国泰君安期货南美大豆，玉米主产区天气展望

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View - The report focuses on the weather conditions and sowing progress of soybeans and corn in Brazil and Argentina, and analyzes the potential impact of weather on the market [7][8][12][13] 3. Summary by Related Catalogs Soybeans - Sowing Progress: As of November 22, 2025, Brazil's 2025/26 soybean sowing progress was 78%, lower than 83.3% in the same period last year; as of November 26, Argentina's sowing progress was 36%, lower than 45% in the same period last year [7] - Weather Conditions: Brazil will have uneven precipitation in the next two weeks, with abundant precipitation in the north and east, slightly less in the central - west, and less in the south; Argentina has good soil moisture in the early stage, good precipitation next week but dry in the second week, which is generally conducive to sowing but continuous drought should be vigilant [8] Corn - Sowing Progress: As of November 22, 2025, Brazil's first - season corn sowing was 59.3%, slightly higher than 58.7% in the same period last year; as of November 26, Argentina's 2025/26 corn sowing progress was 39.3%, similar to 39.4% in the same period last year [12] - Weather Conditions: Similar to soybeans, Brazil will have uneven precipitation in the next two weeks, with abundant precipitation in the north and east, slightly less in the central - west, and less in the south; Argentina has good soil moisture in the early stage, good precipitation next week but dry in the second week, which is generally conducive to sowing but continuous drought should be vigilant [13]