Today (on May 2nd), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybean during May Day jumped by 12 cents, where the big rises happened in last Friday night. Accordingly, soybean meal on Dalian Commodity Exchange also rises substantially after holidays, with which domestic soybean meal spots price up, yet relatively low forward basis and small price rallies can still attract deals. Soybean meal prices in coastal areas range from 3,130 to 3,170 yuan/tonne, a rise of 10-60 yuan/tonne against yesterday (Tianjin prices 3,210 yuan/tonne, Shandong 3,150-3,170 yuan/tonne, Jiangsu 3,130-3,150 yuan/tonne, Dongguan 3,150-3,170 yuan/tonne, Guangxi 3,140-3,170 yuan/tonne). On one hand, domestic soybean meal is fueled and boosted in wake of soaring US soybeans given that grave soybean damage in parched Argentina has ignited market concerns about the available supply of the soybean meal, yet on the other hand, idle plants due to bloated meal are mostly seen in facilities when stockpiles keep accumulating even though consumption of meals in end users is still low factored in damage in pigs industry and light demand in aquatic raising. On this note, soybean meal spots bear considerable pressure and have limited additional upward potential for its prices. Frankly speaking, market players now focus more on the the formal talks between China and the US in the following two days, for soybean meal is probably to price down if talks go smooth under above-mentioned fundamentals, and otherwise to price up substantially if failed. Wisely, buyers had better make proper replenishment upon bargain hunting instead of chasing high. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal pick up, among which prices in coastal areas stay at 2,600-2,680 yuan/tonne with a rise of 20-30 yuan/tonne over yesterday (Guangxi offers 2,620 yuan/tonne, with a rise of 20 yuan/tonne; Fuzhiyuan in Dongguan, Guangdong 2,680 yuan/tonne, up 2680 yuan/tonne; Chinatex in Zhangzhou, Fujian 2,680 yuan/tonne, growing by 30 yuan/tonne). Stockpiles of rapeseed meal are seen plummeting in these two weeks with recovered consumption of meals in southern aquatic raising, such being the case, rapeseed meal is shorter term to be boosted tracking futures amid crushers' support for its prices. However, continuous supply of domestic new rapeseed expected and increasingly overflowing soybean meal in mills are bound to exert pressure on and limited the potential upward potential for rapeseed meal prices in the near term. To be sure, rapeseed meal in market will still be boosted provided if talks in between go smooth. 

    Daily review on fishmeal: today, prices for imported fishmeal edge lower in a steady pace, 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 11,100-11,300 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. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 11,100 yuan/tonne; 12,000 yuan/tonne for Japanese SD with 67% protein content; 12,400 yuan/tonne for super steam fishmeal with 68% protein content, all down 100 yuan/tonne from last week. Port stocks: Hangpu has 38000 tonnes, Fuzhou 34,000 tonnes, Shanghai 31,000 tonnes, Tianjin 1,000 tonnes, Dalian 4,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Fishing: till April 29th, about 1,026,176 tonnes of fish have been caught in northern and central Peru in A season of year 2018, accounting for 30.94% of the total volume; fishing quota for this season is 3,316,700 tonnes, among which 2,290,524 tonnes remain unfinished. Spot offers in foreign trading (FOB) drop steadily: the fishmeal offer for Peru ordinary SD with 65% protein content stays at USD $1,420 a tonne, and USD $1,580 per tonne for super steam fishmeal with 68% protein content, both down 20 yuan/tonne as compared to last week; the offer for 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. As Peruvian futures in the outer go weaker and weaker, bearish factors like light domestic demand hover over fishmeal in market, such being the case, holders' inclination in sales is dampened and fishmeal is to 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 China-US talks about the trade spat are still under the spotlight, market climate for imported soybeans will be rather stable than impressively volatile, accordingly, new progress of the trade spat matters with regards to later performance of imported soybean. In other words, a smooth talk in between will give a potential downward revision for imported soybeans provided if trade tension is eased, and otherwise, escalating trade tension will result in higher imported costs and thereby lift imported soybean prices to a large extent. 

    Daily review on oils: US soybean oil plummeted by 0.7 cents though US soybeans rose by 12.2 cents during May Day, accordingly, oils on DCE today trade sideways fractionally, where some domestic soybean oil spots are a tad higher and some palm oil spots decrease by 10 yuan/tonne. Still, lower prices can attract deals. The reasons for the rallying US soybeans were that Canada was said to lower its areas planted for rapeseed by 7% and market nerves about great Argentina's soybean damage linger on. Notwithstanding, increasing idle plants due to bloated meal have contributed to a reduction of soybean crush last week by 5% in facilities, yet stockpiles will soon pile up based on large soybean arrivals, lucrative crush margins and expected lifted processing capacity, therefore taken all those fundamentals into consideration, oils in market are not to jump but to ratchet up and move sideways. On this note, the formal talk between China and the US to be launched on May 3rd and 4th matters a lot, that is to say, if talks go smooth, oils are probably to price down in volatility for a certain time under such fundamentals, and vice versa, to price up if failed. Wisely, buyers had better make proper replenishment upon bargain hunting instead of chasing high. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,570-5,730 yuan/tonne, falling 10 yuan/tonne (Tianjin traders offer 5,700-5,710 yuan/tonne, Rizhao traders 5,690 yuan/tonne, Zhangjiagang traders 5,730 yuan/tonne, Guangzhou traders 5,570-5,580 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 decline of 10 yuan/tonne (Tianjin traders offer 5,080-5,090 yuan/tonne, down 10 yuan/tonne; Huanghai traders in Rizhao offer basis P1809+100; Zhangjiagang traders offer 5,050 yuan/tonne; Guangzhou 4,980 yuan/tonne; Xiamen traders 5,050 yuan/tonne, down 10 yuan/tonne). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil go steady, among which prices in coastal areas are 6,250-6,490 yuan/tonne, being flat (Maple in Fangchenggang, Guangxi offers 1809-180; Yinxiang in Xiamen, Fujian 1809-200; Fuzhiyuan in Dongguan, Guangdong offers 6,300 yuan/tonne). Such bearish signals as good crush margins, lager soybean and rapeseed arrivals and profitable import margins hang over rapeseed oil market, to be sure, rapeseed oil imported may outpace million tonnes, under such circumstances, rapeseed oil is to trade sideways with futures frequently amid support from rally US soybeans. Notwithstanding, uncertainty in the talks expected to come and forthcoming weather speculation about US soybean sowing may put a cap on its decline. To illustrate, rapeseed oil in market will still be boosted provided if talks in between go smooth in the next two days. 

    Daily review on corn: today, domestic corn prices move downside. Corn purchasing prices in Shandong deep processors mostly stay at 1,840-1,920 yuan/tonne, by contrast, purchasing prices in the northeast stand at 1,540-1,680 yuan/tonne, both down 10-40 yuan/tonne from last week. While the purchasing prices offered at Jinzhou port, Liaoning come into at 1,730 yuan/tonne, down 15 yuan/tonne from last week. Drying new corn of Liaoning and Jilin (moisture ≤ 15%, volume weight 690-700 g/L) at Bayuquan port prices at 1,720 yuan/tonne, down 20-30 yuan/tonne from last week. Corn prices at Shekou port, Guangdong come in at 1,850 yuan/tonne, down 10 yuan/tonne from last week. As 8 Mln tonnes of corn is to flow into market this week amid previous auctioned corn supplying, corn supply later will be sufficiently large. Market players now mostly switch to a bearish stance, as a result, quite a lot traders engage themselves in corn sales even though deep processors on the other hand increase caution about purchases in view of fragile demand but sufficiently ample supply. That no doubt drags down corn prices. Yet, transaction prices still give support to the reserved corn in market, and with the recovered rigid demand for high-quality corn in feed sectors later used for feed ingredient amid its short supply, good-quality corn may take the priority in prices. Market participants had better give attention to corn auction all along.  

    Daily review on sorghum and barley: today, prices for imported sorghum go steady, among which US sorghum prices at 2,000-2,220 yuan/tonne (US sorghum: Tianjin 2,200-2,220 yuan/tonne in part, being flat; Nantong 2,100 yuan/tonne, being flat; Guangdong 2,000-2,020 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 go steady, 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). 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, falling corn prices, if possible, would weigh on its alternatives-- sorghum and barley at ports amid mixed long and short positions. Generally speaking, grains prices will run at a high level overall for a short term.