下游采购谨慎，豆粕震荡运行

1. Report's Industry Investment Rating - The investment strategy for both the soybean meal and corn sectors is neutral [3][5] 2. Report's Core View - The current supply - demand pattern of soybean meal remains unchanged. With high oil mill operating rates and continuous inventory accumulation of soybeans and soybean meal, and no sudden news to stimulate the market after policy stabilization, the overall soybean meal price is mainly in a volatile state. Attention should be paid to US soybean imports and the weather in the new - season South American production areas [2] - In the domestic corn market, the grain sales progress in the Northeast is relatively fast, but the effective supply is tight due to farmers' reluctance to sell. As the price reaches a relatively high level and holidays approach, the sales progress may accelerate. On the demand side, deep - processing and feed enterprises have low inventories and replenishment needs, and feed enterprises' demand is rigid while traders are eager to store high - quality grain [4] 3. Summary by Relevant Catalogs 3.1 Soybean Meal and Rapeseed Meal 3.1.1 Market News and Important Data - Futures: The soybean meal 2605 contract closed at 2758 yuan/ton yesterday, down 12 yuan/ton (- 0.43%) from the previous day. The rapeseed meal 2605 contract closed at 2341 yuan/ton, down 6 yuan/ton (- 0.26%) from the previous day [1] - Spot: In Tianjin, the soybean meal spot price was 3090 yuan/ton, down 20 yuan/ton, and the spot basis was M05 + 332, down 8. In Jiangsu, it was 3050 yuan/ton, down 10 yuan/ton, and the basis was M05 + 292, up 2. In Guangdong, it was 3060 yuan/ton, unchanged, and the basis was M05 + 302, up 12. In Fujian, the rapeseed meal spot price was 2560 yuan/ton, unchanged, and the basis was RM05 + 219, up 6 [1] - Market Information: As of December 11, the planting rate of the 2025/26 - season soybeans in Argentina was 58%, up from 49% last week and lower than 66% in the same period last year [1] 3.1.2 Market Analysis - The current supply - demand situation has not changed. High oil mill operating rates and inventory accumulation, along with stable policies and no sudden news, lead to a volatile soybean meal price. High US soybean import costs require attention to US soybean imports and South American weather [2] 3.1.3 Strategy - The strategy for soybean meal is neutral [3] 3.2 Corn 3.2.1 Market News and Important Data - Futures: The corn 2601 contract closed at 2228 yuan/ton yesterday, down 14 yuan/ton (- 0.62%) from the previous day. The corn starch 2511 contract closed at 2513 yuan/ton, down 13 yuan/ton (- 0.51%) from the previous day [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged, and the spot basis was C01 + 97, up 24. In Jilin, the corn starch spot price was 2650 yuan/ton, unchanged, and the basis was CS01 + 137, up 13 [3] - Market Information: As of December 10, the sowing progress of the 2025/26 - season corn in Argentina was 59.2%, up from 44% a week ago, and the expected output may reach a record 61 million tons. The wheat harvest progress in Argentina was 60.2%, up 15 percentage points week - on - week [3] 3.2.2 Market Analysis - In the domestic market, the grain sales progress in the Northeast is relatively fast, but farmers' reluctance to sell makes the effective supply tight. As prices rise and holidays approach, sales may speed up. Deep - processing and feed enterprises have low inventories and replenishment needs, and feed demand is rigid while traders want to store high - quality grain [4] 3.2.3 Strategy - The strategy for corn is neutral [5]