整体供应宽松，豆粕震荡运行

1. Report Industry Investment Ratings - The investment rating for the soybean meal industry is "Cautiously Bearish" [3] - The investment rating for the corn industry is "Neutral" [6] 2. Core Views of the Report - For the soybean meal industry, the current high port inventory continues and the overall supply is relatively sufficient. However, the market still has some concerns about the arrival of soybeans in the first quarter. Coupled with the recent general increase in commodities, the soybean meal price has been running strongly recently. But in general, the supply pressure brought by the bumper harvest of Brazilian soybeans in the future is still the biggest influencing factor. Attention should be paid to the growth of Brazilian soybeans and the USDA reports [2] - For the corn industry, the inventories of deep - processing and feed enterprises are gradually rising, currently mainly purchasing on - demand, but still lower than the historical average. With the Spring Festival approaching, there will still be some stocking demand. Future focus should be on spot purchase and sales, imports, and grain auctions [4] 3. Summary by Relevant Catalogs 3.1 Soybean Meal 3.1.1 Market News and Important Data - Futures: The closing price of the soybean meal 2605 contract was 2,751 yuan/ton, a change of - 10 yuan/ton or - 0.36% from the previous day [1] - Spot: The spot price of soybean meal in Tianjin was 3,160 yuan/ton, a change of - 10 yuan/ton from the previous day; in Jiangsu it was 3,080 yuan/ton, unchanged from the previous day; in Guangdong it was 3,090 yuan/ton, a change of - 10 yuan/ton from the previous day [1] - Market News: On January 13, the Brazilian National Association of Grain Exporters reported that Brazil's soybean exports in January are expected to be 3.73 million tons, up from 2.4 million tons the previous week, and soybean meal exports are expected to reach 1.82 million tons, up from 1.64 million tons the previous week [1] 3.1.2 Market Analysis - The current high port inventory and sufficient supply, combined with concerns over first - quarter soybean arrivals and the general rise in commodities, have led to a recent strong soybean meal price. However, the future supply pressure from the Brazilian soybean harvest is the major influencing factor [2] 3.1.3 Strategy - The strategy for soybean meal is "Cautiously Bearish" [3] 3.2 Corn 3.2.1 Market News and Important Data - Futures: The closing price of the corn 2603 contract was 2,272 yuan/ton, a change of - 12 yuan/ton or - 0.53% from the previous day; the corn starch 2603 contract was 2,543 yuan/ton, a change of - 18 yuan/ton or - 0.70% from the previous day [3] - Spot: The spot price of corn in Liaoning was 2,150 yuan/ton, unchanged from the previous day; the spot price of corn starch in Jilin was 2,620 yuan/ton, unchanged from the previous day [3] - Market News: On January 13, the Brazilian National Association of Grain Exporters reported that Brazil's corn exports in January are expected to reach 3.27 million tons, up from 2.85 million tons the previous week [3] 3.2.2 Market Analysis - The inventories of deep - processing and feed enterprises are gradually rising, mainly purchasing on - demand but still below the historical average. With the Spring Festival approaching, there will be stocking demand. Future focus should be on spot purchase and sales, imports, and grain auctions [4] 3.2.3 Strategy - The strategy for corn is "Neutral" [6]