蛋白数据日报-20260130

Group 1: Report Core View - The absolute price of soybean meal is relatively low. Recently, affected by weather speculation in Argentina and logistics congestion in Brazil, the futures market has been strong. However, there is an expectation of rainfall return in the Argentine production area in February, and the total supply of Brazilian soybeans is sufficient. The expected logistics congestion will shift the selling pressure of Brazilian premiums later. There is no condition for a significant unilateral upward trend. Currently, the domestic purchase and shipping profit is at a high level. From the perspective of profit, the valuation of the soybean meal futures is high. It is recommended to be cautious about chasing up unilaterally. The domestic supply and demand is expected to be loose in the first quarter, the spot basis is expected to weaken, and M3 - M5 is biased towards reverse arbitrage [13] Group 2: Data Summary Basis Data - On January 29th, the basis of the soybean meal main contract in Dalian was 438, in Tianjin was 378 (down 20), in Rizhao was 318 (down 20), in Zhangjiagang was 328 (down 10), in Dongguan was 318 (down 20), in Zhanjiang was 348 (down 20), and in Fangcheng was 338 (down 20). The basis of rapeseed meal in Yue was 147 (down 24). M3 - 5 was 294 (down 4), and RM5 - 9 was - 8 [4] Spread Data - The spot spread of soybean meal - rapeseed meal in Guangdong was 477 (down 8), and the futures spread of the main contract was not clearly stated in the text [5] Inventory Data - The text shows the inventory data of Chinese port soybeans, national major oil mills' soybeans, national major oil mills' soybean meal, and the inventory days of feed enterprises' soybean meal, but specific data on January 29th is not clearly summarized [5][7][8] Other Data - The US dollar - RMB exchange rate was 6.9146, and the futures crushing profit was 153 yuan/ton. The text also shows the CNF premium trend chart of soybeans in 2025 and the futures crushing profit chart of imported soybeans in 2025 [5]