下游刚需补库，豆粕维持震荡

Group 1: Report Industry Investment Rating - The investment strategy for both the bean meal and corn sectors is cautiously bullish [3][6] Group 2: Core Viewpoints of the Report - For the bean meal market, the current macro - level influence is weakening, but the pressure of new - season Brazilian soybeans arriving at ports is increasing, and the premium has declined, leading to a short - term weak and volatile bean meal price. However, the situation of South American soybeans has been fully reflected, and the pricing logic will return to the cost of US soybeans. Attention should be paid to future US soybean export and policy changes [2] - For the corn market, deep - processing enterprises are raising prices to encourage purchases, and the arrival of corn has increased significantly, with inventory starting to rise but still below the historical average. Feed enterprises are reluctant to accept high - priced corn and prefer to use substitutes like wheat. The wheat auction volume has increased to 800,000 tons per week, with good trading and premiums. The overall corn supply is still tight, and with the support of relatively high wheat prices, the corn market is expected to remain strong [4][5] Group 3: Summary by Related Catalogs Bean Meal Market News and Important Data - Futures: The closing price of the bean meal 2605 contract was 2,937 yuan/ton, with no change from the previous day [1] - Spot: In Tianjin, the spot price of bean meal was 3,230 yuan/ton, down 40 yuan/ton from the previous day; in Jiangsu, it was 3,150 yuan/ton, down 10 yuan/ton; in Guangdong, it was 3,260 yuan/ton, down 10 yuan/ton [1] - Market Information: As of March 27, 2026, the harvesting progress of the 2025/26 Brazilian soybeans was 72.99%, lower than 81.31% of the same period last year and close to the five - year average of 73.95% [1] Market Analysis - The short - term price of bean meal is weakly volatile due to the increasing pressure of Brazilian soybeans arriving at ports and the decline in premiums. In the future, it will return to the cost - based pricing logic of US soybeans [2] Strategy - Cautiously bullish [3] Corn Market News and Important Data - Futures: The closing price of the corn 2605 contract was 2,346 yuan/ton, down 23 yuan/ton from the previous day; the corn starch 2605 contract was 2,737 yuan/ton, down 18 yuan/ton [3] - Spot: In Liaoning, the spot price of corn was 2,150 yuan/ton, with no change from the previous day; in Jilin, the spot price of corn starch was 2,900 yuan/ton, with no change [3] - Market Information: As of the week of March 25, the harvesting progress of the 2025/26 Argentine corn was 15.2%, higher than 13% a week ago. The second crop yield forecast report of South Africa in 2026 showed that the total commercial corn output was 16.51 million tons, a 2.4% increase from the previous forecast and a 1% decrease from 2025 [3] Market Analysis - Deep - processing enterprises are raising prices to encourage purchases, and the arrival of corn has increased, but inventory is still below the historical average. Feed enterprises prefer substitutes. The wheat auction volume has increased, and the corn market supply is tight, supported by high wheat prices [4][5] Strategy - Cautiously bullish [6]