农产品日报：关注美豆出口，豆粕震荡运行-20251202

Group 1: Report Industry Investment Ratings - The investment rating for the soybean meal industry is cautiously bearish [3] - The investment rating for the corn industry is neutral [6] Group 2: Core Views of the Report - After the China - US trade policy game, the short - term focus of the domestic soybean meal market is on China's actual procurement of US soybeans. There is still uncertainty about whether the demand for new - season US soybeans can meet expectations [2] - In the corn market, due to temperature drops in Northeast China, good quality of new - season corn, and strong storage capacity of farmers, along with active participation of traders and futures - cash companies in purchasing, the current corn price is supported [4] Group 3: Summary According to the Directory 1. Soybean Meal and Rapeseed Meal Market News and Important Data - Futures: The closing price of the soybean meal 2601 contract was 3039 yuan/ton, down 5 yuan/ton (-0.16%) from the previous day; the rapeseed meal 2601 contract was 2423 yuan/ton, down 29 yuan/ton (-1.18%) [1] - Spot: In Tianjin, the soybean meal spot price was 3090 yuan/ton, up 10 yuan/ton; in Jiangsu, it was 3020 yuan/ton, up 20 yuan/ton; in Guangdong, it was 3010 yuan/ton, up 20 yuan/ton. In Fujian, the rapeseed meal spot price was 2600 yuan/ton, down 30 yuan/ton [1] - Market Information: From October 16, US soybean export sales net increased by 110.80 tons, up 41% from the previous week and 34% from the four - week average. As of November 26, Argentina's 2025/26 soybean planting progress reached 36%, higher than the previous week but 9% behind last year and 1% behind the five - year average [1] Market Analysis - After the China - US trade policy game, the focus is on China's actual procurement of US soybeans. With an additional 10% import tariff on US soybeans and a decline in South American soybean premiums, the competitiveness of US soybeans is weakened, and the demand for new - season US soybeans is uncertain [2] Strategy - Cautiously bearish [3] 2. Corn Market News and Important Data - Futures: The closing price of the corn 2601 contract was 2236 yuan/ton, down 8 yuan/ton (-0.36%); the corn starch 2511 contract was 2542 yuan/ton, down 24 yuan/ton (-0.94%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton; in Jilin, the corn starch spot price was 2600 yuan/ton [3] - Market Information: From October 16, US corn export sales net increased by 282.26 tons, up 113% from the previous week and 64% from the four - week average [3] Market Analysis - Due to temperature drops in Northeast China, good quality of new - season corn, strong storage capacity of farmers, and active participation of traders and futures - cash companies in purchasing, the current corn price is supported [4] Strategy - Neutral [6]