Today (on August 8th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: as US soybean G/E rate falls to 67% in USDA weekly report for crop conditions from expected 69%, US soybeans closed overnight trading substantially high. Accordingly, meals on DCE today open high and go high, with which soybean meal spots domestically also trade up. Soybean meal prices in coastal areas range from 3,070 to 3,170 yuan/tonne, a rise of 10-30 yuan/tonne against yesterday (Tianjin prices 3,130 yuan/tonne, Shandong 3,070-3,100 yuan/tonne, Jiangsu 3,100-3,150 yuan/tonne, Dongguan 3,150-3,170 yuan/tonne, Guangxi 3,130-3,150 yuan/tonne). Costs in soybean imported are further lifted, attributed to rallying US soybean prices and Brazilian soybean basis as well as RMB devaluation. Additionally, stricken by several days of sweltering heat, mills in Tianjin and Shandong partially are forced to suspend or limit production. That suspension and limitation help to cut soybean meal in stockpiles and thereby boost its prices amid better turnover these days. But soybean meal is possible to trade sideways frequently during its upward trends considering ample supply at present and China's action to cut soybean meal in feed ingredient. Add to that, as US soybean growth this year is better than usual, possibly bearish Supply & Demand Estimates this Friday that US soybean production will be largely revised up by USDA also hovers above meals. Such being the case, market participants had better balance well goods selling and buying, that is, making appropriate replenishment upon bargain hunting rather than chase bids high too far, or staying on the sideline if having ample stockpiles at hand.  

    Daily review on imported rapeseed meal: today, imported rapeseed meal prices up, among which prices in coastal areas stand at 2,400-2,530 yuan/tonne, up 10-20 yuan/tonne (Great Ocean in Fangchenghai offers 2,420 yuan/tonne, up 20 yuan/tonne; Fuzhiyuan in Dongguan 2,520 yuan/tonne, up 10 yuan/tonne; Chinatex in Zhangzhou, Fujian stops to report). Rapeseed meal performance on the market though are bolstered by raised import costs for oilseeds sources, good meal demand in aquatic raising and its alternative for soybean meal, rising operation rate assured by ample soybean and rapeseed supply in the following weeks will somehow weigh on rapeseed meal market. Worth of noticing, rallying US soybeans and protracted RMB devaluation have sent import costs of oilseeds high, whist China encourages other alternative meals for soybean meal and aims to cut soybean meal used in feed ingredient. Buyers thereby had better make proper replenishment and maintain cautious if chase high bids. 

    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 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. 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 46,000 tonnes, Fuzhou 35,000 tonnes, Shanghai 47,000 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, 8.48 Mln tonnes in August, and 8 Mln tonnes in September. Such ample supply weighs down imported soybeans. Narrowed price gap between domestic soybeans and imported soybeans also undermines price competitiveness imported soybeans, and limted delivery further weighs down imported soybeans for distribution. However, protracted RMB devaluation underpins 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: as US soybean G/E rate falls to 67% in crop conditions, lower-than-expected 69% in USDA weekly report, US soybeans closed overnight trading substantially high. Accordingly, oils on DCE today only ramp up, and domestically, soybean oil spots partially trade sideways contrasting with palm oil rises mostly. Still, lower prices do attract some deals. The US administration is resolved to levy additional 25% tariffs on $ 16 billion of Chinese goods from August 23rd, as such, escalating trade conflicts further push down RMB and then drive up soybean costs all along, in the meantime, crushers show wills to support oil offers. Whereas, there is still limited upward potentials for oil prices factored in heavy oil stockpiles, unsatisfying oil auction by State Reserves Bureau and accumulating stockpiles of palm oil in Southeast Asia. Notably, assured by 8 Mln tonnes of soybean stocks at ports and expected 16.9 Mln tonnes soybean arrivals during August-to-September period, soybean crush onwards is growing together with heavy soybean oil stocks, yet only 60% of soybean oil auctioned is traded successfully with a low average auction price at 5,000 yuan. Add to that, as US soybean growth this year is better than usual, possibly bearish Supply & Demand Estimates this Friday that US soybean production will be largely revised up by USDA may also weighs down oil performance. In this way, oils are to trade sideways frequently tracking futures and probably turn better in performance till intensive stockpiling of packing oil. Buyers thereby had better make proper replenishment and maintain cautious if chase high bids. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,520-5,620 yuan/tonnes, some down 10-20 yuan/tonne but some up 10 yuan/tonne, (Tianjin traders offer 5,540-5,550 yuan/tonne, Rizhao traders 5,500 yuan/tonne, Zhangjiagang traders 5,620 yuan/tonne, Guangzhou traders 5,520 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,740 and 4,810 yuan/tonne, most up 10-20 yuan/tonne (Tianjin traders offer 4,800-4,810 yuan/tonne, a rise of 20 yuan/tonne; Zhangjiagang traders offer 4,800 yuan/tonne, up 20 yuan/tonne; Guangzhou 4,740 yuan/tonne, up 10 yuan/tonne; Rizhao and Xiamen traders stop to quote). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil rise, among which prices in coastal areas are 6,230-6,350 yuan/tonne with low turnover, up 30-50 yuan/tonne (Shenheng in Dongguan, Guangdong offers 1901-240 yuan/tonne; Maple in Fangchenggang, Guangxi offers 1809-170; Fujian stops to quote). Even though rapeseed oil is fueled by raised costs for imported oilseeds amid rallying US soybeans and lingering RMB devaluation, low turnover of rapeseed oil auctioned at around 600 tonnes and ongoing oil auction otherwise limit rallies in rapeseed oil prices amid overall overwhelming supply. On this point, rapeseed oil is to trade sideways narrowly tracking futures, and is expected to ramp up. 

    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 1,820-1,920 yuan/tonne, where some are mixed in prices. While main purchasing prices offered at Jinzhou port, Liaoning come into at 1,760 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; 1,700 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 1,820-1,840 yuan/tonne from yesterday. In regardless of sufficient supply after large corn dumping by State Reserves Bureau, fragile corn demand in end users and persisting bearish fundamentals weigh down corn market. However, supported costs for old corn and rigid demand on the market especially when good-quality corn is tight in supply to some extent limit corn prices to fall. Overall, corn in the near term is to maintain stable and only trade sideways narrowly. 

    Daily review on sorghum and barley: today, prices for imported sorghum at ports at mixed (US sorghum: Tianjin offers 2,160 yuan/tonne for raw sorghum, and 2,270 yuan/tonne for dried sorghum; Nantong 2,030-2,050 yuan/tonne; Shanghai 2,080 yuan/tonne, up 30 yuan/tonne; Guangdong 1,950 yuan/tonne. Australian sorghum: Tianjin offers 2,330-2,350 yuan/tonne for raw sorghum and 2,430 yuan/tonne for dried sorghum; Qingdao 2,400 yuan/tonne for raw sorghum, and 2,500 yuan/tonne for dried sorghum; Shanghai 2,400 yuan/tonne. Domestic sorghum: Daqing in Heilongjiang offer 2,700 yuan/tonne; Qiqihar 2,700 yuan/tonne; Chifeng 2,900 yuan/tonne for dried sorghum; Hinggan League 2,620 yuan/tonne, down 80 yuan/tonne, Changchun in Jilin 2,740 yuan/tonne). Barley price at ports maintain stable (Shandong offers 1,910-1,920 yuan/tonne; Nantong 1,930 yuan/tonne; Guangdong 1,840 yuan/tonne, Zhangjiagang 1,910-1,920 yuan/tonne). Sorghum sourced from the U.S. on domestic market later may be sharply curtailed given intensifying trade tensions between the world two largest economies, whilst costs for Australian sorghum also remain high for the present. On the other hand, wineries at home will restart operation in mid-to-late August, as thus, another round of stockpiling will come on the market. That good fundamentals thereby lead to strong will for higher offers among importers in case of unavailable low costs for grain sources. Therefore sorghum and barley shorter term will mainly go on a strong note.