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10 May 2024

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Cash trend of China fishmeal has been showing apparent uptrend from RMB14,900/ton up to RMB15,400/ton at Shanghai port during the week while there’s an officially 11-year-long lowest quota of fishing anchovy since 2013. The newly reported quota has just located at 1.091 million tons with the validity of exploratory fishing started up since June 3-10. However, based on current highly incidence of juveniles that figured out from the latest exploratory fishing could progressively slow down fishing performance.

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 Week22	周数 Week21	环比变化 Changes
大连	SD68% 超级	15500	15000	+500
大连	SD65%普通	14000	14000	0
天津	SD68% 超级	15500	15200	+400
天津	SD65%普通	14200	14200	0
上海	SD68% 超级	15400	14900	+500
上海	SD65%普通	14000	14000	0
黄埔	SD68% 超级	15400	14900	+500
黄埔	SD65%普通	14000	14000	0

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 Ports	Wk #22			Wk #21
港口 Ports	本周 Current Stock	出库量 Off Take	入库量 Weekly Arrival	上周 Previous Stock
上海Shanghai	67460	5970	3400	70030
黄埔Huangpu	139970	14130	13000	141100
天津 Tianjin	1310	140	0	1450
大连Dalian	16750	1280	0	18030
其他Other	43790	2720	2500	44010
合计Total Qty	269280	24240	18900	274620
上周鱼粉出库量 Total FM sold/off-take from ports warehouse previous week:				25780
来源: 饲料在线港口代表统计 Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 5/Jun/2023			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #22	Wk #21
Zhejiang	63% / TVN 150 (semi-defatted)	13,200	13,200
Zhejiang	65% / TVN 150 (semi-defatted)	13,800	13,800
Shandong	65% / TVN 100 (semi-defatted)	13,600	13,600

White Fishmeal

Updated: 5/Jun/2023			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #22	Wk #21	Changes
American Seafood	16,000	16,000	--
Russian WFM-60%-high pro	14,000	14,000	--
- 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 #22	条款Terms
粗制水产级散装	Crude (Aqua grade) in Bulk	-	FOB PI
粗制水产级桶装	Crude(Aqua grade) in Drums	-	FOB FCL
粗制水产级液体袋装	Crude(Aqua grade) in Flexi tank	-	FOB FCL
粗制欧米茄3 桶装	Crude (Omega-3) in Drums	-	FOB FCL
注：FOB:秘鲁港口离岸价、FCL:集装箱装运。

FM Comments: The 11-year-long lowest quota would strengthen up RMB cash market till Q3. The newly released 1.091 million tons where is to be the lowest official quota since year 2013 implemented by IMARPE. Going with highly incidence of juveniles, such quota would severely reduce supply of quality fishmeal products during this summer. Though present stockpile of China fishmeal has shown up-rising position, RMB cash trend would oppositely go up till Q3 due to limited supply and rely on how 2^nd season rebounds from 1.091 million tons.

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 #22	周数 Wk #21	船期 Shipment	周变化 Changes
乌拉圭, 散装/牛 Uruguay, Beef Bulk	45-47%	6,000	6,000	07 2023	--
澳大利亚, 散装/牛 Australia, beef Bulk	48%	6,000	6,000	06 2023	--
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: 5/Jun/2023				Unit: RMB/mt
China Soybean Meal Future Market Price
Contract Period	Today Price	1 weeks ago	2 weeks ago	3 weeks ago
Sep 2023	3,505	3,424	3,488	3,506
Jan 2024	3,391	3,333	3,377	3,390
May 2024	3,135	3,107	3,129	3,127