Today (Mar. 17), the market for meals in China is shown as follows:

Soybean meal: Concerns over a slowdown in global economy hammered the financial market amid fast-spread novel coronavirus pandemic. US stock markets recorded the steepest loss since 1987 and hit emergency circuit breaker on Monday for the third time in the past two weeks. US soybean futures also got weighed down to notch a significant decline. Meal futures swing fractionally on the Dalian Commodity Exchange today. Soybean meal spot prices steadily fluctuate by 10-30 yuan/tonne, with some purchases upon low-level forward basis. Specifically, the price settles at 2860-2980 yuan/tonne today. (Tianjin 2970, Shandong 2930-2950, Jiangsu 2900-2940, Dongguan 2940-2960, and Guangxi 2950-2980.) As soybean imports are comparatively small this month, some mills have already gone into a suspension and soybean crush also posts a sharp decline. In the meantime, soybean imports may be lower than expected due to slow shipment in Brazil. Domestic soybean meal stocks are relatively low at present, while the demand is getting somewhat better in the short term, for farmers are lured to make hog replenishment by current considerable breeding margins. It still takes time to abate supply tensions in the market, so soybean meal prices are predicted to keep range-bound with a strengthening trend. 

Imported rapeseed meal: Imported rapeseed meal price rises slightly today, of which it partly settles up 10 yuan/tonne at 2,280-2,340 yuan/tonne in coastal areas (Guangxi 2,300, flat; Guangdong not offered; Fujian 2,320, up 10). Rapeseed is in short supply amid unclear relations between China and Canada, so the operation rate in oils mills stays at a low level, the same to rapeseed meal inventory. Meanwhile, the supply of soybean meal spots is tight, and there are not many soybeans arriving at port this month. Moreover, the demand goes better in phases, for most feed enterprises have returned to work. Consequently, meals prices are boosted by these factors. But the good crush margins of Brazilian soybeans attract Chinese buyers to purchase, which leads the arrivals to be in huge quantity in the second quarter. And the imports for U.S. agricultural products will also increase in later period. Otherwise, the demand for meats goes down on account of the spread of the novel coronavirus epidemic worldwide. Also, demand from aquaculture has been in an off season. Therefore, rapeseed meal price will be weak in rising momentum and may fluctuate at a narrow range in the near term. Buyers are suggested not to chase up prices too high.

Imported fishmeal: Imported fishmeal prices go 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. Peruvian President Martin Vizcarra on March 15 declared a 15-day export ban amid the novel coronavirus pandemic, so that fishmeal exports in this country also came to a suspension. Meanwhile, Peru may also postpone the investigation on marine resources due on March 26. Chinese traders are encouraged by this bullish news to prop up prices, which is positive to fishmeal market. However, fresh goods are still arriving at ports, while the demand for fishmeal is slack at present. The overall shipment and consumption is slow at ports, for feed enterprises are not active purchasing and just taking hand-to-mouth buying. In conclusion, fishmeal market is predicted to keep steady in the near term. Stocks at port: Huangpu 64,000 tonnes, Fuzhou 31,000 tonnes, Shanghai 37,000 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 some rises of 50 yuan/tonne today. The overall operation rate in cottonseed oil plants is still not high, and Xinjiang cottonseed meal spots are in tight supply. As cottonseed oil continues to decline, factories prop up meals prices. But the price spread between soybean meal and cottonseed meal is narrow. Besides, the novel coronavirus has impacted breeding industry, for which feed enterprises said that the sales of poultry feed fell above 20% in March. Likewise, the demand from aquaculture also has been in an off season, and inland factories have not many new orders of cottonseed meal, limiting its price rises. Thus, it is expected that short-term cottonseed meal prices may move sideways with fluctuations. Buyers can make small replenishment on the dips but remain cautious in chasing up price. (For reference only.)