现货价格整体上调，豆粕维持震荡

1. Report Industry Investment Rating - The investment rating for the粕类 and corn industries is cautiously bearish [3] 2. Core Viewpoints - For the粕类 market, the new - season US soybean sowing is progressing smoothly, and the sowing progress is significantly higher than the historical average. The supply - demand report this month has no significant adjustments. In China, the rise in Brazilian premiums has supported the price of粕类, but the overall supply is still abundant due to high arrivals of Brazilian soybeans, high oil - mill operating rates, and rising粕类 inventories [1][2] - For the corn market, in China, the supply side shows that traders in Northeast China are raising prices and are reluctant to sell, while in North China, corn circulation is tight. On the demand side, the operating rate of deep - processing enterprises has declined, and feed enterprises mainly execute previous orders. The weather in the US corn - growing belt is favorable [3][4] 3. Summaries by Related Catalogs 3.1 粕类 3.1.1 Market News and Important Data - Futures: The closing price of the bean粕 2509 contract was 3045 yuan/ton, up 4 yuan/ton (+0.13%) from the previous day; the rapeseed粕 2509 contract was 2671 yuan/ton, down 3 yuan/ton (-0.11%) [1] - Spot: In Tianjin, the bean粕 spot price was 2970 yuan/ton, up 20 yuan/ton; in Jiangsu, it was 2870 yuan/ton, up 20 yuan/ton; in Guangdong, it was 2880 yuan/ton, up 20 yuan/ton. In Fujian, the rapeseed粕 spot price was 2610 yuan/ton, up 20 yuan/ton [1] - Market news: The US EPA's new proposal will increase the biomass diesel blending target to 5.61 billion gallons in 2026. If the target is met, the total raw material required will be 20.8 million tons, with soybean oil consumption at 8.32 million tons, an increase of 2.32 million tons (38.5%) from 2024 [1] 3.1.2 Market Analysis - New - season US soybean sowing is going well, and the sowing progress is higher than the historical average. The supply - demand report has no significant adjustments. In China, high Brazilian premiums have increased import costs, supporting the bean粕 price, but the supply is still abundant due to high arrivals of Brazilian soybeans, high oil - mill operating rates, and rising bean粕 inventories [1][2] 3.1.3 Strategy - Cautiously bearish [3] 3.2 Corn 3.2.1 Market News and Important Data - Futures: The closing price of the corn 2507 contract was 2359 yuan/ton, down 19 yuan/ton (-0.80%); the corn starch 2507 contract was 2689 yuan/ton, down 14 yuan/ton (-0.52%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2700 yuan/ton, unchanged [3] - Market news: The weather in the US corn - growing belt is favorable, with alternating sunny and rainy weather expected in most central areas in the next two weeks. Adequate rainfall has helped relieve drought in some areas [3] 3.2.2 Market Analysis - In China, on the supply side, traders in Northeast China are raising prices, and in North China, corn circulation is tight. On the demand side, the operating rate of deep - processing enterprises has declined, and feed enterprises mainly execute previous orders [4] 3.2.3 Strategy - Cautiously bearish [3]