Daily review on soybean meal: US soybeans ended high overnight, but Dalian meal today vibrates in sessions, and domestic soybean meal spots are mostly stable amid some fluctuations, yet turnover is not much. Soybean meal prices in coastal areas range from 3,090 to 3,160 yuan/tonne, some down 10-20 yuan/tonne against yesterday (Tianjin prices 3,160 yuan/tonne, Shandong 3,100-3,150 yuan/tonne, Jiangsu 3,100-3,130 yuan/tonne, Dongguan 3,150-3,160 yuan/tonne, Guangxi 3,150-3,160 yuan/tonne). As trade disputes between China and the United States heat up, US soybean futures are capped to rise when market players show their concerns about US soybean export. In addition, soybean meal consumption is still low given that pig rising is no longer cost-effective and aquaculture is still in a off-season period due to weather conditions, and with extraordinarily lifted operating rate in the following two weeks in oil mills, soybean meal may probably reach over 0.7 Mln tonnes, therefore with poor consumption and rising stocks, soybean meal prices in a shorter term may pare gains. US soybeans rise mildly in these days owing to the most severe Argentina’s drought in decades and frequent strikes at its ports, but notably, low soybean processing rate in oil mills due to strict environmental inspection puts a cap on soybean meal decline when haze envelops North China, especially during the two sessions (NPC & CPPCC). Generally speaking, soybean meal overall probably remain strong based on uncertain Argentina’s soybean production and haunting weather speculation. Buyers are wise to make proper replenishment upon bargain hunting or stand by when replenishment is made in last two days. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal are basically stable, among which prices in coastal areas stand at 2,480-2,550 yuan/tonne (Guangxi offers 2,500 yuan/tonne; Guangdong 2,550 yuan/tonne; Fujian 2,480 yuan/tonne). Crops have entered the final stage of growth in South America, and harvest in some areas even get started. On the note, crop losses in Argentina may well below market estimates if rains come latter.  About 50% of soybeans have been harvested in Brazil with production estimates being around 114-117 Mln tonnes, and such large soybean production will largely offset the losses in Argentina. Yet demand for rapeseed meal is still not much though rapeseed is sufficient and operating rate is lifted, that is to say, rapeseed meal in a shorter term will vibrate in line with futures. 

    Daily review on fishmeal: today, prices for imported fishmeal keep firm, yet prices are negotiable upon transaction and shipments at ports are general. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 13,000 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. 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 31,000 tonnes, Fuzhou 32,000 tonnes, Shanghai 22,000 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 $1,600 per tonne, USD $1,760 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. Peru's fishmeal supply is still tight domestically and with few fishmeal arrivals at ports, fishmeal at home is only expected to keep firm without big ups and downs. 

    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: beans on CBOT last night continued to end high, boosted by technical buying, accordingly, Dalian oils today rise mildly tracking yesterday's tendency with domestic soybean oil and palm oil spots mostly pricing up. Turnover upon lower prices goes well. US soybeans remain robust for one reason that the most severe drought in decades hits Argentina amid frequent strikes at its ports and for another that weather speculation is likely to go on before Argentina's soybean production is finally set. In addition, daily turnover of soybean oil reaches over 30,000 tonnes as businesses in the midstream and downstream are inclined to make replenishment, which eventually boost oil spots to rise. Whereas, supply pressure still persists amid accumulating stocks when weekly crush in the next two week may be around 1.88 Mln tonnes and 1.96 Mln tonnes respectively, and monthly soybean arrivals in April-to-June period may reach 9 Mln tonne or above. That limits oil price to hit a fresh high. Buyers may be wise to make proper replenishment upon bargain hunting instead of chasing high for oils market in the medium and long run is not such promising. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stand at 5,620-5,780 yuan/tonne, most rising 10-40 yuan/tonne (Tianjin traders offer 5,750-5,770 yuan/tonne, Rizhao traders 5,760 yuan/tonne, Zhangjiagang traders 5,780 yuan/tonne, Guangzhou traders 5,620 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,090 and 5,180 yuan/tonne, a rise of 10-30 yuan/tonne (Tianjin traders offer 5,160-5,170 yuan/tonne, a growth of 10 yuan/tonne; Zhangjiagang traders offer 5,180 yuan/tonne, up 30 yuan/tonne; Guangzhou 5,090 yuan/tonne; Rizhao traders and Xiamen traders have not reported). 

    Daily review on imported rapeseed oil: today, imported rapeseed oil prices up, among which prices in coastal areas are 6,350-6,520 yuan/tonne, up 20-80 yuan/tonne (Great Ocean in Fangchenggang, Guangxi offers 6,410 yuan/tonne, up 80 yuan/tonne; Chinatex in Zhangzhou, Fujian offers basis 1805-50 for April dlivery; Fuzhiyuan in Dongguan, Guangdong offers 6,420 yuan/tonne, up 70 yuan/tonne). As rapeseed oil sold in the year earlier flows into the market in a slower pace, its futures today go up in oil market, also bolstered by falling stocks in coastal areas, yet the future rises are somewhat subdued by overall oil glut when soybean oil stocks are rising impressively and monthly soybean arrivals in the second quarter may all be over 9 Mln tonnes. On the whole, rapeseed oil in a shorter term may vibrate in line with futures. 

    Daily review on corn: today, part of domestic corn continues to price up. Corn buying prices in Shandong deep processors mostly stay at 1,930-2,060 yuan/tonne, some down 10 yuan/tonne from yesterday. While purchasing prices offered at Jinzhou port, Liaoning are mostly around 1,850-1,880 yuan/tonne (volume weight 690-710 g/L), down 20 yuan/tonne from yesterday. Drying corn of Liaoning and Jilin at Bayuquan ports (moisture ≤ 15%, volume weight 690-700 g/L) are pegged at 1,900 yuan/tonne, down 10 yuan/tonne from yesterday. Corn prices at Shekou port, Guangdong are lowered to 2,000-2,010 yuan/tonne, a drop of 20 yuan/tonne over yesterday. Provincial grain reserves have been put into the market one after another, particularly, about 148,000 tonnes of corn flows into market this week. Consequently, domestic corn recently prices down across the board, also contributed by news about reserved corn rotating out and auction and incentives of quite a lot of traders in corn belt to sell goods, for instance, corn prices today are down 10 yuan/tonne in part of Shandong and down 10-20 yuan/tonne at southern and northern ports. With all bearish factors taken into consideration, domestic corn prices in a short term may drop in a steady way. Nevertheless, price decline is not likely to be large before the news about corn auction is settled for supply and demand balance will probably remain what they are for the moment. 

    Daily review on sorghum and barley: today, imported sorghum further are mostly stable amid some rises where main ports price at 1,960-2,020 yuan/tonne (Tianjin offers 2,020 yuan/tonne, up 30 yuan/tonne; Nantong 1,970 yuan/tonne; Shanghai stops to report; Guangdong 1,960-1,970 yuan/tonne). At the same time, prices for imported barley keep firm, about 1,860-1,910 yuan/tonne at main ports (Tianjin has not reported yet; Nantong offers 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, and with long and short positions mixed, sorghum at some ports prices up further. Corn prices in these days pare gains further under the impact of policy news, as a result, sorghum and barley, alternatives for corn feed are also under pressure in marketplace, but overall sorghum and barley may go strong.