Daily review on soybean meal: domestic soybean meal spots today price up in part, yet lower prices and forward basis still attract some deals. Soybean meal prices in coastal areas range from 3,220 to 3,280 yuan/tonne, some rising 10-30 yuan/tonne against yesterday(Tianjin prices 3,280 yuan/tonne, Shandong 3,220-3,280 yuan/tonne, Jiangsu 3,240-3,280 yuan/tonne, Dongguan 3,240-3,300 yuan/tonne, Guangxi 3,260-3,280 yuan/tonne). Speculation about Argentina's drought spell finally comes to an end as the harvest season comes. Whereas, market speculation quickly switches to weather in the US soybean growing areas for US soybeans are now in the sowing period. Yet, speculators are cautious about selling short in view of uncertainty in China-US trade spat despite somewhat eased trade tension. Accordingly, meal futures on DCE rebound in the morning, with which soybean meal spots edge up, but then futures gradually pare gains and edge lower in the afternoon. In general, soybean meal for the time being will not suffer from great ups and downs, but trade sideways in a upward tendency until the trade spat either goes worsen or is defused. That mainly attributed to two reasons, for one thing, great pig raising losses and off-season aquatic raising stumble soybean meal consumption, and for another, some mills are overflowed with soybean meal based on active operation, large soybean arrivals and lucrative crush margins. Wisely, buyers had better buy in when forward basis and spot prices are low rather than be too bearish toward the market. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal rise, among which prices in coastal areas stand at 2,620-2,700 yuan/tonne, rising by 10-20 yuan/tonne (Guangxi offers 2,630 yuan/tonne, up 10 yuan/tonne; Guangdong offers 1809+0 for basis; Fujian 2,700 yuan/tonne, up 20 yuan/tonne). Soybean on CBOT overall is on a strong note with the promising export outlook of US soybean and its byproducts, especially when Argentina turns to the US for soybean purchases. By striking comparison, domestic meals are overwhelming weighed down under the impact of great losses in pig raising and slack consumption in off-season aquatic raising. Generally speaking, rapeseed meal is to move sideways in line with futures amid lifted operation rate and large soybean and rapeseed arrivals. 

    Daily review on fishmeal: today, imported fishmeal price down, 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 11,700-12,000 yuan/tonne; 12,600-13,000 yuan/tonne for Japanese SD with 67% protein content; 13,000-13,200 yuan/tonne for super steam fishmeal with 68% protein content, all down 200 yuan/tonne from yesterday. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 11,600 yuan/tonne; 12,500 yuan/tonne for Japanese SD with 67% protein content; 12,800 yuan/tonne for super steam fishmeal with 68% protein content, all down 200 yuan/tonne from yesterday. 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 11th, about 189,505 tonnes of fish have been caught in northern and central Peru in A season of year 2018, accounting for 5.71% of the total volume; fishing quota for this season is 3,316,700 tonnes, among which 3,127,195 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. Demand for fishmeal remains slack for the reasons that aquatic raising is stumbled by unholy weather pattern and that its futures are on a weak note in the outer. Such being the case, prices are somewhat weighed down with holders’ optimistic about the market later. 

    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. Notably, US soybean prices are seen higher during the trade spat, market speculation now switches to weather in the US soybean growing areas for US soybeans are now in the sowing period, therefore, imported soybean is hard to price down. On the whole, imported soybeans for the time being may go stable. 

    Daily review on oils: export of US soybeans last week was better-than-expected, especially when the third biggest soybean producer, Argentina turns to the US and Brazil for soybean purchases to offset its substantially reduced soybean production due to previous drought spell. Additionally, reduced Argentina's production estimates also boosted beans on CBOT last night. By striking contrast, oils on DCE fall further, with which domestic soybean oil spots are weighed down, but palm oil spots are a tad higher. Turnover upon lower prices goes better. The reason for Argentina's purchases of US soybeans is that its own soybean production plunges to 37 Mln tonnes-- the lowest since year 2003/2004 and is down 36% from last year-- the greatest in near four decades. And Argentina's crushers are reported to buy in 1 Mln tonnes of US soybean, with prices rising to 1,060 cents. Attracted by exceedingly high crush margins, crushers on one side start their sales upon forward basis to scratch profit, and on other side, they improve soybean processing capacity and engage themselves in soybean buying, such being the case, oils on DCE chart a fourth consecutive day of declines amid about 27 Mln tonnes of soybean arrivals in the second quarter and somehow eased trade tension. Yet, price decline of oils may somewhat be capped factored in uncertainty in the trade spat and forthcoming weather speculation for US soybean planting. By and large, oil spots for the moment trade sideways in line with futures and are expected to rise next week. Wisely, buyers can take the chance to make replenishment upon bargain buying. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,670-5,810 yuan/tonne, falling 10-50 yuan/tonne (Tianjin traders offer 5,800-5,810 yuan/tonne, Rizhao traders 5,780 yuan/tonne, Zhangjiagang traders 5,800 yuan/tonne, Guangzhou traders 5,670-5,680 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,050 to 5,160 yuan/tonne, some rising by 30 yuan/tonne (Tianjin traders offer 5,150-5,160 yuan/tonne, up 30 yuan/tonne; Zhangjiagang traders 5,100 yuan/tonne, keeping flat; Guangzhou traders 5,050 yuan/tonne; Xiamen 5,120-5,130 tonnes; Rizhao traders stop to report). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil drop, among which prices in coastal areas are 6,330-6,450 yuan/tonne, down 10-30 yuan/tonne (Great Ocean in Fangchenggang, Guangxi offers 6,350 yuan/tonne, down 10 yuan/tonne; Fujian offers basis 1809-160; Fuzhiyuan in Dongguan, Guangdong offers 6,380 yuan/tonne, down 20 yuan/tonne). Fundamentals come back to market when trade tension is eased, and on the whole, rapeseed oil is to trade sideways with futures factored in improved processing capacity, exceedingly high crush margins and large soybean and rapeseed arrivals, in detail, about 27 Mln tonnes of imported soybean in the second quarter and as large as 540,000 tonnes of rapeseed in April. But notably, uncertainty in this trade spat will still put a cap on the price downside. 

    Daily review on corn: today, domestic corn prices mostly go stable amid some declines . Corn buying prices in Shandong deep processors mostly stay at 1,800-1,920 yuan/tonne, some down 20 yuan/tonne from yesterday. Corn buying prices in the northeast are mostly between 1,600 and 1,730 yuan/tonne, some down 10-20 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), down 5 yuan/tonne 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 1,770-1,780 yuan/tonne. Corn prices at Shekou port, Guangdong stay at 1,930 yuan/tonne, remaining flat over yesterday. A large quantity of low-cost corn has hit the spot market when corn auction is in full swing, and news goes that another 1 Mln tonnes of corn will be put into market next week. However, downstream businesses’ caution about spots buying in time of sufficient corn supply weighs on its prices and such trend is expected to go forward. But hot sales on April 12th and substantial price premium in Heilongjiang today give support to corn prices, that is to say, a further price decline is not possible. With regards to corn quality and possible satisfactory prices for corn of good quality, attention should be paid to later corn auction. 

    Daily review on sorghum and barley: today, prices for imported sorghum are revised downward, around 1,930-2,050 yuan/tonne at main ports (Tianjin offers 2,050 yuan/tonne, being flat; Nantong 2,000-2,020 yuan/tonne; Shanghai stop to report; Guangdong 1,930 yuan/tonne, being flat). At the same time, prices for imported barley go stable, 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 in the first stage and another 7 Mln tonnes to be auctioned in next week. Yet, market players 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. Such being the case, grains in market are expected to go weak countered in slack demand in pigs and poultry industry.