蛋白数据日报-20260318

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The Sino-US Paris consultations did not mention soybeans, which dampened the market's expectations for China's purchase of US soybeans. Brazil's shipments have recovered, and US soybeans tumbled yesterday. Brazil's soybean harvest progress has reached 50%, and the sales progress is expected to be close to 50%. Brazil's land and water transportation prices rose yesterday. The recovery of Brazil's shipments has partially alleviated concerns about domestic arrivals. However, the market is still speculating on the tight supply of soybeans last year and in the spot market. Today, the spot basis of soybeans remains relatively strong, with the domestic market outperforming the overseas market, and the 5 - 9 spread showing an upward trend. Overall, the war risk persists, and inflation expectations and rising costs support soybean prices. Currently, soybean prices are still in a historically low range, and the short - term sensitivity to positive news remains high. It is expected that the price fluctuations will intensify, and the trend will be volatile. It is recommended to pay attention to international situation changes and the adjustment of the March USDA planting intention area report [10] 3. Summary by Relevant Catalogs 3.1 Data Daily - On March 17th, the Dalian basis of the soybean meal main contract was 380, down 29; the Tianjin basis was 310, down 19; the Rizhao basis was 210, down 19. The 43% soybean meal spot basis in Zhangjiagang was 250, in Dongguan it was 330, up 21; in Zhanjiang it was 250, up 21; in Fangcheng it was 280. The rapeseed meal spot basis in Guangdong was 54, up 8. The N5 - 9 spread was 47, up 13; the RM5 - 9 spread was 30, up 32 [4] 3.2 Spread Data - The spot spread between soybean meal and rapeseed meal in Guangdong was 891, and the spread of the main contract was 585, down 4. The US dollar - RMB exchange rate was 6.8489. The Brazilian soybean CNF premium and the import soybean gross profit on the disk are presented in the form of a chart [5] 3.3 Inventory Data - The inventory data of Chinese port soybeans and the inventory of major oil mills' soybeans in the country are presented in the form of a chart [6] 3.4开机和压榨情况 (Operation and Pressing Situation) - The soybean pressing volume and the operating rate of major oil mills in the country are presented in the form of a chart. The downstream提货量 (delivery volume) and downstream网公室 (not clear what this means, might be a typo) are also presented in the form of a chart [9] 3.5豆粕库存和饲料企业库存天数 (Soybean Meal Inventory and Feed Enterprise Inventory Days) - The inventory of major oil mills' soybean meal and the inventory days of feed enterprises are presented in the form of a chart [11]