供应压力延续，豆粕震荡运行

Group 1: Report Industry Investment Ratings - The investment rating for the soybean meal industry is cautiously bearish [4] - The investment rating for the corn industry is neutral [7] Group 2: Core Views of the Report - The supply pressure of soybean meal will continue, and the market will fluctuate. The harvest of South American soybeans and the export of US soybeans need to be closely monitored [3] - For corn, the current inventory is still lower than the historical average. Future focus should be on spot purchase and sales, imports, and grain auctions [6] Group 3: Summary of Relevant Catalogs Soybean Meal - Market News and Important Data: The closing price of the soybean meal 2605 contract was 2736 yuan/ton, up 9 yuan/ton or 0.33% from the previous day. The spot prices in Tianjin, Jiangsu, and Guangdong were 3160 yuan/ton, 3060 yuan/ton, and 3070 yuan/ton respectively, with no change from the previous day. The spot basis in these regions decreased by 9 [1] - Market Analysis: The soybean meal inventory has decreased significantly but remains above one million tons, higher than the same period last year. The recent good performance of imported soybean auctions has led to a relatively loose domestic supply. The expected high yield of Brazilian soybeans is further consolidated, and the future supply pressure will continue [3] - Strategy: Cautiously bearish [4] Corn - Market News and Important Data: The closing price of the corn 2603 contract was 2280 yuan/ton, down 1 yuan/ton or 0.04% from the previous day. The closing price of the corn starch 2603 contract was 2550 yuan/ton, down 5 yuan/ton or 0.20% from the previous day. The spot price of corn in Liaoning was 2150 yuan/ton, with no change from the previous day. The spot price of corn starch in Jilin was 2630 yuan/ton, up 10 yuan/ton from the previous day [4] - Market Analysis: As the shipping situation has improved, the inventories at the north and south ports have increased slightly. However, due to the high price at the south port, feed enterprises have not carried out large-scale replenishment and still mainly purchase on demand. The current inventory is still lower than the historical average [5][6] - Strategy: Neutral [7]