广发期货《农产品》日报-20251125

Report Industry Investment Ratings No relevant content provided. Core Views of the Reports Oils and Fats - Palm oil: Malaysian palm oil futures may face further downward pressure, and Dalian palm oil futures are likely to continue to weaken. [1] - Soybean oil: CBOT soybean oil is in a rebound after over - selling, and domestic soybean oil is supported by high import costs but has a pattern of sufficient supply and weak demand. [1] Meal - U.S. soybeans face supply - demand pressure, and South American new - crop soybeans have good planting progress, so the supply pressure continues to be released. Domestic meal prices are expected to oscillate widely. [2] Corn - Corn prices are affected by the rhythm of supply. In the short - term, the futures market is strong, but subsequent selling pressure may limit the gains. [5] Live Pigs - The supply of live pigs is abundant, and the price is expected to maintain an oscillating and weakening structure. The 3 - 7 reverse spread strategy can be held. [10] Sugar - ICE raw sugar futures are expected to oscillate around 14 cents per pound. Domestic sugar prices are expected to maintain an oscillating and weakening pattern this week. [13] Cotton - Globally, the cotton supply is loose. Domestically, cotton prices may oscillate in a range in the short - term. [14] Eggs - Egg prices are expected to oscillate at a low level, and attention should be paid to the support at the previous low. [17] Summary by Commodity Oils and Fats - Prices and Changes: On November 24, compared with November 21, soybean oil's spot price in Jiangsu increased by 20 yuan to 8490 yuan, the futures price (Y2601) decreased by 22 yuan to 8168 yuan, and the basis increased by 42 yuan to 322 yuan. Palm oil's spot price in Guangdong decreased by 40 yuan to 8430 yuan, the futures price (P2601) decreased by 64 yuan to 8486 yuan, and the basis increased by 24 yuan to - 56 yuan. Rapeseed oil's spot price in Jiangsu increased by 20 yuan to 10190 yuan, the futures price (OI601) decreased by 38 yuan to 9778 yuan, and the basis increased by 58 yuan to 412 yuan. [1] Meal - Prices and Changes: On November 24, compared with the previous values, soybean meal's spot price in Jiangsu remained unchanged at 3000 yuan, the futures price (M2601) decreased by 1 yuan to 3011 yuan, and the basis increased by 1 yuan to - 11 yuan. Rapeseed meal's spot price in Jiangsu increased by 20 yuan to 2440 yuan, the futures price (RM2601) increased by 12 yuan to 2446 yuan, and the basis increased by 5 yuan to - 6 yuan. [2] Corn - Prices and Changes: On November 24, compared with the previous values, the futures price of corn 2601 increased by 25 yuan to 2220 yuan, the basis increased by 5 yuan to 30 yuan, and the 1 - 5 spread increased by 13 yuan to - 44 yuan. [5] Live Pigs - Prices and Changes: On November 24, compared with the previous values, the futures price of live pigs 2605 increased by 65 yuan to 11925 yuan, the 1 - 5 spread decreased by 15 yuan to - 525 yuan. The spot price in Henan decreased by 150 yuan to 11550 yuan. [10] Sugar - Prices and Changes: On November 24, compared with the previous values, the futures price of sugar 2601 increased by 17 yuan to 5370 yuan, the Nanning spot price decreased by 30 yuan to 5450 yuan, and the Nanning basis decreased by 47 yuan to 131 yuan. [13] Cotton - Prices and Changes: On November 24, compared with the previous values, the futures price of cotton 2605 increased by 82 yuan to 13530 yuan, the 5 - 1 spread increased by 40 yuan to - 50 yuan, and the Xinjiang arrival price of 3128B increased by 3 yuan to 14574 yuan. [14] Eggs - Prices and Changes: On November 24, compared with the previous values, the price of the egg 12 - contract increased by 16 yuan to 2950 yuan per 500KG, the egg - producing area price decreased by 0.07 yuan to 2.84 yuan per catty, and the basis increased by 43 yuan to - 302 yuan per 500KG. [17]