Today (Mar. 6), the market for meals in China is shown as follows:

Soybean meal: US soybean futures tumbled Thursday on lower-than-expected export data coupled with declines in global stock markets driven by concerns over an economic slowdown due to the coronavirus. And meal futures open low to drop on the Dalian Commodity Exchange today. Soybean meal spot prices steadily go down by 10-20 yuan/tonne in tepid trading. Specifically, the price settles at 2750-2910 yuan/tonne today. (Tianjin 2900, Shandong 2860-2880, Jiangsu 2820-2840, Dongguan 2750-2800, and Guangxi 2780-2820.) Brazil has seen its currency plunge to 4.6 per dollar, and DCE crush margins are decent, so China has bought a total of 30 cargoes of Brazilian soybeans in the first four days this week. Meanwhile, importers are making inquiries on US PNW of March-April shipments. Moreover, due to the spread of the novel coronavirus globally, the decline in demand for meat products will affect the breeding. Nevertheless, soybean arrivals at domestic ports will be fewer in March, and some mills have made a plan for downtime, so operation rates for soybean crush will significantly drop in the next two weeks. As soybean meal stocks remain at a low level, oil mills are busy carrying out contract after having sold out spot goods. In the meantime,  farmers are active making hog replenishment due to current considerable margins, so the demand for soybean meal will be rising with the recovery in hog amount. And the demand has been picking up now that 80% of feed enterprises have resumed work.In conclusion, it will take time to abate the tight supply in soybean meal market. Soybean meal prices are resilient and may keep range-bound with a strengthening trend.  

Imported rapeseed meal: Imported rapeseed meal declines in price today, of which it settles down 10-20 yuan/tonne at 2,280-2,370 yuan/tonne in coastal areas (Guangxi 2,280, down 20; Guangdong not offered; Fujian 2,320). The crush margins of soybean futures are still considerable, and China has bought 30 boatloads of Brazilian soybeans this week. Besides, the demand for meats goes down on account of the spread of the novel coronavirus epidemic worldwide, which will also affect breeding industry. Also, the demand from aquaculture has been in a slack season. Thus, the demand outlook is worrying, limiting meals prices. But rapeseed is in short supply amid continuous tensions between China and Canada, so the operation rate in oils mills is low, which leads rapeseed meal stocks to stay at a low level. In addition, spot soybean meal basically has been sold out, and the arrivals of soybean at ports are less in March. From this week, soybean crush will significantly decrease to 1.60-1.65 mln tonnes. In consequence, the price declines of rapeseed meal are limited, and short-term prices may fluctuate at a narrow range. Buyers can take a wait-and-see attitude.

Imported fishmeal: Imported fishmeal prices are stable today and can be traded through negotiation. Peruvian Standard SD with 65% protein content is 11,500-12,000 yuan/tonne; Peruvian higher-quality SD with 65% protein content is 11,800-12,300 yuan/tonne; Peruvian higher-quality SD with 67% protein content is 12,300-12,900 yuan/tonne; and Peruvian Super Prime SD with 68% protein content is 12,800-13,100 yuan/tonne. Fresh fishmeal in the B season arriving at ports is of higher quality, according to market sources. Most traders do not intend to sell at lower rates and are trying to support prices, which may limit price declines. But the consumption of fishmeal is usually low in cold weather, and feed owners tend to take hand-to-mouth buying, thus denting the overall demand. Port stocks are digested at a slow pace, while new goods are reaching ports gradually, so the overall port stocks keep rising. This has created selling pressure, and weighed on the market. In conclusion, fishmeal market is predicted to keep steady with a weakening trend in the near term. Stocks at port: Huangpu 60,000 tonnes, Fuzhou 31,000 tonnes, Shanghai 35,000 tonnes, Tianjin 1,000 tonnes, Dalian 13,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports. FOB quotes from foreign merchants today: It is quoted steadily at 1,450 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 steadily at 1,420 USD/tonne, and super with 68% protein content at 1,720 USD/tonne.

Cottonseed meal: Cottonseed meal prices are stable with individual declines of 20 yuan/tonne today. The trading volume of cottonseed meal is limited by narrow price spread between soybean meal and it. Also, the novel coronavirus epidemic is spreading around the world, lowering demand for meats and affecting breeding industry. Likewise, the demand from aquaculture has been in an off season. Consequently, the demand outlook of meals is worrisome. Besides, meals on DCE today fall back with low opens, and spot soybean meal steadily decreases by 10-30 yuan/tonne. In this case, cottonseed meal prices are depressed. However, over 80% of feed enterprises have returned to work and cottonseed meal is in low inventory, which limits the price declines of cottonseed meal. It is expected that short-term cottonseed meal prices may stay stable with fluctuations.