Today(on March 9th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans overnight fell marginally as its stocks were revised upward by US Department of Agriculture. Accordingly, Dalian meal today comes off high opens and domestic soybean meal spots suffers vibrations in part, yet turnover is still not much. Soybean meal prices in coastal areas range from 3,150 to 3,230 yuan/tonne, a variation of 10-20 yuan/tonne against yesterday (Tianjin prices 3,230 yuan/tonne, Shandong 3,190-3,200 yuan/tonne, Jiangsu 3,180-3,200 yuan/tonne, Dongguan 3,200-3,220 yuan/tonne, Guangxi 3,180-3,230 yuan/tonne). The USDA report released last night failed to give substantial guidance for market trend. Accordingly, soybean meal consumption is still not much when pig rising becomes quite low after great tumbles in its prices and aquaculture is still in off-season period. What’s worrisome is that monthly soybean arrivals in the second quarter may probably reach 9Mln tonnes, then soybean meal in the market will be put under potential pressure. But on the other hand, soybean production in Argentina remains unknown when weather disruptions continue, supporting US soybeans to overall be strong in a short term, meantime soybean meal spots may potentially price up after fluctuations amid lots of contracts to implement and crushers?mindset to hold out for higher prices. Buyers may as well make replenishment upon bargain hunting when future decline goes steady. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal fall steadily, among which prices in coastal areas stand at 2,500-2,620 yuan/tonne with a fluctuation of 10-20 yuan/tonne (Guangxi offers 2,540 yuan/tonne, down 20 yuan/tonne; Guangdong 2,620 yuan/tonne, down 20 yuan/tonne; Fujian 2,600 yuan/tonne). A marked decline on Globex is seen today, resulting from unsurprising USDA report last night and expected rains in Argentina, which also brings down rapeseed meal. Yet, its price downside is capped as weather speculation remained haunted in market. Wisely, Buyers had better make replenishment upon bargain hunting when future decline goes steady. 

    Daily review on fishmeal: today, prices for imported fishmeal keep firm, yet prices are negotiable upon transaction and shipments at ports are general. 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 March 7th, about 82,247 tonnes of fish have been caught in southern Peru in A season of year 2018, accounting for 15.37% of total quota--535,000 tonnes-- this season, among which 452,753 tonnes remain unfinished. Port stocks: Hangpu has 27,000 tonnes, Fuzhou 31,000 tonnes, Shanghai 20,000 tonnes, Tianjin 1,000 tonnes, Dalian 3,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Spots offers in foreign trading(FOB): the fishmeal offer in Peru ordinary SD with 65% protein content stays at USD $1,600 a tonne, and USD $1,760 per tonne for super steam fishmeal with 68% protein content, both up 30 yuan/tonne as compared to yesterday; 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. Fihsmeal trade in Peru's market are active with most Chinese buyers participating in, yet most market players at home and abroad still hold a wait-and-see attitude, thus helping fishmeal prices to go stable. 

    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: futures on CBOT last night continued to ended low when US Department of Agriculture revised US soybean stock estimates upward and rains are expected to set in the parched Argentina. Correspondingly, oils on Dalian Commodity Exchange today pare gains in a volatile session, with which domestic soybean oil and palm oil spots are weighed down, yet turnover in market trade is not much. Generally, soybeans on Globex show a great decline and oil futures edge downward further amid few guidance from the USDA report and pressure from expected scattered rains in Argentina’s soybean growing areas. Notwithstanding, sales of oils upon lower prices in these days are quite good with soybean oil down to 1.38 Mln tonnes in stocks, in this case, oils have resilience to go down and may potentially price up after a series of small drawbacks with weather disruptions going on. Buyers had better make replenishment upon bargain hunting when future decline goes steady. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,570-5,760 yuan/tonne, falling 20-50 yuan/tonne (Tianjin traders offer 5,730-5,740 yuan/tonne, Rizhao traders 5,750 yuan/tonne, Zhangjiagang traders 5,760 yuan/tonne, Guangzhou traders 5,570-5,580 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,030 and 5,180 yuan/tonne, a decline of 20-30 yuan/tonne (Tianjin traders offer 5,170-5,180 yuan/tonne, a drop of 20 yuan/tonne; Zhangjiagang traders offer 5,180 yuan/tonne, a decline of 20 yuan/tonne; Guangzhou 5,030-5,050 yuan/tonne; Rizhao traders and Xiamen traders have not reported). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil drop steadily, among which prices in coastal areas are 6,210-6,400 yuan/tonne, some down 10-30 yuan/tonne (Great Ocean in Fangchenggang, Guangxi offers 6,300 yuan/tonne; Fujian stops to report; Shenheng in Dongguan, Guangdong offers basis 1805-60 for April delivery). The anticipated USDA report released last night failed to give substantial guidance for market trend, however, precipitation predicts in Argentina put US soybeans down, as a result, rapeseed oil will probably drop off. But it’s worth noticing that US soybeans will rather run strong than come down significantly when Argentina’s soybean output is only expected to be known in early April along with haunting weather disruptions. Shorter term, rapeseed oil will not likely to fall a lot, instead, it may run in line with futures in a frequent and volatile session. 

    Daily review on corn: today, domestic corn overall continues to go up, but the rising pace drops off, especially, corn prices at northern and southern ports pare gains marginally. Corn buying prices in Shandong deep processors mostly stay at 1,950-2,100 yuan/tonne, most up 10-20 yuan/tonne from yesterday. While purchasing prices offered at Jinzhou port, Liaoning are mostly around 1,900-1,930 yuan/tonne (volume weight 690-710 g/L), being unchanged from yesterday. Drying corn of Liaoning and Jilin at Bayuquan ports (moisture ≤ 15%, volume weight 690-700 g/L) are pegged at 1,910-1,920 yuan/tonne, a tad lower from yesterday upon the lowest price. Corn prices at Shekou port, Guangdong are down to 2,040-2,060 yuan/tonne, a reduction of 10-20 yuan/tonne from yesterday upon the lowest price when reserved corn auctioning and old corn rotating out. Corn surplus in corn belt is quite low at present for corn supply is still tight, contributed by farmers’ and traders’ incentives to hold onto goods under the impact of “cheap sale” but on the other hand, most deep processors which have a low inventory level and some feed sectors domestically which have rigid demand for corn are inclined to raise corn buying prices greatly to attract more corn supplying. Shorter term, corn in market is expected to run strong in such a cart. In addition, news about corn auctioning and rotating out goes about, in detail, one is that about 6-7 Mln tonnes of corn may be rotated out nationwide, among which corn prices offered in Liaoning, Jilin, and Heilongjiang provinces of northeastern China will be in line with market trend, and another is that weekly corn selling targeted or auctioned in late March will be around 8 Mln tonnes with opening bid unchanged from last year. Particularly, attention should be always paid to corn auction on political sides in case of risks thereafter. 

    Daily review on sorghum and barley: today, imported sorghum further turn stable where main ports price at 1,950-1,970 yuan/tonne (Tianjin offers 1,960 yuan/tonne; Qingdao 2,000 yuan/tonne; Nantong 1,950 yuan/tonne; Shanghai stops to report; Guangdong 1,960-1,970 yuan/tonne). At the same time, prices for imported go steady, about 1,860-1,900 yuan/tonne at main ports (Tianjin has not reported yet; Nantong offers 1,900-1,910 yuan/tonne; Guangzhou 1,860 yuan/tonne). 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, market buyers are probably inclined to stand by when grains overall may go strong. Yet notably, spots upside may also be capped when corn prices at ports turn stable after gains. Market players can wait for new information for guidance.