Today (Sept. 4th), the market for meals in China is shown as follows:

Soybean meal: U.S. soybean fell yesterday, and meal futures fluctuate fractionally on the Dalian Commodity Exchange today. Spot bids for soybean meal steadily fluctuate by 10-20 yuan/tonne in tepid trading. Specifically, the price settles at 3,000-3,110 yuan/tonne in coastal areas. (Tianjin 3,110, Shandong 3,040-3,060, Jiangsu 3,020-3,040, Dongguan 3,000-3,030, and Guangxi 3,030-3,060). Soybean import cost is high due to rising premiums of Brazilian soybeans under trade disputes and sharply falling exchange rate of Chinese yuan. Mills are propping up prices, so soybean meal market is fluctuating and staying relatively stable. However, China-U.S. trade talks may be held as scheduled in Washington in September. Besides, the contagious African swine fever has caused a nearly 40% decline year on year in hog feed consumption and the demand from aquaculture in South China comes lower than expected, whilst soybean meal inventory has seen a weekly increase of 6% to 770,000 tonnes due to high soybean crush in recent two weeks; hence, mills are urging customers to picking up goods due to high stockpiles. Therefore, soybean meal prices have limited upward potential. Buyers with adequate inventories are suggested not to chase up prices excessively, and participants can go on focusing on news about China-U.S. trade disputes and weather conditions in U.S. crop belt. 

Imported rapeseed meal: Imported rapeseed meal steadily edges lower in price today, of which it partially settles down 10 yuan at 2,440-2,530 yuan/tonne in coastal areas. (Guangxi not offered; Guangdong 2,450, stable; and Fujian 2,440, stable). Although the price gap between soybean meal and rapeseed meal has been widened to 580 yuan/tonne, feed plants have no intention to raise the mix of rapeseed meal, which has been reduced to the minimum in feed and almost supplanted in poultry feed, hog feed and high-grade aquatic feed. Besides, while mills have drastically picked up operation rates, buyers are cautious in buying due to the overall dismal demand for meals under the lingering African swine fever. But rapeseed supply is tightened due to pending issues between China and Canada, and soybean import cost is expensive due to sharp losses in Chinese yuan amid trade frictions; hence, rapeseed meal prices are supported to have limited declines. Short-term rapeseed meal may fluctuate at a narrow range, and buyers can wait or take hand-to-mouth buying. 

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, 9,600-10,000 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 10,000-10,300 for old products. Stocks at port: Huangpu 140,000 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 keep stead in foreign markets today: it is 1,220 USD/tonne for Peruvian Standard SD with 65% protein content and 1,330 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. And domestic fishmeal market is thus restricted. Meanwhile, the foreign market also hovers at a low level. Therefore, short-term trend is predicted to be weak. 

Cottonseed meal: Today cottonseed meal mostly stays stable with a rise of 150 yuan/tonne for some prices due to the small marketing of new cottonseed, the low operation rate and low cottonseed meal inventory. 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, and then have the risk of falling back. Buyers should be prudent if chasing high.