现货供应偏紧，豆粕维持震荡

1. Report Industry Investment Rating - The investment strategy for both the soybean meal and corn sectors is neutral [4][7] 2. Core Viewpoints of the Report - The soybean meal market is experiencing tight spot supply and is expected to remain volatile. The corn market is predicted to have stable prices with range - bound fluctuations [1][6] 3. Summary by Related Catalogs 3.1 Soybean Meal and Rapeseed Meal 3.1.1 Market News and Key Data - Futures: The closing price of the soybean meal 2509 contract was 3048 yuan/ton, down 6 yuan/ton (-0.20%) from the previous day; the rapeseed meal 2509 contract was 2679 yuan/ton, up 21 yuan/ton (+0.79%) [2] - Spot: In Tianjin, the soybean meal spot price was 4080 yuan/ton, up 200 yuan/ton; in Jiangsu, it was 3780 yuan/ton, up 260 yuan/ton; in Guangdong, it was 3750 yuan/ton, up 270 yuan/ton. In Fujian, the rapeseed meal spot price was 2570 yuan/ton, up 40 yuan/ton [2] - Market News: As of April 19, the harvest progress of Brazil's 2024/25 soybean crop was 92.5%, higher than 88.3% a week ago and 83.2% in the same period last year [2] 3.1.2 Market Analysis - The soybean meal futures price showed narrow - range fluctuations. Although the Brazilian soybean premium remains firm due to tariff policies, the overall arrival volume in the next few months is large, and the domestic downstream supply is not tight in the short term [3] 3.2 Corn and Corn Starch 3.2.1 Market News and Key Data - Futures: The closing price of the corn 2507 contract was 2324 yuan/ton, unchanged from the previous day; the corn starch 2507 contract was 2681 yuan/ton, down 3 yuan/ton (-0.11%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2650 yuan/ton, unchanged [4] - Market News: According to the US Department of Agriculture's crop report, the soil moisture in the US has deteriorated, with 13% in extreme shortage and 25% in shortage [4] 3.2.2 Market Analysis - The corn futures price showed narrow - range fluctuations. On the supply side, the supply subject has shifted from farmers to traders, and traders in production areas are reluctant to sell. On the demand side, deep - processing enterprises are in a loss cycle, and feed enterprises are using wheat as a substitute [5][6]