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

I. FISHMEAL / FISH Oil SECTION

Brief China RMB Cash Market:

Cash trend of China fishmeal has been keeping strengthening up status due to there’s a reducing stockpiles of China fishmeal at main ports. However the recent prospective uptrend indicated by Peru’s fishmeal suppliers for the upcoming anchovy season has also encouraged RMB cash price. For Shanghai port, RMB cash price could be very soon to approach RMB11,500/ton.

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

I. FISHMEAL / FISH Oil SECTION

Brief China RMB Cash Market:

RMB cash price has been strengthening up nationwide due to the reducing fishmeal stockpiles at main ports. For Shanghai port, RMB price has gradually moved up to RMB10,900/ton what was an apparent increment by going up RMB300/ton from that of last week.

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

I. FISHMEAL / FISH Oil SECTION

Brief China RMB Cash Market:

The 16^th China Fishmeal /Foil annual conference is successfully completed on 17/Oct/2017 at Beijing. We (CFO) highlight the most updated market report as below:

I. FISHMEAL / FISH Oil SECTION

Brief China RMB Cash Market:

The 16^th China Fishmeal /Foil annual conference is successfully completed on 17/Oct/2017 at Beijing and conclusion as below:  Formula is having high flexibility ever before which we can see over 200,000mt MBM/PBM imported annually.  Demand for high quality fishmeal is to be continuing and low quality one shall be partly gradually replaced by animal protein.  No matter who, fishmeal is still the best option in aqua & pig feed.

I.FISHMEAL / FISH Oil SECTION

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

I. FISHMEAL / FISH Oil SECTION

Brief China RMB Cash Market:

Cash trend of China fishmeal has been remaining firm at RMB10,300-10,400/ton while the National Day holiday has just finished. Due to high-rise stockpiles of the imported fishmeal at main ports, cash trend would be hardly returning back to RMB10,500/ton or even higher than that mentioned range in a short term at Shanghai port.

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

I. FISHMEAL / FISH Oil SECTION

Brief China RMB Cash Market:

Cash trend of China fishmeal has been reducing down to RMB10,200/ton at Shanghai port while total stockpiles of the imported fishmeal remains growth. The gaining up stockpiles of China fishmeal at main ports would be basically as the key fact to reduce RMB fishmeal market from recent range down to RMB10,000/ton little by little.

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

I. FISHMEAL / FISH Oil SECTION

Brief China RMB Cash Market:

The bottom of recent RMB cash market has been reducing slightly from RMB10,400/ton to RMB10,300/ton at Shanghai port. Due to the gaining up stockpiles of China fishmeal at ports, RMB cash trend would be remaining sort of downtrend till further information of Peru’s 2^nd anchovy season when known.

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

I. FISHMEAL / FISH Oil SECTION

Brief China RMB Cash Market:

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

I. FISHMEAL / FISH Oil SECTION

Brief China RMB Cash Market: