油厂库存小幅上升，豆粕震荡运行

Group 1: Report Investment Ratings - The investment rating for both the粕类 and corn industries is cautiously bullish [3][6] Group 2: Core Views - For the粕类 market, although Brazilian new - season soybeans are expected to have a bumper harvest, if there are unexpected issues with future arrivals, the domestic market may face a temporary supply shortage. Supported by cost and US soybeans, domestic soybean meal prices are likely to rise rather than fall. Attention should be paid to US soybean planting, future arrivals, and macro - events [2] - For the corn market, the current inventory of deep - processing enterprises is still low, and they tend to raise prices to promote purchases, which further supports corn prices. Feed enterprises are less willing to accept high - priced corn and prefer substitutes. The corn price at northern ports remains firm. With good wheat auction results and potential increases in auction volume, along with rumors of rice auctions, the overall corn price is expected to remain strong [4][5] Group 3: Market News and Important Data 粕类 - Futures: The closing price of the soybean meal 2605 contract was 2952 yuan/ton, up 20 yuan/ton (0.68%) from the previous day; the rapeseed meal 2605 contract was 2344 yuan/ton, up 5 yuan/ton (0.21%) [1] - Spot: In Tianjin, the soybean meal spot price was 3270 yuan/ton, up 10 yuan/ton, with a spot basis of M05 + 318, down 10 from the previous day; in Jiangsu, it was 3180 yuan/ton, down 10 yuan/ton, with a spot basis of M05 + 228, down 30; in Guangdong, it was 3290 yuan/ton, up 20 yuan/ton, with a spot basis of M05 + 338, unchanged; in Fujian, the rapeseed meal spot price was 2370 yuan/ton, unchanged, with a spot basis of RM05 + 26, down 5 [1] - News: On March 25, Agroconsult reported that Brazilian farmers are expected to harvest 184.7 million tons of soybeans in the 2025/2026 season, a 0.9% increase from the early - March forecast [1] Corn - Futures: The closing price of the corn 2605 contract was 2376 yuan/ton, unchanged (0.00%); the corn starch 2605 contract was 2765 yuan/ton, up 2 yuan/ton (0.07%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged, with a spot basis of C05 + 14, unchanged; in Jilin, the corn starch spot price was 2900 yuan/ton, unchanged, with a spot basis of CS05 + 135, down 2 [3] - News: On March 25, it was reported that the US Department of Agriculture will release the 2026 planting intention report at 0:00 on April 1. Analysts expect the US soybean planting area in 2026 to be 85.549 million acres, higher than last year's 81.215 million acres and the USDA's forecast of 85 million acres. The expected US corn planting area in 2026 is 94.371 million acres, lower than 2025 but slightly higher than the 2026 outlook forum prediction [3] Group 4: Market Analysis 粕类 - Downstream oil mill inventories are being continuously consumed. Despite the Brazilian soybean harvest, potential supply shortages may occur if there are problems with future arrivals. Domestic soybean meal prices are likely to be supported by cost and US soybeans [2] Corn - Deep - processing enterprises have low corn inventories and raise prices to purchase, supporting corn prices. Feed enterprises prefer substitutes. Corn prices at northern ports are firm. Wheat auctions are doing well, and future auction volumes may increase. The overall corn market supply is tight, and prices are expected to remain strong [4][5] Group 5: Strategies - For both the粕类 and corn markets, the strategy is to be cautiously bullish [3][6]