Today(on April 27th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans overnight picked up, by contrast, meal futures today on DCE fall further, where domestic soybean meal spots are also weighed down, yet turnover presents light. Soybean meal prices in coastal areas range from 3,060 to 3,140 yuan/tonne, a drop of 20-40 yuan/tonne against yesterday (Tianjin prices 3,130 yuan/tonne, Shandong 3,040-3,080 yuan/tonne, Jiangsu 3,080-3,100 yuan/tonne, Dongguan 3,120-3,140 yuan/tonne, Guangxi 3,100-3,140 yuan/tonne). Stockpiles of soybean meal are seen overflowing in more and more mills for one reason that stockpiles keep accumulating, even reaching a high at around 0.95 Mln tonnes attributed to large soybean arrivals later, healthy crush margins and exceedingly high processing capacity, and for another that consumption of meals in end users is still low factored in damage in pigs and poultry industry and off-season aquatic raising. On this note, some mills in Rizhao even offer a record low basis at negative 80 for May and June contract, which demonstrates the greater pressure soybean meal spots bear. Factored in all the bearish fundamentals, soybean meal may trade weaker tracking futures in near future. Otherwise, soybean meal may price up provided if weather conditions for US soybean sowing go worse or a consultative solution to the trade dispute is not reached after May Day. Wisely, buyers had better take a hand-to-mouth purchasing strategy or stand on the sidelines till futures go stable, and give attention to the talks later. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal plummet, among which prices in coastal areas stand at 2,580-2,660 yuan/tonne with a drop of 10-30 yuan/tonne over yesterday (Guangxi offers 2,580 yuan/tonne, down 20 yuan/tonne; Shenheng in Dongguan, Guangdong offers basis 1809-10; Fujian 2,650 yuan/tonne, down 30 yuan/tonne). As good weather conditions speed up US soybean spring sowing and trade dispute to some degree is eased by an expected talk between two economies, rapeseed meal is now put at a bearish stance. Furthermore, meals in domestic market are all dragged down by high crush margins, sufficiently large imported soybean and rapeseed arrivals and domestic new rapeseed supplying in May. On this note, light and fragile demand for meal feed ingredient in aquatic raising and pig raising in the downstream due to grave looses further threat rapeseed meal in market. Generally speaking, rapeseed meal is to move sideways tracking futures in a tight range in a near future. 

    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 Peru ordinary SD with 65% protein content are 11,100-11,300 yuan/tonne; 12,100-12,300 yuan/tonne for Japanese SD with 67% protein content; 12,400-12,500 yuan/tonne for super steam fishmeal with 68% protein content, all down 100-200 yuan/tonne. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 11,200 yuan/tonne; 12,100 yuan/tonne for Japanese SD with 67% protein content; 12,500 yuan/tonne for super steam fishmeal with 68% protein content, all down 100 yuan/tonne from yesterday. Port stocks: Hangpu has 38000 tonnes, Fuzhou 34,000 tonnes, Shanghai 30,000 tonnes, Tianjin 1,000 tonnes, Dalian 4,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Fishing: till April 25th, about 847,339 tonnes of fish have been caught in northern and central Peru in A season of year 2018, accounting for 25.55% of the total volume; fishing quota for this season is 3,316,700 tonnes, among which 2,469,361 tonnes remain unfinished. Spot offers in foreign trading (FOB) drop steadily: the fishmeal offer in Peru ordinary SD with 65% protein content stays at USD $1,440 a tonne, and USD $1,600 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 $1,550 per tonne, USD $1,650 per tonne for excellent fishmeal with 68% protein content. Holders at ports switch to a bearish stance toward market as fishmeal prices are dragged down by continuously falling futures in the outer, thereby fishmeal in the market may trade weaker in near future. 

    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. As Trump said that a delegation of US administration headed by the US Treasury Secretary and the Trade Representative would pay their visits to China on May 3rd and 4th, a consultative solution to the dispute may be reached. 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 they are sufficient in the market. Additionally, imported soybeans have trouble moving high amid uncertainty in China-the US trade dispute. On the whole, imported soybeans for the time being mainly go stable and move sideways in a tight range, therefore market players are advised to give attention to the trade spat later. 

    Daily review on oils: beans on CBOT closed the overnight trading up for China's demand for US beans was said to improve according to market analysts, nevertheless, Dalian oils today trade weak and move sideways in a tight range. Accordingly, domestic soybean oil and palm oil also move sideways fractionally, and turnover is not much though lower prices attract buyers to make replenishment. Overwhelming glut of oils backed by large imported soybean arrivals in April-to-July period, lucrative crush margins and exceedingly high operation rate weighs on oil spots. Whereas, there is limited significant downward potential for oil spots in the near future in the case of uncertainty in the consultative talks between China and the US, fairly good demand of soybean oil upon forward basis and crushers’ support for oil prices, additionally, bloated soybean meal in some mills may idle plants amid lower oil prices for the present, and therefore, oils in the market possibly remain weak for the time being. Wisely, market participants may as well maintain a light inventory level. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,590-5,730 yuan/tonne, part of which fluctuating by 10-40 yuan/tonne (Tianjin traders offer 5,700-5,710 yuan/tonne, Rizhao traders 5,680 yuan/tonne, Zhangjiagang traders 5,730 yuan/tonne, Guangzhou traders 5,590 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,980 and 5,090 yuan/tonne, a variation of 10 yuan/tonne (Tianjin traders offer 5,080-5,090 yuan/tonne, being flat; Huanghai traders in Rizhao offer basis P1809+100; Zhangjiagang traders offer 5,050 yuan/tonne, being flat; Guangzhou 4,980 yuan/tonne; Xiamen traders 5,060 yuan/tonne, up 10 yuan/tonne). 

    Daily review on imported rapeseed oil: today, imported rapeseed oil prices down, among which prices in coastal areas are 6,250-6,490 yuan/tonne, some down 20-30 yuan/tonne (Great Ocean in Fangchenggang, Guangxi offers 6,300 yuan/tonne; Fujian offers basis 1809-160; Fuzhiyuan in Dongguan, Guangdong offers 6,320 yuan/tonne). A possibly consultative solution to the trade dispute virtually boosts futures on CBOT and puts pressure on the domestic market, additionally, such bearish signals as lager soybean and rapeseed arrivals and accumulating stockpiles of oils backed by good crush margins and high processing rate hang over oils market, under such circumstances, rapeseed oil is to trade sideways with futures frequently. Notwithstanding, uncertainty in the talks expected to come and forthcoming weather speculation about US soybean sowing may put a cap on its decline. 

    Daily review on corn: today, prices for domestic corn mostly remain stable amid some small declines. Corn buying prices in Shandong deep processors mostly stay at 1,840-1,920 yuan/tonne, some further up 10 yuan/tonne from yesterday. While purchasing prices offered at Jinzhou port, Liaoning are mostly around 1,745-1,750 yuan/tonne (volume weight 690-700 g/L), further down 15 yuan/tonne from yesterday. Drying corn of Liaoning and Jilin at Bayuquan port (moisture ≤ 15%, volume weight 690-700 g/L) are pegged at 1,750yuan/tonne, down 10 yuan/tonne upon the highest price from yesterday. Corn prices at Shekou port, Guangdong keep flat at 1,870 yuan/tonne from yesterday. As 8 Mln tonnes of corn is to flow into market on May 3rd and 4th, supply later will be sufficiently large. That relatively sufficient stockpiles in feed sectors and increased caution about spot purchases among deep processors amid losses in pig raising drag down corn prices. However, common price premium and high costs of delivery for corn auctioned somehow underpin its prices in market. Shorter term, corn overall is mainly to trade weak fractionally though good-quality corn takes the priority in prices seeing less and less supply in the days ahead. Market participants had better give attention to corn auction and its trade prices for market guidance. 

    Daily review on sorghum and barley: today, prices for imported sorghum rise steadily, among which US sorghum prices at 1,980-2,220 yuan/tonne (US sorghum: Tianjin 2,200-2,220 yuan/tonne in part, up 20 yuan/tonne; Nantong 2,100 yuan/tonne, being flat; Guangdong 1,980-2,000 yuan/tonne; Shanghai 2,120 yuan/tonne; Australian sorghum: Tianjin offers 2,500 yuan/tonne and Shandong 2,560 yuan/tonne, both being flat). At the same time, prices for imported barley decline steadily, about 1,800-1,940 yuan/tonne at main ports (Shandong offers 1,940 yuan/tonne; Nantong 1,920-1,930 yuan/tonne, being flat; Guangdong 1,800-1,820 yuan/tonne, down 10 yuan/tonne). Since imports of sorghum later would be few under the impact of “anti-dumping and anti-subsidy” wineries strongly intend to purchase imported sorghum for the moment and holders otherwise prefer to hoard goods and price up, in this case, sorghum at northern ports prices up today. Yet on the other hand, fragile demand for barley feed ingredient and declining corn prices weigh on barley, and correspondingly barley at southern ports edges down. On the whole, sorghum and barley are to remain robust at a high level rather than suffer from big ups and downs amid uncertainty in market.