光大期货：12月17日农产品日报

Group 1: Protein Meal - CBOT soybeans hit a seven-week low amid widespread selling in the agricultural market due to concerns over U.S. export pace and expectations of a bumper crop in Brazil [2][9] - The Brazilian Vegetable Oil Association reported that by October 2025, Brazilian factories will process 4.39 million tons of soybeans, with soybean stocks at 11.26 million tons [2][9] - Domestic protein meal continues to operate weakly, with ample supply and cautious procurement in the feed raw materials market due to ongoing losses in livestock [2][9] Group 2: Oils - BMD palm oil fell to a five-month low due to concerns over rising inventories and weak competing oils, with overnight declines in U.S. soybean oil and canola [3][10] - High-frequency data indicated that Malaysian palm oil exports from December 1-15 decreased by 15.9%-16.4% compared to the previous period, with production down by less than 3% [3][10] - Domestic oil prices are weak, with a high inventory level and subdued demand, leading to expectations of declining costs [3][10] Group 3: Live Pigs - The main live pig futures contract continued to adjust, closing with a small gain, indicating a bottoming trend in pig prices [4][11] - Mainstream transaction prices for live pigs in various regions showed slight declines, with prices in Heilongjiang and Jilin at 10.97 CNY/kg, and in Inner Mongolia at 10.94 CNY/kg [4][11] - Overall, the trend for pig prices is downward, with expectations of weak price movements in the coming week due to supply pressures [4][11][5] Group 4: Eggs - Egg futures experienced a downward trend, with the 2601 contract down by 0.26% and the 2603 contract down by 1.12% [6][13] - The national average egg price remained stable at 3.03 CNY/jin, with regional prices also holding steady [6][13] - There is an expectation of a gradual decline in supply due to a decrease in new laying hens, while costs remain weak [6][13] Group 5: Corn - The main corn futures contract continued to adjust, with a slight decrease in prices and limited trading activity in the northeastern production area [7][14] - Supply in the North China region remains tight, with farmers showing limited willingness to sell [7][14] - The market is in a relatively balanced state, with deep processing enterprises purchasing according to demand [7][14]