Today (Nov. 23rd), the market for meals in China is shown as follows:
Soybean meal: US stocks closed for the Thanksgiving Day last night, and today meals extend to lose on the Dalian Commodity Exchange (DCE). Domestic soybean meal spots keep steady to slip and trade light. The price is 3,220-3,270 yuan/tonne in coastal areas, down 10-30 yuan/tonne. (Tianjin 3,240, Shandong 3,220-3,270, Jiangsu 3,250-3,270, Donguan 3,240-3,250, and Guangxi 3,280-3,300). On one hand, soybean will post a smaller-than-anticipated supply gap later as Brazil will be able to harvest its early soybean in mid-to-late next month. On the other hand, soybean meal still burdens with stock pressure amid reducing demand as hog farmers are unwilling to replenish when pork consumption is subject to the outbreaks of the African swine fever (ASF), which has spread to the capital Beijing. In addition, both buyers and sellers remain relatively cautious on account of the upcoming meeting between the US and Chinese presidents next week. Therefore, soybean meal market will probably post no surge or slump before the meeting and may fluctuate frequently on the back of its futures, which may seesaw upon trade news. In view of the uncertainties in trade conflicts, buyers can take hand-to-mouth basis.
Imported rapeseed meal: The price for imported rapeseed meal remains stable to decline today, of which it is 2,320-2,480 yuan/tonne in coastal areas, down 10-20 yuan/tonne partially (Guangxi 2,360, stable; Guangdong 2,390, stable; Fujian 2,480, down 30). Rapeseed meal market sees a light trading volume amid slack demand from aquaculture and the contagious ASF, which has spread to the capital Beijing. Meanwhile, even if the trade conflict sours, soybean will post a far smaller-than-anticipated supply gap later as Brazil will be able to harvest its early soybean in mid-to-late next month. In addition, both buyers and sellers remain relatively cautious on account of the upcoming meeting between the US and Chinese presidents next week. Therefore, rapeseed meal price may post narrow fluctuations frequently on the back of its futures, and its mid-to-long trend will be guided by the meeting outcome next week. If the trade dispute is settled at that time, the trend will edge down; but it will rally steeply if not. In view of the uncertainties in trade conflicts, buyers can take hand-to-mouth basis.
Imported fishmeal: Today, imported fishmeal is quoted steadily and can be traded with price negotiations, with normal shipment at port. Northern ports: price is 10,300-10,400 yuan/tonne for Peruvian ordinary SD with 65% protein content, 11,000-11,200 yuan/tonne for Japanese SD with 67% protein content and 11,300-11,400 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: price is 10,300 yuan/tonne for Peruvian ordinary SD with 65% protein content, 11,000 yuan/tonne for Japanese SD with 67% protein content and 11,300 yuan/tonne for super steam fishmeal with 68% protein content. Stocks at port: Huangpu 74,000 tonnes, Fuzhou 36,000 tonnes, Shanghai 56,000 tonnes, Tianjin 1,000 tonnes, Dalian 16,000 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. Holders show looser mood in supporting the price amid growing stock pressure under weak demand, in addition to relatively good fishing situation in Peru, so short-term fishmeal market will likely stay stable to go weak.
Cottonseed meal: Cottonseed meal price stops falling to steady today as oil mills are hoarding in view of their small supply and the high price of cottonseed. But cottonseed meal trades low, which can be contributed to buyers caution in purchasing before the upcoming meeting next week, low end demand amid slack season of aquaculture and the contagious ASF, as well as soybean meal spots fall of 10-30 yuan/tonne. On the whole, cottonseed meal market may post narrow fluctuations to go weak in the short term, and buyers can take hand-to-mouth basis while keeping an eye on the trade progress.
(USD $1=CNY 6.93)
