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As of CFO information, the recent increment of the stockpiles of China fishmeal was mainly brought by Chile, Thailand and Vietnam. However, fishmeal cargoes shipped from Peru’s 1^st anchovy season would be gradually approaching China main ports since earlier of August where is to be a period China fishmeal stockpiled at main ports would easily grow up to slow down RMB cash trend while the entire breeding is weak.

The hampered breeding circumstances in China would be keeping exist during rest of summer due to flooded Yangtze river basin and covid-19. Such disadvantaged breeding environment would measurably weaken down RMB cash trend till end of August at least.

RMB Cash Market:

国内主要港口秘鲁鱼粉参考报价表（元/吨） China Peruvian Fishmeal Cash Market by Ports (RMB/mt)
港口 Ports	品质规格 Quality	周数 Week #31	周数 Week #30	环比变化 Changes
大连 Dalian	超级Super Prime 68%	13100-13200	13300-13500	-250
大连 Dalian	普通Standard 65%	11000-11200	11300	-200
天津 Tianjin	超级 Super Prime 68%	13200	13300-13500	-200
天津 Tianjin	普通 Standard 65%	11000-11200	11300	-200
上海 Shanghai	超级 Super Prime 68%	13100-13200	13300-13500	-250
上海 Shanghai	普通 Standard 65%	11000-11100	11300	-250
黄埔 Huangpu	超级 Super Prime 68%	13100-13200	13300-13500	-250
黄埔 Huangpu	普通 Standard 65%	11000-11100	11300	-250

FM Stock & Off-take:

周中国主要港口进口鱼粉库存表（吨）
China Fishmeal (Stock & Off Take) Weekly Status (mt)
港口	Wk #31			Wk 30
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	31990	4480	6000	30470
黄埔Huangpu	33590	7730	9000	32320
天津 Tianjin	2290	180	100	2370
大连Dalian	6940	1290	1700	6530
其他Other	19630	2800	3100	19330
合计Total Qty	94440	16480	19900	91020
上周鱼粉出库量				16030
Total FM sold/off-take from ports warehouse previous week:				16030
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 3/Aug/2020			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #31	Wk #30
Zhejiang	63% / TVN 130 (semi-defatted)	9,800	9,800
Zhejiang	65% / TVN 130 (semi-defatted)	11,200	11,200
Shandong	65% / TVN 80 (semi-defatted)	11,000	10,800
- Prices would keep steady during ban period.

White Fishmeal

Updated: 3/Aug/2020			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #31	Wk #30	Changes
American Seafoods	16,000~16,200	16,000~16,200	--
Russian WFM - 60% - high pro	13,000	13,000	--
- An indication only, pricing range due to various quality, freshness and brand. - Above prices are importing duties paid.

Fish Oil

秘鲁鱼油离岸价格（美元／吨） Peruvian Fish oil Market FOB Price(USD/mt)
品质包装 Quality/Packing		周数Wk #31	条款Terms
粗制水产级散装	Crude (Aqua grade) in Bulk	2000-2100	FOB PI
粗制水产级桶装	Crude (Aqua grade) in Drums	2050-2150	FOB FCL
粗制水产级液体袋装	Crude (Aqua grade) in Flexi tank	2150-2250	FOB FCL
粗制欧米茄3 桶装	Crude (Omega-3) in Drums	2200-2300	FOB FCL
注：FOB:秘鲁港口离岸价、FCL:集装箱装运。

FM Comments:

RMB Market: CFO measures RMB cash trend would further slowing down below RMB13,000/ton during rest days of August while China ports keep receiving fishmeal cargoes shipped from Peru’s 1^st anchovy season. Besides Peru, other resources Chile, Thailand and Vietnam would simultaneously ship plenty of fishmeal cargoes to push up the entire fishmeal stockpiles at China ports while the entire breeding is totally weak.

CFO keeps measuring the flooded central part of China, where is to be approximately the same area as Yangtze river basin, would be further weakening down the breeding by end of August. And, the initiated fishmeal consumption which is ought to be brought by summer aquatic breeding would not be returned to track before season ends.

II. Animal Protein/Grain Sections

肉骨粉参考价格（人民币／吨） Meat and Bone meal Price Ideas (RMB/mt)
产地 Origin	蛋白 Protein	周数 Wk #31	周数 Wk #30	船期 Shipment	周变化 Changes
乌拉圭, 散装／牛 Uruguay, Beef Bulk	45-47%	4,600	4,600	09 2020	--
澳洲，散装／牛 Australia, beef Bulk	50%	4,500	4,500	08 2020	--
此价格每周更新非实盘仅供参考 Price is updated weekly just an indication for reference only

Soybean Meal

Updated: 3/Aug/2020				Unit: RMB/mt
China Soybean Meal Market Future Price
Contract Period	Today’s Price	1 weeks ago	2 week ago	3 weeks ago
September 2020	2,927	3,020	2,920	2,875
January 2021	2,950	3,004	2,926	2,911
May 2021	2,748	2,747	2,712	2,722