Today (on September 10th), trends for Chinese animal and plant protein, oils & oilseeds and grains are shown as follows: 

    Daily review on soybean meal: US soybean last Friday rebounded in trading, meals on DCE today yet show a spike and accordingly soybean meal spots at home also come up. Indeed, lower spot prices attracts deals, and big price rises show slack turnover. Soybean meal prices in coastal areas range from 3,200 to 3,300 yuan/tonne, up 30-70 yuan/tonne against last Friday (Tianjin prices 3,270 yuan/tonne, Shandong 3,200-3,300 yuan/tonne, Jiangsu 3,260-3,300 yuan/tonne, Dongguan 3,280-3,300 yuan/tonne, Guangxi 3,260-3,300 yuan/tonne). Affiliated to freeze injury, heavily damaged soybean leaves in the northeast and Inner Mongolia may shrink soybean production, whilst the brewing US-China trade tensions hurt forward soybean supplies in China. Amid market high-strung nerves, one of soybean futures today on DCE surprisingly hits the ceiling, boosting other meals on DCE to rise sharply. Soybean meal spots accordingly rebound and enjoy a second rise in price. What's more, eased stock pressure on soybean meal also pushes up its spots, as soybean crush falls in the third consecutive week to 1.7 Mln tonnes last week by 8% based on sharp decreases of soybean processing in East China and North China. However, turnover of soybean meal is still low these day when devastating ASF wreaks havoc pig industry, in this case, rises in spots are actually smaller than in futures. Generally speaking, soybean meal will mainly move upward till the end of trade disputes, buyers thereby had better make proper replenishment upon low prices rather than chase high bids too far.  

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal pick up, among which prices in coastal areas come into at 2,420-2,500 yuan/tonne with a rise of 20-30 yuan/tonne (Great Ocean in Fangchenggang offers 2,420 yuan/tonne, up 20 yuan/tonne; Dongguan in Guangdong 2,480 yuan/tonne; Chinatex in Zhangzhou, Fujian offers 1901+120 upon basis). Nevertheless, robust aquatic farming and poultry consumption before Chinese holidays actually boost rapeseed meal demand. Add to that, falling stocks to 31,000 tonnes last week by 26% also show a big promise in rapeseed meal later unless the trade war is concluded. Nonetheless, contagious ASF still curbs upward potentials for rapeseed meal prices, such being the case, buyers may as well make proper replenishment if out of stock. 

    Daily review on fishmeal: today, prices for imported fishmeal go up, yet prices are negotiable upon transaction and shipments at ports are fairly good. Northern ports: fishmeal prices for Peru ordinary SD with 65% protein content are 10,400-10,500 yuan/tonne with a rise of 200-300 yuan/tonne over last week; 11,500-11,700 yuan/tonne for Japanese SD with 67% protein content, some up 100-200 yuan/tonne against last week; 11,800-12,000 yuan/tonne for super steam fishmeal with 68% protein content, up 100-200 yuan/tonne over last week. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 10,700 yuan/tonne; 11,500 yuan/tonne for Japanese SD with 67% protein content; 11,800 yuan/tonne for super steam fishmeal with 68% protein content, up 100 yuan/tonne from last week. Port stocks: Hangpu has 53,000 tonnes, Fuzhou 37,000 tonnes, Shanghai 53,000 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. Good demand for and limited stock pressure on fishmeal, 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. Such ample supply and high stockpiles 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. Given US administration is to tax $200 billion of Chinese goods after public hearings, trade truce will be hard to reach, if such, forward soybean supply will be tight especially in the 4th quarter when Brazilian soybeans are sold out. That also leads to crushers' strong wills to 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 ended last Friday trading up, accordingly, soybean oil today on DCE goes high amid low opens and palm oil otherwise edges down in the morning. Domestically, soybean oil spots go up and palm oil partly down with improved turnover. Given US administration is to tax $200 billion of Chinese goods after public hearings, escalated trade tensions to be further strain soybean supplies onwards. Accordingly, imports of soybeans are expected to be 5.9 Mln tonnes in November, 5.6 Mln tonnes in December and only 2.6 Mln tonnes in January next year. What's worse, heavily damaged soybean leaves in freezing northeast and Inner Mongolia may hurt its production and further tighten soybean supplies later on market. Amid such high-strung nerves, one of soybean futures today on DCE hits the ceiling, pushing up soybean oil and palm oil on DCE in the afternoon. Additionally, soybean oil also sees a reduction in stocks after falling operation rate, under which crushers show strong wills to rise oil bids. Oils generally are to maintain uptrend till trade truce, in this way, buyers are suggested to make proper replenishment upon low prices so as to maintain safety stock. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,670-5,780 yuan/tonne, most up 10-30 yuan/tonne (Tianjin traders offer 5,720-5,730 yuan/tonne, Rizhao traders 5,670 yuan/tonne, Zhangjiagang traders 5,780 yuan/tonne, Guangzhou traders Y1901-110 ). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,840 and 4,920 yuan/tonne, some down 10-20 yuan/tonne (Tianjin traders offer 4,870-4,880 yuan/tonne, down 10; Rizhao offer 4,920 yuan/tonne; Zhangjiagang traders offer 4,880 yuan/tonne, down 20; Guangzhou 4,840 yuan/tonne, down 10 yuan/tonne; Xiamen traders stop to quote). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil edge up steadily, among which prices in coastal areas come into at 6,450-6,580 yuan/tonne with a rise of 10-30 yuan/tonne (Shenheng in Dongguan, Guangdong 1901-240 yuan/tonne; Maple in Fangchenggang, Guangxi offers 1901-280 yuan/tonne; Fujian stops to quote). Helped by declining stockpiles and estimated impressive soybean shortage from December to January in year 2019 amid trade conflicts, rapeseed oil is probable to maintain its uptrend in price though its upward space is still capped. Notably, rapeseed oil last week was down to 140,000 tonnes in South China by 2% and 370,000 tonnes in East China with a tad lower. Under such circumstances, buyers may as well take a hand-to-mouth purchasing strategy. 

    Daily review on corn: today, domestic corn prices remain stable with upward tendency. Corn buying prices in Shandong deep processors mostly stay at 1,860-1,930 yuan/tonne, a variation of 10-40 yuan/tonne. While main purchasing prices offered at Jinzhou port, Liaoning come into at 1,770-1,790 yuan/tonne (volume weight 700 g/L) for drying corn of year 2017; 1,820 yuan/tonne for corn prices with volume weight over 720g/L; 1,770 yuan/tonne for old corn, up 10 yuan/tonne from last Friday; 1,410 yuan/tonne for new corn of year 2018 with 30% moisture, up 10 yuan/tonne from last Friday. While naturally drying corn prices at Bayuquan port are pegged at 1,770-1,780 yuan/tonne; 1,750-1,770 yuan/tonne for old corn (volume weight 700 g/L), up 10 from last Friday. Second-class corn prices at Shekou port, Guangdong settle at 1,900-1,910 yuan/tonne, up 10 yuan/tonne from last Friday. Given new corn production is largely expected to cut in northeast, a wave of corn stockpiling is now thriving between the alternative period of new for old corn, with turnover of corn temporarily reserved in full swing. Boosted by rigid demand for good-quality corn in some feed businesses, corn these days in northeastern corn belt and at southern, northern and coastal ports all go strong in price amid marketers' bullish stance. However, auctions of temporarily reserved grain remain unchanged in speed, with 8 Mln tonnes under the hammer every week. Add to that, new corn in mid-to-late September from North China will largely supply the market, under which some businesses in Shandong recently lower down corn buying prices, whist live pig raising vulnerable to ASF on the other hand sinks corn feed demand. For all these, prices for corn begin to fall apart, and short term corn price is forecast to move sideways narrowly. By the way, new corn will enter the market massively in mid-to-late September, then under the supply pressure, corn may come off early highs. 

    Daily review on sorghum and barley: prices for imported sorghum at ports keep firm amid some rises (US sorghum: Tianjin offers 2,200 yuan/tonne for raw sorghum, and 2,300 yuan/tonne for dried sorghum, both up 50,; Nantong 2,100-2,120 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 2,560 yuan/tonne, down 40; Daqing in Heilongjiang offer 2,500 yuan/tonne, down 60; Qiqihar 2,500 yuan/tonne; Hinggan League 2,400 yuan/tonne for raw sorghum, down 60 and 2,500 yuan/tonne for dried sorghum, down 60). Barley prices at ports also keep stable amid some rises (Australian barley: Shandong offers 2,020 yuan/tonne; Nantong 2,020 yuan/tonne, up 20; Guangzhou 1,920 yuan/tonne. French barley: 1,850-1,860 yuan/tonne. Ukrainian barley: 1,850 yuan/tonne). Amid trade conflicts, importers would prefer to stay on the sideline toward US sorghum as its import costs remain record high-- sorghum July imports reach the nadir in year 2018, whilst low Australian sorghum and barley imports later will also lead to downsized stockpiles. 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 upward.