蛋白数据日报-20260323

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - 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 - level range and is highly sensitive to positive news. It is recommended to wait for a pull - back to layout long positions in far - month contracts. [8] - China has relaxed the regulations on weeds in Brazilian soybeans, the Brazilian shipping has resumed normal speed, and the expected supply - demand gap of domestic soybean meal has been alleviated. Cost increases and planting - period expectations are more reflected in the 109 contract, and funds have started to shift positions. The M5 - M9 spread is expected to continue. [8] 3. Summary by Relevant Catalogs 3.1 Data Daily - On March 20th, the Dalian 43% soybean meal spot base was 391, with a decrease of 17. The Tianjin base was 331, the Rizhao base was 291 (down 17), the Zhangjiagang base was 321, the Dongguan base was 371 (down 7), the Zhanjiang base was 291 (down 17), and the Fangchen base was 321 (down 7). The Guangdong rapeseed meal spot base was 25, with a decrease of 46. The NS - 9 was - 26 (down 59), and the RN5 - 9 was - 40 (down 45). [4] - The spot price difference between soybean meal and rapeseed meal in Guangdong was 912, and the price difference between the main contracts was 606. [5] - The US dollar - RMB exchange rate was 6.8420. The import soybean gross margin in 2025 was shown, and the Brazilian soybean CNF premium trends for different months were also presented. [5] 3.2 Inventory Data - The inventory data of Chinese port soybeans, national major oil mills' soybeans and soybean meal, and the feed enterprises' soybean meal inventory days were presented in the form of time - series charts from 2015 - 2026. [5][6] 3.3 Startup and Pressing Situation - The national major oil mills' soybean pressing volume, startup rate, and downstream situation were presented in the form of time - series charts from 2019 - 2026. [6] 3.4 International Data - The Brazilian soybean harvest progress reached 59%, and the sales progress was close to 50%. China relaxed the regulations on weeds in Brazilian soybeans, the Brazilian shipping resumed partially, and the concerns about domestic arrival were alleviated, and the spot market sentiment cooled down. [8]