下游库存维持高位，豆粕震荡运行

Group 1: Industry Investment Rating - The investment strategy for both the soybean meal and corn sectors is neutral [3][6] Group 2: Core Views - The soybean meal market is experiencing high downstream inventory, causing the price to fluctuate. The 05 contract price is moving weakly in line with the US soybean price due to ample domestic supply, high inventory, and strong South American harvest expectations. However, high import costs and pre - and post - Spring Festival shutdown expectations provide some support. Future focus should be on soybean imports and South American soybean growth [1][2] - In the corn market, supply - side trading is sluggish with low trader enthusiasm and limited arrivals. On the demand side, feed companies are mostly in a wait - and - see mode after restocking, and deep - processing enterprises are making just - in - time purchases with stable production and sales. With farmers' reluctance to sell and downstream wait - and - see attitudes, future attention should be on alternative grain auctions, and the corn spot price is expected to adjust [4][5] Group 3: Summary by Related Catalogs Soybean Meal - Market News and Key Data: The closing price of the soybean meal 2605 contract was 2774 yuan/ton, down 16 yuan/ton (-0.57%) from the previous day. Tianjin, Jiangsu, and Guangdong had spot prices of 3100 yuan/ton, 3050 yuan/ton, and 3070 yuan/ton respectively. Crop expert Michael Cordonnier estimated Brazil's 2025/26 soybean production at 1.77 billion tons [1] - Market Analysis: Domestic supply is ample, and the 05 contract price is weak due to high inventory and South American harvest expectations, but there is some price support [2] Corn - Market News and Key Data: The closing price of the corn 2603 contract was 2249 yuan/ton, up 27 yuan/ton (+1.22%) from the previous day. As of December 23, 77.7% of Argentina's 2025/26 corn was planted. As of December 25, Ukraine had harvested 94% of its planned grain area [3] - Market Analysis: Supply - side trading is light, and demand - side players are mostly in a wait - and - see mode. Corn spot prices are expected to adjust [4][5]