2025年11月17日：农产品日报-20251117

Report Industry Investment Ratings - One-star ratings (indicating a bullish or bearish bias with limited trading opportunities on the market): Soybean meal, rapeseed meal, rapeseed oil, eggs [1] - White-star ratings (indicating a relatively balanced short-term trend with poor market operability, suggesting a wait-and-see approach): Corn [1] - Three-star ratings (indicating a clearer bullish or bearish trend with relatively appropriate current investment opportunities): Not specified in the text - Other ratings (not clearly defined in the text): Soybean, palm oil, soybean oil, live pigs [1] Core Views - The prices of various agricultural products are affected by multiple factors such as weather, supply and demand, and trade policies. Different agricultural products show different price trends and investment opportunities [2][3][4] Summary by Related Catalogs Soybean - Domestic soybean futures prices are strong. High-protein soybean supply is tight due to adverse weather, and the price difference with imported soybeans is widening. The number of domestic soybean warehouse receipts is increasing. Imported soybean prices are expected to be volatile and strong, with attention on US soybean exports and South American soybean planting [2] Soybean & Soybean Meal - The USDA November supply and demand report shows a decline in US new soybean production and other indicators, but the market has fully priced in the bullish expectations before the report. South American soybean planting progress is slow, and attention should be paid to the impact of La Nina. The domestic market has sufficient soybean supply and poor crushing profits. The strategy is to wait for the price to stabilize and then go long [3] Soybean Oil & Palm Oil - The USDA report's bullish factors are exhausted, and the price is in a sideways shock. The domestic soybean oil is strong, and the oil-to-meal ratio and the soybean-palm oil price difference are increasing. Palm oil supply and demand pressure continues, and the price trend needs clear supply and demand guidance [4] Rapeseed Meal & Rapeseed Oil - The domestic rapeseed series has declined recently due to the impact of the US soybean slump after the US agricultural report. The global rapeseed production has increased, and the export volume of some countries has also increased. The rapeseed series has a statistical premium, and the demand is weak. The futures price is under short-term pressure [6] Corn - The Dalian corn futures are weakly volatile. The increase in new corn in the Northeast has decreased, and the price is slightly stronger. The USDA report is neutral to bearish, and the domestic market needs to pay attention to the impact of the import auction and the signing of the trade agreement. The futures price is expected to wait for a pullback [7] Live Pigs - The spot and futures prices of live pigs are weak. The short-term price is under pressure, and the long-term price may form a double bottom [8] Eggs - The spot price of eggs is stable and weak, and the futures price of the near-month contract is under pressure. It is recommended to hold short positions in the near-month contract [9]