蛋白数据日报-20250609

Report Industry Investment Rating - Not provided Core View of the Report - In the short term, the expectation of improved Sino-US relations drives the rebound of US soybeans, and the Brazilian premium rebounds, leading to an increase in import costs. However, there are no obvious abnormalities in the US soybean planting weather, and domestic ship purchases are progressing. The market lacks strong upward momentum for now, and the price is expected to move sideways [6]. Summary by Relevant Catalogs Basis Data - On June 6th, the 43% soybean meal spot basis in different regions showed various changes. For example, in Dalian and Rizhao, it was -50 to -170 with a change of -12; in Tianjin, it was -90 with an increase of 8; in Zhangjiagang, it was -110 with a decrease of -52; in Dongguan, it was -190 with a decrease of -32; in Zhanjiang, it was -130 with a decrease of -22; and in Fangcheng, it was -140 with a decrease of -42. The rapeseed meal spot basis in Guangdong was -178 with a decrease of -41 [4]. Spread Data - The M9 - 1 spread was -38, the N9 - RM9 spread was 7, the RM9 - 1 spread was 261, the spot spread between soybean meal and rapeseed meal in Guangdong was 402 with a change of 11, and the盘面 spread (主力) was 390 with a change of 20 [5]. International Data - The US dollar to RMB exchange rate was 7.1847, the Brazilian soybean CNF premium was 132.00 (in cents per bushel), and the import soybean盘面 gross profit was 175 yuan per ton with an increase of 10 [5]. Inventory Data - As of last week, domestic soybean inventories continued to accumulate and were at a relatively high level compared to the same period. Soybean meal continued to accumulate inventory but was still at a low level. With the significant rebound in crushing operations, soybean meal inventory is expected to accumulate more rapidly in June [6]. Supply and Demand Situation - Supply: From May to July, the arrival of Brazilian soybeans in China is expected to exceed 10 million tons each month. As of now, the purchase progress for June is 94.4%, July is 80.6%, and 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 [5][6]. - Demand: Based on inventory, the supply of pigs is expected to increase steadily before September, poultry inventory remains high, the cost - effectiveness of soybean meal has significantly improved, and downstream transactions have increased with better提货 [6].