Today (Sep 3), the market for meals in China is shown as follows:

Soybean meal: Chicago soybean futures advanced on Wednesday as China might have purchased several cargoes of U.S. soybeans, and Dalian meal futures also move slightly higher on Thursday today. Spot soybean meal prices settle up 10-20 CNY/tonne at 2,870-2,980 CNY/tonne in coastal regions. (Tianjin 2980, Shandong 2920-2930, Jiangsu 2875-2910, Dongguan 2870-2880, and Guangxi 2900-2910.) U.S. soybean movement keeps firm amid concerns about dryness in the Midwest crop belt, and tight supplies in Brazil have also led to a huge rise in premiums, so that import cost has got a sharp lift. And in China, millers now have many soybean meal outstanding contracts thanks to a recovery in the livestock breeding sector and as soybean meal itself has a higher value-to-price ratio than alternative meals. These combine to bolster soybean meal prices in China. But investors are buying up in oils in the wake of rising CNY and strong performance of oils. Besides, domestic soybean meal inventories are rising as soybean crush remains high due to huge imports, so that some millers have to quicken up the pace of deliveries. These are still curbing the rise in meal prices. Overall, domestic soybean meal prices will keep range-bound and strengthening in the near term. Buyers are suggested to make appropriate replenishment and remain cautious in chasing after higher prices.

Imported rapeseed meal: U.S. soybean futures further rose on Wednesday. And meal futures in China post modest gains today. Rapeseed meal price in coastal regions settles up 10-20 CNY/tonne at 2,260-2,350 CNY/tonne, seeing a light trading. Rapeseed crush still stays at low levels due to limited rapeseed imports amid tensions between China and Canada. In this case, rapeseed meal stocks in coastal regions have fallen for four weeks in a row. Moreover, oil plants have many contracts for soybean meal remained to be fulfilled for the moment. Consequently, the overall soybean meal market still keep strengthening, boosting rapeseed meal price to rebound. Besides, soybean crush remains super high as soybean arrival at ports is huge in quantity, which limits price rises of rapeseed meal tentatively. Therefore, short-term rapeseed meal price will probably fluctuate to stay strong. Buyers can make proper replenishment on the dips and should be cautious in chasing up price.

Imported fishmeal: Imported fishmeal prices steady with a partial decline today and can be traded through negotiation. Peruvian Standard SD with 65% protein content is 9,900 CNY/tonne; Peruvian higher-quality SD with 65% protein content is 10,300-10,400 CNY/tonne; Peruvian higher-quality SD with 67% protein content is 11,200 CNY/tonne, down 100 CNY/tonne; and Peruvian Super Prime SD with 68% protein content is 11,600-11,700 CNY/tonne, down 100 CNY/tonne. While new fishmeal cargoes are arriving at domestic ports and of lower cost, the overall demand is disappointing in China now, so that traders are rushing to lock in profits and prices fall further at some ports today. This is negative to the overall fishmeal market in China.

Stocks at ports: Huangpu 41,000 tonnes, Fuzhou 14,000 tonnes, Shanghai 25,000 tonnes, Tianjin 1,000 tonnes, Dalian 5,000 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports.

FOB quotes from foreign markets today: Sept/Oct shipments are quoted at 1,250 USD/tonne for Peruvian Standard with 65% protein content and at 1,480 USD/tonne for Peruvian super with 68% protein content. Chilean Standard with 65% protein content is quoted at 1,220 USD/tonne, and super with 68% protein content at 1,450 USD/tonne.

Cottonseed meal: Cottonseed meal prices stay stable today. Soybean crush maintain high levels as soybean arrival at ports is huge in quantity, leading to a consecutive increase in soybean meal stocks. Some oil plants accelerate the delivery due to overstock, which curbs meals prices. Besides, the demand for cottonseed meal is reduced as feed mills adjust the feed formula due to its lower cost performance compared to soybean meal. Consequently, cottonseed meal trading gets lighter, depressing its price. But cottonseed is pricey, pushing up the cost. Accordingly, factories have intention to prop up price. Meal futures on Dalian Commodity Exchange edge up today, and spot soybean meal rises by 10-20 CNY/tonne in coastal regions, which brings cottonseed meal market some bullish support. It is predicted that cottonseed meal market may fluctuate in a narrow range in the near term.

(USD $1=CNY ¥6.83)