Report Industry Investment Rating - The investment strategy for both the soybean meal and corn sectors is cautiously bearish [4][6] Core Viewpoints - The soybean meal and domestic soybean meal markets are mainly oscillating due to the lack of clear data guidance caused by the US government shutdown. The domestic downstream soybean supply remains sufficient, with continuous arrivals of imported soybeans and high oil - mill operating rates. The US soybean harvest is accelerating, and the new - season soybean sowing in Brazil is progressing smoothly. Policy changes need to be closely monitored [3] - For the corn market, new - season corn in Northeast China is starting to be listed, and the opening price is slightly higher than last year. However, the overall corn output this year has increased, and it is expected that the purchase price will decline after the concentrated listing of new - season corn. Attention should be paid to the selling enthusiasm of farmers and the purchase situation [5] Summary by Related Catalogs 1. Market News and Important Data Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2601 contract was 2917 yuan/ton, up 15 yuan/ton (+0.52%) from the previous day; the rapeseed meal 2601 contract was 2357 yuan/ton, up 9 yuan/ton (+0.38%) [1] - Spot: In Tianjin, the soybean meal spot price was 2990 yuan/ton, up 10 yuan/ton; in Jiangsu and Guangdong, it was 2900 yuan/ton, up 10 yuan/ton. In Fujian, the rapeseed meal spot price was 2570 yuan/ton, up 10 yuan/ton [1] Corn and Corn Starch - Futures: The closing price of the corn 2511 contract was 2101 yuan/ton, up 8 yuan/ton (+0.38%); the corn starch 2511 contract was 2401 yuan/ton, up 16 yuan/ton (+0.67%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton; in Jilin, the corn starch spot price was 2550 yuan/ton [4] Brazilian Soybean Data - The Brazilian National Supply Company predicts that in the 2025/26 season, the soybean planting area will be 49.074 million hectares, a year - on - year increase of 3.6%; the yield per hectare will be 3.62 tons, a year - on - year decrease of 0.1%; the output will be 177.6 million tons, a year - on - year increase of 3.6%; the export volume will be 112 million tons, higher than the previous year's 107 million tons [2] - From October 1 - 10, 2025, the Brazilian soybean export volume was 2.166 million tons, with a daily average export volume of 271,000 tons, a year - on - year increase of 26.5%. In contrast, the total export volume in October 2024 was 4.71 million tons [2] US Corn Export Data - As of the week ending October 9, 2025, the US corn export inspection volume was 1.129708 million tons, lower than the market - expected range, a week - on - week decrease of 34% but a year - on - year increase of 120% [4] 2. Market Analysis Soybean Meal Market - Due to the US government shutdown, there is a lack of clear data guidance, and the market is mainly oscillating. The domestic downstream soybean supply is sufficient, with continuous arrivals of imported soybeans and high oil - mill operating rates. The US soybean harvest is accelerating, and the new - season soybean sowing in Brazil is progressing smoothly. Policy changes need to be closely monitored [3] Corn Market - New - season corn in Northeast China is starting to be listed, and the opening price is slightly higher than last year. However, the overall corn output this year has increased, and it is expected that the purchase price will decline after the concentrated listing of new - season corn. Attention should be paid to the selling enthusiasm of farmers and the purchase situation [5]
农产品日报：现货价格小幅波动，豆粕维持震荡-20251016
Hua Tai Qi Huo·2025-10-16 03:12