CONTENTS 目 录 1 每日提示 交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2026-03-06 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 豆粕M2605：2840至2900区间震荡 1.基本面：美豆震荡回升，油脂上涨带动和技术性震荡整理，美豆短期偏强震荡等待中美贸 易协议执行后续和南美大豆产区收割天气进一步指引。国内豆粕震荡回升，美豆走势带 动和现货价格升水支撑盘面，消息面多空交织短期或维持区间震荡格局。中性 2.基差：现货2990（华东），基差147，升水期货。偏多 3.库存：油厂豆粕库存84.25万吨，上周83.94万吨，环比增加0.37%，去年同期49.88万吨， 同比增加68.91%。偏空 4.盘面：价格在20日均线上方且方向向 ...

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2026-03-03 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 豆粕M2605：2800至2860区间震荡 CONTENTS 目 录 1 每日提示 1.基本面：美豆冲高回落，中美贸易关系不确定性仍存和技术性震荡整理，美豆短期偏强震 荡等待中美贸易协议执行后续和南美大豆产区收割天气指引。国内豆粕震荡回落，美豆 走势带动和现货价格升水支撑盘面，消息面多空交织短期或维持区间震荡格局。中性 2.基差：现货3010（华东），基差184，升水期货。偏多 3.库存：油厂豆粕库存84.25万吨，上周83.94万吨，环比增加0.37%，去年同期49.88万吨， 同比增加68.91%。偏空 4.盘面：价格在20日均线上方且 ...

重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 美豆偏强带动，豆粕冲高回落 （豆粕周报2.24-2.27） 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 CONTENTS 目 录 1 每周提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 基本面影响因素概览 | 项目 | 概况 | 驱动 | 下周预期 | | --- | --- | --- | --- | | 天气 | 巴西大豆产区天气短期正常 | 偏空 | 巴西大豆产区天气短期良 | | | | | 好。中性或偏空 | | 进口成本 | 美豆震荡回升，中国采购美 | 偏多 | 进口成本预计震荡偏弱，中 | | | 豆和南美大豆丰产交互影响 | | 性或偏空 | | 油厂压榨 | 豆粕需求短期回落，油厂压 | 偏多 | 需求短期偏淡，油厂开机预 | | | 榨量维持低位 | ...

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2026-03-02 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 豆粕M2605：2800至2860区间震荡 1.基本面：美豆震荡回升，美国生物燃料政策利多豆油带动和技术性震荡整理，美豆短期偏 强震荡等待中美贸易协议执行后续和南美大豆产区收割天气进一步指引。国内豆粕震荡 回落，美豆走势带动和现货价格升水支撑盘面，消息面多空交织短期或维持区间震荡格 局。中性 2.基差：现货3020（华东），基差187，升水期货。偏多 3.库存：油厂豆粕库存84.25万吨，上周83.94万吨，环比增加0.37%，去年同期49.88万吨， 同比增加68.91%。偏空 4.盘面：价格在20 ...

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2026-02-27 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 豆粕M2605：2800至2860区间震荡 1.基本面：美豆震荡收跌，中美贸易谈判尚在进行和技术性震荡整理，美豆短期偏强震荡等 待中美贸易协议执行后续和南美大豆产区收割天气进一步指引。国内豆粕冲高回落，美 豆走势带动和现货价格升水支撑盘面，消息面多空交织短期或维持区间震荡格局。中性 2.基差：现货3050（华东），基差216，升水期货。偏多 3.库存：油厂豆粕库存94.72万吨，上周104.4万吨，环比减少9.27%，去年同期55.67万吨， 同比增加70.15%。偏空 4.盘面：价格在20日均线上方 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The soybean meal M2605 is expected to oscillate between 2810 and 2870. The US soybean market is supported by the slow progress of soybean harvesting in Brazil and ongoing Sino - US trade negotiations, and is waiting for further guidance on the implementation of the Sino - US trade agreement and the harvesting weather in South American soybean - producing areas. The domestic soybean meal market is affected by the US soybean trend and spot price premium, and may maintain an oscillatory pattern in the short term due to mixed news [9]. - The soybean A2605 is expected to oscillate between 4620 and 4720. The US soybean market is also supported by the slow progress of soybean harvesting in Brazil and ongoing Sino - US trade negotiations. The domestic soybean market is supported by strong spot prices and short - term good demand, but its upward height is limited by the implementation of the Sino - US trade agreement and the arrival of imported Brazilian soybeans after the Spring Festival, and there is a risk of a pull - back after a rise [11]. 3. Summary According to the Directory 3.1 Daily Tips - The soybean meal M2605 is in the 2810 - 2870 range, and the soybean A2605 is in the 4620 - 4720 range. The market is affected by factors such as US soybean trends, Sino - US trade negotiations, and South American soybean harvesting weather [9][11]. 3.2 Recent News - The preliminary Sino - US tariff negotiation agreement is short - term positive for US soybeans, but the quantity of Chinese purchases of US soybeans and US soybean weather are still uncertain. The US soybean market oscillates above the 1000 - point mark in the short term, waiting for further guidance on US soybean growth, harvesting, and Sino - US trade negotiations [13]. - The arrival volume of imported soybeans in China will continue to decline in the first quarter. The soybean inventory of oil mills remained high in January. With relatively normal planting and growth weather for South American soybeans, soybean meal has returned to an oscillatory pattern in the short term [13]. - The decrease in domestic pig - raising profits has led to low expectations for pig restocking. The demand for soybean meal was good in January, supporting the price of soybean meal. The interaction between the influence of US soybeans and the recovery of soybean meal demand maintains the oscillatory pattern [13]. - The soybean meal inventory of domestic oil mills remains high. There is still a possibility of weather speculation in the US soybean - producing areas, and the preliminary Sino - US trade negotiation agreement has an impact. Soybean meal will maintain an oscillatory pattern in the short term, waiting for the clarification of US soybean production and further guidance on Sino - US trade negotiations [13]. 3.3 Bullish and Bearish Concerns 3.3.1 Soybean Meal - Bullish factors: The preliminary Sino - US trade negotiation agreement is short - term positive for US soybeans; there is no pressure on the soybean meal inventory of domestic oil mills; there are still uncertainties in the weather of South American soybean - producing areas [14]. - Bearish factors: The total arrival volume of imported soybeans in China remained high in January; with normal weather, South American soybeans are expected to have a bumper harvest [14]. - Current main logic: The market focuses on the impact of US soybean harvesting weather and the follow - up of the preliminary Sino - US trade agreement [14]. 3.3.2 Soybeans - Bullish factors: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected recovery of domestic soybean demand supports the domestic soybean price [15]. - Bearish factors: Brazil is expected to have a bumper soybean harvest, and China has increased its purchases of Brazilian soybeans; the increase in the production of new - season domestic soybeans suppresses the price expectation of beans [15]. - Current main logic: The market focuses on the impact of US soybean weather and the Sino - US trade tariff game [15]. 3.4 Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From February 9 to February 25, the transaction price of soybean meal fluctuated between 3121 - 3171, and the transaction volume varied from 0 - 10.52 million tons. The transaction price of rapeseed meal was mainly 2430 - 2450, and the transaction volume was mostly 0. The price difference between soybean meal and rapeseed meal ranged from 688 - 741 [16]. - **Soybean and Meal Futures and Spot Price Summary**: From February 10 to February 25, the prices of soybean futures, soybean meal futures, and spot prices of soybeans and soybean meal all showed certain fluctuations [18]. - **Soybean and Meal Warehouse Receipt Statistics**: From February 9 to February 25, the number of soybean and soybean meal warehouse receipts changed to some extent, with the number of soybean warehouse receipts increasing and decreasing, and the number of soybean meal warehouse receipts remaining relatively stable [20]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets from 2016 - 2025 show the changes in harvest area, production, consumption, and inventory over the years [32][33]. - **Soybean Planting and Harvesting Progress in Different Regions**: The report provides the planting and harvesting progress of soybeans in Argentina, the United States, and Brazil from 2023 - 2026, including data on different time points and comparisons with the previous year and the five - year average [34][35][36][37][38][39][40][41][42][43]. - **USDA's Recent Monthly Supply - Demand Reports**: From July 2025 to February 2026, USDA's monthly supply - demand reports show changes in planting area, yield, production, and other data [44]. 3.5 Position Data - For soybean meal M2605, the main short positions increased, and funds flowed in, showing a bearish signal [9]. - For soybean A2605, the main long positions decreased, and funds flowed in, showing a bullish signal [11]. 3.6 Other Market Conditions - The weekly export inspection of US soybeans decreased month - on - month but increased year - on - year [45]. - The arrival volume of imported soybeans was at a low level at the beginning of the year and decreased year - on - year recently [47]. - The soybean inventory of oil mills continued to decline, while the soybean meal inventory rebounded from a low level [48]. - The soybean crushing volume of oil mills returned to a high level, and the soybean meal production in December increased year - on - year [50]. - The unexecuted contracts of oil mills continued to decline, and the stocking demand weakened [52]. - The import cost of Brazilian soybeans oscillated and declined following the US soybeans, and the margin on the futures market fluctuated slightly [54]. - The pig inventory increased slightly year - on - year, while the sow inventory decreased year - on - year and declined slightly month - on - month [56]. - The pig price fluctuated slightly recently, and the piglet price rebounded slightly [58]. - The proportion of large pigs in China increased, and the cost of secondary fattening of pigs continued to rise [60]. - The domestic pig - raising profit was slightly profitable [62]. - The pig - grain ratio and feed - meat ratio dropped to a low level [64].

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2026-02-25 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 豆粕M2605：2780至2840区间震荡 1.基本面：美豆震荡收涨，巴西大豆收割进程偏慢和技术性震荡整理，美豆短期维持震荡等 待中美贸易协议执行后续和南美大豆产区生长和收割天气进一步指引。国内豆粕探底回 升，美豆走势带动和现货价格升水支撑盘面，消息面多空交织短期或维持区间震荡格局。 中性 2.基差：现货3050（华东），基差269，升水期货。偏多 3.库存：油厂豆粕库存94.72万吨，上周104.4万吨，环比减少9.27%，去年同期55.67万吨， 同比增加70.15%。偏空 4.盘面：价格在20日 ...

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2026-02-10 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 ✸豆粕观点和策略 豆粕M2605：2700至2760区间震荡 1.基本面：美豆震荡收跌，巴西大豆收割推进和技术性震荡整理，美豆短期维持区间震荡等 待中美贸易协议执行后续和南美大豆产区生长和收割天气进一步指引。国内豆粕冲高回 落，美豆走势带动和年底需求进入旺季现货价格升水支撑盘面底部，消息面多空交织短 期或维持震荡格局。中性 2.基差：现货3020（华东），基差291，升水期货。偏多 3.库存：油厂豆粕库存94.72万吨，上周104.4万吨，环比减少9.27%，去年同期55.67万吨， 同比增加70.15%。偏空 4.盘面：价格在20 ...

交易咨询业务资格：证监许可【2012】1091号 中国继续采购美豆，豆粕外强内弱 （豆粕周报2.2-2.6） 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每周提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 基本面影响因素概览 | 项目 | 概况 | 驱动 | 下周预期 | | --- | --- | --- | --- | | 天气 | 巴西大豆产区天气短期正常 | 偏空 | 巴西大豆产区天气短期良 | | | | | 好。中性或偏空 | | 进口成本 | 美豆震荡回升，中国采购美 | 偏多 | 进口成本预计震荡偏弱，中 | | | 豆和南美大豆丰产交互影响 | | 性或偏空 | | 油厂压榨 | 豆粕需求短期回落，油厂压 | 偏空 | 需求短期良好，油厂开机预 | | | 榨量回归高位 | ...

重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2026-02-06 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 豆粕M2605：2720至2780区间震荡 1.基本面：美豆震荡回升，美国称中国将采购更多大豆和技术性买盘支撑，美豆短期维持区 间震荡等待中美贸易协议执行后续和南美大豆产区生长和收割天气进一步指引。国内豆 粕探底回升，美豆走势带动和年底需求进入旺季现货价格升水支撑盘面底部，消息面多 空交织短期或维持震荡格局。中性 2.基差：现货3020（华东），基差289，升水期货。偏多 3.库存：油厂豆粕库存94.72万吨，上周104.4万吨，环比减少9.27%，去年同期55.67万吨， 同比增加70.15%。偏空 ...