Daily review on soybean meal: US soybeans ended low last night on COBT, correspondingly, meal futures on Dalian Commodity Exchange today track the previous decline, with which domestic soybean meal spots are also weighed down. Though lower prices and forward basis do attract some deals, turnover overall is less than yesterday's. Soybean meal prices in coastal areas range from 3,220 to 3,260 yuan/tonne, a drop of 10-30 yuan/tonne against yesterday (Tianjin prices 3,280 yuan/tonne, Shandong 3,220-3,260 yuan/tonne, Jiangsu 3,220-3,260 yuan/tonne, Dongguan 3,220-3,260 yuan/tonne, Guangxi 3,260-3,280 yuan/tonne). Futures are seen dropping further when trade tension is somewhat eased and soybean meal spots on the whole are under considerable pressure, mainly attributed to two reasons: one is that demand for meal is still slack the time losses in pig raising are grave and aquatic raising is off-season, second, its stockpiles are seen overflowing in some oil mills based on active operation and large soybean arrivals in May-July period, in detail, 9.5 Mln tonnes in May, 9.4 Mln tonnes in June, 9.7 Mln tonnes in July. Additionally, soybean crush is now surprisingly high, and to scratch more profit, crushers start to sell upon forward basis. Notwithstanding, a pronounced setback of Argentina's soybean production, unfavorable weather for US soybean planting and uncertainties in the trade spat give some support for its prices, therefore price downside will not be impressive but to offset previous inflated bubble. Buyers had better take long upon bargain buying rather than be too bearish toward the market, and wisely, buyers can buy in batches when forward basis is low. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal decline, among which prices in coastal areas stand at 2,620-2,680 yuan/tonne with a drop of 10-20 yuan/tonne over yesterday (Guangxi offers 2,620 yuan/tonne, down 20 yuan/tonne; Guangdong offers basis 1809+0; Fujian 2,680 yuan/tonne, down 20 yuan/tonne). Meal futures domestically suffer form consecutive session of falls when trade tension between China and the US is somehow eased. Adding to the woes, great pig raising losses and off-season aquatic raising stumble rapeseed meal consumption-- basically no trade in these days. For a shorter term, rapeseed meal are probably pressured down further factored in large soybean and rapeseed arrivals and gradually lifted operation rate. Buyers had better stand by for the moment. 

    Daily review on fishmeal: today, prices for imported fishmeal are a tad 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 11,900-12,200 yuan/tonne; 12,800-13,200 yuan/tonne for Japanese SD with 67% protein content; 13,200-13,400 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 11,800 yuan/tonne; 12,700 yuan/tonne for Japanese SD with 67% protein content; 13,000 yuan/tonne for super steam fishmeal with 68% protein content. Port stocks: Hangpu has 36,000 tonnes, Fuzhou 33,000 tonnes, Shanghai 26,000 tonnes, Tianjin 1,000 tonnes, Dalian 3,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Fishing: till April 10th, about 147,137 tonnes of fish have been caught in northern and central Peru in A season of year 2018, accounting for 4.44% of the total volume; fishing quota for this season is 3,316,700 tonnes, among which 3,169,563 tonnes remain unfinished. 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 $1,500 per tonne, USD $1,660 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. Peru's futures in the outer remain weak, and meantime prices for fishmeal in market are also seen low amid slack demand and accumulating stockpiles at China's ports, under such circumstances, fishmeal is probable to be pressured down further. 

    Daily review on soybeans: generally, soybean trade at Shandong ports is still stumbled when strict port inspections are under way, Prices for imported soybeans are pegged at 3,370-4,350 yuan/tonne at Tianjin port today. Imported soybeans are had to price up seeing there is a great chance to defuse the trade spat. But with soaring import costs, great price downside is also impossible, notably, US soybean prices are seen higher during the trade spat, and on the whole, imported soybeans for the time being may go stable. 

    Daily review on oils: beans on CBOT last night all went down under the impact of technical selling and profit taking, accordingly, Dalian oils today pare gains further, with which domestic soybean oil and palm oil spots are dragged down, yet turnover overall is still not much. Oils on Dalian Commodity Exchange fall further under such fundamentals as eased trade tension, active profit taking and overwhelming supply over demand. Additionally, attracted by exceedingly high crush margins, crushers on one side start their sales upon forward basis to get profit, and on other side, they improve soybean processing capacity and engage themselves in soybean buying, such being the case, oils spots now pare gains. Yet, price decline of oils may somewhat be capped factored in Argentina's soybean losses, robust export demand for US soybeans with 0.24 Mln tonnes already brought in, uncertainty in the trade spat and forthcoming weather speculation for US soybean planting. By and large, oil spots will trade sideways in line with futures and wisely, buyers may as well make replenishment upon bargain buying when prices go steady. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,700-5,850 yuan/tonne, falling 20-80 yuan/tonne (Tianjin traders offer 5,820-5,830 yuan/tonne, Rizhao traders 5,830 yuan/tonne, Zhangjiagang traders 5,850 yuan/tonne, Guangzhou traders 5,700-5,730 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,040 to 5,170 yuan/tonne, falling 20-70 yuan/tonne (Tianjin traders offer 5,160-5,170 yuan/tonne, down 20 yuan/tonne; Rizhao traders stop to report; Zhangjiagang traders 5,100 yuan/tonne, down 70 yuan/tonne; Guangzhou traders 5,040 yuan/tonne; Xiamen traders 5,120 yuan/tonne, down 50 yuan/tonne). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil drop, among which prices in coastal areas are 6,360-6,500 yuan/tonne, down 20-50 yuan/tonne (Great Ocean in Fangchenggang, Guangxi offers 6,360 yuan/tonne, down 40 yuan/tonne; Fujian offers basis 1809-160; Fuzhiyuan in Dongguan, Guangdong offers 6,400 yuan/tonne, down 50 yuan/tonne). Crush margins for imported soybean and rapeseed are exceedingly lucrative backed by sufficiently large arrivals at ports, about 27 Mln tonnes of imported soybean in the second quarter and as large as 540,000 tonnes of rapeseed in April, in this case, rapeseed oil may trade sideways with an improvement of operation rate, yet uncertainty in this trade spat will put a cap on the price downside. 

    Daily review on corn: today, prices for most domestic corn remain stable amid some decline, yet the falling pace is obviously slowed down. Corn buying prices in Shandong deep processors mostly stay at 1,800-1,920 yuan/tonne, some further down 10-20 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 1,780-1,795 yuan/tonne (volume weight 690-700 g/L). Drying corn of Liaoning and Jilin at Bayuquan ports (moisture ≤ 15%, volume weight 690-700 g/L) are pegged at 1,770 yuan/tonne, down 10 yuan/tonene from yesterday. Corn prices at Shekou port, Guangdong stay at 1,930-1,940 yuan/tonne, remaining flat over yesterday. Turnover rate reaches 92.78% in the first round of corn auction, and out of expectation, corn prices rise by 55-88 yuan/tonne for second-class corn, giving support for corn costs. Additionally, with news about another auction of 7 Mln tonnes to be released on April 19th-20th, businesses are now cautious about corn buying, such being the case, corn prices are somewhat limited. Overall, corn prices may move sideways in a tight range and attention should still be paid to corn auction and market trade. 

    Daily review on sorghum and barley: today, prices for imported sorghum are revised downward, around 1,930-2,070 yuan/tonne at main ports (Tianjin offers 2,050 yuan/tonne, down 30 yuan/tonne; Nantong 2,070 yuan/tonne; Shanghai stop to report; Guangdong 1,930 yuan/tonne, down 20 yuan/tonne). At the same time, prices for imported barley decline steadily, about 1,820-1,930 yuan/tonne at main ports (Qingdao 1,930 yuan/tonne; Nantong 1,920-1,930 yuan/tonne; Guangdong 1,820 yuan/tonne). Corn auction is now started with approximately 7 Mln tonnes being put into the market-- 6.693 Mln tonnes of temporarily reserved corn and 0.3 Mln tonnes upon instalment. Market players now shift to a bearish stance seeing a new round of corn auction is under way, which weighs down corn prices as well as the prices of its alternatives, barley and sorghum. Furthermore, consumption for barley is overwhelmingly unsatisfactory amid slack demand for feed ingredient and great losses in pig raising. Such being the case, barley and sorghum today are pressured down and shorter term, grains in market are expected to go weak.