Today (Mar. 19), the market for meals in China is shown as follows:

Soybean meal: US soybean futures on Wednesday made further modest rises and supported strength to soybean meal, for market participants supposed that farmers would use soybean meal to replace DDGS since alcohol mills lowered down operation rates following steep losses in crude oil prices. But meal futures expand its early losses on the Dalian Commodity Exchange today. Soybean meal spot prices steadily decline by 10-20 yuan/tonne, with weaker trading. Specifically, the price settles at 2900-2980 yuan/tonne today. (Tianjin 2980, Shandong 2910-2930, Jiangsu 2910-2930, Dongguan 2900-2930, and Guangxi 2930-2950.) Albeit the spread of the novel coronavirus, soybean loading/unloading remains normal at all ports in Brazil, so do for railways and trucks. This is now not a support for soybean meal prices in China. However, it is a set conclusion that soybean meal imports are low in March, and many mills have been in downtime due to soybean shortages. Moreover, it will take longer time for quarantine amid the pandemic, so soybean imports may be less than 7 mln tonnes in April, below 7.3 mln tonnes expected previously. Currently, mills are maintaining low operation rates, and soybean meal stocks also stay at a very low level, so they are active propping up meal prices. Underpinned by the tight supply, soybean meal prices are predicted to maintain its strengthening trend in the near term.

Imported rapeseed meal: Imported rapeseed meal price declines today, of which it settles down 30-50 yuan/tonne at 2,230-2,320 yuan/tonne in coastal areas (Guangxi 2,230, down 50; Guangdong not offered; Fujian 2,270, down 50). Port activities in Brazil, like the unloading/loading of soybean operate normally, and the railway transportation and trucks also continue as normal amid the coronavirus outbreak. However, the demand in China still has not totally recovered on account of the African Swine Fever and the coronavirus, which limits meals prices. But rapeseed is in short supply amid unclear relations between China and Canada, so the operation rate in oils mills stays at a low level. As there are not many soybeans arriving at port this month, many oil mills have lacked of soybeans. Consequently, soybean meal spots stage a strong performance due to a short supply, which will support rapeseed meal price. And short-term price is likely to fluctuate at a narrow range.

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 12,800-13,300 yuan/tonne. Aquaculture has not started in northern regions in spite of a slight rise in temperature, so its fishmeal consumption is limited. The consumption by hog is also small as its population is not large. Hence, feed enterprises are not active purchasing and just taking hand-to-mouth buying, and the overall demand is dismal. But Peru has declared a emergency amid the novel coronavirus pandemic, and its Ministry of Production has announced to cancel test fishing activities in southern waters. Therefore, traders are encouraged to prop up prices. Overall, fishmeal market is predicted to keep steady with a strengthen trend in the near term. Stocks at port: Huangpu 65,000 tonnes, Fuzhou 31,000 tonnes, Shanghai 38,000 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 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 30-50 yuan/tonne today. In individual regions, the prices drop by 50 yuan/tonne. The price spread between soybean meal and cottonseed meal is narrow. And 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. Besides, meals on Dalian Commodity Exchange today fall back after low opens, and spot soybean meal steadily decreases by 10-20 yuan/tonne. In consequence, cottonseed meal market is weighed down by these factors. However, the overall operation rate in cottonseed oil plants is still not high, and Xinjiang cottonseed meal spots are in tight supply. Furthermore, soybean meal price goes strongly due to a shortage of goods, which may support cottonseed meal market. Therefore, short-term cottonseed meal price will likely fluctuate to stay strong.