菜系价格走强，豆粕宽幅震荡

Report Industry Investment Rating - The investment strategy for both the bean meal and corn sectors is cautiously bearish [4][6] Core Viewpoints - New - season US soybeans are growing well, with a strong expectation of a bumper harvest, but there are concerns about Sino - US policies. In China, the supply of soybeans is sufficient and the bean meal inventory is rising, but the increase in import costs provides some support to bean meal prices. For corn, the remaining grain in the market is less than last year, but market sentiment is weak and demand is still low [3][5] Summary by Directory 1. Market News and Important Data (Bean Meal and Rapeseed Meal) - Futures: The closing price of the bean meal 2509 contract was 3091 yuan/ton, up 19 yuan/ton (+0.62%) from the previous day; the rapeseed meal 2509 contract was 2653 yuan/ton, down 71 yuan/ton (-2.61%) [1] - Spot: In Tianjin, the bean meal spot price was 3000 yuan/ton, up 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 2620 yuan/ton, down 50 yuan/ton [1] 2. Market News and Important Data (Corn) - Futures: The closing price of the corn 2509 contract was 2260 yuan/ton, down 2 yuan/ton (-0.09%); the corn starch 2509 contract was 2645 yuan/ton, up 3 yuan/ton (+0.11%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2730 yuan/ton, down 20 yuan/ton [4] 3. Recent Market Information - US soybean: As of August 10, the US soybean good - to - excellent rate was 68%, the flowering rate was 91%, and the pod - setting rate was 71%. The growth is at a high level in the past five years [2] - Ukraine oilseeds: APK - Inform lowered Ukraine's 2025 oilseed production, including an 800,000 - ton reduction in sunflower seed production to 13.8 million tons, a 300,000 - ton reduction in sunflower oil production to 5.9 million tons, a 160,000 - ton reduction in rapeseed production to 3 million tons, and a 400,000 - ton reduction in soybean production to 5.8 million tons [2] - US corn exports: As of August 7, 2025, the US corn export inspection volume was 1.492 million tons, a week - on - week increase of 16% and a year - on - year increase of 51%. From the 2024/25 season to date, the export inspection volume was 63.127 million tons, a year - on - year increase of 29%, reaching 90.4% of the USDA export target [4] 4. Market Analysis - Bean Meal: New - season US soybeans are likely to have a bumper harvest, but Sino - US policies are uncertain. In China, the supply of soybeans is sufficient, the bean meal inventory is rising, but the increase in import costs supports prices [3] - Corn: In China, the remaining grain in the market is less than last year, but market sentiment is weak, and downstream demand is mainly based on on - demand procurement. The future focus is on the new - season corn yield [5] 5. Strategy - The strategy for both bean meal and corn is cautiously bearish [4][6]