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

Soybean meal: U.S. soybean and soyoil futures closed higher on Tuesday as global demand for vegetable oils was on a recovery and the United States' recent green energy push was expected to bolster the demand for biodiesel. Meal futures are moderately higher on China’s Dalian Commodity Exchange today. Spot soybean meal prices go up 10-30 CNY to 3,230-3,290 CNY/tonne, in tepid trade. (Tianjin 3290, Shandong 3225-3280, Jiangsu 3210-3260, Dongguan 3230-3270, and Guangxi 3240-3270.) 

Crush margins for imported soybeans are at heavy loss on Dalian exchange now. Soybean crush remains at a low level in March, and some millers have signed a lot of pre-sales contracts for April. And aquaculture farmers are expected to pick up demand under warmer weather. Domestic oil millers now are supporting meal prices. But Brazilian farmers are harvesting and marketing soybeans at a brisker pace, and Chinese producers are cautious in replenishing hog stocks under the influence of the African swine fever, coupled with strong performance in oils market. These are negative to meal prices. Short-term soybean meal prices will have limited rises and may fluctuate frequently. Buyers are suggested to buy dips for appropriate replenishment and remain cautious in chasing after higher prices.

Rapeseed meal: A recovery in global vegetable oil needs and U.S. green energy push will boost demand for biodiesels. U.S. soybean futures closed higher on Tuesday. Meals futures further rise after opening high today on China’s domestic exchanges. Spot rapeseed meal is offered at 2,730-2,790 CNY/tonne in coastal regions, an increase of 20-30 CNY/tonne, in tepid trade. Continued losses on crush margins for rapeseed futures have affected crusher’s positivity in making further purchases of rapeseed cargoes. Also, soybean arrivals during February and March are lower as crush margins for imported soybean futures on DCE have been negative. Besides, many crushing mills are idled by a shortfall in soybeans during March-April, bolstering rapeseed meal price. However, farmers are reluctant to replenish hog stocks due to a resurgence of African swine fever in some regions, and aquaculture has not been in full swing at the moment, which has led to a subdued trade in meal products. It is projected that rapeseed meal prices will likely fluctuate at a narrow range temporarily.

Imported fishmeal: Imported fishmeal prices steady in China today and can be traded through negotiation. Peruvian Standard SD with 65% protein content is 9,600-9,900 CNY/tonne; Peruvian higher-quality SD with 65% protein content is 10,000-10,400 CNY/tonne; Peruvian higher-quality SD with 67% protein content is 10,500-10,800 CNY/tonne; and Peruvian Super Prime SD with 68% protein content is 11,000-11,300 CNY/tonne. Aquaculture in south China is recovering as the weather gets warmer, and some feed manufacturers are making new purchases ahead of the Qingming Festival. Traders are thus unwilling to sell at low prices with brisker shipments at ports. Domestic fishmeal market is predicted to steady in the near term.

Stocks at ports: Dalian 11,030 tonnes, Tianjin 1,190 tonnes, Shanghai 45,510 tonnes, Huangpu 47,940 tonnes, Fuzhou 15,490 tonnes, Fangchenggang 1,080 tonnes and 4,045 tonnes at other ports.

FOB quotes from foreign markets today: Apr/May shipments are quoted steadily at 1,410 USD/tonne for Peruvian Standard with 65% protein content and at 1,630 USD/tonne for Peruvian super with 68% protein content. Chilean Standard with 65% protein content is quoted steadily at 1,430 USD/tonne, and super with 68% protein content at 1,600 USD/tonne.

Cottonseed meal: Cottonseed meal prices in China stay stable with a partial decrease of 50 CNY/tonne today. The pace of Brazil soybean marketing is gradually accelerated. Farmers are cautious in replenishing hog stocks amid the resurgence of African swine fever in some regions of China. Oils stage strong performance. These are bearish for meals prices. Besides, cottonseed meal trade continues to be tepid currently result from a lack of rigid demand, which curbs its market tentatively. But U.S. soybean futures further rose on Tuesday. Meals futures post modest gains today on Dalian Commodity Exchange. Spot soybean meal is offered 10-30 CNY/tonne higher at coastal regions. With weather warming up across the country, the demand from aquaculture is poised to be better. Additionally, most of cottonseed oil plants are idled at present, bringing some support to cottonseed meal market. Therefore, short-term cottonseed meal price will likely still move with fluctuations.

(USD $1=CNY ¥6.52)