建信期货豆粕日报-20251202

Report Overview - Industry: Soybean Meal [1] - Date: December 2, 2025 [2] - Research Team: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The USDA's November monthly supply - demand report slightly lowered the ending inventory to 290 million bushels, which is slightly bearish. The NOPA's October crushing data exceeded expectations, and the new - season crushing demand remains high. The external market may oscillate at a high level, lacking a clear driving force, and attention should be paid to China's actual soybean purchases and South American weather. [6] - Domestic soybean meal fluctuates at a high level following CBOT soybeans. It is supported by cost increases and low crushing profits, but there is inventory pressure. Without additional external bullish factors, the upward pressure will increase. [6] - In terms of operations, the recent fluctuations may decrease, and it should be treated as a high - level oscillation. For options, pay attention to the straddle double - selling strategy. [6] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Market Review - The external market of US soybean futures contracts oscillated, with the main contract at 1130 cents. The USDA's November report adjusted the yield and export volume, slightly lowering the ending inventory. The NOPA's October crushing data was the highest in a single - month history. [6] - Domestic soybean meal followed CBOT soybeans to oscillate at a high level and returned to the cost - pricing model of CBOT soybeans after the Sino - US agreement. [6] - Operation Suggestions - Treat it as a high - level oscillation, and the recent fluctuations may decrease. Consider the straddle double - selling strategy for options. [6] 3.2 Industry News - As of the week ending October 16, US soybean export sales increased by 1.108 million tons, and the export shipments increased by 150% compared to the previous week. [7][9] - The overall growth of the 2025/26 Brazilian soybean crop indicates that the yield potential in most regions will be lower than that in 2024/25. The current sowing progress is 86.97%. [9] 3.3 Data Overview - No specific data overview content is summarized in the report, only mentions data sources. [20][21]