Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - As the Brazilian soybean harvest progresses, the CNF premium in Brazil is expected to reflect the selling pressure from a bumper harvest. In Argentina, the weather has been dry recently, so the subsequent weather conditions need to be monitored. In the short - term, the 105 contract is expected to fluctuate weakly. Domestic soybean and soybean meal inventories are still at a high level, and the de - stocking speed before the Spring Festival is expected to accelerate. The soybean meal inventory of feed enterprises has increased slightly. Recently, the trading volume of far - month soybean meal has increased, and the提货 performance is normal. Due to the easing of China - Canada relations, the price of rapeseed meal has dropped, reducing the feeding cost - effectiveness of soybean meal [12] 3. Summary by Relevant Catalogs Inventory Data - China's port soybean inventory, feed enterprise soybean meal inventory days, and the soybean meal inventory of major domestic oil mills are presented in a graphical form, showing their trends over the years from 2019 to 2026 [6][7][8] Spread Data - The spot spread of soybean meal - rapeseed meal in Guangdong is 600, and the spread of the main contract on the futures market is 497. The 2025 soybean CNF premium and the import soybean gross profit are also shown, including data from different months in Brazil [14] International Data - As of January 17th, the Brazilian soybean harvest rate was 2.3%, compared with 0.6% last week, 1.2% in the same period last year, and a five - year average of 3.2%. The expected shipment volume in Brazil in January is higher than last year. As of January 14th, the soybean sowing progress in Argentina was 93.9%, slightly behind the same period last year. The proportion of soybean crops in good condition was 61% (65% last week, 38% in the same period last year). The weather in Argentina has been dry since January, and the excellent - good rate of soybeans has declined [12] Basis Data - On January 21st, the basis of the main soybean meal contract in Zhangjiagang was 495 in Dalian (up 11), 435 in Tianjin (up 11), 395 in Rizhao (up 11), 355 in Zhangjiagang (down 9), 355 in Dongguan, 415 in Zhanjiang (up 11), and 415 in Fangchenggang (up 11). The basis of rapeseed meal in Guangdong was 214 (up 16). M3 - 5 was 327 (up 10), and RM5 - 9 was - 38 (up 15) [5] 开机 and压榨情况 - The开机 rate and soybean crushing volume of major domestic oil mills are presented in a graphical form, showing their trends over the years from 2020 to 2026 [9][10][11]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - With policies cooling the market's speculative sentiment, raising the proportion of margin trading funds, and Central Huijin selling a large amount of broad - based index ETFs, the stock index is in shock adjustment. The policy aims for a "slow - bull" market rather than suppressing it, and the short - term shock adjustment space is expected to be limited. Long - term bulls can choose the opportunity to layout [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks. Attention should be paid to the Bank of Japan's interest - rate decision [1]. - With the US postponing the tax on key minerals, the short - term concern about copper hoarding has eased, and the copper price is expected to fluctuate at a high level. The aluminum price has fallen from a high level due to limited industrial drivers and weakening macro sentiment. The domestic alumina market has strong supply and weak demand, and the price is under pressure but is expected to fluctuate around the cost line [1]. - The zinc price fluctuates in a range due to the stabilization of the cost center and the appearance of inventory pressure. The nickel supply is still tight despite the announced RKAB target in 2026, and the nickel price is expected to fluctuate at a high level in the short term, affected by the resonance of the non - ferrous metal sector. Stainless steel futures have risen significantly, and attention should be paid to the actual production of steel mills and the risk of short squeezes [1]. - The tin price has corrected due to the repeated macro sentiment, but there is still upward momentum due to the vulnerability of tin - ore supply. Precious metals are supported by geopolitical and trade uncertainties, but the silver price may be weaker than the gold price. Platinum and palladium are expected to fluctuate widely in the short term, and long - platinum and short - palladium arbitrage strategies can be considered in the medium - to - long term [1]. - For industrial silicon, there is an increase in production in the northwest and a decrease in the southwest, and the production schedules of polysilicon and organic silicon in December have declined. For new - energy vehicles, it is the off - season, while the energy - storage demand is strong, and there is a rush for exports. The rebar and iron - ore prices are under pressure, and the trading strategies are to leave the market for single - side long positions and participate in cash - and - carry arbitrage [1]. - The soda - ash price is under pressure as it follows the glass market and the medium - term supply - demand is more relaxed. The coking - coal and coke prices are bearish, and the previous low - long strategy may need to be changed [1]. - Palm oil is expected to fluctuate strongly, soybean oil is recommended to be over - allocated in the oil market, and rapeseed oil is recommended to be observed. The cotton market is currently in a situation of "having support but no driver", and attention should be paid to relevant policies and market conditions in the future. The sugar market is in a global surplus, and the short - term fundamentals lack continuous drivers [1]. - The corn price is expected to fluctuate in the short term, and the soybean price is expected to fluctuate weakly. The pulp price is recommended to be observed cautiously, and the log price is expected to fluctuate in the range of 760 - 790 yuan/m³. The live - pig market has stable spot prices, and the production capacity still needs to be further released [1]. - The fuel - oil and asphalt prices are affected by multiple factors such as OPEC+ policies and geopolitical situations. The BR rubber price is in a phased correction, and the PTA, MEG, short - fiber, and styrene prices are affected by supply - demand and cost factors [1]. - The urea price has limited upward space due to weak domestic demand but is supported by anti - involution and cost. The PF price is under supply pressure and affected by geopolitical factors. The PVC price is expected to trade based on fundamentals, and the LPG price is supported by import - gas costs and has a changing inventory situation [1]. - The container - shipping price on the European route is expected to peak in mid - January, and there is still pre - holiday replenishment demand [1]. 3. Summaries According to Related Catalogs Stock Index - Policy cools speculative sentiment, and the stock index is in shock adjustment. The short - term adjustment space is limited, and long - term bulls can layout [1]. Bond Futures - Asset shortage and weak economy are beneficial, but the central bank warns of interest - rate risks. Attention to the Bank of Japan's interest - rate decision [1]. Non - Ferrous Metals - Copper: The short - term concern about hoarding eases, and the price fluctuates at a high level [1]. - Aluminum: Falls from a high level due to limited industrial drivers and weakening macro sentiment [1]. - Alumina: Strong supply and weak demand, price under pressure, expected to fluctuate around the cost line [1]. - Zinc: Fluctuates in a range due to cost and inventory factors [1]. - Nickel: Supply remains tight, price fluctuates at a high level in the short term, affected by sector resonance [1]. - Stainless Steel: Futures rise significantly, attention to production and short - squeeze risks [1]. - Tin: Corrects due to macro sentiment, but has upward momentum due to supply vulnerability [1]. Precious Metals and New Energy - Precious Metals: Supported by geopolitical and trade uncertainties, silver may be weaker than gold [1]. - Platinum and Palladium: Fluctuate widely in the short term, long - platinum and short - palladium strategies can be considered in the medium - to - long term [1]. Industrial Silicon and New - Energy Vehicles - Industrial Silicon: Production changes in different regions, polysilicon and organic silicon production schedules decline [1]. - New - Energy Vehicles: Off - season, strong energy - storage demand, rush for exports [1]. Black Metals - Rebar: Price under pressure, single - side long positions leave the market, participate in cash - and - carry arbitrage [1]. - Iron Ore: Upward pressure is obvious, not recommended to chase long [1]. - Soda Ash: Follows glass, medium - term supply - demand is more relaxed, price under pressure [1]. - Coking Coal and Coke: Bearish, previous low - long strategy may change [1]. Agricultural Products - Palm Oil: Expected to fluctuate strongly [1]. - Soybean Oil: Recommended to be over - allocated [1]. - Rapeseed Oil: Observe due to complex factors [1]. - Cotton: "Having support but no driver", attention to future policies and conditions [1]. - Sugar: Global surplus, short - term fundamentals lack continuous drivers [1]. - Corn: Expected to fluctuate in the short term [1]. - Soybean: Expected to fluctuate weakly [1]. - Pulp: Observe cautiously due to market fluctuations [1]. - Log: Expected to fluctuate in the range of 760 - 790 yuan/m³ [1]. - Live Pig: Spot prices are stable, production capacity needs further release [1]. Energy and Chemicals - Fuel Oil: Affected by OPEC+ policies and geopolitical factors [1]. - Asphalt: Affected by multiple factors such as supply - demand and profit [1]. - BR Rubber: In a phased correction, affected by supply - demand and cost [1]. - PTA: Market has a sharp rise, supported by fundamentals and demand [1]. - MEG: Rebounds due to supply - side news, demand exceeds expectations [1]. - Short - Fiber: Price follows cost closely [1]. - Styrene: Futures price rebounds due to improved fundamentals [1]. - Urea: Limited upward space, supported by anti - involution and cost [1]. - PF: Under supply pressure, affected by geopolitical factors [1]. - PVC: Expected to trade based on fundamentals, price under pressure [1]. - LPG: Supported by import - gas costs, inventory situation changes [1]. Container Shipping - European route price expected to peak in mid - January, pre - holiday replenishment demand exists [1].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The recent stability of LPR quotes is due to the unchanged 7 - day reverse - repurchase rate set by the central bank and stable bank liability costs with low net interest margins, which reduce commercial banks' motivation to cut LPR [4] - Yesterday's stock index rose first and then fell, with small and medium - cap stocks performing strongly and large - cap stocks under pressure. In the context of policy "cooling" the market, trading volume continued to shrink. Given the strong capital - driven force and the domestic fundamentals in the bottom - building stage, the upward trend of the stock index is expected to continue. Short - term shock adjustment space is limited, and long - term bulls can choose the right time to enter the market [6] 3. Summary by Relevant Catalogs 3.1 Macro - financial Data - **Interest Rates**: DRO01 closed at 1.32, down 5.02bp; DR007 at 1.50, up 0.04bp; GC001 at 1.57, up 0.50bp; GC007 at 1.55, down 1.00bp; SHBOR 3M at 1.60, unchanged; 1 - year Treasury bond at 1.28, up 1.00bp; 5 - year Treasury bond at 1.59, unchanged; 10 - year Treasury bond at 1.83, down 0.20bp; 10 - year US Treasury bond at 4.30, up 6.00bp; 1 - year LPR at 3.0%, 5 - year LPR at 3.5%, both unchanged from last month [3][4] - **Central Bank Operations**: The central bank conducted 3635 billion yuan of 7 - day reverse - repurchase operations with an interest rate of 1.40% yesterday. With 2408 billion yuan of reverse - repurchases maturing, the net injection was 1227 billion yuan [3] 3.2 Stock Index Futures and Stock Market - **Index Performance**: The CSI 300 rose 0.09% to 4723.1; the SSE 50 fell 0.11% to 3067.2; the CSI 500 rose 1.12% to 8340.1; the CSI 1000 rose 0.79% to 8247.7. The trading volume of the Shanghai, Shenzhen, and Beijing stock exchanges was 26240 billion yuan, a decrease of 1804 billion yuan from the previous day. Most industry sectors rose, with precious metals, energy metals, and mining industries leading the gains, while the coal, brewing, and commercial department store industries leading the losses [5] - **Stock Index Futures Performance**: IF当月 rose 0.3%, IH当月 fell 0.1%, IC当月 rose 1.4%, IM当月 rose 1.2%. IF trading volume decreased by 7.2% to 120330, and its open interest decreased by 2.2% to 286813; IH trading volume increased by 11.8% to 54491, and its open interest increased by 5.0% to 96124; IC trading volume decreased by 19.5% to 171870, and its open interest decreased by 2.4% to 330051; IM trading volume decreased by 12.7% to 214526, and its open interest decreased by 1.7% to 381688 [5] - **Premium and Discount Situation**: IF's premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts are - 0.29%, 0.04%, 1.83%, and 2.93% respectively; IH's are - 1.04%, - 1.32%, - 0.23%, and 1.52% respectively; IC's are - 4.83%, - 2.33%, 2.07%, and 3.32% respectively; IM's are - 1.82%, 1.27%, 5.82%, and 6.60% respectively [7]

投资咨询业务资格:证监会许可【2012】31号 . // 结 25/26榨季全球食糖市场已由短缺转为过剩，印度产量大幅增加与泰国、巴西产量下降形成对比，但整体供应端压力仍在。 国内现货价格坚挺与期货价格弱势形成矛盾。春节前备货需求对价格形成短期支撑,在生产成本支撑下,短期或有一定上 行空间,但上方空间有限。 国内白糖工业库存 巴西糖配额外进口利润 2000 ---- 19/20 ------- 20/21 ------ 21/22 ------- 22/23 - -- 23/24 24/25 800 1500 1000 500 600 0 -500 -1000 400 -1500 -2000 -2500 200 ·2019 · =2020 2016 2017 = =2018 = 0 2025 2022 2024 10月 11月 12月 9月 1月 2月 3月 4月 5月 6月 7月 8月 郑糖5-9月差 柳州-05基差 1200 350 1000 300 800 250 600 200 400 150 200 100 50 0 -400 -50 -100 -150 10月21日 11月21日 12月21日 1 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - On January 21st, platinum and palladium prices fluctuated widely and declined in the late session; the PT2606 contract closed up 2.4% to 628.5 yuan/gram, and the PD2606 contract closed up 0.21% to 485.5 yuan/gram [5] - Geopolitical and economic tensions between the US and Europe due to the Greenland crisis have increased market uncertainty, raising safe - haven demand and supporting platinum and palladium prices; the US decision to暂缓 import tariffs on key minerals eases tariff risks for platinum and palladium [5] - If tariff risks decline in the future, platinum and palladium inventories may shift from the US to non - US regions, potentially alleviating the tight spot supply situation and suppressing the short - term upward space of platinum and palladium prices [5] - In the short term, platinum and palladium are expected to maintain a wide - range oscillation pattern; it is recommended to follow changes in New York inventories [5] - In the long term, with a supply - demand gap for platinum and a tendency towards supply surplus for palladium, the strategy can be to allocate platinum at low prices or choose the "long platinum, short palladium" arbitrage strategy [5] Group 3: Summary by Relevant Catalogs Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 628.5, up 1.48% from the previous value of 619.35 [5] - Spot platinum (99.95%): 622, up 5.07% from the previous value of 592 [5] - Platinum basis (spot - futures): - 6.5, down 76.23% from the previous value of - 27.35 [5] - Palladium futures main contract closing price: 485.8, down 0.86% from the previous value of 490 [5] - Spot palladium (99.95%): 472, up 3.62% from the previous value of 455.5 [5] - Palladium basis (spot - futures): - 13.8, down 60.00% from the previous value of - 34.5 [5] International Prices (15:00, USD) - London spot platinum: 2434.88, up 2.27% from the previous value of 2380.82 [5] - London spot palladium: 1851.746, up 0.23% from the previous value of 1847.466 [5] - NYMEX platinum: 2437.9, up 2.38% from the previous value of 2381.2 [5] - NYMEX palladium: 1889.5, up 0.40% from the previous value of 1882 [5] Other Indicators - USD/CNY central parity rate: 7.0014, up 0.01% from the previous value of 7.0006 [5] - Domestic - international price differences (yuan/gram, tax - included): - Guangdong platinum - London platinum: 9.16, down 33.78% from the previous value of 13.83 [5] - Guangdong platinum - NYMEX platinum: 8.39, down 38.90% from the previous value of 13.73 [5] - Guangdong palladium - London palladium: 14.78, down 26.54% from the previous value of 20.13 [5] - Guangdong palladium - NYMEX palladium: 5.18, down 54.33% from the previous value of 11.34 [5] - Platinum - palladium price ratios: - Guangzhou Futures Exchange platinum/palladium ratio: 1.2937, with an increase of 0.0298 from the previous value of 1.2640 [5] - London spot platinum/palladium ratio: 1.3149, with an increase of 0.0262 from the previous value of 1.2887 [5] Inventory and Position Data - NYMEX platinum inventory: 664393, unchanged from the previous value [5] - NYMEX palladium inventory: 216664, up 4.66% from the previous value of 207020 [5] - NYMEX total platinum position: 78337, down 0.90% from the previous value of 79050 [5] - NYMEX non - commercial net long platinum position: 17594, down 2.85% from the previous value of 18110 [5] - NYMEX total palladium position: 19483, up 0.69% from the previous value of 19349 [5] - NYMEX non - commercial net long palladium position: 1225, up 111.57% from the previous value of 579 [5]

| | | | | | | | | 一百百家 小 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 2026/01/22 | 国贸期货出品 TG国贸期货 | | | | | | | | | | | | | 投资咨询业务资格: 证监许可[2012] 31号 | | | | | | | | | | | | 黑色金属研究中心 | 执业证号 | 投资咨询证号 | | | | | | | | | | | 张宝慧 | F0286636 | Z0010820 | | | | | | | | | | | 黄志鸿 | F3051824 | Z0015761 | | | | | | | | | | | 董子勖 | F03094002 | Z0020036 | | | | | | | | | | | 薛夏泽 | F03117750 | Z0022680 | | | | 远月合约收盘价 | | | | | | | 6000 | | | 400 | | | (元/吨) | | RB261 ...

ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2026/1/22 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 贵金属与新能源研究中心 白素娜 | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2602 | AG2602 | AU (T+D) | AG (T+D) | | 内外盘金 银15点价 | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 格最踪 | 2026/1/21 | 0.00 | 0.00 | 0.00 | 0.00 | 1088. 90 | 23180.00 | 0.00 | 0.00 | | (本表数 | 2026/1/20 | 4713. 69 | 94.08 | 4720.00 | 93.95 | 1056. 94 ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The pulp market shows a trend of inventory accumulation this cycle. The inventory in Qingdao Port, a major domestic pulp port, has a narrow - range increase, and the daily average shipping speed has increased compared to the previous cycle. The pulp futures have limited room for further increase, and the price of broad - leaf pulp has slightly declined. It is advisable to consider short - selling after a rebound [5][6] 3. Summary According to Relevant Catalogs 3.1 Price Data - **Futures Prices**: On January 21, 2026, SP2601 was 5528 yuan/ton, down 0.40% day - on - day and up 1.06% week - on - week; SP2609 was 5396 yuan/ton, down 0.26% day - on - day and down 2.60% week - on - week; SP2605 was 5360 yuan/ton, down 0.30% day - on - day and down 2.44% week - on - week [5] - **Spot Prices**: Coniferous pulp silver star was 5600 yuan/ton, up 3.70% day - on - day and up 0.90% week - on - week; coniferous pulp Russian needle was 5250 yuan/ton, unchanged day - on - day and down 1.87% week - on - week; broad - leaf pulp goldfish was 4650 yuan/ton, down 1.06% day - on - day and down 1.69% week - on - week [5] - **Outer - disk Quotes**: Chilean silver star was 700 dollars/ton, up 2.94% month - on - month; US dollar was 540 dollars/ton, up 1.89% month - on - month; Chilean Venus was 620 dollars/ton, unchanged month - on - month [5] - **Import Costs**: The import cost of Chilean silver star was 5721 yuan/ton, up 2.91% month - on - month; Brazilian goldfish was 4425 yuan/ton, up 1.87% month - on - month; Chilean Venus was 5073 yuan/ton, unchanged month - on - month [5] 3.2 Supply Data - **Import Volume**: In December 2025, the import volume of coniferous pulp was 77.8 tons, up 7.31% month - on - month; the import volume of broad - leaf pulp was 135.2 tons, down 23.40% month - on - month [5] - **Domestic Production**: As of January 15, 2026, the domestic production of broad - leaf pulp was 25.2 tons; the domestic production of chemical mechanical pulp was 23.7 tons [5] - **Supply News**: Chile's Arauco company's January coniferous pulp offer was 710 dollars/ton, up 10 dollars/ton; broad - leaf pulp star offer was 590 dollars/ton, up 20 dollars/ton; natural pulp Venus offer was 620 dollars/ton, unchanged [5] 3.3 Inventory Data - **Pulp Port Inventory**: As of January 15, 2026, the inventory of China's main pulp ports was 201.4 tons, up 0.3% month - on - month [5] - **Futures Delivery Warehouse Inventory**: As of January 15, 2026, the inventory of the futures delivery warehouse was 14.9 tons [5] 3.4 Demand Data - **Finished Paper Production**: The production of offset paper was 20.30 tons; the production of coated paper was 8.30 tons; the production of tissue paper was 29.30 tons; the production of white cardboard was 38.40 tons [5] - **Demand Situation**: The demand side of pulp has been stable recently. The price of tissue paper has increased slightly, and the prices of other paper products are stable. The production of major wood - pulp paper is stable [5] 3.5 Strategy - Due to the recent concentrated registration of pulp futures warehouse receipts and limited upward space, combined with the slight decline in broad - leaf pulp prices, it is recommended to consider short - selling after a rebound [6]

Group 1: Report Overview - The report is the "Stock Index Option Data Daily Report" by ITG Futures Research Institute on January 21, 2026, with data from Wind [2][3][5] Group 2: Market Review - On January 20, A - shares fluctuated and adjusted, with the market style shifting from high - valuation growth sectors to value sectors [4] - The Shanghai Composite Index closed down 0.01% at 4113.65 points, the Shenzhen Component Index fell 0.97%, the ChiNext Index dropped 1.79%, the Beijing Stock Exchange 50 declined 2.0%, the STAR 50 decreased 1.58%, the Wind All - A fell 0.58%, the Wind A500 dropped 0.36%, and the CSI A500 declined 0.46% [4] - Satellite Internet, CPO, Commercial Space, and Communication led the decline, while Cultured Diamonds, Real Estate, Petrochemicals, and Precious Metals led the gains [4] - A - shares had a full - day trading volume of 2.8 trillion yuan, compared with 2.73 trillion yuan the previous day [4] Group 3: Index Performance Shanghai - Shenzhen 300 Index - The closing price was 4718.8782, with a decline of 0.33%, and the trading volume was 6719.61 billion yuan [3] Shanghai 50 Index - The closing price was 3070.646, with a decline of 0.17%, and the trading volume was 60.00 billion yuan [3] CSI 1000 Index - The closing price was 8182.7522, with a decline of 1.00%, and the trading volume was 5790.37 billion yuan [3] Group 4: CFFEX Stock Index Option Trading Shanghai 50 Index - Call option trading volume was 3.12 million contracts, put option trading volume was 2.01 million contracts, call option open interest was 5.71 million contracts, and put option open interest was 3.50 million contracts. The trading volume PCR was 0.63, and the open interest PCR was 0.63 [3] Shanghai - Shenzhen 300 Index - Call option trading volume was 7.19 million contracts, put option trading volume was 3.76 million contracts, call option open interest was 16.08 million contracts, and put option open interest was 9.63 million contracts. The trading volume PCR was 0.52, and the open interest PCR was 0.67 [3] CSI 1000 Index - Call option trading volume was 17.78 million contracts, put option trading volume was 12.39 million contracts, call option open interest was 30.17 million contracts, and put option open interest was 14.27 million contracts. The trading volume PCR was 0.70, and the open interest PCR was 0.95 [3] Group 5: Volatility Analysis - The report provides historical volatility, historical volatility cones, and volatility smile curves for the Shanghai 50, Shanghai - Shenzhen 300, and CSI 1000 indices, including data such as maximum, minimum, percentile values, and current values [3]

投资咨询业务资格:证监许可【2012】31号 |数据日报 国贸期货研究院 农产品研究中心 黄向岚 投资咨询号: Z0021658 从业资格号:F03110419 2026/1/21 | 指标 | | 1月20日 | 涨跌 | | | 豆粕主力合约基差(张家港) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | 484 | -9 | ==== 16/17 == 2500 | == == | == == | ===== 19/20 - 24/25 | | ===== 20/21 25/26 | | 43%豆粕现货基差 | 日照 | 384 | -9 | 2000 1000 -500 | | | | | | | | 天津 | 424 | -9 | 1500 | | | | | | | (对主力合约) | 张家港 | 364 | -9 | | | 05/21 06/21 07/22 08/22 09/22 10/23 11/23 12/24 01/24 02/24 03/26 04/26 | | | | | | ...