Welcome to global CFO

03 Sep 2025

Sources:

CFO Exclusively

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

FISHMEAL SECTION

Cash trend of China fishmeal has been keeping steady range at RMB13,500/ton at Shanghai port during the week while summer breeding remains busy. As of CFO records, summer breeding activities are still good enough to support fishmeal off-take from ports and to prevent total fishmeal inventory from further expansion. However, CFO measures fishmeal inventory would accelerate to go up again soon while receiving more cargoes shipped from 1^st season. Chinese buyers would look into weaken down RMB cash trend brought by high-rising fishmeal inventory before Q4.

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 #34	周数 Week #35	环比变化 Changes
大连 Dalian	SD68% 超级	13,600	13,600	--
大连 Dalian	SD65%普通	11,400	11,400	--
天津 Tianjin	SD68% 超级	13,500	13,500	--
天津 Tianjin	SD65%普通	11,400	11,400	--
上海 Shanghai	SD68% 超级	13,500	13,500	--
上海 Shanghai	SD65%普通	11,400	11,400	--
黄埔 Huangpu	SD68% 超级	13,500	13,500	--
黄埔 Huangpu	SD65%普通	11,400	11,400	--

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 #35			Wk #34
港口 Ports	本周 Current Stock	出库量 Off Take	入库量 Weekly Arrival	上周 Previous Stock
上海Shanghai	69,590	8,550	6,800	71,340
黄埔Huangpu	164,960	27,390	23,000	169,350
天津Tianjin	940	210	100	1,050
大连Dalian	13,030	1,440	2,900	11,570
其他Other	50,870	2,670	3,200	50,340
合计Total Qty	299,390	40,260	36,000	303,650
上周鱼粉出库量 Total FM sold/off-take from ports warehouse previous week:				40,580
来源: 饲料在线港口代表统计 Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 01/Sep/2025			Unit: RMB/mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #34	Wk #35
Zhejiang	63% / TVN 150 (semi-defatted)	10,400	10,400
Zhejiang	65% / TVN 150 (semi-defatted)	11,000	11,000
Shandong	65% / TVN 100 (semi-defatted)	11,000	11,000

White Fishmeal

Updated: 01/Sep/2025			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #34	Wk #35	Changes
American Seafood	16,300-16,500	16,300-16,500	--
Russian WFM-60%-high pro	15,000	15,000	--
- An indication only, pricing range due to various quality, freshness and brand. - Above prices are importing duties paid.

Fish Oil:

Updated: 01/Sep/2025
鱼油离岸价格（美元/吨） Fish oil Market FOB Price (USD/mt)
品质包装 Quality/Packing		秘鲁Peru	智利Chile
粗制水产级散装	Crude (Aqua Grade) Tank	2,500-2,600	2,200-2,300
粗制水产级桶装	Crude (Aqua Grade) Drum	--	--
粗制水产级液体袋装	Crude (Aqua Grade) Flexi Tank	--	--
粗制欧米茄3 桶装	Omega 3: 28% EPA/DHA	2,900-3,400	3,400-3,500

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/包装 Origin/Packing	蛋白 Protein	周数 Wk #34	周数 Wk #35	船期 Shipment	周变化 Changes
乌拉圭, 散装/牛 Uruguay, Beef Bulk	45-47%	4,100	4,100	09 10 2025	--
澳大利亚, 散装/牛 Australia, Beef Bulk	48%	4,100	4,100	09 2025	--
此价格每周更新非实盘仅供参考 Price is updated weekly just an indication for reference only

鸡肉粉参考价格（人民币/吨） Poultry Meal Price Ideas (RMB/mt)
产地/包装 Origin/Packing	蛋白 Protein	周数 Wk #34	周数 Wk #35	船期 Shipment	周变化 Changes
美国, 袋装 USA, Bags	65%	7,800	7,800	09 10 2025	---
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: 01/Sep/2025				Unit: RMB/mt
China Soybean Meal Future Market Price
Contract Period	Today Price	1 weeks ago	2 weeks ago	3 weeks ago
Sep 2025	3,005	3,100	3,019	3,024
Jan 2026	3,056	3,155	3,072	3,055
May 2026	2,814	2,847	2,782	2,746