Daily review on soybean meal: US soybean futures on CBOT last night ended up as rainy and cold weather in the US has delayed its sowing, the same trend going to Dalian meal today, with which domestic soybean meal spots rise steadily, yet lower spot prices and forward basis may attract some deals. Soybean meal prices in coastal areas range from 3,160 to 3,230 yuan/tonne, a rise of 10-20 yuan/tonne against yesterday (Tianjin prices 3,230 yuan/tonne, Shandong 3,150-3,200 yuan/tonne, Jiangsu 3,170-3,210 yuan/tonne, Dongguan 3,180-3,230 yuan/tonne, Guangxi 3,210-3,220 yuan/tonne). The Office of U.S. Trade Representative (USTR) on Tuesday published a proposed list of Chinese goods subject to additional 25 percent tariffs and planed to hold a public hearing on May 15th. The proposed list covers approximately 1,300 products imported from China and Worth of $50 billion. Otherwise, China strongly condemns and firmly opposes the U.S. tariff proposals and is ready to take counter measures on U.S. products with equal force and scale that will be published in the coming days. Increasing tension between China-US trade has put a cap on the price upside of US soybeans and led to a rise of import costs, eventually boosting soybean meal in domestic market. Additionally, US soybeans are reported to be included in China's counter lists, in this way, domestic soybean meal is expected to price up significantly. Meantime, stockpiles of soybean meal edge lower coming after relatively low operation rate since late March amid crushers’ strong willingness for higher offers. Crushers rush to South America for soybean buying for crush margins come in at around 200 yuan/tonne with basis countered in, yet once the trade war dies away, downward pressure on soybean meal will be considerable seeing grave losses in pig raising. Generally, soybean meal prices will go strong until any news given on May 15th. Therefore, buyers are suggested to maintain a safe inventory level upon bargain buying.  

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal rise, among which prices in coastal areas stand at 2,520-2,640 yuan/tonne, rising by 10-30 yuan/tonne (Guangxi offers 2,550 yuan/tonne, up 20 yuan/tonne; Guangdong offers 1809+50 for basis; Fujian 2,570 yuan/tonne, up 20 yuan/tonne). The US administration last night proposed a tariff list on 1,300 Chinese products, and in response, China was reported to match a list of possible tariffs on US goods with equal force and scale. Though rapeseed crush margins are lucrative backed by large soybean and rapeseed arrivals later, worrisome trade tension between China and the United States still supports rapeseed meal prices.  

    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 12,300-12,600 yuan/tonne; 13,200-13,500 yuan/tonne for Japanese SD with 67% protein content; 13,500-13,700 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 12,300 yuan/tonne; 13,200 yuan/tonne for Japanese SD with 67% protein content; 13,500 yuan/tonne for super steam fishmeal with 68% protein content. Port stocks: Hangpu has 35,000 tonnes, Fuzhou 33,000 tonnes, Shanghai 25,000 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 $1,700 per tonne, USD $1,800 per tonne for excellent fishmeal with 68% protein content. Domestic holders are still waiting to see Peru's new-season fishing and quotas in the north-central region. In consequence, fishmeal market in a short term is expected to be weak. 

    Daily review on soybeans: domestically, US Gulf soybean prices are pegged at around 3,700 yuan/tonne at Tianjin ports. Generally, imported GM soybeans prices are way too high, leading to little price difference between domestic soybeans and imported soybeans. Nevertheless, soybean trade in Shandong is still stumbled when strict port inspections are under way, in contrast, GM-soybean trade is mostly seen at Tianjin ports with sufficient supplies, but severe competition among traders otherwise weighs on imported soybeans in market. All in all, imported soybeans are now volatile in a steady pace and in a tight range. 

    Daily review on oils: beans on CBOT last night all ended high, driven by technical buying and rising wheat futures, accordingly, Dalian oils today continue to go high, with which soybean oil and palm oil spots price up, yet lower prices may attract buyers' replenishment. The USTR published a proposed list of Chinese goods subject to additional 25 percent tariffs and planed to hold a public hearing on May 15th. The proposed list covers 1,300 products imported from China and Worth of $50 billion. In response, China firmly opposes the U.S. tariff proposals and is ready to take proportional measures on U.S. products. Given the worrisome trade tension, Chinese buyers turn to South America for soybean purchases, as a result, soybean there is greatly fueled as supply there becomes tight, meantime, domestic oils are put to a bullish stance amid rising import costs. Notably, soybean oil plunges to 1.37 Mln tonnes in stocks under the impact of low operation rate in these two weeks amid general sales upon lower prices and low ration of oil to meal ignites crushers?mindset to support oil prices. Crushers rush to South America for soybean buying when crush margins come in at around 200 yuan/tonne with basis countered in, yet once the trade war dies away, downward pressure on oils will be considerable factored in large soybean arrivals in the second quarter. On the whole, oil prices will go strong until any news given on May 15th, the time for US public hearing. Wisely, buyers are suggested to maintain a safe inventory level and make replenishment upon bargain buying.  

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,690-5,870 yuan/tonne, up 20-50 yuan/tonne (Tianjin traders offer 5,800 yuan/tonne, Rizhao traders 5,790 yuan/tonne, Zhangjiagang traders 5,870 yuan/tonne, Guangzhou traders 5,690-5,700 yuan/tonne). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil rise, among which prices in coastal areas are 6,330-6,460 yuan/tonne (Maple in Fangchenggang, Guangxi offers 6,380 yuan/tonne; Fujian stops to report; Fuzhiyuan in Dongguan, Guangdong offers 6,400 yuan/tonne). China is reported to match a list of possible tariffs on the US goods as the 1300 Chinese products are subject to additional tariffs according to the US administration. Such being the case, soybean oil is on a relatively strong note and rapeseed oil keeps rangebound, yet soaring stocks may put a cap on the price upside. Wisely, buyers may as well maintain a proper inventory level upon bargain buying.  

    Daily review on corn: today, most domestic corn prices go steady amid some falls. Corn buying prices in Shandong deep processors mostly stay at 1,900-1,980 yuan/tonne, some down 6-10 yuan/tonne from yesterday. Corn buying prices in the northeast are mostly between 1,640 and 1,760 yuan/tonne, some down 20 yuan/tonne from yesterday. While purchasing prices offered at Jinzhou port, Liaoning are mostly around 1,780-1,790 yuan/tonne (volume weight 690-700 g/L), yet 1,760 yuan/tonne for volume weight 670 g/L, down 10 yuan/tonne. Drying corn of Liaoning and Jilin at Bayuquan ports (moisture ≤ 15%, volume weight 690-700 g/L) are pegged at 1,790-1,800 yuan/tonne, basically flat as compared to yesterday. Corn prices at Shekou port, Guangdong stay at 1,950 yuan/tonne, remaining flat over yesterday. Relatively low grain surplus in corn belt and nearly half-month price decline have now contributed to traders’ sentiment to hoard goods when corn prices in some even come close to costs, consequently, price decline is somewhat eased. However, overwhelming supply over demand in corn market is on the table amid prevailing news about corn auction, and once state-reserved grains are put into the market, the burdensome supply will probably put downward pressure on corn prices. Attention should be specially paid to official news about reserved corn auction for auction time, quantities and biding prices serve as the determining factors for market trend. 

    Daily review on sorghum and barley: today, imported sorghum prices down steadily where some ports price at 1,950-2,100 yuan/tonne (Tianjin offers 2,090-2,100 yuan/tonne; Qingdao 2,240 yuan/tonne; Nantong 2,060-2,080 yuan/tonne; Shanghai stops to report; Guangdong 1,950 yuan/tonne, being flat). At the same time, prices for imported barley keep firm, about 1,850-2,050 yuan/tonne at main ports (Tianjin 2,050 yuan/tonne; Qingdao 2,010 yuan/tonne; Nantong offers 1,940 yuan/tonne, Guangdong 1,850 yuan/tonne). News about corn auction prevails in the market, sending corn to a bearish side, in consequence, consistent falls of corn prices weigh on grains at ports, in detail, sorghum prices at some ports today are a tad lower. 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 according to importers, sorghum imports in April are quite few the time import costs for sorghum and barley from Australia keep increasing in April and May delivery. Upside-down sorghum and barley prices are obvious factored in fundamental pressure and rising costs and price downside is not much, if possible.