Today (on Aug. 22nd), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: since crop harvest will be improved by upcoming rains, plus market's negative expectations on China-US talks, US soybean ended down last night. Today meals from predominant traders on DCE step down slightly with fluctuations, but prices of China's soybean meals are mostly stable, despite decreases in some areas. Soybean meal prices in coastal areas range from 3,130 to 3,220 yuan/tonne, down 10-20 yuan/tonne in part against yesterday (Tianjin prices 3,190 yuan/tonne, Shandong 3,130-3,200 yuan/tonne, Jiangsu 3,170-3,200 yuan/tonne, Dongguan 3,200-3,220 yuan/tonne, Guangxi 3,210-3,220 yuan/tonne). The contagious African swine fever brought down hog prices, pushing pig farmers to accelerate the live hog slaughtering speed. This affects soybean meal consumption, boosting its stocks in oil mills again, besides, some areas are in rush to deliver; under such pressure, prices of soybean meal spot goods are dropping. In addition, statistics from Pro Farmer in recent two days have shown that soybean production has a stronger prospect than last year, which is also negative to soybean meal spot goods. But factors, including ongoing trade disputes, current weak state of RMB, high import costs of soybean and existing uncertainties in weather for US soybean, all encourage oil mills to underpin prices and also restrict the callback possibility of soybean meal spots prices, so overall fluctuations in the rising process may still remain. Buyers owning inadequate stocks can try to replenish at a small quantity, and shall be careful when buying at high prices.  

    Daily review on imported rapeseed meal: imported rapeseed meal prices edge up steadily, among which prices in coastal areas stand at 2,460-2,560 yuan/tonne, up 10-20 yuan/tonne (Great Ocean in Fangchenghai offers 2,480 yuan/tonne; Fuzhiyuan in Dongguan 2,560 yuan/tonne, up 20 yuan/tonne; Chinatex in Zhangzhou, Fujian stops to quote). Based on exceedingly high operation rate, rapeseed meal trades sideways amid heavy stocks of soybean meal and rapeseed meal. Whereas, expanded price disparity between soybean meal and rapeseed meal attracts more demand for rapeseed meal, and that improved demand, prolonged RMB devaluation and unknown trade war onwards and weather conditions for US soybean growth all boost rapeseed meal prices up, that is to say, rapeseed meal will go uptrend. Wisely, buyers had better make small replenishment upon low prices and maintain cautious if chasing high. 

    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; 11,400-11,500 yuan/tonne for Japanese SD with 67% protein content; 11,700-11,800 yuan/tonne for super steam fishmeal with 68% protein content, down 100 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; 11,600 yuan/tonne for super steam fishmeal with 68% protein content, down 200 yuan/tonne from yesterday. Port stocks: Hangpu has 47,000 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. Given more super-grade fishmeal in supply, goods holders are inclined to sell in contango, yet general demand still bolsters fishmeal on the market. Therefore shorter term, fishmeal is to maintain stable.  

    Daily review on soybeans: prices for most imported soybeans keep stable, where non-GM imported soybean prices at 3,500-3,970 yuan/tonne, and GM imported soybeans are unquoted. According to Cofeed latest probe, soybean arrival of imports are forecast to be 8.479 Mln tonnes with total 133 vessels in August, 8.5 Mln tonnes expected in September, and 7.6 Mln tonnes projected in October. Such ample supply of imported soybeans no doubt will further inflict on the market. Narrowed price gap between domestic soybeans and imported soybeans also undermines price competitiveness imported soybeans, and limited delivery also puts bearish pressure on imported soybeans for distribution. Yet, with big conflicts between China and the US toward bilateral trade, trade truce will be hard to reach, if such, forward soybean supply will be tight especially when Brazilian soybeans are sold out in the 4th quarter. 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: US soybean oil in overnight trading picked up thanks to arbitrage of buying oils and selling meals, followed by oils on DCE today. Domestically, soybean oil spots rise in part and some palm oil spots otherwise are in fluctuation, and low prices still attract some deals though turnover overall is nit much. US soybeans are still under pressure, for one thing, favorable rains recently pave way for a good harvest prospect, and for another, China-US talk this week is predicted to fall flat due to extensive conflicts between these two economies. By contrast, oil market overall is expected to trend up amid fluctuations. To be specific, hit by trade conflicts, lingering RMB devaluation sends import costs high, whilst oil mills are in for price lifting as peak season of packing oil stockpiling before double festivals is under way. But this oil upside will be restricted by bearish fundamentals like soaring stocks of soybean oil and rapeseed oil, ongoing auctions of State Reserve Bureau, and high crush volume in oil mills (2 Mln tonnes expected in the next two weeks) assured by ample soybean supply. Buyer shall make proper replenishment at lows rather than chasing bids too high in light of volatile oil performance. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,650-5,700 yuan/tonne, some up 10-50 yuan/tonne (Tianjin traders offer 5,690-5,700 yuan/tonne, Rizhao traders 5,650 yuan/tonne, Zhangjiagang traders 5,700 yuan/tonne, Guangzhou traders Y1901-200). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,860 and 4,960 yuan/tonne, a variation of 10-60 yuan/tonne in part (Tianjin traders offer 4,920-4,930 yuan/tonne, up 10; Rizhao 4,940 yuan/tonne; Zhangjiagang 4,860 yuan/tonne, down 60; Guangzhou 4,960 yuan/tonne, up 20; Xiamen traders stop to quote). 

    Daily review on imported rapeseed oil: prices for imported rapeseed oil step up, among which prices in coastal areas are 6,380-6,580 yuan/tonne with low turnover, up 50-80 yuan/tonne (Shenheng in Dongguan, Guangdong offers 1901-240 yuan/tonne; Maple in Fangchenggang, Guangxi offers 1901-350; Fujian stops to quote). As the trade truce is hard to reach in a short time, raised import costs amid RMB devaluation underpinned rapeseed oil on the market. Nonetheless, overwhelming oil supply otherwise drags down rapeseed oil, with pressure from high stockpiles of soybean oil and rapeseed oil and scheduled auction next Wednesday (soybean: 0.3 Mln tonnes, soybean oil 0.05 Mln tonnes, rapeseed oil 0.06 Mln tonnes). All in all, rapeseed oil will trend up amid frequent oscillations though capped on the top, therefore buyers had better not chasing 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 stay at 1,820-1,920 yuan/tonne, some down 4-10 yuan/tonne from yesterday. While main purchasing prices offered at Jinzhou port, Liaoning come into at 1,760-1,790 yuan/tonne (volume weight 700 g/L), and 1,730 yuan/tonne for old corn. While drying corn prices of Liaoning and Jilin (volume weight 700 g/L) at Bayuquan port are pegged at 1,720 yuan/tonne; 1,740-1,750 yuan/tonne for naturally dried corn (moisture 13%, volume weight 720-740 g/L); 1,700-1,710 yuan/tonne for old corn (volume weight 650-720 g/L, mildew 3-4), unchanged from yesterday. Second-class corn prices at Shekou port, Guangdong settle at 1,860-1,870 yuan/tonne, up 10 yuan/tonne upon the lower price from yesterday. Higher prices for new corn are expected this year for market estimates extreme weather conditions this year may hurt corn production. And with recovered market auction for corn tentatively reserved last week and elevated rigid demand in the period, corn prices these days ramp up. Yet, further uptrend of corn is still weak factored in sufficiently ample supply but cautious buying and general demand among downstream businesses. To be specific, ongoing auction of corn reserved adds sufficiency to corn supply. For all this, corn prices shorter term will pare gains slightly and steadily. 

    Daily review on sorghum and barley: prices for imported sorghum at ports keep firm (US sorghum: Tianjin offers 2,160 yuan/tonne for raw sorghum, and 2,270 yuan/tonne for dried sorghum; Nantong 2,090 yuan/tonne; Shanghai 2,130 yuan/tonne; Guangdong 2,050 yuan/tonne. Australian sorghum: Tianjin offers 2,360 yuan/tonne for raw sorghum and 2,460 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: Changchun in Jilin 2,640 yuan/tonne; Daqing in Heilongjiang offer 2,600 yuan/tonne; Qiqihar 2,600 yuan/tonne; Chifeng 2,780 yuan/tonne for dried sorghum; Hinggan League 2,560 yuan/tonne for raw sorghum, down 40, and 2,640 yuan/tonne for dried sorghum, down 40). Barley at ports prices up (Australian barley: Shandong offers 1,970-1,980 yuan/tonne; Nantong 1,990-2,000 yuan/tonne, up 20; Guangdong 1,850-1,870 yuan/tonne, Zhangjiagang stops to quote). 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. Raising corn prices these two days boost market confidence, and sorghum and barley shorter term will mainly go strong.