Today ( Oct. 25th), the market for meals in China is shown as follows:

 

　　Soybean meal: Meals on Dalian Commodity Exchange (DCE) swing to rebound today. And domestic soybean meal spots see gains steadily and have some deals at lows. The prices in coastal areas range from 3,500-3,600 yuan/tonne, a steady rise of 10-20 yuan/tonne from yesterday (Tianjin 3,520, Shandong 3,500-3,560, Jiangsu 3,540-3,560, Dongguan 3,600, Guangxi 3,600). Oil mills are positive about later market and quite willing to support the price as the imported volume of soybean will be relatively small in the next three months. But hog farmers have become less active in replenishing as African swine fever has spread from north to south nationwide. Besides, rapeseed meal import will be officially allowed by Beijing next week (duty paid 1,880 yuan/tonne), and the end demand of soybean meal is dragged down by its large price spread with mixed meals. Under such circumstances, soybean meal has small potential to increase recently and may follow futures to fluctuate narrowly in the near term. Later movements of soybean meal will be guided by the trade war, during which the market may go up in fluctuation. The current gain is small in the session, and if it does not expand in afternoon trading, buyers can just wait on the sidelines. 

 

　　Imported rapeseed meal: Prices for imported rapeseed meal fluctuate in a stable state today, among which prices in coastal areas range from 2,620-2,680 yuan/tonne, fluctuating by 10-30 yuan/tonne (Fangchenggang Great Ocean 2,630 yuan/tonne, up 10 yuan/tonne; Dongguan Fuzhiyuan 2,680 yuan/tonne, stable; Zhangzhou Chintex 2,670, stable). Soybean supply will get tight for December to February amid trade war. And rapeseed meal is now in tight supply, especially as Chinese government may officially declare it be mandatory to adjust feed formula from early next year, which will increased rapeseed meal ratio. Given this, oil mills are positive about later market and quite willing to support prices. However, African swine fever has spread from North China to the South, and China has allowed rapeseed meal imports from India. Meanwhile, there are pieces of news including a meeting to settle trade conflicts between China and the US presidents late next month. All the aforementioned information together puts rapeseed meal market into a bearish stance, so the market will mostly fluctuate narrowly in the short term, but will remain upward trend despite the fluctuations before the trade war end. By the way, buyers are suggested not to force price higher, but to replenish properly on the dips upon callbacks.

　　 

 

　　Imported fishmeal: Today, imported fishmeal is quoted steadily and can be traded with price negotiations, with normal shipment at port. Northern ports: price is 10,600-10,700 yuan/tonne for Peruvian ordinary SD with 65% protein content, 11,500-11,700 yuan/tonne for Japanese SD with 67% protein content, and 11,600-11,800 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: price is 10,700 yuan/tonne for Peruvian ordinary SD with 65% protein content, 11,600 yuan/tonne for Japanese SD with 67% protein content, and 11,800 yuan/tonne for super steam fishmeal with 68% protein content. Stocks at port: Huangpu 56,000 tonnes, Fuzhou 39,000 tonnes, Shanghai 55,000 tonnes, Tianjin 1,000 tonnes, Dalian 10,000 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 1,330 USD/tonne, and 1,600 USD/tonne for super SD fishmeal with 68% protein content. Chilean ordinary fishmeal with 65% protein content is quoted at 1,510 USD/tonne, and prime with 68% protein content is 1,620 USD/tonne. Fishmeal stock is increasing amid its pale demand, and market participants are waiting for the publication of quotas in the new fishing season by Peruvian government, so the overall market is predicted to present a stable status in the near term.  

 

　　Cottonseed meal: Cottonseed meal: The overall meal market is put into a bearish stance by the African swine fever, which has spread from North China to South, and new trading results for cottonseed meal is also weak, so some cottonseed meal prices step down by 20 yuan/tonne. But soybean meal spots steadily increase by 10-20 yuan/tonne today, and the high-priced soybean meal has increased the substitute demand for cottonseed meal. For its relatively tight supply, cottonseed meal may keep edging up amid the trade war. But it may swing to adjust with the increasing volume of new cottonseed meal, so buyers can just take the hand-to-mouth basis.