Animal Feed Ingredient Market Information In China On February 20. 2024
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Feed Ingredient Price List On February 20, 2024
| Variety | Today AVG. Price(RMB) | Yesterday AVG. Price(RMB) | Growth | Unit |
|---|---|---|---|---|
| Corn/Maize | 2370.74 | 2369.16 | +1.85 | RMB/MT |
| Soybean Meal | 3470 | 3455 | +15 | RMB/MT |
| Rapeseed Meal | 2600 | 2595 | -+5 | RMB/MT |
| Cotton Seed Meal | 3025 | 3025 | 0 | RMB/MT |
| DDGS | 2146.5 | 2146.5 | 0 | RMB/MT |
| Peruvian Steam Dried Fish Meal | 17300-17600 | 17300-17600 | 0 | RMB/MT |
| Wheat | 2938.58 | 2936.58 | +2 | RMB/MT |
|
Data Source: China Feedtrade Net Exchange Rate: 100USD=719.85RMB |
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Market Comments and Concern
Corn/Maize
Corn prices were slightly stronger on the 20th. Due to the combination of domestic rain, snow and cooling weather and the reluctance of farmers to sell, traders have limited purchasing volumes, and feed companies mainly adopt a wait-and-see attitude. The purchase and sales activities in the corn market have been slow to recover, and the overall transaction volume is limited. In February, China's corn supply was generally sufficient, and growers and traders in producing areas were still highly motivated to sell, which was still negative for prices overall. Stocking before the Spring Festival has been completed, and the actual impact on corn prices is obviously limited. It is predicted that corn prices in the production areas will still be weak in most of February, and there will be a short-term upward trend after late February. Because the demand side has limited inventory before the Spring Festival, there will be a relatively concentrated replenishment impact after the holiday. Due to the surge in imports of alternative raw materials, corn supply pressure will be huge in 2024, and it is difficult to predict a significant improvement in annual prices.
DDGS
The price of DDGS was relatively stable on the 20th. The domestic downstream market demand is average, some traders have poor transaction performance, some alcohol companies have implemented preliminary contracts, and downstream companies have a strong wait-and-see attitude. In February, the total number of major equipment startups in China's corn ethanol production industry will decline moderately. As some companies enter holiday mode, the new DDGS production and supply will decline moderately, but the overall supply will still be sufficient. On the demand side, aquaculture continues to be in the off-season, and stocking up before the Spring Festival has gradually come to an end, and the rigid demand for DDGS will continue to weaken. The price of corn, the superimposed raw material, continues to fall, and the prices of corn and soybean meal, the related raw materials with substitution relationships, are generally weak. Therefore, both supply and demand and the price trends of related products will continue to be negative for the price trend of DDGS. Therefore, we predict that most of February There is a higher chance that DDGS prices will continue to maintain a weak and stable trend overall.
Soybean Meal
The CBOT soybean futures market was closed on Monday due to President's Day. The fundamentals of U.S. soybeans were boosted by the lack of bullish themes. U.S. soybean prices remained weak after falling near the cost line. Under the pressure of South American soybean supply and the expectation that the U.S. soybean supply and demand balance sheet will turn loose, coupled with the gradual slowdown in feed breeding consumption after the year, the demand for soybean meal is limited, and prices will continue to face downward pressure, and are expected to adjust slightly.
