Today (Apr. 22), the market for meals in China is shown as follows:

Soybean meal: US soybean futures were modestly higher on short covering and technical buying after consecutive losses for six sessions. And meal futures expand early gains on the Dalian Commodity Exchange today. Soybean meal spot prices are mixed at a range of 10-30 yuan/tonne in tepid trading. Specifically, the price settles at 2890-3080 CNY/tonne today. (Tianjin 3080, Shandong 3000-3020, Jiangsu 2980-3060, Dongguan 2890-2920, and Guangxi 2890-2900.) Soybean meal stocks are extremely low at present, so that some mills are directly selling products in crushers. It is a sign that it will still take days to ease tight supplies. Moreover, oil prices are declining due to a collapse in crude oil prices. As sil mills are trying to support meal prices, soybean meal prices are relatively resilient now. However, considerable crush margins for Brazilian soybeans on the DCE continue luring Chinese importers to make purchases and there will be a monthly average of nearly 10 mln tonnes of soybean vessels arriving in China from May-July; hence, soybean crush will pick up to a relatively high level in coming two weeks. Distributors still have a strong sentiment to clear stocks with concerns over huge soybean cargoes arriving at ports, so soybean meal market is still not optimistic. Buyers can take hand-to-mouth basis.

Imported rapeseed meal: Imported rapeseed meal rises in price today, of which it settles up 10-50 CNY/tonne at 2,280-2,370 CNY/tonne in coastal areas (Guangxi 2,330, up 50; Guangdong not available; Fujian 2,310, up 10). Due to the low operation rate in rapeseed crushing mills amid tensions between China and Canada, the inventories of soybean meal and rapeseed meal stay at low levels, boosting rapeseed meal market. But the monthly soybean arrivals from May to July could be as high as 9.8 mln tonnes owing to the considerable crush margins of futures. Likewise, soybean crush will rise to higher levels over the next two weeks. Accordingly, soybean meal supply will gradually increase. In addition, the coronavirus pandemic has greatly impacted global catering businesses, curbing rapeseed meal price. Therefore, the upward momentum of rapeseed meal is still limited lately, and the overall market is likely to track futures to fluctuate. Buyers are suggested to take rolling operating and make appropriate replenishment on the dips and remain cautious in chasing up price.

Imported fishmeal: Imported fishmeal prices are stable today and can be traded through negotiation. Peruvian Standard SD with 65% protein content is 12,000-12,300 CNY/tonne; Peruvian higher-quality SD with 65% protein content is 12,200-12,700 CNY/tonne; Peruvian higher-quality SD with 67% protein content is 13,200-13,300 CNY/tonne; and Peruvian Super Prime SD with 68% protein content is 14,000 CNY/tonne. Institute of the Sea of Peru, also known as Imarpe, has launched a new research cruise and will release results on April 25. Ahead of this, Chinese traders will have little willing to adjust prices. In addition, domestic consumption of fishmeal is small in the aquaculture, and downstream buyers remain cautious at current high prices; hence, the trading is subdued at ports. However, Peru is now under the influence of the COVID2019, casting doubt on fishing in the new season in north-centre oceans. Meanwhile, port stocks of Super Prime fishmeal are of low levels in China at present, shoring up traders to stall sales. On the whole, fishmeal market is predicted to keep steady in the short term. Stocks at port: Huangpu 50,000 tonnes, Fuzhou 27,000 tonnes, Shanghai 33,000 tonnes, Tianjin 1,000 tonnes, Dalian 10,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports. FOB quotes from foreign 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 are stable today. Due to the good crush margins of soybean futures, the monthly arrival of soybeans will likely reach up to 9.8 mln tonnes from May to July, and soybean crush will rise to higher levels over the next two weeks. Thus, soybean meal supply will gradually increase, and cottonseed meal will continue falling. Moreover, the downstream demand is weak now. Accordingly, cottonseed meal market confidence is hit by these factors. Furthermore, cottonseed price remains high with not much inventory, so manufacturers prop up price under high cost, which leads cottonseed meal to be resilient tentatively. It is predicted that the operation rate among soyoil crushing mills will rise sharply for the next two weeks, which may raise the risk of paring back for cottonseed meal price. Buyers can wait and see.