Group 1: Report Industry Investment Ratings - The investment rating for the soybean meal market is neutral [3] - The investment rating for the corn market is cautiously bearish [6] Group 2: Core Views - The domestic soybean meal inventory continues to increase, with supply remaining relatively loose. Future soybean arrivals are expected to be high, and the inventory may rise further. The decline in import costs has led to a drop in domestic soybean meal prices, and future attention should be paid to Sino - US trade policy negotiations [2] - In the domestic corn market, the supply is expected to increase as new grain in North and Northeast China is approaching the market, while traders' remaining grain is tight. On the demand side, the inventory and operating rate of deep - processing enterprises are seasonally decreasing, and feed enterprises' inventory is also declining. Attention should be paid to the new - season corn yield [5] Group 3: Market News and Important Data Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2601 contract was 3048 yuan/ton, a change of - 18 yuan/ton (- 0.59%) from the previous day; the rapeseed meal 2601 contract was 2519 yuan/ton, a change of - 2 yuan/ton (- 0.08%) [1] - Spot: In Tianjin, the soybean meal spot price was 3060 yuan/ton, unchanged from the previous day; in Jiangsu, it was 2970 yuan/ton, a decrease of 20 yuan/ton; in Guangdong, it was 2950 yuan/ton, a decrease of 10 yuan/ton. The rapeseed meal spot price in Fujian was 2640 yuan/ton, unchanged from the previous day [1] - Market news: In July, the US soybean crushing volume was 204.7 million bushels, a record high for the same period, but slightly lower than market expectations. The US soybean oil inventory at the end of July was 1.873 billion pounds, the lowest in nearly 7 months and lower than market expectations [1] Corn and Corn Starch - Futures: The closing price of the corn 2511 contract was 2210 yuan/ton, a change of + 17 yuan/ton (+ 0.78%) from the previous day; the corn starch 2511 contract was 2498 yuan/ton, a change of + 11 yuan/ton (+ 0.44%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2620 yuan/ton, unchanged from the previous day [3] - Market news: The Allendale survey shows that the expected US corn production in 2025 will reach a record high of 16.631 billion bushels, with an average yield of 187.52 bushels per acre. The expected US soybean production in 2025 is 4.268 billion bushels, with an average yield of 53.28 bushels per acre [3]

Group 1: Investment Ratings - The investment strategy for the粕类 (bean meal and rapeseed meal) market is neutral [4] - The investment strategy for the corn market is cautiously bearish [6] Group 2: Core Views - In the domestic bean meal market, the current inventory continues to increase, and future soybean arrivals are expected to remain high, so the supply is relatively loose. The decline in import costs has led to a corresponding drop in domestic bean meal prices. Attention should be paid to Sino - US trade policy negotiations [3] - In the domestic corn market, the supply is expected to increase as new grains in North China and Northeast China are approaching the listing time. The demand from deep - processing enterprises and feed enterprises is weak, and more attention should be paid to the output of new - season corn [5] Group 3: Summary by Related Catalogs 1. Market News and Important Data for Bean Meal and Rapeseed Meal - Futures: The closing price of the bean meal 2601 contract was 3066 yuan/ton, up 16 yuan/ton (+0.52%) from the previous day; the rapeseed meal 2601 contract was 2521 yuan/ton, up 21 yuan/ton (+0.84%) [1] - Spot: In Tianjin, the bean meal spot price was 3060 yuan/ton, down 10 yuan/ton; in Jiangsu, it was 2990 yuan/ton, unchanged; in Guangdong, it was 2960 yuan/ton, up 10 yuan/ton. In Fujian, the rapeseed meal spot price was 2640 yuan/ton, up 20 yuan/ton [1] - US market information: As of August 31, 2025, the US soybean good - to - excellent rate was 65%, lower than the expected 68%. The export inspection volume for the week ending August 28, 2025, was 472,914 tons. The US soybean crush in July 2025 was 204.7 million bushels [2] 2. Market News and Important Data for Corn - Futures: The closing price of the corn 2511 contract was 2193 yuan/ton, down 7 yuan/ton (-0.32%); the corn starch 2511 contract was 2487 yuan/ton, down 18 yuan/ton (-0.72%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2620 yuan/ton, unchanged [4] - US market information: As of August 31, the US corn good - to - excellent rate was 69%. The export inspection volume for the week ending August 28, 2025, was 1,407,050 tons [4] 3. Market Analysis - Bean meal: The current domestic bean meal inventory is increasing, and future soybean arrivals are high, so the supply is loose. The decline in import costs has affected the price, and Sino - US trade policy is a key factor [3] - Corn: The supply is expected to increase as new grains are about to be listed. The demand from deep - processing and feed enterprises is weak, and the output of new - season corn is crucial [5] 4. Strategies - Bean meal: Neutral [4] - Corn: Cautiously bearish [6]