Today (Aug. 2nd), the market for meals in China is shown as follows:

Soybean meal: U.S. President Donald Trump ratcheted up trade disputes with China by abruptly announcing that he would impose a 10% tariff on a further $300 billion in Chinese imports beginning September 1st. U.S. soybean futures continued plunging last night, but meal futures open higher to expand gains on the Dalian Commodity Exchange today. Spot bids for soybean meal go higher by 20-50 yuan/tonne to attract low-level purchases. Specifically, the price settles at 2,760-2,810 yuan/tonne in coastal areas. (Tianjin 2,830, Shandong 2,790-2,810, Jiangsu 2,760-2,780, Dongguan 2,790-2,800, and Guangxi 2,760-2,800). Soybean meal prices are buoyed to rebound by an escalation of US-China trade frictions and the underlying weather speculation on the US soybean crops. But mills will gradually raise their operation rates on account of huge soybean import, which is predicted to be 141 cargoes with 9.10 mln tonnes in August and 9.20 mln tonnes in September, whilst meal demand has been weakened by the African swine fever which has caused a decline in hog amount and is particularly serious in Sichuan, Hunan and Hubei; hence, soybean meal prices have limited upward impetus. Buyers are suggested to make proper replenishment on the dips and not to drive up prices excessively. 

Imported rapeseed meal: Imported rapeseed meal rises in price today, of which it settles up 30-50 yuan at 2,380-2,460 yuan/tonne in coastal areas. (Guangxi not offered; Guangdong 2,460, up 50; and Fujian offered). Rapeseed supply is getting tightened amid pending issues between Beijing and Ottawa, and the weather speculation on the U.S. soybean crops may occur at any time, which may have shored up short-term rapeseed meal prices to fluctuate to rebound moderately. However, its demand is severely influenced by its largely narrowed spread with soybean meal, coupled with the lingering ASF. Besides, mills will step by step pick up their operation rate for soybean crush on account of an import of 9.10 mln tonnes in August. Rapeseed meal prices thus have limited upward space. Buyers had better not chase up prices too high. 

Imported fishmeal: Imported fishmeal price stays stable with some declines today, of which it is more stable at Northern ports. Quotation at ports: it is priced steadily at 9,900-10,000 yuan/tonne for Peruvian Standard SD with 65% protein content, lower by 100-200 yuan at 10,000-10,200 yuan/tonne for Thai SD with 67% protein content, lower by 100 yuan at 10,300-10,500 yuan/tonne for Japanese SD with 67% protein content and lower by 100 yuan at 10,700-11,200 yuan/tonne for super SD with 68% protein content. Stocks at port: Huangpu 127,000 tonnes, Fuzhou 32,000 tonnes, Shanghai 82,000 tonnes, Tianjin 1,000 tonnes, Dalian 23,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports. Peruvian merchants have quoted steadily today: it is 1,340 USD/tonne for Peruvian Standard SD with 65% protein content and 1,540 USD/tonne for super SD with 68% protein content. Chilean Standard SD with 65% protein content is 1,360 USD/tonne, and super SD with 68% protein content at 1,590 USD/tonne. Fishmeal market is negative with mixed quotations as holders are willing to carry out shipment and some even lower down their prices in view of high stocks at port amid tepid demand at home and constant arrivals of new products from Peru, but it has also received some support from price inversions at home and abroad. Therefore, fishmeal market is predicted to keep steady with slight declines in the short run.

Cottonseed meal: Today cottonseed meal mostly stays stable with a rise of 50 yuan/tonne for some prices when operation rate keep at a low level amid a low level of inventory; there are still some rigid demands in downstream; U.S. President Donald Trump suddenly said the U.S. is putting 10% tariffs on another $300 billion worth of Chinese goods starting Sept. 1; meals on DCE today go up with high open, spot soybean meal increases 20-50 yuan/tonne. However, the overall demand is slack due to African swine fever and the narrow price spread between soybean meal and cottonseed oil. Short-term cottonseed meal is likely to strongly fluctuate. Buyers had better maintain proper stock level upon low price and be prudent if chasing high.