Today (on September 4th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybeans on Globex and meals on DCE today both face a small decline, accordingly, soybean meal spots on China's market trade down in a steady pace amid low turnover. Soybean meal prices in coastal areas range from 3,150 to 3,240 yuan/tonne, some down 10-20 yuan/tonne against yesterday (Tianjin prices 3,220 yuan/tonne, Shandong 3,150-3,220 yuan/tonne, Jiangsu 3,200-3,220 yuan/tonne, Dongguan 3,230-3,240 yuan/tonne, Guangxi 3,220-3,240 yuan/tonne). Susceptible to escalating trade tensions and expected bumper crop harvest amid favorable weather conditions, US soybean is now under the pressure. As such, soybean meal also pares gains when live pig raising in Wuxi, Jiangsu province is afflicted to devastating ASF. Whereas, with soybean meal demand boosted by robust aquatic product demand and increased poultry consumption in the run-up to Chinese holidays, soybean meal spots for the time being show resistance to fall. Add to that, the heat-up of trade disputes with the US actually favors China's soybean meal market, whilst market's concerns over forward soybean sources also help crushers to support goods prices. All in all, soybean meal is to go on uptrend and is at the risk of moving downward in a very short time, therefore buyers had better stay on the sidelines for the present. 

    Daily review on imported rapeseed meal: US soybeans on Globex and meal futures on domestic market both edge down, accordingly, rapeseed meal spots come into at 2,400-2,490 yuan/tonne in price amid low turnover, down 20-30. Under weak US soybean performance and relatively high operation rate nationwide, heavy soybean meal in stockpiles and quickly spreading ASF to Wuxi Jiangsu no doubt pose adverse effects on meal demand and drag down rapeseed meal prices. Yet, amid widening price disparity between soybean meal and rapeseed meal, robust aquatic farming and poultry consumption expand rapeseed meal demand, add to that, potential supply tensions of fourth-quarter soybean under trade conflicts also generate a bullish attitude toward afternoon market among most crushers. On the whole, rapeseed meal market is to trade sideways shorter term and is predicted to pick up following futures later, so buyers may as well make proper 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 50,000 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. 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 arrivals in August actually settle at 7.923 Mln tonnes with total 126 vessels, about 1.37% higher than 7.8156 Mln tonnes in last August, and 7.372 Mln tonnes with 116 vessels expected in September. Such ample supply weighs down imported soybeans. 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. Amid lingering trade conflicts with the US, Chinese RMB is thrown into long-term devaluation. What's worrying is that soybean supplies to China in the fourth quarter possibly fall short as soybeans sourced from Brazil draw to an end. Traditionally, it is golden time for US soybean imports during October and February next year, in this way, China's buyers are probable to import some US soybean despite its high prices when soybeans run low. Importers now show strong mindset for soybean bids in case of unavailable soybeans later. 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: as the arbitrage of buying oils and selling meals comes to an end, oil futures on DCE grasp a noticeable rebound today. Accordingly, soybean oil and palm oil spots on China's market go up, whist turnover upon forward basis is general and upon spots with big price rallies turns to be few. 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. That tight oilseed sources and falling soybean oil stockpiles to 1.62 Mln tonnes after downsized operation rate these two weeks underpin oils to rise. Market calculates that oils will go on modest uptrend overall amid frequent fluctuations in line with futures shorter term. That being said, 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 oil spots factored in ongoing national auction, and basically completed packing-oil stockpiling before mid-September. Specifically, national auction or listing of soybean oil and rapeseed oil is to start from Sept. 6th during the week with supply pressure persisting. Buyers thereby had better not chase high bids too far when oils undergo frequent oscillations. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,650-5,800 yuan/tonnes, most increasing by 30-100 yuan/tonne, (Tianjin traders offer 5,700-5,720 yuan/tonne, Rizhao traders 5,650 yuan/tonne, Zhangjiagang traders 5,800 yuan/tonne, Guangzhou traders 5,470-5,750 yuan/tonne). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,870 and 4,980 yuan/tonne, up 30-80 yuan/tonne (Tianjin traders offer 4,900-4,920 yuan/tonne, a rise of 50 yuan/tonne; Rizhao 4,980 yuan/tonne, up 80; Zhangjiagang traders offer 4,920 yuan/tonne, up 70 yuan/tonne; Guangzhou 4,870-4,900 yuan/tonne, up 30 yuan/tonne; and Xiamen traders stop to quote). 

    Daily review on rapeseed oil: as the arbitrage of buying oils and selling meals is concluded, oil futures on China's market rebound. Rapeseed oil spots in coastal areas range from 6,420 to 6,540 yuan/tonne in price, up 50-100. The fourth-quarter soybean supply may fall short due to trade disputes, while Canada will harvest less canola than expected, so rapeseed oil may suffer fluctuations over its upward trend before the end of trade war. Currently, stocks of soybean oil and rapeseed oil are soaring due to high operating rate under adequate oilseeds, and pressure for oil supply is still large since the State Reserve Bureau will carry out its auctions with listing or auction planned for the rest soybean oil and rapeseed oil from Monday to Friday since 6th September. Therefore, short-term market is hard to maintain sharp rises in price. Buyer shall pay attention to oil frequent fluctuations and not chase prices up excessively.  

    Daily review on corn: today, prices for domestic corn edge up steadily. Subjected to high temperatures in July and heavy storms in August, corn production fails to escape a deep cut in Jilin and Liaoning corn belt, if such, new corn market is predicted to open higher. As turnover of temporarily reserved corn goes better in auction, traders now show strong mindset for corn prices, besides, rigid demands for replenishment among downstream further-processing factories and feed companies also bolster corn prices. However, temporary reserved grain auctions remain unchanged in speed, with 8 Mln tonnes under the hammer every week. Add to that, new corn supplying in mid-September from south to north and contagious African swine fever (ASF) are unfavorable to final consumption of corns, restricting its upward trend. On the whole, short-term corn price is predicted to go on a strong note though its upward space is still limited. 

    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; 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, and 2,560 yuan/tonne for dried sorghum). Barley prices at ports also keep stable (Australian barley: Shandong offers 2,020 yuan/tonne; Nantong 1,990-2,010 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 cut 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.