Today (on August 2nd), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans again pared gains on CBOT last night on grounds that the US administration plans to target $ 200 billion worth of Chinese goods with additional tariffs of 25% rather than 10%. Accordingly, meals on DCE today rebound after sessions of declines and soybean meal spots domestically go stable amid oscillations yet with few turnover. Soybean meal prices in coastal areas range from 3,020 to 3,130 yuan/tonne, a steady variation of 10-20 yuan/tonne (Tianjin prices 3,040 yuan/tonne, Shandong 3,000-3,050 yuan/tonne, Jiangsu 3,060-3,100 yuan/tonne, Dongguan 3,130-3,130 yuan/tonne, Guangxi 3,080-3,100 yuan/tonne). General meals demand in low live pigs raising fail to relieve mills from meal-bloated phenomena fully, and as thus dampening soybean meal performance on market. Nonetheless, rallying import costs for soybeans at ports due to surging US soybeans and great RMB devaluation, strong support for meals prices among crushers amid falling crush margins and losses in spots and in futures (net profits), otherwise underpin soybean meal spots to go stronger than futures, and negative basis for spots is also seen rising. Overall, soybean meal is expected to trend up and move sideways the time feed consumption goes large in aquaculture and weather speculation for US soybean growth is probable to come. In this way, buyers are suggested to make proper replenishment upon bargain hunting and not to chase bids high if having stocks at hand. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal edge down, among which prices in coastal areas come into at 2,340-2,500 yuan/tonne with a flucation of 20-30 yuan/tonne (Great Ocean in Fangchenggang offers 2,370 yuan/tonne, down 30 yuan/tonne; Fuzhiyuan in Dongguan, Guangdong 2,490 yuan/tonne, down 10 yuan/tonne; Chinatex in Zhangzhou, Fujian offers 2,480 yuan/tonne). Regarding raised rapeseed costs amid further RMB devaluation and weather speculation for US soybean growth under way, most crushers switch to a bullish stance toward after market with greater willingness to meals support. In the meantime, as Chinese government pushes forward soybean meal level reduction in feed ingredient by lowering down protein ration and to substitute soybean meal with mixed meals, rapeseed meal performance is thereby fueled. Shorter term, rapeseed meal has resistance to fall and continue to trade sideways narrowly tracking futures with relatively strong momentum for growth, therefore buyers had better make proper replenishment upon bargain hunting. 

    Daily review on fishmeal: prices for imported fishmeal keep firm, yet some fishmeal expand rooms for price negotiation 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; 11,500 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 44,000 tonnes, Fuzhou 35,000 tonnes, Shanghai 42,000 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. Fishmeal is to maintain stale on the market given hoarders have strong mindsets for offers in light of robust market demand and raised import costs. 

    Daily review on soybeans: prices for most imported soybeans keep stable, where non-GM imported soybean prices at 3,450-3,900 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, 8.384 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. Narrowed price gap between domestic soybeans and imported soybeans also undermines price competitiveness of imported soybeans and further weighs down the market. 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 in the short run will probably trade down amid trade fights, but later may go up on the market. 

    Daily review on oils: the close of the written comment period at the public hearing is extended from August 30th to September 1st after Trump administration declares to levy 25% additional tariffs from 10% on Chinese goods worth $200 billion. At the news, soybean prices slid from six-week high attained Tuesday, where US soybeans fell in overnight trading followed by US soybeans. Such escalating trade tensions between the two largest economies as it is are favorable for oils on domestic market. Additionally, as all vehicles in Indonesia are required to use biodiesel from September 1st, oils on DCE today are also seen bolstered, where rallies in soybean oil are smaller than palm oil. Domestically, soybean oil and palm oil spots both price up, and lower prices do attract deals though overall turnover is not much. Albeit raised costs of soybeans imported amid great RMB devaluation bolster oils performance, such fundamental factors as slack demand in end users, ongoing auction by State Reserves Bureau, accumulating soybean oil in stocks to 1.60 Mln tonnes-- quite closer to the record high 1.7 Mln tonnes attained last year-- put pressure on oils supply and limit upward potentials for oils prices. Add to that, Malaysian palm oil is accumulating in stockpiles despite dismal exports and slack futures on BMD (Bursa Malaysia Derivatives). As such, oils shorter term are mainly to trade sideways with strong momentum tracking futures, therefore buyers had better make proper replenishment for the moment rather than chases bids high too far. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,480-5,600 yuan/tonnes, increasing by 10-50 yuan/tonne, (Tianjin traders offer 5,520-5,530 yuan/tonne, Rizhao traders 5,470-5,480 yuan/tonne, Zhangjiagang traders 5,600 yuan/tonne, Guangzhou traders 5,480 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 4,730-4,820 yuan/tonne, increasing by 20-60 yuan/tonne (Tianjin traders offer 4,740-4,750 yuan/tonne, a rise of 20 yuan/tonne; Rizhao 4,820 yuan/tonne, up 60 yuan/tonne; Zhangjiagang traders offer 4,750 yuan/tonne, a rise of 40 yuan/tonne; Guangzhou traders 4,730 yuan/tonne; Xiamen 4,800 yuan/tonne, up 30 yuan/tonne). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed rise steadily, among which prices in coastal areas are 6,140-6,300 yuan/tonne, up 20-50 yuan/tonne with few turnover (Shenheng in Dongguan, Guangdong offers 1901-240 yuan/tonne; Maple in Fangchenggang, Guangxi offers 1809-170; Fujian stops to quote). Regardless, protracted sharp RMB devaluation pushes up import costs of soybean and rapeseed and thus underpin rapeseed oil, fragile oils fundamentals like ongoing auction and growing soybean oil and rapeseed oil in stockpiles, accumulating palm oil stockpiles in Malaysia in its production season still hover above rapeseed oil on the market. Yet auction of rapeseed oil under way starting from July 17th actually make little difference in its performance, for traded volume is seen languishing in the first three auction though 20,000 tonnes are projected to be auctioned, according to State Reserves Bureau. All in all, supply pressure on oils at home and abroad put a cap on oils rallies, and rapeseed oil is to trade sideways frequently tracking futures in the near term, therefore buyers may as well stay take a hand-to-mouth purchasing strategy for the moment. 

    Daily review on corn: today, prices for most domestic corn remain stable though some price down. Corn buying prices in Shandong deep processors mostly stay at 1,820-1,920 yuan/tonne, where some are mixed in prices. 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 yesterday. Second-class corn prices at Shekou port, Guangdong keep flat at 1,830-1,850 yuan/tonne from yesterday. Corn is now sufficient in supply given ongoing auction of corn reserved-- another 8 Mln tonnes on August 9th and 10th next week and bulks of corn traded to be shipped, add to that, early new corn is to increase the market supply. Shorter term, corn prices are expected to go stable with weak momentum factored in unimproved demand in the downstream.  Nonetheless, few supply of early spring corn at present and limited offering in areas drive market to old corn supplying mainly. Furthermore, costs for old corn reserved to some extent also limit its prices to fall.  

    Daily review on sorghum and barley: today, prices for imported sorghum at ports go steady (US sorghum: Tianjin offers 2,120-2,130 yuan/tonne for raw sorghum and 2,240 yuan/tonne for dried sorghum, Nantong 2,030-2,050 yuan/tonne, Shanghai 2,050 yuan/tonne, Guangdong offers 1,880 yuan/tonne. Australian sorghum: Tianjin offers 2,300-2,350 yuan/tonne for raw sorghum and 2,400 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). 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 in the near term are to ramp up. Whereas, sluggish barley demand overall still weighs on the market. Shorter term, barley will be seen weaker than sorghum in performance.