Today (on September 3rd), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybean saw a rise in trading last Friday amid short covering, meals on DCE today correspondingly rebound. Domestically, soybean meal spots also trade up though turnover is still not much. Soybean meal prices in coastal areas range from 3,170 to 3,250 yuan/tonne, a rise of 10-30 yuan/tonne against yesterday (Tianjin prices 3,230 yuan/tonne, Shandong 3,170-3,220 yuan/tonne, Jiangsu 3,200-3,220 yuan/tonne, Dongguan 3,230-3,250 yuan/tonne, Guangxi 3,200-3,220 yuan/tonne). Susceptible to trade disputes with the US, China's restrained imports of US soybean will lead to a short supply of soybean sources in the fourth quarter, as thus, turnover upon forward basis goes better these days in case of unavailable soybeans later. In this way, with soybean meal demand boosted by robust aquatic product demand and increased poultry consumption, soybean meal spots for the time being are to rise in price. Nevertheless, bumper crop harvest this year still puts US soybeans on a bearish stance overall, meanwhile devastating ASF is spreading, with pig industry in Anhui province afflicted in weekend. Such being the case, limited demand for soybean meal probably puts curbs on its spot rises. Buyers thereby had better not chase bids high too far.  

    Daily review on imported rapeseed meal: imported rapeseed meal prices edge up steadily, among which prices in coastal areas stand at 2,420-2,500 yuan/tonne, up 10-20 yuan/tonne (Great Ocean in Fangchenghai offers 2,450 yuan/tonne; Fuzhiyuan in Dongguan 2,500 yuan/tonne, down 10 yuan/tonne; Chinatex in Zhangzhou, Fujian stops to quote). Amid widening price disparity between soybean meal and rapeseed meal, robust aquatic farming expands rapeseed meal consumption, add to that, potential supply tensions of fourth-quarter soybean under trade conflicts also lead to crushers' support for meals in price. That being said, as high as 0.04 Mln tonnes of rapeseed meal last week in stocks and quickly spreading ASF may pose adverse effects on meal demand and curb upward potential for rapeseed meal prices. Specifically, rapeseed meal saw a rise of 6% weekly helped by adequate soybean and rapeseed sources for the present and improved operation rate in oil mills. Rapeseed meal market is predicted to pick up following futures shorter term, so buyers out of stock can take the chance to replenish inventories upon bargain hunting. 

    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 52,000 tonnes, Fuzhou 36,000 tonnes, Shanghai 52,000 tonnes, Tianjin 1,000 tonnes, Dalian 5,000 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 general 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. 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 rebounded in trading last Friday owing to technical buying and short covering, oils on DCE today otherwise move sideways with downward tendency. Accordingly, soybean oil and palm oil spots on China's market show a decline in the daytime trading, as thus, turnover upon spots is not much though goes better in far-month basis. Shorter term, US soybean is going on a weak performance when its crop harvest is expected to be good. In addition, there still 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 builds up into large stocks based on a high soybean crush level though its crush last week fell to 1.86 Mln tonnes, meanwhile national auction or listing of soybean oil and rapeseed oil is to start from Sept. 6th during the week. Whereas, elevated import costs driven by trade disputes has decreased later vessel orders, so market participants raise concerns of tight soybean sources in the fourth quarter. Market calculates that oils will go on modest uptrend overall amid frequent fluctuations in line with futures shorter term. Buyers thereby are suggested to make proper replenishment upon low and stable prices rather than chase high bids too far. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,590-5,720 yuan/tonnes, most down 10-30 yuan/tonne, (Tianjin traders offer 5,640-5,650 yuan/tonne, Rizhao traders 5,590 yuan/tonne, Zhangjiaang traders 5,720 yuan/tonne, Guangzhou traders 5,670 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,830 and 4,900 yuan/tonne, some down 10-20 (Tianjin traders offer 4,840-4,850 yuan/tonne, down 10; Rizhao offer 4,900 yuan/tonne; Zhangjiagang traders offer 4,850 yuan/tonne; Guangzhou 4,830-4,850 yuan/tonne, down 20; Xiamen 4,880 yuan/tonne, down 20). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil keep stable, among which prices in coastal areas settle at 6,380-6,490 yuan/tonne with low turnover, some down 20-30 yuan/tonne (Fuzhiyuan in Dongguan, Guangdong offers 6,370 yuan/tonne, down 10; Maple in Fangchenggang, Guangxi offers 1901-280 for basis; Fujian stops to quote). Overwhelming oil gluts still put pressure on rapeseed oil, with pressure from heavy oil stocks and planned national auction. Specifically, rapeseed oil last week in South China saw a weekly rise of 2% to 0.15 Mln tonnes in stocks assured by 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. In this case, there is limited upward potentials for rapeseed oil prices in the near term. However, the trade war is hard to conclude in a short time, that is, rapeseed oil is to be underpinned by possible tight soybean supply onwards. Buyers thus had better take a hand-to-mouth purchasing strategy. 

    Daily review on corn: 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 last Friday. 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 from last Friday. Second-class corn prices at Shekou port, Guangdong keep flat at 1,880 yuan/tonne from last Friday. Subjected to high temperatures in July and heavy storms in August, corn fails to escape a deep cut in production in some Jilin and Liaoning areas; hence, the new corn market is predicted to open higher. As companies intend to stock up over the alternating period of new and old corns, traders show more active in attending auctions, thus reviving the auction market of temporary reserved grains and lifting price premiums in dealings. Besides, downstream further-processing factories and feed companies are in rigid demands for replenishment. All the above factors continue to lift corn price. However, temporary reserved grain auctions remain unchanged in speed, with 8 Mln tonnes under the hammer every week. Besides, the upcoming new corns and contagious African swine fever (ASF) are unfavorable to final consumption of corns, thus restricting its upward trend. On the whole, short-term corn price is predicted to go up, but it will be influenced by weather in September, auctions and the developments of ASF. 

    Daily review on sorghum and barley: prices for imported sorghum at ports keep firm (US sorghum: Tianjin offers 2,170-2,180 yuan/tonne for raw sorghum, and 2,280-2,290 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 2,340-2,360 yuan/tonne for raw sorghum and 2,240-2,460 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 2,560 yuan/tonne, down 40; Qiqihar 2,500 yuan/tonne; Chifeng 2,640-2,660 yuan/tonne for dried sorghum, down 40; Hinggan League 2,460-2,500 yuan/tonne for raw sorghum, down 50 and 2,560 yuan/tonne for dried sorghum, down 40). Barley prices at ports rise in part (Australian barley: Shandong offers 1,980-2,000 yuan/tonne; Nantong 1,990-2,000 yuan/tonne; Guangzhou 1,920 yuan/tonne. French barley: 1,850-1,860 yuan/tonne. Ukrainian barley: 1,850 yuan/tonne). Yet, sorghum sourced from the U.S. on China's market later may be sharply curtailed under trade spats-- 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 amid sprawling ASF, 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.