Daily review on soybean meal: US soybeans on CBOT last night jumped by leaps, the same trend going to soybean meal futures on Dalian Commodity Exchange. Accordingly, domestic soybean meal spots today price up tracking futures. Yet, turnover upon higher prices is not much, but lower spots prices may attract some deals. Soybean meal prices in coastal areas range from 3,120 to 3,250 yuan/tonne, a rise of 100-130 yuan/tonne against yesterday (Tianjin prices 3,250 yuan/tonne, Shandong 3,200-3,220 yuan/tonne, Jiangsu 3,200-3,220 yuan/tonne, Dongguan 3,200-3,230 yuan/tonne, Guangxi 3,230-3,250 yuan/tonne). Brussels Stock Exchange reduces Argentina’s soybean production to 44 Mln tonnes from estimated 47 Mln tonnes in the previous week, far from production of 57 Mln tonnes year on year when drought in Argentina goes severer and severer, therefore US soybeans overall remain strong. Obviously, rapeseed meal stocks fall significantly with the help of rising prices and good delivery when soybean arrivals in February-to-March are lower than estimates and oil mills have not yet been on work in full operation. Furthermore, cash flows into the soybean meal market when businesses rise up feed prices by 50-100 yuan/tonne under the impact of weather speculation, thus with those bullish factors going forward, prices for soybean meal spots in March may trend up further. But notably, buyers had better maintain a safe inventory level and not chase high if replenishment is made a few days ago for considerable soybeans will arrive at ports in April-to-June period. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal rise impressively, among which prices in coastal areas stay at 2,440-2,640 yuan/tonne with a significant rise of 50-120 yuan/tonne over yesterday (Guangxi offers 2,600 yuan/tonne, with a rise of 120 yuan/tonne; Guangdong 2,640 yuan/tonne, up 110 yuan/tonne; Fujian 2,550 yuan/tonne, growing by 50 yuan/tonne). US soybeans rise further, supported by market worries about soybean production losses under the impact of Argentina's drought, which consequently lifts rapeseed meal prices. To a larger extent, rapeseed meal will follow the trends of soybean meal factored in sufficient rapeseed in oil mills but poor sales of rapeseed meal in the market. 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 about 9 Mln tonnes. That will weigh down soybean meal prices, and correspondingly bring rapeseed meal down. Buyers are not recommended to chase high but to maintain a proper inventory level upon bargain hunting. 

    Daily review on fishmeal: today, prices for 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 28th, about 80,076 tonnes of fish have been caught in southern Peru in A season of year 2018, accounting for 14.97% of total quota--535,000 tonnes-- this season, among which 454,924 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 $1,620 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 stand by in light of tight supplies of Peruvian fishmeal at home and abroad amid poor demand for the time, thereby fishmeal in a short term will still be stable in market  

    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: affected by robust export and expected yield reduction in Argentina, US soybeans last night jumped to a fresh high as from February 2017, and correspondingly, US soybean meal and oil ended up. Accordingly, soybean oil futures on Dalian Commodity Exchange today go high by leaps despite low opens, but in comparison, palm oil is pressured down by rising export duties in India, among which domestic soybean oil spots price up following futures but palm oil a tad lower. Turnover for great price upside is not much, but lower prices still attract deals. Buenos Aires Grain Exchange reduces Argentina’s soybean production to 44 Mln tonnes from estimated 47 Mln tonnes in the previous week, far from production of 57 Mln tonnes last year when drought in Argentina becomes severer and severer, therefore US soybeans overall remain strong. Soybean oil is now curtailed to 1.4 Mln tonnes in stocks when soybean arrivals in February-to-March are lower than estimates and operation in oil mills starts in a slow pace, in this way, oil spots now present better rises with weather speculation lingering on. Notwithstanding, palm oil fails to be in pace with soybean oil on account that palm oil stocks keep accumulating in China and its futures on Malaysia Derivatives Exchange (BMD) are weighed down by rising export duties in India. Buyers had better maintain a proper inventory level and not chase high, especially for oils with great ups.  

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,720-5,840 yuan/tonne, up 60-110 yuan/tonne (Tianjin traders offer 5,820-5,830 yuan/tonne, Rizhao traders 5,840 yuan/tonne, Zhangjiagang traders stop to report, Guangzhou traders 5,720 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,240 to 5,330 yuan/tonne, some falling 20-30 yuan/tonne (Tianjin traders offer 5,320-5,330 yuan/tonne, down 20 yuan/tonne; Rizhao traders and Zhangjiagang traders stop to report; Guangzhou traders 5,240 yuan/tonne; Xiamen traders 5,300 yuan/tonne, keeping flat). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil rise up, among which prices in coastal areas are 6,300-6,510 yuan/tonne, up 50-70 yuan/tonne (Great Ocean in Fangchenggang, Guangxi offers 6,400 yuan/tonne; Fujian stops to report; Shenheng in Dongguan, Guangdong offers basis 1805-100 for March delivery). Though rapeseed oil is fueled and bolstered by haunted drought spell in Argentina, abundant supplies for the moment will probably put it under pressure. What’s more, bearish factors in oil market still hamper price upside of rapeseed oil, for instance, rapeseed oil auctioned by State Reserves Bureau is to flow into the market in late May and its rivals-- soybean oil and palm oil boast higher inventory levels than the figures year on year. On the whole, rapeseed oil is more likely to rebound unless weather speculation comes to an end. 

    Daily review on corn: today, most domestic corn prices go steady amid some gains. Corn buying prices in Shandong deep processors mostly stay at 1,910-1,990 yuan/tonne, some up 10 yuan/tonne from yesterday. While purchasing prices offered at Jinzhou port, Liaoning are mostly around 1,870-1,900 yuan/tonne (volume weight 690-720 g/L), up 10 yuan/tonne from yesterday. 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 from yesterday. Corn prices at Shekou port, Guangdong are 2,010 yuan/tonne with transaction prices stabilizing at 2,000 yuan/tonne from yesterday. Corn supplying is still few since surpluses in northeastern growing areas are only 20% left the time 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 who have seen a lower inventory level are strongly inclined to make replenishment after Chinese holidays, as a consequence, domestic corn prices keep rising for the time. Honestly speaking, corn selling progress after the Lantern Festival will be accelerated once the weather gets warm, helped by projected auctions locally with auction being advanced earlier in this year in market rumors. Obviously, political changes on corn may probably put a cap on corn price upside, therefore, attention should still be paid to changes of supply/demand sides and related policies. 

    Daily review on sorghum and barley: today, prices for imported sorghum go stable which settle at 1,930-1,960 yuan/tonne at main ports (Tianjin offers 1,960 yuan/tonne; Nantong 1,930 yuan/tonne; Shanghai stop to report; Guangdong 1,950-1,960 yuan/tonnet). At the same time, prices for imported barley are 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.