidays are approaching, resulting in downsized shipments and significantly dented goods amounts at northern ports. Generally speaking, corn prices are fueled by corn replenishment demands in some southern small and medium-sized businesses, for instance, corn prices at southern and northern ports in these days are seen rising marginally. However, further price upside of corn may be hard to achieve for most businesses have finished stockpiling, where corn prices in Shandong region in these days edge lower. On the whole, corn spot prices probably remain stable 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 its market volatility and related policies about corn auction afterwards. 

    Daily review on sorghum and barley: today, prices for imported sorghum pick up steadily which settle at 1,880-1,930 yuan/tonne at main ports (Tianjin offers 1,930 yuan/tonne, being flat; Nantong and Shanghai stop to report; Guangdong 1,880 yuan/tonne with a slight increase). At the same time, prices for imported barley increase steadily, mostly offered 1,780-1,830 yuan/tonne at main ports (Tianjin has not reported yet; Nantong offers 1,820-1,830 yuan/tonne, rising by 20 yuan/tonne; Shekou port in Guangdong 1,780 yuan/tonne). A campaign of “anti-dumping and anti-subsidy” has recently been launched by China’s Ministry of Commerce for American sorghum, resulting in market worries about soaring import costs of American sorghum later. Importers are now inclined to hold onto goods in fear of unavailable supply of lower costs and logistics are suspended one by one on the other hand when holidays are around the corner, in that under such circumstances, sorghum remains stable for the time being. Market players can wait for new information for guidance.