Today (on Aug. 29th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: bumper harvest and lingering trade conflicts further crashed US soybeans in overnight trading, by contrast, meals on DCE today pick up. Soybean meal spots on the domestic market go up steadily with some deals in low bids. Soybean meal prices in coastal areas range from 3,110 to 3,180 yuan/tonne, a steady rise of 10-20 yuan/tonne against yesterday (Tianjin prices 3,130 yuan/tonne, Shandong 3,110-3,150 yuan/tonne, Jiangsu 3,150-3,170 yuan/tonne, Dongguan 3,150-3,170 yuan/tonne, Guangxi 3,150-3,180 yuan/tonne). Soybean meal in price shows a resistance to come down taken into account booming aquaculture and worrisome soybean sources later in the downstream. In effect, China's imports of soybean in the 4th quarter are not assured after soybean supply in Brazil goes less and less. Therefore oil mills are inclined to support goods in price, where Rizhao crushers recently also pick up goods in a faster pace. Yet sliding US soybean prices due to its good harvest and impressive devaluation of Brazilian real push down soybean costs at destination port. In this way, crush margin turns lucrative with net profit over 150 yuan, under which hedging of buying soybean outside and selling its oil and meal on DCE for the sake of crush margin will put curbs on soybean meal rises. In other words, soybean meal shorter term will move sideways with futures frequently on a small scale, and its afternoon market is mainly driven by trade tensions and harvest pressure of US soybeans. Buyers out of stock are suggested to make small replenishment upon low prices and keep cautious if chasing high bids. 

    Daily review on imported rapeseed meal: imported rapeseed meal prices edge down steadily, among which prices in coastal areas stand at 2,400-2,500 yuan/tonne, some down 10-20 yuan/tonne (Great Ocean in Fangchenghai offers 2,450 yuan/tonne, down 10; Chinatex in Zhanjiang 2,450 yuan/tonne, down 20; Chinatex in Zhangzhou, Fujian 1901+100 for basis). The following factors, including bumper US soybean harvests, contagious African swine fever, increasing operation rates in oil mills and adequate stocks of soybean meal, have thrown rapeseed meal into a callback state. But as price differences between soybean and rapeseed meals are widening, many fodder companies have modified feed ingredient by replacing soybean meal with rapeseed meal in feed ratio, among which rapeseed meal proportion has increased to 35% from 25% in some aquaculture fodders and to 8% from none in duck feed. This lifts the demands of rapeseed meal. Short-term rapeseed meal price is predicted to adjust with fluctuations but with a small downward space, since the fourth quarter soybean supply might be tightened if trade disputes cannot end timely. Once soybean sources are short in supply, meal price will be boosted. Buyers are suggested to wait for a stable price after falls end and make proper replenishment at lows.  

    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 50,000 tonnes, Fuzhou 36,000 tonnes, Shanghai 48,000 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. Shorter term, fishmeal is to maintain stable with both bullish and bearish factors hovering above the market, to be specific, general demand and strong futures outside China's market support fishmeal's performance, yet unfavorable weather conditions otherwise restrict its market. 

    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: in overnight trading, all beans on CBOT plunged, oils today on DCE accordingly also move downward. Domestically, some soybean oil and palm oil spots go down in price, yet turnover is still much. US soybean exports to China are said to be down almost 7 Mln tonnes in the midst of trade war, and such trimmed exports together with record-breaking high production expected this year greatly weighed down US soybean. In addition, overwhelming oil supply also exerts pressure on oil performance, in detail, soybean oil rises to 1.64 Mln tonnes in stocks based on high operation rate, and national auction of oils keeps on with 46% of soybean oil successfully traded today. Nonetheless, high import cost stemmed from trade disputes has decreased later vessel orders, so market participants are concerned for tight soybean sources during November-to-December period. Furthermore, market also calculates that oil market still have resistance to fall before the end of packing-oil stockpiling and trade disputes, and will go on uptrend overall amid frequent fluctuations in short term. 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. Buyers may as well make proper replenishment upon low and stable prices, and keep cautious if chasing high bids. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,600-5,720 yuan/tonne, some down 10-30 yuan/tonne (Tianjin traders offer 5,650-5,660 yuan/tonne, Rizhao traders 5,600 yuan/tonne, Zhangjiagang traders 5,720 yuan/tonne, Guangzhou traders Y1901-130). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 4,850 to 4,900 yuan/tonne, some down 10 yuan/tonne (Tianjin traders offer 4,850-4,860 yuan/tonne; Rizhao traders 4,880 yuan/tonne, down 10; Zhangjiagang traders 4,850 yuan/tonne; Guangzhou traders 4,900 yuan/tonne; Xiamen traders stop to quote). 

    Daily review on imported rapeseed oil: imported rapeseed oil trade sideways steadily, among which prices in coastal areas are 6,280-6,450 yuan/tonne with low turnover, a variation of 10-20 yuan/tonne (Shenheng in Dongguan, Guangdong offers 1901-240 yuan/tonne; Maple in Fangchenggang, Guangxi offers 1901-330; Fujian stops to quote). Overwhelming oil gluts still hover above rapeseed oil, with pressure from projected national auction, elevated oil stocks, and surprisingly high operation rate with assured soybean and rapeseed. Specifically, soybean oil rises to 1.64 Mln tonnes and rapeseed oil 0.55 Mln tonnes nationwide in stocks, whist national auction is scheduled next Wednesday, with soybean 0.2 Mln tonnes, soybean oil 0.03 Mln tonnes and rapeseed oil 0.018 Mln tonnes. Actually, oil gluts will continue though national auction is seen shrunk in volume. Nonetheless, the trade truce is hard to reach in a short time, in this way, rapeseed oil is still underpinned and expected to move sideways frequently. 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 had better make proper replenishment upon low and stable prices or simply take a wait-and-see attitude towards market. 

    Daily review on corn: today, domestic corn prices are stable amid some rises. Corn buying prices in Shandong deep processors mostly stay at 1,840-1,950 yuan/tonne, some up 10-20 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. New corn is seen cut in production, market thereby calculates its price will go high later. Prices for northeastern corn go strong with raised costs for corn of year 2015, meantime, less and less corn auction 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 on a strong note. By the way, attention should still be paid to corn auction and downstream demand. 

    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, Guangdong 2020-2,030, down 10. 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 2,600 yuan/tonne, down 40; Daqing in Heilongjiang offer 2,600 yuan/tonne; Qiqihar 2,500 yuan/tonne, down 100; 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 yuan/tonne; Nantong 2,000-2,020 yuan/tonne; Guangzhou 1,920 yuan/tonne. French barley: Guangzhou 1,850-1,860 yuan/tonne). As barley and sorghum generally lose their price advantage over corn market, slack feed demand pushes down sorghum prices at some ports. 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 are not to fall a lot if possible, in this way, market participants can wait for latest market news for guidance.