《农产品》日报-20251126

Report Industry Investment Ratings No relevant content was found in the provided reports. Core Views of the Reports Fats and Oils - Palm oil: Malaysian BMD crude palm oil is expected to gradually recover after risk release, maintaining a view of near - term weakness and long - term strength. In China, Dalian palm oil futures are under pressure to decline, with an expected support level at 8200 [1]. - Soybean oil: CBOT soybean oil is affected by related varieties, and its short - term trend is uncertain. In China, soybean oil production has increased while demand is weak, but oil mills have a tendency to support prices. Spot basis quotes will maintain a narrow - range oscillation [1]. Livestock (Pigs) - The market supply of pigs is continuously recovering, and the demand support is limited. Pig prices are expected to maintain a weak and oscillating structure. The strategy of 3 - 7 inverse spread can be continued [4]. Meal (Bean and Rapeseed Meal) - The market has fully priced in China's procurement expectations for US soybeans, and the supply of US soybeans remains loose. South American new - crop soybeans have a good planting progress. In China, the soybean meal supply is abundant, and the price is expected to maintain a wide - range oscillation [6]. Corn and Corn Starch - The price of corn in the Northeast region is strong, while in the North China region, the price decline is limited. The demand side shows different inventory replenishment attitudes. The short - term supply - demand mismatch and market sentiment make the futures price strong, but attention should be paid to the pressure caused by concentrated grain sales [9]. Sugar - ICE raw sugar futures are expected to oscillate around 14 cents per pound. In China, the new sugar in Guangxi has been launched, and the price is expected to maintain a weak bottom - oscillating pattern this week [13][14]. Cotton - ICE cotton futures are supported by export sales reports and a weak dollar. In China, the high production of Xinjiang cotton in the 2025/26 season creates hedging pressure, but the strong basis and resilient demand support the price, and the short - term price is expected to oscillate within a range [15]. Eggs - The inventory in the production and circulation links of eggs has decreased. With egg prices below the feed cost line, the decline space is limited. As prices reach a low level, demand may gradually recover, and the price is expected to oscillate at a low level [18]. Summary by Relevant Catalogs Fats and Oils - Soybean Oil: On November 25, the spot price in Jiangsu was 8510 yuan/ton, up 20 yuan from the previous day, with a 0.24% increase. The futures price of Y2601 was 8144 yuan/ton, down 24 yuan, a 0.30% decrease. The basis was 13.66%. The inventory of soybean oil in factories increased by 30,000 tons last weekend [1]. - Palm Oil: On November 25, the spot price of 24 - degree palm oil in Guangdong was 8370 yuan/ton, down 60 yuan, a 0.71% decrease. The futures price of P2601 was 8360 yuan/ton, down 126 yuan, a 1.48% decrease. The basis was 117.86%. The Malaysian palm oil import profit showed a certain pattern of change [1]. Livestock (Pigs) - Futures: The main contract of live pigs decreased by 165 yuan/ton, a 110.00% decrease. The price of LH2605 was 11995 yuan/ton, up 70 yuan, a 0.59% increase; LH2601 was 11415 yuan/ton, up 15 yuan, a 0.13% increase. The 1 - 5 spread was - 580 yuan/ton, down 55 yuan, a 10.48% decrease [4]. - Spot: The spot prices in various regions such as Henan, Shandong, and Sichuan showed different degrees of decline. The daily slaughter volume of sample points increased by 92, a 0.04% increase. The weekly white - strip price decreased by 18.42 yuan/kg, a 100.00% decrease [4]. Meal (Bean and Rapeseed Meal) - Soybean Meal: The spot price in Jiangsu was 3000 yuan/ton, unchanged. The futures price of M2601 was 3013 yuan/ton, up 2 yuan, a 0.07% increase. The basis was - 13 yuan/ton, down 2 yuan, an 18.18% decrease. The Brazilian 2 - month shipping schedule's import profit from the disk increased by 20 yuan, a 333.3% increase [6]. - Rapeseed Meal: The spot price in Jiangsu was 2460 yuan/ton, up 20 yuan, a 0.82% increase. The futures price of RM2601 was 2431 yuan/ton, down 15 yuan, a 0.61% decrease. The basis was 29 yuan/ton, up 35 yuan, a 583.33% increase [6]. Corn and Corn Starch - Corn: The price of C2601 was 2242 yuan/ton, up 22 yuan, a 0.99% increase. The Pingcang price in Jinzhou Port was 2270 yuan/ton, up 20 yuan, a 0.89% increase. The basis was 28 yuan/ton, down 2 yuan, a 6.67% decrease. The 1 - 5 spread was - 21 yuan/ton, up 23 yuan, a 52.27% increase [9]. - Corn Starch: The price of CS2601 was 2556 yuan/ton, up 21 yuan, a 0.83% increase. The spot price in Changchun was 2560 yuan/ton, unchanged. The basis was - 21 yuan/ton, down 21 yuan, an 84.00% decrease [9]. Sugar - Futures: The price of SR2601 was 5387 yuan/ton, up 17 yuan, a 0.32% increase. The price of SR2605 was 5325 yuan/ton, up 6 yuan, a 0.11% increase. The 1 - 5 spread was 62 yuan/ton, up 11 yuan, a 21.57% increase [13]. - Spot: The spot prices in Nanning and Kunming were 5450 yuan/ton and 5440 yuan/ton respectively, unchanged. The import price of Brazilian sugar (within the quota) was 4097 yuan/ton, up 24 yuan, a 0.59% increase [13]. Cotton - Futures: The price of CF2605 was 13580 yuan/ton, up 50 yuan, a 0.37% increase. The price of CF2601 was 13645 yuan/ton, up 60 yuan, a 0.44% increase. The 5 - 1 spread was - 65 yuan/ton, down 10 yuan, an 18.18% decrease [15]. - Spot: The arrival price of Xinjiang cotton at the factory was 14599 yuan/ton, up 25 yuan, a 0.17% increase. The CC Index: 3128B was 14832 yuan/ton, up 39 yuan, a 0.26% increase [15]. Eggs - Futures: The price of JD12 was 2950 yuan/500KG, down 42 yuan, a 1.42% decrease. The price of JD01 was 3210 yuan/500KG, down 8 yuan, a 0.25% decrease. The 12 - 01 spread was - 294 yuan/500KG, down 34 yuan, a 13.08% decrease [18]. - Spot: The egg - producing area price was 2.91 yuan/jin, up 0.03 yuan, a 1.11% increase. The egg - chicken chick price was 2.70 yuan/feather, down 0.10 yuan, a 3.57% decrease [18].