光大期货：1月20日农产品日报

Group 1: Protein Meal - The CBOT soybean market was closed on Monday and resumed trading today, with domestic protein meal showing weak performance, particularly canola meal which dropped over 2% [2][10] - The improvement in China-Canada relations may lead to the reopening of canola seed imports, causing a decline in canola meal prices, with the market closely monitoring the pace of these imports [2][10] - Soybean meal is experiencing a trend of inventory reduction ahead of the holiday, with downstream purchasing and upstream price support, leading to a bearish outlook [2][10] Group 2: Oils - BMD palm oil remained nearly unchanged, pressured by Indonesia's cancellation of the B50 biofuel policy, although upcoming holiday demand provides some price support [3][11] - Domestic soybean oil and palm oil saw slight increases, while canola oil dropped nearly 1%, indicating a mixed market performance [3][11] - Total oil inventory is reported at 1.9854 million tons, a decrease of 1.45% month-on-month but an increase of 6.67% year-on-year, suggesting reduced inventory pressure [3][11] Group 3: Live Pigs - Live pig futures experienced volatility, with the main contract closing down 2.3% at 11,750 yuan/ton, alongside a decrease in open interest [4][12] - The average daily price of live pigs in China was reported at 13.26 yuan/kg, up 0.54 yuan/kg from the previous day, with regional price increases noted [4][12] - Southern regions show strong price support from farmers, while northern regions exhibit a reluctance to sell at lower prices, leading to a supply-demand standoff [4][12] Group 4: Eggs - Egg futures declined by 1.6%, closing at 3,023 yuan/500 kg, influenced by surrounding commodities [6][13] - The national average egg price was reported at 3.68 yuan/jin, with slight fluctuations in various regions, indicating stable demand [6][13] - Increased supply in the market may lead to potential short-term price corrections, while the narrowing of farming losses could impact long-term production capacity [6][13] Group 5: Corn - Corn futures faced downward pressure due to negative influences from surrounding commodities, with prices adjusting [7][14] - Prices in Northeast China remain stable, while the overall market sentiment is affected by weather conditions impacting transportation [7][14] - The market is seeing a slight increase in corn purchase prices due to processing companies raising their buying prices, although overall selling intentions remain low [7][14]