Today (Apr. 13), the market for meals in China is shown as follows:

Soybean meal: US market was closed for the Easter holidays last Friday, and meal futures edge lower on the Dalian Commodity Exchange today. Soybean meal spot prices steadily fluctuate by 10-20 yuan/tonne in tepid trading. Specifically, the price settles at 2980-3250 yuan/tonne today. (Tianjin 3250, Shandong 3190-3230, Jiangsu 3220-3280 (May contract), Dongguan 2980-3100, and Guangxi 2980-3000.) Soybean meal stocks hit another record low of 150,000 tonnes in the week ending April 10, as many mills were idle due to material shortages. Mills are setting limited quantity for delivery, so that some feed mills have to cut down or limit production for lack of soybean meal. The tight supply could last till late April, and downstream feed manufacturers have gradually raised prices. Soybean meal prices are thus bolstered. However, calculated by current soybean vessel lineups from South America to China, soybean arrivals at domestic ports are forecast to hit 9.9 mln, 9.8 mln and 9.6 mln tonnes in May, June and July, respectively. And soybean crush is predicted to return to a normal level of 1.75 mln tonnes next week. Meanwhile, catering businesses have got a tremendous shock globally due to the novel coronavirus, so the demand for soybean meal is still not optimistic in the second quarter. Domestic distributors are booking profits by selling soybean meal on the high prices, capping the upward space of meal prices. Soybean meal market will probably remain resilient or keep range-bound amid tight supplies in the short run, but with easing tight supplies, the market will have face higher downward stress, especially spot and nearby contracts. Participants need to strengthen risk prevention.

Imported rapeseed meal: Imported rapeseed meal price goes up today, of which it settles up 10-20 yuan/tonne at 2,320-2,440 yuan/tonne in coastal areas (Guangxi 2,350, up 20; Guangdong not offered; Fujian 2,380, up 10). Rapeseed crush stays at low levels amid continuous tensions between China and Canada. Last week, rapeseed meal inventories in coastal regions decreased by 6% than a week earlier to 24,000 tonnes and soybean crush was down to a level of 1.35 mln tonnes. Meanwhile, soybean meal stocks in coastal regions also declined to a record low. Such being the case, oil mills almost have no spot goods for sale, and rapeseed meal prices are supported. But the arrival of soybeans at ports will reach an average of nearly 10 mln tonnes in May-July amid considerable crush margins of soybean futures, and soybean crush will rally to be as normal as 1.75 mln tonnes next week. Additionally, global catering industry is under a great impact of coronavirus pandemic, thereby hitting the demand for meats. Thus, the demand outlook in the second quarter is not optimistic, limiting price rises of rapeseed meal. As rapeseed meal market will likely frequently fluctuate recently, buyers are suggested to not chase up prices too high.

Imported fishmeal: Imported fishmeal prices are stable with a partial rise today and can be traded through negotiation. Peruvian Standard SD with 65% protein content is 12,000-12,300 yuan/tonne; Peruvian higher-quality SD with 65% protein content is 12,200-12,700 yuan/tonne; Peruvian higher-quality SD with 67% protein content is 12,800-13,100 yuan/tonne, a partial rise of 100-200 yuan/tonne; and Peruvian Super Prime SD with 68% protein content is 14,000 yuan/tonne. President of Peru declared to extend the state of emergency till April 26th, as the pandemic is still sweeping all the world. It seems to be difficult for Peruvian fishermen to fix a date for starting in the new season. And in China, there are very few fishmeal vessels arriving, so that port stocks are declining. Hence, fishmeal prices are partially bolstered to continue the uptrend today. However, the overall consumption of fishmeal is limited now, as aquaculture has just started in both southern and northern China. In addition, downstream buyers are cautious at current high prices and just take hand-to-mouth buying, which also curbs the fishmeal market. The subdued trade in the market is bearish to fishmeal market. Dominated by bullish factors, fishmeal market is predicted to maintain its strengthening trend in the short term. Stocks at port: Huangpu 49,400 tonnes, Fuzhou 28,000 tonnes, Shanghai 28,000 tonnes, Tianjin 1,000 tonnes, Dalian 8,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports. FOB quotes from foreign markets today: It is quoted steadily at 1,470 USD/tonne for Peruvian Standard with 65% protein content and at 1,700 USD/tonne for Peruvian super with 68% protein content. Chilean Standard with 65% protein content is quoted steadily at 1,470-1,520 USD/tonne, and super with 68% protein content steadily at 1,720 USD/tonne. 

Cottonseed meal: Cottonseed meal prices keep steady with partial decrease of 30-50 yuan/tonne today. The coronavirus pandemic severely hits global catering services, impacting the demand for meats. And the demand from aquaculture has been in an off season. But the operation rate in crushing mills stays at a relative high level, which leads more cottonseed meal output. Besides, the downstream demand for cottonseed meal is poor and factories have not many new orders, resulting in a further decline in price in some regions. In addition, cottonseed price is high, and short-term soybean meal is resilient due to soybean shortages. Therefore, the price declines of cottonseed meal are limited, and the market is likely to fluctuate to adjust in the near term.