Today (on March 21st), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans last night rebounded on CBOT, and in contrast, Dalian soybean meal today pares gains gradually after drastic rises in the morning. Accordingly, domestic soybean meal spots rise steadily today and turnover is still not much though basis in the forward months attracts some deals. Soybean meal prices in coastal areas range from 3,050 to 3,120 yuan/tonne, a rise of 10-20 yuan/tonne against yesterday (Tianjin prices 3,120 yuan/tonne, Shandong 3,090-3,100 yuan/tonne, Jiangsu 3,060-3,080 yuan/tonne, Dongguan 3,090-3,100 yuan/tonne, Guangxi 3,090-3,100 yuan/tonne). Though Argentina'ssoybean production will only be expected to set in late March or early April, soybean losses there are confirmed amid likely weather speculations, in addition, with an expected overhaul in most oil mills for a half or one month, crushers are inclined to support soybean meal, and in consequence, its prices in a short time may go up. Besides, US soybean futures are seen to be weighed on by increasing US soybean acreage this spring and worrisome trade tension between China and the US. In general, soybean meal stocks have risen to 0.8 Mln tonnes on the week by 12% 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. While on the other hand, sales of soybean meal are still poor seeing that pig rising remains unsatisfactory after great losses. That results in likely risks of soybean meal later, therefore, buyers are suggested to take a hand-to-mouth purchasing strategy. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal are basically stable amid some rises, among which prices in coastal areas stand at 2,450-2,530 yuan/tonne, up 10 yuan/tonne (Guangxi offers 2,450 yuan/tonne, up 10 yuan/tonne; Guangdong 2,510 yuan/tonne; Fujian 2,450 yuan/tonne). US soybean futures are weighed on factored in blessing Argentina'srains and persisting trade tension between China and the US. Though rapeseed and soybean are sufficient at ports and operating rate keeps high later in oil mills, poor demand in aquatic raising restrains rapeseed meal performance in market and puts its prices down. Therefore, rapeseed meal may vibrate with futures.  

    Daily review on fishmeal: today, prices for imported fishmeal remain stable, 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 12,600-12,800 yuan/tonne; 13,300-13,500 yuan/tonne for Japanese SD with 67% protein content; 13,600-13,800 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 12,500 yuan/tonne; 13,300 yuan/tonne for Japanese SD with 67% protein content; 13,600 yuan/tonne for super steam fishmeal with 68% protein content. Port stocks: Hangpu has 32,000 tonnes, Fuzhou 33,000 tonnes, Shanghai 23,000 tonnes, Tianjin 1,000 tonnes, Dalian 4,000 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. Although Peruvian fish resources are generally in good state, rising fishmeal stocks at ports puts pressure on its performance at home. Shorter term, fishmeal in domestic market will still be weak. 

    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 technical buying and short covering, US soybean last night on CBOT rebounded coming after May contract reaching a one-month low, yet in contrast, US soybean oil was weighed down by active arbitrary of buying soybean oil and selling soybean meal. Accordingly, oils on DCE today pare gains in fluctuating sessions after its rises in the morning, with which some domestic soybean oil spots rise and some palm oil spots are in fluctuation, yet turnover today is expected to be poor. On one hand, US soybean is deprived of vitality to rebound in the context of favorable rains in Argentina theses days and alarming trade tension between two countries. On the other hand, domestic soybean oil stocks have increased to 1.41 Mln tonnes, inhibiting oil prices to rise. But distributors in the midstream and downstream prefer to oil buying with their great interest in April-May basis, therefore, the room for oil price decline is expected to be small, and oil prices will probably change in line with futures. In real terms, soybean oil stocks later will be expanded further based on high operating rate and large soybean arrivals in April-to-June period-- around 27.6 Mln tonnes, thus such overwhelming oil glut, oil prices in the medium and long run may be not unsatisfactory. Wisely, buyers had better take a hand-to-mouth purchasing strategy. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,550-5,720 yuan/tonne, rising by 10-40 yuan/tonne (Tianjin traders offer 5,680-5,690 yuan/tonne, Rizhao traders 5,720 yuan/tonne, Zhangjiagang traders 5,710 yuan/tonne, Guangzhou traders 5,550-5,560 yuan/tonne).  

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,090 to 5,160 yuan/tonne, some fluctuating 10 yuan/tonne (Tianjin traders offer 5,150-5,160 yuan/tonne, up 10 yuan/tonne; Rizhao traders 5,250 yuan/tonne, being flat; Zhangjiagang traders 5,160 yuan/tonne; Guangzhou traders 5,090 yuan/tonne; Xiamen traders 5,150 yuan/tonne, being flat).  

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil are basically stable, among which prices in coastal areas are 6,320-6,480 yuan/tonne (Great Ocean in Fangchenggang, Guangxi offers 6,380 yuan/tonne; Chinatex in Zhangzhou, Fujian offers basis 1809-180 for May delivery; Shenheng in Dongguan, Guangdong offers basis 1809-220 for May delivery). At present, rapeseed oil and soybean oil stocks keep increasing in stocks amid pressure on palm oil from substantial production in Southeast Asia. High operating rate and large soybean arrivals in April-to-June period-- around 27.6 Mln tonnes will somehow put oil prices down. However, uncertain Argentina's soybean production and persisting weather speculations otherwise have put a cap on the price decline. On the whole, rapeseed oil will vibrate in a weak performance. Wisely, buyers had better stay on the sidelines and pay attention to trade tension between China and the US. 

    Daily review on corn: today, domestic corn prices mostly keep firm, where some are mixed. Corn buying prices in Shandong deep processors mostly stay at 1,930-2,100 yuan/tonne, some down 6-10 yuan/tonne from yesterday. While the purchasing prices offered at Jinzhou port, Liaoning keep flat at 1,860-1,900 yuan/tonne (volume weight 690-710 g/L). Drying new corn of Liaoning and Jilin (moisture ≤ 15%, volume weight 690-700 g/L) at Bayuquan ports prices at 1,890-1,900 yuan/tonne. Corn prices at Shekou port, Guangdong settle at 2,050 yuan/tonne, up 10-20 yuan/tonne upon the lowest price. Corn supplying in North China remains few when shipments are delayed by recent rains, but on the other hand, some businesses are inclined to raise corn prices steadily to attract more corn supplying in case of low inventory levels. Meantime, with subsidies being given to deep processors in Jilin province, corn buying prices are raised by some local businesses when corn surplus in northeastern corn belt is basically out of stock. Gradually, provincial grains for rotating out in the market will no doubt fill the market, whereas price upside of corn may also be stumbled for most feed sectors take a hand-to-mouth purchasing strategy in such a crucial period for policy-oriented corn selling. Shorter term, corn prices will keep high and fluctuate in a tight range, but attention should still be paid to relative auctions about reserved corn. 

    Daily review on sorghum and barley: today, imported sorghum prices up further where some ports price at 1,960-2,100 yuan/tonne (Nantong 2,050-2,100 yuan/tonne, up 50 yuan/tonne; Shanghai stops to report; Guangdong 1,960-1,980 yuan/tonne). Yet, prices for imported barley go steady, 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’s 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. Overall, grains in a short term may go high in prices.