豆一收阶段新高，豆粕疲弱

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The price of domestic soybeans is expected to fluctuate strongly, while the price of soybean meal is expected to remain volatile [6] 3. Summary by Relevant Catalogs Market Performance - The main contract of soybean No. 1 (2605) reached a new high, approaching 4,500 points, with a firm spot price and a slightly weaker basis. The main contract of soybean meal (2605) showed weak fluctuations, with a falling spot price and a high basis discount [4] Domestic Soybean Sales - The sales of domestic soybeans slowed down, and the remaining grain after the Spring Festival was limited. As of February 6, the remaining grain ratios in Heilongjiang, Anhui, Henan, and Shandong were 39%, 45%, 49%, and 50% respectively, with the latter three showing a 1% decrease from the previous period [4] Import and Inventory - China may increase imports of US soybeans again, and the port soybean inventory continued to decline. As of February 6, the port soybean inventory was 5.909 million tons, showing a continuous decline [4] US Soybean Market - US soybeans rebounded strongly due to the boost of the China-US call. The upcoming February USDA supply and demand report is expected to show limited changes [5] Oil Mill Operations - The operating rate of oil mills increased again, and the soybean meal inventory rebounded. As of February 6, the operating rate of oil mills was 68.33%, at a high level in the same period in recent years. The soybean meal inventory was 992,100 tons, the highest in the same period in recent years [5] Feed Demand - Feed demand was strong. In the livestock sector, pig prices fell, and breeding profits were divided. In the poultry sector, egg prices fell, and breeding maintained a small profit. High inventory levels supported strong feed demand, and feed enterprises actively stocked up [6]