Soybean meal: Meal futures edge higher on the Dalian Commodity Exchange today on the back of U.S. soybean futures last night. Spot bids for soybean meal steadily go up by 10-20 yuan/tonne from yesterday in tepid trading apart from some low-level purchase upon forward basis. Specifically, the price settles at 2,800-2,880 yuan/tonne in coastal areas. (Tianjin 2,880, Shandong 2,840-2,870, Jiangsu 2,830-2,850, Dongguan 2,840-2,860, Guangxi 2,840-2,870 and Fujian 2,800-2,840). Meal prices is picking up as the import cost is raised by US-China trade tensions and rises of premiums and freights of South American soybeans. However, there are still a myriad of bearish factors, ranging from improved weather conditions in US production regions, to the lingering African swine fever (ASF) and the pick up in operation rate for soybean crush in recent two weeks. Sichuan, Hubei and Hunan are the worst-hit provinces by the ASF. It has decimated the hog herd in China, resulting in a month-on-month decline of 10.3% in July, according to Cofeed. 

Imported rapeseed meal: Imported rapeseed meal declines in price today, of which it settles down 10-20 yuan at 2,440-2,510 yuan/tonne in coastal areas. (Guangxi not offered; Guangdong 2,460, down 10; and Fujian 2,440, down 10). Feed factories turn to soybean meal market from rapeseed meal market due to their dramatically smaller price gap. Moreover, mills will peg soybean crush at a relatively high level with substantial arrivals of soybean at ports. Besides, buyers are cautious in consideration of the influence caused by the African swine fever. But there may be rapeseed shortage later amid pending issues between China and Canada, which helps prop up rapeseed meal prices. On the whole, rapeseed meal is predicted to post a strong trend with fluctuations at a narrow range, and buyers can wait for low and stable prices to make appropriate replenishment. 

Imported fishmeal: Imported fishmeal price stays stable with huge 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 10,700-11,100 yuan/tonne for super SD with 68% protein content. Stocks at port: Huangpu 130,000 tonnes, Fuzhou 32,000 tonnes, Shanghai 84,000 tonnes, Tianjin 1,000 tonnes, Dalian 22,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports. Foreign merchants have quoted steadily today: it is 1,320 USD/tonne for Peruvian Standard SD with 65% protein content and 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 20-100 yuan/tonne, when operation rate keep at a low level amid a low level of inventory; there are still some rigid demands in downstream; today meals on DCE rise marginally, and spot soybean meal is stable with a rise of 10-20 yuan/tonne. 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.