Today (Sept. 17th), the market for meals in China is shown as follows:

Soybean meal: U.S. soybean rose last night on the spillover effect brought by a surge in crude oil prices after the attack on Saudi oil facilities, and meal futures also inch higher on the Dalian Commodity Exchange today. Spot bids for soybean meal go up by 10-20 yuan/tonne from yesterday to settle at 2,890-2,980 yuan/tonne in coastal areas. (Tianjin 2,980, Shandong 2,920-2,970, Jiangsu 2,890-2,910, Dongguan 2,880-2,890, and Guangxi 2,900-2,930). The inventory of soybean meal dropped by 6% to 742,000 tonnes last week due to the demand in run-up to the Mid-autumn Festival. In addition, downstream buyers intend to replenish in advance for the National Day as some mills in Shandong and northern regions have to suspend production for the parade, and some mills have restricted the quantity for the delivery. Soybean meal price is thus supported. However, mills in South China are still choked with meal inventory due to the smaller hog herd under the African swine fever, which has posted a picture where the price is strong in North China but weak in the South. But China's Finance Vice-Minister Liao Min has planned to lead a delegation to visit the United States on Wednesday for economic and trade consultations, which will pave the way for the high-level consultations next month in Washington. Before this, the United States postponed the deadline of additional tariffs on Chinese goods, and China restarted the purchases of US farm products with five privately-owned firms being said to be allowed to import 5 millions tonnes of US soybeans free from additional tariffs. The detente in trade disputes and the upcoming harvest and sales of US soybeans both keep meal prices under check. Buyers with inadequate stocks are suggested to replenish in small batch on the dips and remain cautious in driving prices higher. 

Imported rapeseed meal: Imported rapeseed meal rises in price today, of which it settles up 10-20 yuan/tonne at 2,280-2,380 yuan/tonne (Guangxi 2,290, up 10; Guangdong not offered; Fujian 2,300, up 10). Rapeseed supply gets tightened due to the unsolved issues between China and Canada. Meanwhile, the rapeseed meal price is buoyed by reduced operation rate. However, the hog herd is continuously decreasing with the spreading African swine fever, and the demand for meal products from aquaculture in South China is below expectation, so there is not much improvement in terminal demand. In addition, Chinese deputy negotiator is invited to visit U.S. for a trade talk this Wednesday, which is to prepare for the high-level consultation in Washington in October. Therefore, the upward space of rapeseed meal price is limited by all these factors, and short-term price will probably go strong with fluctuations. Buyers are suggested to make proper replenishment on the dips and not to drive up prices excessively.

Imported fishmeal: Imported fishmeal keeps steady to decline today with some negotiating space. Quotation at ports: it is priced quoted lower by 100 yuan at 9,100-9,400 yuan/tonne for Peruvian Standard SD with 65% protein content, steadily at 9,400-9,600 yuan/tonne for Thai SD with 67% protein content and at 9,700-10,000 yuan/tonne for Japanese SD with 67% protein content, and lower by 100 yuan at 10,100-10,300 yuan/tonne for super SD with 68% protein content and steadily at 9,700-10,200 for old products. Stocks at port: Huangpu 137,000 tonnes, Fuzhou 36,000 tonnes, Shanghai 88,000 tonnes, Tianjin 1,000 tonnes, Dalian 14,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports. The prices are lower from foreign merchants today: it is down 20 USD at 1,140-1,160 USD/tonne for Peruvian Standard SD with 65% protein content and down 20 USD at 1,310-1,330 USD/tonne for super SD with 68% protein content. Chilean Standard SD with 65% protein content is down 100 USD at 1,200 USD/tonne, and super SD with 68% protein content down 100 USD at 1,420 USD/tonne. Domestic fishmeal market is subdued by lower quotations in foreign market. Meanwhile, 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. Under tepid terminal demand and with continues arrivals of new Peruvian fishmeal, domestic inventory keeps growing. Overall, short-term trend is predicted to be weak. 

Cottonseed meal: Today cottonseed meal stays stable due to the low operation rate and almost non-inventory. Besides, today meals on DCE slightly rise, spot soybean meal up 10-20 yuan/tonne, which is influenced by a surge of crude oil after the attack on Saudi. However, the market is weighted on when the demand is affected by the devastating outbreak of African swine fever with the number of live hogs in August declining by 9.8% month on month, by 38.7% year on year, according to Ministry of Agriculture and Rural Affairs; cottonseed meal is dropping away from cottonseed meal. Soybean meal is likely to stay stable with adjustment in narrow range before the massive marketing of cottonseed, and then have a risk of falling. Buyers are suggested to take a hand-to-mouth buying strategy. Buyers should pay attention to the news about trade talks as Liao Min, deputy director of the Office of the Central Commission for Financial and Economic Affairs and vice Finance Minister, plans to lead a delegation to visit the United States on Wednesday for trade consultations. The visit will pave the way for the 13th round of China-U.S. high-level economic and trade consultations in October in Washington.