Today (Sept. 26), the market for meals in China is shown as follows:

Soybean meal: US soybeans slipped, and meal futures move in a tight range on the Dalian Commodity Exchange today. Spot soybean meal prices steadily fluctuate by 10-20 yuan/tonne with lessened trading. Specifically, the price settles at 2,890-3,010 yuan/tonne in coastal regions (Tianjin 3,010, Shandong 3,000-3,010, Jiangsu 2,930-2,960, Dongguan 2,890-2,920, and Guangxi 2,920-2,940). While domestic market is still annoyed by the African swine fever, China has approved soybean meal exports from seven crushing mills in Argentina. And the USDA confirmed purchases of 580,000 tonnes of US soybeans by China on Wednesday. But most domestic mills have made plans for downtime during the National Day holidays, especially those in North China. In the meantime, mills in Rizhao, Shandong, are curtailing production in order to meeting the requirements of environmental protection. And the inventory of soybean meal is decreasing when downstream buyers are stocking up for the holidays. Overall, short-term meal prices will follow futures to stay range-bound. Meal futures fluctuate to edge lower on the DCE in afternoon trading, so buyers can wait for the moment. 

Imported rapeseed meal: Imported rapeseed meal stays stable with some declines in price today, of which it settles down 10-20 yuan/tonne at 2,300-2,420 yuan/tonne in coastal areas (Guangxi 2,330, down 10; Guangdong 2,420, stable; Fujian 2,320, down 20). Although the price spread between soybean meal and rapeseed meal has enlarged to 590 yuan/tonne at the moment, but it is still not sufficient for feed mills to modify the formula, for mills have minimized the mix of rapeseed meal before then. Besides, the rapeseed meal price is limited due to the lingering African swine fever and the upcoming new U.S. soybeans harvesting and marketing. However, rapeseed meal supply is getting tightened due to the unsolved issues between China and Canada, so oil mills continue reducing operation rate, which will limit the price declines of rapeseed meal. Hence, short-term rapeseed meal market may fluctuate at a narrow range. Buyers can stay on the sideline or buy on immediate demand.

Imported fishmeal: Imported fishmeal is quoted steadily today. 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 9,900-10,300 yuan/tonne for super SD with 68% protein content and 9,500-9,700 for old products. Stocks at port: Huangpu 133,000 tonnes, Fuzhou 38,000 tonnes, Shanghai 83,000 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 growth for fishmeal in domestic aquaculture is not significant, and the hog feed consumption is also slow with decreasing hog amount under the spread of the ASF. Meanwhile, fishmeal inventory is at the high level at domestic ports. Therefore, fishmeal prices are subdued. But the shipment turns better now 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. 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. 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.