Many corn ethanol producers in northeast China are still in negative margin even with gov subsidy of 150~200 rmb/t. The demand for gov auctioned corn stays weak
China importers priced down some DDGS from US due to Vomitoxin level reached 2~3%, higher than 1% of the last year.
China palm oil stock at major harbors bounced back to 0.46mmt . Analysts expected China Q2 palm oil import to increase 50% on Q1.
China traders switched back to long meals short veg oils strategy for both Malaysia and Indonesia failed to show effect of El Nino on palm oil production in May.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.