Today(on July 23rd), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans last Friday ended up, whereas meals on DCE today come off high opens. Domestically, soybean meal spots decline slightly yet with few turnover. Soybean meal prices in coastal areas range from 2,940 to 3,120 yuan/tonne, a steady decline of 10-20 yuan/tonne (Tianjin prices 3,030 yuan/tonne, Shandong 2,940-2,960 yuan/tonne, Jiangsu 2,980-3,000 yuan/tonne, Dongguan 3,050-3,120 yuan/tonne, Guangxi 3,020-3,080 yuan/tonne). Prices for soybean meal spots today edge down factored in low meals demand in pigs industry and in aquatic raising due to heavy rains in some areas. That slack demand also results in delayed shipment and machine halt in meal-bloated mills, especially mills in the northern areas. Nonetheless, there is still limited downward potential for soybean meal prices in the near term on grounds of raised import costs amid great RMB devaluation and less soybean purchases in the fourth quarter. Besides, crushers have strong mindsets to support goods offers with a positive attitude toward after market when weather speculation for US soybean growth is also upcoming. Shorter term, soybean meal prices are mainly to move sideways narrowly, therefore buyers had better maintain wait-and-see attitudes or take a hand-to-mouth buying strategy for the moment. 

    Daily review on imported rapeseed meal: imported rapeseed meal prices down steadily, among which prices in coastal areas stand at 2,350-2,510 yuan/tonne, some down 10-20 yuan/tonne (Ocean in Fangchenghai offers 2,350 yuan/tonne; Fuzhiyuan in Dongguan 2,510 yuan/tonne, down 20 yuan/tonne; Chinatex in Zhangzhou, Fujian 2,500 yuan/tonne). Ample supply of rapeseed and soybean imported and exceedingly high operation rate in mills actually are adverse to rallies in rapeseed meal, to illustrate, 25 Mln tonnes of soybeans will arrive at ports in July-and-September period and around 0.6 Mln tonnes of rapeseed arrivals this month though rapeseed meal in South China has already risen to 28,000 tonnes by 39% in stockpiles since last week. Yet to the extent that raised import costs for soybean sources after great devaluation of RMB, unexpected weather conditions for US soybean growth still underpin rapeseed meal performance, therefore rapeseed meal shorter term is to trade sideways narrowly tracking futures. Buyers can take hand-to-mouth purchasing strategy for the moment. 

    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; 11,300-11,400 yuan/tonne for Japanese SD with 67% protein content; 12,000 yuan/tonne for super steam fishmeal with 68% protein content. Northern 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 is limited in the near term as holders prefer to take wait-and-see attitudes toward market and to support goods offers seeing good market demand, raised port delivery amid RMB devaluation pressure. 

    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. The U.S. former proposed additional tariffs on Chinese goods worth 16 billion US dollars are to take effect from today, and another $200 billion will officially go into effect on August 30th when all procedures are completed. The brewing trade frictions drag RMB further down to 6.81 and otherwise push up costs for soybeans imported. Imported soybean meal on the market therefore are underpinned by raised costs, crushers' support for goods offers and unexpected weather conditions for US soybean growth. 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: owing to technical buying, US soybeans last Friday in trading edged up, followed by oils on DCE today. Accordingly, soybean oil and palm oil spots on the domestic market also price up, yet turnover is still not much though some lower prices do attract deals. The rallying US soybean prices are actually attributed to active purchases of some countries and possibly upcoming hot and dry weather conditions. However, built on ongoing auction of soybeans, soybean oil and rapeseed oil by State Reserves Bureau, overflowing meals together with heavy stockpiles of soybean oil in mills have resulted in increasing idle plants amid sluggish oils demand in end users and crushers' support. Oils in the near term are mainly to go ups and downs narrowly in line with futures amid mixed long and short positions. therefore buyers for the moment can take a hand-to-mouth purchasing strategy. 

    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 20-50 yuan/tonne, (Tianjin traders offer 5,450-5,460 yuan/tonne, Rizhao traders 5,390 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 range from 4,670-4,780 yuan/tonne, increasing by 20-30 yuan/tonne (Tianjin traders offer 4,700-4,710 yuan/tonne, a rise of 30 yuan/tonne; Rizhao 4,780 yuan/tonne; Zhangjiagang traders offer 4,750 yuan/tonne, a rise of 30 yuan/tonne; Guangzhou traders 4,670 yuan/tonne; Xiamen 4,750 yuan/tonne, up 20 yuan/tonne). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil rise, among which prices in coastal areas are 6,140-6,250 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 of soybean and rapeseed and great RMB devaluation today do underpin rapeseed oil performance, poor fundamentals still put pressure on rapeseed oil like heavy oils stocks and exceedingly high operation rate. Notably, rapeseed oil last week in East China and South China climbed to 362,000 tonnes by 15% and 110,000 tonnes by 6% on the week, respectively, besides approximately 60,000 tonnes of rapeseed oil is to auctioned by State Reserves Bureau tomorrow. Such being the case, rapeseed oil prices shorter term are to trade sideways narrowly and frequently in line with futures with limited upward potential, therefore buyers can take hand-to-mouth purchasing strategy for the moment. 

    Daily review on corn: today, prices for most domestic corn remain stable, some fluctuating in a tight range. Corn buying prices in Shandong deep processors mostly stay at 1,830-1,920 yuan/tonne, some down 6-26 yuan/tonne from last Friday. While main purchasing prices offered at Jinzhou port, Liaoning come into at 1,720 yuan/tonne, and 1,715-1,720 yuan/tonne (volume weight 700 g/L) for old corn, up 5-10 yuan/tonne from last Friday. 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 last week. Second-class corn prices at Shekou port, Guangdong keep flat at 1,830-1,850 yuan/tonne from last Friday. Traders gradually increase grain supplying to North China seeing supply pressure of grained auctioned and rising buying prices of Shandong prices from last week, meantime, quite a lot goods hoarders and traders in North China also speed up delivery. Business in the surroundings otherwise maintain cautious about corn purchases and mostly take a hand-to-mouth purchasing strategy, on the point, corn prices in some areas are seen edging lower. Shorter term, corn prices are to ramp up steadily factored in not much grain supply in corn belt, trades' support, raised costs and freights. 

    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 1,880 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; Jilin 2,700 yuan/tonne for raw sorghum). Barley price at ports keep firm (Shandong offers 1,900-1,910 yuan/tonne; Nantong 1,900-1,920 yuan/tonne; Guangdong 1,840-1,850 yuan/tonne, up 10 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 and grain prices at some ports ramp up today. Whereas, sluggish feed demand overall still drags grain market, and shorter term, there is limited upward potential for grain prices.