市场购销转好，豆粕震荡运行

Group 1: 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] Group 2: Core Views - For the soybean meal market, the Sino - US talks have sent positive signals but no final results yet, and the US biodiesel policy has not met market expectations, dragging down US soybean prices. Domestically, the supply of soybean and soybean meal is relatively loose, and the market is focusing on Sino - US trade negotiations [2] - For the corn market, as new corn gradually enters the market, the supply will increase, and attention should be paid to downstream purchasing sentiment and the volume of new grain [4] Group 3: Summary by Catalog - Soybean Meal Market News and Important Data - Futures: The soybean meal 2601 contract closed at 2967 yuan/ton, up 37 yuan/ton (+1.26%) from the previous day; the rapeseed meal 2601 contract closed at 2444 yuan/ton, up 49 yuan/ton (+2.05%) [1] - Spot: In Tianjin, Jiangsu, and Guangdong, soybean meal spot prices increased by 10 yuan/ton, and the spot basis decreased by 27. In Fujian, rapeseed meal spot price increased by 30 yuan/ton, and the spot basis decreased by 19 [1] - Market Information: Brazil's expected soybean exports in September 2025 are 715 million tons, lower than the previous estimate but higher than last year. The exports from January - September 2025 are expected to reach 9.525 billion tons, and about 1.6 billion tons from October - December [1] Market Analysis - Sino - US talks have positive signals but no final results, and the US biodiesel policy has affected US soybean prices. Domestically, the supply of soybean and soybean meal is loose, and the market focuses on Sino - US trade negotiations [2] Strategy - Neutral [3] Group 4: Summary by Catalog - Corn Market News and Important Data - Futures: The corn 2511 contract closed at 2165 yuan/ton, up 1 yuan/ton (+0.05%); the corn starch 2511 contract closed at 2474 yuan/ton, up 5 yuan/ton (+0.20%) [3] - Spot: In Liaoning, the corn spot price remained unchanged, and the spot basis decreased by 1. In Jilin, the corn starch spot price remained unchanged, and the spot basis decreased by 5 [3] - Market Information: From September 1 - 19, 2025, Brazil's corn exports were 4.73 million tons, with an average daily export of 305,807 tons (up 3.1% year - on - year). The export amount was 940 million US dollars, and the average export price was 198.1 US dollars/ton (up 1.8% year - on - year). In August 2025, Brazil's corn exports were 6.849 million tons (up 13.0% year - on - year) [3] Market Analysis - Domestically, the supply of corn is relatively loose as new corn in the Northeast and North China is gradually on the market. Traders are pessimistic about the future. The demand from deep - processing enterprises is low, and feed enterprises mainly replenish inventory as needed [4] Strategy - Cautiously bearish [5]