Today (on August 9th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: last night, US soybean continued to rise in price, on account of its falling G/E crop rating and predicted high temperatures in next few weeks. Today, soybean meal on DCE extends its upward trend, and meanwhile soybean meal spots price up, where those with small increases yesterday continue their growths. Soybean meal prices in coastal areas range from 3,160 to 3,270 yuan/tonne, a rise of 20-90 yuan/tonne against yesterday (Tianjin prices 3,240 yuan/tonne, Shandong 3,120-3,230 yuan/tonne, Jiangsu 3,150-3,210 yuan/tonne, Dongguan 3,230-3,270 yuan/tonne, Guangxi 3,220-3,260 yuan/tonne). Long -term soybean supply is suffering from the tit-for-tat tariffs of 25% on $16 billion commodities from 23rd between the US and China, which also raises soybean's costs at port. This week, as weather speculation for US soybean heats up this week, and capitals are transferred to agricultural products after industrial goods slowed down the growth on the market, soybean meal's growth is then accelerated. But due to the small amount of pigs on hand, soybean meal's end consumption is low, thus raising soybean's stocks. In addition, China has approved the imports of soybean meal from Argentina. What is hard for the downstream companies to accept is that soybean meals in past two days show large growth, and that growth leads to obviously weaker rallies in spots than in futures. After soybean meal's large growth on DCE, processing profits of Brazil soybean also increase, even to the gross profit of 220-250 yuan. Fundamental pressure still persists, though later market of soybean meal can keep a bullish state. Moreover, USDA report on Friday night may have some bearish forecasts, so precautions on short-term fluctuations after growth are required. Buyers having purchased adequate replenishment in the last few days can just wait. 

    Daily review on imported rapeseed meal: today, imported rapeseed meal prices up, among which prices in coastal areas stand at 2,480-2,580 yuan/tonne, up 50-80 yuan/tonne (Great Ocean in Fangchenghai offers 2,500 yuan/tonne, up 80 yuan/tonne; Fuzhiyuan in Dongguan 2,580 yuan/tonne, up 80 yuan/tonne; Chinatex in Zhangzhou, Fujian stops to report). Rapeseed meal performance in the after market though is promising, thanks to recovered demand in aquatic raising and raised costs for Canadian rapeseed and US soybeans amid RMB devaluation, better-than-usual US soybean growth this year and possibly bearish Supply & Demand Estimates this Friday that US soybean production and stocks will be largely revised up by USDA may otherwise weigh down oil performance. In this case, buyers may as well be alert against risks after rallies in rapeseed meal, that is, stay on the sideline if having fully replenished inventories the other day 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 5,000 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. Factored in limited stocks pressure at ports and robust fishmeal demand, price variation of fishmeal at present is capped as holders for the moment stay on the sideline and have mindsets for prices support. 

    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 arrivals in July actually settles at 7.9681 Mln tonnes with total 125 vessels, yet 8.48 Mln tonnes are expected in August, and 8 Mln tonnes expected 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 limited delivery further weighs down imported soybeans for distribution. However, as the US administration is resolved to levy additional 25% tariffs on $ 16 billion of Chinese goods from August 23rd, raised soybean costs and unexpected weather conditions for US soybean growth thereby win crushers support for prices as well as give favorable support to imported soybeans. 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: falling G/E rate for US soybeans and forecast scorched weather in following weeks sent US soybean to close high in overnight trading, accordingly, oils on DCE today also go up. Domestically, soybean oil and palm oil spots mostly trade up, and turnover overall is not much though lower prices still attract some deals. Both the US and China are resolved to levy additional 25% tariffs on each other from August 23rd for products worth $ 16 billion included in former $ 50 billion, as such, escalating trade spats not only underpin market sentiments about fund speculation, but also lead to RMB devaluation and lifted costs for imported soybeans therewith. Generally speaking, oils on China's market are seen benefiting from such trade tensions and oil spots are also driven up. 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. Add to that, possibly bearish Supply & Demand Estimates this Friday that US soybean production and stocks will be largely revised up by USDA may also weighs down oil performance. In this way, oil spots are to trade sideways frequently tracking futures and probably move upward slowly in oscillation. Buyers thereby had better make proper replenishment upon hunting bargain instead of chasing bids high too far. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,570-5,670 yuan/tonne, most of which increase by 10-50 yuan/tonne, yet some decrease by 10 yuan/tonne (Tianjin traders offer 5,560-5,570 yuan/tonne, Rizhao traders 5,540 yuan/tonne, Zhangjiagang traders 5,670 yuan/tonne, Guangzhou traders 5,570 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,770 and 4,840 yuan/tonne, up 10-40 yuan/tonne (Tianjin traders offer 4,820-4,830 yuan/tonne, a rise of 10 yuan/tonne; Rizhao 4,840 yuan/tonne; Zhangjiagang traders offer 4,840 yuan/tonne, up 40 yuan/tonne; Guangzhou 4,770 yuan/tonne, up 30 yuan/tonne; 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 of US soybeans and Canadian rapeseed amid RMB devaluation, improving operation rate in rapeseed-processing mills, ongoing oil auction and accumulating stockpiles of palm oil in Southeast Asia otherwise limit rallies in rapeseed oil prices amid overall oil gluts. On this point, rapeseed oil is to trade sideways narrowly with strong momentum for growth, and is expected to ramp up. Wisely, buyers had better make proper replenishment upon hunting bargain instead of chasing bids high too far. 

    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 down 6 yuan/tonne. 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. Corn supply is now growing on the market given ongoing auction of old corn reserved and supplying of early Spring corn in the South. Regardless, operating rate falls in deep processors, corn performance is further capped especially when dismal livestock raising gives little improvement to corn demand in feed ingredient. However, costs for old corn reserved and rigid market demand for high-quality corn amid tight supply still limit downward potential for corn prices. Overall, corn in the near term is to trade sideways steadily and narrowly. Furthermore, corn mature may benefit from scattered rains in south-central northeast these days when drought is somehow eased. 

    Daily review on sorghum and barley: today, prices for imported sorghum at ports go up steadily (US sorghum: Tianjin offers 2,160 yuan/tonne for raw sorghum, and 2,270 yuan/tonne for dried sorghum; Nantong 2,050-2,080 yuan/tonne, up 30 yuan/tonne; Shanghai 2,080 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 for raw sorghum and 2,700 yuan/tonne for dried sorghum; Changchun in Jilin 2,740 yuan/tonne). Barley prices at ports fall steadily (Shandong offers 1,910-1,920 yuan/tonne; Nantong 1,920 yuan/tonne, down 10 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, though fragile demand in barley weighs on barley market and results in a weaker performance than sorghum's.