现货价格坚挺，豆粕震荡运行

Report Industry Investment Ratings - For the粕类market, the strategy is neutral [4] - For the corn market, the strategy is cautiously bearish [6] Core Views - The domestic soybean supply remains abundant, and the fundamentals have not changed significantly. The result of the anti - dumping investigation on rapeseed in the policy end has a significant impact on the price of meal products. The Sino - US trade policy is still uncertain. The Brazilian premium remains strong, and the cost side is still supported [3] - In the domestic corn market, the supply side shows that the channel inventory in Northeast and North China is relatively low, and traders are more active in selling. The demand side indicates that the start - up of deep - processing enterprises is stable, and the inventory continues to decline. Feed enterprises mainly conduct sporadic replenishment. The price has insufficient upward momentum, and the market focuses on the listing of new grains [5] Summary According to Related Catalogs Market News and Important Data -粕类 - Futures: The closing price of the bean meal 2509 contract was 3161 yuan/ton, up 6 yuan/ton (+0.19%) from the previous day; the rapeseed meal 2509 contract was 2604 yuan/ton, up 14 yuan/ton (+0.54%) from the previous day [1] - Spot: In Tianjin, the bean meal spot price was 3090 yuan/ton, unchanged from the previous day; in Jiangsu, it was 3000 yuan/ton, up 10 yuan/ton; in Guangdong, it was 2980 yuan/ton, up 10 yuan/ton. In Fujian, the rapeseed meal spot price was 2720 yuan/ton, down 50 yuan/ton [1] - US market: As of the week of August 17, the US soybean good - to - excellent rate was 68%, the flowering rate was 95%, and the pod - setting rate was 82%. As of the week of August 14, the US soybean export inspection volume was 47.4 tons. The 2024/25 US soybean export inspection volume was 4886.8 tons, a year - on - year increase of 11.6%, reaching 95.8% of the annual export target [2] Market News and Important Data - Corn - Futures: The closing price of the corn 2509 contract was 2170 yuan/ton, down 7 yuan/ton (-0.32%) from the previous day; the corn starch 2509 contract was 2563 yuan/ton, down 31 yuan/ton (-1.20%) from the previous day [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2730 yuan/ton, unchanged from the previous day [4] - Forecast: ASAP Agri expects Ukraine's 2025 corn production to reach 3090 tons, an increase of 330 tons from the previous forecast. As of the week of August 14, the US wheat export inspection volume was 39.5 tons, a week - on - week decrease of 4.7% and a year - on - year decrease of 5.6%. The 2025/26 US wheat export inspection volume was 481.2 tons, a year - on - year increase of 3.7% [4] Market Analysis -粕类 - The domestic soybean supply is still abundant, and the fundamentals have no major changes. The result of the rapeseed anti - dumping investigation on the policy end has a significant impact on the price of meal products. The Sino - US trade policy is uncertain, and the Brazilian premium remains strong, providing cost support [3] Market Analysis - Corn - On the supply side, the channel inventory in Northeast and North China is relatively low, and traders are more active in selling. On the demand side, the start - up of deep - processing enterprises is stable, and the inventory continues to decline. Feed enterprises mainly conduct sporadic replenishment. The price has insufficient upward momentum, and the market focuses on the listing of new grains [5]