Today (Oct. 17), the market for meals in China is shown as follows:

Soybean meal: US soybean futures fell last night on quickening crop harvests, along with uncertainty about the terms of US-China trade pact. And meal futures open lower to fall slightly on the Dalian Commodity Exchange today. Spot soybean meal prices steadily go ups and downs by 10-20 yuan/tonne in light trading. Specifically, the price settles at 2990-3130 yuan/tonne. (Tianjin 3,130, Shandong 3,060-3,100, Jiangsu 3,020-3,060, Dongguan 2,990-3,030, and Guangxi 3,020-3,030). China’s Ministry of Foreign Affairs confirmed that China would accelerate its purchases of US agricultural products. US soybeans will soon face the seasonal pressure of expanding harvests and sales. And domestic buyers turn conservative amid continued rises of soybean meal prices, in addition to the growing soybean crush. The upward trend of soybean meal prices is thus hindered. But total stocks of soybean meal in China have dropped by 10% weekly to 520,000 tonnes, and mills in northern regions 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 US soybean prices will unlikely drop due to its largely trimmed stocks estimates. Overall, soybean meal market is predicted to trade range-bound in the short run unless a huge increase in stocks. Buyers can wait at the moment. 

Imported rapeseed meal: Imported rapeseed meal declines slightly in price today, of which it partially settles down 10 yuan/tonne at 2,350-2,480 yuan/tonne in coastal areas (Guangxi 2,350, stable; Guangdong 2,480, stable; Fujian not offered). US soybeans are under the pressure from harvesting and marketing. Besides, the African swine fever is still spreading, and aquaculture will be fading as the weather gets colder, so there is little improvement in demand. Hence, these factors will dampen rapeseed meal prices. However, the supply of rapeseed is still tightening under the pending issues between China and Canada, so rapeseed crush will continue decreasing, and oil mills tend to prop up prices, which could limit the declines. Hence, short-term rapeseed meal market may mainly fluctuate at a narrow range.So buyers can wait and see.

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 110,000 tonnes, Fuzhou 33,000 tonnes, Shanghai 67,000 tonnes, Tianjin 1,000 tonnes, Dalian 8,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports. FOB prices from foreign merchants today: it is 1,110 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 1,100 USD/tonne, and super SD with 68% protein content at 1,300 USD/tonne. Port shipments have got accelerated as feed plants continue to make replenishment, 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 light turnover due to the poor demand affected by narrow price spread between soybean meal and cottonseed meal. Hence, cottonseed meal prices are depressed by these factors. However, local governments 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.