光大期货农产品类日报1.23

Group 1: Protein Meal - CBOT soybean prices declined with fluctuations, supported by technical buying and optimism regarding U.S. soybean exports, with private exporters reporting 192,350 tons exported to unknown destinations [3][9] - Weekly net sales of U.S. soybeans are expected to be between 1.5 to 3 million tons, while Brazilian traders predict January soybean exports may fall short of previous estimates, with projections ranging from 2 to 3 million tons, down from 3.8 million tons [3][9] - Domestic protein meal prices increased, with soybean meal rising over 1%, driven by higher import costs [3][9] - A preliminary trade agreement between Canada and China was announced, with China emphasizing dialogue to resolve trade differences regarding canola seeds [3][9] Group 2: Oilseeds - BMD palm oil reached a two-month high due to U.S. biofuel regulations and production cut expectations, with the market anticipating the implementation of a biodiesel plan for 2026-2027 [3][9] - Positive export outlook for Malaysian palm oil in Q1 is supported by increased demand from India and China, contributing to market optimism [3][9] - Domestic oilseed prices rose, with palm oil leading the increase, while soybean and canola oil followed suit [3][9] Group 3: Live Pig - Live pig futures rebounded, with the main contract closing up 1.13% at 11,600 yuan/ton, while the average price of live pigs in China was 12.82 yuan/kg, down 0.12 yuan/kg from the previous day [10][11] - Prices in northern regions remained stable or slightly increased, while southern regions showed active selling but weak downstream demand [10][11] - Short-term demand support is limited, with market sentiment influencing price performance [10][11] Group 4: Eggs - Egg futures rose by 1.98%, closing at 3,095 yuan per 500 kg, with the national average price for eggs at 3.75 yuan/kg, up 0.07 yuan/kg [12] - Downstream purchasing activity remained stable, contributing to the recovery of egg prices [12] - The main contract continues an upward trend, but future production capacity may be affected by restored farming profits [12] Group 5: Corn - Corn futures for March and May contracts increased, with the main contract breaking out of a trading range, showing a strong upward trend [13] - Prices in Northeast China remained stable with slight increases, supported by high processing purchase prices [13] - Downstream demand is subdued, and the market's stocking atmosphere has decreased, with some enterprises substituting corn with wheat due to narrowing price differences [13]