Soybean meal: US soybean futures closed slightly low last night on improved weather conditions, and meal futures fluctuate fractionally on the Dalian Commodity Exchange today. Spot bids for soybean meal fluctuate by 10-20 yuan/tonne from yesterday to attract some low-level purchases upon forward basis, but the total trading is not as good as yesterday. Specifically, the price settles at 2,800-2,870 yuan/tonne in coastal areas. (Tianjin 2,870, Shandong 2,840-2,870, Jiangsu 2,820-2,850, Dongguan 2,840-2,860, Guangxi 2,840-2,850 and Fujian 2,800-2,840). A myriad of factors, including the ongoing US-China trade tensions, growing freights under strong premiums of Brazilian soybeans after the yuan hitting above 7, and the robust trading volume of soybean meal in the last two days, have helped underpin meal prices. But the improved weather conditions have helped ease worries in the US soybean market, and the Bank of China said China would stick to its managed floating exchange rate framework to keep the yuan currency basically stable. Besides, meal demand has been dismal due to the African swine fever which is particularly serious in Sichuan, Hunan and Hubei and has caused a month-on-month decline of 10.3% in hog amount in July, according to Cofeed. And soybean crush is growing in these two weeks. Therefore, soybean meal prices also have limited upward impetus. Buyers with adequate stockpiles had better not drive up prices. 

Imported rapeseed meal: Imported rapeseed meal declines in price today, of which it settles down 20-30 yuan at 2,450-2,520 yuan/tonne in coastal areas. (Guangxi not offered; Guangdong 2,470, down 20; and Fujian 2,450, down 20). A larger number of factories have replaced rapeseed meal with soybean meal due to their largely narrowed price gap. Besides, the import cost is growing significantly. Meanwhile, soybean import remains huge when meal demand remains dismal due to African swine fever which is particularly serious in Sichuan, Hunan and Hubei. But rapeseed supply is getting tightened amid unsettled issues between China and Canada, and this is a support for rapeseed meal prices. Overall, short-term rapeseed meal may fluctuate narrowly to consolidate, and buyers can wait for low and stable prices to make appropriate replenishment.

Imported fishmeal: Imported fishmeal price stays stable with some negotiating space today. Quotation at ports: it is priced steadily at 9,900-10,000 yuan/tonne for Peruvian Standard SD with 65% protein content, 10,000-10,200 yuan/tonne for Thai SD with 67% protein content, 10,300-10,500 yuan/tonne for Japanese SD with 67% protein content and 10,700-11,200 yuan/tonne for super SD with 68% protein content. Stocks at port: Huangpu 129,000 tonnes, Fuzhou 32,000 tonnes, Shanghai 83,000 tonnes, Tianjin 1,000 tonnes, Dalian 22,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports. Subject to delicate trading for growing import cost due to the RMB devaluation amid the escalation of US-China trade war, foreign merchants have quoted lower today with the purpose to quicken shipments: it is down by 20 USD to 1,320 USD/tonne for Peruvian Standard SD with 65% protein content and also down by 20 USD to 1,520 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 as holders are willing to carry out shipment and some have even lowered down their prices in view of high stocks at port amid tepid demand at home and constant arrivals of new products from Peru. But the market is receiving support from price inversions at home and abroad. Overall, fishmeal market is predicted to post slight declines in the short run.

Cottonseed meal: Cottonseed meals today are stable with some rises of 20-150 yuan/tonne, when operation rate keep at a low level amid a low level of inventory; there are still some rigid demands in downstream. However, the demand is affected by the devastating outbreak of African swine fever especially in Sichuan, Hubei, Hunan, with the number of China's live hogs in July down 10.3%  month on month, according to our investigation. Moreover, the narrow price spread between soybean meal and cottonseed meal curbs cottonseed meal market as well. Short-term prices are likely to fluctuate greatly. Buyers had better maintain proper stock level upon low price, and not chase high if replenishment has been made.