蛋白数据日报-20260320

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - If the war continues, inflation expectations and cost increase expectations will support the soybean meal price in the medium and long term. Currently, the soybean meal price is still in the historical low range and is still highly sensitive to positive news. The medium and long - term upward drive still needs to focus on the weather drive during the planting period. It is recommended to wait for the correction to layout long positions in the far - month contracts. [5] - With the normal loading speed in Brazil, the expected supply - demand gap of domestic soybean meal has been alleviated. The expectations of cost increase and planting - period narrative are more reflected in the 00 contract. The funds have started to shift positions, and attention should be paid to the reverse arbitrage opportunity of the 5 - 9 spread. [5] 3. Summary by Relevant Catalogs 3.1 Data Daily - On March 19, the Dalian 43% soybean meal spot basis was 408, a decrease of 6; the Tianjin basis was 338, a decrease of 6; the Rizhao basis was 308, an increase of 14; the Zhangjiagang basis was 318, an increase of 24; the Dongguan basis was 378, an increase of 14; the Zhanjiang basis was 308; the Fangcheng basis was 328, an increase of 14. The Guangdong rapeseed meal spot basis was 98, an increase of 9. The M5 - M9 spread and other relevant spreads are also presented in the data. [4] 3.2 Spread Data - The spot spread of soybean meal - rapeseed meal in Guangdong and the disk spread of the main contract are shown, with specific numerical values and trends over time. [5] 3.3 International Data - The 2025 soybean CNF premium, US dollar - RMB exchange rate, and disk crushing profit are presented, along with the trend of the Brazilian soybean CNF premium in different months in 2025 and the import soybean disk gross profit. [5] 3.4 Inventory Data - The inventory of soybeans at Chinese ports, the inventory of soybeans in major domestic oil mills, the inventory days of soybean meal in feed enterprises, and the inventory of soybean meal in major domestic oil mills are shown, with the data spanning from 2020 to 2026. [5] 3.5开机和压榨情况 (Operation and Pressing Situation) - The operating rate and soybean pressing volume of major domestic oil mills are presented, with data from 2020 to 2026. [5] 3.6 Downstream Situation - The downstream consumption volume is presented, with data from 2019 to 2026. [5]