蛋白数据日报-20260324

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Due to China relaxing regulations on Brazilian soybean weeds, the resumption of Brazilian shipments has partially alleviated domestic arrival concerns. Domestic regional inventory is differentiated, some oil mills limit orders, and traders support prices, so the basis is relatively strong. However, downstream buying interest is dull, with only rigid demand replenishment and limited actual transactions. It is expected that the short - term basis rebound is limited. Attention should be paid to subsequent提货 performance [6]. - In the long - term, 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 during the planting period. It is recommended to wait for a callback to layout long positions in the far - month contracts [6]. - With the normal resumption of Brazilian shipments, 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 09 contract. Funds have started to shift positions, and the 15 - 19 spread is expected to continue the reverse spread [6]. Summary by Relevant Categories Basis Data - The basis of the soybean meal main contract in Zhangjiagang on March 23 was 313, a decrease of 8 [4]. - The 43% soybean meal spot basis (against the main contract) in different regions on March 23: 293 in Rizhao, 333 in Tianjin, 313 in Zhangjiagang, 373 in Dongguan, 313 in Zhanjiang, and 333 in Fangcheng [4]. - The rapeseed meal spot basis in Guangdong on March 23 was 41, an increase of 16 [4]. Spread Data - The spot spread between soybean meal and rapeseed meal in Guangdong was 884, a decrease of 28; the disk spread of the main contract was 608 [5]. Inventory Data - Inventory data includes China's port soybean inventory, national major oil mills' soybean inventory, feed enterprises' soybean meal inventory days, and national major oil mills' soybean meal inventory, with historical data from 2020 - 2026 presented in a graph [5][6]. 开机 and压榨情况 - The开机 rate and soybean压榨量 of national major oil mills from 2020 - 2026 are presented in a graph [6].