棕榈油：反弹高度有限，关注产地去库进程，豆油：暂无突破驱动，区间震荡为主，豆粕：调整震荡

Report Industry Investment Rating No information provided in the report. Core Views - Palm oil: Limited rebound height, focus on the de - stocking process in the producing areas [2] - Soybean oil: No breakthrough driver, mainly range - bound [2] - Soybean meal: Adjustment and oscillation [2] - Soybean: Stable spot, adjustment and oscillation in the futures market [2] - Corn: Oscillatory operation [2] - Sugar: Weak operation [2] - Cotton: Futures prices maintain an oscillatory trend [2] - Eggs: Near - term weak, long - term strong, in a reverse spread pattern [2] - Pigs: The cooling expectation has been realized, and the pressure is gradually released [2] - Peanuts: Pay attention to the actions of oil mills [2] Summary by Related Catalogs Palm Oil and Soybean Oil - Fundamentals: Palm oil futures had a night - session decline of - 0.66%, and soybean oil futures had a night - session increase of 0.05%. Spot prices of palm oil in Guangdong increased by 120 yuan/ton, and that of soybean oil in Guangdong increased by 50 yuan/ton [4] - News: Sarawak Oil Palms aims to increase production by 5% this year, with a total output of 1.25 million tons last year [5][6] Soybean Meal and Soybean - Fundamentals: DCE soybean meal 2601 had a day - session decline of - 1.14%, and DCE soybean 2601 had a day - session decline of - 0.77%. Spot prices of soybean meal in different regions had various changes [10] - News: On November 19, CBOT soybean futures fell due to long - position liquidation. China bought 792,000 tons of US soybeans on Tuesday and 330,000 tons on Wednesday [10][12] Corn - Fundamentals: C2601 had a day - session increase of 0.09% and a night - session decline of - 0.32%. The price of Jinzhou平仓 decreased by 10 yuan/ton [13] - News: Northern corn bulk shipping port prices decreased by 10 yuan/ton in some areas, and Guangdong Shekou prices increased by 10 yuan/ton [14] Sugar - Fundamentals: The original sugar price was 14.71 cents/pound, a decrease of - 0.04. The futures main - contract price was 5381 yuan/ton, a decrease of - 26 [19] - News: In the 25/26 sugar - crushing season, India's sugar export quota is 1.5 million tons. Brazil's sugar production in October increased by 1% year - on - year, and exports increased by 13% [19] Cotton - Fundamentals: CF2601 had a day - session increase of 0.67% and a night - session increase of 0.11%. Cotton spot trading was relatively stable, and cotton yarn prices were slightly weak [24][25] - News: ICE cotton futures were slightly down, and the market was cautious before the USDA export sales data release [25] Eggs - Fundamentals: Egg 2512 had a decline of - 0.75%, and Egg 2601 had a decline of - 0.53%. Spot prices in different regions were relatively stable [30] Pigs - Fundamentals: The Henan spot price was 11,830 yuan/ton, an increase of 100. Futures prices of different contracts had different changes [33] Peanuts - Fundamentals: PK601 had a decline of - 1.86%, and PK603 had a decline of - 1.34%. Spot prices in different regions were mostly stable [36] - News: In the spot market, peanut prices in different regions were stable, with different trading situations [37]