农产品日报：压榨量维持高位，豆粕偏弱震荡-20250812

Group 1: Report Industry Investment Rating - The investment rating for both the bean meal and corn sectors is cautiously bearish [3][5] Group 2: Core Views of the Report - For the bean meal market, the new - season US soybeans are growing well with a strong expectation of a bumper harvest, but there are concerns about the policy situation. In China, although the soybean supply is sufficient and the bean meal inventory is rising, the increase in Brazilian basis and import costs support the bean meal price. The situation of new - season US soybeans and policy changes are key factors affecting the price [2] - For the corn market, the domestic market has less remaining grain compared to the same period last year, but market confidence is low. Traders are actively selling, and the upcoming harvest of North China spring corn will supplement the supply. Downstream demand is weak, and the yield of new - season corn needs continuous attention [4] Group 3: Market News and Important Data - Bean Meal - Futures: The closing price of the bean meal 2509 contract was 3072 yuan/ton, up 27 yuan/ton (+0.89%) from the previous day; the closing price of the rapeseed meal 2509 contract was 2724 yuan/ton, down 49 yuan/ton (-1.77%) from the previous day [1] - Spot: In Tianjin, the bean meal spot price was 2990 yuan/ton, down 10 yuan/ton; in Jiangsu, it was 2920 yuan/ton, unchanged; in Guangdong, it was 2910 yuan/ton, unchanged. In Fujian, the rapeseed meal spot price was 2670 yuan/ton, down 50 yuan/ton [1] - Market news: As of the week ending July 31, Canada's rapeseed exports were 30,000 tons (60,000 tons the previous week). The total rapeseed exports in the 2024/25 season were 9.519 million tons, a year - on - year increase of 38.8% [1] Group 4: Market News and Important Data - Corn - Futures: The closing price of the corn 2509 contract was 2262 yuan/ton, up 7 yuan/ton (+0.31%) from the previous day; the closing price of the corn starch 2509 contract was 2642 yuan/ton, unchanged from the previous day [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2750 yuan/ton, unchanged [3] - Market news: As of August 6, the 2024/25 Argentine corn harvest was 4.439 million tons, with a harvest progress of 89.3% and an average yield of 7.23 tons per hectare [3]