【国富期货早间看点】SGS马棕11月前20日出口环比减40.6% Patria巴西大豆播种率为79.61%-20251124

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents comprehensive information on the futures market, including overnight and spot prices, important fundamental factors, macro - news, fund flows, and arbitrage tracking. It also details the supply - demand situation of various agricultural products and the latest economic data at home and abroad, which can help investors understand the market trends and make investment decisions [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Overnight Market - Overnight price and percentage change data are provided for multiple futures products, including BMD's February palm oil, ICE's January Brent crude, NYMEX's January WTI crude, CBOT's January soybeans, etc. Price and percentage change data are also given for multiple currency pairs, such as the US dollar index, CNY/USD, MYR/USD, etc. [1] 3.2 Spot Market - Spot prices, basis, and basis daily changes are presented for DCE's January 2026 palm oil, soybean oil, and soybean meal in different regions. CNF premiums, premium changes, and CNF quotes are also provided for imported soybeans from different origins [2]. 3.3 Important Fundamental Information 3.3.1 Production Area Weather - In Brazil, the soybean - producing areas in the south may face deteriorating conditions as the key growth season for corn and soybeans approaches in December. In Argentina, a drier weather pattern is forming, and soil moisture may gradually decline in the coming weeks [3]. 3.3.2 International Supply and Demand - Malaysia's 2025 crude palm oil production is expected to exceed 19.5 million tons, higher than 19.3 million tons in 2024. Malaysia's palm oil exports from November 1 - 20, 2025, decreased by 40.6% compared to the same period last month. CFTC's position report shows changes in long and short positions for multiple agricultural products. USDA's monthly crushing report provides data on US soybean and corn processing. Information on soybean planting progress in Brazil and Argentina, oilseed processing in the EU, and soybean planting and export in Ukraine is also included. Additionally, data on Canadian rapeseed exports and inventory, and the Baltic Dry Index are presented [5][6][7]. 3.3.3 Domestic Supply and Demand - On November 21, 2025, the trading volume of soybean oil and palm oil decreased significantly compared to the previous trading day. The trading volume of soybean meal also decreased, and the opening rate of oil mills declined. The expected soybean crushing volume in the 48th week is slightly lower than that in the 47th week. Data on pig - raising profits, agricultural product wholesale price indices, and livestock and poultry product prices are also provided [10][11]. 3.4 Macro - news 3.4.1 International News - The preliminary values of the US November S&P Global Manufacturing PMI, Services PMI, and Composite PMI are released, along with the final value of the one - year inflation rate expectation, the final value of the Michigan Consumer Confidence Index, and the monthly rate of wholesale sales. The preliminary value of the Eurozone November Manufacturing PMI is also provided [14]. 3.4.2 Domestic News - On November 21, 2025, the USD/CNY exchange rate decreased, and the central bank carried out 7 - day reverse repurchase operations, achieving a net investment [16]. 3.5 Fund Flows - On November 21, 2025, the futures market had a net fund outflow of 9.73 billion yuan. Commodity futures had a net outflow of 13.39 billion yuan, while stock index futures had a net inflow of 4.4 billion yuan, and bond futures had a net outflow of 0.694 billion yuan [20]. 3.6 Arbitrage Tracking No relevant content provided.