Today (on Aug. 31st), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybean fell down last night, in sharp contrast to meals on DCE today with small rises. Soybean meal spots on the domestic market increase in price with trimmed turnover. Soybean meal prices in coastal areas range from 3,130 to 3,220 yuan/tonne, a steady rise of 10-30 yuan/tonne against yesterday (Tianjin prices 3,180 yuan/tonne, Shandong 3,130-3,200 yuan/tonne, Jiangsu 3,170-3,220 yuan/tonne, Dongguan 3,200-3,220 yuan/tonne, Guangxi 3,180-3,200 yuan/tonne). As soybeans sourced from Brazil draw to an end, soybean basis in Brazil today goes over 300 cents. And in case that soybean supplies in the fourth quarter run low, some areas speed up goods delivery regardless of high bids made by oil mills. 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 tracking futures. That being said, promising harvest of US soybean this year and haunting trade disputes put US soybeans on a bearish stance overall. Meanwhile even with additional tariffs imposed on, there still have crush margins of US soybeans, which suggests a possibility of US soybean imports later on China’s market. Still, soybean meal is under price curbs when hog pricing and raising go unsatisfactory, yet overall strong performance will continue unless the trade war is concluded. As good crush margins upon Brazilian soybean bring along margins of US Gulf soybeans, buyers having filled up inventories had better stay on the sideline instead of chasing bids high too far. 

    Daily review on imported rapeseed meal: imported rapeseed meal prices rise steadily, among which prices in coastal areas settle at 2,420-2,510 yuan/tonne, some falling 10-20 yuan/tonne (Great Ocean in Fangchenghai offers 2,450 yuan/tonne; Fuzhiyuan in Dongguan 2,510 yuan/tonne, down 10 yuan/tonne; Chinatex in Zhangzhou, Fujian 1901+100 upon basis). Currently, rapeseed meal price is being dragged down by adequate soybean and rapeseed sources, soaring operation rate in oil mills and existing stock pressure of soybean meal, in addition to later meal demand cuts under the influence of contagious African swine fever, which has just spread to Anhui. However, under growing rapeseed meal demands amid widening price differentiation between soybean meal and rapeseed meal and the potential supply tensions of fourth-quarter soybean, oil mills are optimistic about the later market. Rapeseed meal market is predicted to have resistance to fall and its short-term market may fluctuate narrowly after futures, so buyers can just wait.

    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 51,000 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, some holders are now in favor for bid support, meantime fair demand also bolsters fishmeal on the market. 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 3,680-3,980 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. As soybeans sourced from Brazil draw to an end, soybean basis in Brazil today goes over 300 cents. And in case that soybean supplies in the fourth quarter fall short, importers show strong mindset for soybean 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: US soybean went down last night on CBOT under good harvest outlook, yet US soybean oil in contrast rose amid rallying crude oil. Accordingly, meals on DCE today edge up after falls, with which most soybean oil and palm oil spots domestically also rebound in price. Turnover upon spots overall is general though it goes better upon forward low basis. Shorter term, US soybean is hard to revise its weak performance when exports turn out to be slack and its yield is expected up to a record high of 53.8 bushel from 51.5 bushels on Aug. 1st by Fcstone. In addition, there have price curbs on China's oil market factored in high oil stocks, ongoing national auction, and basically completed packing-oil stockpiling before mid-September. Specifically, soybean oil piles up in stocks based on high operation rate, and national auction or listing of soybean oil and rapeseed oil is to 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 costs driven by trade disputes has decreased later vessel orders, so market participants raise concerns of tight soybean sources later. Therefore market calculates that oils will go on modest uptrend overall amid frequent fluctuations in short term. Buyers had better not chase high bids too far. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,600-5,750 yuan/tonne, most increasing by10-50 yuan/tonne (Tianjin traders offer 5,640-5,650 yuan/tonne, Rizhao traders 5,600 yuan/tonne, Zhangjiagang traders 5,750 yuan/tonne, Guangzhou traders Y1901-130). 

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 4,850-4,900 yuan/tonne, increasing by 10-30 yuan/tonne (Tianjin traders offer 4,850-4,860 yuan/tonne, up 10 yuan/tonne; Rizhao 4,890-4,900 yuan/tonne, up 20 yuan/tonne; Zhangjiagang traders offer 4,850 yuan/tonne, up 20 yuan/tonne; Guangzhou traders 4,870 yuan/tonne, up 10; Xiamen 4,900 yuan/tonne, up 30). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil keep stable, among which prices in coastal areas are 6,340-6,450 yuan/tonne with low turnover, down 20-30 yuan/tonne (Shenheng in Dongguan, Guangdong offers 1901-240 yuan/tonne; Maple in Fangchenggang, Guangxi offers 1901-280; Fujian stops to quote). Overwhelming oil gluts still put pressure on rapeseed oil, with pressure from heavy oil stocks and planned national auction. Specifically, soybean oil and rapeseed oil hit highs in stocks based on amply oilseed sources and high operation rate, whist soybean oil and rapeseed oil left are put into market by means of auction or listing during the week since Sept. 6th. Additionally, given peak stockpiling of small-packing oils in the run-up to Chinese holidays is to finish within half a month, there are obstacles in the way for rapeseed oil rises. Nonetheless, the trade dispute is hard to conclude in a short time, so rapeseed oil overall is still underpinned and expected to move sideways with uptrend. In effect, rapeseed oil is to be underpinned by possible tight soybean supply onwards when soybean arrivals in the months to come turn out to be few. Buyers thereby are suggested to take a hand-to-mouth purchasing strategy. 

    Daily review on corn: today, most domestic corn prices steadily amid some rises. Corn buying prices in Shandong deep processors mostly stay at 1,860-1,960 yuan/tonne, some further 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 1,770-1,780 yuan/tonne; 1,720-1,740 yuan/tonne for old corn (volume weight 700 g/L), up 10-20 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 strongly expects its price to go high later. And as businesses are inclined to fill their inventories during the alternative period of old and new corn, both traded volumes and prices rise in the third consecutive week. Meantime considering less and less corn auction under rainy days, traders' increased mindset for bids and much-needed goods replenishment among businesses in North China, market participants now bode well for corn market and corn prices thus are driven up 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 otherwise cuts corn consumption in end users. Yet traders had better take the chance to sell corn in case of possible corn declines in price. All in all, corn prices shorter term will go on a strong note. 

    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 Hinggan League 2,520-2,540 yuan/tonne for raw sorghum, down 50 and 2,600 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). 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.