Daily review on soybean meal: US soybeans last night on CBOT pared gains, accordingly, Dalian meal today also falls, with which domestic soybean meal spots drop. Yet, turnover is seen less though some forward lower basis may attract deals. Soybean meal prices in coastal areas range from 3,100 to 3,180 yuan/tonne, a drop of 10-40 yuan/tonne against yesterday (Tianjin prices 3,180 yuan/tonne, Shandong 3,120-3,150 yuan/tonne, Jiangsu 3,100-3,130 yuan/tonne, Dongguan 3,130-3,170 yuan/tonne, Guangxi 3,150-3,180 yuan/tonne). In real terms, soybean meal consumption is not as good as expected, otherwise its prices pare gains today since aquatic raising is off-season and pig raising is also subject to losses, with average 245 yuan losses for one pig. In the past two weeks, soybean crush in oil mills fell to a low level of 1.65 Mln tonnes, and stocks for soybean meal are also a tad lower at 790,000 tonnes by 1% than the previous week, yet, slow shipments in return limit price upside of soybean meal. No doubt, China's buyers turned to Brazil for soybean purchases when uncertainties remain in the trade disputes, which then greatly boosts Brazil's soybean basis, and furthermore, speculators become more cautious about short selling when a bulk of decline in Argentina's soybean production is seen. As a consequence, soybean meal futures on DCE still goes strong and has resilience to fall and overall, price downsize of soybean meal is capped and may be volatile in line with futures amid crushers’ incentives for higher prices. To be honest, soybean meal has great room to price up if soybean is subject to the trade war, but if not, soybean meal latter may be weighed on in wake of large soybean arrivals from South America. Therefore, buyers who have finished replenishment making had better stay on the sidelines and make proper purchases in batches when forward basis is not more than 50 yuan. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal rise, among which prices in coastal areas stand at 2,410-2,540 yuan/tonne, down 30-40 yuan/tonne from yesterday (Guangxi offers 2,500 yuan/tonne, down 30 yuan/tonne; Guangdong offers 1809+50 for basis; Fujian 1805+0 for basis). Rapeseed meal in market is now supported, buoyed by China-US trade concerns and crushers?projection on machine halt in Guangxi and Guangdong provinces. Nevertheless, rapeseed meal in a short term will not rebound a lot but to fluctuate in line with futures in frequent sessions amid large soybean arrivals and estimated supplies of new rapeseed. Wisely, buyers had better take a hand-to-mouth purchasing strategy. 

    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 25th, about 90,795 tonnes of fish have been caught in southern Peru in A season of year 2018, accounting for 16.97% of total quota--535,000 tonnes-- this season, among which 444,205 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 stocks for fishmeal pile up further as new-season fish resources in northern and central Peru are expected to be better, but with general demand domestically, holders at ports are under pressure. Therefore, fishmeal market in a short term will be dominated by a stable but weak trading session. 

    Daily review on soybeans: competitions among traders goes severe as Non-GM soybean supplies at home are still  sufficient, and in consequence, imported soybeans are hard to price up. Though US soybean is now excluded in China'sproposed tariffs on US imports, uncertainties still remain in China-US trade war, and chances are there with soybean involved. But It is worth mentioning, buyers will probably turn to South America for soybean purchases if tariffs on US soybean imports are raised eventually. That will lead to a short supply of soybeans from South America and add more costs for China'simports. Attentions should still paid to latest market news.  

    Daily review on oils: US soybeans and soybean meal last night fell further, driven by technical selling and active closing of long positions, but in contrast, US soybean oil rose slightly after the release of arbitrary of buying soybean meal and selling soybean oil. Accordingly, Dalian oils today suffer from vibrations, with which domestic soybean oil and palm oil spots go down in part, yet lower prices may further attract some deals. China's buyers turned to Brazil for soybean purchases when uncertainties remain in the trade disputes, which then greatly boosts Brazil's soybean basis. Furthermore, speculators become more and more cautious about short selling when a bulk of decline in Argentina's soybean production is seen, in this cases, oils have great room to price up if soybean is also subject to the trade war. Generally speaking, soybean oil stocks plunge to 1.39 Mln tonnes in the case of low operating rate and demand goes well in lower prices amid crushers’ support for the prices. Whereas, with mixed long and short positions and overall oil glut, oils in a short term may still vibrate in line with futures, therefore, buyers are suggested to take a hand-to-mouth purchasing strategy.  

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,540-5,750 yuan/tonne, some falling 20-50 yuan/tonne further (Tianjin traders offer 5,680-5,690 yuan/tonne, Rizhao traders 5,720 yuan/tonne, Zhangjiagang traders 5,750 yuan/tonne, Guangzhou traders 5,540 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 20-30 yuan/tonne (Tianjin traders offer 5,100-5,120 yuan/tonne, down 30 yuan/tonne; Rizhao traders stop to report; Zhangjiagang traders 5,170 yuan/tonne, keeping flat; Guangzhou traders 5,050 yuan/tonne; Xiamen traders 5,130 yuan/tonne, down 20 yuan/tonne). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil drop slightly, among which prices in coastal areas are 6,280-6,410 yuan/tonne, down 20-30 yuan/tonne (Great Ocean in Fangchenggang, Guangxi offers 6,330 yuan/tonne, down 50 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 and soybean oil keep accumulating in stocks, and additionally, operating rate will rise substantially the time soybean arrivals in the second quarter turn to be great, thus with such overwhelmingly oil glut, rapeseed oil may vibrate in a frequent session with futures for the moment for uncertainties between China-US trade war limit the price decline.   

    Daily review on corn: today, part of domestic corn continue to price down. Corn buying prices in Shandong deep processors mostly stay at 1,940-2,050 yuan/tonne, some down 4-20 yuan/tonne from yesterday. While purchasing prices offered at Jinzhou port, Liaoning are mostly around 1,840-1,850 yuan/tonne (volume weight 690-700 g/L), down 10-20 yuan/tonne from yesterday. Drying corn of Liaoning and Jilin at Bayuquan ports (moisture ≤ 15%, volume weight 690-700 g/L) are pegged at 1,840 yuan/tonne, down 10-20 yuan/tonne from yesterday. Corn prices at Shekou port, Guangdong are lowered to 1,990-2,010 yuan/tonne, a drop of 10 yuan/tonne over yesterday. Speculators flip back to a bearish stance with a concern that great amounts of corn reserved may put into market later, yet some traders hoarding goods in these days engage themselves to the shipment making though deep processors prefer to maintain a safe inventory level with their caution about corn buying. 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 merely in some 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 remains high where some ports price at 1,960-2,100 yuan/tonne (Nantong offers 2,100 yuan/tonne; Shanghai stops to report; Guangdong 1,950-1,960 yuan/tonne). At the same time, prices for imported barley keep firm, about 1,860-1,940 yuan/tonne at main ports (Tianjin has not reported yet; Nantong offers 1,930-1,940 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, prices for grains at some ports remain high. Overall, grains in a short term may go high in prices.