市场供应充足，豆粕维持震荡

1. Report Industry Investment Ratings - The investment rating for the soybean meal market is cautiously bearish [3] - The investment rating for the corn market is neutral [6] 2. Core Views of the Report - In the soybean meal market, although domestic soybean meal prices are currently running strong in the short - term due to the boost of US soybeans, the inventory of soybean meal and soybeans remains high. With the future release of the supply pressure from the new - season Brazilian soybeans, soybean meal prices are expected to run weakly [2] - In the corn market, with the approach of the Spring Festival, the downstream replenishment has gradually started, and the demand for deep - processing and feed enterprises to replenish stocks has increased. However, affected by snowfall, the arrival volume is low, and the corn purchase price has been raised accordingly. The inventory of deep - processing enterprises has increased significantly, while the domestic trade inventory in the southern port is still being consumed, and the price is high. Future attention should be paid to spot purchase and sales, imports, and grain auctions [4][5] 3. Summaries According to Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Soybean Meal and Rapeseed Meal - Futures: The soybean meal 2605 contract closed at 2782 yuan/ton yesterday, up 16 yuan/ton or 0.58% from the previous day; the rapeseed meal 2605 contract closed at 2297 yuan/ton, up 26 yuan/ton or 1.14% from the previous day [1] - Spot: In Tianjin, the soybean meal spot price was 3170 yuan/ton, unchanged from the previous day, with a spot basis of M05 + 388, down 16 from the previous day; in Jiangsu, it was 3070 yuan/ton, unchanged from the previous day, with a spot basis of M05 + 288, down 16 from the previous day; in Guangdong, it was 3080 yuan/ton, up 10 yuan/ton from the previous day, with a spot basis of M05 + 298, down 6 from the previous day. In Fujian, the rapeseed meal spot price was 2500 yuan/ton, up 20 yuan/ton from the previous day, with a spot basis of RM05 + 203, down 6 from the previous day [1] - Market Information: On January 27, the Brazilian National Association of Grain Exporters stated that Brazil's soybean exports in January are expected to be 3.23 million tons, lower than last week's estimate of 3.79 million tons; Brazil's soybean meal exports in January are expected to be 1.78 million tons, lower than last week's estimate of 1.82 million tons [1] 3.1.2 Corn and Corn Starch - Futures: The corn 2603 contract closed at 2274 yuan/ton yesterday, down 9 yuan/ton or 0.39% from the previous day; the corn starch 2603 contract closed at 2530 yuan/ton, down 10 yuan/ton or 0.39% from the previous day [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day, with a spot basis of C03 + 66, down 1 from the previous day; in Jilin, the corn starch spot price was 2630 yuan/ton, unchanged from the previous day, with a spot basis of CS03 + 100, up 10 from the previous day [3] - Market Information: As of January 24, Brazil's 2025/26 first - season corn planting was 93.6% complete, compared with 90.7% last week, 93.1% in the same period last year, and a five - year average of 90.8%. The harvest progress was 7.4%, compared with 4.4% last week, 6.3% in the same period last year, and a five - year average of 9.3%. Brazil's 2025/26 second - season corn planting was 5.9% complete, compared with 0.8% last week, 6.3% in the same period last year, and a five - year average of 9.3% [3] 3.2 Market Analysis 3.2.1 Soybean Meal - The soybean meal inventory is being continuously consumed but is still significantly higher than the historical average, and the soybean inventory also remains at a high level. Affected by the boost of US soybeans, domestic soybean meal prices are running strongly in the short - term, but the pressure of the new - season Brazilian soybean harvest still exists. As the supply pressure is gradually released in the future, soybean meal prices are expected to run weakly [2] 3.2.2 Corn - With the approach of the Spring Festival, the downstream replenishment has gradually started. Deep - processing and feed enterprises have a demand for replenishing stocks, and the demand for deep - processing acquisitions has increased. However, affected by snowfall, the arrival volume is low, and the corn purchase price has been raised accordingly. The inventory of deep - processing enterprises has increased significantly. The inventory in the northern port has increased slightly, while the domestic trade inventory in the southern port is still being consumed, and the price is high. Feed enterprises are still mainly fulfilling contracts, and the current inventory is still lower than the historical average. Future attention should be paid to spot purchase and sales, imports, and grain auctions [4][5] 3.3 Strategies - The strategy for the soybean meal market is to be cautiously bearish [3] - The strategy for the corn market is to be neutral [6]