下游库存维持高位，豆粕延续震荡

Report Industry Investment Rating - The investment rating for both the bean meal and corn sectors is neutral [3] Core Viewpoints - The domestic supply - demand pattern of bean meal remains unchanged, with soybean and bean meal inventories high and strong South American harvest expectations. The 05 contract price of bean meal follows the weak trend of US soybean prices, but the high import cost of US soybeans provides some support. Future focus should be on soybean imports and South American soybean growth [2] - For corn, the supply side has farmers reluctant to sell, and the demand side has cautious traders and mainly rigid - demand purchases from feed enterprises. Current inventories are rising but still below historical levels, and future focus should be on alternative grain auctions [4][5] Summary by Related Catalogs Bean Meal Market News and Important Data - Futures: The closing price of the bean meal 2605 contract was 2745 yuan/ton, up 4 yuan/ton or 0.15% from the previous day; the rapeseed meal 2605 contract was 2349 yuan/ton, up 12 yuan/ton or 0.51% [1] - Spot: Tianjin bean meal was 3080 yuan/ton, Jiangsu was 3020 yuan/ton, and Guangdong was 3030 yuan/ton, all unchanged from the previous day. Fujian rapeseed meal was 2570 yuan/ton, up 10 yuan/ton [1] - Market News: As of December 18, 2025, the US soybean export inspection volume was 870,000 tons. AgRural expects Brazil's 2025/26 soybean output to reach 180.4 million tons [1] Market Analysis - The domestic supply - demand situation remains stable, with soybean and bean meal inventories rising slightly. The 05 contract price is weak, but high US soybean import costs provide support. Future focus is on imports and South American soybean growth [2] Strategy - The strategy for bean meal is neutral [3] Corn Market News and Important Data - Futures: The closing price of the corn 2601 contract was 2189 yuan/ton, down 3 yuan/ton or 0.14% from the previous day; the corn starch 2601 contract was 2487 yuan/ton, down 10 yuan/ton or 0.40% [3] - Spot: Liaoning corn was 2150 yuan/ton, unchanged from the previous day; Jilin corn starch was 2620 yuan/ton, down 10 yuan/ton [3] - Market News: As of December 18, 2025, the US corn export inspection volume was 1.744 million tons. Brazil exported 4.426 million tons of corn in the first three weeks of December, with a daily average export volume 45% higher than the previous year [3] Market Analysis - On the supply side, farmers are reluctant to sell. On the demand side, traders are cautious, and feed enterprises make mainly rigid - demand purchases. Inventories are rising but still below historical levels, and future focus is on alternative grain auctions [4][5] Strategy - The strategy for corn is neutral [3]