Today (Dec. 14th), the market for meals in China is shown as follows:
Soybean meal: US soybean closed lower overnight after a report that US private exporters had sell 1.13 Man tonne of soybean to China, which is lower than the rumor of some 5.0-8.0 Man tonnes and also far from eating into their huge inventories, but meals on the Dalian Commodity Exchange (DCE) extend to step down as domestic market is still digesting negative impacts from US soybean imports. Domestic soybean meal spots edge down only to see a small trading volume. The price is 2,00-2,990 yuan/tonne in coastal areas, down 20-40 yuan/tonne. (Tianjin 2,990, Shandong 2,920-2,990, Jiangsu 2,940-2,990, Dongguan 2,900-2,990, and Guangxi 2,980-3,000). While Brazilian soybean is about to be harvested this weekend and US soybean import has been resumed, soybean meal is in low consumption amid the ongoing African swine fever (ASF); hence, soybean meal spots are under pressure. But the market has not been weighed down significantly by this round of US soybean purchase since it is not for crushers. In addition, oil mills are propping up the price in view of severe crush margin losses. Therefore, there is little space for declines. But the decline still continues as the US soybean import is yet to finish and the market is digesting the bearish factors. Buyers can just wait for steady declines to replenish on the dips.
Imported rapeseed meal: The price for imported rapeseed meal ttumbles today, of which is 1,990-2,150 yuan/tonne, down 50-80 yuan/tonne. (Guangxi 2,150, down 20; Guangdong 2,150, down 30; Fujian 2,120, down 80). While US soybean imports have been resumed and South American soybean will see a new record harvest with Brazilian soybean probably being harvested from this weekend, domestic meal is still in liberal supply, especially when aquaculture has alarmist completed and the ASF still wreaks havoc. Therefore, the price for rapeseed meal spots is curbed, and it will post weak adjustments on the back of its futures in the short-term as the market is still digesting the negative impacts from IS soybean imports. Buyers can wait to replenish on the dips after steady price declines.
Imported fishmeal: Today, imported fishmeal is quoted steadily and can be traded with price negotiations, with normal shipment at port.Northern ports: price is 9,800 yuan/tonne for Peruvian ordinary SD with 65% protein content, 10,600-10,700 yuan/tonne for Japanese SD with 67% protein content and 10,800-10,900 yuan/tonne for super steam fishmeal with 68% protein content. Southern ports: price is 9,700 yuan/tonne for Peruvian ordinary SD with 65% protein content, 10,500 yuan/tonne for Japanese SD with 67% protein content and 10,800 yuan/tonne for super steam fishmeal with 68% protein content.Stocks at port: Huangpu 76,000 tonnes, Fuzhou 35,000 tonnes, Shanghai 56,000 tonnes, Tianjin 1,000 tonnes, Dalian?19,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports.?Spot quotations (FOB) in foreign market keep?steady: Peruvian ordinary SD fishmeal with 65% protein content is quoted at 1,230 USD/tonne and 1,510 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 market has fallen bearish, for its stock has hit a high level of 190,000 tonnes at port amid continued dismal demand, coupled by price declines in foreign markets; overall, short-term market will stay stable to go weak in the near term.
Cottonseed meal: US soybean stepped down overnight, and meals on the DCE suffer large drops. Soybean meal spots decline by 20-40 yuan/tonne amid huge supply pressure, and cottonseed meal also falls down by 20 yuan/tonne for its unobserved deals under dismal demand due to the contagious ASF. But the price will not fall further since oil mills are reluctant to sell on account of high cost and small output. Overall, short-term cottonseed meal price will probably go weak in fluctuation, and buyers can just wait on the sidelines.
(USD $1=CNY 6.89)
