Today (Sep 29), the market for meals in China is shown as follows:

Soybean meal: U.S. soybean futures fell on Monday as weather conditions would be favorable for crop maturing and harvest. The USDA said the U.S. soybean harvest was 20% complete by Sept 27, compared to 6% a year earlier. Meal futures open low and decline on China’s Dalian Commodity Exchange today. Spot soybean meal prices go down 10-20 CNY to 3,020-3,110 CNY/tonne in coastal regions in thin trade. (Tianjin 3110, Shandong 3030-3070, Jiangsu 3040-3055, Dongguan 3020-3040, and Guangxi 3040-3060.) China’s soybean meal inventories rose 1% weekly to 1.03 mln tonnes last week, as soybean crush hit another fresh single-week high of 2.27 mln tonnes. Chinese oil mills are seeking to work at their greatest capacity owing to massive soybean cargoes arriving at ports, while buyers will complete stocking up for the holidays. Besides, there are concerns over the resurgence of COVID-19 cases in the Europe. Hence, soybean meal prices are dragged down to fluctuate and adjust. However, China’s livestock and poultry industry embraces a big recovery, and net crush margins for U.S. soybeans have turned negative on the DCE in the wake of a steep decline in oil and meal prices, which are supporting soybean meal prices. The overall soybean meal prices are expected to follow futures to adjust at a narrow range in the near term. But funds are likely to grasp a chance to re-enter the market in the context of excessive currency issuance and an inflation expectation across the globe, so soybean meal prices may hopefully see a mild rise after the market digests the pressure from U.S. soybean selling. Participants are suggested to remain cautious and master well their positions under U.S. soybean harvest pressure.

Imported rapeseed meal: U.S. soybean futures closed lower on Monday on increasing pressure from seasonal harvest. Meal futures in China fall back after low opens today. And rapeseed meal price in coastal regions settles down 10-30 CNY/tonne at 2,280-2,370 CNY/tonne, seeing a light trading. China keeps importing soybean, leading to a huge arrival at ports. And traders are stocking up packing oils for National Day holiday. Consequently, soybean crush increases to 2.27 mln tonnes with a rise of 4% compared with the previous week. Besides, the peak season of aquaculture will come to an end after October, dragging down 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 eight weeks in a row. Therefore, rapeseed meal market is boosted by tightening supply, and the price declines will be limited. Buyers can wait for low and stable price to make appropriate replenishment.

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. In China, there is routine consumption on fishmeal among terminal buyers, and feed manufacturers are also appropriately stocking up for the 8-day holidays, so traders are making some shipments. Moreover, fishmeal imports from Peru are at a slow pace, while domestic stocks are not huge, which combine to cause a tight supply in domestic market. Traders are stalling sales now, which also lends some support to the market. In the near term, domestic fishmeal market is predicted to steady with a slight rise.

Stocks at ports: Huangpu 22,900 tonnes, Fuzhou 12,100 tonnes, Shanghai 12,800 tonnes, Tianjin 600 tonnes, Dalian 4,600 tonnes, Fangchenggang 1,000 tonnes and 4,000 tonnes at other ports.

FOB quotes from foreign markets today: Oct/Nov shipments are quoted at 1,270 USD/tonne for Peruvian Standard with 65% protein content and at 1,500 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 stay stable and decline by 50 CNY/tonne in several regions today. Soybean crushing mills keep operating amid strong shipments to China, thereby soybean crush records new high and soybean meal inventory starts rallying. Besides, the stockpiling before holidays is nearly ended, and a second wave of COVID-19 in Europe has triggered people’s concerns. Hence, soybean meal price is dragged down. And spot soybean meal down by 10-20 CNY/tonne in coastal regions. Additionally, with the marketing of new cottonseed, feed enterprises are waiting for new cottonseed meal, which bears cottonseed meal market. For the moment, old cottonseed price remains too high and livestock breeding is obviously recovering, so factories intend to prop up price. It is predicted that short-term cottonseed meal market may fluctuate in a narrow range.

(USD $1=CNY ¥6.82)