Group 1: Report Investment Rating - The investment rating for the soybean meal and corn markets is cautiously bearish [3][5] Group 2: Core Viewpoints - The domestic fundamentals of soybean meal have not changed significantly. The domestic arrival volume is sufficient, and the inventories of soybeans and soybean meal are still at a relatively high level, with overall supply being relatively loose. Future focus should be on the Sino - US negotiations and the sowing situation of new - season Brazilian soybeans [2] - For corn, on the supply side, farmers' enthusiasm for selling grain was relatively low due to the previous decline in the price of corn at the northern ports, but it has slightly recovered this week in the Northeast. In North China, the risk of spoiled grain has significantly decreased, and the pace of selling damp grain has slowed down. On the demand side, the channel inventory, port inventory, deep - processing enterprise inventory, and feed enterprise inventory are all at a low level, but the stocking willingness is low [4] Group 3: Market News and Important Data (Soybean Meal) - Futures: The closing price of the soybean meal 2601 contract was 2994 yuan/ton, up 25 yuan/ton or 0.84% from the previous day; the closing price of the rapeseed meal 2601 contract was 2401 yuan/ton, up 28 yuan/ton or 1.18% from the previous day [1] - Spot: In Tianjin, the soybean meal spot price was 3010 yuan/ton, unchanged from the previous day, with a spot basis of M01 + 16, down 25 from the previous day; in Jiangsu, it was 2940 yuan/ton, up 10 yuan/ton, with a spot basis of M01 - 54, down 15 from the previous day; in Guangdong, it was 2950 yuan/ton, up 10 yuan/ton, with a spot basis of M01 - 44, down 15 from the previous day. In Fujian, the rapeseed meal spot price was 2610 yuan/ton, up 30 yuan/ton, with a spot basis of RM01 + 209, up 2 from the previous day [1] - Argentina: As of the week of October 22, Argentine farmers sold 264,800 tons of 2024/25 soybeans, bringing the cumulative sales to 3.83441 million tons. The domestic oil mills purchased 224,800 tons, and the export industry purchased 40,000 tons. They also sold 843,600 tons of 2025/26 soybeans, bringing the cumulative sales to 407,350 tons. The domestic oil mills purchased 816,800 tons, and the export industry purchased 26,800 tons [1] Group 4: Market News and Important Data (Corn) - Futures: The closing price of the corn 2511 contract was 2111 yuan/ton, down 5 yuan/ton or 0.24% from the previous day; the closing price of the corn starch 2511 contract was 2419 yuan/ton, down 8 yuan/ton or 0.33% from the previous day [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day, with a spot basis of C11 + 19, down 5 from the previous day; in Jilin, the corn starch spot price was 2550 yuan/ton, unchanged from the previous day, with a spot basis of CS11 + 131, up 8 from the previous day [3] - Brazil: As of last Saturday, the planting of the first - season corn in Brazil for the 2025/26 season was 40.0% completed, compared with 33.2% last week, 36.8% in the same period last year, and a five - year average of 39.6% [3]
农产品日报：去库节奏缓慢，豆粕震荡运行-20251031
Hua Tai Qi Huo·2025-10-31 02:49