现货价格整体上涨，豆粕偏强震荡

Group 1: Report Investment Ratings - The investment strategy for both the soybean meal and corn sectors is cautiously bearish [3][5] Group 2: Core Views - The adjustment of the supply - demand report is small and in line with market expectations. The good - to - excellent rate of US soybeans is at a relatively high historical level, and the weather in the main production areas is favorable, with no significant impact expected in the near term. In China, there is still pressure on the spot market, and attention should be paid to the growth of new - season US soybeans and policy changes [2] - In the domestic corn market, supply capacity is increasing due to more auctions and high - temperature storage issues. Demand is weak as feed enterprises have sufficient inventory and are in the off - season. Imported corn auctions continue, but the transaction premium and volume are decreasing [4] Group 3: Summary by Section (Market News and Important Data) Soybean Meal and Rapeseed Meal - Futures: On the previous trading day, the soybean meal 2509 contract closed at 3029 yuan/ton, up 52 yuan/ton (+1.75%); the rapeseed meal 2509 contract closed at 2719 yuan/ton, up 66 yuan/ton (+2.49%) [1] - Spot: In Tianjin, Jiangsu, and Guangdong, soybean meal spot prices increased by 30, 50, and 40 yuan/ton respectively. In Fujian, rapeseed meal spot price increased by 60 yuan/ton [1] - Market News: Brazil's expected 2025 soybean export volume is 1.1 billion tons, an increase of about 130 million tons year - on - year. Argentina's 2024/25 soybean production forecast is raised to 49.5 million tons [1] Corn and Corn Starch - Futures: The corn 2509 contract closed at 2296 yuan/ton, up 3 yuan/ton (+0.13%); the corn starch 2509 contract closed at 2646 yuan/ton, up 7 yuan/ton (+0.27%) [3] - Spot: In Liaoning, the corn spot price remained unchanged, and in Jilin, the corn starch spot price also remained unchanged [3] - Market News: As of July 12, 2025, the first - season corn harvest progress in Brazil is 98.3%. Brazil's corn exports from July 1 - 11 are slower than last year [3] Group 4: Summary by Section (Market Analysis) Soybean Meal - The supply - demand report adjustment is small. US soybean good - to - excellent rate is high, and the weather is favorable. In China, there is spot pressure, with rising soybean meal inventory and high physical inventory of feed enterprises [2] Corn - In China, corn supply is increasing due to more auctions and storage issues. Demand is weak as feed enterprises have sufficient inventory and are in the off - season. Imported corn auctions show a change in market sentiment [4]