Today (on Aug. 30th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: as US soybean welcomed rebound from the technical side overnight, speculative money thus returned to its market. Accordingly, meals on DCE today surge impressively and soybean meal spots on the domestic market also rise and attract replenishment making at low prices. Soybean meal prices in coastal areas range from 3,130 to 3,200 yuan/tonne, a steady rise of 10-20 yuan/tonne against yesterday (Tianjin prices 3,200 yuan/tonne, Shandong 3,130-3,200 yuan/tonne, Jiangsu 3,170-3,180 yuan/tonne, Dongguan 3,200-3,220 yuan/tonne, Guangxi 3,170-3,200 yuan/tonne). With trade disputes lingering on, RMB rate is seen down to 6.84 versus US dollar today, whilst soybean basis in Brazil today rises by 20-305X amid less and less soybean sources. And in case of short supply of soybeans in the fourth quarter, some areas speed up goods delivery regardless of high bids made by oil mills, among which some foreign-invested mills even lift prices twice. Viewed from China's market, market attention now returns to trade conflicts with Washington when the panic over African swine fever (ASF) fades away and is greatly eased. In this way, with soybean meal demand boosted by robust aquatic product demand and increased poultry consumption, soybean meal for the time being is to rise in price. That being said, bumper harvest of US soybean this year and haunting ASF effects on pig pricing and raising still put curbs on soybean meal rises in the near term. All in all, soybean meal is to go on uptrend till the end of trade war though at the risk of frequent oscillation. Buyers thereby had better maintain the level of safety stock, and not chase high bids too far. 

    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 51,000 tonnes, Fuzhou 36,000 tonnes, Shanghai 49,000 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. In view of stable futures outside China's market and robust market demand, holders now prefer to stay on the sideline and support fishmeal bids. That also puts curbs on price variations. 

    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: despite technical rebound of US soybean in overnight trading, finished arbitrage of buying oils and selling meals otherwise pushed down US soybean oil. Accordingly, soybean oil futures on DCE today edge down in response, with which soybean oil and palm oil spots domestically also trade down steadily. In effect, spots of low prices attract deals and turnover upon forward basis goes even better. As rains further brighten US crop outlook in growing areas, there seems to be limited upward space for US soybean prices. In addition, overwhelming oil supply weighs down oil performance on the China's market factored in high oil stocks and ongoing national auction. Specifically, soybean oil rises to 1.64 Mln tonnes in stocks based on high operation rate, and national auction or listing of soybean oil and rapeseed oil will start from Sept. 6th during the week. In this case, oils shorter term are possible to trade sideways in line with futures narrowly. Nonetheless, high import cost stemmed from trade disputes has decreased later vessel orders, so market participants are concerned for tight soybean sources later amid less and less supply in Brazil. Furthermore, with traded volume of soybean oil expanding to 0.06 Mln tonnes upon forward basis yesterday, market calculates that oils will go on modest uptrend overall amid frequent fluctuations in short term. Buyers may as well make proper replenishment upon low prices. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,600-5,700 yuan/tonne, some down 10-20 yuan/tonne (Tianjin traders offer 5,630-5,640 yuan/tonne, Rizhao traders 5,600 yuan/tonne, Zhangjiagang traders 5,700 yuan/tonne, Guangzhou traders Y1901-130). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,830 and 4,880 yuan/tonne, few a variation of 10 yuan/tonne (Tianjin traders offer 4,840-4,850 yuan/tonne; Rizhao traders 4,870-4,880 tonnes; Zhangjiagang traders offer 4,830 yuan/tonne, up 10; Guangzhou 4,860 yuan/tonne, down 10; Xiamen stops 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 further 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. New corn is seen cut in production, market thereby expects its price to go high later. And as some businesses aim to fill their inventories during the alternative period of old and new corn, turnover rate today should climb to 65.95% upon corn auction, about 13.34% above 52.61% attained last Thursday. With raised costs for corn of year 2015, much-needed goods replenishment among businesses in North China, market participants now bode well for corn market. Add to that, less and less corn auction and traders' increased mindset for bids 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 throws feed businesses to cautious purchases for corn feed. For all this, corn prices shorter term will go on a strong note when bullish factors dominate corn market. 

    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. 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; Daqing in Heilongjiang offer 2,600 yuan/tonne; Qiqihar 2,500 yuan/tonne; Chifeng 2,680-2,700 yuan/tonne for dried sorghum, down 90; Hinggan League 2,520-2,540 yuan/tonne for raw sorghum, down 50 and 2,600 yuan/tonne for dried sorghum, down 50). 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). 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. And as barley and sorghum generally lose their price advantage over corn market, slack feed demand pushes down sorghum prices at some ports. Shorter term, grains are mainly to move sideways steadily and slightly, in this way, market participants can wait for latest market news for guidance.