下游补库谨慎，豆粕震荡运行

Group 1: Report Industry Investment Rating - The investment rating for both the粕类 and corn sectors is neutral [3][6] Group 2: Core Views of the Report - For the粕类 market, the domestic supply - demand pattern remains unchanged, with a slight increase in soybean inventory and high - level bean粕 inventory. The 05 contract price moves weakly in line with the US soybean price, but the relatively high import cost of US soybeans provides some support. Attention should be paid to soybean imports and the growth of new - season South American soybeans [2] - For the corn market, farmers are still reluctant to sell, resulting in a slow grain - selling rhythm. Traders are cautious in inventory building, while deep - processing enterprises'开机 rate is stable with a slight increase in inventory and improved purchasing willingness. Feed enterprises mainly make rigid - demand purchases. All - link inventories are gradually rising but still below historical levels. The future focus is on alternative grain auctions, and the corn spot price is expected to adjust [4][5] Group 3: Market News and Important Data 粕类 - Futures: The closing price of the bean粕 2605 contract was 2728 yuan/ton, down 17 yuan/ton (-0.62%) from the previous day; the rapeseed粕 2605 contract was 2344 yuan/ton, down 5 yuan/ton (-0.21%) [1] - Spot: In Tianjin, the bean粕 spot price was 3080 yuan/ton, unchanged from the previous day, with a spot basis of M05 + 352, up 17 from the previous day; in Jiangsu, it was 3010 yuan/ton, down 10 yuan/ton, with a spot basis of M05 + 282, up 7; in Guangdong, it was 3020 yuan/ton, down 10 yuan/ton, with a spot basis of M05 + 292, up 7. In Fujian, the rapeseed粕 spot price was 2570 yuan/ton, unchanged from the previous day, with a spot basis of RM05 + 226, up 5 [1] - Market Information: The US Department of Agriculture reported that for the week ending December 11, US soybean export sales increased by 239.62 million tons, up 54% from the previous week and 69% from the four - week average. The market expected an increase of 180 - 290 million tons, and exports to the Chinese mainland increased by 138.3 million tons. Argentina's November soybean crushing volume was 349.3 million tons, with 58.7 million tons of soybean oil and 25.9 million tons of bean粕 produced [1] Corn - Futures: The closing price of the corn 2601 contract was 2196 yuan/ton, up 7 yuan/ton (+0.32%) from the previous day; the corn starch 2601 contract was 2494 yuan/ton, up 7 yuan/ton (+0.28%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day, with a spot basis of C01 + 99, down 7 from the previous day; in Jilin, the corn starch spot price was 2620 yuan/ton, unchanged from the previous day, with a spot basis of CS01 + 126, down 7 [3] - Market Information: The US Department of Agriculture reported that for the week ending December 11, US corn export sales increased by 174.41 million tons, up 18% from the previous week but down 7% from the four - week average. The market expected an increase of 90 - 180 million tons. Corn export shipments were 144.56 million tons, down 18% from the previous week and 25% from the four - week average. New sales of US corn in the current market year were 184.84 million tons, and new sales in the next market year were 0 tons [3]