蛋白数据日报-20250603

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - In the short term, the cost - performance of soybean meal has significantly improved, with better demand and policy rumors driving the futures price to rebound. However, there are no obvious abnormalities in the soybean planting weather in the US, and the purchase of Brazilian soybeans is progressing well. The futures price currently lacks strong upward momentum and is expected to fluctuate [6]. 3. Summary by Relevant Catalogs Spot Basis - For 43% soybean meal spot basis on May 30th, in Dalian and Rizhao it was 12 with a decrease of 26; in Tianjin it was - 18 with a decrease of 16; in Zhangjiagang it was - 38 with a decrease of 6; in Dongguan it was - 88 with a decrease of 26; in Zhanjiang it was - 28 with a decrease of 6; in Fangcheng it was - 68 with a decrease of 26. The vegetable meal spot basis in Guangdong was - 137 with an increase of 11 [4]. Spread Data - The M9 - 1 spread was - 41, the M9 - RM9 spread was 1, the RM9 - 1 spread was 1200. The spot spread between soybean meal and vegetable meal in Guangdong was 380 with a decrease of 50, and the futures spread (main contract) was 331 with a decrease of 13 [5]. International Data - The US dollar to RMB exchange rate was 7.1454. The soybean CNF premium and the import soybean futures gross profit were presented in the form of a chart, and the data changed over time [5]. Inventory Data - As of last week, the soybean inventory decreased slightly and was at a high level compared to the same period in previous years. The soybean meal inventory increased to 20.69 tons, which was still relatively low. The number of days of soybean meal inventory in feed enterprises increased but was still at a low level [6]. Supply and Demand - Supply: The arrival volume of Brazilian soybeans in China in May, June, and July is expected to exceed 10 million tons. The purchase progress for June is 94.4%, for July is 80.6%, and for August is 33.8%. The US soybean planting progress is fast, and the weather in the next two weeks is expected to be favorable for early soybean growth. - Demand: From the inventory, the supply of pigs is expected to increase steadily before September, the poultry inventory remains at a high level, and the cost - performance of soybean meal has significantly improved, with downstream transactions increasing and提货 getting better [5][6]. 开机 and Pressing - The开机 rate and soybean pressing volume of major domestic oil mills were presented in the form of a chart, showing changes over time [5].