豆粕生猪：进口成本支撑 豆粕延续反弹 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 | | 会门期货 | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | JIURHI EILLIBER | | | | | | | | | 指标 | 截至 | 单位 | रेमि | 昨日 | 涨跌 | 涨跌幅 | | 期货 | DCE豆粕: 01 | 5月23日 | 元/吨 | 3003 | 2992 | 11.00 | 0.37% | | | DCE豆粕: 05 | 5月23日 | 元/吨 | 2718 | 2716 | 2.00 | 0.07% | | | DCE豆粕: 09 | 5月23日 | 元/吨 | 2952 | 2939 | 13.00 | 0.44% | | | CZCE菜籽粕: 01 | 5月23日 | 元/吨 | 2337 | 2336 | 1.00 | 0.04% | | ...

油脂：缺乏炒作题材 油脂缩量震荡 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 | | | :: | | E | 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 DCE棕榈油主力 | 5月23日 5月23日 | 元/吨 元/吨 | 7774.00 8006.00 | 7760.00 7994.00 | 14.00 12.00 | 0.18% 0.15% | | | CZCE菜籽油主力 | 5月23日 | 元/吨 | 9391.00 | 9405.00 | -14.00 | -0.15% | | | CBOT大豆主力 | 5月22日 | 美分/蒲式耳 | 1067.75 | 1061.75 | 6.00 | 0.57% | | | CBOT豆油主力 | 5月22日 | 美分/磅 | 49.14 | ...

棉花：美棉受美元走强影响下跌 郑棉弱势震荡 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：棉花期货日度数据监测 | | | 收盘价 | 截止 5/23 | 单位 75/04 | BE日 13430 | の日 13410 | 涨跌回 -20 | 张获相 -0.15% | 目回比 420 | 在回服 -2120 | 历史位直 22.88% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | CF09 | 成交量 | 5/23 | ਜੋ | 124539 | 127197 | 2658 | 2.13% | -147836 | -324760 | 44.13% | | | (主力) | 持仓量 | 5/23 | ਜੇ | 578626 | 577706 | -920 | -0.16% | 10075 | 28247 | 91.08% | | | | 注册仓单 | 5/23 | ਤੇ | 11409 | 11409 | 0 | ...

豆粕生猪：进口成本上升 豆粕小幅反弹 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 | | 金口期货 JIDGHI FILTURES | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 截至 | 東位 | マ日 | 昨日 | 涨跌 | 涨跌幅 | | 期货 | DCE豆粕: 01 | 5月22日 | 元/吨 | 2992 | 2998 | -6.00 | -0.20% | | | DCE豆粕: 05 | 5月22日 | 元/吨 | 2716 | 2719 | -3.00 | -0.11% | | | DCE豆粕: 09 | 5月22日 | 元/吨 | 2939 | 2934 | 5.00 | 0.17% | | | CZCE菜籽粕: 01 | 5月22日 | 元/吨 | 2336 | 2333 | 3.00 | 0.13% | | | CZCE菜籽柏: 05 | 5月 ...

-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 | | 黑色产业数据每日监测（5.22） | | | --- | --- | --- | ...

豆粕生猪：基差维持低位 远月放量成交 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 1、据巴西全国谷物出口商协会(Anec)预计，巴西 5 月大豆出口料为 1452 万吨，较上周 的预估值 1427 万吨增加 1.75%。如果该预估应验，则巴西 5 月大豆出口量较上年同期增加 100 万吨。今年 3 月巴西大豆出口量曾创出 1570 万吨的纪录。 2、5 月 20 日，全国主要油厂豆粕成交 88.95 万吨，较前一交易日增 71.15 万吨，其中 现货成交 7.64 万吨，较前一交易日增 2.81 万吨，远月基差成交 81.31 万吨，较前一交易日 增 68.34 万吨。开机方面，全国动态全样本油厂开机率为 63.77%，较前一日上升 3.10%。 | | 元日期货 | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | THEAT FILLINES | | | | | | | | ...

| | 黑色产业数据每日监测（5.21） | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 主力合约收盘价 涨跌 涨跌幅 现货价格 基差 | | | | | | 螺纹 | 3061 -2 -0.07% 3180 119 | | | | | | 热卷 | 3211 | 5 | 0.16% | 3280 | 69 | | 铁矿 | 728.5 5.5 0.76% 769 40.5 | | | | | | 焦煤 | 842 -3 -0.36% 990 148 | | | | | | 焦炭 | 1417.5 -2 -0.14% 1365 -52.5 | | | | | | | 市场概况 | | | | | | | 今日黑色系商品期货只有铁矿和热卷收涨。螺纹收于3061元/吨，下跌 | | | | | | | 0.07%；热卷主力合约收于3211元/吨，上涨0.16%；铁矿今日主力合约收于 | | | | | | | 728.5元/吨；双焦今天继续下跌。 | | | | | | | 市场分析 | | | | | | | 需求方面，目前终端房地产投资延续下滑态势 ...

| | 元日期货 | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | JIDGHI EILLINE | | | | | | | | | 指标 | 載生 | 車位 | マ日 | 昨日 | 涨跌 | 涨跌幅 | | 期货 | DCE豆粕: 01 | 5月20日 | 元/吨 | 2955 | 2949 | 6.00 | 0.20% | | | DCE豆粕: 05 | 5月20日 | 元/吨 | 2702 | 2700 | 2.00 | 0.07% | | | DCE豆粕: 09 | 5月20日 | 元/吨 | 2889 | 2886 | 3.00 | 0.10% | | | CZCE菜籽粕: 01 | 5月20日 | 元/吨 | 2302 | 2301 | 1.00 | 0.04% | | | CZCE来好拍: 05 | 5月20日 | 元/吨 | 2329 | 2421 | -92.00 | -3.80% | | | CZCE采用拍: 09 | 5月20日 | 元/吨 | 2510 | 60 ...

-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 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The USDA's May supply and demand report is moderately bullish, with lower-than-expected ending stocks for US soybeans in the 24/25 and 25/26 seasons [5]. - The easing of trade tariffs boosts the future demand for US soybeans, while putting pressure on Brazilian soybeans. The domestic soybean meal futures may stop falling and stabilize, but the spot price is expected to be weak [14]. - For live pigs, the short - term supply pressure is moderate, but there is potential pressure in the medium - term. Demand is cooling, and the price is expected to fluctuate weakly [15]. Summary by Directory 1. Market Overview - The DCE soybean meal main contract 2509 fell 0.76% to 2886 yuan/ton, and coastal oil mills' quotes dropped by 20 - 80 yuan/ton. The DCE live pig main contract 2509 rose 0.11% to 13885 yuan/ton. The national average ex - farm price of ternary live pigs was flat at 14.71 yuan/kg. The CBOT US soybeans main contract rose 1.69% to 1070 cents/bushel [2]. 2. Weather in Main Producing Areas - The temperature in the US Midwest is rising this week, and the weather pattern will become more active. There were scattered showers in the south last week, and the overall weather was dry over the weekend. Some areas may have showers this week. The planting progress and early growth conditions are expected to improve, but long - term dryness may cause problems [3]. 3. Macroeconomic and Industry News - In the 19th week of 2025, the inventory of major domestic oil mills' soybean meal increased by 23.26% week - on - week to 10.12 million tons, and decreased by 81.90% year - on - year [4]. - On May 12, the trading volume of major domestic oil mills' soybean meal decreased by 4.84 million tons to 9.66 million tons. The national dynamic full - sample oil mill operating rate dropped by 2.26% to 54.80% [4]. - On May 13, the import cost of US soybeans rose by 80 yuan to 8844 yuan, Brazilian soybeans rose by 86 yuan to 3734 yuan, and Argentine soybeans rose by 40 yuan to 3587 yuan [4]. - On May 13, the daily slaughter volume of key slaughter enterprises increased by 0.03% to 123,701 heads, while the daily出栏量 of key breeding enterprises decreased by 2.5% [4]. - The USDA's May supply and demand report is moderately bullish, with lower - than - expected ending stocks for US soybeans in the 24/25 and 25/26 seasons [5]. - The US soybean planting rate is 48%, higher than the expected 47%, and the emergence rate is 17% [5]. - The global oilseed production in 2025/26 is expected to be 692.1 million tons, a 2% increase. Global soybean production is expected to be 426.8 million tons, a 1% increase [5]. - The market expects the Fed to maintain the interest rate in June with an 88.4% probability and in July with a 59.2% probability [6]. 4. Data Charts - The report provides charts on the prices of soybean meal, rapeseed meal, live pigs, and their basis, as well as the inventory of Chinese soybeans and soybean meal [9][10][13]. 5. Analysis and Strategies - Soybean Meal: US soybean futures reached a three - month high. The easing of trade tariffs and the bullish USDA report boost the price. The domestic soybean meal futures may stop falling, but the spot price is expected to be weak due to increased supply expectations [14]. - Live Pigs: In the short - term, the supply pressure is moderate, but there is potential pressure in the medium - term. Demand is cooling, and the price is expected to fluctuate weakly [15].