申万期货品种策略日报-油脂油料-20251205

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The night - session of protein meal showed a weak and volatile trend. Brazilian soybean sowing progress has accelerated, but China's suspension of five Brazilian exporters' qualifications has raised concerns about South American supply stability. US soybean export sales are still slow, and domestic soybean supply is sufficient with high - level bean meal inventory restricting price upside. [3] - The night - session of oils and fats showed a weak performance. Palm oil production areas are in the rainy season. Although palm oil exports have slowed down, the production increase is lower than expected. The MPOB monthly report is imminent, and the palm oil inventory is expected to continue to accumulate in November, with a possible inventory inflection point in December, limiting the upside space. For rapeseed oil, the arrival of imported Australian rapeseeds has alleviated the supply shortage expectation, potentially suppressing its price. [3] 3. Summary by Related Catalogs 3.1 Domestic Futures Market - For domestic futures, the previous day's closing prices, price changes, price change percentages, spreads, and price - ratio spreads of various varieties such as soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts are presented. For example, the soybean oil main contract's previous day's closing price was 8254, with a price change of - 32 and a price change percentage of - 0.39%. [2] 3.2 International Futures Market - The previous day's closing prices, price changes, and price change percentages of international futures such as BMD palm oil, CBOT soybeans, CBOT US soybean oil, and CBOT US soybean meal are provided. For instance, BMD palm oil's previous day's closing price was 4118 ringgit/ton, with a price change of 19 and a price change percentage of 0.46%. [2] 3.3 Domestic Spot Market - Spot prices, price change percentages, spot basis, and spot spreads of domestic products are given. For example, the spot price of Tianjin first - grade soybean oil is 8520, with a price change percentage of - 0.35%, and the spot basis is 266. [2] 3.4 Import and Crushing Profits - The import and crushing profits of various products such as Malaysian palm oil, US Gulf soybeans, Brazilian soybeans, US West soybeans, Canadian crude rapeseed oil, and Canadian rapeseeds are presented. For example, the import and crushing profit of near - month Malaysian palm oil is - 537. [2] 3.5 Warehouse Receipts - The current and previous values of warehouse receipts for products like soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts are provided. For example, the current value of soybean oil warehouse receipts is 18,269. [2] 3.6 Industry Information - Brazil's expected export volumes in December are 281 million tons of soybeans, 133 million tons of soybean meal, and 499 million tons of corn. Canada's 2025 rapeseed production is expected to increase by 13.3% to 21.8 million tons. [3]