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

Soybean meal: The market was worried about soybean yield as forecast called for Midwest weather to be with low temperatures and rains through the next few days and late-planted soybeans remained vulnerable to freeze loss, so U.S. soybean closed with gains last Friday and Globex is closed for Labour Day today, and meal futures nudge higher on the Dalian Commodity Exchange today. Spot bids for soybean meal go up 10-40 yuan to attract some low-level purchases, but the trading remains light at high levels. Specifically, the price settles at 2,980-3,100 yuan/tonne in coastal areas. (Tianjin 3,100, Shandong 3,040-3,060, Jiangsu 3,020-3,060, Dongguan 3,000-3,050, and Guangxi 3,020-3,060). U.S. soybean saw a gain of 0.5 cent to 869 cents last Friday. Soybean import cost remains high due to strong premiums of Brazilian soybeans and the sharp devaluation of Chinese yuan, and domestic soybean meal is in quick delivery with recovering margins from layer breeding and rising fish prices. Besides, there may frost speculation on U.S. soybean crops due to planting running later than average. Soybean meal prices are thus buoyed. But hog feed consumption has posted a year on year decline of 40% under the spread of the African swine fever (ASF), and local mills are choked up with swelling soybean meal inventories due to lower-than-expected demand from aquaculture in South China; hence, soybean meal is weak in climbing further higher. The overall trend may fluctuate and stay strong, and buyers are suggested to make appropriate replenishment but not to chase up price excessively. 

Imported rapeseed meal: Imported rapeseed meal rises in price today, of which it settles up 20-40 yuan at 2,440-2,510 yuan/tonne in coastal areas. (Guangxi not offered; Guangdong 2,450, up 20; and Fujian 2,440, up 40). Rapeseed supply is getting tightened amid pending issues between China and Canada, and there are often mixed signs from U.S.-China trade disputes. In addition, soybean meal prices have risen due to the tight supply outlook of Brazilian soybeans in the fourth quarter and rising ocean freight. Rapeseed meal price is thus buoyed to increase. But  feed plants have cut down the mix of rapeseed meal to the lowest point. And the overall demand for meal is still dismal and is hardly improving under the ASF, so that rapeseed meal inventory increased by 1.2% to 42,000 tonnes last week. Therefore, rapeseed meal price is weak to go further upward. The short-term trend may fluctuate to go strong, and buyers are suggested to make appropriate replenishment on the dips but not to chase up prices excessively. 

Imported fishmeal: Imported fishmeal price stays stable today with some negotiating space. Quotation at ports: it is priced steadily at 9,400-9,700 yuan/tonne for Peruvian Standard SD with 65% protein content, 9,600-10,100 yuan/tonne for Thai SD with 67% protein content, 10,000-10,400 yuan/tonne for Japanese SD with 67% protein content, and 10,400-10,600 yuan/tonne for super SD with 68% protein content and 10,000-10,400 for old products. Stocks at port: Huangpu 137,000 tonnes, Fuzhou 35,000 tonnes, Shanghai 89,000 tonnes, Tianjin 1,000 tonnes, Dalian 17,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports. The prices step down in foreign markets today: it is 1,240 USD/tonne for Peruvian Standard SD with 65% protein content and 1,350 USD/tonne for super SD with 68% protein content. Chilean Standard SD with 65% protein content is 1,300 USD/tonne, and super SD with 68% protein content at 1,520 USD/tonne. The demand growth is slow from domestic aquaculture, and hog feed also has low demand for fishmeal due to a smaller hog herd under the impact of the ASF. And with continues arrivals of new Peruvian fishmeal, domestic market is in a glut with growing inventory so that holders have to cut down quotations under sales pressure. Domestic fishmeal market is now restricted, so short-term trend is predicted to be weak. 

Cottonseed meal: Today cottonseed meal mostly stays stable with a rise of 20 yuan/tonne for some prices due to the low operation rate and low cottonseed meal inventory. And today meals on DCE go up in a small range, and spot soybean meal lift 10-40 yuan/tonne. However, the demand is affected by the devastating outbreak of African swine fever and the hog feed sales decline by almost 40% year on year. Moreover, soybean meal is dropping away from cottonseed meal. With the marketing of some new cottonseed, cottonseed meal is likely to fluctuate in narrow range before the massive marketing. Buyers may make proper replenishment upon low prices.