Today (on June 25th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans last Friday rebounded mildly followed by rallying meals on DCE today after consecutive sessions of decline. Domestically, soybean meal spots keep rangebound, where some price up, and some price down in case of heavy stockpiles, and turnover is still not much though lower prices do attract some replenishment. Soybean meal prices in coastal areas range from 2,860 to 2,940 yuan/tonne, some up 10-20 yuan/tonne and some down 10-30 owing to heavy stockpiles (Tianjin prices 2,920 yuan/tonne, Shandong 2,870-2,900 yuan/tonne, Jiangsu 2,900-2,940 yuan/tonne, Dongguan 2,890-2,910 yuan/tonne, Guangxi 2,860-2,910 yuan/tonne). Stockpiles of soybean meal again pile up amid high operation rate but slow recovery of fish breeding and poultry raising. That results in an overwhelming supply over demand and suppress meal spots to rebound. Subject to escalating trade dispute, orders of six vessels loaded with US soybeans are canceled by a Chinese group, and as Chinese buyers swift to soybeans in South America, basis for soybeans jumps a lot in Brazil. Therefore, soybean meal in a near futures is hard to price down and up a lot underpinned by increasing costs and ongoing market fundamentals. Shorter term, soybean meal is to move sideways narrowly tracking futures and market player had better take trade spat under way for guidance. Reportedly, Trump projects to issue new restrictions on Chinese investment and technology exports to China before the weekend, on this note, soybean meal prices will be raised again if China and the U.S. do levy tariffs on each other on June 6th. Buyers had better maintain a safe inventory level and make replenishment when prices reach the bottom. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal move sideways in a stable pace, among which prices in coastal areas come into at 2,270-2,380 yuan/tonne, with a variation of 20 yuan/tonne (Great Ocean in Fangchenggang offers 2,320 yuan/tonne; Fuzhiyuan in Dongguan, Guangdong 2,380 yuan/tonne; Chinatex in Zhangzhou, Fujian 2,380 yuan/tonne, down 20 yuan/tonne). Bearish fundamentals still hover over and weigh down rapeseed meal factored in accumulating stockpiles of rapeseed meal-- stockpiles last week in South China were up to 53,000 tonnes by 7% on the week-- based on large soybean and rapeseed arrivals at ports and surging oilseeds crushing, delayed meals demand in pigs raising owing to losses, and increasing soybean auction around 0.5 Mln tonnes. Accordingly, Trump will slap new limitations on Chinese investment and technical exports ahead of weekend, if such, escalating trade conflicts will be conductive to domestic market. Shorter term, rapeseed meal is to trade sideways narrowly in line with futures, therefore buyers had better take a hand-to-mouth buying strategy.  

    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 35,000 tonnes, Fuzhou 32,000 tonnes, Shanghai 34,000 tonnes, Tianjin 1,000 tonnes, Dalian 6,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Fishing: till June 21st, about 3,129,544 tonnes of fish have been caught in A season of year 2018, accounting for 94.36% of the total volume; fishing quota for this season is 3,316,700 tonnes, among which 187,156 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 $1,600 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. Stable futures in the outer and general demand on the domestic market contribute to a fairly good sales of fishmeal at ports. Shorter term, fishmeal is to trade stable with downward tendency. 

    Daily review on soybeans: prices for imported soybeans decline steadily, where non-GM imported soybean prices at 3,590-4,070 yuan/tonne, some down 30 yuan/tonne from yesterday and GM imported soybeans 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 9.5495 Mln tonnes with total 147 vessels in June, 9.5 Mln tonnes in July-- unchanged from estimates last week, 8.5 Mln tonnes in August-- up 0.5 Mln tonnes from last week, 7.8 Mln tonnes in September, unchanged from last week. That piles pressure on imported soybeans and limits the upward potential. Notwithstanding, the heated-up trade tension and strong support from importers for soybean prices somehow give support to the market and subdue the declines. Given both tariffs will take effect July 6th, quotes for imported soybeans for the moment keep stable. Yet once China starts its tariffs on US soybeans, costs for imported soybeans will then reach 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 last Friday rebounded mildly owing to short covering, followed by hiking meals on DCE. Domestically, soybean oil and palm oil trade up, but turnover in total fails to expand though lower prices will attract deals. Whereas, US soybeans on the Globex today decline by 10 cents due to favorable weather conditions and worrisome trade tensions. Stockpiles of soybean oil have further increased to 1.42 Mln tonnes based on weekly auction of soybean oil about 0.05 Mln tonnes, increased auction of soybean reserved this week around 0.5 Mln tonnes together with large soybean arrivals, whilst rapeseed oil is also increased to 0.403 Mln tonnes. That heavy stockpiles pile pressure on oils supply. Shorter term, oils have limited upward potential and are to trade sideways with downward tendency. Frankly speaking, only when trade war further heats up or weather conditions turn worse in US soybean growing areas can oils performance go better. Wisely, buyers had better take a light position level for the time being. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,370-5,460 yuan/tonnes, increasing by 10-30 yuan/tonne, (Tianjin traders offer 5,450-5,460 yuan/tonne, Rizhao traders 5,440 yuan/tonne, Zhangjiagang traders 5,460 yuan/tonne, Guangzhou traders 5,370-5,380 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,690 and 4,860 yuan/tonne, up 10-50 yuan/tonne (Tianjin traders offer 4,770-4,780 yuan/tonne, a rise of 10 yuan/tonne; Rizhao traders 4,860 tonnes, up 50 yuan/tonne; Zhangjiagang traders offer 4,760 yuan/tonne, up 30 yuan/tonne; Guangzhou 4,690 yuan/tonne; Xiamen traders stop to quote). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil pick up steadily, among which prices in coastal areas are 6,310-6,400 yuan/tonne, a rise of 20-50 yuan/tonne (Basis: Shenheng in Guangdong offers 1901-230; Maple in Fangchenggang, Guangxi offers 1809-180). Notably, oils supply is overall ample as stockpiles of rapeseed oil last week increased to 0.106 Mln tonnes by 14% on the week based on surging oilseeds crushing together with weekly auction of soybean oil about 0.05 Mln tonnes and increased auction of soybean reserved this week around 0.5 Mln tonnes. Shorter term, rapeseed oil is to trade weaker. 

    Daily review on corn: today, domestic corn prices are stable amid some declines. Corn buying prices in Shandong deep processors stay at 1,790-1,890 yuan/tonne, declining by 10-40 yuan/tonne as compared to last Friday. While main purchasing prices offered at Jinzhou port, Liaoning come into at 1,700-1,720 yuan/tonne (volume weight 700 g/L), and 1,695 yuan/tonne (volume weight 700 g/L) for old corn. 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; 1,680 yuan/tonne for old corn (volume weight 700 g/L, mildew 3-4), basically being flat contrasting with last Friday. Corn prices at Shekou port, Guangdong stay at 1,830-1,850 yuan/tonne; 1,800-1,820 yuan/tonne for second-class old corn, being flat as compared with last Friday. As grain prices rose in North China last week together with increased magins for northeastern grain, traders turn to make active shipments. But, with large bulks of grain pouring into market, businesses prefer to take a hand-to-mouth purchasing strategy factored in ample stockpiles. That consequence drags down corn prices by 10-40 yuan/tonne in some Shandong businesses. Grain supply is still ample when approximately 8 Mln tonnes of grain are auctioned weekly, but delivery pressure on grain traded is still considerable. Corn demand otherwise is still capped when feed businesses in the downstream keep cautious about buying. Shorter term, corn is to move sideways within limited downward potential underpinned by costs support and tight supply of high-quality corn. 

    Daily review on sorghum and barley: today, imported sorghum at ports prices steadily amid some rises (US sorghum: Tianjin offers 2,040-2,050 yuan/tonne, Nantong 1,950 yuan/tonne, Guangdong offers 1,860-1,880 yuan/tonne, all being flat. Australian sorghum: Tianjin offers 2,240-2,260 yuan/tonne, up 20 yuan/tonne, Shandong 2,420-2,450 yuan/tonne, Shanghai 2,350 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 and Changchun offers 2,900 yuan/tonne). Prices for barley at some ports keep firm (Shandong offers 1,900-1,910 yuan/tonne; Nantong 1,880-1,900 yuan/tonne; Jiangyin 1,880 yuan/tonne; Guangdong 1,800-1,820 yuan/tonne). Importer show concerns about market supply later in view of ongoing trade conflict and market uncertainty, and meantime, high costs of imported sorghum and barley also underpin importers' mindset to hold onto goods for higher prices. Nevertheless, factors like fragile feed demand, slow delivery on the market and price competitiveness lack in grain as compared to corn otherwise limit its rallying pace and generate little buying interest among feed businesses. Shorter term, grain is to trade sideways overall with upward tendency.