Today (Aug. 15th), the market for meals in China is shown as follows:

Soybean meal: Rainfalls that are expected to occur in the U.S. Midwest should help boost soybean growth. Besides, there are still seven structural issues the U.S. needs to work out with China, according to a report by Bloomberg. And no date has been set for the trade talks between China and the U.S. in September. Therefore, U.S. soybean closed with losses last night, and meal futures also fluctuate fractionally on the Dalian Commodity Exchange today. Spot bids for soybean meal steadily fluctuate by 10-20 yuan/tonne from yesterday in tepid trading. Specifically, the price settles at 2,840-2,900 yuan/tonne in coastal areas. (Tianjin 2,900, Shandong 2,860-2,880, Jiangsu 2,860-2,890, Dongguan 2,840-2,860, Guangxi 2,870-2,890 and Fujian 2,850-2,890). The African swine fever is still rampant in China, where Sichuan mills are mostly confronted with swelling soybean meal inventories and local traders in Nantong, Jiangsu also complained that soybean meal sales have been half cut recently. Meal prices are weighed down as the demand is little likely to see much improvement. But the market may become keener on the weather speculation after a sharp decline in U.S. soybean planting acreage, and it is less unlikely that China and the United States can manage to settle disputes in a short time; hence, meal prices have got support. Short-term soybean meal price is forecast to fluctuate at a narrow range, and buyers can stay on the sidelines or buy on immediate demand. 

Imported rapeseed meal: Imported rapeseed meal steadily edges lower in price today, of which it settles down partially by 10 yuan at 2,420-2,520 yuan/tonne in coastal areas. (Guangxi not offered; Guangdong 2,430, down 10; and Fujian 2,450, down 10). The price gap of rapeseed meal and soybean meal has narrowed down to around 400 yuan/tonne, which has severely hit the demand of the former. Moreover, while rapeseed meal is in adequate inventory and imported pulp pellet is arriving at port in huge quantities, the demand for meals is little likely to see much improvement due to the African swine fever, which has been cutting the hog herd. Hence, rapeseed meal is weak in going upward. But there is also small downside space due to the tight supply outlook of rapeseed amid pending issues between Beijing and Ottawa and underlying weather speculations on U.S. soybeans. The overall trend is predicted to post narrow fluctuations and buyers can wait for low and stable prices to make replenishment in small batch. 

Imported fishmeal: Imported fishmeal price stays stable today with huge negotiating space. 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 10,300-10,900 yuan/tonne for super SD with 68% protein content and 10,700-11,100 for new products. Stocks at port: Huangpu 130,000 tonnes, Fuzhou 33,000 tonnes, Shanghai 83,000 tonnes, Tianjin 1,000 tonnes, Dalian 21,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports. The price steadily edges lower today: it is 1,320 USD/tonne for Peruvian Standard SD with 65% protein content and lower by 20 USD at 1,500 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. Domestic fishmeal consumption is slow due to tepid demand from aquaculture and smaller hog herd under the ASF. Meanwhile, fishmeal inventory keeps mounting higher at port with ongoing arrivals from Peru. Holders are under sales pressure so that domestic fishmeal market is restricted. But the market is receiving support from price inversions at home and abroad, and some holders are propping up prices out of minimizing losses. Overall, fishmeal market is predicted to stay stable with slight declines in the short run.

Cottonseed meal: Today cottonseed meal stays stable due to the low operation rate and low cottonseed meal inventory. However, the demand is affected by the devastating outbreak of African swine fever with the number of China's live hogs declining. Moreover, the narrow price spread between soybean meal and cottonseed meal curbs cottonseed meal market as well. Short-term prices are likely to fluctuate and buyers are suggested to take a hand-to-mouth buying strategy or stay on the sideline for the present.