蛋白数据日报-20260326

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - As of March 21, Brazil's soybean harvest rate was 67.7%, lower than last week's 69.2% and last year's 76.4%, but higher than the five - year average of 66.4%. The selling pressure in Brazilian production areas continues to be released, freight rates have declined with crude oil, and the CXF premium of Brazilian soybeans has recently decreased [9]. - Brazilian shipments have resumed, alleviating concerns about delayed arrivals in China. Oil mill supply has recovered, and there is an expectation of inventory reduction for domestic soybean meal in April. After pre - stocking, downstream buying interest is weak, and the basis has weakened slightly [9]. - In the later period, soybean arrivals in May are sufficient, and the futures market reflects delivery pressure. South American selling pressure still needs further release, and the soybean meal futures valuation is low. It is recommended to wait for a pullback to layout long positions in distant contracts. The driving factors for later price increases include cost increase, weather speculation, and adjustment of the new US soybean balance sheet [9]. - In April, domestic soybean meal inventory will be reduced. The spread between M05 and M09 may fluctuate with the basis, but the overall trend is expected to maintain a reverse spread [9]. 3. Summary by Relevant Catalogs 3.1 Data Daily - The basis of the main soybean meal contract in Zhangjiagang on March 25 was 348, with a change of 9. The basis of 43% soybean meal spot in different regions such as Tianjin, Rizhao, Zhangjiagang, Dongguan, Zhanjiang, and Fangcheng also had different values and changes. The basis of rapeseed meal spot in Guangdong was 65, with a change of 50 [4]. 3.2 Inventory Data - Information about inventory data includes the inventory of national major oil mills' soybeans, Chinese port soybeans, and the inventory days of feed enterprises' soybean meal, but specific numerical data is presented in a graphical form in the report [11][12]. 3.3开机和压榨情况 (Operation and Pressing Situation) - Information about the operation rate of national major oil mills and the soybean pressing volume is presented in a graphical form in the report, showing data from 2020 - 2026 [7][8]. 3.4 Downstream Transaction Volume - Information about the downstream transaction volume and the downstream提货量 (delivery volume) of national major oil mills is presented in a graphical form in the report, covering data from 2019 - 2026 [8]. 3.5 Spread Data - The spot spread between soybean meal and rapeseed meal in Guangdong was 593, with a change of - 3. The futures spread between the main contracts of soybean meal and rapeseed meal is also presented in the report, along with the premium - continuous month situation and the exchange rate of the US dollar against the RMB, and the futures crushing profit [11].