Today (on September 5th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybean welcomed a mild rise in overnight closing trade, whereas meal futures on DCE today edge down. In contrast, soybean meal spots on China's market show a steady movement of 10-20 yuan/tonne in price despite not much turnover. Soybean meal prices in coastal areas range from 3,150 to 3,240 yuan/tonne, some with a variation of 10-20 yuan/tonne against yesterday (Tianjin prices 3,220 yuan/tonne, Shandong 3,160-3,210 yuan/tonne, Jiangsu 3,200-3,220 yuan/tonne, Dongguan 3,220-3,240 yuan/tonne, Guangxi 3,220-3,230 yuan/tonne). Amid brewing trade conflicts, paralyzed China's demand for US exports and expanded soybean sowing in South America put US soybean under pressure, besides, favorable weather conditions in US soybean growing areas also add to the pressure. And as live pig raising is afflicted to devastating ASF, dented soybean meal consumption leaves its price to move downside amid slack turnover these days. Yet on the other hand, stock pressure on soybean meal is expected to alleviate factored in increased poultry consumption ahead of Chinese holidays and sharply lowered operation rate in East China and some North China in recent days. Add to that, trade disputes with the US are hard to be resolved in a very short time, that is to say, unavailable US soybean may lead to supply shortage later in China. On this occasion, soybean meal whose prices are underpinned by crushers will remain its uptrend under trade spats rather than fall sharply. Buyers thereby had better take the chance to make replenishment upon low prices.

    Daily review on imported rapeseed meal: prices move sideways in a steady pace, among which prices in coastal areas come into at 2,400-2,500 yuan/tonne, a variation of 10-20 yuan/tonne (Great Ocean in Fangchenghai offers 2,420 yuan/tonne; Fuzhiyuan in Dongguan 2,500 yuan/tonne, up 20 yuan/tonne; Chinatex in Zhangzhou, Fujian stops to quote). In the midst of favorable weather for US soybean growth and relatively high operation rate nationwide, heavy soybean meal in stockpiles but shrunken meal demand after sprawling ASF drag down rapeseed meal prices. Yet, robust aquatic farming and poultry consumption before Chinese holidays 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 mainly to move upwards in the afternoon market unless trade spats are concluded, so buyers may as well make proper replenishment upon low prices.  

    Daily review on fishmeal: today, prices for imported fishmeal pick up steadily, 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 Peru ordinary SD with 65% protein content are 10,700 yuan/tonne, up 500 yuan/tonne form yesterday, 11,500 yuan/tonne for Japanese SD with 67% protein content, up 200 from yesterday; 11,700 yuan/tonne for super steam fishmeal with 68% protein content, up 100 from yesterday. Port stocks: Hangpu has 51,000 tonnes, Fuzhou 37,000 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 supply of fishmeal under super-grade one, good demand and strong futures outside domestic market 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: US soybeans ended overnight trading a tad higher, oils on DCE in contrast remain high though the uptrend is seen eased. Mostly, oil spots at home maintain stable, where some soybean oil and palm oil spots trade up, but turnover overall is not much. Under good weather conditions and dragging trade conflicts, US soybean still bears the pressure. Yet, market calculates that oils will go on modest uptrend overall with tight oilseed sources later in China and underpinned oil prices by crushers taken into account. Elevated import costs driven by trade disputes has decreased later vessel orders, and as soybean sales in Brazil are near the end, it is expected that November arrivals of soybean in China will stay at 7 Mln tonnes and merely 4.5 Mln tonnes for December arrivals. That being said, there still have price curbs on oil spots factored in expanded national auction on Sept. 6th, and basically completed packing-oil stockpiling before mid-September. Thereby under such supply pressure, oils are not to surge in sight but to move sideways frequently during the uptrend. Buyers thereby are suggested to make replenishment at lows instead of chase high bids too far. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,670-5,800 yuan/tonne, some further up 10-30 yuan/tonne (Tianjin traders offer 5,700-5,710 yuan/tonne, Rizhao traders 5,670 yuan/tonne, Zhangjiagang traders 5,800 yuan/tonne, Guangzhou traders Y1901-200). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,900 and 4,980 yuan/tonne, some up 20 yuan/tonne (Tianjin traders offer 4,900-4,920 yuan/tonne; Zhangjiagang traders offer 4,920 yuan/tonne; Guangzhou 4,900-4,920 yuan/tonne, up 20 yuan/tonne; Xiamen 4,950 yuan/tonne; Rizhao stops to quote). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil rise steadily, among which prices in coastal areas are 6,430-6,550 yuan/tonne with low turnover, some up 10-20 yuan/tonne (Fuzhiyuan in Dongguan, Guangdong offers 1901-240 yuan/tonne; Maple in Fangchenggang, Guangxi offers 1901-280; Fujian stops to quote). To be honest, dented oil stockpiles, estimated soybean shortage in the fourth quarter and high import costs amid trade disputes further bolster rapeseed oil in price. It's said that soybean oil falls to 1.62 Mln tonnes in stockpiles and rapeseed oil 0.54 Mln tonnes for the present, however such declines in stockpiles still fail to alleviate oils from supply pressure. Oil stockpiles actually remain high assured by amply oilseed sources and high operation rate, and ongoing auction and listing for soybean oil and rapeseed oil left during the week since Sept. 6th. By the way, stockpiling for packing-oil will be seen completed before mid-September, but national auction keeps on though all 18,000 tonnes of rapeseed oil under the hammer fail in the deal today. Shorter term, oil market is hard to maintain sharp rises in price, therefore buyers shall be alert of its frequent fluctuations and not chase prices up excessively. 

    Daily review on corn: corn prices today on the domestic market maintain stable with good momentum. Corn buying prices in Shandong deep processors mostly stay at 1,860-1,960 yuan/tonne, some further down 4-10 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, 1,810 yuan/tonne for corn prices with volume weight over 720g/L, and 1,760 yuan/tonne 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 yesterday. Second-class corn prices at Shekou port, Guangdong settle at 1,880-1,890 yuan/tonne, up 10 yuan/tonne upon the higher price from yesterday. Subjected to constant high temperatures and droughts over its pollination, new corn in the year of 2018/19 is doomed to face an output fall; hence, the new corn market is predicted to open higher in price. As some companies become more urgent for stock replenishment, dealings on temporary reserved corns become larger and larger. And with a bullish corn market expected, traders are busy in hoarding to support the price. So corn prices in Northeast China and costal ports are boosted to go up. However, some traders have seized the price uptrend chance to empty their stocks before new corns from North China flood into market. In recent two days, prices of North China corns turn stable in the uptrend, some even falling slightly. Meanwhile, corn price may be hindered in continuing its rises due to its limited feed consumption when hog farmers find it unfavorable to breed more pigs under the contagious African swine fever. On the whole, short-term corn price is predicted to keep stable with some increases and buyers shall be wary when going on to chase prices up. 

    Daily review on sorghum and barley: prices for imported sorghum at ports keep firm amid some rises (US sorghum: Tianjin offers 2,170-2,180 yuan/tonne for raw sorghum, and 2,280-2,290 yuan/tonne for dried sorghum; Nantong 2,110-2,120 yuan/tonne, up 20; 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.