Is G20 peak met does shortly oil dregs of rice how should op

  • Dec, 04th 2018

Dregs of rice analysis of kind of point of supply and demand

The graph is the beans dregses of rice on index from last year second half of the year evolves to the price this year, and the correspondence that nods with time of incident of Sino-US trade war concerns.

Began August from last year, the United States launchs 301 investigation to China, the beans dregses of rice to be in at that time nearly two years relatively low. Later, because South-American weather acclaims an influence to appear,the beans dregses of rice one rises, after weather acclaims an end, occurrence fall after a rise.

Arrived March 2018, because Telangpu starts trade war, exciting beans dregses of rice appeared to be pulled apparently litre. Later, because the mood alleviates, appear brief callback, but continue to follow after the callback trade war evolves go up.

Arrived after tomb-sweeping day, basis at that time dish face value and profit impact are pushed act, although imposing the condition that imposes 25% custom duty, still the entrance compresses profit. Accordingly, appeared the industry is covered protect dish, bring about the price appears a few days continuously fall after a rise. Right now, because Sino-US trade war does not have substantial progress, the mood is digested gradually. So, this round of fall after a rise comes continuously all the time in June the middle ten days of a month.

On June 15, the White House announces to draft pair of Hua Jiazheng 25% custom duty, stimulate afresh ignited Sino-US trade war. In the meantime, china also took corresponding step. Two countries commerce contends for proper form open. After this, the price follows all the time Telangpu make known his position often and relapse on Sino-US trade problem fluctuant, but whole evolves up.

Arrived September, because of Sino-US trade sentiment too relapse, the market trades capital begins exhaustion.

On September 18, the United States announces to rose on September 24, impose 10% custom duty to making an appointment with entrance of 200 billion dollar to be added from Chinese product, rise to 25% since January 1, 2019. Allege, if China is aimed at American farmer or other industry to take revengeful step, add the Chinese product to about 267 billion dollar impose custom duty, farther become acute is contradictory, cause a beans to dregs of rice again the price appears one round to rise.

After the National Day, media says leader of Sino-US two countries will be in end G20 peak met on the meeting in November, have a negotiation likelihood, alleviated market sentiment. So, the price is in pull 3500 around when, rise backwater.

The graph is a half-moon beans dregses of rice on power plan. After dot of this wave height appears, sino-US media releases two countries leader to meet ceaselessly the message of peace talks, bring about nominal to hold dominant position afresh, before price occurrence fall after a rise drops to hype the position. Especially, two countries leader communicates after the message appears, successive a few days considerably fall after a rise. A when began to appear on November 5 small rebound, because official of a the White House says commerce negotiation does not have substantial progress,be, bring about bull capital to enter the arena afresh.

Later because of American metaphase election result of one party unicameral, the Sino-US trade policy that gives Telangpu brought uncertainty, prices appeared again callback. On November 16, because the United States states G20 can reach commerce frame only, can not have materiality result, gave bull chance entering the arena afresh, bring about appeared to be pulled considerably that day go up.

This dregses of rice to whole this year beans from last year namely prices follows of Sino-US trade problem evolve into a process.

Why can Sino-US trade war dregs of rice to domestic beans the influence with so large generation?

This basically is the raw material that dregses of rice with domestic production beans supply pattern to matter. Current, domestic beans dregses of rice 90% above come to raw material to import soybean oneself. And entrance soja basically originates 3 countries: The United States, Brazil, Argentine. Seasonal in light of, in October - in March, global soja basically is supplied by the United States; In April - in September, basically be by South America namely Brazil and Argentina are supplied.

From entrance of nearly 3 years soja data can see, in October - in March, the soja amount that imports from the United States is in 27 million tons on average. That is to say, if do not import soybean completely from the United States, that soja is supplied with respect to meeting breach 27 million tons. This breach whether will make up for from other country or homeland?

Can the biggest those who make up for soja breach is Brazil -- can supply 3.68 million tons about. The soja this year sells Brazil goods first-rate. From the point of data of in former years, brazilian soja exit was occupied to Chinese quantity 2018 than achieving 80% . Official data showed Brazil in August, period end inventory still has 9.217 million tons, exported 4.611 million tons in September, so goods of roughly odd end is controlled 4.6 million tons. Assume 80% exit reach China, namely about 3.68 million tons or so can export China.

Chinese 10-1 month is extra buy 11.6 million tons more. The sailing date that has purchased at present has 730+580+570+480=2360 10 thousand tons, deduct traditional South America seasonal come in 12 million tons or so, that is odd probably much average comes the amount that 2360-1200=1160 controls 10 thousand tons, can go making up for breach.

Other country the rest is supplied. Russia about 500 thousand tons, wu Kelan makes an appointment with 4000 tons, uruguay and Argentina are arid this year can make work not much, most 800 thousand tons, canada 1.4 million tons, aggregate 2.704 million tons.

Country store respect. Undertake casting suppose store, cast by in former years store speed 400 thousand tons / the month will calculate, 10-3 month can clinch a deal probably 2.4 million tons or so. At present the message says to be able to undertake casting store, but existence uncertainty.

Entrepot trade. Be prohibited by adjuration, soja comes in almost impossibly. To in former years a few big entrance companies, custom can seek company controller inquiry, import American soybean, the South America of the entrance has soja of impure United States in soja. In current politics sensitive period, willing without the enterprise adventure goes importing American soybean. So, turn entrance this is almost impossible.

The place on put together is narrated, the soybean supply that can make up for has 370+1160+270.4+240=2040 10 thousand tons, and breach has 27 million tons, still have 6.6 million tons of gap.

These 6.6 million tons of breach whether with other dregs of rice will make up for?

Chinese 2017/18 year the beans dregses of rice crop has 76 million tons or so probably, brazilian 2017/18 year the beans dregses of rice crop is in 33.5 million tons probably, exit probably 14 million tons. Occupied to March in October suppose than 30% , brazil can offer about 450 thousand tons or so.

Argentine 2017/18 year the beans dregses of rice crop 30.4 million tons, exit probably 26.8 million tons. Hypothesis 10-3 month is occupied than 30% , argentina can offer about 8 million tons.

Current, china already unlocked the beans of country of southeast Asia area to dregs of rice to be imported directly, but did not unlock to importing South-American beans to dregs of rice directly.

Then we are guessed can be you unlocked to South America?

Hypothesis China unlocks a beans to dregs of rice entrance, the soja that is equivalent to South America can pounding Chinese half above compresses enterprise, can make whole treatment industry more abominable, such loss may be bigger. Predict to be able to unlock a beans to dregs of rice directly not quite so entrance. Assume be unlocked during 10-3 month, so crowded give a half to give China is controlled 4.2 million tons almost, amount to 5.25 million right-and-left soja. This kind of possibility that unlocks beans of entrance South America to dregs of rice is very little nevertheless.

Will look again, before paragraph the feed with time hotter hype assist the albumen that asks to reduce pig birds feed is proportional thing.

Above this piece of watch, maize part is old standard, corresponding is new standard above yellow. From the point of numerical value, reduce scope and not quite. Just before low be restricted to be worth changed present limits to be worth. For instance young pig formula feed, the crude protein in old standard " 18, new standard is to be between 17-20, namely new standard demarcate upper limit value. But from accretion demand looks, did not exceed 20 a lot of.

So, new standard to feed business, won't cause a beans to dregs of rice to decrease substantially.

What reduce a standard this to basically be aimed at is pig feed, egg birds feed and fleshy birds feed. The row in the watch showed the different amount that reduces scale place correspondence. Reduce a level according to the scale of 2% suppose, aggregate meeting reduces the albumen in feed to measure two million five hundred and twenty-two thousand one hundred tons, amount to beans dregses of rice use quantity is controlled for 5 million tons, amount to soja makes an appointment with 6.25 million tons.

Executive feasibility of this kind of big company is tall, small company and medicinal powder door carried out have need checking card. Only at present 29 enterprises signed new standard agreement, have a lot of companies and did not sign. The autograph makes an appointment with business market to have rate 60% , amount to comes down is 3.75 million tons of soja. Business of a few when survey passes recently large feed, only new hope wishs to implement new standard of purpose, other company is in wait-and-see condition. If do not have an enterprise to be the first,go be being carried out actually, other company also should be carried out. So, albumen standard this thing is short-term won't dregs of rice to the beans the influence with very large generation.

On put together, in October - in March, beautiful beans breach 27 million tons, other can supply soja to measure 20.4 million tons, albumen standard attune falls, the likelihood reduces soja demand 3.75 million tons, unlock a beans to dregs of rice entrance, amount to drops soya bean 5.25 million tons.

Unlock a beans to dregs of rice suppose entrance, beautiful beans breach can be made up for, but this existence uncertainty, want to see Chinese government attitude.

If do not unlock a beans to dregs of rice,import, do not have method to make up for beautiful beans breach, will have many tons of 285 gap. Additional, the soja end September and beans dregs of rice the period end stock with have certain, so in October - this paragraph of actual breach during will be controlled in 3 million tons in March, won't appear the phenomenon of bluff type be in short supply, however supply and demand slants tight situation.

The beans dregses of rice cost changes

Before increasing tax, import tariff is 3% , add after imposing custom duty, be 28% , the cost change below circumstance of two kinds of custom duty sees next tables:

Current price is CBOT soja 900 the left and right sides, that us with 900 for in light of the exemple, increasing cost of beautiful beans of the entrance when imposing custom duty for 2775, brazilian soja cost 3180. Outclass of Brazilian soja cost is beautiful because,the beans is after Sino-US trade war, brazilian soja sits the price since the ground, merchandise on hand rises agio quoted price is very high.

The beans that adding the correspondence when imposing 25% custom duty to beautiful beans dregses of rice cost is 3720, this is equivalent to saying, become the price plays dish of side rise 3700 above, although impose the condition that imposes custom duty, still be profitable. So, can go through cost estimation price interval.

Below the circumstance that gives priority to with South-American soja entrance currently, CBOT price from 800 change 1000 when, importing cost is from 2830 to 3550. Can push the interval of a price that cipher out beans dregses of rice roughly so.

Will look again, other dregs of rice replace a situation:

As a result of the relation of Sino-US trade war, domestic beans dregses of rice spot price on the high side, caused other dregs of rice replace effect.

From at present the price looks, sexual price is more ordinal than order dregs of rice for sunflower; Dish dregses of rice; DDGS.

DDGS has homebred the cent with the entrance, but because homebred DDGS quality is poorer, feed business is given priority to basically with importing DDGS, and DDGS basically is imported from the United States, in view of Sino-US trade problem, also got affect into DDGS. So, replace at present the most apparent is sunflower dregses of rice with dish.

Sunflower dregses of rice respect, early days has a large number of purchasing, but be when October and do not have harbor, from November the middle ten days of a month begins, just arrive slowly. Major company buys month of next year 1-2, farthermost to March.

Dish dregses of rice respect, dish dregses of rice the demand influence flexibility that adds proportional change to dregs of rice to dish is very big, and the supply that dish dregses of rice is fixed commonly. Dish dregses of rice add proportional change to basically depend on valence needs a relationship. Below normal circumstance, the demand that dish dregses of rice has many tons 800, add the circumstance with inferior scale to fall, demand is controlled in 3 million tons. The course that home can offer dregses of rice the quantity may be in 4.3 million tons or so.

Add so proportional fluctuant dregs of rice to dish the fluctuant influence of pattern of supply and demand is very big, so dish in light of the face, what dish dregses of rice is fluctuant dregs of rice than the beans more a few more intense.

Dish dregses of rice inventory circumstance.

Dish dregses of rice inventory has a very big change this year, was October when, coastal dish dregses of rice inventory appeared 0 inventory, at that time dish what face value behaved January especially is very fierce. Arrived after November, as miscellaneous dregs of rice to arrive in succession harbor, the demand that dish dregses of rice is reduced somewhat, stocks just picks up slowly accumulate. To hind city dish dregses of rice inventory, still predict to pick up, but premise is Sino-US trade war manages the current situation.

Dregs of rice kind of summary

Below the setting that lasts in trade war, the beans dregses of rice can slant in 2-3 month close. If difference of fabaceous dish price is in,at present valence is differred the following, dish dregses of rice to kept relatively abundant before in January. On the operation, before G20 conference, do not suggest to undertake operating to dregsing of rice.

The negotiation result of G20 can divide kind of circumstance to analyse:

1, peace talks, the likelihood can buy beautiful beans immediately. Attended a meeting on November 30, peace talks signs consultative word, can import in December, the last ten-day of a month in January can be supplied come up. This kind of circumstance is opposite dish of face it is benefit sky.

2, neuter negotiation, this kind of possibility is the largest, two countries leader continues to maintain ambiguous relationship. It is the most difficult that this kind of circumstance issues dish of face Fair, because the mood between by a definite date may relapse ceaselessly.

3, talk about collapse, rip turn against. So 2-3 month can have merchandise on hand to slant certainly tight situation, south America is inchoate appear on the market possibly, but the price won't be very cheap, futures dish the face trades according to bull.

The dot when G20 to dregsing of rice above trade crucial, do not suggest to undertake operating before this so.

- 02-

Oil supply and demand should order an analysis

Pursueing ordinal on is attempt of the whole world, United States, Brazil, Argentine soja supply and demand. 0 axes upper part, express to be begged for be more than, numerical value is greater, supply more comfortable; 0 axes lower part expresses to be begged for be less than.

From the graph knowable, global oil plants is these a few years for the most part in 0 axes upper part, present the situation of supply exceeds demand, this brought about global grease whole to be in the price low. Oil plants of American 18/19 year is supplied very comfortable, brazilian appreciably occurrence shortage, although Argentina is in 0 axes upper part, but numerical value is not great, supply slightly comfortable.

Colza circumstance is close friends than soja, pattern of supply and demand of colza whole world drops, but still be in comfortable circumstance roughly. Canada is in slant tight situation, china has serious breach, the European Union also is to have gap. Because want to produce biology derv to be used at industrial demand,the European Union has gap is, edible is not very much. And Chinese breach is the breach on edible.

Global oil supply and demand is in very comfortable pattern, supply and demand of global soya-bean oil is in slant comfortable pattern, global rape oil is to slant relatively tight situation, global palm oil is comfortable pattern.

Will integratedly look, the whole world is not short of grease, soya-bean oil and palm oil are to supply superfluous, rape oil is in short supply. So, dish it is different that the price of on the face 3 grease changes. Although be to be in,drop, but what rape oil drops is relatively a few slower, what palm oil drops is relatively a few faster, and soya-bean oil drops relatively a few neuterer.

As these two years cast store, of rape oil cast store pressure swoon, look regression arrived on the entrance. First half of the year because go inventory, brought about grease to appear one Paula goes up. Second half of the year begins tired stock, be being returned along the inlet pressure of edible seaweed oil namely is bigger. What with in former years still a bit differ this year is, four quarters are oil busy season commonly. But look this year from spot market pick up the goods, this year busy season not flourishing. This also delivered a kind of mood to the market, the pressure this year is too big, sell an area to also be in so go the condition of inventory.

The dot when soya-bean oil is current also is in expensive reserve position, may be by December occurrence inventory inflection point, can reduce somewhat in January, but the amount that reduce is not very large. To Feburary, may appear to be reduced apparently, but still be in 1.5 million tons of above. From the point of historical circumstance, inventory is in 1.4 million tons of above, can have constant pressure. So, the inventory pressure of soya-bean oil is greater still, especially four quarters.

Because palm oil relies on an entrance, we basically look advocate the pressure that produces a country.

From the graph knowable, malaxiya's current palm oil inventory also is to stem from the history opposite perch, predicting meeting reached a peak December. Enter next year 1 quarter, can give now to fall slowly.

Current dish of Likongyin that the face trades element basically is problem of pressure of Malaysia tired inventory. If inventory inflection point appeared December, according to historical experience, general meeting shifts to an earlier date 15-20 day trades interest empty factor. So if be pushed from time place, the interest empty factor of expensive stock can trade all the time in December the middle ten days of a month.

Another advocate producing the pressure of palm oil inventory with Indonesian country also is very big. Nearly two months, a lot of farmer of Malaysia are from Indonesian entrance palm oil, reexport goes to China after fine. need not the palmy fruit of own country compresses, because,be direct from Indonesian entrance cost is lower, this also explained Indonesian palm oil pressure is very great. Again the palm oil pressure of overlay Malaysia, caused a month to come of oil of Lv of Pan Zong of inside and outside drop considerably.

Biology derv respect. There is paragraph of time crude price this year very tall, the manufacturing profit of biology derv is very high, because vegetable oil can use a future life to produce matter diesel oil, so the biology derv crop this year relatively in former years is a lot of taller, also the industrial demand that flank reflected vegetable oil increases a lot of. Below this kind of circumstance, pressure of plant oily inventory is very great still, showed global vegetable oil secondhand supply exceedingly big.

Giving birth to bavin demand to had gone is this year all the time a of vegetable oil very big strong point and bull hype heat, but but oil pressure is too much.

From this year crude oil and unripe bavin profit look, later period still can have taller driving force to produce unripe bavin. The integral pattern of grease is tall supply, high demand, but still be to go the condition of inventory.

Specific in light of, the strong weak concern of 3 lard fat is rape oil; Soya-bean oil; Palmy.

- 03-

City invests an opportunity to discuss after


Dregs of rice: Wait for G20 to give a result, current and bad to operate. Oily as much, the impact that dregses of rice nevertheless will be a few bigger. From the judgement on the result of possibility, the probability of neuter negotiation is bigger. If neuter negotiates, to futures dish the face will tell, handlers difficulty is greater, prices wave motion is met from the back more acuteness. If want to bet the word of the opportunity of G20, the proposal shares period power.

Grease: Four quarters can react grease supplies the pressure of end first, undertake going inventory. Wait for the last ten-day of a month in December to see price position, whether can the quota of ell Ni Nuo that monitors at the same time continue crop of second half of the year of evolution effect next year. At present index of ell Ni Nuo already dash forward show, if from the back if lasting, the palm oil yield that can produce a division to the palm oil after half an year, per unit area yield causes an effect. Hypothesis ell Ni Nuo happens, the meeting is right palm oil is next year advantageous September much influence.

So, a month should detect from the back weather index. Additional, after grease drops through a few rounds, the price had arrived low, also can consider to whether want to copy a copy. Inverting exciting element basically depends on inventory occurrence inflection point or weather hype, current tall inventory is to do not have method to go to those who invert stimulating, can be weather respect only. Face key may be put on index of Ni Nuo of the ell that monitor after place and on the time place that monitors inventory occurrence inflection point at the same time.

When does pressure of inventory of domestic soya-bean oil go the library is changed, also be the place that a need monitors. If be pushed from balance watch, the likelihood appeared in December bottom. In light of integrated palm oil and circumstance of soya-bean oil inventory, this drops to may be in the earliest the middle ten days of a month ended in December. Rape oil is cast store hind, the greatest pressure already was released, regain support imports supply and demand.

Sky of two annual interest was changed once upon a time release, supply and demand is moved toward stage by stage slant close, the rape oil in main area is best.

Cover interest

Dish - palm: In enlarge logistic meeting for a long time more apparent than bean, had expanded, bad to chase after, early days has sheet to be able to continue to take look.

Beans - palm: Expand. Do not suggest to be chased after, the callback is entered. Index of long-dated attention weather, look palmy advocate when can be pressure yield a country released.

Y1-5: In January before complete a business transaction, predict or can react fabaceous oil depot puts great pressure. The enterprise also can have the power of delivery in January.

P1-5: Cover train of thought instead, also must look from the back the entrance does not follow to go up, put nonexistent the circumstance that occurrence problem imports to harbor before January.

OI1-5: Cover train of thought instead, - 200 around

M1-5: ? The result of 20 negotiations of Chu . Talk to die or do not buy beautiful beans, covering train of thought; Cover instead otherwise.

M5-9: The opportunity searchs to do from the back cover instead. Not quite good evaluate in May, also be to be affected by G20.

RM1-5: Cover train of thought instead. But be affected by trade war, not smooth.

RM5-9: Can wait for 1-5 to be covered instead hit - 50 the following considerations are being covered.

M1-RM1: Exalted concussion, 750-850.

Oil dregses of rice than

Concussion is met aggravate, four quarters remain the same deflection is bought dregs of rice empty oil.