Soybean: The arrival of soybean at port is only 1,369,000 tonnes this week, not to mention the discharged volume, which is much lower than its crush volume in domestic oil mills (The crush volume for imported soybean and domestic soybean totals 1,690,000 tonnes), so soybean stock has markedly declined. This week (as of Nov. 30th), imported soybean stock in domestic coastal areas totals 6,099,000 tonnes, down 561,300 tonnes by 8.43% from 6,660,300 tonnes yet up by 41.14% from 4,321,110 tonnes of the same period last year. The US and Chinese leaders have reached a consensus where the former has agreed to suspend its plan for further tariff on January 1, 2019, and the White House has declared that China is to purchase agricultural product from its farmers immediately. But what is more concerning now is whether soybean import tariff will be restored to 3% from current 28%. And if it is not restored, Chinese buyers will be less possible to return to US soybean under relatively large crush loss. Besides, soybean supply will fall short in December to January from South America. Therefore, port soybean stock will continue to decline. 

      Soybean meal: The trading volume has basically recovered to a normal level this week and has been visibly higher than that of last week as buyers turned to make replenishment on the dips after further price falls. The trading volume totals 596,970 tonnes this week (spots contracts: 400,970 tonnes and forward contracts upon basis: 196,000 tonnes). Soybean meal stock has continued to decreased this week amid a small drop in operation rate. This week (as of Nov. 30th), soybean meal stock in main domestic coastal oil mills totals 943,000 tonnes, down 58,000 tonnes by 5.79% from 1,001,000 tonnes last week, yet up by 38.69% from 679,900 tonnes of the same period last year. Downstream companies will remain cautious in purchasing as the price may still show weak fluctuations for a provisionally easing trade state after the meeting. 

      Outstanding contracts: Outstanding contracts of soybean meal in oil mills continue to decline. This week (as of November 30th), contracts in domestic main areas hold 3,784,900 tonnes unfinished, down 129,200 tonnes by 3.30% from 3,914,100 tonnes last week, and down substantially by 44.18% from 6,781,400 tonnes of the same period last year.