Today (Mar. 27), the market for oilseeds and oils in China is shown as follows:

 

Imported soybean: The reference price for Argentine soybean is 3950 yuan/tonne at port today. The supply of imported soybeans remains not very much at ports, and the market is in strong sentiment to chase after higher prices as domestic soybean prices keep rising. This is bullish to the market for imported soybeans. Meanwhile, it now take longer time to transport, load and quarantine soybeans at South American ports under the impact of the pandemic, so the market is concerned about soybean arrivals at domestic ports. With a myriad of bullish factors, the market for imported soybeans is predicted to grasp the strengthening trend in the short term.

Cottonseed: Cottonseed prices keep steady today. Ranchers are in rigid demand, and cottonseed price stays at a high level as factories bull the cottonseed oil market outlook, inspiring cottonseed market. But inland oil mills are wary of purchasing cottonseed due to the high price, so there is not much trading yet. Thus, cottonseed market is weighed down. Under the game of both sides of supply and demand, short-term cottonseed price is predicted to move sideways with fluctuations.

Summary: US soybean futures fell on Thursday on concerns over the demand amid the pandemic as well as technical selling. On the Dalian Commodity Exchange today, soybean oil futures also move lower but still stay above the previous close, and palm oil swings to upwards. In the spot markets, soybean oil declines by 10-100 yuan/tonne with some low-level purchases, but palm oil mostly goes up 50-120 yuan/tonne with lukewarm trading. Oil mills may have to keep low operation rates until mid-to-late April, and soybean oil stocks may follow to continue the decline. In addition, Malaysia has extended the movement restrictions, and its ports are in congestion at present, which is likely to delay exports. Therefore, the oil market is resilient. But China has bought 6-8 cargoes of soybeans for April-May shipments in the past two weeks. And the outside markets are volatile due to the pandemic. Hence, the oil market is still facing frequent fluctuations. It is suggested to keep good balance of buying and selling, to wait for low and stable prices to make appropriate replenishment, but not to chase after excessive rises. 

Soybean oil: GB Grade I soybean oil is mainly priced at 5570-5650 yuan/tonne in domestic coastal areas, a decline of 10-100 yuan/tonne. (Tianjin traders 5610; Rizhao traders 5630; Zhangjiagang traders 5650; and Guangzhou traders 5570). 

Palm oil: RBD palm olein is mainly priced at 4850-5090 yuan/tonne in coastal areas, mostly up by 50-120 yuan/tonne. (Tianjin traders 5080-5090,up 110; Rizhao traders not available; Zhangjiagang traders 4930, up 50; Guangzhou traders 4850,up 120; and Xiamen 5120, up 60). 

Imported rapeseed oil: Imported rapeseed oil rises in price today, of which it settles up 50-70 yuan at 7030-7170 yuan/tonne. (Fujian 7170; not available in Guangdong; and Guangxi 7030) Rapeseed crush remains at a low level due to unsettled issues between China and Canada, and rapeseed oil is in tight supply in spot market. Besides, March and April soybean arrivals are relatively small, so many mills are keeping low operation rates due to soybean shortages, and soybean oil stocks are expected to continue the decline. Moreover, the demand for oils is picking up now as catering businesses are resuming operations. However, Chinese buyers have also stricken deals this week due to handsome crush margins for Brazilian soybeans, and soybean shipments are carrying on normally in Brazil in spite of the spread of the corornavirus. Therefore there is limited upward space for rapeseed oil prices. The outside markets are volatile due to the pandemic, so spot rapeseed oil market will probably follow futures to swing frequently. It is suggested to keep good balance of buying and selling. 

Cottonseed oil: Cottonseed oil prices are steady with individual declines of 200 yuan/tonne today. The demand for cottonseed oil as blending oil is limited after a price hike. And soybean oil on DCE drops today, and spot soybean oil declines by 10-100 yuan/tonne, pulling down cottonseed oil price in some regions. Nevertheless, catering industry gradually backs to normal and schools are about to reopen. Furthermore, cottonseed oil factories are optimistic in trading as they bull the market outlook. It is expected that cottonseed price will stay at a high level in the near term.