Today ( Sept. 13th), the market for oilseeds and oils in China is shown as follows: 

    Imported soybean: 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 ones undermines price competitiveness of imported soybeans, and limited delivery also puts bearish pressure on imported soybeans available for distribution. Subject to trade disputes with the US, blocked imports of US soybeans and basically finished soybean sales in Brazil after November may contribute to lower-than-usual soybean arrivals during November and January next year. 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.    

    Cottonseed: Cottonseed market is dented by a wide range of falls of soybean and soybean meal futures on DCE today, but its price stays stagnant and stable due to dismal crush margins, lower quality of old cottonseeds than ever, and oil owners' caution against those scattered washy new cottonseeds. Besides, its market is still stable, since cottonseed volume from Xinjiang is lessened by increasing transportation fee. On the whole, short-term cottonseed price will keep stable, and only those at high prices may suffer risks of small callbacks.  

    Summary: Albeit Supply & Demand Estimates Report released last night went bearish as expected, US soybean still rebounded in overnight trading for the US should call for another round of talk with China. The trade talk, if smooth, will put China's market on a bearish market, and accordingly, soybean oil futures today on DCE come off amid low opens. By contrast, palm oil futures on DCE have resilience to fall when export outlook in Malaysia obviously picks up momentum. By the way, soybean oil spots decrease by 20-50 yuan/tonne and palm oil down 10-30 in price amid lackluster traded volume. Given oil oversupply seizes the market when packing oil stockpiles basically draw to an end within one week despite heavy soybean oil at 1.59 Mln tonnes in stocks, both oil oversupply and possible trade talks weigh down oil performance in the near term. Yet on the other hand, market sees to it that soybean sources later in China's market will be tighter and tighter amid trade disputes, that is to say, as long as the trade war hovers above market, soybean oil will maintain its mild uptrend overall in price though under short-lived fundamental pressure. Oil performance overall will move sideways frequently tracking futures, as thus, buyers had better stay on the sidelines and make proper replenishment upon low and stable prices. 

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,680-5,830 yuan/tonne, down 20-50 yuan/tonne (Tianjin traders offer 5,700-5,710 yuan/tonne, Rizhao traders 5,680 yuan/tonne, Zhangjiagang traders 5,830 yuan/tonne, Guangzhou traders Y1901-100 or Y1901-80). 

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 4,830 and 4,900 yuan/tonne, some down 10-30 (Tianjin traders offer 4,880-4,890 yuan/tonne, down 10; Rizhao offer 4,900 yuan/tonne, down 30; Zhangjiagang traders offer 4,880 yuan/tonne; Guangzhou 4,830-4,860 yuan/tonne; Xiamen 4,900 yuan/tonne, down 30). 

    Imported rapeseed oil: Prices for imported rapeseed oil fall steadily, among which prices in coastal areas are 6,450-6,580 yuan/tonne, down 20-50 yuan/tonne (Chinatex in Zhangzhou, Fujian offers 1901-250, Shenheng in Dongguan, Guangdong offers 1901-240; Maple in Fangchenggang, Guangxi offers 1901-280 upon basis).Overwhelming oil gluts at home and possible US-China trade talks stumble rapeseed oil in the near term. Specially, operation rate in the next two weeks is to lift regardless of finishing oil stockpiling ahead of Chinese two holidays. For all these, rapeseed oil overall will fluctuate upward when trade conflicts with the US have little possibility to ease shorter term. Such being the case, buyers had better stay on the sidelines and seize the time to make replenishment upon low and stable prices.  

    Cottonseed oil: USDA's report issued last night is bearish to market as expected, but US government has sent an invitation to Chinese officials for a new round of trade talks, which is bad to domestic market. Therefore, soybean oil on DCE extends its lower open today, followed by spot prices of soybean oil to drop by 20-50. Cottonseed oil stays stagnant and stable today due to its small usage volume as a blending oil. But its prices is hard to go down currently since traders are reluctant to sell their cottonseed oil stocks under a limited supply. On the whole, cottonseed oil price will keep stable in strong fluctuations before trade war ends.