现货价格小幅上调，豆粕维持震荡

Report Industry Investment Rating - The rating for the soybean meal and corn sectors is neutral [3][7] Core View - The soybean meal price is expected to be supported in the short - term due to macro - policy impacts, despite weak downstream demand and slow inventory clearance in domestic oil mills. Attention should be paid to Sino - US trade policies and the arrival of new - season Brazilian soybeans. The corn price is expected to fluctuate slightly downward in April, affected by factors such as high port inventories, high inventory in deep - processing enterprises, and sufficient substitute supply [3][7] Summary by Related Catalogs Market News and Important Data (Soybean Meal and Rapeseed Meal) - Futures: The closing price of the soybean meal 2509 contract was 2934 yuan/ton, up 45 yuan/ton (+1.56%) from the previous day; the rapeseed meal 2505 contract was 2552 yuan/ton, up 42 yuan/ton (+1.67%) from the previous day. - Spot: In Tianjin, the soybean meal spot price was 2960 yuan/ton, up 10 yuan/ton; in Jiangsu, it was 2860 yuan/ton, up 10 yuan/ton; in Guangdong, it was 2890 yuan/ton, up 10 yuan/ton. In Fujian, the rapeseed meal spot price was 2480 yuan/ton, up 50 yuan/ton [1] - Exports: Anec raised the May export forecast of Brazilian soybeans to 14.52 million tons and Brazilian soybean meal to 236,000 tons. As of May 18, the EU's 24/25 - year - to - date imports of soybeans, soybean meal, and rapeseed were all higher than the same period last year [2] Market News and Important Data (Corn) - Futures: The closing price of the corn 2505 contract was 2324 yuan/ton, up 12 yuan/ton (+0.52%) from the previous day; the corn starch 2505 contract was 2659 yuan/ton, up 3 yuan/ton (+0.11%) from the previous day. - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2750 yuan/ton, unchanged from the previous day [4][5] - Sowing Progress: As of May 18, the US corn sowing progress was 78%, ahead of the historical average, and the emergence rate was 50% [5] Market Analysis (Soybean Meal) - The monthly intended planting area report has some impact on US soybean prices, but the market focuses more on end - of - month policies. The US tariff policy and China's counter - measures have escalated Sino - US trade tensions, which will affect Sino - US soybean trade. Although Brazil's soybean harvest is good this year, the increasing import demand from other countries for Brazilian soybeans has strengthened the Brazilian premium, raising domestic import costs and supporting the domestic soybean meal price [3] Market Analysis (Corn) - Supply: The sale of on - the - ground grain has basically ended this month, and the remaining corn is mainly in the hands of traders. High inventories at north - south ports suppress the corn price. - Demand: Deep - processing enterprises have relatively high inventories, and feed enterprises mainly sign long - term contracts, with stable demand. - Policy: The tariff policy has a positive but limited impact on the market sentiment. The small price difference with wheat and the upcoming large - scale wheat harvest in June pose challenges to the corn price [6] Strategy - For soybean meal: Neutral - For corn: Neutral, with the corn price expected to fluctuate slightly downward in April [3][7]