Today (on Aug. 28th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: to a large extent, US soybean production this year is expected to hit a fresh high, yet sliding soybean basis in Brazil otherwise drives US soybean to a bullish stance after the currency real falls drastically to 4.07. As a result, US soybeans ended in overnight trading low, whilst meals on DCE today in effect run above former closing level though still a tad lower. Domestically, soybean meal spots have resistance to fall. Soybean meal prices in coastal areas range from 3,110 to 3,170 yuan/tonne, a drop of 10-20 yuan/tonne against yesterday (Tianjin prices 3,130 yuan/tonne, Shandong 3,110-3,150 yuan/tonne, Jiangsu 3,140-3,180 yuan/tonne, Dongguan 3,160-3,170 yuan/tonne, Guangxi 3,150-3,180 yuan/tonne). To be honest, sprawling African swine fever (ASF) puts down feed demand in pig industry, under which soybean meal spots also move downward in price. Nevertheless, improved consumption of poultry and aquatic products somehow limits demand declines in soybean meal. Add to that, as trade conflicts with the US are hard to address in a short time, less and less supply of Brazilian soybeans in September suggests deficient soybean sources in the 4th quarter. That together with crushers' bullish attitude toward after market and strong mindset for bids puts curbs on likely downward potentials for soybean meal spots, by the way, soybean meal spots are possible to trend up if soybeans are short in supply. In the event that the intraday decline is significantly narrowed, buyers can take chance to make small replenishment upon low prices if out of stocks, and keep an eye on if chasing bids high. 

    Daily review on imported rapeseed meal: imported rapeseed meal prices edge down steadily, among which prices in coastal areas stand at 2,410-2,500 yuan/tonne, down 10 yuan/tonne (Great Ocean in Fangchenghai offers 2,460 yuan/tonne, down 10; Chinatex in Zhanjiang 2,470 yuan/tonne; Chinatex in Zhangzhou, Fujian 1901+100 for basis). Built on high operation rate and ample soybean and rapeseed in mills, burdensome meal stocks drag down rapeseed meal in price when sprawling ASF also batters market confidence and sinks meal demand. However, rapeseed meal spot prices will not fall significantly, but move sideways in the short term or even be expected to rebound if soybean sources are not assured later. Elevated import costs amid trade spats and improved demand in rapeseed meal under expanded price disparity between it and soybean meal actually underpin its spot prices. Such being the case, buyers had better stay on the sidelines or make replenishment upon low and stable prices. 

    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 10,200 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. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 10,200 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. Port stocks: Hangpu has 48,000 tonnes, Fuzhou 36,000 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 tight ordinary fishmeal in supply, holders are now inclined to bid support, meantime good demand and strong futures outside domestic market also help fishmeal to maintain stable shorter term. 

    Daily review on soybeans: prices for most imported soybeans keep stable, where non-GM imported soybean prices at 3,680-3,980 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 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. Add to that, as trade conflicts with the US are hard to address in a short time, less and less supply of Brazilian soybeans in September suggests deficient soybean sources in the 4th quarter. That results in importers' strong mindset for bid support. 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: excessive pressure from bumper harvests sent down US soybean price last night. Today, oils on DCE slow down in falling, with its actual price just above the previous close. Most spot goods of soybean oil and palm oil go stable in price and some increase, probably seeing a slightly increased turnover at lows. US soybean is 66% in G/E crop rating, one percent point higher than market estimate of 65% and 5 percent points higher than 61% of the corresponding period last year. And US soybean is still under pressure due to demand interruptions from China. Operation rate in oil mills remains at highs, so that soybean oil stocks have reached 1.64 Mln tonnes. State Reserve Bureau continues its auctions, while stockpiling before holidays will almost be completed in mid-September. Such an oversupply pattern of oils will go on to restrict its own upward space. However, high import cost resulted from trade disputes has decreased later imported cargoes, so market participants are concerned for the tighter fourth-quarter soybean supply. It is predicted that oil market will still have resistance to fall before trade disputes end, and and will suffer frequent fluctuations in short term. Buyer shall balance buying and selling, make replenishment at lows and be cautious in bidding up prices. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,600-5,720 yuan/tonne, some up 10-20 yuan/tonne (Tianjin traders offer 5,640-5,650 yuan/tonne, Rizhao traders 5,600-5,620 yuan/tonne, Zhangjiagang traders 5,720 yuan/tonne, Guangzhou traders Y1901-130). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,850 and 4,900 yuan/tonne, few up 20-50 yuan/tonne (Tianjin traders offer 4,840-4,850 yuan/tonne; Rizhao traders 4,890 tonnes, up 20; Zhangjiagang traders offer 4,850 yuan/tonne, up 50; Guangzhou 4,900 yuan/tonne; Xiamen stops to quote). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil drop, among which prices in coastal areas are 6,290-6,450 yuan/tonne with low turnover, down 20-30 yuan/tonne (Shenheng in Dongguan, Guangdong offers 1901-240 yuan/tonne; Maple in Fangchenggang, Guangxi offers 1901-350; Fujian stops to quote). Overwhelming oil gluts put pressure on rapeseed oil performance, with pressure from projected national auction, elevated stocks of soybean oil and rapeseed oil, and surprisingly high rapeseed crush over 0.12 Mln tonnes in recent two weeks helped by ample sources. Nonetheless, the trade truce is hard to reach in a short time, in this way, rapeseed oil is not to fall a lot shorter term. In effect, rapeseed oil is to be underpinned by elevated import costs, possible tight soybean supply in the 4th quarter, and peak stockpiling of small-packing oils under way. Buyers thereby may as well make replenishment upon low and stable prices or simply take a wait-and-see attitude towards market. 

    Daily review on corn: today, domestic corn prices go stable amid some rises, but the rallying pace is obviously eased. Corn buying prices in Shandong deep processors mostly stay at 1,840-1,950 yuan/tonne, some up 10 yuan/tonne from yesterday. While main purchasing prices offered at Jinzhou port, Liaoning come into at 1,760-1,790 yuan/tonne for drying corn of year 2017, and 1,750 yuan/tonne (volume weight 700 g/L) for old corn. While naturally drying corn prices at Bayuquan port are pegged at 1,760 yuan/tonne; 1,710-1,720 yuan/tonne for old corn (volume weight 700 g/L), unchanged from yesterday. Second-class corn prices at Shekou port, Guangdong keep flat at 1,880 yuan/tonne from yesterday. Production cuts in main corn belt this year have been a foregone conclusion after frequent extreme weather, market thereby calculates new corn will price high in market. Given recovered corn auctioned on the market, market participants now switch to a bullish stance towards corn performance. Meantime, susceptible to unfavorable weather conditions, less and less supply of high-quality corn and increased goods replenishment among some businesses also favor corn prices in recent days. That being said, there still have limited upward potentials for corn prices factored in sufficiently ample supply but lackluster market demand. To be specific, supply though is assured when corn auction continues and new corn supply is around the corner, sprawling ASF leaves feed businesses to cautious purchases for corn feed. For all this, corn prices shorter term will go relatively strong. 

    Daily review on sorghum and barley: prices for imported sorghum at ports keep firm (US sorghum: Tianjin offers 2,180 yuan/tonne for raw sorghum, and 2,290 yuan/tonne for dried sorghum; Nantong 2,090-2,100 yuan/tonne; Shanghai 2,120-2,130 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 2,560-2,600 yuan/tonne for raw sorghum and 2,640-2,660 yuan/tonne for dried sorghum). Barley prices at ports rise in part (Australian barley: Shandong offers 1,980-2,000 yuan/tonne, up 10; Nantong 2,000-2,020 yuan/tonne; Guangzhou 1,920 yuan/tonne, up 20 from last Friday. French barley: Guangzhou 1,850-1,860 yuan/tonne, up 10 from last Friday). Yet, sorghum sourced from the U.S. on China's market later may be sharply curtailed-- sorghum July imports reach the nadir in year 2018, 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. Shorter term, sorghum and barley will mainly go on a strong note.