购销仍显平淡，豆粕延续震荡

Group 1: Report Industry Investment Rating - The investment rating for both the bean meal and corn sectors is neutral [3][5] Group 2: Core Views of the Report - For the bean meal market, the purchase and sales are still dull, and the price continues to fluctuate. The US soybean domestic pressing demand is strong, but the tariff issue may affect exports, and the price has declined. Brazilian soybean harvest has slowed, but the new - season harvest is still expected to be abundant, which will bring supply pressure to China. Attention should be paid to US tariff policies and Brazilian soybean arrivals [1][2] - For the corn market, after the Spring Festival, with the temperature rising, farmers and traders will start selling. Snow may affect transportation, and the "late spring cold" may impact wheat production. After - festival replenishment demand from deep - processing and feed enterprises will support the corn price [4] Group 3: Summary by Related Catalogs Bean Meal - Market News and Important Data: The closing price of the bean meal 2605 contract was 2831 yuan/ton, up 50 yuan/ton (+1.80%) from the previous day. The spot prices in Tianjin, Jiangsu, and Guangdong were 3180 yuan/ton, 3060 yuan/ton, and 3070 yuan/ton respectively, with different changes in basis. Brazilian February soybean exports are expected to be 1,069 million tons, and bean meal exports are expected to be 173 million tons, both lower than previous forecasts [1] - Market Analysis: US soybean prices have declined due to tariff issues, and new - season planting area may increase. Brazilian soybean harvest has slowed but the new - season is still a bumper harvest, bringing supply pressure to China. Attention should be paid to US tariff policies and Brazilian soybean arrivals [2] - Strategy: The strategy for the bean meal market is neutral [3] Corn - Market News and Important Data: The closing price of the corn 2605 contract was 2342 yuan/ton, up 10 yuan/ton (+0.43%) from the previous day. The corn starch 2605 contract was 2673 yuan/ton, up 10 yuan/ton (+0.38%). Brazilian 2025/26 first - season corn harvest progress is 28%, and second - season planting progress is 50%. Brazilian February前三周 exported 134.8 million tons of corn, with an average daily export of 10.4 million tons, a 46% increase from last year [3] - Market Analysis: After the Spring Festival, with rising temperatures, farmers and traders will sell, but snow may affect transportation, and "late spring cold" may impact wheat production. After - festival replenishment demand from deep - processing and feed enterprises will support the corn price [4] - Strategy: The strategy for the corn market is neutral [5]