Today (Mar. 10), the market for meals in China is shown as follows:

Soybean meal: US soybean fell sharply last night, dragging down by a steep loss in stock markets. Meal futures moderately rebound on the Dalian Commodity Exchange today. Soybean meal spot prices steadily fluctuate by 10-20yuan/tonne. Specifically, the price settles at 2770-2860yuan/tonne today. (Tianjin 2860, Shandong 2815-2850, Jiangsu 2780-2800, Dongguan 2770-2780, and Guangxi 2770-2800.) Soybean arrivals at ports are forecast to be just 4.82 mln tonnes this month, so soybean crush drops for shortages. Mills with low soybean meal stocks are currently completing delivery of old contracts after selling out spot goods. Besides, farmers are actively making hog replenishment due to handsome breeding profits, and over 80% of feed enterprises have also resumed work; hence, the demand will get better during the period and it will take time to ease tight supply in soybean meal market. Meal prices are holding relatively well as mills are propping them up in view of low oil prices. But soybean imports from April to June are expected to reach 24.50 mln tonnes. And there is high pressure from a collapse in stock markets and crude oil prices under the spread of the epidemic across the globe. Therefore, meal prices will have weak upward potential. Overall, short-term soybean meal prices will keep range-bound, and buyers are suggested to make appropriate replenishment on the dips and remain cautious in chasing after high prices.

Imported rapeseed meal: Imported rapeseed meal price rises today, of which it settles up 20-50 yuan/tonne at 2,220-2,310 yuan/tonne in coastal areas (Guangxi 2,250, up 50; Guangdong not offered; Fujian 2,270, up 40). Rapeseed is in short supply amid unclear relations between China and Canada, so the operation rate in oils mills is low and soybean meal inventories stay at a low level. Due to lower arrivals of boatloads of soybean this month, many oil mills plan to halt the operation, causing a sharp fall in soybean crush. Meanwhile, the soybean meal stocks are still low, and spots have been sold out basically, so factories mainly implement the contract. Besides, more than 80% downstream feed enterprises have returned to work, which boosts meals prices. However, Chinese buyers continue to purchase Brazilian soybeans due to the good crush margins of their futures. In the second quarter, there will be huge quantity of Brazilian soybean arriving at ports, which is likely as high as 24.5 mln tonnes from April to June. And the imports for U.S. agricultural products will also increase in later period. Otherwise, a decrease of demand for meats on account of the spread of the novel coronavirus epidemic worldwide has also affected breeding industry. Accordingly, short-term rapeseed meal price may fluctuate at a narrow range. Buyers had better not chase up price too far.

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. Peru’s Ministry of Production has started its investigation of marine resource, and insiders expect new quota in 2020 to be low at around 1.0-1.5 mln tonnes. Traders are encouraged to prop up prices, which may limit downside space in fishmeal prices. However, the consumption of fishmeal is still slack at present, so that feed mill owners are buying according to immediate demand. In the meantime, traders are rush to clear storage as port stocks are increasing with fresh goods arriving at ports. This is bearish to the market. In conclusion, fishmeal market is predicted to keep steady with a weakening trend in the near term. Stocks at port: Huangpu 61,000 tonnes, Fuzhou 31,000 tonnes, Shanghai 36,000 tonnes, Tianjin 1,000 tonnes, Dalian 14,000 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 some declines of 20-50 yuan/tonne and individual rises of 50 yuan/tonne. The price spread between soybean meal and cottonseed meal is narrow. Besides, 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, and factories have not many new orders of cottonseed meal. Consequently, cottonseed meal prices are dampened by these factors. However, cottonseed oil continues to drop, and some inland oil mills halt the production as they run out of cottonseed. Therefore, manufacturers prop up cottonseed meal price, which limits the price declines of it. And the price is bucking rising in some regions. It is expected that short-term cottonseed meal prices may fluctuate weakly.