Today (on Aug.14th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: due to unexpected weather conditions, speculators conclude that production in USDA's report is overestimated. Last night US soybean closed with a gain, after which a report showed that US soybean's G/E crop rating fell 1% to 66%. Today, meals on DCE rebound, with which rallying soybean meal spots domestically have some turnover upon lower bids. Soybean meal prices in coastal areas range from 3,150 to 3,250 yuan/tonne, a rise of 10-30 yuan/tonne against yesterday (Tianjin prices 3,200 yuan/tonne, Shandong 3,110-3,200 yuan/tonne, Jiangsu 3,180-3,200 yuan/tonne, Dongguan 3,230-3,250 yuan/tonne, Guangxi 3,210-3,220 yuan/tonne). China and US trade war has no end in sight, so traders are anxious about inadequate supply of soybean in the long run, especially as sales of Brazilian soybeans in 4th quarter draws to a close. Besides, soybean meal futures have resistance to fall recently, and even rise up today when the sustained devaluation of RMB is lifting the import cost. But stock pressure on soybean meal still remains since the number of live hogs in breeding is small, whilst Chinese government propels to decrease the protein proportion in feed ingredients and encourages to replace soybean meal by mixed meals. That pressure is also aggravated by urgent deliveries in Shandong. So soybean meal will only trend up amid fluctuations instead of sharp rises all along. Participants shall balance well purchases and sales, and make appropriate replenishment on the dips to ensure safety stocks, but shall not drive bids up excessively. 

    Daily review on imported rapeseed meal: imported rapeseed meal prices are mixed, among which prices in coastal areas stand at 2,460-2,600 yuan/tonne, a variation of 20-40 yuan/tonne (Great Ocean in Fangchenghai offers 2,460 yuan/tonne, down 20; Shenheng in Dongguan 1901+80; Chinatex in Zhangzhou, Fujian stops to quote). Rapeseed meal in South China is now curtailed to 40,000 tonnes by 16% on the week in stockpiles when the right time for aquatic raising comes. Additionally, raised import costs of soybeans amid RMB depreciation, and China's action to cut soybean meal in feed ingredient with alternative mixed meals also put rapeseed meal on a bullish stance in the after market. Yet, capped by ample rapeseed sources and growing operation rate in the weeks to come, there is limited upward potentials for rapeseed meal prices. Generally speaking, rapeseed meal is likely to trade sideways frequently and go on an upside, therefore buyers are recommended to make proper replenishment upon upon bargain buying and keep an eye on if chasing high bids. 

    Daily review on fishmeal: today, prices for imported fishmeal decline steadily, 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; 11,800 yuan/tonne for super steam fishmeal with 68% protein content, down 200 yuan/tonne from yesterday. 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. As fishmeal sources of high quality grow at southern ports, goods hoarders now ease bids offers, yet underpinned by good demand, fishmeal in the near term is to maintain stable. 

    Daily review on soybeans: prices for most imported soybeans keep stable, where non-GM imported soybean prices at 3,500-3,950 yuan/tonne, and GM imported soybeans are unquoted. China and US trade war has no end in sight, so traders are anxious about inadequate supply of soybean in the long run, especially as sales of Brazilian soybeans in 4th quarter draws to a close. The sustained devaluation of RMB to push up import cost and Importers' strong wills to support offers may also give favorable support to imported soybeans. 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. On the whole, imported soybeans for distribution in the short run will probably trade sideways narrowly and steadily the time market supply & demand balance struggles in trade spats. 

    Daily review on oils: amid unexpected weather condition, US soybeans ended overnight trading high upon bargain hunting, after which US soybean G/E rate also slipped to 66% from 67% in crop condition report. Accordingly, oils on DCE today rebound after short-lived recession, in the meanwhile, most soybean oil together with some palm oil spots price up. Still, turnover upon higher prices is not much, whilst lower prices do attract deals. With trade conflicts with the US dragging on, a further RMB devaluation pushes up import costs of soybeans all along, and since stockpiling for small-packing oils starts in the run-up to holidays, elevated market demand upon lower bids these days also generates crushers' mindset for goods bids. In spite of that, oils on the market still bear the pressure from raising oilseeds crush in the next two weeks, ongoing oil auction by State Reserves and growing soybean oil stocks-- near to 1.6 Mln tonnes helped by ample supply. On the whole, oils are to trend up with oscillation before stockpiling in the run-up to holidays comes to an end, if such, buyers are suggested to make proper replenishment upon lower prices, instead of chasing high bids too far. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,600-5,690 yuan/tonnes, increasing by 10-40 yuan/tonne, (Tianjin traders offer 5,590-5,600 yuan/tonne, Rizhao traders 5,600 yuan/tonne, Zhangjiaang traders 5,690 yuan/tonne, Guangzhou traders 5,600-5,620 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,780 and 4,870 yuan/tonne, some up 10 yuan/tonne (Tianjin traders offer 4,860-4,870 yuan/tonne, up 10; Zhangjiagang traders offer 4,840 yuan/tonne, up 10; Guangzhou 4,780 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 6,240-6,350 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). Built on elevated import costs amid protracted RMB devaluation and activated stockpiling for small-packing oils, total traded volume of rapeseed hit 25,000 tonnes last week, twice that of a prior week, with bids underpinned by crushers. Whereas, increasing rapeseed crushing expected in the next two weeks, accumulating stocks of soybean oil and palm oil, and scheduled auction by State Reserves tomorrow will somehow weigh on rapeseed oil for the present. That is to say, rapeseed oil is to trade sideways frequently and go on an upside to some extent, therefore buyers are recommended to make proper replenishment upon upon bargain buying rather than chase high bids too far.  

    Daily review on corn: today, domestic corn prices edge low steadily. Corn buying prices in Shandong deep processors mostly stay at 1,820-1,920 yuan/tonne, where some are further down 6 yuan/tonne. Main purchasing prices offered at Jinzhou port, Liaoning come into at 1,760 yuan/tonne, and 1,715-1,725 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 1,840 yuan/tonne from yesterday. As it is, corn supply on the market is sufficiently ample owing to steady shipments of old corn reserved and gradual supplying of early new corn in North China and Huang-Huai corn belt. Yet, with corn processing ability weakened by lowered operation rate among deep processors, there is a cap on corn performance when feed sectors maintain cautious towards purchasing. Nevertheless, underpinned by costs for old corn reserved and tight high-quality corn in supply, corn in the near term is to trade sideways steadily and narrowly.  

    Daily review on sorghum and barley: today, prices for imported sorghum at ports go steady (US sorghum: Tianjin offers 2,160 yuan/tonne for raw sorghum, and 2,270 yuan/tonne for dried sorghum; Nantong 2,070-2,080 yuan/tonne, up 20 upon lowest prices; 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 a tad lower: Daqing in Heilongjiang offer 2,700 yuan/tonne; Qiqihar 2,700 yuan/tonne; Chifeng 2,860 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 2,640 yuan/tonne, down 100). Barley at ports prices up steadily (Shandong offers 1,940-1,950 yuan/tonne, up 30; Nantong 1,940-1,950 yuan/tonne, up 30; Zhangjiagang 1,940 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, spirits industry 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 today at some ports price up, and shorter term will mainly go on a strong note.