Today (Apr 23), the market for meals in China is shown as follows:
Soybean meal: U.S. soybean futures continued sharp gains on Thursday as concerns about tightening global supplies triggered short-covering and fund-driven buying and the market was also worried that the cold snap in the U.S. could damage the new crop prospect. Meal futures follow to rise but post much smaller gains on China’s Dalian Commodity Exchange today. Spot soybean meal prices go up 10-40 CNY to 3,430-3,560 CNY/tonne. The trade remains tepid after the rally today, but there are some low-level purchases. (Tianjin 3560, Shandong 3480-3490, Jiangsu 3430-3530, Guangdong 3450-3500, and Guangxi 3520.)
Crush margins are at still at loss, and soybean crushers in Rizhao, Shandong Province, may be in downtime for 7-10 days from April 24th as steam supply will be affected