进口成本支撑，豆粕偏强震荡

Group 1: Report Industry Investment Rating - The investment rating for both the soybean meal and corn sectors is neutral [4][7] Group 2: Core Viewpoints - The domestic soybean meal price is running strongly due to the support of import costs and factors such as the oil - meal ratio, but the downstream oil mill soybean meal inventory is still at a relatively high level in recent years. Future focus should be on port clearance, US soybean exports, and macro - events [1][3] - The price of corn is supported by deep - processing enterprises' price - raising to replenish stocks, but the supply is not loose. Attention should be paid to policy auctions and grain sales [4][5][6] Group 3: Summary by Related Catalogs Soybean Meal - Market News and Important Data: The closing price of the soybean meal 2605 contract was 3068 yuan/ton, up 95 yuan/ton or 3.20% from the previous day. In the spot market, prices in Tianjin, Jiangsu, and Guangdong all increased, with different changes in basis [1] - Market Analysis: Although the downstream oil mill soybean meal inventory has been consumed, it is still at a relatively high level. Affected by rising international freight and fertilizer prices, the Brazilian premium has strengthened, supporting the domestic soybean meal price [3] - Strategy: The strategy for soybean meal is neutral [4] Corn - Market News and Important Data: The closing price of the corn 2605 contract was 2395 yuan/ton, up 14 yuan/ton or 0.59% from the previous day. The USDA has raised the global corn inventory forecast. Spot prices in Liaoning remained unchanged, while the corn starch price in Jilin increased [4] - Market Analysis: Deep - processing enterprises' price - raising to replenish stocks supports the corn price. However, due to previous snow and rain, transportation was affected. The northern port corn price is firm, and southern buyers are cautious. The overall corn supply is not loose, and the arrival of substitute grains will provide some supplements [5][6] - Strategy: The strategy for corn is neutral [7]