下游采购有限，豆粕维持震荡

1. Report Industry Investment Rating - The investment strategy for both the soybean meal and corn sectors is neutral [3][5] 2. Core Views - The soybean and soybean meal inventories of oil mills are gradually being depleted, with a shortage of near - month arrivals. Affected by the macro - level recently, domestic soybean meal prices have been oscillating strongly. However, due to the expected high yield of the new - season Brazilian soybeans, the supply pressure will gradually be released in the future, and soybean meal prices are expected to mainly oscillate [2] - As the Spring Festival approaches, the enthusiasm of grain farmers and traders to sell grains has improved, but the snowfall has slowed down the purchase and sales rhythm. On the demand side, the north - south port inventories are still relatively low, with a certain replenishment demand. Deep - processing and feed enterprises' inventories have increased significantly after previous restocking and are currently mainly purchasing as needed, lacking obvious guiding factors before the festival [4] 3. Summary of Each Section 3.1 Soybean Meal and Rapeseed Meal 3.1.1 Market News and Important Data - Futures: The closing price of the soybean meal 2605 contract was 2750 yuan/ton, a change of - 17 yuan/ton (- 0.61%) from the previous day; the rapeseed meal 2605 contract was 2276 yuan/ton, a change of - 11 yuan/ton (- 0.48%) from the previous day [1] - Spot: In Tianjin, the soybean meal spot price was 3160 yuan/ton, a change of - 10 yuan/ton from the previous day, with a spot basis of M05 + 410 (a change of + 7 from the previous day); in Jiangsu, it was 3040 yuan/ton, a change of - 10 yuan/ton from the previous day, with a spot basis of M05 + 290 (a change of + 7 from the previous day); in Guangdong, it was 3040 yuan/ton, a change of - 30 yuan/ton from the previous day, with a spot basis of M05 + 290 (a change of - 13 from the previous day). In Fujian, the rapeseed meal spot price was 2470 yuan/ton, a change of - 20 yuan/ton from the previous day, with a spot basis of RM05 + 194 (a change of - 9 from the previous day) [1] - Market News: As of January 28, the sowing of the 2025/26 soybean season in Argentina was 99.5% complete, up from 96.2% a week ago. Currently, 83.8% of the soybean crops are rated normal to good, slightly lower than the previous report [1] 3.1.2 Market Analysis - The soybean and soybean meal inventories of oil mills are being gradually consumed, with less near - month arrivals. Waiting for the new - season Brazilian soybeans to arrive, and affected by the macro - level recently, domestic soybean meal prices are oscillating strongly. However, due to the high - yield pressure of the new - season Brazilian soybeans, the supply pressure will gradually be released in the future, and soybean meal prices are expected to mainly oscillate [2] 3.1.3 Strategy - The strategy for soybean meal is neutral [3] 3.2 Corn and Corn Starch 3.2.1 Market News and Important Data - Futures: The closing price of the corn 2603 contract was 2261 yuan/ton, a change of - 10 yuan/ton (- 0.44%) from the previous day; the corn starch 2603 contract was 2513 yuan/ton, a change of - 8 yuan/ton (- 0.32%) from the previous day [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, with no change from the previous day, and the spot basis was C03 + 69 (no change from the previous day); in Jilin, the corn starch spot price was 2630 yuan/ton, with no change from the previous day, and the spot basis was CS03 + 117 (a change of + 8 from the previous day) [3] - Market News: As of January 28, the corn planting area in Argentina for the 2025/26 season was 97.2% of the total expected area (7.8 million hectares), up from 93.1% a week ago [3] 3.2.2 Market Analysis - As the Spring Festival approaches, the enthusiasm of grain farmers and traders to sell grains has improved, but the snowfall has slowed down the purchase and sales rhythm. The north - south port inventories are still relatively low, with a certain replenishment demand. Deep - processing and feed enterprises' inventories have increased significantly after previous restocking and are currently mainly purchasing as needed, lacking obvious guiding factors before the festival [4] 3.2.3 Strategy - The strategy for corn is neutral [5]