蛋白数据日报-20260304

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The positive outlook for U.S. soybean exports and crushing is bullish for the U.S. soybean market. The delayed harvest of Brazilian soybeans has shifted the selling pressure later, and the Middle - East conflict has led to an increase in freight rates, causing the premium of Brazilian soybeans to rise. However, weak downstream buying interest is expected to limit the increase in premiums [6]. - The recent rebound in the soybean meal futures market is expected to be limited under the pressure of large global supply. Later, attention should be paid to the selling pressure of Brazilian premiums and Sino - U.S. trade dynamics, and it is expected to fluctuate in a range [6]. - With high inventories of soybeans and soybean meal at domestic oil mills and sufficient downstream stockpiles and weak buying interest, the spot basis of soybean meal is expected to face pressure [6]. Summary by Relevant Catalogs 1. Basis Data - On March 3rd, the basis of soybean meal futures main contract in Dalian was 344, down 10; in Tianjin it was 284, down 10; in Rizhao it was 244, down 10. The basis of 43% soybean meal spot to the main contract in Zhangjiagang was 244, down 10; in Dongguan it was 224, down 10; in Zhanjiang it was 244, down 10; in Fangcheng it was 264, down 10. The basis of rapeseed meal spot in Guangdong was 47, up 11 [4]. - The M5 - 9 spread was - 120, and the RM5 - 9 spread was - 59, up 6 [4]. 2. Spread Data - The spot spread between soybean meal and rapeseed meal in Guangdong was 644, down 20; the futures spread of the main contract was 526, down 5 [5]. 3. Premium and Exchange Rate Data - The U.S. dollar to RMB exchange rate was 6.8855, and the futures crushing profit was 128 yuan/ton, up 8 [5]. 4. Inventory Data - The report presents the trends of China's port soybeans inventory, major domestic oil mills' soybeans inventory, feed enterprises' soybean meal inventory days, and major domestic oil mills' soybean meal inventory from 2020 - 2026 [5][6]. 5.开机和压榨情况 (Operation and Pressing Situation) - The report shows the trends of major domestic oil mills' operation rate, soybean pressing volume, and lagging delivery from 2020 - 2026 [6].