Today ( Sept. 27th), the market for meals in China is shown as follows:

Soybean meal: Last night US soybean went on to rebound and ended with gains, for Argentina have turned to import US soybean while exporting its own soybean to China at a larger scale. Today meals on DCE see slight callbacks after a continuous huge growth. And cash prices of soybean meal are mostly stable, some seeing falls, yet the trading volume continues to turn pale. The prices in coastal areas range from 3,380 to 3,420 yuan/tonne, some down 20-50 yuan/tonne from yesterday (Tianjin 3,410, Shandong 3,390-3,400, Jiangsu 3,380-3,420, Dongguan 3,400-3,420, Guangxi 3,400-3,420). Soybean meal price currently stops increasing and has callbacks due to the following factors. The contagious ASF is slashing the hog replenishment, and peak season of aquaculture fades as weather gets cool. In addition, the usage amount of mixed meal is increasing with the widened spread between mixed meal and soybean meal, especially after soybean meal price climbing to a high level. And the festival stockpiling also draws to a close with the upcoming of the National Day. Despite all this, the trade spat may make a dent in forward soybean supply, especially from December to February next year, and oil mills are positive to later market, so soybean meal will have limited space for callbacks. Overall, soybean meal will extend its upward trend in fluctuation as trade war continues, and buyers can wait for callbacks and make replenishment on the dips.

Imported rapeseed meal: Prices for imported rapeseed meal fluctuate in a steady state, among which prices in coastal areas range from 2,520 to 2,620 yuan/tonne, some up 10-20 yuan/tonne (Qinzhou COFCO 2,560, stable; Dongguan Fuzhiyuan 2,570, down 20; Zhangzhou Chinatex, Fujian 1901+150 upon basis). Oil mills are propping up prices for a bullish market as participants show concerns over the soybean supply from December 2018 to February 2019 under trade war, and spread between soybean meal and rapeseed meal has been further enlarged by the high price of the former. Therefore, rapeseed meal price will have small potential to fal as trade war persists on, and will maintain its overall upward trend. But due to the rampant ASF and possibility for trade talks, there may frequent fluctuations in the upward trend. And buyers shall not chase price up excessively and shall replenish on the dips after callbacks. 

Cottonseed meal: After large gains, soybean meal spots mostly keep stable today, some falling by 10-20. And cottonseed meal price also stops rising and stays stable as its demand is crippled by the rampant ASF and the end of aquaculture peak season. But the ongoing trade war has multiplied soybean import cost and made dents in soybean supply, so soybean meal price may find it easier to go up. In consequence, cottonseed meal may double its its usage amount as a substitution. As a whole, cottonseed meal price is more likely to go strong recently, and buyers can replenish for a safety stock on the dips.

Imported fishmeal: Today, imported fishmeal is quoted steadily and can be traded with price negotiations, performing well in port shipment generally. Northern port: Peruvian ordinary SD fishmeal with 65% protein content is 10,600-10,700 yuan/tonne; Peruvian Japanese SD fishmeal with 67% protein content is 11,800-11,900 yuan/tonne; Peruvian super SD fishmeal with 68% protein content is 12,000-12,100 yuan/tonne. Southern port: Peruvian ordinary SD fishmeal with 65% protein content is 10,700 yuan/tonne; Peruvian Japanese SD fishmeal with 67% protein content is 11,800 yuan/tonne; Peruvian super SD fishmeal with 68% protein content is 12,000 yuan/tonne. Stocks at port: Huangpu 51,000 tonnes, Fuzhou 37,000 tonnes, Shanghai 50,000 tonnes, Tianjin 1,000 tonnes, Dalian 6,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports. Spot quotations (FOB) in foreign market keep stable: Peruvian ordinary SD fishmeal with 65% protein content is quoted at 1,360 USD/tonne, and 1,630 USD/tonne for super SD fishmeal with 68% protein content. Chilean ordinary fishmeal with 65% protein content is quoted at 1,510 USD/tonne, prime with 68% protein content is 1,620 USD/tonne. With the end of festival stockpiling, traders holding stocks begin to soften the prices, so the fishmeal market will most keep stable in the short run. 

(USD $1=CNY 6.88)