-400 -200 0 200 400 600 800 1000 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-31 04-13 04-26 05-09 05-22 06-04 06-17 06-30 07-13 07-26 08-08 08-21 09-03 09-16 09-29 10-12 10-25 11-07 11-20 12-03 12-16 12-29 2025 2024 2023 2022 2021 热卷--基差 -200 0 200 400 600 800 1000 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-31 04-13 04-26 05-09 05-22 06-04 06-17 06-30 07-13 07-26 08-08 08-21 09-03 09-16 09-29 10-12 10-25 11-07 11-20 12-03 12-16 12-29 2025 2024 2023 2022 2021 铁矿石--基差 -1000 -500 0 500 1000 1500 日期 01-15 01-30 02 ...

豆粕生猪：进口成本下降 豆粕小幅回落 朱皓天 zhuhaotian@jsfco.com 期货从业资格号：F03090081 投资咨询从业证书号：Z0016204 表 1：豆粕生猪期货日度数据监测 | | 第二郎 JIDGHI FITUR | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 載至 | 单位 | マ日 | 昨日 | 涨跌 | 涨跌幅 | | 期货 | DCE豆粕: 01 | 5月29日 | 元/吨 | 3004 | 3013 | -9.00 | -0.30% | | | DCE豆粕: 05 | 5月29日 | 元/吨 | 2705 | 2710 | -5.00 | -0.18% | | | DCE豆粕: 09 | 5月29日 | 元/吨 | 2962 | 2961 | 1.00 | 0.03% | | | CZCE菜籽粕: 01 | 5月29日 | 元/吨 | 2352 | 2347 | 5.00 | 0.21% | | | CZCE菜籽粕: 05 | 5月29日 ...

油脂：棕榈油反弹延续 带动油脂探底回升 冯子悦 fengzy@jsfco.com 期货从业资格号：F03111391 投资咨询从业证书号：Z0018581 表 1：油脂期货日度数据监测 1、巴西全国谷物出口商协会（ANEC）表示，2025 年 5 月份巴西大豆出口量将达到 1403 万吨，低于上周预估的 1452 万吨。如果预测成为现实，仍高于 4 月份的 1347.6 万吨以及去 年 5 月的 1347.2 万吨。 2、南美作物专家迈克尔·科尔多涅博士发布报告，将 2024/25 年度阿根廷大豆产量调 低至 4850 万吨，较之前预期调低了 150 万吨。本周维持 2024/25 年度巴西大豆产量预期不 变，仍为 1.69 亿吨。 3、印尼政府将 6 月毛棕榈油(CPO)参考价定为 856.38 美元/吨，较 5 月骤降 7.4%。6 月份出口税同步下调至 52 美元/吨，加上 10%出口费（85.63 美元/吨），意味着出口综合税 费降至 137.63 美元/吨，较上月的 166.45 美元减少 7%。 4、来西亚和中国已经签署一项战略协议，旨在发展中国西部的棕榈油供应链，扩大两 国之间的绿色产业合作。马 ...

-1000 -500 0 500 1000 1500 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-31 04-13 04-26 05-09 05-22 06-04 06-17 06-30 07-13 07-26 08-08 08-21 09-03 09-16 09-29 10-12 10-25 11-07 11-20 12-03 12-16 12-29 2025 2024 2023 2022 2021 焦煤--基差 -1000 -500 0 500 1000 1500 日期 01-15 01-30 02-14 02-29 03-15 03-30 04-14 04-29 05-14 05-29 06-13 06-28 07-13 07-28 08-12 08-27 09-11 09-26 10-11 10-26 11-10 11-25 12-10 12-25 2025 2024 2023 2022 2021 焦炭--基差 -400 -200 0 200 400 600 800 1000 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-3 ...

豆粕生猪：缺乏炒作题材 豆粕小幅震荡 朱皓天 zhuhaotian@jsfco.com 期货从业资格号：F03090081 投资咨询从业证书号：Z0016204 表 1：豆粕生猪期货日度数据监测 | | 元日期货 | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | JIDGHI FILLINE | | | | | | | | | 指标 | 載全 | 車位 | マロ | 昨日 | 涨跌 | 涨跌幅 | | 期货 | DCE豆粕: 01 | 5月28日 | 元/吨 | 3013 | 3022 | -9.00 | -0.30% | | | DCE豆粕: 05 | 5月28日 | 元/吨 | 2710 | 2716 | -6.00 | -0.22% | | | DCE豆粕: 09 | 5月28日 | 元/吨 | 2961 | 2966 | -5.00 | -0.17% | | | CZCE菜籽粕: 01 | 5月28日 | 元/吨 | 2347 | 2347 | 0.00 | 0.00% | | ...

油脂：三大油脂走势分化 棕榈油表现偏强 冯子悦 fengzy@jsfco.com 期货从业资格号：F03111391 投资咨询从业证书号：Z0018581 表 1：油脂期货日度数据监测 | | | :: | | в | 数 据 追 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 截至 | 单位 | 令日 | 昨日 | 涨跌 | 涨跌幅 | | 期高 | DCE豆油主力 | 5月28日 | 元/吨 | 7712.00 | 7740.00 | -28.00 | -0.36% | | | DCE棕榈油主力 | 5月28日 | 元/吨 | 8076.00 | 8044.00 | 32.00 | 0.40% | | | CZCE菜籽油主力 | 5月28日 | 元/吨 | 9403.00 | 9444.00 | -41.00 | -0.43% | | | CBOT大豆主力 | 5月27日 | 美分/蒲式耳 | 1061.75 | 1060.75 | 1.00 | 0.09% | | | CBOT豆油主力 | 5月27日 | 美分/磅 | 4 ...

| | 黑色产业数据每日监测（5.28） | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 主力合约收盘价 现货价格 | 涨跌 | 涨跌幅 | | 基差 | | 螺纹 | 2964 | -23 | -0.77% | 3120 | 156 | | 热卷 | 3100 | -17 | -0.55% | 3190 | 90 | | 铁矿 | 698.5 | -1 | -0.14% | 742 | 43.5 | | 焦煤 | 779 | -17.5 | -2.20% | 960 | 181 | | 焦炭 | 1338.5 -1.91% | -26 | | 1365 | 26.5 | | | 市场概况 | | | | | | | 今日黑色系商品期货整体下跌。螺纹收于2964元/吨，下跌0.77%；热卷主力 | | | | | | | 合约收于3100元/吨，下跌0.55%；铁矿今日主力合约收于698.5元/吨；双焦 | | | | | | | 今天继续下跌。 | | | | | | | 市场分析 | | | | | | | 钢材终端需求情况来看，地产销售复苏仍 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The CBOT soybean futures are under pressure due to good weather in the US crop area and demand concerns caused by trade tariffs. The domestic continuous meal M09 is expected to maintain a volatile trend, and the spot basis is likely to continue to decline. For the hog market, the short - term supply and demand are slightly increased, in a slightly loose balance state, and the price may be under pressure [16][17] Summary by Directory 1. Market Overview - DCE soybean meal main contract 2509 rose 0.54% to 2966 yuan/ton, with coastal oil mills' quotes up 20 - 50 yuan/ton in some areas but down 10 yuan/ton in Tianjin, Jiangsu, and Guangdong. DCE hog main contract 2509 fell 0.29% to 13560 yuan/ton. The national average ex - factory price of outer ternary hogs was 14.34 yuan/kg, up 0.08 yuan/kg. The overnight CBOT US soybean main contract fell 0.66% to 1061 cents/bushel [2] 2. Main Producing Area Weather - There were showers in the western and southern parts of the US Midwest main producing area last weekend, which was beneficial for crop growth. The cold weather will last until most of this week, and the temperature will rise until June. Some sowing work may be delayed [4] 3. Macro and Industry News - In the 21st week of 2025, the soybean inventory of major domestic oil mills decreased by 4.46% week - on - week, the soybean meal inventory increased by 70.01% week - on - week, and the unexecuted contracts decreased by 17.23% week - on - week. The US soybean import cost on May 27 was 4569 yuan, down 2 yuan from the previous day, and the Argentine soybean import cost was 3590 yuan, up 2 yuan. On May 26, the soybean meal transaction volume of major domestic oil mills decreased by 7.68 tons. The national dynamic full - sample oil mill startup rate was 66.73%, up 2.86%. On May 27, the daily hog slaughter volume of key slaughter enterprises increased by 1.95%, and the daily hog出栏 volume of key breeding enterprises decreased by 0.43%. As of May 24, the 2024/25 Brazilian soybean harvest rate was 99.5%. In the 4th week of May 2025, Brazil's cumulative soybean shipment was 1115.43 tons. As of May 26, the national imported soybean port inventory was 567.068 tons. From January to April, the national large - scale industrial enterprises' total profit increased by 1.4% year - on - year. The probability of the Fed keeping interest rates unchanged in June is 94.4% [5][6][7] 4. Data Charts - The report provides charts of soybean meal, rapeseed meal, hog prices, and their basis, as well as charts of Chinese soybean and soybean meal inventories [10][12][14] 5. Analysis and Strategy - **Soybean Meal**: The CBOT soybean futures are under pressure. The domestic continuous meal M09 is expected to oscillate. The national oil mills maintain a high startup level, and the soybean meal demand increases. The inventory is expected to accumulate faster in June. The spot basis is under pressure to decline [16] - **Hogs**: The supply slightly increases with general pressure, and the mid - term supply pressure tends to increase. The terminal demand decreases, but the demand may increase briefly during the Dragon Boat Festival. The short - term supply and demand are slightly increased, in a slightly loose balance state, and the price may be under pressure [17]

油脂：市场紧张情绪缓和 油脂小幅回升 冯子悦 fengzy@jsfco.com 期货从业资格号：F03111391 投资咨询从业证书号：Z0018581 3、据外媒报道，咨询公司 Datagro 预估巴西 2024/25 年度大豆产量将达到 1.720 亿吨， 此前预测为 1.712 亿吨。预估巴西 2024/25 年度玉米产量为 1.327 亿吨，此前预测为 1.317 亿吨。 4、加拿大油籽加工商协会（COPA）发布的油籽压榨数据显示，2025 年 04 月，加拿大 油菜籽压榨量为 919345.0 吨，环比降 10.27%；菜籽油产量为 390276.0 吨，环比降 10.5%； 数据来源：Wind、金石期货研究所 一、宏观及行业要闻 1、上周我国菜油、棕榈油商业库存下降，豆油增加，三大油脂库存整体下降。5 月 23 日，三大油脂商业库存 185 万吨，周环比下降 1 万吨，月环比上升 8 万吨，同比上升 10 万 吨。其中豆油库存 70 万吨，周环比上升 6 万吨，月环比上升 10 万吨，同比下降 22 万吨； 菜籽油 79 万吨，周环比下降 2 万吨，月环比上升 2 万吨，同比上升 35 万吨；棕榈 ...

-200 0 200 400 600 800 1000 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-31 04-13 04-26 05-09 05-22 06-04 06-17 06-30 07-13 07-26 08-08 08-21 09-03 09-16 09-29 10-12 10-25 11-07 11-20 12-03 12-16 12-29 2025 2024 2023 2022 2021 铁矿石--基差 -1000 -500 0 500 1000 1500 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-31 04-13 04-26 05-09 05-22 06-04 06-17 06-30 07-13 07-26 08-08 08-21 09-03 09-16 09-29 10-12 10-25 11-07 11-20 12-03 12-16 12-29 2025 2024 2023 2022 2021 焦煤--基差 -1000 -500 0 500 1000 1500 日期 01-15 01-30 02-14 02 ...