Today (Mar. 27), the market for meals in China is shown as follows:

Soybean meal: US soybean futures fell on Thursday on concerns over the demand amid the pandemic as well as technical selling. But meal futures moderately post gains on the Dalian Commodity Exchange today due to tight supplies. Soybean meal spot prices steadily increase by 10-40 yuan/tonne to attract some low-level replenishment. Specifically, the price settles at 3070-3220 yuan/tonne today. (Tianjin 3220, Shandong 3200-3250, Jiangsu 3200-3230, Dongguan 3030-3100, and Guangxi 3080-3130.) Domestic mills are keeping operation rates at a very low level at present, and soybean imports may go lower than the forecast as it now takes longer time to transport, load and quarantine soybeans at South American ports under the impact of the pandemic, so soybean meal may be unable to loosen the tight supply outlook until late April. Meanwhile, farmers are actively increasing hog stocks due to considerable stocks, and the demand from egg poultry will also pick up as schools are to open soon; hence, the demand from feed enterprises are decent recently. Oil mills are thus sitting on sales and raising prices. Meal prices will stay at the high level until tight supplies abate. And after that, soybean meal prices still have a risk to fall. Buyers are suggested to make appropriate replenishment on the dips, but not to chase after excessively high prices.

Imported rapeseed meal: Imported rapeseed meal rises in price today, of which it settles up 70-90 yuan/tonne at 2,420-2,500 yuan/tonne in coastal areas (Guangxi 2,420, up 90; Guangdong not offered; Fujian 2,480, up 70). Rapeseed is in tight supply amid the tensions between China and Canada, resulting in low operation rate in oil mills. Same goes for rapeseed meal stocks. Although the ports in South America are operating normally, only 6.88 mln tonnes of soybeans will arrive in China in April due to the delay of delivery, shipment and quarantine. Accordingly, the operation rate is low on account of soybean shortage, which may last until mid-to-late April. In addition, the aquaculture is on pace for a recovery with the weather warming up. Therefore, the overall rapeseed meal will likely continue high price until an ease of short supply.

Imported fishmeal: Imported fishmeal prices are stable with a partial rise of 100 yuan today and can be traded through negotiation. Peruvian Standard SD with 65% protein content is 11,700-12,100 yuan/tonne; Peruvian higher-quality SD with 65% protein content is 12,000-12,500 yuan/tonne; Peruvian higher-quality SD with 67% protein content is 12,600-13,000 yuan/tonne; and Peruvian Super Prime SD with 68% protein content is 13,200-13,300 yuan/tonne. The COVID-19 is spreading in Peru, with more than 480 confirmed cases till now. Its Minister of Environment said that there is a possible extension in quarantine, including state borders. Hence, market participants speculate that the country will postpone the time to start fishing in the centre-north regions, and some industry insiders forecast that fishmeal may have a tight supply outlook. In this case, traders are encouraged to lift prices. However, it will take time for aquaculture to get started in northern regions. Meanwhile, hog stocks are at a low level, so the demand in this industry is also limited. Besides, downstream buyers are cautious in purchasing on account of high-priced fishmeal at present. Therefore, there is limited space for fishmeal to go upward. In conclusion, fishmeal market is predicted to stay stable with a strengthening trend in the near term. Stocks at port: Huangpu 66,000 tonnes, Fuzhou 32,000 tonnes, Shanghai 40,000 tonnes, Tianjin 1,000 tonnes, Dalian 10,000 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 price stays stable with individual rises of 50 yuan/tonne today. Oil mills have low stocks of cottonseed meal. But the low freight from Xinjiang to inland offers support to cottonseed price in Xinjiang producing area. Moreover, meals on DCE today stage a moderate rise on the tight supply, and spot soybean meal steadily up by 10-40 yuan/tonne. Thus, these factors are positive for cottonseed meal market. And Xinjiang cottonseed meal follows the rise in some places. But the price spread between soybean meal and cottonseed meal is unreasonable. Besides, downstream enterprises are cautious in purchasing cottonseed meal amid a steep rise in price, so they mainly replenish in rigid demand, which drags down the market. It is predicted that short-term cottonseed meal market may fluctuate at high points.