Daily review on soybean meal: harvest progress is accelerated where 96% of US soybeans have been harvested. Affected by short selling, prices of US soybeans dropped last night, the same trend going to soybean meal in DCE today, where domestic soybean meal spots fluctuate steadily in a tight range, yet turnover presents poor. Soybean meal prices in coastal areas range from 2,970 to 3,050 yuan/tonne, steadily fluctuating around 10-20 yuan/tonne(Tianjin prices 3,050 yuan/tonne, Shandong 3,010-3,020 yuan/tonne, Jiangsu 2,980-3,000 yuan/tonne, Dongguan 3020-3050 yuan/tonne, Guangxi 3,020-3,040 yuan/tonne). In light of good soybean crush margins, operation in oil mills now keeps on as far as possible where operation rate in Shandong has been lifted, Bunge in Tianjin and other oil mills previously been halted or limited to production now restart the machine for lifted environmental alert coming after improved air quality in North China. Later, the upside of soybean meal is probably limited as stocks pile up. Though US soybeans keep strong in market, high possibility of La Nina, worries about dry weather in Argentine and strict censorship of GMO certificates will support soybean meal spots to be strong, yet rebound will not be great. Notably, market insiders should pay attention on the market trend in medium and longer term in consider of exceedingly large imported soybeans at ports later. Practically, buyers can hold a wait-and-see attitude for the time being.

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal decline steadily, among which prices in coastal areas stand at 2,310-2,380 yuan/tonne with a drop of 10-30 yuan/tonne over yesterday(Guangxi offers 2,320 yuan/tonne, down 30 yuan/tonne; Guangdong 2,330 yuan/tonne, down 10 yuan/tonne; Fujian 2,380 yuan/tonne). US soybeans keep strong in market due to concerns over strict GMO certificates censorship, environmental inspections to somewhat affect operation in the north and increasingly strong performance of La Nina to bring about hot and dry weather in Argentina, consequently bolstering rapeseed meal to rebound. Nevertheless, the upside of rapeseed meal may somewhat limited the time aquaculture is still off-season though rapeseed meal rebound today. Stocks of rapeseed meal keep growing with lifted operation rate in coastal oil mills, where some in Guangdong and Guangxi are brimming in inventories and are projected to stop operation. Buyers who have stocks for the moment can wait and see.

    Daily review on fishmeal: today, prices for imported fishmeal keep firm, yet prices are negotiable upon transaction and shipments at ports are general. Northern ports: fishmeal price for Peru ordinary SD with 65% protein content is 11,200-11,600 yuan/tonne; 11,900-12,300 yuan/tonne for Japanese SD with 67% protein content; 12,500-12,600 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: fishmeal price for Peru ordinary SD with 65% protein content are 11,100 yuan/tonne; 11,900 yuan/tonne for Japanese SD with 67% protein content; 12,200 yuan/tonne for super steam fishmeal with 68% protein content. Port stocks: Hangpu has 57,000 tonnes, Fuzhou 38,000 tonnes, Shanghai 35,000 tonnes, Tianjin 1,000 tonnes, Dalian 6,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Spots offers in foreign trading(FOB) remain stable, in detail, the fishmeal offer for Peru ordinary SD with 65% protein content stays at USD $1,370 per tonne, USD $1,520 per tonne for super steam fishmeal with 68% protein content; the offer in Chile ordinary SD with 65% protein content is USD $1,350 per tonne, USD $1,460 per tonne for excellent fishmeal with 68% protein content, all of which are shipments in D/J. Fishmeal in foreign trading registers srtong amid limited stock pressure, overall, fishmeal market will remain stable with strong momentum for growth.

    Daily review on soybean: affected by a strict investigation for GM-soybeans flows, ports of Shangdong are laid an embargo on all ships by state commodity inspection department, consequently, prices of imported soybeans are stopped to report in Qingdao and Rizhao ports.  On one hand, US soybeans remain strong in market on account of high possibility of La Nina and dry weather in Argentine, on another, import of some soybeans for trade may be limited in consideration of even more strict censorship of GMO certificates. However, estimated more than 26 Mln tonnes of soybeans will arrive at ports from November to January though domestic new soybeans now keep supplying in market, given that, imported and distributed soybeans will be pressured down later if soybean unloading goes smooth. Besides, uncertainties in market are quite a lot, therefore attention should be paid on later soybean arrivals and domestic soybean supplying in market.

    Daily review on oils: supply of oilseeds in the worldwide is abundant amid good weather in Brazil producing belt to boost soybean sowing and initial crop growth. US beans and meal ended lower last night, by contrast, US soybean oil ended higher for active arbitrary of buying soybean oil and selling meal and strong performance of palm oil in Malaysian trading. Correspondingly, oils in DCE today rebound mildly where prices of domestic soybean oil and palm oil spots in some areas are a tad higher. Lower prices will attract some deals, but on the whole, turnover is not much. In addition, estimated more than 26 Mln tonnes of soybeans may arrive at ports from November to January on the back of good crush margins and exceedingly high operation. As a result, stocks of soybean oil reach a historical high of 1.63 Mln tonnes the time palm oil is rebuilding its inventories and reaching 0.5 Mln tonnes in stocks. Yet, oils are restrained to rebound to some degree in consideration of persisting oil glut in market, instead, oils overall may be weak with futures and be hard to trend up till stockpiling in holidays. Indeed, oils in a short time are not likely to fall a lot as US soybeans remain strong in market due to La Nina and dry weather in Argentine. Buyers can replenish inventories upon bargain hunting, but take heed if chasing high prices.

    Today's soybean oil: main prices for GB grade one soybean oil in coastal areas stand at 5,900-6,030 yuan/tonne, rising 10-20 yuan/tonne in most areas (Tianjin traders offer 5,990-6,000 yuan/tonne, Rizhao traders 6,010 yuan/tonne, Zhangjiagang traders 5,980 yuan/tonne, Guangzhou traders 5,900 yuan/tonne, Fujian traders 6,000-6,030 yuan/tonne).

    Today's palm oil: 24-degree palm oil prices in coastal areas are mostly between 5,450-5,600 yuan/tonne, some rising 20 yuan/tonne(Tianjin traders offer 5,590-5,600 yuan/tonne with a rise of 20 yuan/tonne, Rizhao traders are out of stocks; Zhangjiagang traders offer 5,550 yuan/tonne, keep flat over yesterday; Guangzhou 5,450 yuan/tonne with an increase of 20 yuan/tonne, Xiamen 5,480 yuan/tonne).

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil are basically stable, among which prices in coastal areas are 6,580-6,780 yuan/tonne, rising 20-50 yuan/tonne against yesterday(basis for Maple in Fangchenggang, Guangxi reaches 1,801-120; Yinxiang in Xiamen, Fujian stops to report; Shenheng in Guangdong offers 1805-300 for basis in December). Stocks of rapeseed oil in South China and East China last week were both downsized, bolstering rapeseed oil in market. By contrast, stocks of soybean oil hit a historical high to 1.62 Mln tonnes amid overall oil glut and overwhelming soybean oils for rapeseed oil, shorter term, rapeseed oil in market will fluctuate with futures frequently and have poor impetus to rebound. Yet, strengthened import inspections on GM-soybeans and winter’s haze-treatment plans under the way may affect operation in oil mills, thus limiting oils to fall.

    Daily review on corn: today, prices for most domestic corn remain stable among which some are a tad lower. Main prices for corn acquisition in Shandong deep-processing enterprises stay at 1,690-1,780 yuan/tonne, some falling 6-10 yuan/tonne. Corn prices at Jinzhou port, Liaoning are steadily, where most corn stands at 1,620-1,625 yuan/tonne, and corn with 30% moisture settles at 1,310 yuan/tonne, both keeping flat over yesterday. Additionally, corn prices at Bayuquan port are stable, among which drying new corn of Liaoning and Jilin with 14.5%-15% moisture prices at 1,610 yuan/tonne, and 1,590-1,600 yuan/tonne for Heilongjiang corn, both keeping flat compared with yesterday. New corn prices at Shekou port, Guangdong are lowered to 1,830 yuan/tonne, falling 10 yuan/tonne over yesterday. Today, corn in Shandong fail to price up, where some even pare gains, meantime corn prices upon transaction at southern coastal ports drop slightly. Albeit overall supply in producing belt is sufficient, downstream enterprises have not yet bulit inventories but to keep cautious about spots procurement, then corn prices on one hand will be weighed down in the context of bearish fundamentals. On the hand, corn prices are somewhat bolstered given strong sentiments of farmers in main producing areas to hold on goods and successive corn purchases in some subordinate storages in northeast. Overall, domestic corn is estimated to fluctuate in a tight range in a short term, and attention should be paid on corn supplying in producing belt, downstream demands for corn and relative policies and weather patterns.

    Daily review on sorghum and barley: today, prices for imported sorghum remain stable which settle at 1,790-2,250 yuan/tonne at main ports(Tianjin offers 1,980-2,250 yuan/tonne; Shanghai 1,890 yuan/tonne; Guangdong 1,790-1,800 yuan/tonne. Meantime prices for most imported barley keep stable which stay at 1,660-1,840 yuan/tonne at main ports(Tianjin has not reported yet; Qingdao 1,860 yuan/tonne; Zhangjiagang 1,780 yuan/tonne, but 1,750 yuan/tonne upon transaction; Nantong 1,700-1,800 yuan/tonne; Shekou port in Guangdong 1,660-1,780 yuan/tonnes). Sorghum market are buoyed by tight supply at Tianjin and Nantong ports and bullish fundamentals. Additionally, costs for barley and sorghum keep at a high level due to strong sentiment of importers to hold out for high prices in case of unavailable supplies on lower costs. However, poor demand for feed will also affect grain requirements, limiting the rally of spots amid mixed long and short positions. Shorter term, sorghum and barley will remain strong in market instead of experiencing great ups and downs.