蛋白数据日报-20260122

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - As the Brazilian soybean harvest progresses, the CNF premium in Brazil is expected to reflect the selling pressure from a bumper harvest. In Argentina, the weather has been dry recently, so the subsequent weather conditions need to be monitored. In the short - term, the 105 contract is expected to fluctuate weakly. Domestic soybean and soybean meal inventories are still at a high level, and the de - stocking speed before the Spring Festival is expected to accelerate. The soybean meal inventory of feed enterprises has increased slightly. Recently, the trading volume of far - month soybean meal has increased, and the提货 performance is normal. Due to the easing of China - Canada relations, the price of rapeseed meal has dropped, reducing the feeding cost - effectiveness of soybean meal [12] 3. Summary by Relevant Catalogs Inventory Data - China's port soybean inventory, feed enterprise soybean meal inventory days, and the soybean meal inventory of major domestic oil mills are presented in a graphical form, showing their trends over the years from 2019 to 2026 [6][7][8] Spread Data - The spot spread of soybean meal - rapeseed meal in Guangdong is 600, and the spread of the main contract on the futures market is 497. The 2025 soybean CNF premium and the import soybean gross profit are also shown, including data from different months in Brazil [14] International Data - As of January 17th, the Brazilian soybean harvest rate was 2.3%, compared with 0.6% last week, 1.2% in the same period last year, and a five - year average of 3.2%. The expected shipment volume in Brazil in January is higher than last year. As of January 14th, the soybean sowing progress in Argentina was 93.9%, slightly behind the same period last year. The proportion of soybean crops in good condition was 61% (65% last week, 38% in the same period last year). The weather in Argentina has been dry since January, and the excellent - good rate of soybeans has declined [12] Basis Data - On January 21st, the basis of the main soybean meal contract in Zhangjiagang was 495 in Dalian (up 11), 435 in Tianjin (up 11), 395 in Rizhao (up 11), 355 in Zhangjiagang (down 9), 355 in Dongguan, 415 in Zhanjiang (up 11), and 415 in Fangchenggang (up 11). The basis of rapeseed meal in Guangdong was 214 (up 16). M3 - 5 was 327 (up 10), and RM5 - 9 was - 38 (up 15) [5] 开机 and压榨情况 - The开机 rate and soybean crushing volume of major domestic oil mills are presented in a graphical form, showing their trends over the years from 2020 to 2026 [9][10][11]