Today (Sep 23), the market for meals in China is shown as follows:

Soybean meal: U.S. soybean futures continued closing lower on Tuesday, and the most-active contract of meal futures slightly swing on China’s Dalian Commodity Exchange today. Spot soybean meal prices steadily fluctuate by 20-40 CNY to 3030-3110 CNY/tonne in coastal regions in tepid trade. (Tianjin 3110, Shandong 3070-3090, Jiangsu 3060-3080, Dongguan 3030-3060, and Guangxi 3050-3070.) Global stock markets slid on the second wave of coronavirus development in Europe and the U.S., which also weighs down commodity markets. China continues importing soybeans now, and domestic millers are maintaining high soybean crush under huge soybean imports. The crush rose to a single-week high of 2.18 mln tonnes last week and may further rise to 2.19 mln tonnes this week. Meanwhile, domestic soybean meal market is tepid trade recently as buyers are cautious. However, domestic millers have been delivering soybean meal at a brisker pace and soybean meal stockpiles have been falling for three straight weeks owing to growing demand from the breeding sectors and as buyers are stocking up for the Mid-autumn Festival and National Day holidays. Overall, soybean meal prices will keep range-bound in the short run. U.S. soybeans are about to go marketing en basse, so buyers can wait for low and stable prices to make appropriate replenishment.

Imported rapeseed meal: Global stocks collapsed on the swiftly accelerating second wave of the COVID-10 outbreak in Europe and America, weighing on commodity markets. U.S. soybean on CBOT on Tuesday and meal futures in China today further dropped. And rapeseed meal price in coastal regions settled at 2,350-2,450 CNY/tonne with a fluctuation of 10-20 CNY/tonne, seeing a light trading. The peak season of aquaculture is drawing to a close. And the pressure from marketing of new soybean in U.S. is emerging gradually. Besides, soybean arrival is huge in quantity at ports, so soybean crush records new high, which may rise to 2.19 mln tonnes this week. This has depressed rapeseed meal price. However, rapeseed crush still stays at low levels due to limited rapeseed imports amid tensions between Ottawa and Beijing. In this case, rapeseed meal stocks in coastal areas have fallen for seven weeks in a row. Accordingly, rapeseed meal supply is tightening, which may limit the downward space of rapeseed meal price in a short term.

Imported fishmeal: Imported fishmeal prices are stable today and can be traded through negotiation. Peruvian Standard SD with 65% protein content is 9,800-9,900 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 10,800-11,000 CNY/tonne; and Peruvian Super Prime SD with 68% protein content is 11,200-11,400 CNY/tonne. Terminal consumers are still purchasing fishmeal on immediate demand, and feed enterprises are stocking up for the Mid-autumn Festival and National Day holidays. In addition, there is a delay in the arrival of vessels from Peru and domestic fishmeal stocks get relatively tight at present. Hence, fishmeal supply is decreasing in domestic market and some traders are stalling sales to prop up prices. In the near term, domestic fishmeal market is predicted to steady with a slight rise.

Stocks at ports: Huangpu 22,000 tonnes, Fuzhou 13,000 tonnes, Shanghai 15,000 tonnes, Tianjin 700 tonnes, Dalian 5,000 tonnes, Fangchenggang 1,100 tonnes and 4,000 tonnes at other ports.

FOB quotes from foreign markets today: Oct/Nov shipments are quoted steadily at 1,260 USD/tonne for Peruvian Standard with 65% protein content and at 1,490 USD/tonne for Peruvian super with 68% protein content. Chilean Standard with 65% protein content is quoted at 1,260 USD/tonne, and super with 68% protein content at 1,490 USD/tonne.

Cottonseed meal: Cottonseed meal prices down by 50 CNY/tonne in several regions today. Global stocks markets collapse on the second wave of COVID-19 outbreak in Europe and America, weighing on commodity markets. China keeps purchasing soybean, seeing strong shipments to China. In this case, soybean crush records new high. Buyers are cautious in chasing up price, which curbs soybean meal price. In addition, buyers are wary of making purchase as new cottonseed is about to enter market, which tentatively limits cottonseed meal price. But old cottonseed price remains too high before new cottonseed goes marketing, and the livestock breeding is recovering gradually. Thus, factories intend to prop up price. It is predicted that short-term cottonseed meal market may fluctuate in a narrow range.

(USD $1=CNY ¥6.80)