美豆表现强势，豆粕震荡运行

Group 1: Report Industry Investment Rating - The investment rating for both the粕类 (bean meal and rapeseed meal) and corn sectors is neutral [3][6] Group 2: Core Views of the Report - For the粕类 market, the current downstream oil mill bean meal inventory, although somewhat depleted, remains at a relatively high level in recent years. Influenced by rising international shipping costs and fertilizer prices, the Brazilian soybean premium has strengthened. Supported by import costs and factors such as the oil - meal ratio, domestic bean meal prices are running on the strong side. Future attention should be paid to port clearance, US soybean exports, and macro - events [2] - In the corn market, deep - processing enterprises are raising prices to replenish inventories, which supports corn prices. However, previous snow and rain affected transportation. Northern port corn prices are firm, while southern buyers are cautious. Some substitute grains are diverting demand. With wheat and aged rice not yet being auctioned in large quantities, the overall corn supply is not loose. The arrival of substitute grains will provide some supply, and future attention should be on policy - related auctions and grain sales [4][5] Group 3: Summary by Related Catalogs 1. 粕类 (Bean Meal and Rapeseed Meal) Market News and Important Data - Futures: The closing price of the bean meal 2605 contract was 3054 yuan/ton, a change of - 14 yuan/ton (- 0.46%) from the previous day; the rapeseed meal 2605 contract was 2492 yuan/ton, a change of + 12 yuan/ton (+ 0.48%) from the previous day [1] - Spot: In Tianjin, the bean meal spot price was 3380 yuan/ton, up 60 yuan/ton from the previous day, with a spot basis of M05 + 326, up 74 from the previous day; in Jiangsu, it was 3250 yuan/ton, unchanged from the previous day, with a spot basis of M05 + 196, up 14 from the previous day; in Guangdong, it was 3350 yuan/ton, up 30 yuan/ton from the previous day, with a spot basis of M05 + 296, up 44 from the previous day. In Fujian, the rapeseed meal spot price was 2530 yuan/ton, up 30 yuan/ton from the previous day, with a spot basis of RM05 + 38, up 18 from the previous day [1] - Market Information: From March 1 - 7, Brazil's soybean exports were 3.71 million tons, and the estimated monthly exports were 16.47 million tons, higher than the previous estimate of 16.09 million tons and a 4.7% increase from the same period last year. The Rosario Grain Exchange in Argentina maintained its 2025/26 soybean production forecast at 48 million tons [1] 2. Corn Market News and Important Data - Futures: The closing price of the corn 2605 contract was 2396 yuan/ton, a change of + 1 yuan/ton (+ 0.04%) from the previous day; the corn starch 2605 contract was 2723 yuan/ton, a change of + 5 yuan/ton (+ 0.18%) from the previous day [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day, with a spot basis of C05 + 24, down 1 from the previous day; in Jilin, the corn starch spot price was 2800 yuan/ton, unchanged from the previous day, with a spot basis of CS05 + 77, down 5 from the previous day [3] - Market Information: The French Agricultural Bureau's monthly report showed that the estimated 2025/26 soft wheat production in France was 33.331 million tons, the same as the previous month's forecast and a 30.0% increase year - on - year. Exports to third - countries were adjusted down by 100,000 tons to 7.1 million tons, a 103.1% increase year - on - year. Ending stocks were adjusted up by 340,000 tons to 3.39 million tons, a 36.8% increase year - on - year [3]