Today (Dec. 18th), the market for meals in China is shown as follows:
Soybean meal: US soybean edged up overnight, and meals on the Dalian Commodity Exchange (DCE) also post slight rises today. Soybean meal spots stay stable to go up and attract some deals at low prices. The price is 2,910-2,990 yuan/tonne in coastal areas, steadily increasing by 10-20 yuan/tonne from yesterday. (Tianjin 2,960, Shandong 2,940-2,970, Jiangsu 2,920-2,980, Dongguan 2,910-2,990, and Guangxi 2,950-2,990). The market has not been influenced much by the resumption of US soybean purchases, for China has just imported a limited volume. Besides, operation rate has been dropping due to soybean crush losses so that some Shandong oil mills have controlled their orders to pick up soybeans. In this case, soybean meal prices are prevented from declining. However, the market is now in cautious mood in view of upcoming bumper harvests of Brazilian soybean, coupled by the US soybean purchases underway. Therefore, short-term soybean meal price will seek little upward potential, and may maintain its narrow fluctuations. Buyers are suggested to make proper replenishment on the dips and be careful when forcing up the prices. By the way, participants can keep an eye on whether China will lift addition tariffs on US soybeans.
Imported rapeseed meal: The price for imported rapeseed meal stays stable to rise today, of which it is 2,050-2,140 yuan/tonne in coastal areas, up 10-30 yuan/tonne. (Guangxi 2,070, up 10; Guangdong 2,110, up 10; and Fujian 2,140, up 30). Despite the rises today, there is still limited space for rebounds, for domestic meal is now well-supplied and Brazilian soybean is to record a bumper harvest soon, whilst meal demand is dismal under the slack season of aquaculture and the outbreaks of the African swine fever. Overall, short-term rapeseed market will follow its futures to fluctuate narrowly, and buyers are suggested make proper replenishment upon low prices and be cautious in chasing up the price.
Imported fishmeal: Today, imported fishmeal is quoted steadily and can be traded with price negotiations, with normal shipment at port. Quotation at ports: it is 9,700-9,800 yuan/tonne for Peruvian ordinary SD with 65% protein content, 10,500-10,700 yuan/tonne for Japanese SD with 67% protein content and 10,800-10,900 yuan/tonne for super steam fishmeal with 68% protein content. Stocks at port: Huangpu 76,000 tonnes, Fuzhou 35,000 tonnes, Shanghai 55,000 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. Domestic market is now weighed down by bearish fundamentals, for port stock of fishmeal has remained at a high level of 190,000 tonnes amid overall soft demand. In addition, foreign market is under pressure due to the positive fishing situation in Peru. In this context, short-term market will probably still stay stable to go weak.
Cottonseed meal: US soybean rose slightly overnight, and meals on the DCE also edge up today. Soybean meal spots steadily goes up by 10-30 yuan/tonne, and cottonseed meal price stops declining to steady today since oil mills are inclined to prop up the price amid small output of cottonseed meal and high cost of cottonseed. But cottonseed meal has seen a slow delivery due to an overall dismal meal demand under slack season of aquaculture and the outbreaks of the ASF. In the near term, cottonseed meal may still go weak with narrow fluctuations, and buyers are suggested to try to replenish upon low prices and be cautious in forcing up the price.
(USD $1=CNY 6.89)
