农产品日报：现货价格下调，豆粕偏弱震荡-20251023

Report Industry Investment Rating - The investment rating for both the soybean meal and corn sectors is cautiously bearish [3][6] Core Viewpoints - For the soybean meal market, although the USDA has not released the latest data, Brazil's strong export performance is pressuring the CBOT soybean prices and leading to ample domestic supply. Future market focus will be on policy changes and the import situation of new - season US soybeans [2] - In the corn market, the new - season corn in domestic production areas is being concentratedly supplied, resulting in a supply - exceeding - demand situation. The overall price of new grain is low, and subsequent attention should be paid to national policies [5] Summary by Related Catalogs Market News and Important Data Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2601 contract was 2885 yuan/ton, down 4 yuan/ton (-0.14%) from the previous day; the rapeseed meal 2601 contract was 2307 yuan/ton, down 14 yuan/ton (-0.60%) [1] - Spot: In Tianjin, the soybean meal spot price was 2950 yuan/ton, down 10 yuan/ton; in Jiangsu, it was 2860 yuan/ton, down 10 yuan/ton; in Guangdong, it was 2880 yuan/ton, down 10 yuan/ton. In Fujian, the rapeseed meal spot price was 2520 yuan/ton, down 10 yuan/ton [1] - Brazil's exports: In October, Brazil's soybean export volume is expected to be 7.34 million tons, and the soybean meal export volume is expected to be 2.09 million tons [1] - Brazil's soybean sowing progress: As of October 18, 2025, the sowing progress of Brazil's 2025/26 soybean season was 21.7%, higher than the previous week's 11.1% and last year's 17.6%, but lower than the five - year average of 27.7% [1] Corn and Corn Starch - Futures: The closing price of the corn 2511 contract was 2133 yuan/ton, down 11 yuan/ton (-0.51%); the corn starch 2511 contract was 2426 yuan/ton, down 3 yuan/ton (-0.12%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2550 yuan/ton, unchanged [3] - Brazil's corn exports: In October, Brazil's corn export volume is expected to be 6.57 million tons [3] Market Analysis Soybean Meal - Brazil's strong exports are pressuring CBOT soybean prices, and the domestic supply is sufficient. The future market focus is on policy changes and the import of new - season US soybeans [2] Corn - Domestically, the new - season corn in the Northeast and North China is being concentratedly supplied. The supply exceeds demand, and the overall price of new grain is low. Attention should be paid to national policies [5] Strategy - For both the soybean meal and corn sectors, the strategy is to be cautiously bearish [3][6]