缺乏交易题材，豆粕维持震荡

1. Report Industry Investment Ratings - The investment rating for the soybean meal industry is neutral [3] - The investment rating for the corn industry is cautiously bearish [5] 2. Core Views of the Report - The domestic soybean meal market currently has increasing inventory and ample supply, and the price has declined due to lower import costs. Future price trends depend on Sino - US trade policy negotiations [2] - In the domestic corn market, the supply is expected to increase with the approaching new grain listing, while demand is weak. Attention should be paid to the yield of new - season corn [4] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2601 contract was 3050 yuan/ton, down 4 yuan/ton (-0.13%) from the previous day; the rapeseed meal 2601 contract was 2500 yuan/ton, down 13 yuan/ton (-0.52%) [1] - Spot: In Tianjin, the soybean meal spot price was 3070 yuan/ton, down 10 yuan/ton; in Jiangsu, it was 2990 yuan/ton, unchanged; in Guangdong, it was 2950 yuan/ton, down 10 yuan/ton. In Fujian, the rapeseed meal spot price was 2620 yuan/ton, down 10 yuan/ton [1] - Market news: In June, the US used 1.045 billion pounds of soybean oil for biofuel production, up 1.95% from May. Brazil's 2025/26 soybean production forecast remains at 178.2 million tons [1] 3.1.2 Corn and Corn Starch - Futures: The closing price of the corn 2511 contract was 2200 yuan/ton, up 7 yuan/ton (+0.32%); the corn starch 2511 contract was 2505 yuan/ton, up 5 yuan/ton (+0.20%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2620 yuan/ton, down 30 yuan/ton [3] - Market news: In Ukraine, due to drought, the corn yield in the southern part of Poltava decreased by 17% year - on - year, while the northern part had good growth. The far - month FOB price of new - crop corn in the Black Sea was about 214 US dollars/ton, up 8% year - on - year. Australia is expected to produce 33.8 million tons of wheat in the 2025/26 season, up 10.5% from the previous forecast [3] 3.2 Market Analysis 3.2.1 Soybean Meal Market - Supply: Domestic soybean meal inventory is increasing and there is room for further growth due to high future soybean arrivals [2] - Price: The price has declined due to lower import costs caused by positive Sino - US negotiation expectations and weaker Brazilian premiums [2] 3.2.2 Corn Market - Supply: New grain in North China and Northeast China is about to be listed, increasing the supply. Traders have limited remaining grain [4] - Demand: Deep - processing enterprises and feed enterprises have low inventory and demand, and wheat substitution is common [4] 3.3 Strategies - The strategy for the soybean meal market is neutral [3] - The strategy for the corn market is cautiously bearish [5]