Daily review on soybean meal: US soybeans yesterday edged up, the same trend going to Dalian meals today though meal futures in the closing session yesterday surprisingly soared up. Actually, meal futures now run below the previous close and pare former gains. Soybean meal prices offered by crushers are mostly stable, yet generally up 20-40 yuan/tonne according to traders. Turnover is still not much though lower prices may attract some deals. Soybean meal prices in coastal areas range from 3,160 to 3,230 yuan/tonne, where most keep stable, prices offered by Wilmar fall 10-30 yuan/tonne and by traders up 20-40 yuan/tonne against yesterday (Tianjin prices 3,230 yuan/tonne, Shandong 3,180-3,220 yuan/tonne, Jiangsu 3,200-3,240 yuan/tonne, Dongguan 3,180-3,240 yuan/tonne, Guangxi 3,200-3,230 yuan/tonne). Soybean meal spot prices overall are under considerable pressure for the reason that weekly crush may possibly reach an exceedingly high level of 1.8 Mln tonnes in the following two weeks based on profitable crush margins and sufficiently large soybean arrivals, and for another that losses in pig raising and slack demand in off-season aquatic raising contribute to slow consumption of meals in end users. Such being the case, some crushers urge buyers to make delivery in case of bloated soybean meal, especially crushers in Shandong and Jiangsu provinces. Otherwise, soybean meal may have the resistance to price down or even move sideways with strong momentum in the event of a heating-up of trade tension between China and the US, resulting from China's anti-dumping measures and US another proposed tariffs on China's goods worth up to 100 billion dollars. Attention should still be paid to the trade spat and buyers had better make replenishment upon bargain buying instead of chasing high.   

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal edge up steadily, among which prices in coastal areas stand at 2,560-2,680 yuan/tonne with a rise of 10 yuan/tonne (Guangxi offers 09+0 yuan/tonne; Guangdong Fuzhiyuan 2,690 yuan/tonne, up 10 yuan/tonne from yesterday; Fujian 2,700 yuan/tonne). Meal futures yesterday were boosted by a seemingly heating-up of trade tension from China's countermeasures against US sorghum dumping and the accordingly US proposed tariffs. Yet in real terms, futures today pare gains after great leaps and bounds yesterday and a week ago when faced with sufficiently large soybean and rapeseed arrivals and slow consumption in aquatic raising, in other words, future upside is somewhat to be capped. Buyers may as well make proper replenishment upon bargain buying rather than 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 11,700-11,800 yuan/tonne; 12,600-12,800 yuan/tonne for Japanese SD with 67% protein content; 13,000 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 11,600 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. Port stocks: Hangpu has 37,000 tonnes, Fuzhou 33,000 tonnes, Shanghai 26,000 tonnes, Tianjin 1,000 tonnes, Dalian 4,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Fishing: till April 16th, about 413,930 tonnes of fish have been caught in northern and central Peru in A season of year 2018, accounting for 12.48% of the total volume; fishing quota for this season is 3,316,700 tonnes, among which 2,902,770 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 $1,470 per tonne, USD $1,630 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. As good fishing outlook in central and northern Peru this season in reality puts pressure on fishmeal holders, fishmeal prices offered go lower. Consequently, fishmeal is possible to trade weaker in the market. 

    Daily review on soybeans: generally, soybean trade at Shandong ports is still stumbled when strict port inspections are under way, Prices for imported soybeans at Tianjin port are stable, ranging from 3,450 to 4,330 yuan/tonne. Prices for US soybeans remain high due to higher import costs of soybeans for the moment, and particularly, 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. Otherwise, price upside of imported soybeans will not go out of control in the case that non-GM soybeans sales are dominant at Tianjin ports for US soybean available for market distribution is less and less. On the whole, imported soybeans for the time being may go stable with upward tendency. 

    Daily review on oils: beans on CBOT overnight ratcheted up when buyers were indulged in bargain hunting after it charted a second consecutive day of declines. Accordingly, Dalian oils today trade sideways, with which domestic soybean oil and palm oil spots drop steadily. Lower prices may still attract some deals, but transactions upon higher prices are hard to conclude. Oils today are not on that strong note to track yesterday's great ups but are weighed down by profitable crush margins, sufficiently large soybean arrivals and extraordinarily high soybean crush in following to weeks. Nevertheless, oils in market may also be capped to fall and move sideways frequently in a certain range factored in great reduction of Argentina's soybeans and uncertainty between China-US trade spat. Wisely, market participants had better balance well positions, buy low and sell high.  

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,620-5,750 yuan/tonne, some falling 20-50 yuan/tonne further (Tianjin traders offer 5,620-5,630 yuan/tonne, Rizhao traders 5,730 yuan/tonne, Zhangjiagang traders 5,750 yuan/tonne, Guangzhou traders 5,620-5,630 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 4,990 to 5,100 yuan/tonne, some falling 10 yuan/tonne (Tianjin traders offer 5,090-5,100 yuan/tonne, down 10 yuan/tonne; Zhangjiagang traders 5,050 yuan/tonne, keeping flat; Guangzhou traders 4,990 yuan/tonne; Rizhao and Xiamen traders stop to report). 

    Daily review on imported rapeseed oil: today, imported rapeseed oil prices up, among which prices in coastal areas are 6,250-6,400 yuan/tonne, up 10-20 yuan/tonne (Great Ocean in Fangchenggang, Guangxi offers 6,300 yuan/tonne, up 20 yuan/tonne; Fujian offers basis 1809-160; Fuzhiyuan in Dongguan, Guangdong offers 6,320 yuan/tonne, up 20 yuan/tonne). Oils performance is to some degree fueled by a possibly escalating trade spat seeing China is resolved to take countermeasures against US sorghum dumping in such a sensitive and crucial period. Notwithstanding, price upside of oil prices is to be capped by such bearish fundamentals as plentiful soybean and rapeseed arrivals and gradually improved operation rate. 

    Daily review on corn: today, prices for most domestic corn remain stable, some fluctuating in a tight range. Corn buying prices in Shandong deep processors mostly stay at 1,800-1,940 yuan/tonne, some up 10-20 yuan/tonne from yesterday. While purchasing prices offered at Jinzhou port, Liaoning are mostly around 1,760-1,775 yuan/tonne (volume weight 690-700 g/L), keep unchanged 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, being flat from yesterday. Corn prices at Shekou port, Guangdong stay at 1,920 yuan/tonne, being flat over yesterday. Corn prices are now weighed on for deeper processors keep cautious about corn purchases seeing great losses in pig raising and slack demand for feed ingredient amid plentiful supply, to illustrate, corn auction this week is started with 7 Mln tonnes, and according to market news, another 7 Mln tonnes will be put into market on April 26th and 27th. However, short supply of and rigid demand for high-quality corn may support its prices. Shorter term, corn spots are expected to trade weaker when supply overwhelmingly eclipses demand. Wisely, focus on corn auction and possible price premium should go forward. 

    Daily review on sorghum and barley: today, prices for imported sorghum are all unquoted, including Tianjin, Nantong and Guangdong. At the same time, prices for imported barley ratchet up, about 1,820-1,940 yuan/tonne at main ports (Shandong offers 1,940 yuan/tonne; Nantong 1,910-1,930 yuan/tonne; Guangdong 1,820-1,830 yuan/tonne, up 10 yuan/tonne). China's Ministry of Commerce issued the No. 38 Announcement of 2018 yesterday, which demonstrated its preliminary decision on US sorghum dumping, in detail, 178.6% deposit was to be levied for US sorghum at ports. In face of possible falling supply of US sorghum after increased import costs, importers now hold onto goods tightly and stop to quote. Additionally, a reduction of sorghum in market share will fuel demand for barley since sorghum and barley both are the alternative feed ingredients for corn, and all bullish factors will underpin barley in the market. Barley at some ports prices up today and is expected to go forward.