Today (on July 19th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans ended overnight trading high, underpinned by technical adjustment and seemingly improved export outlook, by contrast, meals on DCE today edge down, with which soybean meal spots on the domestic market also price down steadily but still with few turnover. Soybean meal prices in coastal areas range from 2,920 to 3,080 yuan/tonne, some down10-20 yuan/tonne (Tianjin prices 3,000 yuan/tonne, Shandong 2,920-2,980 yuan/tonne, Jiangsu 2,970-3,020 yuan/tonne, Dongguan 3,050-3080 yuan/tonne, Guangxi 3,010-3,040 yuan/tonne). Mills overflown with soybean meal are forced to idle plants onwards as meal demand in aquatic raising is shriveled attributed to low pigs raising and heavy rains in some regions. Therefore a terrible urgency of goods delivery is seen in some areas, especially areas like Northeast, Shandong and North China, and such bearish fundamentals again slightly weigh down soybean meal. Notably, as the brewing trade war sends RMB offshore rate below 6.77, costs of imported soybeans are no doubt raised again. That raised costs, unexpected weather conditions for US soybean growth and crushers' support for goods offers somehow limit declines in soybean meal prices. Shorter term, soybean meal prices are mainly to move sideways narrowly, therefore buyers had better take a hand-to-mouth buying strategy for the moment. 

    Daily review on imported rapeseed meal: today, imported rapeseed meal prices down steadily, among which prices in coastal areas stand at 2,350-2,540 yuan/tonne, some falling 10-40 yuan/tonne (Ocean in Fangchenghai offers 2,350 yuan/tonne; Fuzhiyuan in Dongguan 2,510 yuan/tonne; Chinatex in Zhangzhou, Fujian 2,500 yuan/tonne, down 40 yuan/tonne). Rapeseed crushing this week is expected to hit a higher level of 100,000 tonnes assured by machine operation in Guangdong and Guangxi provinces and ample rapeseed arrivals this month at around 600,000 tonnes. On this point, increasing rapeseed meal production and heavy soybean meal stockpiles will weigh down rallies in rapeseed meal. To the extent that raised costs after offshore RMB rate settles at 6.77, unexpected weather conditions for US soybean growth and crushers' support for goods offers limit declines in oil prices, rapeseed meal shorter term is to trade sideways narrowly tracking futures amid long and short positions. Buyers thereby can take hand-to-mouth purchasing strategy for the moment. 

    Daily review on fishmeal: today, prices for imported fishmeal pick up steadily, 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; 11,300-11,400 yuan/tonne for Japanese SD with 67% protein content, up 100 yuan/tonne from yesterday; 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 42,000 tonnes, Fuzhou 35,000 tonnes, Shanghai 41,000 tonnes, Tianjin 1,000 tonnes, Dalian 3,000 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. Price variation of fishmeal at present is seen limited factored in slow stocks accumulation, persisting RMB devaluation and holders' wait-and-see attitudes and mindsets for prices support. 

    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, 8.5 Mln tonnes in August, and 8 Mln tonnes in September. Such ample supply of imported soybeans no doubt will further inflict on the market. Susceptible to escalating trade tensions, Chinese buyers are forecast to buy less US soybeans in months ahead. Besides, worries about soybean sources in the fourth quarter, surging costs for imported soybeans after RMB offshore rate plunges to 6.77 amid the brewing trade war and unexpected weather conditions for US soybean growth have strengthened traders' support for goods offers, that is to say, imported soybeans on the market are underpinned. On the whole, prices for imported soybean spots in near future will probably move upward steadily amid mixed long and short positions. 

    Daily review on oils: active arbitrage of buying oils and selling meals, US soybeans and soybean oil in overnight trading picked up, followed by oils on DCE today. Domestically, soybean oil and palm oil spots price up by 10-20 yuan/tonne, yet turnover is low though some lower prices attract deals. Stockpiles of soybean oil now pile up to 1.57 Mln tonnes assured by ample soybean supply for about 25 Mln tonnes of soybean will arrive at ports during July-and-September period in spite of oils-bloated phenomena. In real terms, supply pressure does weigh on oils domestically on grounds of ongoing auction of soybean, soybean oil and rapeseed oil by State Reserves Bureau, growing oils stocks and golden time for palm oil production in Southeast Asia. Whereas, offshore RMB rate at 6.77 again pushes up costs for soybean imported. That raised costs, unexpected weather conditions for US soybean growth and crushers' support for goods offers somehow limit declines in oil prices, especially when the golden time for packing oils has not yet come. Shorter term, oils are to trade sideways narrowly and frequently, therefore buyers may as well take hand-to-mouth purchasing strategy for the moment. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,360-5,480 yuan/tonne, most up 10-20 yuan/tonne (Tianjin traders offer 5,440-5,450 yuan/tonne, Rizhao traders 5,360 yuan/tonne, Zhangjiagang traders 5,480 yuan/tonne, Guangzhou traders 5,360 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,660 and 4,720 yuan/tonne, most up 10-20 yuan/tonne (Tianjin traders offer 4,700-4,710 yuan/tonne, a growth of 10 yuan/tonne; Rizhao traders P09+80; Zhangjiagang traders offer 4,720 yuan/tonne, up 20 yuan/tonne; Guangzhou 4,660 yuan/tonne; Xiamen traders stop to quote). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil rise steadily, among which prices in coastal areas are 6,110-6,220 yuan/tonne, some up 10-20 yuan/tonne (Fuzhiyuan in Dongguan, Guangdong offers 6,140 yuan/tonne; Maple in Fangchenggang, Guangxi offers 1809-170; Fujian stops to quote). Regardless, climbing import costs and great RMB devaluation amid trade frictions do underpin rapeseed oil performance, slack fundamentals still exert pressure on rapeseed oil like heavy oils stocks at home and abroad, general consumption and ongoing auction of rapeseed oil, soybeans and soybean oil. Notably, about 0.6 Mln tonnes of rapeseed is to arrive this month and soybean oil hits a high level of 1.57 Mln tonnes in stocks. Rapeseed oil prices shorter term are to move sideways in line with futures, therefore buyers can take hand-to-mouth purchasing strategy for the moment. 

    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 1,830-1,920 yuan/tonne, some down 10-26 yuan/tonne from yesterday. While main purchasing prices offered at Jinzhou port, Liaoning come into at 1,720 yuan/tonne, and 1,710 yuan/tonne (volume weight 700 g/L) for old corn, up 10 yuan/tonne. 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), basically being flat contrasting with yesterday. Second-class corn prices at Shekou port, Guangdong keep flat at 1,830-1,850 yuan/tonne from yesterday. Albeit costs for grain auctioned are lifted by raised freight costs and delivery costs of grain auctioned in northeastern areas, supply tensions in North China and strong mindsets to replenishment making among businesses actually push up corn prices. Nonetheless, there is limited upward potential for corn prices amid persisting supply pressure and general demand. As it gets hotter and hotter, corn demand is not seen improving in end users though some hoarders are positive in grain selling. Corn prices on the domestic market are expected to ramp up steadily. 

    Daily review on sorghum and barley: today, imported sorghum at ports prices steadily (US sorghum: Tianjin offers 2,150 yuan/tonne mostly and some 2,100 yuan/tonne, Nantong 2,020-2,050 yuan/tonne mostly and some 2,000 yuan/tonne, Shanghai 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 price at ports keep firm (Shandong offers 1,900-1,910 yuan/tonne; Nantong 1,900-1,920 yuan/tonne; Guangdong 1,830-1,840 yuan/tonne). Sorghum sourced from the U.S. on domestic market later may be cut off given intensifying trade tensions between the world two largest economies, and the reduction of sorghum in market share will otherwise boost market demand for barley. Therefore importers having goods at hand prefer to hold onto goods and support goods offers. Meantime high import costs for grain also give support to the market. Whereas, sluggish feed demand overall still drags grain market, and on this note, grain prices today keep high amid long and short positions and shorter term, grain is to keep firm.