现货价格稳中下调，豆粕窄幅震荡

Report Industry Investment Rating - The investment rating for both the粕类 and corn sectors is cautiously bearish [4][6] Core Viewpoints - In the current situation, the concentrated arrival of Brazilian soybeans in China is putting significant supply pressure on the domestic market. The increasing soybean inventory and weakening Brazilian soybean premiums suggest limited support for import costs. Future attention should be paid to the arrival of new - season soybeans, the planting of new - season US soybeans, and policy changes [3] - For the corn market, the supply of domestic corn has slightly increased, while the demand from deep - processing enterprises has decreased, and the procurement by feed enterprises has been relatively passive [5] Summary by Directory 粕类 Market News and Important Data - Futures: The closing price of the soybean meal 2509 contract was 2961 yuan/ton, down 5 yuan/ton (-0.17%) from the previous day; the rapeseed meal 2509 contract was 2604 yuan/ton, up 5 yuan/ton (+0.19%) [1] - Spot: In Tianjin, the soybean meal spot price was 2950 yuan/ton, unchanged from the previous day; in Jiangsu, it was 2850 yuan/ton, down 20 yuan/ton; in Guangdong, it was 2890 yuan/ton, down 10 yuan/ton. In Fujian, the rapeseed meal spot price was 2560 yuan/ton, up 10 yuan/ton [1] - US Market: As of May 25, the US soybean planting progress reached 76%, the emergence rate was 50%. As of May 22, the US soybean export inspection volume was 19.5 tons, and the total export inspection volume in the 2024/25 season reached 4433 tons, a year - on - year increase of 11.0% [2] Market Analysis - Currently, it is the concentrated arrival period of Brazilian soybeans, bringing supply pressure to the domestic market. The soybean meal inventory has been increasing, and the weakening of Brazilian soybean premiums provides limited support for import costs [3] Strategy - Cautiously bearish [4] Corn Market News and Important Data - Futures: The closing price of the corn 2507 contract was 2325 yuan/ton, up 1 yuan/ton (+0.04%) from the previous day; the corn starch 2507 contract was 2663 yuan/ton, up 11 yuan/ton (+0.41%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2700 yuan/ton, unchanged from the previous day [4] - US Market: As of May 25, the US corn crop's first - rated good - to - excellent rate was 68%, and the planting progress reached 87% [4] Market Analysis - Domestically, the supply of corn has slightly increased, while the demand from deep - processing enterprises has decreased, and the procurement by feed enterprises has been relatively passive [5] Strategy - Cautiously bearish [6]