Today (on Aug. 15th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans overnight continued to rebound owing to technical buying, followed by meals on DCE, with which soybean meal spots today price up. Yet, price rises otherwise cut turnober. Soybean meal prices in coastal areas range from 3,150 to 3,290 yuan/tonne, a rise of 30-50 yuan/tonne against yesterday (Tianjin prices 3,230 yuan/tonne, Shandong 3,150-3,230 yuan/tonne, Jiangsu 3,200-3,280 yuan/tonne, Dongguan 3,270-3,290 yuan/tonne, Guangxi 3,240-3,260 yuan/tonne). Market concerns over forward soybean sources linger on under trade conflicts with the US, meantime the fresh low RMB rate to 6.91 in recent 15 months continues to push up import costs, such being the case, soybean meal is further to trend up with crushers’ support for bids. But stock pressure on soybean meal still persists when Chinese government encourages to replace soybean meal by mixed meals and propels to decrease the protein proportion in feed ingredients. In other words, consumption for mixed meals will increase based on expanding price gap between mixed and soybean meal. That pressure is also aggravated by urgent deliveries in some areas. Given soybean meal is to trade sideways amid its upside, market participants shall balance well purchases and sales, and buyers had better stay on the sideline if stocks have been replenished. 

    Daily review on imported rapeseed meal: imported rapeseed meal prices go up, among which prices in coastal areas stand at 2,460-2,620 yuan/tonne, up 10-20 yuan/tonne (Great Ocean in Fangchenghai offers 2,480 yuan/tonne, up 20; Shenheng in Dongguan 1901+80; Chinatex in Zhangzhou, Fujian 2,560 yuan/tonne, up 20). Import cots for oilseeds sources are further driven up after RMB rate tumbles to 15-month low at 6.91, correspondingly, meals on DCE today rise impressively with expanded price gap between soybean meal and rapeseed meal. Additionally, elevated meal demand in aquatic raising and China's action to cut soybean meal in feed ingredient with alternative mixed meals also boost rapeseed meal performance on the market. Yet, capped by ample rapeseed and soybean sources and growing operation rate, there is limited upward potentials for rapeseed meal prices. Generally speaking, rapeseed meal is promising in the after market, therefore buyers are recommended to make proper replenishment upon bargain buying rather than chase high bids too far. 

    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 Peruvian ordinary SD with 65% protein content are 10,000 yuan/tonne and 11,400-11,500 yuan/tonne for Japanese SD with 67% protein content, down 100 yuan/tonne from yesterday; 11,800-11,900 yuan/tonne for super steam fishmeal with 68% protein content, down 100-200 yuan/tonne from yesterday. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 10,000 yuan/tonne; 11,300 yuan/tonne for Japanese SD with 67% protein content, down 200 yuan/tonne from yesterday; 11,800 yuan/tonne for super steam fishmeal with 68% protein content. Port stocks: Hangpu has 46,000 tonnes, Fuzhou 35,000 tonnes, Shanghai 46,000 tonnes, Tianjin 1,000 tonnes, Dalian 6,000 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. Given ample supply for high-quality fishmeal but short supply for ordinary ones, price variation is limited to a small scale after spreads among fishmeal of every class are narrowed. 

    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: last night US soybean continued its technical rebound, so is soybean oil on today's DCE, while palm oil on DCE edges down with fluctuations. Today, China's soybean oil spots increase, but palm oil has some fluctuations, for which it has some turnover at low price but few at high price. Prices of oils are expected to rise gradually with fluctuations: for one thing, participants lingering nerves over inadequate long-term soybean supply go forward due to trade disputes, for another thing, drastic devaluation of RMB to a 15-month low at 6.91 drives up import costs, and small packing stockpiling starts gradually. For all this, soybean has an adequate stock at present, coupled with poor preserve state in summer for high oil content of Brazilian soybean, so operation rate in oil mills will go up in the next two weeks, keeping soybean oil stocks high at around 1.6 Mln tonnes. Besides, China's State Reserve Bureau is still carrying on auctions. In consequence, oil market may be restricted in reaching its height, and may suffer frequent fluctuations amid its rise. Buyers are suggested not to drive prices up, but to make replenishment on the dips.  

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,620-5,700 yuan/tonnes, increasing by 20-50 yuan/tonne, (Tianjin traders offer 5,630-5,640 yuan/tonne, Rizhao traders 5,620 yuan/tonne, Zhangjiagang traders 5,700 yuan/tonne, Guangzhou traders 5,650-5,660 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,780 and 4,890 yuan/tonne, a variation of 10-20 yuan/tonne in part(Tianjin traders offer 4,860-4,870 yuan/tonne, up 10; Rizhao 4,890 yuan/tonne; Zhangjiagang 4,830 yuan/tonne, down 10; Guangzhou 4,780 yuan/tonne; Xiamen traders stop to quote). 

    Daily review on imported rapeseed oil: prices for imported rapeseed oil rise, where prices in coastal areas are 6,250-6,380 yuan/tonne with low turnover, up 10-30 yuan/tonne (Shenheng in Dongguan, Guangdong offers 1901-240 yuan/tonne; Maple in Fangchenggang, Guangxi offers 1809-170; Fujian stops to quote). Rapeseed oil though trends up attributed to activated stockpiling for small-packing oils and elevated import costs after a 15-month low RMB devaluation at 6.91. Accumulating stocks of soybean oil and palm oil, and scheduled auction of soybean, soybean oil and rapeseed oil by State Reserves otherwise weigh on rapeseed oil for the present. To be specific, soybean oil has reached 1.6 Mln tonnes in stocks and rapeseed oil 0.5 Mln tonnes under oil gluts. Generally, rapeseed oil is to trade sideways frequently and go on a slight 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, prices for most domestic corn remain stable, some fluctuating in a tight range. Corn buying prices in Shandong deep processors mostly keep flat at 1,820-1,920 yuan/tonne, but some increase by 10 yuan/tonne from yesterday. While 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). Second-class corn prices at Shekou port, Guangdong keep flat at 1,840 yuan/tonne from yesterday. As it is, market sentiments are dampened the time early new corn in North China and Huang-Huai corn belt adds supply to the market, whilst some hoarders in northeast and North China also speed up corn sales to supply the market. Yet, bearish fundamentals still persist on corn market when feed sectors maintain cautious towards purchasing considering low pigs raising, with corn processing ability weakened by lowered operation rate among deep processors. Nevertheless, underpinned by old corn reserved costs and tight high-quality corn in supply, corn in the near term is hard to fall but to trade sideways steadily and narrowly. Notably, under typhoon “Capricorn” timely rains in northeast and North China do alleviate previous drought and benefit corn growth in the new season, yet attention should still be paid to weather changes. 

    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.