现货成交平淡，豆粕维持震荡

1. Report Industry Investment Ratings - The investment strategy for both the粕类 (bean meal and rapeseed meal) and corn sectors is neutral [3][6] 2. Core Views - For the粕类 market, the current domestic supply - demand pattern remains unchanged, with a slight increase in soybean inventory and high bean meal inventory. The 05 contract price moves weakly in line with the US soybean price due to strong South American soybean production expectations. However, the relatively high import cost of US soybeans provides some support. Future focus should be on soybean imports and the growth of new - season South American soybeans [2] - In the corn market, farmers are still reluctant to sell, resulting in a slow grain - selling pace. Traders are cautious in purchasing, while deep - processing enterprises'开机 is stable with a slight increase in inventory and improved purchasing willingness. Feed enterprises mainly make rigid - demand purchases and mostly adopt a wait - and - see attitude. All - link inventories are gradually rising but still below historical levels. Future focus should be on alternative grain auctions, and the corn spot price is expected to adjust [4][5] 3. Summaries by Related Catalogs 3.1 粕类 Market 3.1.1 Market News and Important Data - Futures: The closing price of the bean meal 2605 contract was 2760 yuan/ton, up 32 yuan/ton (+1.17%) from the previous day; the rapeseed meal 2605 contract was 2352 yuan/ton, up 8 yuan/ton (+0.34%) [1] - Spot: In Tianjin, the bean meal spot price was 3080 yuan/ton, unchanged from the previous day, with a spot basis of M05 + 320, down 32 from the previous day; in Jiangsu, it was 3030 yuan/ton, up 20 yuan/ton, with a spot basis of M05 + 270, down 12; in Guangdong, it was 3040 yuan/ton, up 20 yuan/ton, with a spot basis of M05 + 280, down 12. In Fujian, the rapeseed meal spot price was 2590 yuan/ton, up 20 yuan/ton, with a spot basis of RM05 + 238, up 12 [1] - Market Information: As of December 23, the soybean planting progress in Argentina for the 2025/26 season was 75.5%, 8 percentage points higher than a week ago, with 95.2% of sown soybeans rated normal to good and 96% of soybean farmland having sufficient/optimal moisture. The estimated soybean production in Brazil for the 2025/26 season was 1.77 billion tons, higher than the previous forecast of 1.76 billion tons [1] 3.1.2 Market Analysis - The domestic supply - demand pattern remains unchanged, with soybean and bean meal inventories rising slightly. The 05 contract price moves weakly with the US soybean price due to South American production expectations, but the high US soybean import cost provides support. Future focus should be on soybean imports and South American soybean growth [2] 3.1.3 Strategy - Neutral [3] 3.2 Corn Market 3.2.1 Market News and Important Data - Futures: The closing price of the corn 2601 contract was 2189 yuan/ton, down 7 yuan/ton (-0.32%) from the previous day; the corn starch 2601 contract was 2484 yuan/ton, down 10 yuan/ton (-0.40%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day, with a spot basis of C01 + 111, up 12 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 + 136, up 10 [3] - Market Information: From December 1 - 19, Brazil's corn exports were 4.426 million tons, compared with 4.266 million tons in December 2024. The daily average export volume was 295,039 tons, a 45.2% year - on - year increase. The export value was 970 million US dollars, compared with 910 million US dollars in December 2024. The average export price was 218.8 US dollars/ton, a 2.2% increase from the same period last year [3] 3.2.2 Market Analysis - On the supply side, farmers are reluctant to sell, resulting in a slow grain - selling pace. On the demand side, traders' inventory rises slowly and they are cautious in purchasing. Deep - processing enterprises'开机 is stable, with a slight increase in inventory and improved purchasing willingness. Feed enterprises mainly make rigid - demand purchases and mostly wait and see. All - link inventories are rising but below historical levels. Future focus should be on alternative grain auctions, and the corn spot price is expected to adjust [4][5] 3.2.3 Strategy - Neutral [6]