华泰期货：关注关税政策，豆粕价格震荡运行

Group 1: Soybean Meal Market Insights - As of February 13, the futures price for soybean meal (2605 contract) closed at 2800 CNY/ton, an increase of 65 CNY/ton or 2.38% from the previous period [2][14] - The futures price for rapeseed meal (2605 contract) closed at 2309 CNY/ton, up by 70 CNY/ton or 3.13% [2][14] - In the Tianjin region, the spot price for soybean meal remained stable at 3170 CNY/ton, while in Jiangsu, it rose to 3070 CNY/ton, an increase of 40 CNY/ton [2][14] Group 2: International Soybean Data - Brazil's Ministry of Commerce reported that by the second week of February 2026, a total of 2.693 million tons of soybeans had been shipped, compared to 6.428 million tons in the same period last year [3][15] - The average daily shipment volume was 269,000 tons, a decrease of 16.22% from 321,000 tons in February of the previous year [3][15] - As of February 18, 75% of soybean crops were rated as normal to good, an increase from 68% the previous week [3][15] Group 3: Domestic Soybean Supply and Demand - In the sixth week of 2026, a total of 26.9 ships carrying approximately 1.7485 million tons of soybeans arrived at domestic oil mills [4][16] - The actual soybean crushing volume was 2.484 million tons, an increase of 187,900 tons from the previous week [4][16] - National soybean inventory decreased to 5.6704 million tons, down by 684,600 tons or 10.77% from the previous week [4][16] Group 4: Soybean Meal Trading Activity - For the week ending February 12, a total of 352,500 tons of soybean meal were traded, a decrease of 695,800 tons from the previous week [5][16] - The average daily trading volume was 70,500 tons, down by 66.71% from the previous week [5][16] - The total delivery volume of soybean meal was 855,300 tons, an increase of 144,400 tons from the previous week [5][16] Group 5: Corn Market Insights - The futures price for corn (2605 contract) closed at 2320 CNY/ton, an increase of 41 CNY/ton or 1.8% [7][19] - The spot price for corn at the Bayuquan port was 2340 CNY/ton, up by 10 CNY/ton [7][19] - In December 2025, corn imports reached 800,000 tons, a month-on-month increase of 42.86% and a year-on-year increase of 133.10% [8][20] Group 6: Corn Supply and Demand Dynamics - During the Spring Festival, corn trading was largely stagnant, but sales are expected to resume as temperatures rise [11][23] - The average inventory of feed enterprises was 33.02 days, an increase of 1.32% from the previous week [8][20] - The total corn inventory among major processing enterprises was 5.438 million tons, an increase of 6.07% from the previous week [8][20] Group 7: Starch Market Insights - The weekly production of corn starch was 304,700 tons, a decrease of 11,500 tons from the previous week [9][21] - The operating rate for starch production was 55.68%, down by 2.1% from the previous week [9][21] - The total starch inventory was 1.025 million tons, an increase of 3,000 tons from the previous week [9][21]