Daily review on soybean meal: US soybeans ended up last night when the monthly report released by USDA turned to be somewhat bullish. Correspondingly, soybean meal today continues to fall on DCE, with which domestic soybean meal spots are weighed down, yet turnover is not much. Soybean meal prices in coastal areas range from 3,260 to 3,300 yuan/tonne, a drop of 40-120 yuan/tonne against yesterday (Tianjin prices 3,300 yuan/tonne, Shandong 3,290-3,300 yuan/tonne, Jiangsu 3,260-3,300 yuan/tonne, Dongguan 3,260-3,300 yuan/tonne, Guangxi 3,290-3,300 yuan/tonne). Meal on Dalian Commodity Exchange suffers from great depreciation the time long positions are generally closed and trade tension seems to be eased when there is an intention for China to lower down tariffs on US goods. Additionally, fundamental pressure on soybean meal lingers on for one thing demand for meal remains fragile when pig raising is in the red, and for another stockpiles keep accumulating and even turn overflowing in some mills based on sufficiently large soybean arrivals, good crush margins and improved operation rate. No doubt, without the help of trade tension, soybean meal spots are pressured down and fall drastically to offset previous inflated bubble. Yet, its price decline will still be limited by Argentina's soybean production losses, unfavorable weather in US soybean planting area and uncertainty in the trade spat, and furthermore, a price rally may even come about later. Wisely, buyers are had better make proper replenishment upon bargain buying when prices go steady. 

    Daily review on imported rapeseed meal: today, imported rapeseed meal prices down, among which prices in coastal areas stand at 2,600-2,700 yuan/tonne, down 20-50 yuan/tonne (Guangxi stops to report; Guangdong offers basis 1809+0; Fujian 2,700 yuan/tonne, down 50 yuan/tonne). Though the monthly report released by the US Department of Agriculture last night turned to be bullish, market attention soon switches to the trade tension between China and the US in hope for a possible relief of the trade spat. Slack demand and large soybean and rapeseed arrivals in the second quarter still carry weight on rapeseed meal prices, in detail, great losses in pig raising and off-season aquatic raising curtail the demand for meal and as large as 540,000 tonnes of imported rapeseed are expected in April amid gradually lifted operation rate. On this note, rapeseed meal prices pare gains in line with futures and the price decline offsets the previous inflated bubble. 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 and wisely, buyers may as well stand by for the time being. 

    Daily review on fishmeal: today, prices for imported fishmeal drop steadily, 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 9th, about 101,890 tonnes of fish have been caught in northern and central Peru in A season of year 2018, accounting for 3.07% of the total volume; fishing quota for this season is 3,316,700 tonnes, among which 3,214,810 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 $1,500 a tonne, and USD $1,660 per tonne for super steam fishmeal with 68% protein content, both down 20 yuan/tonne as compared to yesterday; 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. Fishmeal holders at home are under sizable pressure when Peru's futures in the outer fall further, in this case, fishmeal prices are relatively low and are expected to fall 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: US soybean and soybean oil ended the trade session up last night, attributed to lowed US soybean final stockpiles estimates by USDA and relieved arbitrage of buying soybean meal and selling soybean oil, in contrast, US soybean meal closed low. Accordingly, oils on DCE today go down further, with which domestic soybean oil and palm oil spots are also weighed down, and lower prices still attract some deals. Trump showed his appreciation for Xi's speech and wishes for a healthy bilateral trade between China and the US as President Xi Jinping said China will take the initiative to expand imports in Boao Forum. Seemingly, eased trade tension boosts the US market and its US soybeans, while it otherwise puts domestic market to a bearish stance. Oil spots in domestic market are to drop further when the processing capacity is gradually improved based on good crush margins and as high as 27 Mln tonnes of soybean arrivals in the second quarter. Yet, the pronounced setback of Argentina's soybean production, unfavorable weather for US soybean planting and uncertainty in the trade spat will somehow put a cap on the price decline, that is to say, oils for the time being may move sideways. Wisely, buyers are suggested to make proper replenishment upon bargain buying when prices go steady and take the chance to buy in batches when forward basis is low. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,780-5,920 yuan/tonne, falling 20-50 yuan/tonne (Tianjin traders offer 5,910-5,920 yuan/tonne, Rizhao traders 5,880 yuan/tonne, Zhangjiagang traders 5,900 yuan/tonne, Guangzhou traders 5,780 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,080 to 5,190 yuan/tonne, falling 30-50 yuan/tonne (Tianjin traders offer 5,180-5,190 yuan/tonne, down 50 yuan/tonne; Rizhao traders stop to report; Zhangjiagang traders 5,170 yuan/tonne, down 30 yuan/tonne; Guangzhou traders 5,080 yuan/tonne; Xiamen traders 5,170 yuan/tonne, down 30 yuan/tonne). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil drop in a steady pace, among which prices in coastal areas are 6,420-6,530 yuan/tonne, down 20-30 yuan/tonne (Great Ocean in Fangchenggang, Guangxi offers 6,400 yuan/tonne, down 50 yuan/tonne; Fujian offers basis 1809-160; Fuzhiyuan in Dongguan, Guangdong offers 6,450 yuan/tonne). Trade tension is somewhat eased when President Xi and Trump show their good intentions on bilateral trade. Given as large as 540,000 tonnes for imported rapeseed are expected in April, 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 and overall, rapeseed oil prices remains strong.  

    Daily review on corn: today, domestic corn prices continue to fall. Corn buying prices in Shandong deep processors mostly stay at 1,820-1,930 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), up 5 yuan/tone 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 1,780 yuan/tonne, down 10 yuan/tone upon the lowest price from yesterday. Corn prices at Shekou port, Guangdong come in at 1,930-1,940 yuan/tonne, down 10 yuan/tonne from yesterday. Market sentiment is damped when a round of corn auction is around the corner, accordingly, traders speed up corn shipments in panic, putting corn under considerable supply pressure. On the other hand, businesses in the downstream are inclined to stand by and are cautious about corn purchases, such being the case, corn prices for the time being fall further. It is said that old corn auctioned in the first stage is so poor in quality that some starch processing businesses and feed businesses could even not use it, whereas, rigid demand for high-quality corn still supports corn spot prices. Wisely, focus on corn auction and possible price premium on April 12th and 13th should go forward for further market guidance. 

    Daily review on sorghum and barley: today, imported sorghum prices drop steadily where some ports price at 1,950-2,100 yuan/tonne (Tianjin offers 2,090-2,100 yuan/tonne, being flat; Qingdao 2,240 yuan/tonne; Nantong 2,070 yuan/tonne, up 10 yuan/tonne; Shanghai stops to report; Guangdong 1,950 yuan/tonne, being flat). At the same time, prices for imported barley decline steadily, about 1,850-2,050 yuan/tonne at main ports (Qingdao 2,010 yuan/tonne; Nantong 1,920-1,930 yuan/tonne, down 10 yuan/tonne; Guangdong 1,840-1,850 yuan/tonne). With the corn auction around the corner, weaker corn market carries weight on other grains at ports. In addition, slack demand for pig and poultry raising also curtails barley consumption. Particularly, prices for grains at ports are a tad lower. Imports of sorghum from the US will fall impressively for the campaign of “anti-dumping and anti-subsidy” has been launched by China's Ministry of Commerce for American sorghum. And accordingly, import costs for sorghum and barley from Australia keep increasing in April and May delivery. Upside-down sorghum and barley prices are obvious factored in fundamental pressure and rising costs. Honestly, price decline, if possible, will not be great.