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

Soybean meal: US soybean futures closed higher last night, as dryness in some parts of Argentina might damage the potential production. Meal futures rally moderately on the Dalian Commodity Exchange today. Soybean meal spot prices steadily go up by 10-20 yuan/tonne in tepid trading. Specifically, the price settles at 2620-2800 yuan/tonne today. (Tianjin 2800, Shandong 2720-2830, Jiangsu 2685-2760, Dongguan 2620-2650, and Guangxi 2640-2780.) The delivery of soybean meal has been increasing with more downstream feed plants resuming work. Meanwhile, soybean arrivals at ports are predicted to be only 4.90 mln tonnes in March, and also in that month, some Shandong mills will have a downtime plan for a long while, so in east China. And mills now almost have no spot soybean meal to sell. But on the other hand, the consumption of meat products has been affected, as the catering services and tourism have been heavily hit by the novel coronavirus epidemic. And aquaculture is also in the off-season in winter. Therefore, the gloomy outlook in demand is weighing on prices in meal markets. Overall, short-term soybean meal market is likely to follow futures to fluctuate at a narrow range to adjust. Buyers out of stock can make replenishment with small amount on the dips or in batches on low forward basis, and remain cautious in chasing after high prices. 

Imported rapeseed meal: Imported rapeseed meal steadily rises in price today, of which it settles up 10-20 yuan/tonne at 2,200-2,350 yuan/tonne in coastal areas (Guangxi 2,200, flat; Guangdong not offered; Fujian 2,260, up 20). Rapeseed is in short supply amid continuous tensions between China and Canada, so oil mills reduce the operation rate. Meanwhile, soybean arrivals forecast at only 4.9 mln tones in March, so partial enterprises may halt the operation due to a shortage of soybean. And oil mills have no spot goods for sale, which supports rapeseed meal price. However, Chinese oil plants are still purchasing South American soybean owing to the good crush margin, and the import for U.S. soybeans may also increase in later period. Besides, the novel coronavirus pneumonia outbreak has resulted in sluggish demand for meats. Also, the demand from aquaculture has been in a slack season, limiting the upward space of rapeseed meal price. Thus, buyers had better not chase up prices too excessively.

Imported fishmeal: Imported fishmeal prices are stable today and can be traded through negotiation. Peruvian Standard SD with 65% protein content is 12,000-12,200 yuan/tonne; Peruvian higher-quality SD with 65% protein content is 12,200-12,500 yuan/tonne; Peruvian higher-quality SD with 67% protein content is 12,800-13,000 yuan/tonne; and Peruvian Super Prime SD with 68% protein content is 13,200-13,300 yuan/tonne. The epidemic has gradually been under control in China, although it has yet come to an end. Several traders have received fresh goods at ports, and logistics are also in the recovery, so fishmeal shipment will hopefully quicken its pace. This is positive to the market. But downstream buyers are buying on immediate demand due to slow consumption, which remains as a bearish factor. On the whole, the market is predicted to keep steady in the short term. Stocks at port: Huangpu 57,000 tonnes, Fuzhou 30,000 tonnes, Shanghai 33,000 tonnes, Tianjin 1,000 tonnes, Dalian 10,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports. FOB quotes from foreign merchants today: It is quoted steadily at 1,430 USD/tonne for Peruvian Standard with 65% protein content and 1,730 USD/tonne for Peruvian super with 68% protein content. Chilean Standard with 65% protein content is unchanged at 1,400 USD/tonne, and super with 68% protein content at 1,700 USD/tonne.

Cottonseed meal: Cottonseed meal prices are mostly not offered today. Partial prices steadily decrease by 50 yuan/tonne. The demand for cottonseed meal is limited by an inversion of price spread between soybean meal and it. Besides, the demand for meats has affected by novel coronavirus pneumonia outbreak, thereby the demand outlook of meals is also worrisome. Consequently, these are causing cottonseed meal price to continue to recede from highs. But the overall operation rate of oil mills stays at a low level now. And cottonseed meal inventories are low. Besides, meals on Dalian Commodity Exchange moderately rise today, and spot soybean meal steadily up by 10-20 yuan/tonne. Therefore, the price declines of cottonseed meal are limited temporarily, and short-term market is predicted to fluctuate to adjust. With crush enterprises resuming the production successively, there is a risk of dropping in cottonseed meal prices.