Today (on May 17th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans overnight tumbled a lot on CBOT for trade tension was seemingly escalating and heated up. One one hand, US president Trump expressed the hard-line stance on trade talks earlier in his twitter, as such, US congressmen rejected Trump's plan to relax restrictions on ZTE on Tuesday. China on the other hand, announce its additional tariffs of 25 percent on eight US products including pork and its byproducts today in response. Concerns about the escalating trade tension send meals to go high on DCE despite low opens, and to end the trading a tad high. Accordingly, soybean meal spots price down slightly on domestic market, and lower prices still attract deals. Soybean meal prices in coastal areas range from 2,820 to 2,930 yuan/tonne, a drop of 20-40 yuan/tonne against yesterday (Tianjin prices 2,930 yuan/tonne, Shandong 2,820-2,990 yuan/tonne, Jiangsu 2,850-2,870 yuan/tonne, Dongguan 2,860-2,880 yuan/tonne, Guangxi 2,840-2,860 yuan/tonne). Heavy losses in pigs industry and delayed aquatic raising owing to heavy rains in southern areas stumble consumption of soybean meal in end users. That no doubt puts pressure on soybean meal spots amid overwhelming stockpiles. Whereas, turnover goes better from yesterday after meal prices reach the nadir, therefore, the falling pace in the rest of this week is to be eased. Wisely, buyers should keep on eye on trade talks under way for guidance, and take a hand-to-mouth purchasing strategy or make replenishment on a small scale if out of stock. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal edge low, among which prices in coastal areas come into at 2,350-2,430 yuan/tonne with a reduction of 20 yuan/tonne in part (Guangxi offers 2,350 yuan/tonne, down 80 yuan/tonne; Fuzhiyuan in Dongguan, Guangdong 2,430 yuan/tonne; Chinatex in Zhangzhou, Fujian 2,380 yuan/tonne, down 20 yuan/tonne). Regardless, there are factors bearish for meals market, attributed to increasing idle plants after overflowing meals in mills, considerable imported soybean and rapeseed arrivals at ports amid good crush margins. Meantime, rapeseed meal shorter term is to trade sideways when some domestic rapeseed already supplies the market, with all taken into consideration, buyers had better take a hand-to-mouth purchasing strategy. 

    Daily review on fishmeal: today, prices for imported fishmeal are a tad 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 10,300-10,400 yuan/tonne; 11,200-11,500 yuan/tonne for Japanese SD with 67% protein content; 12,000 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 10,100 yuan/tonne; 11,200 yuan/tonne for Japanese SD with 67% protein content; 12,000 yuan/tonne for super steam fishmeal with 68% protein content. Port stocks: Hangpu has 43,000 tonnes, Fuzhou 35,000 tonnes, Shanghai 41,000 tonnes, Tianjin 1,000 tonnes, Dalian 7,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Fishing: till May 15th, about 1,930,264 tonnes of fish have been caught in A season of year 2018, accounting for 58.2% of the total volume; fishing quota for this season is 3,316,700 tonnes, among which 1,386,436 tonnes remain unfinished. Spots offers (FOB) in the outer remain stable, in detail, the fishmeal offer for Peru's ordinary SD with 65% protein content stays at USD $1,380 per tonne, USD $1,540 per tonne for super steam fishmeal with 68% protein content; the offer for Chile ordinary SD with 65% protein content is USD $1,510 per tonne, USD $1,610 per tonne for excellent fishmeal with 68% protein content. Fishmeal is under pressure when accumulating stockpiles meet sluggish demand domestically, on this point, fishmeal is to trade weaker shorter term amid little bullish factors on market. 

    Daily review on soybeans: prices for most imported soybeans turn stable, where non-GM imported soybean prices at 3,670-3,770 yuan/tonne, and GM imported soybean keeps flat at 3,610-3,770 yuan/tonne from yesterday. The United States has already extended public hearings about the U.S. proposed $50 billion on Chinese products to May 17th from 16th, yet results will only be released on May 22th. Liu He, the Special Envoy, member of the Political Bureau of the CPC Central Committee, Vice Premier of the State Council, China's representative in China-US Comprehensive Economic Dialogue, is said to visit the US from May 16th to 19th, reported by Xinhua news agency. During his visits, talks about the trade tension will be resumed with economic team of U.S., led by U.S. Treasury Secretary Mnuchin. On this point, soybean spots imported are to move sideways as a whole in response to market news. If the trade war is finally resolved, prices for imported soybeans will continue to fall, but pick up if heated up. Close attention should still be paid to the trade war under way. 

    Daily review on oils: trade tension is again heated up given U.S. congressmen on Tuesday voted down Trump's plans to relax restrictions on ZTE. US soybean overnight plunged to a six-week low by 1.9% as market players showed great concerns for the curtailed US soybean demand in China subject to such trade dispute. Meantime, US soybean meal and soybean oils also closed the trading down. Accordingly, oils on DCE pare gains for a fifth consecutive trading day though the falling pace is slowed and eased from yesterday, and meals on DCE now move sideways rather than move down further. Domestically, soybean oil and palm oil spots price down today in accordance with futures, and turnover overall is not much though that upon lower prices goes better. As overflowing soybean meal in mills goes worse due to heavy losses in pigs industry and delayed aquatic raising owing to heavy rains, processing rate in mills remains low, with stockpiles of soybean oil down to 1.28 Mln tonnes. Otherwise, sufficiently large soybean arrivals during May and July period helped by good crush margins still weigh on oils performance. On the point, oils spots shorter term will trade sideways frequently in line with futures, if such, buyers may as well take a hand-to-mouth purchasing strategy or make replenishment on a small scale if out of stock with their focus on the trade talks under way for guidance.

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,550-5,700 yuan/tonne, down 10-30 yuan/tonne, (Tianjin traders offer 5,650-5,660 yuan/tonne, Rizhao traders 5,610 yuan/tonne, Zhangjiagang traders Y1809-40 yuan/tonne, Guangzhou traders 5,550 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,010 and 5,110 yuan/tonne, a decline of 10-40 yuan/tonne (Tianjin traders offer 5,100-5,110 yuan/tonne, a drop of 10 yuan/tonne; Huanghai traders in Rizhao offer P09+90 for July and August contracts; Zhangjiagang traders offer P09+50; Guangzhou 5,010 yuan/tonne; Xiamen traders 5,080 yuan/tonne). 

    Daily review on imported rapeseed oil: today, imported rapeseed oil prices down, among which prices in coastal areas are 6,320-6,480 yuan/tonne, down 20-30 yuan/tonne (Maple in Fangchenggang, Guangxi offers 1809-180; Yinxiang in Xiamen, Fujian offers 1,809-220; Fuzhiyuan in Dongguan, Guangdong offers 6,370 yuan/tonne, down 30 yuan/tonne). Attracted by lucrative crush margins, soybean and rapeseed arrivals will be sufficiently large in the following months as large devaluation of Brazilian real sends import costs to a significant low place. As such, domestic rapeseed is to supply the market very soon. That is bearish for oils market domestically. Shorter termrapeseed meal is mainly to trade weak for a short time. 

    Daily review on corn: today, prices for most domestic corn prices remain stable where some are buoyant. Corn buying prices in Shandong deep processors mostly stay at 1,820-1,920 yuan/tonne, some up 10 yuan/tonne further from yesterday. While main purchasing prices offered at Jinzhou port, Liaoning come into at 1,740 yuan/tonne, and 1,690 yuan/tonne for old corn. While drying new corn prices of Liaoning and Jilin (moisture ≤ 15%, volume weight 700 g/L) at Bayuquan port are pegged at 1,720 yuan/tonne, and 1,600-1,680 yuan/tonne for old corn, unchanged from yesterday. Corn prices at Shekou port, Guangdong settle at 1,850-1,860 yuan/tonne, up 10 yuan/tonne from yesterday. Recently, corn prices in part on domestic market ramp up for the reason that grains of year 2017 left basically reach the bottom when reserved corn of good quality takes the priority in price premium, and that demand among businesses turns better for corn of good quality in case of tighter supply. Regardless, corn auction forges ahead with another 8 Mln tonnes scheduled on May 24th and 25th, corn demand in feed sector or deep processors is still not largely improved despite heavy stockpiles of old corn. On the point, corn prices will be limited to rise by leaps, but to trade sideways steadily and fractionally for the time being amid such ample supply. 

    Daily review on sorghum and barley: today, prices for sorghum at ports keep firm amid some declines, among which US sorghum prices at 1,980-2,180 yuan/tonne (US sorghum: Tianjin 2,180 yuan/tonne, being flat; Nantong 2,080 yuan/tonne, down 40 yuan/tonne; Shanghai 2,120 yuan/tonne; Guangdong 1,920 yuan/tonne, down 20 yuan/tonne; Australian sorghum: Tianjin offers 2,420 yuan/tonne, being flat, Shandong 2,530 yuan/tonne, Shanghai 2,450 yuan/tonne; domestic sorghum: Heilongjiang offer 2,860 yuan/tonne, Chifeng in Inner Mongolia offer 3,000 and Hinggan League 2,800 yuan/tonne, Jilin 2,900 yuan/tonne). At the same time, prices for Australian barley keep stable at about 1,810-1,980 yuan/tonne (Tianjin offers 1,980 yuan/tonne; Shandong offers 1,910 yuan/tonne; Nantong 1,900 yuan/tonne, being flat; Guangdong 1,810-1,830 yuan/tonne, all being flat). Corn auction forges ahead with another 8 Mln tonnes scheduled on May 18th and 19th, if it turns out to be the case, corn supply is largely on the increase countered in previous traded volumes and burdensome stockpiles of old corn. Bearish factors like falling corn prices and fragile demand in feed sectors still weigh on grains market, particularly, grains like sorghum today edge down further. Otherwise, grains prices at ports may somehow be supported by downsized imports and high import costs of sorghum. Market participants should still wait for latest news for guidance.