市场乐观预期中美会谈 豆粕期货呈偏强震荡运行

Core Viewpoint - The domestic oilseed market shows mixed performance, with soybean meal futures experiencing a strong upward trend despite high supply and inventory levels [1][2]. Group 1: Market Performance - Soybean meal futures opened at 2887.00 CNY/ton and reached a high of 2942.00 CNY/ton, with a closing increase of 2.30% [1]. - The market is characterized by a strong performance, with soybean meal showing a fluctuating upward trend [1]. Group 2: Supply and Demand Dynamics - High supply and inventory levels are suppressing soybean meal prices, but low prices for soybean oil and meal are leading to increased support from oil mills [1]. - Domestic soybean procurement by oil mills is slow, providing a firm cost support for soybean meal, limiting downward price movement [1]. Group 3: External Influences - The Trump administration's plan to provide billions in aid to farmers is noted, alongside Brazil's soybean exports increasing to 7.34 million tons in October, up over 1 million tons year-on-year [1]. - The market is cautious due to the lack of significant external information, focusing instead on the high inventory levels of soybean meal [2]. Group 4: Future Outlook - The market is expected to experience wide fluctuations in the short term, with a reference pressure level for soybean meal at 3000-3100 CNY/ton [1]. - Future attention will be on the U.S. resuming report publications, adjustments in production estimates, and outcomes of U.S.-China trade negotiations [2].