Today (Mar. 2), the market for meals in China is shown as follows:

Soybean meal: The rapidly-spreading novel coronavirus epidemic was forcing the stock market and energy futures to extend the steep downtrend, and due to a forecast for a bumper soybean harvest in Brazil, soybean futures edged lower last Friday. But meal futures open high and expanding gains on the Dalian Commodity Exchange today. Soybean meal spot prices partially go up by 20-60 yuan/tonne in tepid trading. Specifically, the price settles at 2710-2910 yuan/tonne today. (Tianjin 2910, Shandong 2895-2900, Jiangsu 2790-2800, Dongguan 2710-2760, and Guangxi 2750-2770.) Soybean arrivals at ports are predicted to be 75 cargoes or 4.82 mln tonnes in March, which is relatively small. In this case, some mills have made a plan for downtime, and weekly soybean crush will decrease to 1.60-1.65 mln tonnes separately for both next two weeks, compared to 1.92 mln tonnes last week. While mills now almost have no spot soybean meal for sales, the demand is improving as downstream feed enterprises are resuming work; hence, it will take time to solve the tight supply in the market. In addition, soybean oil stocks are swelling in some mills, and traders are taking the arbitrage of buying meals and selling oils, which both help bolster soybean meal prices to rebound. But DCE crush margins are still lucrative, and soybean arrivals may amount to 24.30 mln tonnes from April to June. Moreover, the coronavirus pneumonia will also affect the demand from breeding, which will thus constrain the upward space of soybean meal. Buyers are suggested to keep appropriate stocks, but not to chase after excessively high prices. 

Imported rapeseed meal: Imported rapeseed meal price rises today, of which it settles up 30-40 yuan/tonne at 2,270-2,310 yuan/tonne in coastal areas (Guangxi 2,270, up 30; Guangdong not offered; Fujian 2,280). Rapeseed is in short supply as there is no sign of easing tensions between China and Canada, so the operation rate in oils mills is low. Last week, rapeseed meal stocks in coastal areas decreased by 29% to 18,000 tonnes. Besides, most of spot soybean meal has been sold out, and soybean arrivals in March also lower. Accordingly, some enterprises will likely halt the operation due to a shortage of soybean. However, the demand is picking up with feed enterprises returning to work successively, boosting meals prices. In addition, the novel coronavirus pneumonia outbreak has resulted in a huge fall in meats consumption. Also, the demand from aquaculture has been in a slack season. Thus, the demand outlook of meals is worrying, which will affect the upward space of rapeseed meal price. Buyers had better not chase up prices too excessively.

Imported fishmeal: Imported fishmeal is quoted steadily today and can be traded through negotiation. Peruvian Standard SD with 65% protein content is 11,800-12,000 yuan/tonne; Peruvian higher-quality SD with 65% protein content is 12,200-12,300 yuan/tonne; Peruvian higher-quality SD with 67% protein content is 12,800-12,900 yuan/tonne; and Peruvian Super Prime SD with 68% protein content is 13,000-13,100 yuan/tonne. Currently, fishmeal is in slack consumption at present, so that buyers usually buy according to immediate demand. Port stocks are hard to digest, while fresh goods are arriving at ports, so total stocks are rising at ports. But transportation cost remains high when logistics are still in recovery amid the unfinished epidemic, so traders are encouraged to prop up prices. This is good to the market. Overall, fishmeal market is predicted to be steady in the near term. Stocks at port: Huangpu 58,000 tonnes, Fuzhou 30,000 tonnes, Shanghai 34,000 tonnes, Tianjin 1,000 tonnes, Dalian 12,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports. FOB quotes from foreign merchants today: It is quoted higher by 20 USD at 1,450 USD/tonne for Peruvian Standard with 65% protein content and 1,750 USD/tonne for Peruvian super with 68% protein content. Chilean Standard with 65% protein content is quoted higher by 20 USD at 1,420 USD/tonne, and super with 68% protein content at 1,720 USD/tonne.

Cottonseed meal: Cottonseed meal prices are mostly not offered today. Partial prices are down 20-100 yuan/tonne, while individual prices are up 30 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 factors inhibit cottonseed meal market. But the overall operating rate of oil mills is not high at the moment, and cottonseed meal inventories are low. Additionally, due to the short supply of spot goods, meals on Dalian Commodity Exchange start higher and extend rises gradually. And spot soybean meal up by 20-60 yuan/tonne. In this case, it is predicted that cottonseed meal market will be supported in a short term.