Welcome to global CFO

10 Jan 2017

Sources:

CFO Exclusive

We are pleased to update you the current China FEED market information as below:

I. FISHMEAL / FISH Oil SECTION

[ AQSIQ ]
- Pakistan Rapeseed /Canola meal market is reopened & establishment list published on 4 Jan 2017
- Denmark Fish feed /Fishmeal/Fish oil establishment list revised & published 4 Jan 2017

[ CFFA & CFO Spring 2017 Conference at Kunming, China - Early Bird 27/Jan/2017 ]
CFO Spring conference registration starts ! We are pleased to invite your participation.
15/March/2017: Registration
16/March/2017: Presentation/Trading gallery / Tabletop/China regulation
17/March/2017: Industrial tour

Target Products & Activities :
Fishmeal/fish oil/Fish feed.. .
Rapeseed (canola meal), SBM.. .
Animal proteins/MBM/PBM/Pet food.. .
AQSIQ/MOA/Importing Regulation update .
Activities: Trading zone/ Tabletop show/ Regulaiton Panel/ Industrial tour

Kunming is located at Yunnan Province also called the Spring city due to its weather.
For registration package/ reserving early bird seat(s) at discounted rate by 27/Jan/2017,
please feel free to contact our Emma Cheng at cffa@21cfo.com

We look forward to seeing you in March at Kunming.

[PERU] For 2nd anchovy season, the fishing quantities till Jan 08, 2017 are:
Catching between 11-15 Nov: 76,837 tons
Catching between 16 Nov - 8 Jan: 1,483,163 tons
Sub Total: 1.56 million tons
Quota Accomplished: 78%
Daily averaged: 26k tons

Brief China RMB Cash Market:

Cash trend of China fishmeal market has been keeping slightly downward during the week while Chinese lunar New Year is not far. Chinese importers prefer but slowing down cash bid week after week to absorb fishmeal deals or to loose the price in order to earn more cash return before lunar holiday.

Cash trend of super prime product in China has been moving down to RMB11,700/ton or likely to RMB11,600/ton in a week of time. Chinese importers stare at quota accomplishment of 2^nd anchovy season with its catching volume while high incidences of juveniles are allowed to catch to likely decrease both of the supply and the quality of super prime product.

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 #1	周数 Week #52	环比变化 Changes
大连 Dalian	超级Super Prime 68%	11800	11800-11900	-50
大连 Dalian	普通Standard 65%	10400	10500	-100
天津 Tianjin	超级 Super Prime 68%	11800-11900	11800-11900	-
天津 Tianjin	普通 Standard 65%	10400	10500	-100
上海 Shanghai	超级 Super Prime 68%	11700	11800	-100
上海 Shanghai	普通 Standard 65%	10300-10400	10400-10500	-100
黄埔 Huangpu	超级 Super Prime 68%	11700	11800	-100
黄埔 Huangpu	普通 Standard 65%	10300-10400	10400-10500	-100

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	Wk #1			Wk #52
Ports	本周	出库量	入库量	上周
	Current Stock	Off Take	Weekly Arrival	Previous Stock
上海Shanghai	18,530	5,400	2,000	21,930
黄埔Huangpu	16,920	5,600	2,300	20,220
天津 Tianjin	870	220	200	890
大连Dalian	11,880	1,200	1,400	11,680
其他Other	20,590	2,800	3,000	20,390
合计Total Qty	68,790	15,220	8,900	75,110
上周鱼粉出库量				16,410
Total FM sold/off-take from ports warehouse previous week:				16,410
来源：饲料在线港口代表统计Sources: CFO Port Agents

China Domestic Fishmeal

Updated: 9/Jan/2017			Unit: RMB／mt
国产鱼粉报价 Local Produced Fishmeal Price
Region	Quality	Wk #01	Wk #52
Zhejiang	60% / TVN 150 (semi-defatted)	9,000	9,000
Zhejiang	62% / TVN 130 (semi-defatted)	9,500	9,500
Shandong	63% / TVN 150 (semi-defatted)	9,800	9,800
- Domestic fishmeal producers maintain limited productions while time is getting closed to Chinese lunar holiday.

White Fishmeal

Updated: 9/Jan/2017			Unit: RMB/mt
白鱼粉报价White Fishmeal Price Report
Brand/Origin	Wk #01	Wk #52	Changes
American Seafoods	13,000	13,000	--
Russian WFM - 60% - high pro	11,000	11,000	--
- An indication only, prices ranges 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 #01	条款Terms
粗制水产级散装	Crude (Aqua grade) in Bulk	1850	FOB PI
粗制水产级桶装	Crude (Aqua grade) in Drums	1950	FOB FCL
粗制水产级液体袋装	Crude (Aqua grade) in Flexi tank	2100	FOB FCL
粗制欧米茄3 桶装	Crude (Omega-3) in Drums	2700	FOB FCL
注：FOB:秘鲁港口离岸价、FCL:集装箱装运。

FM Comments:

RMB Market: Though short-term cash bid should be supported by the reducing fishmeal stockpiles at China ports, fishmeal cargoes shipped from 2^nd anchovy season would refill it up since Feb. Chinese importers stare at how Peruvians maintain the consistent quality and the supply of super prime product while highly juveniles are caught during the season.

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 #01	周数 Wk #52	船期 Shipment	周变化 Changes
乌拉圭, 散装／牛 Uruguay, Beef Bulk	45-47%	4,200	4,300	3/2017	-100
澳洲，散装／牛 Australia, beef Bulk	50%	4,600	4,600	3/2017	--
此价格每周更新非实盘仅供参考 Price is updated weekly just an indication for reference only

Year 2016 (Jan-Nov arrived China), total MBM 78,087.16 mt imported which is lower than year 2015 in total 106,208 mt due to Australian origin out of Chinese market most of time. As for Poultry meal, from Jan - Nov 2016, total 132,027.78 mt discharged which is largely increased in comparison with year 2015 in total only 84,206mt. Per CFO estimated that , animal proetine demand is becoming regular composition in various kinds of feed so that demand is pretty steady not much affected by fishmeal price and the importing quantity shall continue firm and up in year 2017 following the more manufacturers approved & entering Chinese market.

Soybean Meal

Updated: 9/Jan/2016				Unit: RMB/mt
China Soybean Meal Market Futures Price Week #02
Contract Period	Today’s Price	1 weeks ago	2 week ago	3 weeks ago
January 2017	3,000	3,015	3,100	3,224
May 2017	2,775	2,782	2,775	2,929
September 2017	2,789	2,797	2,777	2,919