豆粕期货日报-20251205

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Affected by the slow sales of US soybeans and the expected high yield of South American soybeans, the CBOT soybean futures price maintains a volatile adjustment trend. The decline in domestic soybean import costs weakens the oil mills' willingness to support the price of soybean meal. Coupled with the abundant supply of soybean sources and soybean meal in the spot market and the lack of significant increase in downstream demand, the market price of soybean meal may be under pressure. In the short - term, the price of the soybean meal m2601 contract is expected to be mainly in a volatile consolidation [13]. 3. Summary by Relevant Catalog 3.1 Futures Market 3.1.1 Contract Market - On December 2, 2025, the price of the soybean meal m2601 contract showed a narrow - range fluctuation. It opened at 3033 yuan/ton, reached a maximum of 3048 yuan/ton, a minimum of 3029 yuan/ton, and closed at 3045 yuan/ton, up 1 yuan/ton from the previous day, with a reference increase of 0.03%. The daily trading volume was 494,360 lots, and the open interest was 1,164,957 lots [2]. 3.1.2 Variety Price - On the same day, most of the prices of soybean meal futures contracts rose slightly. The total open interest of the variety contracts was 3,785,832 lots, an increase of 25,028 lots compared with the previous trading day [3]. 3.2 Spot Market 3.2.1 Spot Quotation - On December 2, 2025, the spot quotations of soybean meal in some domestic regions fluctuated within a narrow range. For example, the price in Zhangjiagang was 3020 yuan/ton with no change, in Tianjin it was 3080 yuan/ton, down 10 yuan/ton, in Rizhao it was 3020 yuan/ton, up 10 yuan/ton, and in Dongguan it was 3010 yuan/ton with no change [7][8]. 3.2.2 Registered Warehouse Receipts - The registered warehouse receipts of soybean meal remained unchanged. The total number of soybean meal warehouse receipts was 9,450 lots, the same as the previous day [9]. 3.3 Influencing Factors 3.3.1 Industry Information - The import cost of soybeans declined. On December 2, the import cost of US soybeans was 4537 yuan/ton, down 33 yuan/ton from the previous day, ending a three - day increase and falling from a more than one - week high. The import cost of Brazilian soybeans was 3950 yuan/ton, and that of Argentine soybeans was 3917 yuan/ton, down 33 yuan/ton from the previous day [9]. 3.4 Market Outlook - The price of the soybean meal m2601 contract is expected to be mainly in a volatile consolidation in the short - term [13].