Today (on July 30th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybean ended last Friday trading up thanks to robust exports, accordingly, meals on DCE today also trade up amid high opens. In the meanwhile, soybean meal spots on the domestic market prices up, yet turnover is not much though some lower prices do attract replenishment making. Soybean meal prices in coastal areas range from 3,000 to 3,130 yuan/tonne, a rise of 10-50 yuan/tonne from last Friday (Tianjin prices 3,050 yuan/tonne, Shandong 3,000-3,030 yuan/tonne, Jiangsu 3,050-3,060 yuan/tonne, Dongguan 3,120-3,130 yuan/tonne, Guangxi 3,080-3,130 yuan/tonne). Rebounds of soybean meal spots today are attributed to raised import costs and market worries, in detail, impressive RMB devaluation underpins soybean costs to trend up, and worries about soybean sources later also win crushers' support for meals prices and positive attitudes toward after market. Whereas, subject to low live pigs raising, prevailing machine halt in meal-bloated mills, and government's decision to lower down soybean meal proportion in feed ingredient, rallies in soybean meal spots will not be impressive. Instead, soybean meal prices in the near term are to rebound properly in accordance with futures, therefore buyers are suggested to maintain a proper inventory level rather than chase bids high. 

    Daily review on imported rapeseed meal: today, imported rapeseed meal prices up steadily, among which prices in coastal areas stand at 2,370-2,510 yuan/tonne, up 20-40 yuan/tonne (Ocean in Fangchenghai offers 2,400 yuan/tonne, with a rise of 40 yuan/tonne; Fuzhiyuan in Dongguan 2,510 yuan/tonne; Chinatex in Zhangzhou, Fujian stops to quote). In the midst of brewing trade fights between China and the US, RMB devaluation and rallying futures on CBOT push up import costs of oilseeds. In the meantime, as China's Development and Reform Commission is said to call for all feed businesses to cut soybean meal consumption in feed ingredient by lowering down protein ratios and to substitute soybean meal with mixed meals, rapeseed meal performance is thereby fueled today. Yet, rallies in rapeseed meal are otherwise subject to growing stockpiles, high rapeseed processing rate built on ample supply and alternative DDGS with large production domestically, worth of noticing, rapeseed meal last week in South China has climbed to 35,000 tonnes on the week by 25%. Shorter term, rapeseed meal is to move sideways tracking futures with good momentum for growth, therefore buyers can take a hand-to-mouth buying strategy for the present. 

    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 44,000 tonnes, Fuzhou 36,000 tonnes, Shanghai 43,000 tonnes, Tianjin 1,000 tonnes, Dalian 4,000 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. Overall, fishmeal variation is capped on grounds that goods holders prefer to support goods offers when stockpiles are slow in accumulation due to robust demand in the season despite growing supply at ports. 

    Daily review on soybeans: prices for most imported soybeans keep stable, where non-GM imported soybean prices at 3,450-3,950 yuan/tonne, and GM imported soybeans are unquoted. According to Cofeed latest probe, soybean arrival of imports are forecast to be 8.561 Mln tonnes with total 135 vessels in July, 8.5 Mln tonnes in August, and 8 Mln tonnes in September. Such ample supply weighs down imported soybeans. In addition, slow consumption in businesses and limited demand in end users further drag down prices of non-GM imported soybeans. However, great RMB devaluation amid US-China trade fights will underpin soybean costs to trend up, and worries about soybean sources later and unexpected weather conditions for US soybean growth also win crushers support for prices. That is to say, imported soybeans on the market are underpinned. On the whole, imported soybeans will probably trade up later on the market amid trade fights onwards. 

    Daily review on oils: boosted by robust export outlook, beans on CBOT all rebounded in last Friday trading, accordingly, oils on DCE today rise mildly., and domestically, soybean oil spots mostly price up and palm oil spots otherwise price steadily. Turnover upon higher prices is not much, whilst prices with small rallies do attract deals. For one thing, big RMB devaluation to 6.84 amid trade fights further pushes up import costs of soybeans and oils, and for another, persisting meal-bloated phenomena in mills send oilseeds crushing down to 1.67 Mln tonnes, as thus easing pressure on oils stockpiles and underpinning oils on DCE to trade up further However, fundamental pressure from slack demand in end users, ongoing auction by State Reserves Bureau and accumulating Malaysian palm oil in stockpiles together with weaker futures on BMD (Bursa Malaysia Derivatives) continues to put pressure on oils rallies. Only when intensive stockpiling in Chinese holidays comes will oils expand rallies in prices, as such, it still has to wait one or two weeks before the golden stockpiling time for packing oils. Buyers are suggested to make replenishment properly rather than chase bids high. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,450-5,570 yuan/tonnes, increasing by 20-70 yuan/tonne, (Tianjin traders offer 5,520-5,530 yuan/tonne, Rizhao traders 5,460-5,470 yuan/tonne, Zhangjiagang traders 5,570 yuan/tonne, Guangzhou traders 5,450 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,690 and 4,790 yuan/tonne, a rise of 10-50 yuan/tonne in part (Tianjin traders offer 4,710-4,720 yuan/tonne, up 10 yuan/tonne; Huanghai traders in Rizhao offer 4,790 yuan/tonne; Zhangjiagang traders offer 4,720 yuan/tonne; Guangzhou 4,690 yuan/tonne; Xiamen traders 4,780 yuan/tonne, up 50 yuan/tonne). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed pick up steadily, among which prices in coastal areas are 6,150-6,260 yuan/tonne, some up 10-20 yuan/tonne with few turnover (Fuzhiyuan in Dongguan, Guangdong offers 1901-240 yuan/tonne; Maple in Fangchenggang, Guangxi offers 1809-170; Fujian stops to quote). Even though RMB devaluation under trade conflicts pushes up import costs of rapeseed and raised soybean oil prices by 20-70 after rallying US soybean also give favorable support to rapeseed oil, accumulating stockpiles and ongoing auctions still put pressure on rapeseed oil rallies. Reportedly, rapeseed oil last week in South China rose to 114,000 tonnes by 2% on the week, and another auction of soybeans (460,000 tonnes), soybean oil (60,000 tonnes), rapeseed oil (80,000 tonnes) will be scheduled on Wednesday. Shorter term, rapeseed oil is to go on a fairly strong note tracking futures, therefore buyers may as well make replenishment properly rather than chase bids high. 

    Daily review on corn: today, most domestic corn prices steadily where some fall futher. Corn buying prices in Shandong deep processors mostly stay at 1,820-1,920 yuan/tonne, most down 6-30 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. 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. Supply pressure on corn auction persists, add to that, southern spring corn is to increase the market supply, therefore dampened by such considerable supply, hoarders speed up shipments these days and deep processors in Shandong also hold down corn buying prices amid substantially increased supply. Meantime, cautious attitudes towards corn purchases among feed businesses in sales area also subdue corn prices on the market. Nonetheless, costs for old corn reserved to some extent still limit its prices to fall. On the whole, corn on the domestic is to trade sideways weakly in the near term. 

    Daily review on sorghum and barley: today, imported sorghum at ports prices up steadily (US sorghum: Tianjin offers 2,120-2,130 yuan/tonne for raw sorghum and 2,240 yuan/tonne for dried sorghum, up 20 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 2,300-2,350 yuan/tonne for dried sorghum, Shandong 2,500 yuan/tonne, Shanghai 2,400 yuan/tonne. Domestic sorghum: Daqing in Heilongjiang offer 2,700 yuan/tonne for dried sorghum; Chifeng in Inner Mongolia offer 2,900 yuan/tonne for dried sorghum; Hinggan League 2,700 yuan/tonne). Barley price at ports keep firm (Shandong offers 1,900-1,910 yuan/tonne; Nantong 1,900-1,920 yuan/tonne; Guangdong 1,820-1,850 yuan/tonne, down 20 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. 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 sorghum prices at some ports ramp up today. Whereas, sluggish barley demand overall still weighs on the market and drags down barley prices partially. Shorter term, barley will be seen weaker than sorghum in performance.