光大期货农产品日报-20251114

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Corn: This week, the corn futures and spot prices increased in tandem. Affected by the rising port quotations, the corn futures price continued to rise. The main 2601 contract of corn increased with a reduction in positions, and due to favorable policy expectations, the corn futures and spot prices rebounded jointly. It is recommended to continue participating in short - term long positions [1]. - Soybean Meal: On Thursday, CBOT soybeans reached a 17 - month high. Analysts expect the USDA to lower the US soybean harvest forecast. The domestic soybean meal continued its oscillating and strengthening trend due to cost support. The strategy is to hold futures long positions and sell out - of - the - money call options [1]. - Oils: On Thursday, BMD palm oil rose. The domestic rapeseed oil continued to rise, while palm oil showed weak growth. The strategy is to participate in short - term long positions [1]. - Eggs: On Thursday, egg futures prices continued to correct. The spot egg prices continued to oscillate. Before February next year, the new supply will continue to decline. If the production capacity is eliminated at an accelerated pace, consider going long at low prices; otherwise, treat it with a wide - range oscillation mindset [1]. - Pigs: On Thursday, the near - and far - month contracts of live pigs rebounded jointly. The spot pig prices continued to be weak. The far - month 2609 contract of live pigs is expected to continue to oscillate and strengthen, and attention should be paid to the pressure of the 40 - day moving average on the weekly line [2]. 3. Summary According to Relevant Catalogs 3.1 Market Information - Brazilian Soybeans: The CONAB monthly report predicts that the soybean production in Brazil in the 2025/26 season will reach 177.6016 million tons, a year - on - year increase of 6.1199 million tons or 3.6%. The sown area is expected to reach 49.0634 million hectares, a year - on - year increase of 1.7169 million hectares or 3.6%. The yield per unit area is expected to be 3.62 tons per hectare, a year - on - year decrease of 2.0 kg per hectare or 0.1% [2]. - Winter Wheat Sowing: As of November 12, the sowing of winter wheat across the country has reached 75%. In the Huang - Huai - Hai region, it has exceeded 75%. By province, the sowing progress in Henan is nearly 70%, in Shandong it has exceeded 80%, in Anhui it is nearly 70%, in Jiangsu it is 55%, in Shaanxi it has exceeded 85%, and in Shanxi it is 85% [3]. - Sino - US Agricultural Trade: China will continue to maintain an open and cooperative attitude and deepen mutually beneficial cooperation with global trading partners in agricultural product trade [3]. 3.2 Variety Spreads - Contract Spreads: The report presents the 1 - 5 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but specific data analysis is not provided [5][6][9][11]. - Contract Basis: The report shows the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but specific data analysis is not provided [14][17][18][23]. 3.3 Research Team Members - Wang Na: The director of the agricultural product research department at Everbright Futures Research Institute, the leader of the top ten research and investment teams at DCE. She has won the "Best Agricultural Product Analyst" title in the Futures Daily and Securities Times' Best Futures Analyst selection for many years [27]. - Hou Xueling: A soybean analyst at Everbright Futures, with more than a decade of futures trading experience. She has also won the "Best Agricultural Product Analyst" title in relevant selections for many years [27]. - Kong Hailan: A researcher in the egg and live pig industries at Everbright Futures Research Institute. She has participated in many media interviews [27].