现货成交增加，豆粕震荡运行

Group 1: Investment Ratings - The investment rating for the soybean meal industry is cautiously bearish [4] - The investment rating for the corn industry is neutral [6] Group 2: Core Views - The soybean meal inventory is continuously being consumed but remains significantly higher than historical levels, and the soybean inventory also stays at a high level. Affected by the boost of US soybeans, domestic soybean meal prices are expected to run relatively strongly in the short - term. However, due to the upcoming harvest of new - season soybeans in Brazil, the supply pressure will gradually increase, and soybean meal prices are likely to weaken in the future [3] - As the Spring Festival approaches, downstream enterprises are starting to stock up. Deep - processing and feed enterprises have a demand for replenishing stocks, and the purchase demand of deep - processing enterprises is increasing. Although the arrival volume is low due to snowfall, the purchase price of corn has been raised, and the inventory of deep - processing enterprises has increased significantly. The inventory in the northern ports has slightly increased, while the domestic trade inventory in the southern ports is still being consumed. The price is relatively high, and feed enterprises are mainly fulfilling contracts. The current inventory is still lower than historical levels. Future attention should be paid to spot purchase and sales, imports, and grain auctions [5] Group 3: Market News and Important Data (Soybean Meal) - Futures: The closing price of the soybean meal 2605 contract was 2,766 yuan/ton, a change of - 3 yuan/ton (- 0.11%) from the previous day; the closing price of the rapeseed meal 2605 contract was 2,271 yuan/ton, a change of + 2 yuan/ton (+ 0.09%) from the previous day [1] - Spot: The spot price of soybean meal in Tianjin was 3,170 yuan/ton, unchanged from the previous day, with a spot basis of M05 + 404, a change of + 3 from the previous day; in Jiangsu, it was 3,070 yuan/ton, unchanged from the previous day, with a spot basis of M05 + 304, a change of + 3 from the previous day; in Guangdong, it was 3,070 yuan/ton, a decrease of - 10 yuan/ton from the previous day, with a spot basis of M05 + 304, a change of - 7 from the previous day. The spot price of rapeseed meal in Fujian was 2,480 yuan/ton, unchanged from the previous day, with a spot basis of RM05 + 209, a change of - 2 from the previous day [1] - Market news: From January 26th, Brazilian export data showed that Brazil exported 1.522 million tons of soybeans in the first four weeks of January, with a daily average export volume of 95,000 tons, a 96% increase compared to the daily average export volume of 49,000 tons in the whole of January last year. The agricultural consulting firm AgRural reported that the soybean production in Brazil's 2025/26 season is expected to reach 181 million tons, higher than the previous estimate of 180.4 million tons. As of the week ending January 22, 2026, the US soybean export inspection volume was 1.324 million tons, with a previous market forecast of 900,000 - 1.55 million tons, and the revised figure for the previous week was 1.345 million tons [2] Group 4: Market News and Important Data (Corn) - Futures: The closing price of the corn 2603 contract was 2,283 yuan/ton, a change of - 10 yuan/ton (- 0.44%) from the previous day; the closing price of the corn starch 2603 contract was 2,540 yuan/ton, a change of - 18 yuan/ton (- 0.70%) from the previous day [4] - Spot: The spot price of corn in Liaoning was 2,150 yuan/ton, unchanged from the previous day, with a spot basis of C03 + 67, unchanged from the previous day; the spot price of corn starch in Jilin was 2,630 yuan/ton, unchanged from the previous day, with a spot basis of CS03 + 90, a change of + 18 from the previous day [4] - Market news: The consulting firm AgRural predicted that the total corn production in Brazil's 2025/26 season would be 136.6 million tons, 600,000 tons higher than the December forecast but still lower than the record - high production of 141.1 million tons in the 2024/25 season. As of the week ending January 22, 2026, the US corn export inspection volume was 1.51 million tons, with a previous market forecast of 1 - 1.7 million tons, and the revised figure for the previous week was 1.486 million tons [4] Group 5: Figures - The report includes 44 figures related to the prices, production, consumption, inventory, and basis of soybean meal, corn, rapeseed meal, and corn starch, with data sourced from Steel Union Data and Huatai Futures Research Institute [7]