Group 1: Report Investment Ratings - The investment rating for the soybean meal sector is cautiously bearish [3] - The investment rating for the corn sector is neutral [5] Group 2: Core Views - 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 side of the new - season US soybeans can meet expectations [2] - In the corn market, the rapid temperature drop in Northeast China, the low moisture content and high quality of new - season corn have increased farmers' willingness to store. With sufficient funds of traders and the entry of futures - cash companies, the competition on the acquisition side has intensified, supporting the current corn price [4] Group 3: Summary by Commodity Category Soybean Meal - Market News and Important Data: The closing price of the soybean meal 2601 contract was 3046 yuan/ton, up 1 yuan/ton (+0.03%) from the previous day. The spot prices in Tianjin, Jiangsu, and Guangdong remained unchanged at 3080 yuan/ton, 3020 yuan/ton, and 3010 yuan/ton respectively. As of November 29, the sowing progress of 2025/26 soybeans in Brazil was 86.0%, higher than the previous week and the five - year average but lower than last year. In September, the US used 1.053 billion pounds of soybean oil for biofuel production, up from 1.041 billion pounds in August [1] - Market Analysis: The focus is on China's procurement of US soybeans. The 10% additional import tariff on US soybeans and the decline in South American soybean premiums have weakened the competitiveness of US soybeans [2] - Strategy: Cautiously bearish [3] Corn - Market News and Important Data: The closing price of the corn 2601 contract was 2259 yuan/ton, up 16 yuan/ton (+0.71%) from the previous day. The corn starch 2511 contract was 2562 yuan/ton, up 16 yuan/ton (+0.63%). In December 2, UCAB reported that Ukraine's agricultural exports in November increased by 12% to about 5 million tons [3] - Market Analysis: The cold weather in Northeast China, high - quality new - season corn, and the entry of traders and futures - cash companies have supported the corn price [4] - Strategy: Neutral [5] Rapeseed Meal - Market News and Important Data: The closing price of the rapeseed meal 2601 contract was 2408 yuan/ton, down 15 yuan/ton (-0.62%) from the previous day. The spot price in Fujian was 2560 yuan/ton, down 40 yuan/ton [1] Corn Starch - Market News and Important Data: The closing price of the corn starch 2511 contract was 2562 yuan/ton, up 16 yuan/ton (+0.63%) from the previous day. The spot price in Jilin was 2600 yuan/ton, unchanged from the previous day [3]
现货价格稳中上涨，豆粕窄幅震荡
Hua Tai Qi Huo·2025-12-04 01:59