Core Viewpoint - The USDA's December supply and demand report indicates that the U.S. soybean ending stocks for the 2025/2026 season are estimated at 290 million bushels, showing stability compared to previous reports, which has a neutral impact on spot soybean meal prices [1] Group 1: U.S. Soybean Market - The report's findings suggest a stable outlook for U.S. soybean ending stocks, which is expected to maintain a neutral influence on soybean meal prices [1] - The domestic spot market remains in a state of ample supply, with active trading observed in the first quarter and during May to July [1] Group 2: Argentina's Export Tax Changes - Argentina is reducing its soybean export tax from 26% to 24%, and the export tax on soybean by-products from 24.5% to 22.5%, which is bearish for U.S. soybean futures [1] - The reduction in export taxes from Argentina is expected to exert downward pressure on domestic soybean meal prices from the cost side [1] Group 3: Market Focus - Market participants are closely monitoring the state reserve soybean auction scheduled for the 11th, which could influence market dynamics [1] - Short-term expectations for soybean meal spot prices are projected to remain stable [1]
豆粕：美农报告变动不大 阿根廷下调出口税
Jin Rong Jie·2025-12-10 04:16