Report Industry Investment Rating - The investment strategy for both the bean meal and corn sectors is cautiously bearish [3] Core Viewpoints - The bean meal futures price showed a weak oscillation. The weather in the main soybean - producing areas of the United States is favorable, and the soybean growth is expected to remain good. Macro - factors are significantly disturbing, and the Sino - US trade relationship is expected to improve. Domestically, the supply of bean meal remains loose due to high soybean arrivals and rising inventory. Attention should be paid to the new - season US soybean planting, Argentine bean meal imports, and policy changes [2] - The corn futures price had a narrow - range oscillation. Domestically, on the supply side, after the digestion of negative factors, the shipments of traders have stabilized. On the demand side, the operating rate of deep - processing enterprises has declined, and feed enterprises have sufficient inventories. The impact of imported corn auctions on the market has weakened. Attention should be paid to the growth of new - season corn [5] Summary According to the Directory Bean Meal Market News and Important Data - Futures: The closing price of the bean meal 2509 contract was 3000 yuan/ton, a decrease of 10 yuan/ton (- 0.33%) from the previous day. Spot: The spot price of bean meal in Tianjin was 2950 yuan/ton, up 10 yuan/ton from the previous day; in Jiangsu, it was 2870 yuan/ton, unchanged; in Guangdong, it was 2860 yuan/ton, unchanged. Consultancy Datagro predicts that Brazil's soybean production in the 2025/26 season will reach a record 183 million tons, while USDA predicts 175 million tons [1] Market Analysis - The bean meal futures price was weakly oscillating. The good weather in the US soybean - producing areas is beneficial to soybean growth. Macro - factors are disturbing, and the Sino - US trade relationship is expected to improve. Domestically, the supply of bean meal remains loose due to high soybean arrivals and rising inventory. Future attention should be paid to the new - season US soybean planting, Argentine bean meal imports, and policy changes [2] Strategy - Cautiously bearish [3] Corn Market News and Important Data - Futures: The closing price of the corn 2509 contract was 2288 yuan/ton, a decrease of 24 yuan/ton (- 1.04%) from the previous day; the corn starch 2509 contract was 2660 yuan/ton, down 23 yuan/ton (- 0.86%). Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2720 yuan/ton, unchanged. As of July 30, 2025/26, Ukraine's grain exports were 1297000 tons, with 613000 tons of corn and 191000 tons of barley. In the 2024/25 season, Ukraine exported 40.6 million tons of grain. Brazil's corn exports in July 2025 are expected to be 4.18 million tons, and the full - year export is expected to reach 42 million tons [3][4] Market Analysis - The corn futures price had a narrow - range oscillation. On the supply side, after the digestion of negative factors, the shipments of traders have stabilized. On the demand side, the operating rate of deep - processing enterprises has declined, and feed enterprises have sufficient inventories. The impact of imported corn auctions on the market has weakened. Attention should be paid to the growth of new - season corn [5] Strategy - Cautiously bearish [3]
农产品日报：库存压力增加，豆粕窄幅震荡-20250801
Hua Tai Qi Huo·2025-08-01 06:04