Today (May 29h), the market for oilseeds and oils in China is shown as follows:

 

      Oilseeds:

      Imported soybean: Imported soybean price is steady today, among which Russian soybean is temporarily not offered, Kazakhstan soybean is unchanged at 4,250 yuan/tonne from yesterday, and Myanmar soybean is unchanged at 4,330 yuan/tonne from yesterday. China's soybean market is favourable on traders' optimistic outlook amid traders' quick delivery pace. And the arrivals in China's ports are little, while the demand is strong. Besides, the US soybean import is restricted as no new progress for U.S.-China trade talks. However, the bumper crop harvest in South America and huge global supply still curbs China's market. Short-term prices likely maintain stable with strong momentum.

      Cottonseed: Cottonseed prices today are stable with a rise of 0.02-0.04 yuan/kg due to the decreasing cottonseed quantity putting pressure on market supply and the optimistic outlook supporting traders' selling-loath mood. However, the cottonseed trading is not much as oil mills purchase prudently due to the high price of cottonseed and poor crush margin. Besides, heavy rains drag down US soybeans sowing, far slower than usual, and a US soybean speculation on weather drives up China's oil and meal market. Short-term cottonseed is likely to go strong and buyers can make proper replenishment upon low prices.

      Oils: 

      Summary: On the back of huge gains of U.S. soybean in overnight trading for planting delays, soybean on Globex and oil futures on the Dalian Commodity Exchange today also see big rallies today. In spot markets, soybean oil increased by 100-150 yuan/tonne and palm oil by 70-100 yuan/tonne, both attracting some replenishment at low prices. Wet weather continues in U.S production zones, so that soybean planting has been abnormally slow with only 29% completed (19% last week) far slower than 74% last year and triggering some concerns over later production. Meanwhile, soybean import cost is pushed higher by rising premiums of South American crops under U.S.-China trade frictions. Soybean oil and palm oil inventories have both pointed to low levels, and rapeseed and its oil import has already been blocked by tensions between Beijing and Ottawa. Mills are taking the advantage to significantly raise oil spot prices today. In spite of bearish oil fundamentals in domestic markets, oil prices still have some upward potential under the background of intensifying speculations on U.S. soybean weather. 

      Soybean oil: GB Grade I soybean oil is mainly priced at 5,300-5,450 yuan/tonne in domestic coastal areas, up by 100-150 yuan/tonne. (Tianjin 5,290-5,300, Rizhao 5,320, and Zhangjiagang 5,450, and Guangzhou 5,380).

      Palm oil: 24-degree palm oil is mainly priced at 4,390-4,440 yuan/tonne in coastal areas, up 70-100 yuan/tonne. (Tianjin 4,390-4,400, up 70; Rizhao 4,440, up 100; Zhangjiagang 4,400, up 100; Guangzhou 4,430-4,440; and Xiamen not offered).

      Imported rapeseed oil: Imported rapeseed oil stays basically stable today, of which it settle up 20-50 yuan at 7,140-7,200 yuan/tonne in coastal areas. (Fujian 7,170, up 50; Guangdong 7,140; and Guangxi 7,200, stable). Rapeseed oil will remain its high prices due to a tight supply outlook of rapeseed amid tensions between China and Canada. But the market has seen few buyers as its demand is fiercely cut by its enlarging spread with soybean oil and palm oil. Therefore, rapeseed oil spot prices have pointed to far smaller rises than futures. As there is no sign of a thaw between Beijing and Ottawa, coupled with intensifying speculations on U.S. soybeans, short-term rapeseed oil will probably post gains. 

      Cottonseed oil: Cottonseed oil today stays stable with a rise of 50-100 yuan/tonne when poor crush margins result in low operation rates and output, and cottonseed prices are strong. Besides, today oils on Globex and DCE surge, and spots soybean oil are up 100-150 yuan/tonne. However,  the upward potential of cottonseed oil is curbed by the limited cottonseed oil volume for blending, thin turnover of new orders, and high fundamental pressure in main oil market. But short-term cottonseed oil is likely to follow the rise of main oils, which is driven up by US soybeans speculation on weather when a continuing rainfall greatly slows down US soybeans sowing, only 29% now compared to 74% the equivalent period last year. Buyers can make proper replenishment upon low prices. (for reference only)

       (USD $1=CNY 6.91)