Today (on June 19th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans fall by more than 18.75 percent when compared to 927.25 cents attained last week as the trade war with China escalated. Yet boosted by trade war, meals futures on DCE surge, with which soybean meal spots on the domestic market price up. Turnover today is not much after the great rallies as most buyers last week have replenished their stocks. Soybean meal prices in coastal areas range from 2,960 to 3,030 yuan/tonne, a rise of 130-200 yuan/tonne (Tianjin prices 3,000 yuan/tonne, Shandong 2,950-3,000 yuan/tonne, Jiangsu 2,980-3,030 yuan/tonne, Dongguan 3,000-3,020 yuan/tonne, Guangxi 2,980-3,000 yuan/tonne, Fujian 2,980-3,030 yuan/tonne). The US administration threats to set another 10% tariffs on $ 200 billion of Chinese imports after China said that it would tax on U.S. imports with the same scale. China's Ministry of Commerce also said that China would strongly stand against US irrational tariffs and take comprehensive countermeasures on US goods both on quality and quantity sides if the U.S. does set tariffs later. As a result, quite a lot Chinese crushers stop to quote and wait for clear guidance seeing escalating trade tensions. Stockpiles of soybean meal still keep a record high in wake of surged operation rate based on large soybean arrivals from Brazil ahead of September. Yet supply of soybean meal still outpaces demand as the Ministry of Agriculture reports that the number of pigs raised in May decreases by 1.9% on the month and 2% on the year. Therefore, soybean meal shorter term is to price up tracking futures for trade friction actually dwarfs bearish factors on the market. Wisely, buyers who replenished stockpiles last week had better not chase bids high factored in surprising rallies and capricious decisions made by Trump. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal surge, among which prices in coastal areas come into at 2,310-2,500 yuan/tonne, a rise of 90-170 yuan/tonne (Guangxi offers 2,480 yuan/tonne, up 190 yuan/tonne; Guangdong Fuzhiyuan offers basis 1809+0; Chinatex in Zhangzhou, Fujian 2,500 yuan/tonne, up 170 yuan/tonne). Increasing stockpiles of meals based on sufficient large imported soybean and rapeseed arrivals and languishing demand weigh on rapeseed meal. Stockpiles last week in South China climbed to 49,000 tonnes by 9% on the week though demand is poor as heavy rains recently delay feed consumption in aquatic raising and lessened pigs raising in May-- down 1.9% on the month and 2% on the year subdues demand for meals according to China's Ministry of Commerce. But rapeseed meal for the time being is easier to price up in the mist of trade war, but buyers had better not chase bids high amid such significant rallies.  

    Daily review on fishmeal: today, prices for imported fishmeal keep firm, yet prices are negotiable upon transaction and shipments at ports are fairly good. 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. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 9,500 yuan/tonne; 10,900 yuan/tonne for Japanese SD with 67% protein content; 11,800 yuan/tonne for super steam fishmeal with 68% protein content. Port stocks: Hangpu has 37,000 tonnes, Fuzhou 31,000 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 17th, about 3,078,662 tonnes of fish have been caught in A season of year 2018, accounting for 92.82% of the total volume; fishing quota for this season is 3,316,700 tonnes, among which 238,038 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 $1,580 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 are now dampened in fishmeal sales in view of gradual arrivals of fishmeal at ports and not many demand on the market amid possibly intensive fishmeal imports in late June according to market calculation. Consequently, fishmeal is to trade stable with downward tendency shorter term. 

    Daily review on soybeans: prices for most imported soybeans keep stable, where non-GM imported soybean prices at 3,590-4,070 yuan/tonne, and GM imported soybeans are unquoted. The U.S. administration on June 15th announced its additional 25 percents of tariffs on goods imported from China worth 50 billion U.S. dollars. Immediately, China slapped the same scale of 25% tariffs on US goods about 659 items worth $50 billion, among which 545 items including agricultural products, automobiles, and aquatic products worth up to $34 billion will take effect on July 6th, and the left susceptible to additional tariffs will be announced another time. Given both tariffs will take effect until July 6th, quotes for imported soybeans today are not on the increase, yet once China starts its tariffs on US soybeans, costs for imported soybeans will then hit unexpectedly high together with the prices on the market. Frankly, attention should still be paid to US trade friction with China under way for guidance.  

    Daily review on oils: US soybeans tumble below 900 cents mark as the trade war between the U.S. and China is coming to a head. Boosted by escalating trade tensions, meals and oils on DCE both rise impressively, but rallies in oils are seen smaller than meals' for soybean oil supply cuts can be offset by palm oil. That results in an active arbitrage of buying soybean meal and selling soybean oil or palm oil. Additionally, palm oil on BMD(Bursa Malaysia Derivatives)loses ground when an informal agreement is reached by EU that palm oil is to phase out the raw materials used for biodiesel by year 2030. At the news, palm oil futures on DCE limit down as opposed to rallying soybean oil in the morning and then slumping down after 11 o’clock. As variations in futures market go too fierce, soybean oil and palm oil spots are mostly unquoted. Therefore turnover is quite light as buyers tend to stand on the sidelines and avert market variations.  Reportedly, China's State Reserve will continue to auction soybeans and soybean oil, in detail, 300,000 tonnes of soybeans and 50,000 tonnes of soybean oil this Thursday, 500,000 tonnes of soybeans and 50,000 tonnes of soybean oil next week. That considerable soybean supply together with large soybean arrivals at ports ahead of September will no doubt put down oils performance. Buyers had better stand on the sideways amid such chaotic market on grounds that oils on the market unexpectedly trade down after the escalating trade war.  

    Today's soybean oil: prices for soybean oil spots on the domestic market vary in line with futures (Tianjin traders offer 5,650-5,660 yuan/tonne, Rizhao traders 5,600 yuan/tonne, Zhangjiagang traders 5,630 yuan/tonne, Guangzhou traders Y1809-170 or Y1809-180, all offered in the morning, but now stop to quote).

    Today's palm oil: 24-degree palm oil prices in coastal areas vary with futures (Tianjin traders offer 4,880-4,890 yuan/tonne in the morning; Zhangjiagang traders offer 4,850 yuan/tonne; Guangzhou P09-70; Rizhao traders stop to report). As futures go lower and lower, most traders stop to quote for the moment. 

    Daily review on rapeseed oil: Imported rapeseed oils are unquoted today according to Fujian, Guangdong traders, yet Maple in Fangchenggang, Guangxi still offers basis 1809-200. US soybeans fall by more than 18.75 percent when compared to 927.25 cents attained last week as the trade war with China escalated. Albeit oils on the domestic market were once bolstered by trade concerns, EU informal agreement on gradually excluding palm oil as raw material to biodiesel production and active arbitrage of buying meals and selling oils greatly drag down oils futures near the midday. That fierce fluctuation of futures leads to unquoted rapeseed oil in most coastal areas. Furthermore, bearish factors still hover over rapeseed oil like heavy stockpiles, ongoing auction of soybeans and soybean oil reserved, sufficient imported soybean and rapeseed arrivals at ports later. Particularly, stockpiles last week in South China and East China rose to 93,000 tonnes by 22% and 287,000 tonnes by 7% on the week, respectively. Such overwhelming oils supply weighs down prices of rapeseed oil. Shorter term, rapeseed oil is to trade downward for oils futures unexpectedly fall down after the nervous trade war, therefore, buyers had better stand on the sideways for the time. 

    Daily review on corn: today, domestic corn prices remain stable with upward tendency. Corn buying prices in Shandong deep processors mostly stay at 1,840-1,930 yuan/tonne, some up 20-40 yuan/tonne from last week. While main purchasing prices offered at Jinzhou port, Liaoning come into at 1,700-1,720 yuan/tonne (volume weight 700 g/L), down 10-20 yuan/tonne from last week and 1,690 yuan/tonne for old corn (volume weight 700 g/L), down 5 yuan/tonne from last week. While drying corn prices of Liaoning and Jilin 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 last week. Corn prices at Shekou port, Guangdong stay at 1,850 yuan/tonne, 1,810-1,830 yuan/tonne for second-class old corn, unchanged from last week. Prices for corn in recent days are seen increasing given some businesses have increased demand to replenish their stocks the time grain left in North China basically bottoms out, and supply of grain reserved in northeastern areas is also seen greatly downsized owing to higher costs, particularly, corn prices partly rise by 20-50 yuan/tonne in North China during Chinese holiday-- Dragon Boat Festival. Notwithstanding, corn prices at ports today are a tad lower on grounds that feed businesses in the downstream maintain cautious about buying amid ample supply of grain auctioned and accumulating pressure on delivery. Shorter term, corn is to move sideways narrowly and not to trend up further during July and August period. And even though China's additional tariffs on US goods including sorghum and corn, little influences are posed on corn as annual US corn imports only account for not more than 10%. However, sorghum, susceptible to trade war, will lose its competitiveness if its prices are raised. Such being the case, corn for feed ingredient in medium and long term will be bolstered, yet market attention should still be fixed on trade war under way. 

    Daily review on sorghum and barley: today, imported sorghum prices at ports are mostly unquoted, among which US sorghum prices basically come into at 1,880-2,050 yuan/tonne (US sorghum: Tianjin stops to quote; Nantong 2,050 yuan/tonne partially, up 150 yuan/tonne; Guangdong 1,880 yuan/tonne partially , up 50 yuan/tonne. Australian sorghum: Tianjin stops to quote; Shandong 2,450 yuan/tonne partially, up 120 yuan/tonne; Shanghai 2,350 yuan/tonne, up 50 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 and Hinggan League offers 2,800 yuan/tonne for raw sorghum; Jilin 2,700 yuan/tonne for raw sorghum). Prices for barley at ports are mostly unquoted, (Australian barley: ranging from 1,880 to 1,900 yuan/tonne, Tianjin, Shandong, Yancheng and Guangdong stop to quote; Nantong 1,880-1,900 yuan/tonne; Jiangyin 1,890 yuan/tonne. Canadian barley: Nantong 1,880 yuan/tonne. French barley: Nantong 1,870 yuan/tonne). US President Trump last Friday announced tariffs on 50 billion of Chinese imports, then Beijing in response slapped tariffs of same scale and strength on US goods. That escalated trade dispute between the world largest economies poses threat to sorghum imports to China and adds uncertainty to its supply on the China's market. Yet shriveled sorghum imports will otherwise boost demand for barley as sorghum and barley are both alternatives for corn as feed ingredient. For the present, importers who have stocks at hand are seen strongly supporting sorghum prices, then grain spots on the market shorter term will also price up.