巴西收割工作正在进行 豆粕价格偏弱震荡运行

News Summary Core Viewpoint - The soybean meal market is experiencing fluctuations in sales and pricing, with significant changes in import and export activities impacting the overall supply dynamics. Group 1: Market Transactions - On January 14, the total soybean meal transaction volume at major oil mills nationwide reached 928,200 tons, an increase of 580,000 tons compared to the previous trading day, with spot transactions accounting for 134,600 tons [1] - Coastal regions reported ordinary protein soybean meal basis quotes ranging from M2605-20 to M2605-60 yuan/ton, reflecting a decrease of 10 to 20 yuan/ton compared to the same period last week [1] Group 2: Export and Import Insights - Private exporters reported sales of 334,000 tons of soybeans to China, with cumulative purchases for the 2025/26 marketing year expected to be around 11.5 million tons, nearing the target of 12 million tons [2] - In December, China's soybean imports totaled 8.044 million tons, with total imports for the year reaching a record high of 111.833 million tons [3] Group 3: Production and Demand Trends - Domestic oil mills are increasing their operating rates, leading to a rise in soybean meal production, which is essential for feed and livestock enterprises preparing for peak season demand [3] - The USDA supply and demand report indicated that U.S. soybeans are experiencing weak fluctuations, with the market closely monitoring export conditions and potential weather impacts in South America [3]