Today (on June 15th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans overnight on CBOT fell further on account of good weather conditions and the worrisome trade tension between China and the US, while meals on DCE today trade up, with which domestic soybean meal spots price up, and turnover upon lower prices attracts replenishment. According to foreign media, the US President Trump has ratified additional tariffs on Chinese goods worth up to 50 billion US dollars though the US administration has not yet publicized. China on the other hand gives no comment for the moment. Soybean meal prices in coastal areas range from 2,770 to 2,860 yuan/tonne, up 10-30 yuan/tonne from yesterday (Tianjin prices 2,860 yuan/tonne, Shandong 2,820-2,850 yuan/tonne, Jiangsu 2,840-2,860 yuan/tonne, Dongguan 2,840-2,850 yuan/tonne, Guangxi 2,770-2,800 yuan/tonne, Fujian 2,790-2,820 yuan/tonne). Sales of soybean meal recently become good amid worrisome trade spat and crushers’ support, which also boosts its spots to rise further. Despite large soybean arrivals, bearish fundamentals like greatly lifted soybean crush and sluggish fish breeding and poultry raising still hover above soybean meal. Shorter term, soybean meal prices are to rebound tracking futures factored in large possibility of an escalating trade spat. Rallies of soybean meal mainly depend on trade spat under way for fundamentals otherwise subdue impressive and continuous rises of meals. Wisely, buyers are suggested to maintain safe inventory upon bargain hunting instead of chasing bids high.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal are mixed, among which prices in coastal areas stand at 2,230-2,330 yuan/tonne, a variation of 10-30 yuan/tonne (Guangxi offers 2,240 yuan/tonne; Guangdong Fuzhiyuan 2,320 yuan/tonne, up 30 yuan/tonne ; Chinatex in Zhangzhou, Fujian 2,330 yuan/tonne, down 10 yuan/tonne), lower prices do attract some deals. Heavy rains recently indeed delay feed consumption in aquatic raising, and meantime lifted operation rate helped by sufficient large imported soybeans also puts a cap on potential upward of rapeseed meal on the market. But with a probably heated-up trade spat, rapeseed meal is to rebound properly to a large extent. Buyers for the present had better maintain a proper inventory level upon bargain buying. 

    Daily review on fishmeal: today, prices for imported fishmeal fall steadily, 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; 10,900-11,200 yuan/tonne for Japanese SD with 67% protein content; 11,700-11,800 yuan/tonne for super steam fishmeal with 68% protein content, down 100 yuan/tonne from yesterday. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 9,500 yuan/tonne, down 500 yuan/tonne from yesterday; 10,900 yuan/tonne for Japanese SD with 67% protein content, down 100 yuan/tonne; 11,800 yuan/tonne for super steam fishmeal with 68% protein content, down 200 yuan/tonne. Port stocks: Hangpu has 37,000 tonnes, Fuzhou 32,000 tonnes, Shanghai 37,000 tonnes, Tianjin 1,000 tonnes, Dalian 6,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Fishing: till June 13th, about 3,060,841 tonnes of fish have been caught in A season of year 2018, accounting for 92.29% of the total volume; fishing quota for this season is 3,316,700 tonnes, among which 255,859 tonnes remain unfinished. Spots offers (FOB) in the outer go steadily, in detail, the fishmeal offer for Peru's ordinary SD with 65% protein content stays at USD $1,360 per tonne, USD $1,580 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. Domestic holders’ support for the fishmeal prices is seen eased in view of gradual arrivals of fishmeal at southern ports and not many demand on the market overall. Consequently, fishmeal is to trade stable with downward tendency shorter term.

  Daily review on soybeans: imported soybeans price turn stable today, where non-GM imported soybean prices keep flat at 3,590-4,070 yuan/tonne from yesterday, and GM imported soybean are unquoted. According to Cofeed latest probe, soybean arrival later at ports will be sufficiently large, in detail, soybean arrival of imports are forecast to be 9.127 Mln tonnes with total 142 vessels in May, 2018, a tad higher than 9.042 Mln tonnes attained in last estimates, 9.5495 Mln tonnes in June, higher than last estimates of 9.4 Mln tonne, 9.5 Mln tonnes in July, which poses bearish pressure on market of imported soybeans. Bearish pressure hovers over imported soybeans attributed greatly to the ample supply. Given Shandong and Tianjin ports step up impurities inspection for US soybeans, imported soybeans for distribution on the market are stalled in market transaction. Notwithstanding, according to foreign media, the US President Trump is said to ratify additional tariffs on Chinese goods worth up to 50 billion US dollars though the US administration has not yet publicized. China on the other hand gives no comment for the moment. And if proven, the fierce trade spat will give support to US soybeans and other imported soybean spots on the domestic market.

    Daily review on oils: US soybeans ended overnight trading lower attributed to good weather and anxious trade spat. Trump is said to ratify additional tariffs on Chinese goods worth up to 50 billion US dollars though the US administration has not yet publicized, reported by foreign media. Yet China gives no comment for the moment, but the fierce trade spat is on the verge of breaking out. Accordingly, oils on DCE today rise mildly, with which soybean oil and palm oil spots partially on domestic market trade up, and lower prices still attract replenishment. Reportedly, turnover rate of 0.3 Mln tonnes of soybeans auctioned by state reserves accounted for 64% yesterday, and another approximately 0.3 Mln tonnes of soybeans and 0.5 Mln tonnes of soybean oil will be auctioned next Thursday. Stockpiles of soybean oil pile up as soybean crush rises substantially after the end of SCO Summit backed by sufficient soybean arrivals during June and July period-- about 0.95 Mln tonnes of soybeans will arrive at ports in June and July on average. That no doubt curbs potential rallies of oils. However, given trade spat is possibly around the corner, oils are to rebound for a while. Buyers for the present had better maintain a proper inventory level rather than chase high. 

    

    Today’s soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,480-5,610 yuan/tonne, up 10-20 yuan/tonne in part (Tianjin traders offer 5,540-5,550 yuan/tonne, Rizhao traders 5,550 yuan/tonne, Zhangjiagang traders Y1809-60 yuan/tonne, Guangzhou traders 5,480 yuan/tonne). 

    Today’s palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,820 and 4,880 yuan/tonne, up 10-30 yuan/tonne in part (Tianjin traders offer 4,870-4,880 yuan/tonne, up 10 yuan/tonne; Zhangjiagang traders offer P1809; Guangzhou 4,820 yuan/tonne; Rizhao and Xiamen traders stop to report).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil keep firm, among which prices in coastal areas are 6,530-6,620 yuan/tonne (Basis: Maple in Fangchenggang, Guangxi offers 1809-200, Yinxiang in Xiamen, Fujian stops to quote; Shenheng in Dongguan, Guangdong offers 6,520 yuan/tone for GB grade four, up 20 yuan/tonne). Supply pressure on oils is seen greater and greater on grounds of ongoing auction of soybeans reserved and soybean oil, and increasing arrivals of palm oil. That considerable pressure together with sufficiently large imported soybeans and rapeseed later at ports hovers over rapeseed oil, as a consequence, its prices are capped. But with large possibility of the escalating trade spat, rapeseed meal is to rebound properly to a large extent. Buyers for the present had better maintain a proper inventory level and take care if chasing high. 

   Daily review on corn: today, prices for domestic mostly keep firm amid some marginal variations. Corn buying prices in Shandong deep processors mostly stay at 1,820-1,920 yuan/tonne, yet some varying marginally from yesterday. While main purchasing prices offered at Jinzhou port, Liaoning come into at 1,720 yuan/tonne (volume weight 700 g/L), and 1,695 yuan/tonne for old corn (volume weight 700 g/L), unchanged from yesterday. While drying corn prices of Liaoning and Jilin (moisture ≤ 15%, volume weight 700 g/L) at Bayuquan port are pegged at 1,720 yuan/tonne; 1,740 yuan/tonne for naturally drying corn (moisture 14.5%, volume weight 720-740 g/L); 1,600-1,710 yuan/tonne for old corn (volume weight 650-720 g/L, mildew 3-4), all unchanged from yesterday. New corn prices at Shekou port, Guangdong stay at 1,850 yuan/tonne, unchanged from yesterday; 1,810-1,830 yuan/tonne for second-class old corn, a tad lower than yesterday upon the lowest price. Albeit approximately 8 Mln tonnes of corn reserved are auctioned each month amid accumulated pressure on grain delivery in mid-June, grain-use businesses maintain cautious about buying factored in unprofitable pigs raising and sluggish consumption of downstream products with deep processing. In this case, corn prices in shorter term are still dragged down. Whereas, auction for grain of year 2015 takes priority when businesses have rigid demand for grain of good quality, additionally, raised costs of delivery also give support to corn prices. That is to say, corn prices shorter term are not to fall and rise a lot, but to keep rangebound narrowly and steadily. Attention should still be paid to corn transaction and delivery. 

    Daily review on sorghum and barley: today, imported sorghum prices at ports keep stable, among which US sorghum prices basically come into at 1,810-2,030 yuan/tonne (US sorghum: Tianjin 2,030 yuan/tonne; Nantong 1,900 yuan/tonne; Guangdong 1,810-1,830 yuan/tonne. Australian sorghum: Tianjin offers 2,210-2,230 yuan/tonne; Shandong 2,300-2,330 yuan/tonne; Shanghai 2,300 yuan/tonne. domestic sorghum: Heilongjiang offer 2,960 yuan/tonne for dried sorghum; Qiqihar offers 2,800 yuan/tonne for sorghum of poorer quality; Chifeng in Inner Mongolia offer 3,000 yuan/tonne for dried sorghum; Jilin 2,700 yuan/tonne for raw sorghum; Weinan in Shaanxi 3,300 yuan/tonne for dried sorghum, Hebei 3,000 yuan/tonne for dried sorghum, all being flat). Prices for Australian barley keep steady, ranging from 1,800 to 2,000 yuan/tonne (Tianjin offers 1,980-2,000 yuan/tonne; Shandong offers 1,900-1,910 yuan/tonne; Nantong 1,880-1,900 yuan/tonne; Jiangyin 1,890 yuan/tonne; Yancheng 1,880 yuan/tonne; Guangdong 1,790-1,800 yuan/tonne; Canadian barley: Nantong 1,880 yuan/tonne; French barley: Nantong 1,870 yuan/tonne). Most feed businesses take a hand-to-mouth buying strategy for the reason of sluggish and unprofitable pigs raising. That also drags down sales of corn alternatives, sorghum and barley when they have no competitiveness in prices. On this point, grain consumption at ports mainly comes from stockpiles the time wineries gradually suspend operation in the production cycle and businesses have little buying enthusiasm. Generally, grain like sorghum on the domestic market is weighed down. Whereas, higher CNF for sorghum and barley will still give support to the market amid mixed long and short positions. Grain prices keep firm today and shorter term will probably move downward in a steady pace.