棕榈油：油脂驱动匮乏，MPOB报告后或有利空出尽情绪豆油：美豆企稳，豆棕缓慢回归

Report Information - Report Date: November 10, 2025 [1] - Report Source: Guotai Junan Futures - Report Type: Commodity Research Morning Report - Agricultural Products Industry Investment Ratings No industry investment ratings are provided in the report. Core Views - Palm Oil: Lack of drivers in the oil market, there may be a sentiment of "bad news is out" after the MPOB report [2][4] - Soybean Oil: U.S. soybeans have stabilized, and the price gap between soybean oil and palm oil is slowly narrowing [2][4] - Soybean Meal: Trade sentiment is slightly optimistic, with a sideways movement [2][13] - Soybean No. 1: Sideways movement [2][13] - Corn: Sideways movement [2][15] - Sugar: Weakening trend [2][19] - Cotton: Pay attention to the impact of external markets [2][24] - Eggs: In an adjustment phase [2][28] - Hogs: Inventory accumulation continues, waiting for the release of spot market contradictions [2][30] - Peanuts: Focus on the spot market [2][35] Summary by Commodity Palm Oil and Soybean Oil - Fundamentals: Palm oil main contract closed at 8,660 yuan/ton during the day session with a -0.82% change, and 8,634 yuan/ton at night with a -0.30% change; soybean oil main contract closed at 8,184 yuan/ton during the day session with a -0.05% change, and 8,196 yuan/ton at night with a 0.15% change. The spot prices of palm oil (24 degrees) in Guangdong and first - grade soybean oil in Guangdong were 8,560 yuan/ton and 8,490 yuan/ton respectively [5] - News: From November 1 - 5, palm oil yield in the Malay Peninsula increased by 6.80% compared to the previous period. The FAO vegetable oil price index in October rose to the highest level since July 2022 [6][8] Soybean Meal and Soybean No. 1 - Fundamentals: DCE soybean No. 1 2601 contract closed at 4,118 yuan/ton during the day session with a -0.56% change, and 4,118 yuan/ton at night with a -0.17% change; DCE soybean meal 2601 contract closed at 3,058 yuan/ton during the day session with a -0.39% change, and 3,046 yuan/ton at night with a -0.16% change [12] - News: On November 7, CBOT soybeans rebounded due to bargain - hunting. China will resume the qualification of three U.S. companies to export soybeans to China. As of now, Argentina's soybean sowing progress is 4.4%, 4 percentage points behind the same period last year [12][14] Corn - Fundamentals: C2601 contract closed at 2,149 yuan/ton during the day session with a 0.33% change, and 2,151 yuan/ton at night with a 0.09% change; C2603 contract closed at 2,177 yuan/ton during the day session with a 0.28% change, and 2,178 yuan/ton at night with a 0.05% change [16] - News: Northern corn bulk shipping port prices remained stable, while prices in the northeast deep - processing sector fluctuated, and prices in the north China region slightly declined [17] Sugar - Fundamentals: Raw sugar price was 14.13 cents/pound, mainstream spot price was 5,760 yuan/ton, and futures main contract price was 5,457 yuan/ton [19] - News: Brazil's sugar production in the first half of October increased by 1% year - on - year, and exports in October increased by 13% year - on - year. China's sugar imports in September were 550,000 tons (+150,000 tons) [19] Cotton - Fundamentals: CF2601 contract closed at 13,580 yuan/ton during the day session with a -0.18% change, and 13,575 yuan/ton at night with a -0.04% change; CY2601 contract closed at 19,850 yuan/ton during the day session with a -0.10% change, and 19,820 yuan/ton at night with a -0.15% change [24] - News: Cotton spot transactions were concentrated on low - priced goods. Some regions' cotton transportation costs decreased slightly. The demand for different varieties of pure cotton yarn was differentiated [25] Eggs - Fundamentals: Egg 2512 contract closed at 3,219 yuan/500 kg with a -0.09% change, and Egg 2601 contract closed at 3,488 yuan/500 kg with a 0.36% change [28] - No additional significant news Hogs - Fundamentals: Henan spot price was 11,980 yuan/ton, Sichuan spot price was 11,500 yuan/ton, and Guangdong spot price was 12,360 yuan/ton. The hog 2601 contract price was 11,940 yuan/ton [30] - News: The national feed production in September was 30.36 million tons, with a month - on - month increase of 3.4% and a year - on - year increase of 5% [31] Peanuts - Fundamentals: PK601 contract closed at 7,754 yuan/ton with a -0.51% change, and PK603 contract closed at 7,790 yuan/ton with a -0.49% change [35] - News: In some regions, peanut prices were stable due to factors such as weather affecting the supply volume [36]