下游采购增加，豆粕延续震荡

Group 1: Report Investment Ratings - The investment rating for the soybean meal and rapeseed meal sector is cautiously bullish [3] - The investment rating for the corn sector is neutral [6] Group 2: Core Views - In the domestic market, the slow soybean harvest progress in South America, the unexpected arrival rhythm, and the rising import costs support the domestic meal prices, and key factors need to be tracked [2] - Feed enterprises have low acceptance of high - priced corn, and the supply increase of substitute grains may impact corn prices, so the auction of substitute grains needs attention [4] Group 3: Market News and Important Data Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2605 contract was 3036 yuan/ton, down 34 yuan/ton (-1.11%) from the previous day; the rapeseed meal 2605 contract was 2443 yuan/ton, down 42 yuan/ton (-1.69%) [1] - Spot: In Tianjin, the soybean meal spot price was 3370 yuan/ton, up 20 yuan/ton, with a spot basis of M05 + 334, up 54; in Jiangsu, it was 3300 yuan/ton, down 20 yuan/ton, with a spot basis of M05 + 264, up 14; in Guangdong, it was 3410 yuan/ton, unchanged, with a spot basis of M05 + 374, up 34. In Fujian, the rapeseed meal spot price was 2470 yuan/ton, down 50 yuan/ton, with a spot basis of RM05 + 27, down 8 [1] - News: Brazil's soybean exports in March are expected to be 1,632 million tons, slightly down from the previous forecast [1] Corn and Corn Starch - Futures: The closing price of the corn 2605 contract was 2382 yuan/ton, down 4 yuan/ton (-0.17%); the corn starch 2605 contract was 2721 yuan/ton, down 9 yuan/ton (-0.33%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged, with a spot basis of C05 + 28, up 4; in Jilin, the corn starch spot price was 2800 yuan/ton, unchanged, with a spot basis of CS05 + 79, up 9 [3] - News: As of March 14, the harvest progress of Brazil's 25/26 first - crop corn was 34%, compared with 29.5% last week and 40.1% in the same period last year [3] Group 4: Market Analysis Soybean Meal and Rapeseed Meal - South American soybean harvest progress is slow, arrival rhythm is unexpected, and import costs are rising, providing support for domestic meal prices [2] Corn - Feed enterprises mainly make rigid - demand purchases, and the supply increase of substitute grains may impact corn prices [4] Group 5: Strategies - For soybean meal and rapeseed meal, the strategy is cautiously bullish [3] - For corn, the strategy is neutral [6]