Today (on June 28th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans overnight traded sideways narrowly, by contrast, meals on DCE today actually stay below former closing though higher than the prior settlement price. Domestically, soybean meal spots pick up steadily, and futures rises are seen slowed down though some rise up on grounds that there was no pick-up in prices yesterday afternoon. Turnover today turns light when buyers maintain cautious about high bid. Soybean meal prices in coastal areas range from 2,960 to 3,030 yuan/tonne, a steady rise of 20-50 yuan/tonne against yesterday (Tianjin prices 3,020 yuan/tonne, Shandong 2,960-3,020 yuan/tonne, Jiangsu 2,980-3,020 yuan/tonne, Dongguan 3,000-3,020 yuan/tonne, Guangxi 2,960-3,020 yuan/tonne). The U.S. administration seems to soften its sole tough attitudes towards Chinese investment when they claim also to prevent foreign investors from acquiring sensitive American technology with stricter security review procedures. Accordingly, meals on DCE today start to move sideways amid technical overbuying, and prices for soybean meal spots for the moment are stabilizing on grounds of accumulating stockpiles of soybean meal, slow feed demand in breeding industry but two-day active replenishment in the midstream and downstream amid buyers' caution about chasing high. Seemingly, as the proposed tariffs on each other are probable to take effect July 6th, Chinese officials are said to have informed all ministries and commissions in all provinces to prepare for a full outbreak of trade war, according to foreign media. Frankly speaking, soybean meal is easier to price up as long as the trade fight continues, and any price declines, if possible, will not be great. Wisely, buyers finishing goods replenishment had better stand on the sideways and replenish goods properly if prices drop. 

    Daily review on imported rapeseed meal: today, imported rapeseed meal price up, among which prices in coastal areas come into at 2,340-2,500 yuan/tonne, with a rise of 10-20 yuan/tonne (Great Ocean in Fangchenggang offers 2,360 yuan/tonne, up 10 yuan/tonne; Fuzhiyuan in Dongguan, Guangdong 2,470 yuan/tonne, up 20 yuan/tonne; Chinatex in Zhangzhou, Fujian 2,500 yuan/tonne, down 50 yuan/tonne). As Trump decided not to adopt the most stringent measures on Chinese investment, meals futures on the domestic market are seen to slow down the rallying pace. However, large possibility for tariffs starting July 6th, rallying import costs after sharp devaluation of RMB amid crushers' support for oils prices are favorable for rapeseed meal prices. Additionally, rapeseed meal is easier to price up amid ongoing trade fights even though heavy stockpiles of rapeseed oil and soybean oil, ongoing action of soybean and soybean oil and slow feed demand in breeding industry somewhat drag its performance. Wisely, buyers finishing goods replenishment are suggested to stand on the sideways and make replenishment when prices drop.

    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 38,000 tonnes, Fuzhou 33,000 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 26th, about 3,145,729 tonnes of fish have been caught in A season of year 2018, accounting for 94.85% of the total volume; fishing quota for this season is 3,316,700 tonnes, among which 170,971 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. In view of increasingly high import costs after RMB devaluation and stable futures in the outer, goods holders have pronounced mindsets to support fishmeal offers. Therefore fishmeal shorter term is to keep firm. 

    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. 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 in June, 9.3 Mln tonnes in July, 8.5 Mln tonnes in August, 7.2 Mln tonnes in September. Seemingly, as the proposed tariffs on each other are probable to take effect July 6th, Chinese officials are said to have informed all ministries and commissions in all provinces to prepare for a full outbreak of trade war, according to foreign media. Frankly speaking, increased costs for imported soybeans after surging soybean basis in South America still give support to imported soybean performance. Further guidance should refer to trade dispute under way. 

    Daily review on oils: US soybean edged up in overnight trading on occasion that the U.S. decided not to take its toughest measures on Chinese investment, yet subject to such bearish factor, oils on DCE today slow down its rallying pace. Domestically, soybean oil and palm oil spots slightly price up and turnover is not much. Over the past two weeks, the State Reserve has been engaged in soybeans and soybean oil auction, but turnover rate actually is not that high due to ample sources in the market. Climbing stockpiles of soybean oil also contribute to a fairly stable oils performance, in particular, soybeans rise to 6.23 Mln tonnes by 16% year on year, and soybean oil climbs to 1.49 Mln tonnes by 15% year on year in costal areas. Given the proposed tariffs on each other are probable to happen on July 6th, Chinese officials are said to have informed all ministries and commissions in all provinces to prepare for a full outbreak of trade war, according to foreign media. And on the condition that biodiesel consumption outlook is boosted by surging crude oils and imported costs are raised by impressive devaluation of RMB, oils performance will go strong as long as trade spats persist. Wisely, buyers finishing goods replenishment had better stand on the sideways and make purchases when prices drop. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,400-5,500 yuan/tonnes, increasing by 10-30 yuan/tonne, (Tianjin traders offer 5,470-5,490 yuan/tonne, Rizhao traders 5,440-5,470 yuan/tonne, Zhangjiagang traders 5,500 yuan/tonne, Guangzhou traders 5,400 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,790 and 4,900 yuan/tonne, up 10-40 yuan/tonne (Tianjin traders offer 4,810-4,830 yuan/tonne, a rise of 10 yuan/tonne; Rizhao traders 4,900 tonnes, up 40 yuan/tonne; Zhangjiagang traders offer 4,800 yuan/tonne; Guangzhou 4,790 yuan/tonne; Xiamen traders stop to quote). 

    Daily review on imported rapeseed oil: today, imported rapeseed oil prices steadily, among which prices in coastal areas are 6,310-6,400 yuan/tonne (Basis: Shenheng in Guangdong offers 1901-230; Maple in Fangchenggang, Guangxi offers 1809-180, Fujian stops to quote). On the condition that biodiesel prospects are boosted by surging crude oils and imported costs are raised after impressive devaluation of RMB, oilseeds crushers have mindsets to support oils prices especially when market calculates proposed additional tariffs are probable to happen on July 6th. But on the other hand, accumulating stockpiles and ongoing auction still limit upward potential for oils performance, notably, rapeseed oil climbs to 0.41 Mln tonnes and soybean oil is up to 1.49 Mln tonnes by 15% year on year. Generally, rapeseed oil shorter term is to keep strong in case of persisting trade conflicts, therefore buyers finishing goods replenishment are suggested to stand on the sideways.  

    Daily review on corn: today, prices for most domestic corn remain stable, some fluctuating in a tight range. Corn buying prices in Shandong deep processorsmostly stay at 1,790-1,890 yuan/tonne, and some decrease by 6 yuan/tonne from yesterday. While main purchasing prices offered at Jinzhou port, Liaoning come into at 1,700-1,720 yuan/tonne (volume weight 690-700 g/L), and 1,690 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; 1,730-1,740 yuan/tonne for naturally drying corn; 1,680 yuan/tonne for old corn (volume weight 700 g/L), basically being flat contrasting with yesterday. 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 yesterday. Regardless, corn supply is overall sufficient on grounds that approximately 8 Mln tonnes of grain are auctioned weekly, increasingly considerable delivery pressure on grain auctioned, slow corn feed demand in fish breeding and poultry raising, and cautious about corn buying among deep processors in time of seasonal overhaul still weigh on corn performance. Notwithstanding, corn prices on the other hand are underpinned given grain of year 2015 reserved basically dominates the market amid short supply of high quality. Shorter term, corn prices on the domestic market are to trade sideways narrowly dependent on transaction prices. There being said, since more rains in main corn belt will boost new crop growth, measures should be taken to guard against possible local pests. 

    Daily review on sorghum and barley: today, imported sorghum at ports prices steadily (US sorghum: Tianjin offers 2,070 yuan/tonne, Nantong 1,950-2,000 yuan/tonne, Guangdong offers 1,860-1,880 yuan/tonne, all being flat. Australian sorghum: Tianjin offers 2,270 yuan/tonne, Shandong 2,500 yuan/tonne, Shanghai 2,400 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). Barley at ports prices steadily (Shandong offers 1,900-1,910 yuan/tonne; Nantong 1,880-1,900 yuan/tonne; Jiangyin 1,880 yuan/tonne; Guangdong 1,790-1,800 yuan/tonne). Rumors about trade fights go around, and reportedly, Trump decided not to adopt the most stringent measures on Chinese investment according to foreign media overnight. Susceptible to market uncertainty, high imported costs for Australian grain also underpin importers' mindset to hold onto goods for higher prices. Nevertheless, factors like fragile feed demand, slow delivery on the market and price advantage failure 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.