油脂油料早报-20251209

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The export and sales data of US soybeans and soybean meal show fluctuations, with some indicators decreasing compared to previous periods. Brazil's soybean export in the first week of December increased significantly compared to the daily average of last December, and the sowing progress of the 2025/26 soybean season is close to completion, but there are still concerns in some regions [1]. - China's soybean imports from January to November increased by 6.9% year - on - year, while the imports of edible vegetable oil decreased by 3% [1]. 3. Summary by Related Catalogs Overnight Market Information - A private exporter reported selling 132,000 tons of soybeans to China for delivery in the 2025/2026 market year [1]. - As of the week ending December 4, 2025, the US soybean export inspection volume was 1,018,127 tons, within the market forecast range. The export inspection volume to the Chinese mainland was 119,895 tons, accounting for 11.8% of the total. The cumulative export inspection volume of US soybeans this crop year is 12,899,667 tons, compared to 23,556,424 tons in the same period of the previous year [1]. - As of the week ending November 6, the net increase in US soybean export sales was 51.42 tons, at the lower end of the forecast range. The net increase in soybean export sales to the Chinese mainland was 23.2 tons. The soybean export shipment was 92.78 tons, and the new sales of the current market year were 58.08 tons, with 0.36 tons for the next market year [1]. - As of the week ending November 6, the net increase in US soybean meal export sales was 9.35 tons, in line with expectations. The soybean meal export shipment was 21.62 tons, and the new sales of the current market year were 10.83 tons, with 0 tons for the next market year [1]. - Brazil exported 970,871.13 tons of soybeans in the first week of December, with a daily average export volume 103% higher than that of December last year [1]. China's Import Data - China's soybean imports from January to November were 10,379 tons, a year - on - year increase of 6.9%. The imports of edible vegetable oil from January to November were 627 tons, a year - on - year decrease of 3% [1]. Brazil's Soybean Sowing - As of last Thursday, the sowing of Brazil's 2025/26 soybean season was 94% complete, 5 percentage points higher than a week ago but slightly lower than 95% in the same period last year. The rainfall has brought some relief to the Cerrado region, but attention still needs to be paid to the lack of soil moisture in Rio Grande do Sul. The estimated soybean output remains at 178.5 million tons [1]. Spot Prices - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from December 2 to December 8, 2025, showed some fluctuations [2].