Today(on July 10th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans overnight slumped terribly as speculative funds went shorted amid China's additional tariffs and favorable weather conditions. Accordingly, meals on DCE today trade down all the way, and soybean meal spots on the domestic market also price down with light turnover. Whereas, subject to trade fights, turnover upon basis contacts during October-January period goes better attributed to market concerns about short supply in the months ahead. Coastal soybean meal prices range from 3,000 to 3,070 yuan/tonne, a reduction of 20-50 yuan/tonne compared with yesterday (Tianjin prices 3,030 yuan/tonne, Shandong 3,000-3,030 yuan/tonne, Jiangsu 3,030-3,070 yuan/tonne, Dongguan 3,080-3,100 yuan/tonne, Guangxi 3,000-3,030 yuan/tonne). Soybean meal spots on one hand are under considerable pressure factored in burdensome meal stockpiles and fragile futures in the outer, in detail, though soybean meal stockpiles in coastal areas are now pegged at 1.27 Mln tonnes, up 3.3% on the week, subdued demand amid losses in pigs raising can not consume such heavy stockpiles, and then results in overflowing meals in some mills. On the other hand, soaring import costs for Brazilian soybeans and not many soybean orders in the fourth quarter may underpin soybean meal prices domestically when China abandons large bulks of US soybean and shifts to Brazil for soybean purchases in the midst of escalating trade spat. Shorter term, soybean meal is not to price down a lot underpinned by crushers' support and trade fights, and it is expected to rise again after series of declines. Buyers had better make replenishment when prices go steady rather than chase bids high too far. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal drop, among which prices in coastal areas come into at 2,400-2,580 yuan/tonne, down 20-80 yuan/tonne (Ocean in Fangchenggang offers 2,400 yuan/tonne, down 80 yuan/tonne; Fuzhiyuan in Dongguan, Guangdong 2,530 yuan/tonne, down 20 yuan/tonne; Chinatex in Zhangzhou, Fujian offers 2,530 yuan/tonne, down 50 yuan/tonne). Such bearish fundamentals still weigh down rapeseed meal performance as ample supply of meals, especially supply of soybean meal backed by fairly high operating rate and assured soybean supply. Notwithstanding, surging import costs for soybean and rapeseed after RMB devaluation and escalating trade war and robust meal demand in aquatic raising somehow give support to rapeseed meal on the market. Shorter term, rapeseed meal is to trade sideways in line with futures with promising outlook in after market, therefore buyers had better make replenishment when prices go steady. 

    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 ordinary SD with 65% protein content in Peru is 9,800 yuan/tonne; 11,200-11,300 yuan/tonne for Japanese SD with 67% protein content; 12,000 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 10,000 yuan/tonne; 11,500 yuan/tonne for Japanese SD with 67% protein content; 12,000 yuan/tonne for super steam fishmeal with 68% protein content. Port stocks: Hangpu has 40,000 tonnes, Fuzhou 33,000 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. Traders for the present have strong mindsets to support fishmeal prices for its demand shows robust, on this point, stockpiles are seen climbing slowly in spite of sufficiently large fishmeal arrivals at domestic ports. Shorter term, fishmeal 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, unchanged vis-a-vis last Friday, 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, 8.5 Mln tonnes in August, and 7.5 Mln tonnes in September. Such ample supply of imported soybeans no doubt will further inflict on the market. Subject to trade fights, 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. 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, and thus giving favorable conditions to imported soybeans. On the whole, prices for imported soybean spots in near future will probably move sideways steadily amid mixed long and short positions.  

    Daily review on oils: US soybean fell sharply in overnight trading attributed to the following two reasons: one is that China's demand for US soybeans slips down after its additional tariffs against US goods, leaving speculative funds shorted, and another is that favorable weather conditions in Midwest also set down soybean prices. Accordingly, oils on DCE today move downward and expand falls near the midday, whilst soybean oil spots and palm oil spots on the domestic market also price down with few turnover. Susceptible to the trade war, futures at home and abroad suffer from great oscillation. And fundamentals are also seen bearish on grounds that oilseeed crushing last week hit a high level at around 1.8 Mln tonnes, and sluggish demand in end users and slow delivery send soybean oil stockpiles to 1.56 Mln tonnes, a sharp rise of 4% on the week. Pronounced raised costs for soybean imported after surging basis in South America and impressive RMB devaluation will no doubt result in low soybean purchases in the fourth quarter and then worrisome soybean sources onwards. Therefore decline in oils spots will seen smaller than that in oils futures amid crushers support. Such being the case, oils shorter term are to move sideways frequently tracking futures. Wisely, buyers may as well take a hand-to-mouth purchasing strategy in view of falling futures for the moment. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,430-5,500 yuan/tonnes, down 30-80 yuan/tonne, (Tianjin traders offer 5,510-5,530 yuan/tonne in the morning and stop to quote in the midday, Rizhao traders 5,470 yuan/tonne in the morning and 5,440 yuan/tonne in the midday, Zhangjiagang traders 5,500 yuan/tonne, Guangzhou traders 5,430 yuan/tonne in the morning and stop to quote in the midday). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,670 and 4,820 yuan/tonne, most declining by 60-90 yuan/tonne (Tianjin traders offer 4,800-4,810 yuan/tonne in the morning, a drop of 20 yuan/tonne; Rizhao stops to quote; Zhangjiagang traders offer 4,760 yuan/tonne, a decline of 90 yuan/tonne; Guangzhou 4,670 yuan/tonne, down 80 yuan/tonne; Xiamen 4,820 yuan/tonne, down 60 yuan/tonne). 

    Daily review on imported rapeseed oil: prices for imported rapeseed oil basically decline steadily, among which prices in coastal areas are 6,200-6,380 yuan/tonne, down 20-30 yuan/tonne (Shenheng in Dongguan, Guangdong offers 1901-240; Maple in Fangchenggang, Guangxi offers 1809-180; Fujian stops to quote). Bearish factors like heavy stockpiles, ample supply still weigh on rapeseed oil, in detail, rapeseed oil stockpiles last week rose to 440,000 tonnes by 5% on the week and soybean oil is up to 1.56 Mln tonnes domestically, besides about 200,000 tonnes of rapeseed oil will be auctioned by State Reserves with 61,000 tonnes scheduled on July 17th. However, rapeseed oil has resistance to fall, underpinned by intensifying trade tensions, raised costs for imported rapeseed oil and rapeseed at ports after RMB devaluation. Shorter term, rapeseed oil is to move sideways narrowly tracking futures, therefore buyers had better stay on the sideline for the moment. 

    Daily review on corn: today, domestic corn prices are stable amid some rises. Corn buying prices in Shandong deep processors mostly stay at 1,820-1,920 yuan/tonne, but some increase by 8-10 yuan/tonne from yesterday. 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; 1,690 yuan/tonne for old corn (volume weight 700 g/L). Second-class corn prices at Shekou port, Guangdong keep flat at 1,830-1,850 yuan/tonne from yesterday. Meager grain of year 2017, especially grain of good quality, delivery costs for northeastern grain auctioned and rising costs including containers fees and regional freights underpin corn prices to further ramp up. Notwithstanding, unsatisfying corn demand in end users despite sufficient large supply of grain auctioned by State Reserves Bureau otherwise limit upward potential for corn prices. Shorter term, corn prices domestically are to edge up steadily.  

    Daily review on sorghum and barley: today, imported sorghum at ports prices steadily (US sorghum: Tianjin offers 2,150 yuan/tonne and prices are negotiable upon transaction, Nantong 2,020-2,050 yuan/tonne, Guangdong offers 1,860-1,880 yuan/tonne. Australian sorghum: Tianjin offers 2,320-2,350 yuan/tonne, Shandong 2,500 yuan/tonne, Shanghai 2,400 yuan/tonne. Domestic sorghum: Heilongjiang offer 2,800 yuan/tonne for dried sorghum; Qiqihar offers 2,680 yuan/tonne; 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 prices at ports rise steadily (Shandong offers 1,900-1,910 yuan/tonne; Nantong 1,900-1,920 yuan/tonne, up 20 yuan/tonne; Guangdong 1,830-1,840 yuan/tonne). Sorghum sourced from the U.S. on domestic market later may be cut off amid trade fights, and the reduction of sorghum in market share will otherwise boost market demand for barley. Therefore grain prices at ports today rise sharply fueled by high import costs. Whereas, sluggish demand for grain overall still limits its upward potential, and on this note, grain shorter term is to move sideways.