农产品日报：现货成交清淡，豆粕维持震荡-20251028

Group 1: Report Investment Ratings - The investment strategy for both the粕类 (bean meal and rapeseed meal) and corn sectors is cautiously bearish [4][7] Group 2: Core Views - For the粕类 market, the current domestic fundamentals have little change, with sufficient arrivals, high soybean and bean meal inventories, and overall ample supply. Key factors to watch are the China - US negotiations and the sowing of new - season Brazilian soybeans [3] - In the corn market, on the supply side, farmers' selling enthusiasm was initially low due to the decline in northern port corn prices but has slightly recovered this week in the Northeast. In North China, the risk of bad grain has decreased, and the pace of wet grain sales has slowed. On the demand side, various inventories are low, but the willingness to stock up is weak [5][6] Group 3: Market News and Important Data Bean Meal and Rapeseed Meal - Futures: The closing price of the bean meal 2601 contract was 2932 yuan/ton, down 1 yuan/ton (-0.03%) from the previous day; the rapeseed meal 2601 contract was 2335 yuan/ton, up 10 yuan/ton (+0.43%) [1] - Spot: In Tianjin, the bean meal spot price was 2990 yuan/ton, unchanged; in Jiangsu, it was 2900 yuan/ton, down 10 yuan/ton; in Guangdong, it was 2910 yuan/ton, down 10 yuan/ton. In Fujian, the rapeseed meal spot price was 2550 yuan/ton, up 10 yuan/ton [1] - Latest News: As of October 24, the soybean planting rate in Mato Grosso state in the 2025/26 season reached 60.05%, up 16.48 percentage points from last week. As of October 19, the weekly export volume of Canadian rapeseed was 12.4 tons, and the cumulative export volume in the 2025/26 season was 107.9 tons, a year - on - year decrease of 58.3% [2] Corn and Corn Starch - Futures: The closing price of the corn 2511 contract was 2112 yuan/ton, down 21 yuan/ton (-0.98%); the corn starch 2511 contract was 2425 yuan/ton, down 16 yuan/ton (-0.66%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2550 yuan/ton, unchanged [4] - Latest News: As of October 23, Ukraine had harvested 424 hectares of sunflower seeds (82% of the planned area), with a yield of 783.8 tons; 152 hectares of soybeans, with a yield of 350.2 tons; and 127 hectares of rapeseed, with a yield of 331 tons [4] Group 4: Market Analysis Bean Meal and Rapeseed Meal - The domestic supply of bean meal is relatively loose, and future market trends depend on China - US negotiations and the sowing of new - season Brazilian soybeans [3] Corn and Corn Starch - On the supply side, farmers' selling enthusiasm in the Northeast has slightly recovered, and the pace of wet grain sales in North China has slowed. On the demand side, inventory levels are low, but the willingness to stock up is weak [5][6] Group 5: Strategy - The strategy for both the粕类 and corn sectors is cautiously bearish [4][7] Group 6: Figures - The report includes 44 figures related to the prices, production, consumption, inventory, and basis of bean meal, rapeseed meal, corn, and corn starch, with data sources from Steel Union Data and Huatai Futures Research Institute [8]