Daily review on Daily review on: Chicago soybeans last Friday and Dalian meal go down, with which domestic soybean meal spots drop. Yet, turnover of spots is still not much though forward lower basis may attract some deals. Soybean meal prices in coastal areas range from 3,180 to 3,250 yuan/tonne, a drop of 20-40 yuan/tonne against last Friday (Tianjin prices 3,260 yuan/tonne, Shandong crushers 3,210-3,220 yuan/tonne and traders 3,140-3,170 yuan/tonne, Jiangsu 3,200-3,250 yuan/tonne, Dongguan 3,200-3,280 yuan/tonne, Guangxi 3,240-3,260 yuan/tonne). US soybeans are weighed down when long positions are closed for profit taking. Meantime, soybean meal spot prices are also seen pressured down for the reason that as high as 28.5 Mln tonnes of soybeans are expected to arrive at ports in May-to-July period, and driven by profitable crush margins, weekly crush has risen to 1.68 Mln tonnes and possibly to an exceedingly high level of 1.8 Mln tonnes in the following two weeks, and for another that losses in pig raising and slack demand in off-season aquatic raising contribute to fragile consumption of meals in end users. However, large-scale production cuts in Argentina's soybeans, weather speculation on US soybean sowing and possible conflicts between US-China trade will somehow limit downside of soybean meal and even give support to meal if trade spat escalates. To illustrate, news goes that Trump will impose another 100 billion US dollars tariffs on Chinese goods this week for he believes the tough strategy is taking effect. Attention should still be paid to the trade spat and buyers had better make replenishment upon bargain buying when prices go steady and buy in batches when forward basis is not more than 50 yuan. 

    Daily review on imported rapeseed meal: today, prices for imported rapeseed meal go down, among which prices in coastal areas stand at 2,600-2,680 yuan/tonne, falling 20-30 yuan/tonne over yesterday (Guangxi offers 2,600 yuan/tonne, with a decline of 30 yuan/tonne; Guangdong Fuzhiyuan 2,690 yuan/tonne, down 30 yuan/tonne; Fujian 2,680 yuan/tonne, falling 20 yuan/tonne). An improvement of rapeseed processing capacity helped by good crush margins, sufficiently large soybean and rapeseed at ports contribute to a pile-up of rapeseed meal stockpiles, notwithstanding, fragile demand in end users stumbles its consumption and weighs on its performance. Nevertheless, rapeseed meal is likely to price up provided if the trade spat heats up.  

    Daily review on fishmeal: today, prices for imported fishmeal edge lower, yet prices are negotiable upon transaction and shipments at ports are general. Northern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 11,700-12,000 yuan/tonne; 12,600-13,000 yuan/tonne for Japanese SD with 67% protein content; 13,000-13,200 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: fishmeal price for ordinary SD with 65% protein content in Peru is 11,600 yuan/tonne; 12,500 yuan/tonne for Japanese SD with 67% protein content; 12,800 yuan/tonne for super steam fishmeal with 68% protein content. Port stocks: Hangpu has 36,000 tonnes, Fuzhou 33,000 tonnes, Shanghai 26,000 tonnes, Tianjin 1,000 tonnes, Dalian 3,000 tonnes, Fangchenggang 1,000 tonnes, and other ports 4,000 tonnes. Fishing: till April 11th, about 189,505 tonnes of fish have been caught in northern and central Peru in A season of year 2018, accounting for 5.71% of the total volume; fishing quota for this season is 3,316,700 tonnes, among which 3,127,195 tonnes remain unfinished. Spot offers in foreign trading (FOB) drop steadily: the fishmeal offer in Peru ordinary SD with 65% protein content stays at USD $1,470 a tonne, and USD $1,630 per tonne for super steam fishmeal with 68% protein content, both down 30 yuan/tonne as compared to last week; the offer in Chile ordinary SD with 65% protein content is USD $1,700 per tonne, USD $1,800 per tonne for excellent fishmeal with 68% protein content. Fishmeal in the outer edges down amid good Peru's new season fishing outlook, and worsen by slack demand at home, fishmeal is probable to be pressured down further for the time being. 

    Daily review on soybeans: generally, soybean trade at Shandong ports is still stumbled when strict port inspections are under way, Prices for imported soybeans at Tianjin port are mixed, ranging from 3,450 to 4,330 yuan/tonne. Prices for US soybeans remain high due to higher import costs of soybeans for the moment, and particularly, market speculation now switches to weather in the US soybean growing areas for US soybeans are now in the sowing period, therefore, imported soybean is hard to price down. Otherwise, price upside of imported soybeans will not go out of control in the case that non-GM soybeans sales are dominant at Tianjin ports for US soybean available for market distribution is less and less. On the whole, imported soybeans for the time being may go stable with upward tendency.  

    Daily review on oils: beans on CBOT last Friday night all went down as market players took profits after futures hit the one-month high. Oils on Dalian Commodity Exchange move sideways today, accordingly, domestic soybean oil spots also trade sideways in part and palm oil spots edge down, turnover for the time being is not much. The pile-up of soybean oil actually weighs on oils spots for as high as 28.5 Mln tonnes of soybeans are expected to arrive at ports in May-to-July period, and driven by profitable crush margins, weekly crush has risen to 1.68 Mln tonnes and possibly to an exceedingly high level of 1.8 Mln tonnes in the following two weeks. Yet, soybean losses in Argentina, possible weather speculation on US soybean planting and basically deflating bubble in oil prices last week somehow fuel oils in market. Oils performance later in market mainly rely on the US-China trade. On the note, whether another heavy and burdensome 25 percent tariffs on Chinese goods about 100 billion US dollars this week, according to market news, will be officially confirmed by Trump administration or not matter a lot. In other words, oil futures are expected to trend up if trade spat escalates. Buyers can take chance to make replenishment upon bargain hunting and keep cautious when chasing high.  

    Today's soybean oil: main prices for GB grade-one soybean oil in coastal areas stay at 5,680-5,800 yuan/tonne, part of which fluctuating by 10-40 yuan/tonne (Tianjin traders offer 5,790-5,800 yuan/tonne, Rizhao traders 5,780 yuan/tonne, Zhangjiagang traders 5,780 yuan/tonne, Guangzhou traders 5,680 yuan/tonne).  

    Today's palm oil: 24-degree palm oil prices in coastal areas range from 5,020 to 5,140 yuan/tonne, most falling 20 yuan/tonne (Tianjin traders offer 5,130-5,140 yuan/tonne, down 20 yuan/tonne; Rizhao traders stop to report; Zhangjiagang traders 5,100 yuan/tonne; Guangzhou traders 5,020 yuan/tonne; Xiamen traders 5,100 yuan/tonne, down 20 yuan/tonne). 

    Daily review on imported rapeseed oil: today, prices for imported rapeseed oil drop, among which prices in coastal areas are 6,290-6,420 yuan/tonne, some down10-30 yuan/tonne (Great Ocean in Fangchenggang, Guangxi offers 6,350 yuan/tonne, down 10 yuan/tonne; Fujian offers basis 1809-160; Fuzhiyuan in Dongguan, Guangdong offers 6,380 yuan/tonne, down 20 yuan/tonne). Fundamentals come back to market when trade tension is eased, and on the whole, rapeseed oil is to trade sideways given that rapeseed oil in East China rose to 224,000 tonnes last week by 4% on the week and soybean oil stockpiles are also seen accumulating now based on improved processing capacity, good crush margins and large soybean and rapeseed arrivals. But forthcoming weather speculation on US soybean planting and prevailing rumors about an additional $100 billion tariffs on Chinese goods by the US administration will put a cap on oil declines. 

    Daily review on corn: today, prices for domestic corn prices remain stable with slight fluctuations. Most purchasing prices for corn in Shandong deep processors stay at 1,800-1,920 yuan/tonne, up 10-32 yuan/tonne from last Friday, by contrast, purchasing prices in the northeast stand at 1,600-1,730 yuan/tonne, some up 40 yuan/tonne from last Friday. Corn purchasing prices at Jinzhou port, Liaoning are revised to 1,760-1,775 yuan/tonne (volume weight 690-700 g/L), down 20 yuan/tonne from last Friday. Drying new corn of Liaoning and Jilin (moisture ≤ 15%, volume weight 690-700 g/L) at Bayuquan port prices at 1,770 yuan/tonney. Corn prices at Shekou port, Guangdong are lowered to 1,920 yuan/tonne, a drop of 10 yuan/tonne over last Friday. Corn supply will be sufficiently large if another expected 7 Mln tonnes are put into market on April 19th-20th, yet on the other hand, businesses in the downstream are cautious about corn purchases, such being the case, corn prices for the time being trade sideways with downward tendency. But luckily, sales of reserved corn last week were quite good despite price premium, which therefore gave support to corn prices. Furthermore, rigid demand for high-quality corn also supports its prices amid their concerns about corn quality. Wisely, focus on corn auction and possible price premium should go forward.  

    Daily review on sorghum and barley: today, prices for imported sorghum go steady which settle at 1,930-2,050 yuan/tonne at main ports (Tianjin offers 2,050 yuan/tonne for the US sorghum, 2,350 yuan/tonne for Australian sorghum; Nantong 2,000-2,020 yuan/tonne; Guangdong 1,930 yuan/tonne). At the same time, prices for imported barley drop steadily, about 1,820-1,930 yuan/tonne at main ports (Qingdao stops to report; Nantong 1,910-1,930 yuan/tonne, down 10 yuan/tonne; Guangdong 1,820 yuan/tonne). Corn auction is now started with approximately 7 Mln tonnes in the first stage and another 7 Mln tonnes to be auctioned in next week, which weighs down corn prices and dampens market sentiment amid slack demand in pigs and poultry industry. Barley at some ports prices down further, in contrast, sorghum prices are supported by high costs and falling imports. Wisely, market participants can focus on market news for guidance.