国贸期货蛋白数据日报-20250611

Report Overview - The report is a data daily report on agricultural products by ITG Guomao Futures, written by Huang Xianglan from the Agricultural Products Research Center on June 11, 2025 [2][3] Core Viewpoints - The domestic soybean inventory continues to accumulate and is currently at a relatively high level compared to the same period. The soybean meal inventory is also increasing but remains at a low level. With the significant recovery of the oil mills' operation rate, it is expected that the soybean meal inventory will accumulate more rapidly in mid - to late June [6] - The soybean meal is expected to accumulate inventory, and the domestic basis is under pressure. As domestic ship - buying progresses, the M09 contract is expected to move in a volatile manner. Attention should be paid to the progress of the China - US economic and trade talks [6] Data Summary Basis Data - On June 10, the 43% soybean meal spot basis in Dalian was - 51, down 12; in Rizhao it was - 171, down 32; in Tianjin it was - 91, down 12; in Zhangjiagang it was - 151, down 32; in Dongguan it was - 181, down 22; in Zhanjiang it was - 141, down 22; and in Fangcheng it was - 151, down 32. The rapeseed meal spot basis in Guangdong was - 199, down 15 [4] Spread Data - The spot spread between soybean meal and rapeseed meal in Guangdong was 420, down 10; the futures spread of the main contract was 402, down 3 [5] International and Inventory Data - The US dollar to RMB exchange rate was 7.1367, up 2. The Brazilian soybean CNF premium was 177 cents per bushel. The domestic soybean inventory at ports and in major oil mills, as well as the soybean meal inventory and feed enterprises' soybean meal inventory days, showed different trends over different time periods. The operation rate and soybean crushing volume of major oil mills also had their own trends [5] Supply and Demand Analysis Supply - The expected arrival volume of Brazilian soybeans in China in May, June, and July is over 10 million tons each month. The short - term planting weather of US soybeans shows no obvious abnormalities. However, in the US production area, Nebraska has had less precipitation recently, but there is no high - temperature combination, which needs further observation [5][6] Demand - Based on the inventory situation, the supply of live pigs is expected to increase steadily before September, and the poultry inventory remains at a high level. The cost - effectiveness of soybean meal has significantly improved, and downstream pick - up has improved [6]