蛋白数据日报-20260129

Report Investment Rating - No information provided Core View - In the short term, soybean and sugar futures show strong performance due to weather speculation and macro - factors. However, mid - term weather forecasts indicate expected precipitation in Argentina in February, and as the harvest progresses, the CNF premium in Brazil is expected to reflect selling pressure, limiting the upside potential of the domestic market [10] Directory Summaries 1. Basis Data - On January 28th, the basis of 43% soybean meal spot in Dalian was 438, down 16; in Tianjin it was 398, down 16; in Zhangjiagang it was 338, down 16; in Dongguan it was 338, down 16; in Zhanjiang it was 368, down 16; and in Fangcheng it was 358, down 16. The rapeseed meal spot basis in Guangdong was 171, down 16. The M3 - 5 was 298, down 7, and RN5 - 9 was - 12, up 10 [4] 2. Inventory Data - There is a chart about China's port soybean inventory in ten thousand tons, but specific data is not detailed from the text [5] 3.开机 and压榨情况 - There are charts about the operating rate (%) and soybean crushing volume (ten thousand tons) of major domestic oil mills, but specific data is not detailed from the text [8] 4. International Data - As of January 24th, according to CONAB, the soybean harvest rate in Brazil was 6.6% (last week 2.3%, last year 3.2%, five - year average 7%). As of January 21st, according to BACE, the soybean sowing progress in Argentina was 96.2%, slightly behind last year. The proportion of good - rated soybean crops was 33% (last week 61%, last year 26%). Since January, the weather in Argentina has been dry, and the excellent - good rate of soybeans has declined. The weather will remain dry in the next two weeks [10] 5. Domestic Market Conditions - Domestic soybean and soybean meal inventories have decreased but are still at a high level compared to the same period last year. The soybean meal inventory of feed enterprises has increased slightly. The oil mill's crushing operation has recovered, but the downstream stocking sentiment is average, and the basis is weakly volatile [10]