Daily review on soybean meal: US soybeans last Friday ended up, but in contrast, soybean on Globex and soybean meal on Dalian Commodity Exchange today both pare gains after low opens due to rains in part of Argentina. Generally, domestic soybean meal spots decline steadily and turnover turns light. Soybean meal prices in coastal areas range from 3,060 to 3,130 yuan/tonne, a drop of 10-20 yuan/tonne against last Friday (Tianjin prices 3,130 yuan/tonne, Shandong 3,100-3,130 yuan/tonne, Jiangsu 3,080-3,100 yuan/tonne, Dongguan 3,130-3,140 yuan/tonne, Guangxi 3,120-3,130 yuan/tonne). US soybean futures are weighed on factored in increasing US soybean acreages and persisting trade tension between China and the US. On one hand, soybean meal stocks keep accumulating helped by good crush margins, large soybean arrivals during April-to-June period-- around 27.6 Mln tonnes and lifted operating rate in oil mills. On the other hand, soybean meal consumption is still low seeing that pig rising remains unsatisfactory after great losses earlier. That results in price decline of soybean meal. Notwithstanding, such decline will not be impressive for few soybean arrivals in March and expected overhaul in the near half or one month will somewhat limit the falling pace. Furthermore, Argentina' soybean production will only be expected to set in late March or early April amid likely weather speculations and crushers' inclination for higher prices. In consequence, soybean meal may probably vibrate tracking futures, therefore, buyers are suggested to stand by for the moment. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal are basically stable amid small decline in part, among which prices in coastal areas stand at 2,460-2,560 yuan/tonne, falling 10 yuan/tonne in some areas (Guangxi offers 2,460 yuan/tonne; Guangdong 2,530 yuan/tonne; Fujian 2,470 yuan/tonne, down 10 yuan/tonne). Rapeseed meal stocks in South China last week rose to 52,000 tonnes by 22% on the week, but poor demand in acquntic raising restrains its performance in market. In addition, market pressure will be obvious after soybeans from South America arive at ports in large quantities, and in consequence, putting its prices at risk. 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 12,800-13,000 yuan/tonne; 13,500-13,700 yuan/tonne for Japanese SD with 67% protein content; 13,800-14,000 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 12,700 yuan/tonne; 13,500 yuan/tonne for Japanese SD with 67% protein content; 13,800 yuan/tonne for super steam fishmeal with 68% protein content. Port stocks: Hangpu has 32,000 tonnes, Fuzhou 32,000 tonnes, Shanghai 23,000 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 $1,570 per tonne, USD $1,730 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. Supply of Peruvian fishmeal in China is still tight, while fishmeal is abundant in other countries, thereby in this case, fishmeal in market will probably be stable or be fluctuant in a tight range before large fishmeal arrivals domestically. 

    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: more funds pile into the market under the impact of Argentina' yield losses estimates. Under such circumstances, US soybean and soybean meal last Friday night on CBOT both trended up, but in contrast, US soybean oil were pressured down by active arbitrary between soybean oil and soybean meal. Correspondingly, soybean on Globex today falls impressively and oils on Dalian Commodity Exchange also pare gains amid low opens, with which domestic soybean oil and palm oil spots go down, yet turnover is not much. US soybean futures are weighed on factored in increasing US soybean acreages and persisting trade tension between China and the US. However, since Argentine soybean production has not yet be set until late March or early April, US soybean prices now range from 1,020 to 1,080 cents with mixed long and short positions and likely weather speculation. Beyond doubt, soybean oil stocks are bound to pile up gradually if soybean arrivals are large and soybean processing capacity is enhanced in near future, then burdensome oil supplies are probable to overwhelm demands factored in those bearish fundamentals. But actually, oil spots in a short term will vibrate tracking futures without big ups and downs for crushers have great inclination for higher prices seeing weather speculations continue in the outer. Wisely, buyers had better maintain a light inventory level for the moment. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,580-5,730 yuan/tonne, falling 20-50 yuan/tonne (Tianjin traders offer 5,710-5,720 yuan/tonne, Rizhao traders 5,720 yuan/tonne, Zhangjiagang traders 5,730 yuan/tonne, Guangzhou traders Y05-100). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,070 to 5,200 yuan/tonne, most falling 10-30 yuan/tonne (Tianjin traders offer 5,130-5,140 yuan/tonne; Rizhao traders 5,200 yuan/tonne, down 20 yuan/tonne; Zhangjiagang traders 5,150 yuan/tonne, down 30 yuan/tonne; Guangzhou traders 5,070 yuan/tonne; Xiamen traders 5,150 yuan/tonne, down 10 yuan/tonne). 

    Daily review on imported rapeseed oil: today, imported rapeseed oil prices up, among which prices in coastal areas are 6,360-6,520 yuan/tonne, up 20-50 yuan/tonne (Great Ocean in Fangchenggang, Guangxi offers 6,420 yuan/tonne, up 20 yuan/tonne; Chinatex in Zhangzhou, Fujian offers basis 1809-180 for May delivery; Shenheng in Dongguan, Guangdong offers basis 1809-220 for May delivery). Overwhelming oil supplies and exceedingly high soybean processing capacity put down rapeseed oil in market, in detail, rapeseed oil in South China last week rose to 41,000 tonnes by 28% on the week and that in East China was up to 170,000 tonnes by 17% on the week, thus with all factored in, rapeseed oil prices vibrate in a frequent session with futures for the moment. 

    Daily review on corn: today, some domestic corn prices up after decline. Corn buying prices in Shandong deep processors mostly stay at 1,930-2,100 yuan/tonne, some up 20-40 yuan/tonne from last Friday. While the purchasing prices offered at Jinzhou port, Liaoning rise by 10-20 yuan/tonne as compared to last week at 1,860-1,900 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 1,880-1,890 yuan/tonne, unchanged from last week. Corn prices at Shekou port, Guangdong settle at 2,030-2,050 yuan/tonne, up 30 yuan/tonne from last week. Corn supplying for the moment is not much in spite of less and less grain surplus in main corn belt, attributable to rains and snows in recent days and some holders' reluctance to sell goods. But on the other hand, some businesses in the downstream have rigid demand for corn in case of low inventory levels. Additionally, with subsidies being given to deep processors in Jilin province, corn in some areas these days prices up, but notably, pressure on corn supply later will be considerable when reserved corn is put into market in large quantities. Shorter term, domestic corn prices are expected to be high overall amid small variations, thus attention should be paid to corn auction particularly. 

    Daily review on sorghum and barley: today, imported sorghum keeps firm where some ports price at 1,960-2,050 yuan/tonne (Nantong 2,050 yuan/tonne; Shanghai stops to report; Guangdong 1,960 yuan/tonne). Yet, prices for imported barley rise steadily, about 1,860-1,930 yuan/tonne at main ports (Tianjin has not reported yet; Nantong offers 1,930 yuan/tonne, Guangdong 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' Ministry of Commerce for American sorghum and import costs keep increasing, especially for April delivery. 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. With bullish factors supported, grains at some ports price up further, particularly, corn prices rise agiand in recent two days. Overall, grains in a short term may go strong.