Group 1: Report Industry Investment Ratings - The investment rating for the soybean meal and rapeseed meal sector is neutral [3] - The investment rating for the corn sector is cautiously bearish [5] Group 2: Core Views - The current soybean fundamentals have no significant changes. The Profarmer's survey shows good growth of US soybeans this year, in line with the USDA's highest - ever yield estimate. Domestic soybean meal inventory is increasing, and future supply is expected to be abundant. Attention should be paid to Sino - US trade negotiations [2] - For the corn market, the supply in China is becoming more relaxed with decreasing trade inventory in the Northeast and upcoming new corn harvests. The demand is weak, and price upward momentum is insufficient [4] Group 3: Summary by Related Catalogs Market News and Important Data for Soybean Meal and Rapeseed Meal - Futures: The closing price of soybean meal 2601 contract was 3045 yuan/ton, down 36 yuan/ton (-1.17%) from the previous day; the rapeseed meal 2601 contract was 2501 yuan/ton, down 25 yuan/ton (-0.99%) [1] - Spot: In Tianjin, the soybean meal spot price was 3050 yuan/ton, down 20 yuan/ton; in Jiangsu, it was 2970 yuan/ton, down 20 yuan/ton; in Guangdong, it was 2920 yuan/ton, down 20 yuan/ton. In Fujian, the rapeseed meal spot price was 2610 yuan/ton, down 10 yuan/ton [1] - Brazilian export forecasts: In August, soybean exports are expected to be 890 million tons (down from 894 million tons last week), soybean meal exports 213 million tons (down from 233 million tons), and corn exports 780 million tons (down from 805 million tons) [1] Market Analysis for Soybean Meal and Rapeseed Meal - The US soybean growth is good, and the domestic soybean meal inventory is increasing. Future soybean arrivals are expected to be high, and there is room for inventory growth. Sino - US trade negotiations are uncertain [2] Market News and Important Data for Corn - Futures: The closing price of corn 2511 contract was 2164 yuan/ton, up 6 yuan/ton (+0.28%); the corn starch 2511 contract was 2471 yuan/ton, down 4 yuan/ton (-0.16%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2660 yuan/ton, down 40 yuan/ton [3] - Brazilian and Ukrainian news: As of August 23, Brazil's second - season corn harvest progress was 94.8%. As of August 25, Ukraine's 2025/26 grain exports were 353 million tons [3] Market Analysis for Corn - In China, the supply is becoming more relaxed with decreasing trade inventory in the Northeast and upcoming new corn harvests. The demand from deep - processing enterprises is weak, and feed enterprises mainly use inventory [4]
农产品日报：压榨量维持高位，豆粕偏弱震荡-20250828
Hua Tai Qi Huo·2025-08-28 05:25