油厂陆续停机，豆粕偏强震荡

1. Report Industry Investment Rating - The investment strategy for both the soybean meal and corn sectors is neutral [2][6] 2. Core Viewpoints - For soybean meal, the good weather in Brazil and the expected record - high soybean production will put pressure on US soybean and domestic soybean meal prices. With feed enterprises' procurement basically completed, oil mills' soybean meal and soybean inventories are high, so the soybean meal price will fluctuate. Future focus should be on US soybean procurement and Brazil's harvest [1][2] - For corn, last season's low corn imports led to significant depletion of channel inventories. Although there was a good harvest in Northeast China this season, affected by floods in North China and the uncertainty of substitute grain auctions, the corn supply is not loose. The corn price is expected to fluctuate, and future focus should be on spot trading, imports, and grain auctions [3][5] 3. Summaries by Related Catalogs 3.1 Market News and Important Data 3.1.1 Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2605 contract was 2773 yuan/ton, up 39 yuan/ton or 1.43% from the previous day; the rapeseed meal 2605 contract was 2288 yuan/ton, up 44 yuan/ton or 1.96% [1] - Spot: In Tianjin, the soybean meal spot price was 3150 yuan/ton, up 20 yuan/ton; in Jiangsu, it was 3060 yuan/ton, up 40 yuan/ton; in Guangdong, it was 3040 yuan/ton, up 40 yuan/ton. The rapeseed meal spot price in Fujian was 2410 yuan/ton, up 10 yuan/ton [1] - Market Information: Brazil's February soybean exports are expected to be 11.71 million tons, and soybean meal exports are expected to be 1.93 million tons. The US Department of Agriculture estimated Brazil's 2025/26 soybean production at 180 million tons and exports at 114 million tons [1] 3.1.2 Corn and Corn Starch - Futures: The closing price of the corn 2603 contract was 2316 yuan/ton, up 30 yuan/ton or 1.31%; the corn starch 2603 contract was 2571 yuan/ton, up 24 yuan/ton or 0.94% [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2630 yuan/ton, unchanged [3] - Market Information: The US Department of Agriculture estimated the US 2025/26 corn planting area at 98.8 million acres, harvest area at 91.3 million acres, yield per acre at 186.5 bushels, production at 17.021 billion bushels, exports at 3.3 billion bushels, and ending stocks at 2.127 billion bushels. Brazil's 2025/26 corn production is estimated at 131 million tons, and exports at 43 million tons [3] 3.2 Market Analysis - For soybean meal, Brazil's good weather and expected high - yield soybean production will suppress US soybean and domestic soybean meal prices. With sufficient domestic supply, the soybean meal price will fluctuate, and future focus should be on US soybean procurement and Brazil's harvest [2] - For corn, due to last season's low imports and this season's flood in North China, and the uncertainty of substitute grain auctions, the corn supply is not loose. The corn price is expected to fluctuate, and future focus should be on spot trading, imports, and grain auctions [5] 3.3 Strategy - The investment strategy for both soybean meal and corn is neutral [2][6]