Daily review on soybean meal: US soybean last night edged down, correspondingly, Dallian soybean meal today falls further but narrows the declines. Domestic soybean meal spots keep stable but a tad lower tracking futures, yet lower prices may attract some deals. Soybean meal prices in coastal areas range from 3,130 to 3,210 yuan/tonne, a drop of 10-30 yuan/tonne against yesterday (Tianjin prices 3,210 yuan/tonne, Shandong 3,130-3,210 yuan/tonne, Jiangsu 3,180-3,200 yuan/tonne, Dongguan 3,160-3,210 yuan/tonne, Guangxi 3,180-3,220 yuan/tonne). As market fears that the trade spat will shrivel US soybean export, futures on CBOT are seen falling. Domestically, soybean meal spots are under considerable pressure for the reason that its stockpiles are accumulating based on profitable crush margins and sufficiently large soybean arrivals in the months ahead, and for another that losses in pig raising and slack demand in off-season aquatic raising contribute to slow consumption of meals amid pronounced supply over demand. Such being the case, some crushers urge buyers to make delivery in case of bloated soybean meal, especially crushers in Shandong and North China. Notwithstanding, soybean meal may have the resistance to price down after consecutive sessions of declines or even move sideways with upward tendency in the event of a heating-up of trade tension between China and the US. Buyers had better make proper replenishment upon bargain buying instead of chasing high.  

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal drop steadily, among which prices in coastal areas stand at 2,600-2,700 yuan/tonne with a drop of 10 yuan/tonne over yesterday (Guangxi offers 2,600 yuan/tonne; Guangdong Fuzhiyuan 2,690 yuan/tonne, down 10 yuan/tonne; Fujian 2,700 yuan/tonne). One one hand, rapeseed meal stockpiles remain great helped by sufficiently large soybeans at ports in May-to-July period about 28.5 Mln tonnes, on the other hand, losses in pig raising continue and aquatic raising is still off-season, consequently, slow demand in end users stumbles its consumption and weighs on its performance. But affected by US proposed tariffs on Chinese goods worthy of 100 billion dollars, rapeseed meal spots have the resistance to price down in the days amid possibly escalating trade tension and crushers' incentives to price up. With all taken into consideration, rapeseed meal is to move sideways in a tight range.

    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 27,000 tonnes, Tianjin 1,000 tonnes, Dalian 4,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Fishing: till April 17th, about 445,105 tonnes of fish have been caught in northern and central Peru in A season of year 2018, accounting for 13.42% of the total volume; fishing quota for this season is 3,316,700 tonnes, among which 2,871,595 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 Peru's futures in the outer remain weak, fishmeal holders are inclined to make shipmets 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, particularly, GM-soybeans for distribution are obviously capped to circulate in the food sector. 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: US soybeans and soybean meal last night on CBOT ended the trading session lower for make feared that a possibly escalating trade tension would curtail US soybean export to China, and additionally traders located profit when futures edged low after previous gains, in contrast, US soybean oil ended higher driven by technical buying and a great rally in crude oil. Accordingly, oils on DCE trade sideways today, yet domestic soybean oil and palm oil spots are mostly on a strong note. Turnover over lower basis is expected to be good, but that of spots is not much probably. US soybean generally is under pressure for one thing a heating-up of the trade tension may subdue US soybean export, and for another its sowing acreage is expected to be higher than former guesses. Furthermore, oils in market are also weighed on for weekly crush is to hit a fresh high of 1.8 Mln tonnes in the following two weeks backed by large imported soybean arrivals in April-July period, good crush margins and high operation rate. Notably, oil prices have plunged to former lower levels when the trade spat has not yet started. Otherwise, good turnover upon forward lower basis according to traders and crushers' incentives to price high may somewhat underpin oil spots for the moment, particularly, over 30,000 tonnes of oils are sold upon basis contract yesterday. That is to say, oil spots for the time being are not to tumble a lot, but to move sideways frequently in a tight range tracking futures. Actually, oil prices domestically is probable to rise if the trade tension is further escalating amid uncertainty in between. Wisely, buyer had better maintain a light inventory level and be ready to sell high and buy low within limits. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,640-5,800 yuan/tonnes, increasing by 10-50 yuan/tonne (Tianjin traders offer 5,780-5,790 yuan/tonne, Rizhao traders 5,750 yuan/tonne, Zhangjiagang traders 5,800 yuan/tonne, Guangzhou traders 5,640-5,650 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,040-5,130 yuan/tonne, mostly increasing by 10-50 yuan/tonne (Tianjin traders offer 5,120-5,130 yuan/tonne, a rise of 10 yuan/tonne; Zhangjiagang traders offer 5,100 yuan/tonne, a rise of 50 yuan/tonne; Guangzhou traders 5,040 yuan/tonne; Xiamen 5,100 yuan/tonne, a rise of 50 yuan/tonne; Rizhao stops to report). 

    Daily review on imported rapeseed oil: today, imported rapeseed oil prices up, among which prices in coastal areas are 6,290-6,430 yuan/tonne, up 20-50 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 US administration is reported to detail its proposed tariffs on Chinese goods worth up to 100 billion dollars this week. Notwithstanding, price upside of oil prices is to be capped by such bearish fundamentals as gradually improved operation rate, plentiful soybean and rapeseed arrivals at ports for importers project to increase rapeseed purchase amid the trade spat. Wisely, buyer had better maintain a light inventory level for rapeseed oil for the time being is to trade sideways. 

    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 fluctuating in a tight range. While purchasing prices offered at Jinzhou port, Liaoning are mostly around 1,770-1,780 yuan/tonne (volume weight 690-700 g/L), up 5-10 yuan/tonne 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 from yesterday. Corn prices at Shekou port, Guangdong stay at 1,920 yuan/tonne, being flat over yesterday. About 7 Mln tonnes of reserved corn are reported to sell in market next week and if things go on like this, supply pressure later will be overwhelmingly great. Adding to the pressure is that deeper processors still keep cautious about corn purchases seeing great losses in pig raising and slack demand for feed ingredient, such being the case, corn prices are possible to trade low steadily. However, short supply of and rigid demand for high-quality corn spots may support its prices and limit the price downside, to illustrate, sales today are seen good.  

    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 keep firm, 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). 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. Yet, if corn prices later pare gains further, prices of grains at ports will be affected.