蛋白数据日报-20260319

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - Brazilian shipping speed has recovered, but the overall port queuing problem remains severe. The soybean harvest progress in Brazil has reached 59%, and the sales progress is nearly 50%. Overnight, the Brazilian premium rose significantly. The resumption of shipping has partially alleviated concerns about domestic arrivals, but the market still has concerns about the supply - demand gap. Today, the spot basis of soybean meal remains relatively strong. In the later stage, if the war continues, inflation expectations and cost - increase expectations will support soybean meal prices. Currently, soybean meal prices are still in the historical low - range and are still highly sensitive to positive news. The medium - to - long - term upward drive still needs to focus on the weather during the planting period. It is recommended to wait for a pullback to layout long positions in distant contracts [6]. 3. Summary by Relevant Catalogs 3.1 Data Daily - The table shows the basis data of soybean meal and rapeseed meal on March 18, including the basis of 43% soybean meal spot in different regions (Dalian, Rizhao, Tianjin, etc.) and the basis of rapeseed meal in Guangdong. It also includes data such as M5 - M9, M5 - RM5, and RM5 - 9 [4]. 3.2 Spread Data - The spread between soybean meal and rapeseed meal is presented, including the spot spread in Guangdong and the spread of the main contract. It also shows the 2025 soybean CNF premium trend chart, the import soybean gross profit on the disk, and the US dollar - RMB exchange rate [5]. 3.3 Inventory Data - It shows the inventory data of soybeans in Chinese ports, the inventory of soybeans in major oil mills across the country, the inventory of soybean meal in major oil mills, and the inventory days of soybean meal in feed enterprises from 2020 - 2026 [5][6]. 3.4开机和压榨情况 (Operation and Pressing Situation) - The data of the operating rate and soybean pressing volume of major oil mills across the country from 2020 - 2026 are presented, as well as the downstream trading volume and receiving volume [6].