Today (Sept. 19th), the market for meals in China is shown as follows:

Soybean meal: U.S. soybean futures eased last night on mild weather across the U.S. Midwest that lessened risks that frost could hurt the late-planted soybean crop and on worries that a recent wave of Chinese soy purchases had ended as the USDA did not confirm large purchase by China, but meal futures still fluctuate to climb higher on the Dalian Commodity Exchange today. Spot soybean meal prices steadily fluctuate by 10-20 yuan/tonne in tepid trading, in spite of some low-level purchases. Specifically, the price settles at 2,890-2,990 yuan/tonne in coastal areas. (Tianjin 2,990, Shandong 2,940-2,970, Jiangsu 2,900-2,920, Dongguan 2,890-2,900, and Guangxi 2,910-2,930). Buyers intend to stock in advance for the National Day as most mills in Shandong and northern regions have to suspend production for the parade and holidays, so soybean meal inventory is now decreasing nationwide. In addition, farmers now are making profits since prices for meat and poultry have been increasing, and local governments are strongly supporting the hog breeding. But there are still a myriad of negative factors, ranging from the spread of African swine fever, the detente in trade spat, to the huge imports of low-price US soybean and upcoming harvest and sales of US soybean. In a hybrid of the bull and the bear, soybean meal prices are fluctuating at the narrow range, and buyers are suggested to replenish on the dips to keep light stocks, but not to drive up prices excessively.

Imported rapeseed meal: Imported rapeseed meal rises slightly in price today, of which it settles up 10 yuan/tonne at 2,300-2,390 yuan/tonne in coastal areas (Guangxi 2,300, stable; Guangdong 2,380, stable; Fujian 2,320, up 10). The supply of rapeseed is getting tightened due to the unsolved issues between China and Canada, so oil mills tend to prop up prices. But import of low-cost U.S. Soybeans is increasing with a detente in trade war. Also, U.S. soybeans will be harvested and go marketing. Moreover, the hog herd is continuously decreasing due to the lingering African swine fever, so there is not much improvement in the demand for rapeseed meal. Thus, rapeseed meal market is dragged down to fluctuate at a narrow range in the short term. Buyers with insufficient inventory can make proper replenishment on the dips and remain cautious in chasing up prices.

Imported fishmeal: Imported fishmeal keeps steady today with some negotiating space. Quotation at ports: it is priced quoted steadily at 9,100-9,300 yuan/tonne for Peruvian Standard SD with 65% protein content, 9,400-9,500 yuan/tonne for Thai SD with 67% protein content, 9,700-10,000 yuan/tonne for Japanese SD with 67% protein content, and 10,100-10,300 yuan/tonne for super SD with 68% protein content and 9,700-10,000 for old products. Stocks at port: Huangpu 137,000 tonnes, Fuzhou 37,000 tonnes, Shanghai 86,000 tonnes, Tianjin 1,000 tonnes, Dalian 14,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports. The prices steady from foreign merchants today: it is 1,140-1,160 USD/tonne for Peruvian Standard SD with 65% protein content and 1,310-1,330 USD/tonne for super SD with 68% protein content. Chilean Standard SD with 65% protein content is  1,200 USD/tonne, and super SD with 68% protein content 1,420 USD/tonne. The demand growth is small 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 and holders are under sales pressure. The overall fishmeal market is thus restricted and predicted to remain weak in the short term. 

Cottonseed meal: Today cottonseed meal stays stable due to the low operation rate and almost non-inventory. Besides today meals on DCE also slightly rise with fluctuations. 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.