Today (Oct. 12), the market for meals in China is shown as follows:

Soybean meal: This round of trade negotiations was wrapped up between China and the US. President Donald Trump announced that both sides had come to a preliminary trade deal, and his administration would suspend a new round of tariffs on $250 billion worth of Chinese imports, which were set to go into effect on Oct. 15th. He also said China agreed to purchase $40 billion to $50 billion worth of U.S. agricultural products, before which the annual purchases were recorded at $29 billion. US soybeans closed sharply higher last night on the substantial progress in trade negotiations, and Dalian Commodity Exchange is closed on Saturday today. Mills are trying to keep prices firm due to lower stocks, so spot soybean meal is mixed today with some ups and downs by 10-20 yuan/tonne in lighter trading. Specifically, the price settles at 3,000-3,150 yuan/tonne. (Tianjin 3,150, Shandong 3,080-3,100, Jiangsu 3,010-3,070, Dongguan 3,000-3,030, and Guangxi 3,040-3,050). Domestic meal prices are subdued by the detente in trade spats and upcoming harvests and sales of new US soybeans. But soybean meal has tight supply in some regions, and as livestock and poultry breeding is quite profitable and hog amount may increase now that local governments are also striving hard to resume hog production, its demand will gradually recover. Besides, the USDA report will still be bullish to the market. Overall, short-term soybean meal prices will not drop largely and may fluctuate at the narrow range. Buyers can wait for the Dalian Commodity Exchange to open next week. 

Imported rapeseed meal: Imported rapeseed meal is basically stable in price today, of which it settles at 2,390-2,520 yuan/tonne in coastal areas (Guangxi 2,390, stable; Guangdong 2,520, stable; Fujian not offered).The supply of imported rapeseed is tightening due to relations between China and Canada, and the rapeseed crush will keep falling in coastal areas. As of this Friday, rapeseed meal inventory has decreased by 13% to 29,000 tonnes in coastal areas, which may support rapeseed meal price. However, US soybeans have been harvested and gone marketing. And the overall demand for meals is poor due to African swine fever, so there is not much improvement in terminal demand. Hence, the rises of rapeseed meal price are limited by these factors. In addition, China has come to an agreement with United States, which may lead meal futures to be under pressure early next week, so buyers can take a wait-and-see attitude.

Imported fishmeal: Imported fishmeal price is stable today. It is 9,100-9,500 yuan/tonne for Peruvian Standard SD with 65% protein content, 9,400-9,800 yuan/tonne for Thai SD with 67% protein content, 9,900-10,000 yuan/tonne for Japanese SD with 67% protein content, and 10,100-10,400 yuan/tonne for super SD with 68% protein content. Stocks at port: Huangpu 120,000 tonnes, Fuzhou 35,000 tonnes, Shanghai 72,000 tonnes, Tianjin 1,000 tonnes, Dalian 11,000 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 1,290-1,310 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. It is hard to improve the demand a lot for fishmeal in aquaculture in a short time, and the ASF also limits the hog feed consumption, which continue to damp the market. But feed plants are making replenishment after the holiday, which has quickened delivery and lessened port inventory, so holders are encouraged to keep their quotations stable. On the whole, the market is predicted to steady in consolidation in the near term. 

Cottonseed meal: Cottonseed meal price stays stable with some declines of 50 yuan/tonne today. The cottonseed meal prices are depressed by the increasing supply due to a rise of operation rate, the spread of African swine fever, as well as the demand affected by narrowed price gap between soybean meal and cottonseed meal. Besides, Pres. Trump announced that U.S. has reached a preliminary trade deal with China in this round of Sino-US trade consultation. U.S. Would suspend tariffs on $250 billion in Chinese goods on Oct. 15, and China will purchase $40-$50 billion in U.S agricultural products, foreign media reported. Before then, China purchased U.S. agricultural products at the annual highest record of $29 billion. The trade negotiation has made substantial progess, which is bad for domestic meals market. Therefore, short-term cottonseed meal may fall back  with fluctuations, and buyers can wait and see.