蛋白数据日报-20260306

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The Middle - East conflict has brought a risk premium to commodities and increased freight rates. However, due to the heavy selling pressure of the Brazilian soybean harvest, the price of soybean F08 is under pressure. Under the global large - supply situation, the upside of the soybean meal futures price is limited in the short term. Later, attention should be paid to the release of Brazilian selling pressure, Sino - US trade dynamics, and domestic reserve releases. With the high inventory of soybeans and soybean meal at domestic oil mills and sufficient downstream备货, the buying interest is weak, and the spot basis of soybean meal is expected to be under pressure [7] 3. Summary by Relevant Catalog 3.1 Data on Basis and Spread - On March 5, the basis of the soybean meal main - contract in Dalian was 317, down 14; in Tianjin, it was 257, down 14; in日照, it was 197, down 34. The 43% soybean meal spot basis (against the main - contract) in Zhangjiagang was 197, down 34, and so on for different locations. The rapeseed meal spot basis in Guangdong was 125, up 80. The spot spread between soybean meal and rapeseed meal in Guangdong was 548, and the futures spread (main - contract) was 525 [4] 3.2 International Data and Related Indicators - The US dollar - to - RMB exchange rate was 6.8733. The E - type soybean CNF premium (in cents per bushel) was 158.00. The chart shows the 2025 soybean CNF premium trend and the 2025 imported soybean futures gross margin [5] 3.3 Inventory Data - The data shows the inventory of soybeans at Chinese ports (in ten thousand tons) and the inventory of soybeans at major domestic oil mills (in ten thousand tons) from 2021 to 2026. Also, the inventory of soybean meal at major domestic oil mills (in ten thousand tons) and the number of days of soybean meal inventory for feed enterprises are presented [5][8] 3.4开机 and压榨情况 - The data shows the operating rate (%) of major domestic oil mills, the soybean crushing volume (in ten thousand tons) of major domestic oil mills, and the downstream goods receipt volume (in ten thousand tons) from 2019 to 2026 [7]