农产品日报：现货价格走弱，豆粕宽幅震荡-20250827

Group 1: Report Industry Investment Ratings - Investment rating for the粕类 market: Neutral [3] - Investment rating for the corn market: Cautiously bearish [5] Group 2: Core Views of the Report - The current fundamentals of soybeans have no significant changes. The growth of US soybeans this year is good, and the domestic soybean meal inventory continues to increase with sufficient supply. Attention should be paid to the growth of new - season US soybeans and Sino - US trade negotiations [2] - For the corn market, the supply in the domestic market is becoming more abundant, while the demand is weak, and the price has limited upward momentum. Attention should be paid to the new - season corn production and Sino - US trade negotiations [2][4] Group 3: Summary by Relevant Catalogs 1. 粕类 Market Market News and Important Data - Futures: The closing price of the soybean meal 2509 contract was 3081 yuan/ton, down 36 yuan/ton (-1.15%) from the previous day; the rapeseed meal 2509 contract was 2526 yuan/ton, down 21 yuan/ton (-0.82%) [1] - Spot: In Tianjin, the soybean meal spot price was 3070 yuan/ton, down 30 yuan/ton; in Jiangsu, it was 2990 yuan/ton, down 20 yuan/ton; in Guangdong, it was 2940 yuan/ton, down 20 yuan/ton. In Fujian, the rapeseed meal spot price was 2620 yuan/ton, up 10 yuan/ton [1] - US export inspection: As of the week ending August 21, the US soybean export inspection volume was 38.28 tons. Since the 2024/25 season, the US soybean export inspection volume has been 4927.99 tons, a year - on - year increase of 11.5%, reaching 96.6% of the annual export target [1] Market Analysis - The current fundamentals of soybeans have no significant changes. The growth of US soybeans this year is good, consistent with the historical high yield of 53.6 bushels per acre in the USDA report. The domestic soybean meal inventory continues to increase, and the supply is relatively loose. The future soybean arrivals in China are still high, and the soybean meal inventory may further increase. Attention should be paid to Sino - US trade negotiations [2] Strategy - Neutral [3] 2. Corn Market Market News and Important Data - Futures: The closing price of the corn 2509 contract was 2158 yuan/ton, up 4 yuan/ton (+0.19%); the corn starch 2509 contract was 2475 yuan/ton, down 6 yuan/ton (-0.24%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2700 yuan/ton, unchanged from the previous day [3] - US export inspection: As of the week ending August 21, the US corn export inspection volume was 130.53 tons, a year - on - year increase of 39%. Since the 2024/25 season, the US corn export inspection volume has been 6552.59 tons, a year - on - year increase of 28.2%, reaching 91.5% of the USDA target. The US corn good - to - excellent rate was 71%, unchanged from the previous week [3] Market Analysis - Domestically, the trade inventory of corn in the Northeast is decreasing, and traders are actively selling. The autumn corn in Hubei is about to be listed, and a small amount of spring corn in the Huaihe River area has been listed, so the supply is becoming more abundant. The operating rate of deep - processing enterprises has slightly decreased, and the inventory has continued to decline. Feed enterprises maintain a rigid demand for corn and mainly use inventory. The price has limited upward momentum, and the overall demand is weak. Attention should be paid to the listing of new grain [4] Strategy - Cautiously bearish [5]