供需博弈，豆粕延续震荡

Group 1: Report Investment Ratings - The investment strategy for both the soybean meal and corn sectors is neutral [3][5] Group 2: Core Views - The current supply - demand pattern for soybean meal has not changed, with high oil refinery operating rates and continuous inventory accumulation of soybeans and soybean meal. The overall price of soybean meal 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] - For corn, the grain sales progress in the Northeast is relatively fast, but farmers' reluctance to sell has led to a tight supply. As prices reach a relatively high level and holidays approach, the grain sales progress is expected to accelerate. Deep - processing and feed enterprises have low inventories and replenishment needs, and feed enterprises' demand is rigid [4] Group 3: Market News and Important Data Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2605 contract was 2756 yuan/ton, a change of - 21 yuan/ton (- 0.76%) from the previous day; the rapeseed meal 2605 contract was 2331 yuan/ton, a change of - 28 yuan/ton (- 1.19%) [1] - Spot: In Tianjin, the soybean meal spot price was 3090 yuan/ton, unchanged from the previous day; in Jiangsu, it was 3040 yuan/ton, a decrease of 10 yuan/ton; in Guangdong, it was 3040 yuan/ton, a decrease of 20 yuan/ton. In Fujian, the rapeseed meal spot price was 2550 yuan/ton, a decrease of 20 yuan/ton [1] - Market news: As of December 12, the sowing progress of soybeans in Brazil's 2025/26 season was 94.1%, higher than 90.3% a week ago and the five - year average of 90.6%, but lower than 96.8% in the same period last year [1] Corn and Corn Starch - Futures: The closing price of the corn 2601 contract was 2206 yuan/ton, a change of - 14 yuan/ton (- 0.63%) from the previous day; the corn starch 2511 contract was 2512 yuan/ton, a change of + 10 yuan/ton (+ 0.40%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2630 yuan/ton, a decrease of 20 yuan/ton [3] - Market news: As of December 11, the sowing of the first - season corn in Brazil's central - southern region in the 2025/26 season was completed. The rainfall in southern Brazil last week relieved the pressure on corn growth. The predicted total corn output in the 2025/26 season is 1.353 billion tons, lower than the record - high output of 1.411 billion tons in the 2024/25 season [3]