Daily review on soybean meal: US soybeans on CBOT last night rebounded again, the same trend going to domestic soybean meal spots today tracking futures. Yet, lower spots prices may attract some deals. Soybean meal prices in coastal areas range from 3,060 to 3,150 yuan/tonne, a rise of 20-30 yuan/tonne against yesterday (Tianjin prices 3,150 yuan/tonne, Shandong 3,060-3,080 yuan/tonne, Jiangsu 3,060-3,080 yuan/tonne, Dongguan 3,080-3,100 yuan/tonne, Guangxi 3,080-3,100 yuan/tonne). The dry spell wreaking havoc on Argentina’s soybean crops sends US soybean futures to a fresh high. Generally speaking, soybean meal may continue to price up if weather speculation goes forward, supported by declining stocks due to a general machine halt during the holidays, and quick delivery in light of strong performance of futures. Nevertheless, poor demand in the downstream-- low pig raising due to price tumbles in pig, and large soybean arrivals in April and May with more than 8.8 Mln tonnes on average pose threat on soybean meal in the medium and long run. Buyers may as well keep a safe inventory level upon bargain hunting instead of chasing high. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal pick up steadily, among which prices in coastal areas stay at 2,400-2,500 yuan/tonne with a rise of 10-20 yuan/tonne over yesterday (Guangxi offers 2,460 yuan/tonne, with a rise of 20 yuan/tonne; Guangdong 2,500 yuan/tonne; Fujian 2,480 yuan/tonne). US soybeans rise impressively under the impact of Argentina's drought, which supports rapeseed meal prices. But supply pressure will gradually be considerable helped by sufficient rapeseed in oil mills, therefore putting down rapeseed meal prices in time of poor sales. By and large, pressure will be seen when soybeans from South America rush to the market later and monthly soybean arrivals in April and May reach 9 Mln tonnes. That will weigh down soybean meal prices, and correspondingly drag down rapeseed meal. Buyers are not recommended to chase high but to maintain a proper inventory level upon bargain hunting. 

    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. Port stocks: Hangpu has 26,000 tonnes, Fuzhou 32,000 tonnes, Shanghai 19,000 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 $1,620 per tonne, USD $1,780 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 are inclined to hold out for higher prices in light of limited inventory pressure, but fishmeal in a short term will still be stable in market factored in poor demand.  

    Daily review on soybeans: due to a strict investigation by State Commodity Inspection Department, imported soybeans for distribution at Qingdao and Rizhao ports remain unquoted. Imported soybeans for distribution are markedly restricted in food-grade products circulation for port inspections in consideration of ample domestic soybean supply. market players are not optimistic about its performance even when trades are allowed at ports. Attention should still be paid to port inspections and soybean arrivals. 

    Daily review on oils: US soybean oil was further dragged down by sluggish crude oils, and by contrast, Dalian oils today edge up, of which domestic soybean oil and palm oil spots are mostly stable amid some fluctuations. Turnover is not much when oil futures trend up in a slower pace. The drought spell in Argentina brings down soybean yield further and boosts US soybeans to go strong. On this very note, soybean oil is reduced to 1.41 Mln tonnes in its stocks as machine start resumes in a slow pace and market players are inclined to higher prices in view of low ratio of oil to meal in stocks. Notably, caution should still be taken to the price upside of oils seeing increasing palm oil stocks and overall sufficient oil supplies amid a slowdown in soybean oil demand. Therefore, buyers had better keep a proper inventory level and not chase high.  

    

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,630-5,770 yuan/tonne, some falling 10-30 yuan/tonne (Tianjin traders offer 5,750-5,760 yuan/tonne, Rizhao traders 5,770 yuan/tonne, Zhangjiagang traders 5,760 yuan/tonne, Guangzhou traders 5,630-5,640 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,260 to 5,340 yuan/tonne, some changing 10-30 yuan/tonne (Tianjin traders offer 5,330-5,340 yuan/tonne, down 10 yuan/tonne; Rizhao traders stop to report; Zhangjiagang traders 5,320 yuan/tonne, keeping flat; Guangzhou traders 5,260-5,280 yuan/tonne; Xiamen traders 5,300 yuan/tonne, being flat). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil are basically steady, among which prices in coastal areas are 6,250-6,460 yuan/tonne (Great Ocean in Fangchenggang, Guangxi offers 6,330 yuan/tonne; Chinatex in Zhangzhou, Fujian offers 1,805-120 for basis in March; Fuzhiyuan in Dongguan, Guangdong offers 6,350 yuan/tonne for GB grade-four rapeseed oil). Rapeseed oil is now struggling itself, driven by rises of US soybean futures, but abundant supplies and declining demand for the moment would probably put rapeseed oil under pressure. What’s more, bearish factors in oil market can never be underestimated, for instance, rapeseed oil auctioned by State Reserves Bureau is projected to flow into the market in late May and soybean oil and palm oil boast higher inventory levels than figures year on year. Therefore all taken into consideration, rapeseed oil may vibrate time and again and fail to rebound a lot. 

    Daily review on corn：today, domestic corn prices remain stable with upward tendency. Corn buying prices in Shandong deep processors mostly stay at 1,890-1,990 yuan/tonne, some up 10-20 yuan/tonne. While purchasing prices offered at Jinzhou port, Liaoning are around 1,860-1,890 yuan/tonne (volume weight 690-720 g/L), up 10 yuan/tonne from yesterday upon the highest price. Drying corn of Liaoning and Jilin at Bayuquan ports (moisture ≤ 15%, volume weight 690-700 g/L) are pegged at 1,860-1,870 yuan/tonne, up 10 yuan/tonne from yesterday. Corn prices at Shekou port, Guangdong are 2,010 yuan/tonne, and 2,000 yuan/tonne upon transaction, a rise of 10-20 yuan/tonne over yesterday. Corn supplying in corn belt remains few for part of farmers and traders would prefer to selling grains after the 15th of the first lunar month-- Chinese Lantern Festival. But on the other hand, some deep processors in the downstream have seen a lower inventory level due to stockpiles consumption during the holidays. Therefore, domestic corn prices are fueled further on account of robust demand for replenishment after holidays and concerns about coming snowy and rainy days but tight supplies in the period. Honestly speaking, supplies of corn will probably pile up after the Lantern Festival, helped by projected auctions locally with large-scale corn auction being advanced in March or in April. Obviously, political changes on corn will probably hamper its prices, thus putting corn market later at risk.  

    Daily review on sorghum and barley: today, imported sorghum turns stable after gains where main ports price at 1,930-1,960 yuan/tonne (Tianjin offers 1,960 yuan/tonne, but 1,940 yuan/tonne for one newly vessel of raw sorghum in bulk; Nantong1,930 yuan/tonne; Shanghai stops to report; Guangdong 1,950-1,960 yuan/tonne). At the same time, prices for imported barley also turn stable, pricing1,830-1,840 yuan/tonne at main ports (Tianjin has not reported yet; Nantong offers 1,850-1,860 yuan/tonne; Shekou port in Guangdong 1,840-1850 yuan/tonne). Grains market in these days are fueled by rising corn prices in producing areas. Additionally, imports of sorghum from America will fall impressively for the campaign of “anti-dumping and anti-subsidy” has been launched by China’s Ministry of Commerce for American sorghum. Importers are now inclined to hold onto goods in hope for higher prices and in case of unavailable supply of lower costs and in view of upside-down sorghum prices at home and abroad, under such circumstances, sorghum overall may go strong till any news are released. Market players can wait for new information for guidance.