油脂油料早报-20251126

Report Summary 1) Report Industry Investment Rating No investment rating was provided in the report. 2) Core View The report presents overnight market information on the export sales and shipments of US soybeans and soybean meal, the expected export volumes of Brazilian soybeans and soybean meal, and the export data of Malaysian palm oil, along with the spot prices of related products [1][2]. 3) Summary by Related Catalogs Overnight Market Information - For the week ending October 9, US soybean export sales totaled a net increase of 78.64 million tons as expected. Current - market - year sales net increased 78.5 million tons, down 15% from the previous week and 9% from the four - week average, with next - market - year sales net increasing 0.14 million tons. Export shipments were 69.28 million tons, down 4% from the previous week but up 3% from the four - week average. New sales for the current market year were 84.78 million tons, and 0.14 million tons for the next market year [1]. - For the week ending October 9, US soybean meal export sales totaled a net increase of 35.55 million tons as expected. Current - market - year sales net increased 35.84 million tons, up 6% from the previous week and 517% from the four - week average, while next - market - year sales had a net decrease of 0.29 million tons. Export shipments were 20.42 million tons, down 36% from the previous week and 24% from the four - week average. New sales for the current market year were 37.50 million tons, and 0 for the next market year [1]. - ANEC estimated that Brazil's soybean exports in November would be 4.4 billion tons (down from last week's forecast of 4.71 billion tons), and soybean meal exports would be 2.5 billion tons (down from last week's forecast of 2.68 billion tons) [1]. - ITS data showed that Malaysia's palm oil product exports from November 1 - 25 decreased 18.8% compared to the same period last month, with exports of 1,041,935 tons. AmSpec Agri data showed a 16.4% decrease, with exports of 987,978 tons compared to the same period in October [1]. Spot Prices - The spot prices of various products (including soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu) from November 19 - 25, 2025 were presented in a table [2].