Today(on April 9th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: Dalian meal today jumps in the trade session, with which soybean meal spots which were unquoted yesterday price up. Relatively low price upside and low forward basis may attract some deals, yet soybean meal with higher prices may be poor in sales due to buyers' caution. Coastal soybean meal prices range from 3,300 to 3,450 yuan/tonne, a rise of 120-250 yuan/tonne as opposed to last Wednesday (Tianjin prices 3,410 yuan/tonne, Shandong 3,380-3,450yuan/tonne, Jiangsu 3,400 yuan/tonne, Dongguan 3,300-3,360 yuan/tonne, Guangxi 3,400 yuan/tonne). US soybean futures today on the Globex rise apparently as other countries import US soybeans when China turns to South America for soybean purchases. Beyond doubt, import costs of soybeans increase impressively, attributed to soaring basis in South America, additionally with trade spat going on, prices of soybean meal keep strong and may probably be worth up to 3,500 yuan/tonne in market calculation. Nevertheless, operation rate in oil mills ratchets up for the sake of lucrative crush margins, otherwise slack demand for feed ingredient in the downstream due to great losses in pig raising has already contributed to an overflowing soybean meal in some Rizhao mills, located in Shandong province. Frankly speaking, price rises in soybean meal mainly derive from trade spat rather than fundamentals, and possible negotiation between China and the United States plunges the market into great uncertainties, therefore, buyers had better not chase high but take a hand-to-mouth purchasing strategy when stockpiles are not sufficient. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal pick up, among which prices in coastal areas stand at 2,700-2,750 yuan/tonne, rising by 120 yuan/tonne against last Wednesday (Guangxi stops to report; Guangdong offers basis 1809+0; Fujian 2,750 yuan/tonne). US soybeans on the Globex trade up for other countries turn to US soybeans when China shifts to South America for soybean purchases. And prices for rapeseed meal still keep strong seeing that its stockpiles are shriveled to 49,000 tonnes by 16 % as opposed to last week. On the whole, it is the trade spate between the two economics rather that fundamentals that boosts its prices mainly. A possible negotiation between China and the US still plunges the market into great uncertainties, in this case, buyers may as well not chase high. 

    Daily review on fishmeal: today, prices for imported fishmeal edge lower, 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 12,200-12,300 yuan/tonne; 13,100-13,300 yuan/tonne for Japanese SD with 67% protein content; 13,400-13,500 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 12,000 yuan/tonne; 12,900 yuan/tonne for Japanese SD with 67% protein content; 13,200 yuan/tonne for super steam fishmeal with 68% protein content. Port stocks: Hangpu has 36,000 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. Spot offers in foreign trading (FOB) drop steadily: the fishmeal offer in Peru ordinary SD with 65% protein content stays at USD $1,520 a tonne, and USD $1,680 per tonne for super steam fishmeal with 68% protein content, both down 30 yuan/tonne as compared to yesterday; 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. Holders at ports are strongly inclined to make shipments as falling futures of fishmeal in the outer carry them weight. For the time being, fishmeal in market is expected to come down. 

 

    Daily review on soybeans: generally, soybean trade at Shandong ports is still stumbled when strict port inspections are under way, and meantime US soybean supplies are seen at Tianjin ports deficient. In April 4th afternoon, Beijing time, China announced its decision to slap 25% tariffs on soybeans, and as a result, US soybeans CIF to China ports price up substantially amid traders' strong inclination to hold onto goods for higher prices-- prices for imported soybeans today jump impressively. All in all, imported soybeans are expected to go strong in a short term. 

    Daily review on oils: in April 4th afternoon, China announced its decision to slap 25% tariffs on 14 categories of US 106 products including soybeans, automobiles, and chemical products. US soybeans suffered from great depreciation the moment the news was released, and the export outlook and performance for US soybeans were expected to be dim in spite of a rally in Friday night. Additionally, China's shift to South America for soybean purchases greatly boosts soybean basis there amid their farmers' inclination to hold onto goods. Oils on Dalian Commodity Exchange today welcome a lower-than-expected price rally and gradually narrow price gains after the highs in the morning, of which soybean oil rise substantially. Spot prices for soybean oil and palm oil appreciate for those unquoted and pare gains for those pricing too high yesterday, and turnover is still not much. Market hope for a negotiation on the trade spat is escalating as Trump post it on Twitter that an agreement on intellectual property rights would be reached between China and the US. In this case, US soybeans move generally sideways with upward tendency, in contrast, price upside of futures on DCE fails to meet market expectation. Furthermore, soybean oil has plunged to 1.37 Mln tonnes in stocks after lowered operation rate the time import costs go high, therefore with crushers' strong incentives to support prices, oils performance for the time being may go strong. In general, price rises in oils depends mainly on trade spat rather than fundamentals, such being the case, buyers had better not chase high amid great uncertainties. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,900-6,020 yuan/tonne, some down 30-150 yuan/tonne as opposed to yesterday's quotes but some up120-250 yuan/tonne against quotes before the holidays (Tianjin traders offer 5,970-5,980 yuan/tonne, Rizhao traders 5,990 yuan/tonne, Zhangjiagang traders 6,020 yuan/tonne, Guangzhou traders 5,900 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,180-5,290 yuan/tonne, some up 80 yuan/tonne as opposed to quotes before the holidays but some down 70-100 yuan/tonne from yesterday's (Tianjin traders offer 5,280-5,290 yuan/tonne, a reduction of 70 yuan/tonne; Zhangjiagang traders offer 5,250 yuan/tonne, a rise of 80 yuan/tonne; Guangzhou traders 5,180 yuan/tonne; Xiamen 5,280 yuan/tonne, a rise of 80 yuan/tonne; Rizhao stops to report). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil rise, among which prices in coastal areas are 6,460-6,520 yuan/tonne, up 60-100 yuan/tonne against last Wednesday (Great Ocean in Fangchenggang, Guangxi offers 6,450 yuan/tonne, up 70 yuan/tonne; Fujian stops to report; Fuzhiyuan in Dongguan, Guangdong offers 6,500 yuan/tonne, up 150 yuan/tonne). China's shift to South America for soybean purchases greatly boosts soybean basis there, and as a result, import costs of soybeans are accordingly lifted. Prices for domestic oils are also raised substantially. Stockpiles of rapeseed oil in South China last week plunged to 59,000 tonnes by 9 % on the week, and meantime stockpiles in East China are also downsized to 215,000 tonnes by 9% on the week, therefore with all bullish factors, rapeseed oil is expected to remain strong to a large extent. A possible negotiation between China and the US still plunges the market into great uncertainties, in this case, buyers may as well not chase high. 

    Daily review on corn: today, domestic corn prices move downside. Corn buying prices in Shandong deep processors mostly stay at 1,850-1,940 yuan/tonne, some further down 6-20 yuan/tonne from yesterday, by contrast, purchasing prices in the northeast keep flat at 1,600-1,730 yuan/tonne. While purchasing prices offered at Jinzhou port, Liaoning are mostly around 1,780-1,800 yuan/tonne (volume weight 690-700 g/L), up 10 yuan/tone upon the highest price from yesterday. Drying corn of Liaoning and Jilin at Bayuquan ports (moisture ≤ 15%, volume weight 690-700 g/L) are pegged at 1,780-1,790 yuan/tonne, basically unchanged from yesterday. Corn prices at Shekou port, Guangdong come in at 1,940-1,950 yuan/tonne, remaining flat as opposed to yesterday. Market is reported to put another 7 Mln tonnes of corn into market on April 19th and 20th after prospective 7 Mln tonnes this week, and if such tendency going forward, about 21 Mln tonnes of old corn may be put into market in the end of April. Businesses on their sides mostly stand sideways toward auction this week and are still cautious about spot purchases though corn supply is sufficiently large in the market, which contributes to a further setback of corn prices. Whereas, rigid demand for feed ingredient is still strong even though corn auctioned in the first stage is reported to be poor in quality. Wisely, focus on corn auction and possible price premium should go forward for further market guidance. 

    Daily review on sorghum and barley: today, imported sorghum prices up steadily where some ports price at 1,950-2,100 yuan/tonne (Tianjin offers 2,090-2,100 yuan/tonne, being flat; Qingdao 2,240 yuan/tonne; Nantong 2,080 yuan/tonne, up 20 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 (Qingdao 2,010 yuan/tonne; Nantong offers 1,940 yuan/tonne, Guangdong 1,840-1,850 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 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. Particularly, sorghum prices at ports today appreciate further. 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 and barley are under pressure and limited to price up if possible.