光大期货：11月18日农产品日报

Group 1: Soybean Meal - CBOT soybean prices reached a one-year high due to strong demand outlook, with inspections totaling 1.176 million tons, meeting market expectations, and no inspections for China [1] - NOPA reported October soybean crush at 22.7647 million bushels, up 15% month-on-month and 14% year-on-year, marking a historical high [1] - Domestic soybean meal prices are expected to rise again, but the increase is anticipated to be lower than international markets due to a decrease in Brazilian premiums [1] Group 2: Oils - BMD palm oil prices increased due to production risks in Indonesia and a weak Malaysian ringgit, with exports from Malaysia down 10%-15.5% for the first half of November [2] - SPPOMA forecasts a 4.3% increase in palm oil production for the same period, while market pressure from inventory remains [2] - Domestic palm oil prices rose, while canola oil prices fell, with soybean oil showing little change; overall market volatility is decreasing [2] Group 3: Live Pigs - Live pig futures contracts are adjusting, with spot prices in Jiangsu province averaging 11.75 CNY/kg, indicating a downward trend in the market [3] - The supply-demand imbalance persists, leading to a bearish outlook for prices, with expectations of continued supply surplus [3] - Technical indicators suggest caution in trading strategies, with a recommendation to exit short positions and wait for stabilization [3] Group 4: Eggs - Egg futures experienced a slight decline, with the main contract closing at 3229 CNY/500kg, while spot prices remained stable across various regions [4] - The market is relatively balanced in terms of supply and demand, with trade activity primarily driven by immediate needs [4] - Future supply is expected to decrease gradually, leading to a wide fluctuation in egg futures prices, with attention on potential rebound opportunities [4] Group 5: Corn - Corn futures showed a near-term adjustment, with funds shifting towards longer-term contracts, indicating a near strong and far weak market dynamic [5] - Prices in the Northeast region remain strong, with increased enthusiasm among traders for grain collection [5] - The market is experiencing upward pressure on prices due to rising costs, with cautious bullish sentiment maintained for the long term [5]