Today (Sep 24), the market for meals in China is shown as follows:

Soybean meal: U.S. soybean futures fell on Wednesday on pressure from the start of the harvest, and meal futures swing to decline on China’s Dalian Commodity Exchange today. Spot soybean meal prices go down 10-30 CNY to 3,000-3,080 CNY/tonne in coastal regions in tepid trade. (Tianjin 3080, Shandong 3050-3070, Jiangsu 3030-3070, Dongguan 3000-3050, and Guangxi 3040-3060.) Domestic millers are seeking to work at maximum capacity due to huge soybean imports, so that soybean crush has hit a fresh high. Moreover, soybean meal market is in tepid trade recently as buyers are cautious. However, domestic millers have been delivering soybean meal at a brisker pace ahead of the holidays as there is growing demand from the breeding sectors, and soybean meal stockpiles have been falling for three straight weeks. As the harvest of U.S. soybeans will keep the market under check, domestic soybean meal prices may fluctuate to adjust in the short run. Buyers can wait for low and stable prices to make appropriate replenishment.

Imported rapeseed meal: U.S. soybean on CBOT on Tuesday and meal futures in China today further dropped amid fears about soybean harvest. And rapeseed meal price in coastal regions settled down 30-50 CNY/tonne at 2,300-2,450 CNY/tonne, seeing a light trading. The peak season of aquaculture is drawing to a close. Driven by considerable crush margin, China keeps purchase U.S. soybean and South American soybean. Consequently, soybean crush records new high, dampening 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. And some oil plants have sold October-January contracts, totaling 40,000 tonnes. Accordingly, rapeseed meal supply is tightening, which may limit the declines of rapeseed meal price.

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 21,000 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 20-50 CNY/tonne in several regions today. Global stocks 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. Meal futures on Dalian Commodity Exchange swing lower today, and spot soybean meal declines by 10-30 CNY/tonne in coastal regions. In addition, buyers are wary of making purchase as new cottonseed is about to enter market, which depresses 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)