Today (Oct. 30), the market for meals in China is shown as follows:

Soybean meal: US soybean futures closed lower last night as US farmers quickened to harvest 62% of their soy crop and as a report by Reuters said that an interim trade agreement between the United States and China might not be completed in time. Spot soybean meal prices steadily fluctuate by 10-20 yuan/tonne, and there is till tepid trading for spot contracts but some on forward basis. Specifically, the price settles at 3,020-3,180 yuan/tonne today. (Tianjin 3,180, Shandong 3,100-3,160, Jiangsu 3,080-3,100, Dongguan 3,030-3,040, and Guangxi 3,040-3,060, Fujian 3,020-3,050). Some mills have to suspend production due to soybean shortages. The demand for soybean meal may get better than forecast due to the increasing sow amount. Soybean meal stocks total 557,000 tonnes at present, a decline of 3% from the previous week. Therefore, mills now are propping up prices. But mills are buying up on soybeans due to good crush margins and have locked in profits in forward sales, and DCE meal futures are also kept in check as traders boosted their long position in oil futures; hence, short-term soybean meal spots will be little changed and may fluctuate slightly to adjust. Soybean meal market in the middle to long term may be positive due to a sharp cut in US soybean production and stocks. Buyers are suggested not bet on excessively high spot prices, but to make some replenishment on low forward basis. 

Imported rapeseed meal: Imported rapeseed meal rises slightly in price today, of which it settles up 10 yuan/tonne at 2,330-2,400 yuan/tonne in coastal areas (Guangxi 2,330; Guangdong 2,400, stable; Fujian not offered). Rapeseed supply is tightening with no sign of a detente in the relations between China and Canada. Besides, inventory of soybean meal and rapeseed meal was trending down last week, so oil mills raised price. Moreover, there are steep cuts in US soybeans production and inflation expectation caused by a surge in pork price. Meanwhile, investors are boosting their positions in agricultural products. Therefore, meals outlook is still relatively optimistic. On the other hand, the China-U.S. trade war is easing, and aquaculture is also gradually fading due to the colder weather, which may limit the rises of rapeseed meal price. And short-term rapeseed meal mainly fluctuates to stay strong. Buyers are suggested to make proper replenishment on the dips and not to drive up prices excessively.

Imported fishmeal: Imported fishmeal price are stable with some rises today. It is stable at 9,100-9,500 yuan/tonne for Peruvian Standard SD with 65% protein content and 9,400-9,800 yuan/tonne for Thai SD with 67% protein content, and partially up by 100 yuan to 9,900-10,200 yuan/tonne for Japanese SD with 67% protein content and to 10,100-10,600 yuan/tonne for super SD with 68% protein content. With few imports arriving at ports, total stocks at ports post an downside trend under a normal consumption pace. Most traders now have tight supplies and are stalling on the sales, so fishmeal prices have some rises today. But farmers in North China have already shut down their aquaculture plants and will have weak demand for fishmeal in the short term. Meanwhile, hog feed consumption is also slow due to the influence of the African swine fever. The demand side will continue to subdue the market. 

Stocks at port: Huangpu 96,000 tonnes, Fuzhou 31,000 tonnes, Shanghai 53,000 tonnes, Tianjin 1,000 tonnes, Dalian 7,000 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.

Cottonseed meal: Cottonseed meal price stays stable with some weak fluctuations of 10-100 yuan/tonne today. Cottonseed meal market is dragged down by light trading of new order and less demand affected by narrow price gap between soybean meal and cottonseed meal. But sow stock begins to rebound from the bottom. And the production of pig feed in September increased by 10% from the previous month, which could improve the demand. Therefore, cottonseed meal market is supported, and short-term cottonseed meal may move sideways with fluctuations. However, the overall market outlook still stays strong due to steep cuts in US soybeans production and inflation expectation. Buyers are suggested to make proper replenishment on the dips and remain cautious in chasing up prices.