农产品日报：现货购销良好，豆粕维持震荡-20250612

1. Report Industry Investment Rating - The investment rating for both the soybean meal and corn industries is cautiously bearish [3][6] 2. Report's Core View - For the soybean meal industry, with a large influx of Brazilian soybeans, domestic oil - mill operating rates have risen rapidly, and soybean meal inventory has increased from a low level. The overall supply of soybeans remains abundant, and future prices will be affected by factors such as Brazilian price premiums, US soybean planting area weather, and policy changes [2] - For the corn industry, on the domestic supply side, the end of grassroots surplus grain and the need to make room for wheat storage have increased supply during the wheat harvest. The demand side shows low operating rates in deep - processing enterprises and feed enterprises mainly fulfilling previous orders. Attention should be paid to the listing and substitution of new - season wheat [4][5] 3. Summary by Relevant Catalogs 3.1 Soybean Meal 3.1.1 Market News and Important Data - Futures: The closing price of the soybean meal 2509 contract was 3047 yuan/ton, up 16 yuan/ton (+0.53%) from the previous day; the rapeseed meal 2509 contract was 2638 yuan/ton, up 9 yuan/ton (+0.34%) [1] - Spot: In Tianjin, the soybean meal spot price was 2960 yuan/ton, up 20 yuan/ton; in Jiangsu, it was 2850 yuan/ton, up 20 yuan/ton; in Guangdong, it was 2850 yuan/ton, up 10 yuan/ton. In Fujian, the rapeseed meal spot price was 2560 yuan/ton, up 20 yuan/ton [1] - Market News: The Brazilian Vegetable Oil Industry Association maintained its forecasts for Brazil's 2025 soybean production, exports, and processing but lowered the average export prices of soybeans and soybean oil. The 2025 Brazilian soybean export average price was expected to be 405 US dollars/ton, 10 US dollars/ton lower than the previous month's forecast; the soybean oil export average price was expected to be 1015 US dollars/ton, 35 US dollars/ton lower [1] 3.1.2 Market Analysis - With the large arrival of Brazilian soybeans, domestic oil - mill operating rates have increased rapidly, and soybean meal inventory has risen from a low level. The overall supply of soybeans remains abundant, and future prices will be affected by Brazilian price premiums, US soybean planting area weather, and policy changes [2] 3.1.3 Strategy - The strategy for the soybean meal industry is cautiously bearish [3] 3.2 Corn 3.2.1 Market News and Important Data - Futures: The closing price of the corn 2507 contract was 2374 yuan/ton, down 5 yuan/ton (-0.21%); the corn starch 2507 contract was 2709 yuan/ton, down 2 yuan/ton (-0.07%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton; in Jilin, the corn starch spot price was 2700 yuan/ton [3] - Market News: As of the week ending June 5, the US wheat export inspection volume was 291,000 tons, a 47% week - on - week and 18% year - on - year decrease. The USDA predicted that the 2025/26 US wheat export target was 2.177 million tons [3] 3.2.2 Market Analysis - On the domestic supply side, the end of grassroots surplus grain and the need to make room for wheat storage have increased supply during the wheat harvest. The demand side shows low operating rates in deep - processing enterprises and feed enterprises mainly fulfilling previous orders. Attention should be paid to the listing and substitution of new - season wheat [4][5] 3.2.3 Strategy - The strategy for the corn industry is cautiously bearish [6]