油脂油料早报-20251205

Report Summary Report Industry Investment Rating No information provided in the content. Core Viewpoints The report presents the latest market information on the oilseeds and oils industry, including inventory, export, production, price, and spread data in countries such as the United States, Brazil, and Canada [1]. Detailed Summaries 1. Inventory and Export Data - Analysts expect the US 2025 - 26 soybean year - end inventory to rise to 302 million bushels, up from the USDA's November 14 estimate of 290 million bushels [1]. - For the week ending October 30, US soybean export sales increased by 1.2485 million tons, in line with expectations, with exports to the Chinese mainland up 232,000 tons. Export shipments were 1.0285 million tons [1]. - For the week ending October 30, US soybean meal export sales increased by 219,800 tons, meeting expectations, and export shipments were 238,700 tons [1]. - ANEC predicts that Brazil's December soybean exports will reach 2.81 million tons, up from 1.47 million tons last year, and soybean meal exports are expected to be 1.33 million tons, down from 2.17 million tons last year [1]. - Secex data shows that Brazil exported 4.19717712 million tons of soybeans in November, a 64.40% year - on - year increase [1]. 2. Production Data - Canada's 2025 rapeseed production reached a record high, with the national yield rising to 44.7 bushels per acre and production increasing by 13.3% to 21.8 million tons [1]. 3. Price and Spread Data - Spot Prices: From November 28 to December 4, 2025, the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, and palm oil in Guangzhou fluctuated [2]. - Basis: The report provides basis data for soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil at different periods and locations [3][4][5]. - Price Spreads: The report includes various seasonal price spreads of oilseeds and oils, such as the spreads between different contract months of soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil, as well as the spreads between different varieties [16].