Today (on May 23rd), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans on CBOT last night rebounded, the similar trend going to meals on DCE today. Domestically, soybean meal spots price up tracking futures. Yet, lower spots prices may attract some deals. Soybean meal prices in coastal areas range from 2,840 to 2,940 yuan/tonne, a rise of 20-40 yuan/tonne against yesterday (Tianjin prices 2,940 yuan/tonne, Shandong 2,880-2,900 yuan/tonne, Jiangsu 2,890-2,930 yuan/tonne, Dongguan 2,860-2,880 yuan/tonne, Guangxi 2,830-2,850 yuan/tonne). As soybean harvest is stumbled by harsh rains over recent weeks, Argentina's soybean crop estimate revise downward further. That also gives support to US soybeans after the eased US-China trade tension. Since the SCO Summit is to be held in Qingdao in June, mills in Qingdao, Longkou and Rizhao are required to close down from May 30th to June 11th. That does great help to soybean meal consumption, on the point, soybean meal in recent two weeks have fallen mildly in a row in its stocks. Additionally, fueled by seemingly recovered prices for pigs and starting aquatic raising in southern areas, soybean meal prices up mildly upon crushers' support. Nevertheless, such bearish fundamentals still weigh on soybean meal as large arrivals at ports, possible languishing price offers later, active arbitrage of buying oils and selling meals among some traders. That arbitrage is mainly attributed to soaring crude oil and high meal stockpiles. Wisely, buyers had better maintain a proper inventory level when soybean meal shorter term is to move upward. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal pick up steadily, among which prices in coastal areas stay at 2,350-2,450 yuan/tonne with a rise of 40-50 yuan/tonne over yesterday (Guangxi offers 2,350 yuan/tonne; Fuzhiyuan in Dongguan, Guangdong 2,450 yuan/tonne, up 40 yuan/tonne; Chinatex in Zhangzhou, Fujian 2,430 yuan/tonne, growing by 50 yuan/tonne). Though falling stockpiles of rapeseed meal and soybean meal in coastal areas really support meals performance, sluggish demand in fish breeding and poultry raising and sufficiently large rapeseed and soybean imported later in return will put a cap on its rallies. Accordingly, China's imports of US agricultural products are required to increase by nearly 40% year on year, if such, possibly lifted “anti-subsidy and anti-dumping” on DDGS may dwarfs demand for some rapeseed meal. Shorter term, rapeseed meal is to move sideways with upward tendency though its potential upward moves are still limited. Buyers had better make replenishment on a small scale upon bargain hunting instead of chasing high. 

    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 Peru ordinary SD with 65% protein content is 9,600-9,800 yuan/tonne; 10,500-10,800 yuan/tonne for Japanese SD with 67% protein content; 11,500-11,800 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 10,000 yuan/tonne; 11,000 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 44,000 tonnes, Fuzhou 34,000 tonnes, Shanghai 42,000 tonnes, Tianjin 1,000 tonnes, Dalian 6,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Fishing: till May 21st, about 2,155,878 tonnes of fish have been caught in A season of year 2018, accounting for 65% of the total volume; fishing quota for this season is 3,316,700 tonnes, among which 1,160,822 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 $1,360 per tonne, USD $1,530 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. Albeit fishmeal stockpiles keep accumulating, demand for fishmeal hamstrung by unfavorable weather patter is still not that large. Shorter term, fishmeal will remain weak if there are little bullish factors on the domestic market. 

    Daily review on soybeans: prices for most imported soybeans turn stable, where non-GM imported soybean prices at 3,670-3,750 yuan/tonne, and GM imported soybean keeps flat at 3,610-3,630 yuan/tonne from yesterday. As soybean harvest is stumbled by harsh rains over recent weeks, Argentina's soybean crop estimate revise downward further. That also gives support to US soybeans and imported soybean spots after the eased US-China trade tension. Crushers are now active in soybean buying seeing good crush margins of imported soybeans, and according to Cofeed latest probe, soybean arrival later at ports will be sufficiently large, in detail, soybean arrival of imports are forecast to be 9.042 Mln tonnes with total 141 vessels in May, 9.5 Mln tonnes in June, 10 Mln tonnes in July and 8.6 Mln tonnes in August. Such ample supply of imported soybeans no doubt will inflict on the market. On the whole, imported soybeans for the moment will move on in a steady pace mainly. 

    Daily review on oils: given promising export outlook of US soybeans when US-China trade tension is greatly relieved and released arbitrage of buying soybean meal and selling soybean oil, US soybeans and soybean oil further ended overnight trading higher despite lowered soybean meal. Oils on DCE move sideways, and domestically, soybean oil and palm oil spots partly price down. Turnover is still not much. Albeit operation rate remains relatively low due to the persisting bloated soybean meal, supply pressure on oils is still not considerable. Additionally, traders continue to buy oils and sell meals when crude oil futures rise substantially, on the point, oils futures domestically have resistance to decline. Notwithstanding, large soybean arrivals and possibly depressed prices later will inflict on oils performance. Shorter term, oils are to move sideways frequently tracking futures amid such overwhelming oils glut provided if around 28 Mln tonne of soybeans are to arrive at ports during May-to-July period, therefore buyers had better take a hand-to-mouth buying strategy. And buyers who ran out of stock can make replenishment on a small scale provided if oils on Dalian Commodity Exchange in the afternoon rebound. 

    Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stay at 5,600-5,750 yuan/tonne, part of which decrease by 10-20 yuan/ton, yet some increase by 10 yuan/tonne (Tianjin traders offer 5,710-5,720 yuan/ton, Rizhao traders 5,670 yuan/tonne, Zhangjiagang traders 5,750 yuan/tonne, Guangzhou traders 5,600 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,070 and 5,180 yuan/tonne, a decline of 10-40 yuan/tonne (Tianjin traders offer 5,150-5,160 yuan/tonne, a drop of 10 yuan/tonne; Huanghai traders in Rizhao offer P1809+90; Zhangjiagang traders offer 5,180 yuan/tonne, a decline of 40 yuan/tonne; Guangzhou 5,070-5,080 yuan/tonne, down 20 yuan/tonne; Xiamen 5,170 yuan/tonne, being flat). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil rise greatly, among which prices in coastal areas are 6,530-6,700 yuan/tonne, down 50-70 yuan/tonne (Basis: Maple in Fangchenggang, Guangxi offers 1809-200; Yinxiang in Xiamen, Fujian offers 1,809-220; Shenheng in Dongguan, Guangdong offers 1809-200). As temperature rises sharply when summer comes, palm oil takes the advantage in consumption over rapeseed oil. Ample soybeans, rapeseed and rapeseed oil imported at ports during May-to-July period, and upcoming domestic rapeseed to supply the market still weigh on oils market. Notwithstanding, yearly reduction of domestic rapeseed production, mostly auctioned rapeseed oil still support rapeseed oil amid little supply pressure. Shorter term, rapeseed oil is to trade sideways tracking futures, therefore buyers had better stand on the sidelines.  

    Daily review on corn: today, most domestic corn prices remain stable where some are a tad lower. Corn buying prices in Shandong deep processors mostly stay at 1,820-1,920 yuan/tonne, some a tad lower from yesterday. While main purchasing prices offered at Jinzhou port, Liaoning come into at 1,740 yuan/tonne, and 1,690-1,700 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 stay at 1,860 yuan/tonne, unchanged from yesterday. As corn of good quality takes the priority in auction, its supply becomes tighter and tighter, additionally, logistic tension and soaring freight costs have stumbled shipments of northeastern corn available for auction. On this point, corn prices recently are supported and are to ramp up steadily. Ample old corn takes the dominance on market when reserved corn is flowing into market even though businesses in the downstream have little interest in buying. Later, imports of US sorghum is probable to increase after China removes “anti-subsidy and anti-dumping” probe into imports of US sorghum. If such, domestic corn will be dragged down for lack of vitality. Shorter term, corn is to move narrow sideways steadily amid mixed long and short positions. Notably, attention should be paid to traders' selling and speculation on day spell for northeastern new corn the moment barley is to be harvested in June in North China and Huang-huai region. 

    Daily review on sorghum and barley: today, sorghum at ports continues to plunge, among which US sorghum prices at 1,890-2,120 yuan/tonne (US sorghum: Tianjin 2,110-2,120 yuan/tonne, being flat; Nantong 2,000-2,030 yuan/tonne; Shanghai stops to report; Guangdong 1,890-1,900 yuan/tonne, down 30 yuan/tonne; Australian sorghum: Tianjin offers 2,330 yuan/tonne, being flat; Shandong 2,330-2,350 yuan/tonne, being flat; Shanghai 2,330 yuan/tonne, being flat; domestic sorghum: Heilongjiang offer 2,860 yuan/tonne, being flat; Harbin 2,600 yuan/tonne for poorer quality; Chifeng in Inner Mongolia offer 3,000 and Hinggan League 2,760 yuan/tonne; Jilin 2,720 yuan/tonne; Weinan in Shaanxi 3,300 yuan/tonne). Prices for Australian barley drop steadily at about 1,800-2,000 yuan/tonne (Tianjin offers 2,000 yuan/tonne, being flat; Shandong offers 1,910 yuan/tonne, being flat; Nantong 1880-1,900 yuan/tonne, being flat; Guangdong 1,800-1,830 yuan/tonne, down 10 yuan/tonne; Canadian barley: Nantong 1,880 yuan/tonne). Given China's Ministry of Commerce drops its anti-dumping and anti-subsidy probe into imports of US sorghum, imports of US sorghum will expand. In addition, idle plants in winery are on the increase when businesses have little interest in replenishment making. Bearish factors like sluggish demand for feed and unsatisfactory sales of sorghum and barley still inflict on grains at ports, particularly, grains at some ports price down further.  Shorter term, grains at ports are mainly to trade weaker.