Today (on March 26th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: futures on Globex and on DCE today rebound, accordingly, domestic soybean meal spots are buoyant with futures, yet lower prices and forward low basis may attract deals. Soybean meal prices in coastal areas range from 3,100 to 3,180 yuan/tonne, a rise of 40-70 yuan/tonne against last Friday (Tianjin prices 3,180 yuan/tonne, Shandong 3,140-3,170 yuan/tonne, Jiangsu 3,130-3,140 yuan/tonne, Dongguan 3,140-3,170 yuan/tonne, Guangxi 3,150-3,180 yuan/tonne). National soybean crush plunged to 1.65 Mln tonnes by 9% on the week, affected by machine halt in some oil mills due to a general machine overhaul and bloated soybean meal stocks. Actually, uncertainties for soybean remain in the China-US trade spat though soybean is now excluded in China's proposed tariffs on some US imports, and if such trade dispute goes worse latter with soybean involved in China's plans, domestic soybean meal accordingly is likely to rise a lot amid a bulk of decline in Argentina's soybean production. Additionally, with more cautions in short selling among market buyers, soybean meal prices up further. Yet, such price upside may otherwise be capped by unsatisfactory consumption in the end users when pig raising is such unprofitable in wake of great losses. Wisely, buyers had better make proper replenishment upon bargain hunting and be cautious about prices of great ups. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal rise, among which prices in coastal areas stand at 2,460-2,590 yuan/tonne, rising by 30-50 yuan/tonne (Guangxi offers 2,530 yuan/tonne, up 50 yuan/tonne; Guangdong offers 1809+50 for basis; Fujian 1805+0 for basis). Rapeseed meal in South China last week increased to 62,800 tonnes by 20% on the week, and its performance is weighed down in the market when aquatic raising is still off-reason. Nevertheless, stocks for meal pile up further latter, helped by high operating rate and sufficient soybean and rapeseed. That no doubt puts great pressure on meal prices and as a result, rapeseed meal in a short term will not rebound a lot but to fluctuate in line with futures in frequent sessions. By the way, uncertainties still remain in China-US trade war, and if it goes worse with soybean involved, domestic soybean meal is about to rise significantly.  

    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 12,600-12,800 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. Fishing: till March 22nd, about 90,521 tonnes of fish have been caught in southern Peru in A season of year 2018, accounting for 16.92% of total quota--535,000 tonnes-- this season, among which 444,479 tonnes remain unfinished. Port stocks: Hangpu has 33,000 tonnes, Fuzhou 33,000 tonnes, Shanghai 124,000 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 $1,700 per tonne, USD $1,800 per tonne for excellent fishmeal with 68% protein content. Domestic demand for fishmeal is quite general amid gradually increasing port stocks, consequently, its prices drop steadily in a shorter term. 

    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: US soybean and soybean oil last Friday night went down in the context of worrisome China-US trade tension and active arbitrary of buying soybean meal and selling oil, otherwise US soybean meal priced up. Generally, oils on Dalian Commodity Exchange today suffer from vibrations, and accordingly, domestic soybean oil spots mostly price up amid some decline and palm oil spots go down in part, yet turnover is not much for the time being. Notably, US soybean prices are still on the increase when Buenos Aires Grain Exchange lowers Argentina's soybean production to 39.5 Mln tonnes. And though US soybean is now excluded in China's proposed tariffs on US imports, uncertainties still remain in China-US trade war, and if it goes worse with soybean involved, domestic oils are about to be boosted. In real terms, price decline in oils will not be great with cautions about short selling among market players. By and large, ongoing overwhelming supply over demand will put a cap on price upside, backed by around 27.6 Mln tonnes of soybean arrivals in the April-to-June period and likely lifted operating rate in the near futures. On the whole, soybean oil spots in shorter term may vibrate in line with futures frequently amid mixed long and short positions, therefore buyers are wise to keep a light inventory level and take a hand-to-mouth purchasing strategy. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,560-5,750 yuan/tonne, most of which increase by 10-50 yuan/tonne, yet some decrease by 10-20 yuan/tonne (Tianjin traders offer 5,700-5,710 yuan/tonne, Rizhao traders 5,740 yuan/tonne, Zhangjiagang traders 5,750 yuan/tonne, Guangzhou traders 5,560-5,570 yuan/tonne). 

     Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,050 to 5,170 yuan/tonne, some falling 10 yuan/tonne (Tianjin traders offer 5,130-5,150 yuan/tonne, down 10 yuan/tonne; Rizhao traders stop to report; Zhangjiagang traders 5,170 yuan/tonne, keeping flat; Guangzhou traders 5,050-5,070 yuan/tonne; Xiamen traders 5,150 yuan/tonne, being flat). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil drop steadily, among which prices in coastal areas are 6,310-6,460 yuan/tonne, down 10-20 yuan/tonne (Great Ocean in Fangchenggang, Guangxi offers 6,380 yuan/tonne, down 20 yuan/tonne; Chinatex in Zhangzhou, Fujian offers basis 1809-160 for July and August delivery; Shenheng in Dongguan, Guangdong offers basis 1809-220 for May delivery). Rapeseed oil in South China last week rose to 52,900 tonnes by 28% on the week and that in East China was up to 246,000 tonnes by 38% on the week. Additionally, soybean operating rate will rise substantially the time Malaysian palm oil also enters the production cycle, thus with such overwhelmingly oil glut, rapeseed oil is weighed down and may vibrate in a frequent session with futures for the moment.  

    Daily review on corn: today, domestic corn prices down one by one. Corn buying prices in Shandong deep processors mostly stay at 1,940-2,070 yuan/tonne, some down 6-16 yuan/tonne from last week. While the purchasing prices offered at Jinzhou port, Liaoning decrease by 10 yuan/tonne upon the highest price as compared to last Saturday at 1,850-1,870 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 1,850-1,860 yuan/tonne, a reduction of 20 yuan/tonne as compared to last Saturday. Corn prices at Shekou port, Guangdong are lowered to 2,000-2,010 yuan/tonne, a drop of 20 yuan/tonne over last Friday. As the crucial time for corn auctions is around the corner according to market news, some farmers and traders in these days engage themselves to the shipment making amid possible and greater risks latter. Deep processors are quite cautious about corn buying when corn processing is either in the red or on the verge of any losses. Meantime, pig raising remains low after great tumble in prices and policies about reserved corn dumping are still unclear in such a sensitive period, and in consequence, corn prices fall further amid fragile demand with stocks consumption mainly in former outstanding contacts in most feed sectors. However, corn surplus is still relative deficient in corn belt, thus corn prices may be limited to go down and shorter term, may keep high before any likely auction of reserved corn, and attention should be paid to latest policies. 

    Daily review on sorghum and barley: today, imported sorghum further prices up where some ports price at 1,960-2,100 yuan/tonne (Tianjin offers 2,100 yuan/tonne, up 10 yuan/tonne; Shanghai stops to report; Guangdong 1,950-1,960 yuan/tonne). At the same time, prices for imported barley increase, about 1,860-1,940 yuan/tonne at main ports (Tianjin has not reported yet; Nantong offers 1,940 yuan/tonne and 1,930 yuan/tonne upon transaction, up 10 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 and import costs for sorghum and barley from Australia keep increasing in April and May 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.