Today (on Aug. 16th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: last night US soybean price was pulled down by rains, but meals on DCE earlier today showed resistance to fall, despite a small decrease. Later, China's Ministry of Commerce declared that its vice minister would visit the US at invitation to restart trade talks in late August. This brought a hope for reconciliation to trade disputes; therefore, US soybean market got a sharp rebound in Globex, but meals on DCE quickly slumps for the potential bearish domestic market created by easing trade dispute state. And soybean meal turnover is small owing to its fall along with today's market. Soybean meal prices in coastal areas range from 3,150 to 3,280 yuan/tonne, down 10-20 yuan/tonne against yesterday (Tianjin prices 3,210 yuan/tonne, Shandong 3,150-3,250 yuan/tonne, Jiangsu 3,200-3,270 yuan/tonne, Dongguan 3,270-3,280 yuan/tonne, Guangxi 3,250-3,260 yuan/tonne). Currently, soybean meal price is relatively high, widening the price difference with mixed meals, so mixed meal demand may be seen increasing. And due to uneasy preserve of Brazilian soybean in hot weather, operation rate in oil mills may increase in the next two weeks. Such being the being, stock pressure of soybean meal still exists, plus urgent deliveries in some areas, so it will be hard for soybean meal spots to continue the widening price difference, and even, it sees stagflation and a price adjustment today. But participants still bode well for the later market, considering such factors as small chances of ceasing trade disputes within a short term due to big conflicts between China and US, constant rising soybean import costs caused by ongoing devaluation of RMB, and critical growth period of US soybean under the unpredictable weather. Hence, falling range of soybean meal price is restricted, and short-term adjustment is hard to shift the overall rising market amid fluctuations. Buyers are suggested to wait and replenish on the dips.  

    Daily review on imported rapeseed meal: today, imported rapeseed meal prices down steadily, among which prices in coastal areas stand at 2,450-2,600 yuan/tonne, falling 20-30 yuan/tonne (Great Ocean in Fangchenghai offers 2,480 yuan/tonne; Fuzhiyuan in Dongguan 2,560 yuan/tonne, down 10 yuan/tonne; Chinatex in Zhangzhou, Fujian stops to quote). Albeit rapeseed meal upside is restrained by burdensome soybean meal stocks, and by high operation rate in mills with assured ample rapeseed and soybean sources, yet in the near term, it will still trend up after short-lived declines. For one thing, import cots for oilseeds are further driven up when RMB rate goes on depreciation, for another thing, 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. Such being the case, rapeseed meal is promising in the after market, therefore buyers are recommended to make proper replenishment upon bargain buying. 

    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; 11,400-11,500 yuan/tonne for Japanese SD with 67% protein content; 11,800-11,900 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; 11,300 yuan/tonne for Japanese SD with 67% protein content; 11,800 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 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. Fishmeal is to maintain stable on the market on conditions that robust market demand and raised import costs after protracted RMB devaluation somehow ease port stocks. 

    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. 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. As it is, RMB will go on depreciation for great trade conflicts with Washington has little chance to make an agreement in a short time, and in addition, unexpected weather conditions for US soybean growth in its crucial period also support imported soybeans amid importers' strong support for bids 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: on grounds that rains happen to crop growing areas and US dollar index comes near to 97 mark, US soybean fell in overnight trading following crude oil recession. Yet in the morning today, US soybean should rebound sharply in the Globex after Wang Shouwan, China's vice Minister of Commerce, is invited to Washington for trade talks in late August. As it is, China's market will be put on a bearish stance provided if trade conflicts are eased. For all this, oils on DCE today come down, soybean oil and palm oil spots domestically also depreciate, whist turnover overall is not much though some large price declines do attract replenishment making. Oil performance in general is weighed on with pressure from high oilseeds crush onwards, growing oil stocks and forward auction by State Reserves. To be specific, crush in mills is expected to hit 1.8-1.9 Mln tonnes in the following two weeks assured by ample soybeans, meantime soybean oil has reached 1.6 Mln tonnes and rapeseed oil 0.5 Mln tonnes in stocks. Add to the pressure, Brazilian soybeans are not easy to preserve in such scorching heat. That being said, there has limited downward potential for oil prices in the near term, attributed to raised import costs upon RMB devaluation and good demand amid activated stockpiling for small-packing oils. As it is, RMB will go on depreciation for great trade conflicts with Washington has little chance to make an agreement in a short time, and in addition, unexpected weather conditions for US soybean growth in its crucial period also support oils. All in all, oils will go on upside though with fluctuations, therefore buyers had better make proper replenishment upon lower and stable prices. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,590-5,670 yuan/tonnes, down 10-60 yuan/tonne, (Tianjin traders offer 5,590-5,600 yuan/tonne, Rizhao traders 5,600 yuan/tonne, Zhangjiaang traders 5,670 yuan/tonne, Guangzhou traders 5,620-5,630 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,830 and 4,880 yuan/tonne, some down 10-30 yuan/tonne, but Guanzhou prices it up by 20 yuan/tonne for lack of supply (Tianjin traders offer 4,830-4,840 yuan/tonne, down 30; Rizhao offer 4,880 yuan/tonne, down 10; Zhangjiagang traders offer 4,830 yuan/tonne; Guangzhou 4,830 yuan/tonne, down 20; Xiamen traders 4,850-4,860 yuan/tonne, down 20). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil drop, among which prices in coastal areas are 6,220-6,350 yuan/tonne with low turnover, down 30-50 yuan/tonne (Shenheng in Dongguan, Guangdong offers 1901-240 yuan/tonne; Maple in Fangchenggang, Guangxi offers 1809-170; Fujian stops to quote). No doubt, high rapeseed crush this week built on sufficient rapeseed, scheduled auction by State Reserves and heavy soybean oil and rapeseed oil stocks do drag down rapeseed oil performance amid oil gluts. Whereas, underpinned by raised import costs and activated stockpiling for small-packing oils, rapeseed oil is still projected to trend up after short-lived falls, therefore buyers are recommended to make proper replenishment upon bargain buying. 

    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 1,840 yuan/tonne from yesterday. As it is, fundamentals on corn market are still bearish factored in sufficiently ample supply but cautious buying among downstream businesses. As corn auctioned dominates the market in supply, traders are now speed up corn sales, furthermore, new corn in North China and Huang-Huai corn belt also adds supply to the market though on a small scale. In spite of that, underpinned by old corn reserved costs and tight supply of high-quality corn, traded volume for corn tentatively reserved has a noticeable rise in auction today (3.99 Mln tonnes projected, traded volume 1.533 Mln tonnes, turnover rate 38.43%), boosting market sentiments. All in all, corn prices shorter term will trade sideways narrowly and steadily. Notably, constant rains in northeast and North China do alleviate previous drought, yet attention should still be paid to weather changes and corn mature in the new season. 

    Daily review on sorghum and barley: 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; Shanghai 2,080 yuan/tonne; Guangdong 2,050 yuan/tonne, up 50. 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, down 40; 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 at ports prices up steadily (Australian barley: Shandong offers 1,940-1,950 yuan/tonne; Nantong 1,950-1,960 yuan/tonne; Guangdong 1,850 yuan/tonne, Zhangjiagang 1,940 yuan/tonne). As China's Ministry of Commerce announces on its website today that Wang Shouwen, China's vice Minister of Commerce, is invited to Washington for trade talks in late August, trade talks resume though uncertainties remain therein. Yet, sorghum sourced from the U.S. on China's market later may be sharply curtailed, whilst costs for Australian sorghum also remain high for the present. That leads to strong willingness for higher offers among importers in case of unavailable low costs for grain sources. Therefore sorghum and barley these two days price up, and shorter term will mainly go on a strong note.