市场交投清淡，豆粕震荡运行

Group 1: Report Industry Investment Rating - The investment strategy for both the bean pulp and corn sectors is neutral [3][5] Group 2: Core Viewpoints of the Report - The Brazilian soybean supply pressure will suppress the prices of US soybeans and domestic bean pulp. With sufficient domestic supply, the bean pulp price will maintain a volatile trend, and future focus should be on US soybean purchases and the Brazilian harvest [2] - The corn supply this season is not expected to be loose. The current corn price is expected to fluctuate, and future focus should be on spot purchases and sales, imports, and grain auctions [4] Group 3: Summary by Related Catalogs Bean Pulp - Market News and Important Data: The closing price of the bean pulp 2605 contract was 2790 yuan/ton, up 17 yuan/ton or 0.61% from the previous day. Spot prices in different regions showed varying changes, with Tianjin at 3170 yuan/ton, up 20 yuan/ton; Jiangsu at 3060 yuan/ton, unchanged; and Guangdong at 3060 yuan/ton, up 20 yuan/ton. The Argentine Rosario Grain Exchange raised its 2025/26 soybean production forecast to 48 million tons, an increase of 1 million tons [1] - Market Analysis: Favorable weather in Brazil is expected to lead to a record soybean output of 181 million tons, which will put pressure on US soybeans and domestic bean pulp prices. Feed enterprises have basically completed their stockpiling, oil mill bean pulp inventories have increased again, and soybean inventories remain high, resulting in sufficient domestic supply and a volatile bean pulp price [2] Corn - Market News and Important Data: The closing price of the corn 2603 contract was 2320 yuan/ton, up 4 yuan/ton or 0.17% from the previous day; the corn starch 2603 contract was 2572 yuan/ton, up 1 yuan/ton or 0.04%. Spot prices in different regions also had different changes. On February 11, US exporters reported selling 230,560 tons of corn for the 2025/2026 market year [3] - Market Analysis: Last season's corn imports were low, and channel inventories were significantly depleted. Although there was a good harvest in Northeast China this season, affected by floods in North China and without the full implementation of substitute grain auctions, the corn supply this season is not expected to be loose. The current corn price is expected to fluctuate, and future focus should be on spot purchases and sales, imports, and grain auctions [4]