棕榈油：等待拐点确认，暂时区间操作豆油：美豆驱动不足，震荡为主

Report Overview - The report is the Commodity Research Morning Report - Agricultural Products by Guotai Junan Futures on December 2, 2025, covering multiple agricultural futures including palm oil, soybean oil, etc. [1] Report Industry Investment Rating - Not provided in the report. Report's Core View - Palm oil: Wait for the inflection point confirmation and conduct range trading temporarily [2] - Soybean oil: Lack of drive from US soybeans, mainly in a volatile state [2] - Soybean meal: Lack of new sales, US soybeans closed down, and Dalian soybean meal adjusted and fluctuated [2] - Soybean: Stable and slightly stronger spot prices support the futures market [2] - Corn: Run in a volatile manner [2] - Sugar: Run weakly [2] - Cotton: Pay attention to the changes in spot basis and the growth rate of warehouse receipts [2] - Eggs: Increased culling volume, positive sentiment for distant contracts [2] - Hogs: Volume reduction has been realized, and the industrial logic will return [2] - Peanuts: Pay attention to the spot market [2] Summary by Related Catalogs Palm Oil - Fundamental Tracking: Palm oil futures had a daily - session closing price increase of 0.30% and a night - session decrease of 0.69%. The spot price in Guangdong remained unchanged. The basis in Guangdong was - 82 yuan/ton [4] - Macro and Industry News: From November 1 - 30, 2025, Malaysia's palm oil yield decreased by 2.09% month - on - month, oil extraction rate increased by 0.36%, and production decreased by 0.19%. Malaysia's palm oil exports from November 1 - 30 decreased by 15.89%. Indonesia exported 1,949 million tons of crude and refined palm oil from January to October, a 7.83% increase [5][6][7] - Trend Intensity: 0 [9] Soybean Oil - Fundamental Tracking: Soybean oil futures had a daily - session closing price increase of 0.53% and a night - session decrease of 0.34%. The spot price in Guangdong increased by 50 yuan/ton, and the basis was 332 yuan/ton [4] - Trend Intensity: 0 [9] Soybean Meal and Soybean - Fundamental Tracking: For soybean meal futures, DCE soybean meal 2601 had a daily - session closing price decrease of 0.36% and a night - session decrease of 0.13%. The spot price range was 3000 - 3140 yuan/ton. For soybean futures, DCE soybean 2601 had a daily - session closing price increase of 0.27% and a night - session increase of 0.56% [10] - Macro and Industry News: On December 1, CBOT soybean futures closed down due to lack of sales to China. StoneX lowered Brazil's soybean production forecast to 1.772 billion tons, and as of November 27, Brazil's soybean planting was 89% complete [10][12] - Trend Intensity: 0 [12] Corn - Fundamental Tracking: Corn futures C2601 had a daily - session closing price decrease of 0.22% and a night - session increase of 0.31%. The spot price in Jinzhou remained unchanged, and the basis of the main contract 01 was 14 yuan/ton [14] - Macro and Industry News: Northern corn port prices and Guangdong Shekou prices remained unchanged. Northeast deep - processing corn prices strengthened, and North China corn prices rose [15] - Trend Intensity: 0 [16] Sugar - Fundamental Tracking: The raw sugar price was 14.74 US cents/pound, the mainstream spot price was 5510 yuan/ton, and the futures main - contract price was 5405 yuan/ton [17] - Macro and Industry News: China should focus on the import policy of syrup and premixed powder and the new sugar price in Guangxi. The 25/26 sugar - crushing season's Indian sugar export quota was 1.5 million tons. Brazil's October sugar production increased by 1% year - on - year, and exports increased by 13% [17] - Trend Intensity: -1 [20] Cotton - Fundamental Tracking: Cotton futures CF2601 had a daily - session closing price increase of 0.62% and a night - session increase of 0.44%. The spot price in North Xinjiang increased by 40 yuan/ton, and the basis of North Xinjiang 3128 machine - picked cotton was 900 yuan/ton [22] - Macro and Industry News: Cotton spot trading was mostly sluggish, and the mainstream basis changed little. The cotton yarn market was weak, and downstream procurement was not active. ICE cotton was under pressure due to poor export data [23] - Trend Intensity: 0 [26] Eggs - Fundamental Tracking: Egg futures 2512 had a closing price decrease of 2.47%, and 2601 had a decrease of 1.21%. The spot price in Liaoning was 3.10 yuan/jin [28] - Trend Intensity: 0 [28] Hogs - Fundamental Tracking: The spot price in Henan was 11,430 yuan/ton, and the futures price of hogs 2601 was 11,495 yuan/ton. The trading volume of hogs 2601 decreased by 15,052 lots, and the open interest decreased by 5,802 lots [30] - Trend Intensity: 0 [31] Peanuts - Fundamental Tracking: The spot price of Liaoning 308 common peanuts was 9,700 yuan/ton, and the futures price of PK601 was 8,152 yuan/ton, a decrease of 0.39%. The trading volume of PK601 decreased by 38,276 lots, and the open interest decreased by 5,602 lots [33] - Spot Market Focus: In Henan, peanut prices were stable; in Jilin and Liaoning, prices were stable or slightly weak; in Shandong, prices were stable [34] - Trend Intensity: 0 [35]