油脂油料早报-20251204

Report Summary - Report Industry Investment Rating: Not mentioned - Core View: The report provides overnight market information on the export sales of US soybeans, soybean meal, and soybean oil, as well as the situation of palm oil production and inventory in Malaysia and Indonesia. It also shows the spot prices of related products. Overnight Market Information - The USDA will release the export sales report for the week ending October 30 at 21:30 Beijing time on Thursday. Analysts estimate that US 2025/26 soybean export sales are expected to net increase by 600,000 - 2,000,000 tons, US soybean meal export sales are expected to net increase by 200,000 - 450,000 tons, and US soybean oil export sales are expected to net increase by 5,000 - 25,000 tons [1] - A survey shows that Malaysia's November palm oil inventory may reach a six - and - a - half - year high due to slow exports and record - high production in November. The estimated inventory is 2.66 million tons, a 7.78% month - on - month increase. Production is estimated at 1.98 million tons, a 3% decrease from the previous month but still the highest November production on record. Exports are expected to drop 14.9% to 1.44 million tons [1] - Malaysia's palm oil production forecast remains unchanged at 19.2 million tons, with an estimated range of 18.7 - 19.7 million tons. Adverse weather restricts production growth. The EC weather model predicts drier weather in the next 15 days, but there are uncertainties in the medium - to - long - term weather patterns [1] - The 2025/26 Indonesian palm oil production forecast is raised to 51.2 million tons, a less than 1% increase from the previous forecast, with an estimated range of 46.2 - 56.2 million tons. However, there are flood risks [1] Spot Prices - The report shows the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from November 27 to December 3, 2025 [2]