Daily review on soybean meal: US soybeans rose last night, accordingly, domestic soybean meal today prices up following futures. Turnover is light for buyers are inclined to stand by when there is no futures market in Saturday. Soybean meal prices in coastal areas range from 2,990 to 3,060 yuan/tonne, up 10-30 yuan/tonne from yesterday (Tianjin prices 3,060 yuan/tonne, Shandong 3,000-3,010 yuan/tonne, Jiangsu 2,990-3,020 yuan/tonne, Dongguan 3,020-3,030 yuan/tonne, Guangxi 3,020-3,030 yuan/tonne). As crops are in the sensitive yield-formation stages, soybean yield could slide even further factored in drought-stricken soybean growing areas in Argentina, consequently, US soybean futures are supported and fueled. Additionally, its futures are also bolstered by processors’ incentive to hold out for higher prices and quite a lot of outstanding contacts due to a machine halt in most oil mills during Chinese New Year. But notably, price upside of soybean meal spots may be capped when pig raising is sluggish affected by drastic price decline in the run-up to holidays and buyers’ cautiousness of chasing high in view of soaring soybean meal after holidays tracking futures. By and large, soybean meal spots are more likely to rebound when US soybeans remain buoyant with weather speculation going forward. Therefore, buyers may as well take a bargain hunting strategy to maintain safe stocks rather than chase high. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal are basically stable, among which prices in coastal areas stand at 2,400-2,440 yuan/tonne (Guangxi, Guangdong and Fujian stop to report). Rapeseed meal stocks in South China this week decrease to 45,000 tonnes by 3.2% as compared to last week, yet with the end of Spring Festival holidays, the switch-on rate in oil mills will gradually recover backed by abundant rapeseed, in this case, increasingly expanded supply pressure and off-season aquaculture will hamper the upside of rapeseed meal. 

    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 February 21st, about 75,856 tonnes of fish have been caught in southern Peru in A season of year 2018, accounting for 14.18% of total quota--535,000 tonnes--this season, among which 459,144 tonnes remain unfinished. Port stocks: Hangpu has 25,000 tonnes, Fuzhou 32,000 tonnes, Shanghai 18,000 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. Fishmeal holders now mostly hold out for higher prices and hold a wait-and-see attitude in consideration of persisting holiday atmosphere, in that fishmeal in market may remain stable for a time. 

    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. 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: US soybean and soybean oil rebounded last night with concerns about declining soybean output in Argentina and strong export of US soybean oil, while on the contrary, US soybean meal fell when long position was sold out for profit taking. Correspondingly, domestic soybean oil and palm oil spots today price up, yet overall turnover is still not much though lower prices indeed attract some deals. US soybean tentatively goes strong under the impact of parched conditions in Argentina, therefore by and large, oil prices may rebound further tracking futures seeing that only 6.7 Mln tonnes of soybeans arrive at ports in March and machine start resumes in a slow pace when holidays just pass away. But market players should still be cautious about its price upside for soybean oil is pegged at a high level over many years and palm oil keeps accumulating in stocks in time of routinely poor demand after holidays. Buyers had better maintain a proper inventory level instead of chasing high. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,620-5,730 yuan/tonne, up 20-50 yuan/tonne (Tianjin traders offer 5,700-5,710 yuan/tonne, Rizhao traders 5,730 yuan/tonne, Zhangjiagang traders 5,700 yuan/tonne, Guangzhou traders 5,620 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,210-5,280 yuan/tonne, some up 20 yuan/tonne (Tianjin traders offer 5,270-5,280 yuan/tonne, keeping flat; Zhangjiagang traders offer 5,280 yuan/tonne, up 20 yuan/tonne; Xiamen 5,210-5,200 yuan/tonne, keeping flat; Rizhao and Guangzhou traders have not reported the prices). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil are basically stable, among which main prices in coastal areas stay at 6,180-6,420 yuan/tonne (Maple in Fangchenggang, Guangxi and Yinxiang in Xiamen, Fujian stop to report; Fuzhiyuan in Dongguan, Guangdong offers 6,320 yuan/tonne for GB grade-four rapeseed oil). Rapeseed oil in South China this week are trimmed by 2% week on week to 46,000 tonnes in stocks, but supply further expands as about 0.21 Mln tonnes of rapeseed oil have been sold publicly by State Reserves Bureau earlier this year along with another targeted 0.9 Mln tonnes, in addition, demand turns poor after holidays, therefore with all taken into consideration, rapeseed oil provisionally may vibrate following futures time and again. 

    Daily review on corn: today, prices for most domestic corn prices remain stable where some are buoyant. Corn buying prices in Shandong deep processors mostly stay at 1,860-1,970 yuan/tonne, some up 10 yuan/tonne against yesterday. While the purchasing prices offered at Jinzhou port, Liaoning keep flat at 1,820-1,840 yuan/tonne (volume weight 690-700 g/L). Corn prices at Bayuquan ports remain stable, among which drying new corn of Liaoning and Jilin (moisture ≤ 15%, volume weight 690-700 g/L) keeps flat at 1,820-1,830 yuan/tonne. Corn prices at Shekou port, Guangdong stay at 1,970-1,980 yuan/tonne, some pricing at 1,960 yuan/tonne. Corn buying and selling are still poor for holidays atmosphere still lingers on market, but on the other hand, deep processors in the downstream have been gradually restored operation after holidays, especially, businesses which go on production during Spring Festival holidays consume a lot of corn and some these days are inclined to lift corn prices to attract more supplying in case of low inventory levels. With time going on, corn supply will be abundant, but demand for corn feed will not be satisfactory when fish breeding and poultry raising are off-season. Furthermore, market players project that price vibrations of corn may be intensified if stored corn is put into market in large quantities in March.  In general, domestic corn is provisionally expected to be strong in performance and be high in prices in a volatile pattern. 

    Daily review on sorghum and barley: today, prices for imported sorghum rise steadily where some ports price at 1,900-1,960 yuan/tonne (Tianjin 1,960 yuan/tonne, up 30 yuan/tonne; Nantong 1,900 yuan/tonne; Shanghai stops to report; Guangdong 1,900 yuan/tonne). At the same time, prices for imported barley remain stable, ranging from 1,810 to 1,830 yuan/tonne at main ports (Tianjin has not reported yet; Nantong offers 1,850 yuan/tonne, yet 1,820-1,830 yuan/tonne upon transaction; Shekou port in Guangdong 1,810 yuan/tonne). Grains market in these days are fueled by rising corn prices in producing areas. Additionally, 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 hope for higher prices and in case of unavailable supply of lower costs, under such circumstances, sorghum overall may go strong for the time being-- sorghum prices go up at some ports today. Market players can wait for new information for guidance.