蛋白数据日报-20250519

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The USDA May Supply and Demand Report has a bullish impact, with the estimated US soybean stock-to-consumption ratio for the 25/26 season at 6.68%, continuing to decline from the 24/25 season [5]. - The China-US joint statement led to a significant reduction in the tariff on Chinese imports of US soybeans, but there is still no profit in importing US soybeans, so the actual impact is limited [5]. - The focus of soybean meal should be on the cost narrative and domestic supply - demand. The US soybean planting progress has reached 48%, which is relatively fast in recent years. The Brazilian premium has been oscillating weakly recently, and its further decline space should be monitored [5]. - China is facing the pressure of concentrated arrivals of Brazilian soybeans, the customs clearance time has been shortened. This week, soybean meal inventory continued to decline slightly but is still low. Overall, there is no speculation driver in US soybean planting, and China is digesting the pressure of spot supply and Brazilian selling pressure, so the market is expected to be volatile [5]. 3. Summaries by Related Catalogs 3.1 Basis Data - The basis data of soybean meal and rapeseed meal in different regions are presented, including Dalian, Tianjin, Zhangjiagang, Dongguan, Zhanjiang, Fangcheng, and Guangdong. For example, the basis of 43% soybean meal spot in Zhangjiagang (against the main contract) is - 6 [3]. 3.2 Spread Data - The spread data between soybean meal and rapeseed meal are provided, including spot spread in Guangdong and the spread of the main contract. For instance, the spot spread between soybean meal and rapeseed meal in Guangdong is 690 [4]. 3.3 Inventory Data - Inventory data such as Chinese port soybean inventory, national major oil - mill soybean inventory, feed enterprise soybean meal inventory days, and national major oil - mill soybean meal inventory are shown in the form of time - series charts from 2020 - 2025 [4]. 3.4开机和压榨情况 (Operation and Pressing Conditions) - The operation rate and soybean pressing volume of national major oil mills from 2020 - 2025 are presented in the form of time - series charts [4].