现货购销冷清，豆粕延续震荡

Group 1: Report Industry Investment Ratings - The investment rating for the soybean meal market is neutral [3] - The investment rating for the corn market is cautiously bearish [6] Group 2: Core Views - The domestic soybean meal inventory continues to increase, with supply remaining relatively loose. Future soybean arrivals are expected to be high, and the inventory may rise further. The decline in import costs has led to a drop in domestic soybean meal prices, and future attention should be paid to Sino - US trade policy negotiations [2] - In the domestic corn market, the supply is expected to increase as new grain in North and Northeast China is approaching the market, while traders' remaining grain is tight. On the demand side, the inventory and operating rate of deep - processing enterprises are seasonally decreasing, and feed enterprises' inventory is also declining. Attention should be paid to the new - season corn yield [5] Group 3: Market News and Important Data Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2601 contract was 3048 yuan/ton, a change of - 18 yuan/ton (- 0.59%) from the previous day; the rapeseed meal 2601 contract was 2519 yuan/ton, a change of - 2 yuan/ton (- 0.08%) [1] - Spot: In Tianjin, the soybean meal spot price was 3060 yuan/ton, unchanged from the previous day; in Jiangsu, it was 2970 yuan/ton, a decrease of 20 yuan/ton; in Guangdong, it was 2950 yuan/ton, a decrease of 10 yuan/ton. The rapeseed meal spot price in Fujian was 2640 yuan/ton, unchanged from the previous day [1] - Market news: In July, the US soybean crushing volume was 204.7 million bushels, a record high for the same period, but slightly lower than market expectations. The US soybean oil inventory at the end of July was 1.873 billion pounds, the lowest in nearly 7 months and lower than market expectations [1] Corn and Corn Starch - Futures: The closing price of the corn 2511 contract was 2210 yuan/ton, a change of + 17 yuan/ton (+ 0.78%) from the previous day; the corn starch 2511 contract was 2498 yuan/ton, a change of + 11 yuan/ton (+ 0.44%) [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 2620 yuan/ton, unchanged from the previous day [3] - Market news: The Allendale survey shows that the expected US corn production in 2025 will reach a record high of 16.631 billion bushels, with an average yield of 187.52 bushels per acre. The expected US soybean production in 2025 is 4.268 billion bushels, with an average yield of 53.28 bushels per acre [3]