豆油期货日报-20251205

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The soybean oil futures market continued its narrow - range oscillation, with the main contract slightly closing higher and a significant decrease in open interest. The market is currently influenced by both long and short factors. The firm spot price and high positive basis support the futures price, while the medium - to - high domestic commercial inventory of soybean oil restricts the upward price movement. It is expected that the soybean oil price will continue to oscillate within a range in the short term. Key factors to watch include the domestic inventory reduction pace, weather changes in South American soybean - producing areas, and external variables such as biodiesel policies at the macro - level [10]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Contract Market: On December 3, 2025, the soybean oil futures market showed an oscillating and consolidating trend. The main contract y2601 closed at 8,286 yuan/ton, up 6 yuan/ton from the previous trading day. The trading volume was 161,570 lots, and the open interest was 301,309 lots, with a decrease of 17,961 lots [2]. - Variety Price: The total trading volume of soybean oil contracts was 300,450 lots, and the total open interest was 823,989 lots, an increase of 9,061 lots compared to the previous day [4]. - Related Market: The daily trading volume of soybean oil options was 19,261 lots, the open interest was 90,263 lots, with a decrease of 838 lots, and the exercise volume was 0 lots [7]. 3.2 Spot Market - The spot price of first - grade soybean oil in Zhangjiagang on the day was 8,550 yuan/ton. The settlement price of the main contract v2601 was 8,278 yuan/ton, and the basis was 272 yuan/ton [8]. 3.3 Influencing Factors - On December 2, commodity funds net - sold 3,000 lots of CBOT soybean futures contracts, net - bought 15,500 lots of corn futures contracts, net - bought 3,500 lots of wheat futures contracts, net - sold 4,000 lots of soybean meal futures contracts, and net - bought 3,000 lots of soybean oil futures contracts [9].