Today(on July 4th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans fell further last night, followed by dropping meals on DCE today. Domestically, soybean meal spots mostly go stable amid some declines and have resistance to fall. Turnover actually turns light. Coastal soybean meal prices range from 3,020 to 3,070 yuan/tonne, a fluctuation of 10-20 yuan/tonne partly compared with yesterday (Tianjin prices 3,050 yuan/tonne, Shandong 3,030-3,060 yuan/tonne, Jiangsu 3,030-3,050 yuan/tonne, Dongguan 3,050-3,080 yuan/tonne, Guangxi 3,030-3,050 yuan/tonne). Susceptible to China's proposed tariffs on US soybeans starting July 6th, beans performance inside and outside the domestic market shows the sign of divergence, in detail strong momentum inside and weak outside. Soybean basis in Brazil surges by nearly 30%, whilst additional tariffs have resulted in a grave shortage of soybean sources in China's fourth quarter. That increased import costs generate a strong mindset to support soybean prices among crushers in spite of accumulating soybean meal spots in stockpiles. Frankly speaking, soybean meal overall is easier to price up as long as the trade spats continue, and any price drops, if possible, will be short-lived and capped. Wisely, buyers had better stand on the sidelines or replenish inventories upon bargain hunting factored in declining prices. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal edge down steadily, among which prices in coastal areas come into at 2,400-2,560 yuan/tonne, down 10-20 yuan/tonne (Great Ocean in Fangchenggang offers 2,430 yuan/tonne; Fuzhiyuan in Dongguan, Guangdong 2,540 yuan/tonne, down 10 yuan/tonne; Chinatex in Zhangzhou, Fujian offers 2,560 yuan/tonne, down 20 yuan/tonne). As soybean basis in Brazil almost jumps by 30% and RMB rate otherwise plunges by 7% amid mutual tariffs between two largest economies starting July 6th, crushers turn positive attitude towards after market seeing raised import costs of rapeseed and rapeseed oil. Meantime, booming aquatic raising in the South after weather gets hot also leads to a short supply of rapeseed meal in Fujian. Generally speaking, rapeseed meal overall is easier to price up and hard to fall impressively amid trade fights. On this point, buyers are suggested to stand on the sidelines and replenish inventories properly upon bargain hunting seeing short-lived declining prices.  

    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 40,000 tonnes, Fuzhou 34,000 tonnes, Shanghai 40,000 tonnes, Tianjin 1,000 tonnes, Dalian 5,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Fishing: till July 4th, about 3,146,466 tonnes of fish have been caught in A season of year 2018, accounting for 94.87% of the total volume; fishing quota for this season is 3,316,700 tonnes, among which 170,234 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. Goods traders would prefer to stand on the sidelines in consideration of gradually high import costs after RMB devaluation, therefore prices variation for fishmeal is restrained for the moment.  

    Daily review on soybeans: prices for imported soybeans drop steadily, where non-GM imported soybean prices at 3,490-4,070 yuan/tonne, some down 20 yuan/tonne from yesterday and GM imported soybeans are unquoted. Susceptible to China's proposed tariffs on US soybeans starting July 6th, beans performance inside and outside the domestic market shows the sign of divergence, in detail strong momentum inside and weak outside. Import costs of soybeans rise greatly given soybean basis in Brazil surges by nearly 30% and additional tariffs have resulted in a grave shortage of soybean sources in China's fourth quarter. Notably, weather speculation may be launched at any time when US soybean growth enters the crucial period during July and August. Under such circumstances, soybean importers prefer to revise up imported soybean prices. According to Cofeed latest probe, soybean arrival of imports are forecast to be 8.365 Mln tonnes with total 132 vessels in July, 8 Mln tonnes in August, and 7.5 Mln tonnes in September. Such ample supply of imported soybeans no doubt will inflict on the market. On the whole, imported soybeans on the market will not oscillate a lot for the present, but costs and prices for imported soybeans will be significantly raised provided if China does slap additional tariffs on US soybeans July 6th. Attention should still be paid to trade fights under way between the two largest economies. 

    Daily review on oils: beans on CBOT ended overnight trading low amid worrisome trade tensions, accordingly, oils on DCE today continue to trade sideways. Domestically, soyubean oil spots are mostly stable amid some declines and palm oil spots trade down. Generally speaking, turnover is still not much. July imports of US soybeans at China's ports merely amount to 8.56 Mln tonnes due to default, well below the previous projection of 9.3 Mln tonnes. Nonetheless, soybean supply as it were are ample for the moment if counted in port stockpiles around 8.04 Mln tonnes. Therefore, heavy stockpiles of soybean oil around 1.5 Mln tonnes based on surprisingly high operation rate and ongoing arbitrage of buying meals and selling oils among traders somehow put a cap on oils performance. China is to slap 25 percent of tariffs on US soybeans this Friday, therefore basis for Brazilian soybeans almost jumps by 30%, whilst RMB rate also plunges by 7% since trade fights this April, and that is to say, soybean import costs almost surge by 200 yuan/tonne. Shorter term, oils performance is not to fall a lot, but to keep on a strong note amid upcoming weather speculation for US soybean. Therefore, buyers may as well stand on the sidelines and replenish inventories properly upon bargain hunting when prices go stable. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,450-5,550 yuan/tonnes, some up 20 yuan/tonne, (Tianjin traders offer 5,510-5,520 yuan/tonne, Rizhao traders 5,480 yuan/tonne, Zhangjiagang traders 5,550 yuan/tonne, Guangzhou traders 5,450 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,800 and 4,910 yuan/tonne, most down 20-30 yuan/tonne (Tianjin traders offer 4,850-4,860 yuan/tonne, a drop of 20 yuan/tonne; Rizhao offer 4,910 yuan/tonne, down 30 yuan/tonne; Zhangjiagang traders offer 4,880 yuan/tonne, a decline of 20 yuan/tonne; Guangzhou 4,800 yuan/tonne; Xiamen 4,920 yuan/tonne). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil edge down steadily, among which prices in coastal areas are 6,270-6,400 yuan/tonne, a decline of 10-20 yuan/tonne partly (Fuzhiyuan in Dongguan, Guangdong offers 6,350 yuan/tonne; Maple in Fangchenggang, Guangxi offers 1809-180; Fujian stops to quote). Import costs for rapeseed and rapeseed oil rise impressively when RMB depreciates by 7% since trade spats and soybean basis in Brazil surged by nearly 30% subject to upcoming mutual tariffs starting July 6th. Notably, weather speculation will come at any time when US soybeans enter the crucial period of growth in July and August. Therefore, rapeseed oil is not to tumble, but to keep on a strong momentum amid strong crude oil prices and ongoing trade fights. On this occasion, buyers had better stand on the sidelines and replenish inventories properly upon bargain hunting seeing short-lived declining prices. 

    Daily review on corn: today, prices for most domestic corn remain stable though some pick up. Corn buying prices in Shandong deep processors mostly stay at 1,820-1,920 yuan/tonne, and only Ronghai in Binzhou revises corn prices by 14 yuan/tonne from yesterday. While main purchasing prices offered at Jinzhou port, Liaoning come into at 1,700-1,720 yuan/tonne, and 1,700 yuan/tonne (volume weight 700 g/L) for old corn, up 10 yuan/tonne from yesterday. 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. Second-class corn prices at Shekou port, Guangdong are revised up to 1,820-1,840 yuan/tonne, up 10-20 yuan/tonne from yesterday. Supply pressure is seen greater and greater when grain gradually flows into market amid around 49 Mln tonnes of grain auctioned and traded. On the other hand, corn consumption in end users is still fragile the time feed demand in downstream breeding industry is poor and a thorough machine overhaul is on the way during July and August period. Nonetheless, costs of grain auctioned in delivery and freight still underpin corn prices, particularly, corn prices at coastal ports ratchet up bolstered by rising ocean freight for container. Worthy of noticing, corn is not likely to price up with strong momentum, instead, it will move sideways narrowly and steadily shorter term provided if large bulks of grain reserved are put into market. 

    Daily review on sorghum and barley: today, imported sorghum at ports prices steadily (US sorghum: Tianjin offers 2,070 yuan/tonne, Nantong offers 2,000 yuan/tonne, Guangdong offers 1,860-1,880 yuan/tonne, being flat. Australian sorghum: Tianjin offers 2,270 yuan/tonne, Shandong 2,500 yuan/tonne, Shanghai stops to quote. Domestic sorghum: Heilongjiang offer 2,960 yuan/tonne for dried sorghum; 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 2,840 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; Yancheng 1,900 yuan/tonne; Guangdong 1,800-1,820 yuan/tonne). Importers for the present mostly stand on the sidelines seeing approaching mutual tariffs on July 6th. Meantime high costs of Australian 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.