光大期货：1月14日农产品日报

Group 1: Soybean and Protein Meal - CBOT soybeans fell to a 10-month low due to ample supply, with the USDA raising US soybean inventory and Brazilian export estimates [2][8] - Private exporters sold 168,000 tons of soybeans to China and 152,400 tons to Mexico, while Brazil expects to export 3.73 million tons in January, up from a previous estimate of 2.4 million tons [2][8] - Domestic protein meal prices are fluctuating, with all 1.13 million tons of imported soybeans auctioned off at a premium of 0-190 yuan/ton, indicating market concerns about supply in March-April [2][8] Group 2: Oil and Fats - BMD palm oil prices declined due to uncertainties surrounding Indonesia's B50 biodiesel blending policy, although strong competition from other vegetable oils limited the drop [9] - US soybean oil prices increased amid expectations of improved biodiesel demand, while canola prices rose in anticipation of the Canadian Prime Minister's visit to China [9] - Domestic oil prices are generally rising, with palm oil leading the increase, while canola prices are under pressure due to potential policy changes [9] Group 3: Live Pig Market - Live pig futures for the 2603 contract experienced fluctuations, closing up 0.51% at 11,795 yuan/ton, with the average price of live pigs in China at 12.76 yuan/kg, a slight increase from the previous day [4] - The slow pace of livestock sales and reduced supply support the rebound in live pig prices, despite short-term supply being relatively sufficient [4] Group 4: Egg Market - Egg futures for the 2603 contract saw a decline of 0.99%, closing at 2,990 yuan/500 kg, while the national average egg price was 3.46 yuan/kg, reflecting a slight increase [10] - The market is experiencing strong demand for pre-holiday stocking, but the ample supply limits the potential for significant price increases [10] Group 5: Corn Market - Corn futures for the 2603 contract initially fell before rising, with prices approaching the 2,300 yuan mark, driven by bullish sentiment [11] - The spot corn market is supported by pre-holiday stocking, although the overall trading activity remains moderate due to ample supply from auctions and imports [11]