光大期货：12月31日农产品日报

Group 1: Protein Meal - CBOT soybean prices declined despite signs of China returning to the US market, with Brazil expected to have a bumper crop putting downward pressure on prices [2][9] - US soybean meal prices fell while soybean oil prices increased, with analysts noting that China is finalizing last orders before year-end [2][9] - The USDA reported private sales of 136,000 tons of US soybeans to China and 231,000 tons to unknown destinations, while domestic trading remained quiet with limited price fluctuations expected [2][9] Group 2: Oils - BMD palm oil prices rose due to production cut expectations and short covering, with Malaysia's meteorological department predicting heavy rainfall in Sarawak [3][10] - However, demand reduction, a stronger Malaysian ringgit, and record production in South America limited price increases [3][10] - Domestic palm oil prices followed the upward trend of international markets, while canola oil prices remained strong due to tight supply and ongoing inventory depletion [3][10] Group 3: Live Pigs - Live pig futures showed a near strong and far weak trend, with the main contract continuing to rise while long-term prices adjusted slightly [4][11] - Mainstream transaction prices for live pigs in various regions showed slight declines, with prices in Heilongjiang at 12.01 CNY/kg, Jilin at 12.12 CNY/kg, and Liaoning at 12.22 CNY/kg [4][11] - The market sentiment in Northeast China is weak, with prices for medium to large pigs fluctuating downwards, while Guangdong's average price increased slightly to 13.02 CNY/kg [4][5][11] Group 4: Eggs - Egg futures experienced fluctuations, with the near-month contract closing up 0.13% at 3072 CNY/500kg, while the main contract fell by 0.1% [6][12] - National egg prices remained stable at 3 CNY/jin, with regional prices showing little change, indicating steady short-term purchasing intentions [6][12] - The market is currently at a cyclical bottom, with uncertainty regarding the timing of capacity reduction, suggesting a wait-and-see approach for future operations [6][12] Group 5: Corn - Corn futures showed a near strong and far weak trend, with the main contract experiencing a high and then retreating, while spot prices continued to rise [7][13] - Northeast corn prices increased, positively impacting the spot market, with port trade prices also rising due to favorable futures and local prices [7][13] - Downstream purchasing sentiment is generally cautious, with some companies planning for pre-holiday stockpiling, but large-scale procurement has not yet started [7][13]