Today(on March 12th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans last Friday fell down, the same trend going to soybean meal today on Dalian Commodity Exchange. Domestic soybean meal spots are weighed down with futures, yet turnover is light. Soybean meal prices in coastal areas range from 3,090 to 3,150 yuan/tonne, a variation of 10-20 yuan/tonne against yesterday (Tianjin prices 3,150 yuan/tonne, Shandong 3,090-3,150 yuan/tonne, Jiangsu 3,100-3,150 yuan/tonne, Dongguan 3,150-3,180 yuan/tonne, Guangxi 3,150-3,170 yuan/tonne). Scattered rains in Argentina’s key soybean growing areas and worries about China-US trade have sent US soybean futures to a bearish stance, in detail, US soybeans may become the means for China to oppose against added tariffs on China's steel and aluminum by U.S. administration, according to analysts. Accordingly, soybean meal consumption is still not much when pig rising is no longer cost-effective after great tumbles in its prices and aquaculture is still in a off-season period, which sending soybean meal prices to slide down. What’s worrisome, soybean arrivals in April-and-May period seems to be less, delayed by Brazil's transportation, and furthermore, about 361,700 tonnes of soybeans which should have been shipped to China in the third week of February are returned. Additionally, soybean meal supplies in North China recently have seen tight for haze there forces part of oil mills to shut down temporarily for the sake of environment protection, especially during the two sessions (NPC & CPPCC). On this very note, businesses in the downstream turn to neighboring mills to pick up goods, consequently, putting a cap on soybean meal declines. Shorter term, soybean meal spots may run in line with futures and are not likely to fall a lot before the Argentina’s soybean production is set, and generally speaking, soybean meal may price up again, fueled by possible weather speculation. Buyers had better make replenishment upon bargain hunting when future decline goes steady. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal fall, among which prices in coastal areas stand at 2,440-2,600 yuan/tonne with a fluctuation of 10-20 yuan/tonne (Guangxi offers 2,500 yuan/tonne, down 60 yuan/tonne; Guangdong 2,600 yuan/tonne, down 20 yuan/tonne; Fujian 2,480 yuan/tonne). Rapeseed meal is not likely to tumble impressively as its stocks in South China last week fell to 42,000 tonnes by 5% on the week when weather speculation in Argentina might come about at any time. In addition, market pressure will be obvious after imported soybeans at ports and domestic new rapeseed in market become abundant in the second quarter. Wisely, buyers may as well stand by for the moment. 

    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. Port stocks: Hangpu has 28,000 tonnes, Fuzhou 32,000 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 (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. Fishmeal in the outer remains stable for the moment, yet most fishmeal producers hold a wait-and-see attitude considering relatively low inventory levels at home, thus helping its 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 Friday night came down further under the impact of active technical selling and raised US soybean ending stocks by US Department of Agriculture on last Thursday. Correspondingly, soybean oil futures on Dalian Commodity Exchange today whittle mildly and palm oil futures vibrate in the session. Domestic soybean oil spots mostly go down, and by contrast, palm oil spots price up. In general, turnover is still general though lower prices do attract some deals. US soybean is now greatly weighed down for its vulnerable and awkward situation in China-US trade and expected rains in Argentina. Yet, soybean oils keep accumulating in stocks, helped by gradually lifted soybean processing capacity, therefore, oil spots are only expected to run in volatile sessions following futures amid oil glut, and any drawbacks on spots will also be limited even if weather disruption in Argentina comes again. 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 5,580-5,730 yuan/tonne, most falling by 10-40 yuan/tonne (Tianjin traders offer 5,700 yuan/tonne, Rizhao traders 5,720 yuan/tonne, Zhangjiagang traders 5,730 yuan/tonne, Guangzhou traders 5,580 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,050-5,210 yuan/tonne, some increasing by 20-30 yuan/tonne (Tianjin traders offer 5,130 yuan/tonne, keeping flat; Rizhao traders 5,210 yuan/tonne, a rise of 20 yuan/tonne; Zhangjiagang traders offer 5,150 yuan/tonne; Guangzhou 5,050-5,060 yuan/tonne; Xiamen stops to report). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil come down, among which prices in coastal areas are 6,220-6,400 yuan/tonne, down 20-50 yuan/tonne (Great Ocean in Fangchenggang, Guangxi offers 6,250 yuan/tonne, down 50 yuan/tonne; Fujian stops to report; Shenheng in Dongguan, Guangdong offers basis 1805-60 for April delivery). On one hand, rapeseed oil in South China last week plunged to 32,000 tonnes by 26% and that in East China is down to 150,000 tonnes by 7% on the week, on the other hand, Argentina’s soybean output has not yet be set when weather speculation may come about at any time, with all factored in, rapeseed oil prices may not fall greatly but to vibrate in a frequent session with futures. 

    Daily review on corn: today, domestic corn prices turn stable after gains with the highest price paring gains. Corn buying prices in Shandong deep processors mostly stay at 1,930-2,060 yuan/tonne, down 10-40 yuan/tonne from last week. While the purchasing prices offered at Jinzhou port, Liaoning decrease by 10 yuan/tonne as compared to last Saturday at 1,870-1,900 yuan/tonne (volume weight 690-710 g/L). While drying new corn of Liaoning and Jilin (moisture ≤ 15%, volume weight 690-700 g/L) at Bayuquan ports prices at 1,910 yuan/tonne, a reduction of 10 yuan/tonne upon the highest price as compared to last Saturday. Corn prices at Shekou port, Guangdong are lowered to 2,020-2,040 yuan/tonne, a drop of 20 yuan/tonne over last week. News about reserved corn selling goes about, in detail, about 6-7 Mln tonnes of corn may be sold to market nationwide in line with market trend, and meantime corn selling targeted and auctioned may be launched in late March. But notably, corn in northeastern market are in the soup as traders slightly cut its prices and at the same time, corn distributed to businesses becomes more and more as traders in North China are inclined to make shipment with buying prices being cut in these days, for instance, corn prices decrease by 20-40 yuan/tonne in Shandong province. Shorter term, corn prices may pare gains further, but its decline may be capped when corn surplus available in market becomes fewer and fewer. 

    Daily review on sorghum and barley: today, imported sorghum further prices up where main ports price at 1,960-2,060 yuan/tonne (Tianjin offers 1,990 yuan/tonne; Qingdao 2,060 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 are a tad higher, 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, under such circumstances, market buyers are probably inclined to stand by when grains overall may go strong-- for instance, sorghum today prices up further. 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.