Today (Feb. 27), the market for meals in China is shown as follows:

Soybean meal: Argentina suspended the export registration of agricultural products with a plan to raise soybean export duties by 3 percentage points to 33%. US soybean futures rose last night as Argentine export taxes could reduce its own export competitiveness. And meal futures also open higher to rise 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 2640-2860 yuan/tonne today. (Tianjin 2860, Shandong 2825-2840, Jiangsu 2715-2770, Dongguan 2640-2660, and Guangxi 2650-2760.) Soybean meal shipment is quickening as a growing number of feed enterprises have resumed work, but soybean arrivals at ports are forecast to be only 4.90 mln tonnes in March and some mills have made a downtime plan. Most mills now have no spot soybean meal for sales. Besides, as the epidemic has severely hit the catering business, some mills are bothered with swelling soybean oil stocks at present, which may also cut the operation rates. And investors are booking profits by buying meals and selling oils. All these help bolster meal prices to rebound. But the epidemic is also cutting the consumption of meat products, and the demand from aquaculture is also slack; hence, soybean meal has a dismal prospect in demand. This will temper the rises in its prices. Overall, soybean meal prices are bracing for a moderate bounce. Buyers are suggested to keep appropriate stockpiles, but not to chases after excessively high prices. 

Imported rapeseed meal: Imported rapeseed meal price rises today, of which it settles up 10-30 yuan/tonne at 2,230-2,350 yuan/tonne in coastal areas (Guangxi 2,230, up 30; Guangdong not offered; Fujian not offered). 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 the number of oil plants that halt the production in March will increase. And oil mills have no spot soybean meal for sale, which supports meals price. Besides, the novel coronavirus pneumonia outbreak has resulted in a fall in meats consumption. Also, the demand from aquaculture has been in a slack season. Thus, the demand outlook of meals is worrying and the upward space of rapeseed meal price is also limited. Buyers had better not chase up prices too excessively.

Imported fishmeal: Imported fishmeal is quoted lower today and can be traded through negotiation. Peruvian Standard SD with 65% protein content is 11,800-12,000 yuan/tonne, down by 100-200 yuan/tonne; Peruvian higher-quality SD with 65% protein content is 12,200-12,300 yuan/tonne, down by 100-200 yuan/tonne; Peruvian higher-quality SD with 67% protein content is 12,800-12,900 yuan/tonne, down by 100-200 yuan/tonne; and Peruvian Super Prime SD with 68% protein content is 13,000-13,100 yuan/tonne, down by 200 yuan/tonne against yesterday. The consumption of fishmeal is not very much at present, so downstream buyers just buy on immediate demand. In the meantime, fresh fishmeal goods are arriving at domestic ports, while port stocks are in slow consumption; thus, traders are undercutting prices to ramp up sales. Besides, the epidemic has gradually been under control in China, although it has yet come to an end. These are bearish to the market. But the transportation cost stays high because the logistics have yet recover completely, which helps the market. Overall, fishmeal market is predicted to be steady with a slightly weakening trend in the near term. Stocks at port: Huangpu 58,000 tonnes, Fuzhou 29,000 tonnes, Shanghai 33,000 tonnes, Tianjin 1,000 tonnes, Dalian 11,000 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.

Imported rapeseed meal: Imported rapeseed meal price rises today, of which it settles up 10-30 yuan/tonne at 2,230-2,350 yuan/tonne in coastal areas (Guangxi 2,230, up 30; Guangdong not offered; Fujian not offered). 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 the number of oil plants that halt the production in March will increase. And oil mills have no spot soybean meal for sale, which supports meals price. Besides, the novel coronavirus pneumonia outbreak has resulted in a fall in meats consumption. Also, the demand from aquaculture has been in a slack season. Thus, the demand outlook of meals is worrying and the upward space of rapeseed meal price is also limited. Buyers had better not chase up prices too excessively.