Welcome to global CFO

12 Dec 2017

Sources:

CFO Exclusive

We (CFO) are pleased to update below China FEED market information for you:

I. FISHMEAL / FISH Oil SECTION

[PERU] For 2nd anchovy season, the fishing status till Dec 11, 2017 is as below:

Catching: 6,025 tons

Quota Accomplished: 0.4%

Daily averaged: 1,004 tons

Brief China RMB Cash Market:

Cash trend of China fishmeal has been remaining strong at RMB13,600-13,800/ton during the week at Shanghai. The reducing fishmeal stockpiles at China ports keeps supporting such uptrend in RMB cash market since earlier of Oct, and meanwhile the recent unclear fishing status brought by Peru’s 2^nd anchovy season raises certain anxiety about how Peruvian catches up with the initiated quota. However, according to PRODUCE’s newly Eureka LXXI activity, which is to work as the key to determine what date in December the fishing is to be moving forward.

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 #49	周数 Week #48	环比变化 Changes
大连 Dalian	超级Super Prime 68%	13500-13800	13200-13500	+300
大连 Dalian	普通Standard 65%	12300-12400	12000	+350
天津 Tianjin	超级 Super Prime 68%	13500-13800	13200-13500	+300
天津 Tianjin	普通 Standard 65%	12300-12400	12000	+350
上海 Shanghai	超级 Super Prime 68%	13500-13800	13200-13500	+300
上海 Shanghai	普通 Standard 65%	12300-12400	12000	+350
黄埔 Huangpu	超级 Super Prime 68%	13300-13700	13000-13200	+400
黄埔 Huangpu	普通 Standard 65%	12200-12300	11800	+450

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 #49			Wk #48
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	27890	6000	2800	31090
黄埔Huangpu	41410	6300	2400	45310
天津 Tianjin	530	210	400	340
大连Dalian	7490	1280	0	8770
其他Other	42690	2600	1400	43890
合计Total Qty	120010	16390	7000	129400
上周鱼粉出库量				17320
Total FM sold/off-take from ports warehouse previous week:				17320
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated:11/Dec/2017			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #49	Wk #48
Zhejiang	60% / TVN 150 (semi-defatted)	9,800	9,600
Zhejiang	62% / TVN 130 (semi-defatted)	10,100	10,100
Shandong	63% / TVN 150 (semi-defatted)	10,300	10,300
- The price of local produced fishmeal remains firm but keeping slightly uptrend while imported fishmeal maintains high-rise cash trend.

White Fishmeal

Updated: 11/Dec/2017			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #49	Wk #48	Changes
American Seafoods	13,800	13,200~13,400	+400
Russian WFM - 60% - high pro	11,200	10,800	+400
- An indication only, prices ranges 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 #49	条款Terms
粗制水产级散装	Crude (Aqua grade) in Bulk	1800-1850	FOB PI
粗制水产级桶装	Crude (Aqua grade) in Drums	1900-1950	FOB FCL
粗制水产级液体袋装	Crude (Aqua grade) in Flexi tank	2000-2050	FOB FCL
粗制欧米茄3 桶装	Crude (Omega-3) in Drums	停报	FOB FCL
注：FOB:秘鲁港口离岸价、FCL:集装箱装运。

FM Comments:

RMB Market: CFO abbreviates below 3 facts where may determine RMB cash trend during the last few weeks of 2017.

Catching progress at 2^nd anchovy season: CFO measures it would not be resuming fishing in Peru until the last week of Dec based on the undertaken Eureka LXXI activity. IMARPE would frame up a report to identify how the fishing re-starts up appropriately.
The reducing inventories at China ports: Peru, as the largest fishmeal source for RMB market, the decrement of China fishmeal could be hardly moving back till regular fishing in Peru. CFO measures quota accomplishment of 2^ND anchovy season is to be 50% at most or even less than that measurement due to high incidence of juveniles and uncertain anchovy distribution with its concentration.
Feasibly alternations from others: High-rise RMB cash trend already moves up 20-25% since earlier of Oct in China, and it would approach RMB14,000/ton soon at Shanghai. Chinese fishmeal users may approach more China domestic products or other foreign fishmeal sources instead if Peru’s 2^nd anchovy season keeps uncertainty.

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 #49	周数 Wk #48	船期 Shipment	周变化 Changes
乌拉圭, 散装／牛 Uruguay, Beef Bulk	45-47%	4,550	4,600	2/3 2018	-50
澳洲，散装／牛 Australia, beef Bulk	50%	4,800	4,800	1/2018	--
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: 11/Dec/2017				Unit: RMB/mt
China Soybean Meal Market Future Price Week #50
Contract Period	Today’s Price	1 weeks ago	2 week ago	3 weeks ago
January 2018	2,907	2,922	2,898	2,903
May 2018	2,844	2,866	2,830	2,827
September 2018	2,828	2,842	2,823	2,824