Today(on July 6th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: subject to worrisome trade tensions, US soybeans overnight continued to edge low, accordingly, meals on DCE today sharply plunge from high opens for bullish factors are totally wiped out when the trade war breaks out in the midday. Domestically, soybean meal spots drop steadily and turnover turns light. Coastal soybean meal prices range from 3,000 to 3,050 yuan/tonne, a reduction of 10-20 yuan/tonne partly compared with yesterday (Tianjin prices 3,050 yuan/tonne, Shandong 3,010-3,050 yuan/tonne, Jiangsu 3,030-3,050 yuan/tonne, Dongguan 3,050-3,080 yuan/tonne, Guangxi 3,030-3,050 yuan/tonne). US Soybeans CIF China from US Gulf probably will reach 3,730 yuan/tonne in the fourth quarter, about 360 yuan/tonne above soybeans imported from Brazil in the event that China slaps 25 percent of tariffs on US soybeans. That will result in low soybean purchases in the fourth quarter and then worrisome soybean sources onwards. As weather speculation for US soybeans may come frequently during July and August period, crushers now hold a positive attitude towards after market, therefore spots are seen more resistant to fall than futures. Yet, fundamental pressure like accumulating stockpiles and possibly curtailed demand still weakens oils performance, for instance, China's Ministry of Agriculture aims to lessen and replace soybean meal used in feed ingredient. Generally speaking, soybean meal is likely to ramp up after a series of falls if the trade war escalates, therefore buyers had better stand on the sideline or make replenishment upon bargain hunting when prices go stable. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal basically keep firm, among which prices in coastal areas come into at 2,400-2,560 yuan/tonne (Maple in Fangchenggang offers 2,400 yuan/tonne; Fuzhiyuan in Dongguan, Guangdong 2,540 yuan/tonne; Chinatex in Zhangzhou, Fujian offers 2,560 yuan/tonne). Meals performance in the afternoon goes fragile and even trades down after the trade war breaks out, and its early gains are basically erased though oils now mostly recover. Furthermore, China's trade war with the U.S. will probably be intensifying for Trump once threatened that the US administration would slap another 10% tariffs on Chinese goods worth $ 200 billion if China took tit-for-tat measures against US goods. If such, costs for imported soybeans and rapeseed will surge amid terrible RMB devaluation. And meantime, booming meals consumption in aquatic raising in hot days, especially in South China underpins rapeseed meal prices, therefore rapeseed meal overall is easier to price up amid crushers' strong mindset for prices. Wisely, in consideration of weaker-than-expected market performance, buyers had better stand on the sideline in case of short-lived volatility. 

    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; 11,200 yuan/tonne for Japanese SD with 67% protein content; 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; 11,200 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 6,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. 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. Regardless of increasing arrivals of new-season goods, goods traders now prefer to stand on the sideline amid RMB devaluation and gradually noticeable demand in the season, therefore fishmeal shorter term is to maintain stable with strong momentum.  

    Daily review on soybeans: prices for most imported soybeans keep stable, where non-GM imported soybean prices at 3,490-4,070 yuan/tonne, and GM imported soybeans are unquoted. 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. US administration does put additional tariffs on Chinese goods today worth up to 34 billion US dollars with another $16 billion left to public opinions. That declares the real trade war between the U.S. and China, and China in response will take tit-for-tat measures with same scale and strength. On this point, US Soybeans CIF China from US Gulf will come into at 3,730 yuan/tonne in the fourth quarter, about 360 yuan/tonne above soybeans imported from Brazil in the event that China slaps 25 percent of tariffs on US soybeans. That will result in low soybean purchases in the fourth quarter and then worrisome soybean sources onwards. And notably, China's trade war with the U.S. will probably escalate since US President Trump once threatened that the US administration would slap another 10% tariffs on Chinese goods worth $ 200 billion if China levied taxes on U.S. goods. If such, costs for imported soybeans will be further raised amid terrible RMB devaluation. Imported soybean spots for the moment are to keep stable amid mixed long and short positions on the market. 

    Daily review on oils: beans on CBOT last night all traded down on grounds that traders showed great concern for China's proposed additional tariffs to start this Friday. Accordingly, soybean oil on DCE today goes strong attribute to bullish factors from the trade war. Nonetheless, soybean oil futures will not rise impressively under the considerable fundamentals pressure. Palm oil on DCE actually trades down from high opens and moves sideways with downward tendency. Domestically, soybean oil spots price up whilst palm oil spots price down, and turnover is not much. US administration slaps additional tariffs on Chinese goods today worth up to 34 billion US dollars with another $16 billion left to public opinions. That declares the real trade war between the U.S. and China, and China in response will take tit-for-tat measures with same scale and strength. On this point, US Soybeans CIF China from US Gulf will hit 3,730 yuan/tonne in the fourth quarter, about 360 yuan/tonne above soybeans imported from Brazil in the event that China slaps 25 percent of tariffs on US soybeans. That will result in low soybean purchases in the fourth quarter and then worrisome soybean sources onwards. Oils on DCE quickly trade up though worries about macro-economy once weigh down oils performance in the afternoon. And notably, China's trade war with the U.S. will probably be intensifying since US President Trump once threatened that the US administration would slap another 10% tariffs on Chinese goods worth $ 200 billion if China took tit-for-tat measures against US goods. If such, costs for imported soybeans will be further raised amid terrible RMB devaluation. Shorter term, oils performance will not fall or rise a lot under considerable supply pressure. Buyers are suggested to keep a eye on the market and make small replenishment upon bargain hunting instead of chasing high given highly volatile prices. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,440-5,600 yuan/tonnes, increasing by 10-60 yuan/tonne, (Tianjin traders offer 5,520-5,540 yuan/tonne, Rizhao traders 5,470 yuan/tonne, Zhangjiaang traders 5,600 yuan/tonne, Guangzhou traders 5,440-5,450 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,780 and 4,900 yuan/tonne, most declining by 10-20 yuan/tonne (Tianjin traders offer 4,830-4,840 yuan/tonne, a drop of 20 yuan/tonne; Rizhao offer 4,900 yuan/tonne; Zhangjiagang traders offer 4,850 yuan/tonne, a decline of 20 yuan/tonne; Guangzhou 4,780 yuan/tonne, down 10 yuan/tonne; Xiamen traders stop to quote). 

    Daily review on imported rapeseed oil: prices for imported rapeseed oil basically keep firm, among which prices in coastal areas are 6,300-6,420 yuan/tonne (Shenheng in Dongguan, Guangdong offers 1901-240; Maple in Fangchenggang, Guangxi offers 1809-180; Fujian stops to quote). Oils futures in the afternoon plunge impressively after the trade war breaks out, and maintain weaker-than-expected performance though oils now mostly recover. Meantime, such considerable fundamental pressure still hovers above oils market as sluggish demand and heavy stockpiles backed by high oilseeds processing, in detail, soybean oil domestically hits 1.5 Mln tonnes and rapeseed oil reaches 0.41 Mln tonnes in stockpiles. Shorter term, rapeseed oil is to move sideways narrowly tracking futures, therefore buyers may as well stand on the sideline. 

    Daily review on corn: today, prices for most domestic corn remain stable, some moving sideways slightly. Corn buying prices in Shandong deep processors mostly stay at 1,820-1,920 yuan/tonne. While main purchasing prices offered at Jinzhou port, Liaoning come into at 1,720 yuan/tonne, and 1,700 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. Second-class corn prices at Shekou port, Guangdong keep flat at 1,820-1,840 yuan/tonne, while 1,880 yuan/tonne for corn in container, unchanged from yesterday. Noticeable pressure still hovers grain supply 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, meager grain of year 2017, especially for corn of good quality, and costs of grain auctioned in delivery and freight still underpin corn prices and crushers' mindset for high goods prices. On the whole, corn shorter term is not likely to oscillate impressively, instead, its prices will move sideways narrowly and steadily. 

    Daily review on sorghum and barley: imported sorghum at ports is unquoted today. The US trade representative confirms that tariffs on Chinese goods will take effect on 0:00 pm EST, whilst China in response starts its taxation at noon today. That declares the start of trade war between the two biggest economies. Most importers now are positive about after market and prefer to hold onto goods without quotes seeing imports of sorghum later will be subdued. 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 2,840 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). Imports of sorghum will be held back susceptible to China's policy, which otherwise will boost market demand for barley. Meantime high costs of Australian barley also underpin barley on the market. Nevertheless, factors like fragile feed demand, price competitiveness lack as compared to corn otherwise will weigh on barley, but prices for barley today go stable. Shorter term, barley is to trade sideways overall amid long and short positions.