Today (Sept. 25), the market for meals in China is shown as follows:

Soybean meal: US soybeans went up further with fresh sales to China, and meal futures also moved higher on the Dalian Commodity Exchange today. Spot soybean meal prices increase by 10-40 yuan/tonne to attract some low-level purchases. Specifically, the price settles at 2,890-3,010 yuan/tonne in coastal regions (Tianjin 3,010, Shandong 2,980-3,010, Jiangsu 2,930-2,950, Dongguan 2,900-2,910, and Guangxi 2,920-2,940). A majority of mills across the country have a plan for downtime during the National Day holidays, especially those in North China. And mills in Rizhao, Shandong have limited production under heavy pollution. In addition, mills have lower soybean meal inventory as downstream buyers are stockpiling for the holiday. Meal prices are thus buoyed. But China has allowed 2 to 3 million tonnes of soybeans to be imported from the US without additional tariffs - a sign of easing tensions in US-China trade war, and it is also considering allowing the imports of soybean meal from Brazil, whilst its hog herd is now small due to the spread of the swine fever. Meanwhile, US farmers will soon harvest their soybeans and market them. All these factors are keeping soybean meal price rises under check. In a hybrid of the bull and the bear, short-term soybean meal market will follow futures to fluctuate at a narrow range and may stay relatively strong ahead of the holidays. Buyers are suggested to make appropriate replenishment on the dips, but not to drive up prices higher. 

Imported rapeseed meal: Imported rapeseed meal rises in price today, of which it settles up 20-40 yuan/tonne at 2,300-2,420 yuan/tonne in coastal areas (Guangxi 2,300; Guangdong 2,420, up 40; Fujian 2,340, up 20). Rapeseed supply gets tightened due to the unsolved issues between China and Canada, so the rapeseed meal price is buoyed to stop declining and rise by falling operation rate. However, the hog herd is still small due to the spread of 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, the import of US soybeans is increasing with a detente in trade war, and the harvesting and marketing of new US soybeans are approaching. Thus, the upward space of rapeseed meal price is limited. Buyers are suggested to make proper replenishment on the dips and not to drive up prices excessively.

Imported fishmeal: Imported fishmeal is quoted steadily today with some negotiating space. Quotation at ports: it is priced quoted steadily at 9,000-9,200 yuan/tonne for Peruvian Standard SD with 65% protein content, 9,300-9,400 yuan/tonne for Thai SD with 67% protein content, 9,600-10,000 yuan/tonne for Japanese SD with 67% protein content, and 9,900-10,200 yuan/tonne for super SD with 68% protein content and 9,500-10,000 for old products. Stocks at port: Huangpu 133,000 tonnes, Fuzhou 37,000 tonnes, Shanghai 84,000 tonnes, Tianjin 1,000 tonnes, Dalian 14,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports. FOB prices are stable from foreign merchants today: it is 1,090 USD/tonne for Peruvian Standard SD with 65% protein content and 1,290 USD/tonne for super SD with 68% protein content. Chilean Standard SD with 65% protein content is 1,100 USD/tonne, and super SD with 68% protein content at 1,300 USD/tonne. The demand for fishmeal remains lukewarm from both aquaculture and hog feed in China, and its inventory has been mounting higher at domestic ports; thus, the price is subdued. But the shipment turns better with the coming of the National Day holiday, so holders are propping up prices. Overall, fishmeal price is predicted to stay stable in the near term.

Cottonseed meal: Today cottonseed meal stays stable when cottonseed price is high; cottonseed oil mills largely halt operation for the National Day and military parade; meals on DCE rise as well and spot soybean meal goes up 10-40 yuan/tonne. However, the market is weighted on as the demand is affected by the devastating outbreak of African swine fever and the upside down price of soybean meal from cottonseed meal; and according to Bloomberg, China has allowed several state-owned and private firms to import US soybeans without additional tariffs, about 2 to 3 million tonnes. Before National Day holiday, the prices are likely to stay stable with some fluctuations, and after that, move in weak trend. Buyers can stay on the sideline. Buyers can just wait on the sidelines.