Welcome to global CFO

25 Mar 2026

Sources:

CFO Exclusive

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

FISHMEAL SECTION

Cash trend of China fishmeal has been showing strong status and keeping itself at an apparent uptrend by RMB18,500/ton at Shanghai port during the week. As of domestic breeding status in spring, it remains strong fishmeal off-take from China ports where total stockpiles of fishmeal are apparently reducing. On the other side, next anchovy fishing is still uncertain on a basis of fluctuating marine biomass though there’s no clear direction to startup 1^st season. Besides the above, ocean freight is also a fact that adds up total cost at cargoes deliveries due to military conflict in mid-east. CFO measures RMB trend is to be keeping strong during rest of Q1 and the upcoming Q2 of 2026.

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 #11	周数 Week #12	环比变化 Changes
大连 Dalian	SD68%超级	18,000	18,500	+ 500
大连 Dalian	SD65%普通	15,800	16,000	+ 200
天津 Tianjin	SD68%超级	18,000	18,500	+ 500
天津 Tianjin	SD65%普通	15,800	16,000	+ 200
上海 Shanghai	SD68%超级	18,000	18,500	+ 500
上海 Shanghai	SD65%普通	15,800	16,000	+ 200
黄埔 Huangpu	SD68%超级	18,000	18,500	+ 500
黄埔 Huangpu	SD65%普通	15,800	16,000	+ 200

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 #12			Wk #11
港口 Ports	本周 Current Stock	出库量 Off Take	入库量 Weekly Arrival	上周 Previous Stock
上海Shanghai	26,980	7,150	3,200	30,930
黄埔Huangpu	83,440	24,860	10,800	97,500
天津Tianjin	240	140	100	280
大连Dalian	3,390	1,490	800	4,080
其他Other	38,870	2,670	2,400	39,140
合计Total Qty	152,920	36,310	17,300	171,930
上周鱼粉出库量 Total FM sold/off-take from ports warehouse previous week:				29,820
来源: 饲料在线港口代表统计 Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 23/Mar/2026			Unit: RMB/mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #11	Wk #12
Zhejiang	63% / TVN 150 (semi-defatted)	14,800	15,300
Zhejiang	65% / TVN 150 (semi-defatted)	15,300	15,800
Shandong	64% / TVN 150 (semi-defatted)	15,000	15,500

White Fishmeal

Updated: 23/Mar/2026			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #11	Wk #12	Changes
American Seafood	18,500	18,500	--
Russian WFM-60%-high pro	17,500	17,500	--
- An indication only, pricing range due to various quality, freshness and brand. - Above prices are importing duties paid.

Fish Oil:

Updated: 23/Mar/2026
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	4,400-4,500	3,400-3,500
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	--	--

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 #11	周数 Wk #12	船期 Shipment	周变化 Changes
乌拉圭/阿根廷, 散装/牛 Uruguay/Argentina, Beef Bulk	45-47%	4,500	4,600	03 04 2026	+ 100
澳大利亚, 散装/牛 Australia, Beef Bulk	48%	4,500	4,500	03 04 2026	--
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 #11	周数 Wk #12	船期 Shipment	周变化 Changes
美国, 袋装 USA, Bags	65%	8,600	9,000	03 04 2026	+ 400
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: 23/Mar/2026				Unit: RMB/mt
China Soybean Meal Future Market Price
Contract Period	Today Price	1 weeks ago	2 weeks ago	3 weeks ago
May 2026	3,007	3,071	2,995	2,826
Sep 2026	3,050	3,037	3,049	2,952
Jan 2027	3,086	3,065	3,092	3,008