Today (Oct. 16), the market for meals in China is shown as follows:

Soybean meal: US soybean fell after investors booked profits as it hit a multi-month high, and meal futures move at a tight range on the Dalian Commodity Exchange today. Spot soybean meal prices steadily go ups and downs by 10-20 yuan/tonne, with tepid trading. Specifically, the price settles at 3,000-3,140 yuan/tonne. (Tianjin 3,140, Shandong 3,090-3,110, Jiangsu 3,030-3,050, Dongguan 3,010-3,030, and Guangxi 3,010-3,030). China will purchase substantial US farm products, and US soybeans will go marketing very soon. Domestic buyers turn cautious after soybean meal rose to such a high price. Hence, soybean meal prices will have limited space for further rises. But total stocks of soybean meal in China have dropped by 10% weekly to 520,000 tonnes due to low operation rates around the National Day holidays, and some mills still limit the quantity for delivery for out of stock. In the demand side, farmers are making handsome profits in animal and poultry breeding, and local governments are striving for resuming hog production, which has significantly narrowed the decline in hog amount last month. And the import cost of US soybeans has also been higher. Overall, soybean meal market is predicted to fluctuate at the narrow range to stay in the strengthening trend in the short run before a huge increase in stocks. Buyers are suggested to make appropriate replenishment on the dips, but not to chase after high prices excessively. 

Imported rapeseed meal: Imported rapeseed meal rises slightly in price today, of which it settles up 10-20 yuan/tonne at 2,360-2,480 yuan/tonne in coastal areas (Guangxi 2,380, up 20; Guangdong 2,480, stable; Fujian not offered). The supply of imported rapeseed is still tightening under the pending issues between China and Canada. Last week, rapeseed meal inventory had been on a downward trend. And the crush is predicted to decrease continuously, so oil mills have a strong will to raise prices. However, China will purchase US soybeans and DDGS in huge quantities, and US soybeans are under the pressure of harvesting and marketing, and African swine fever is still spreading. Also, aquaculture will be fading in the fourth quarter. These are bearish for rapeseed meal price and may limit rises, and short-term prices are likely to go upward with fluctuations. Buyers are suggested to make proper replenishment on the dips and not to chase up prices too high.

Imported fishmeal: Imported fishmeal price was stable yesterday. It was 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 112,000 tonnes, Fuzhou 34,000 tonnes, Shanghai 68,000 tonnes, Tianjin 1,000 tonnes, Dalian 9,000 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. Port shipments have got accelerated with feed plants making replenishment recently, and port stocks are also running short, so the sales sentiment of fishmeal holders are improved. This helps keep fishmeal prices firm and the market positive. But the demand for fishmeal is tepid in domestic aquaculture industry, and the consumption of feed is also slow due to the influence of the African swine fever. On the whole, the market is predicted to steady in the near term. 

Cottonseed meal: Cottonseed meal price stays stable with some declines of 20-150 yuan/tonne today. The price of cottonseed meal is depressed by rising operation rate and poor demand affected by narrow price spread between soybean meal and cottonseed meal. However, local goverments vigorously boost the recovery of pig production, so the decreases of hog herd significantly narrow. Thus, the demand may be improved, which could be beneficial to limit the fall of cottonseed meal. It is predicted that short-term rapeseed meal will fall back with fluctuations, and buyers can wait and see.