农产品日报：现货价格提涨，豆粕偏强震荡-20251104

Report Industry Investment Rating - The investment rating for both the粕类 (bean meal and rapeseed meal) and corn sectors is "Cautiously Bearish" [3][6] Report's Core View - For the粕类 market, the overall supply is relatively loose as the US harvest is progressing smoothly and South American sowing is also going well. In China, the arrival of soybeans is sufficient, and the inventory of soybeans and bean meal remains high. Attention should be paid to import conditions and changes in the cost of imported US soybeans after the China-US negotiations [2] - For the corn market, the inventory of deep - processing and feed enterprises is relatively low, with a weak willingness to build inventory and a strong wait - and - see attitude. The new grain is concentrated on the market, and the situation of oversupply remains unchanged. The selling progress of farmers and the inventory strength of traders should be monitored [4] Summary by Related Catalogs 粕类 (Bean Meal and Rapeseed Meal) Market News and Important Data - Futures Prices: The closing price of the bean meal 2601 contract was 3026 yuan/ton, up 5 yuan/ton (+0.17%) from the previous day; the rapeseed meal 2601 contract was 2491 yuan/ton, up 103 yuan/ton (+4.31%) [1] - Spot Prices: In Tianjin, the bean meal spot price was 3070 yuan/ton, up 50 yuan/ton; in Jiangsu, it was 2990 yuan/ton, up 20 yuan/ton; in Guangdong, it was 2990 yuan/ton, up 10 yuan/ton. The rapeseed meal spot price in Fujian was 2680 yuan/ton, up 80 yuan/ton [1] - Market Information: As of October 31, the soybean sowing area in Mato Grosso, Brazil, in the 2025/26 crop year had reached 76.13% of the estimated area, an increase of 16.08 percentage points from the previous week [1] Market Analysis - The overall supply is loose, putting pressure on prices. In China, the supply of soybeans and bean meal is also abundant, and post - negotiation import conditions and cost changes need attention [2] Strategy - Cautiously bearish [3] Corn Market News and Important Data - Futures Prices: The closing price of the corn 2511 contract was 2141 yuan/ton, up 11 yuan/ton (+0.52%); the corn starch 2511 contract was 2453 yuan/ton, up 13 yuan/ton (+0.53%) [3] - Spot Prices: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2550 yuan/ton, unchanged from the previous day [3] - Market Information: As of last Saturday, the planting of the first - season corn in Brazil in the 2025/26 season was 40.0% completed, compared with 33.2% last week, 36.8% in the same period last year, and a five - year average of 39.6% [3] Market Analysis - Enterprises have low inventory, weak willingness to build inventory, and a strong wait - and - see attitude. The new grain is concentrated on the market, and the oversupply situation persists. Monitor farmers' selling progress and traders' inventory strength [4] Strategy - Cautiously bearish [6]