市场仍显宽松，豆粕维持震荡

1. Report's Industry Investment Ratings - The investment strategy for the soybean meal market is cautiously bearish [4] - The investment strategy for the corn market is neutral [7] 2. Core Views of the Report - The current supply - demand pattern of soybean meal has not changed, with high oil mill operating rates and continuous inventory accumulation of soybeans and soybean meal. After policy stability, there is no sudden news to stimulate the market, so the overall soybean meal price fluctuates. Attention should be paid to the import of US soybeans and the weather in the new - season South American production areas [3] - In the domestic corn market, the supply in the Northeast production area is currently tight due to farmers' reluctance to sell, but the selling progress is expected to accelerate. The demand side, including deep - processing and feed enterprises, has inventory replenishment needs, and feed enterprises' demand is rigid [6] 3. Summaries According to Related Contents 3.1 Soybean Meal Market 3.1.1 Market News and Key Data - Futures: The closing price of the soybean meal 2605 contract was 2763 yuan/ton, down 15 yuan/ton (-0.54%) from the previous day; the closing price of the rapeseed meal 2605 contract was 2317 yuan/ton, down 25 yuan/ton (-1.07%) from the previous day [1] - Spot: The spot price of soybean meal in Tianjin was 3050 yuan/ton, down 20 yuan/ton; in Jiangsu, it was 3000 yuan/ton, down 20 yuan/ton; in Guangdong, it was 3000 yuan/ton, down 10 yuan/ton. The spot price of rapeseed meal in Fujian was 2510 yuan/ton, down 40 yuan/ton [1] - Export Data: Brazil exported 970,000 tons of soybeans in the first week of December 2025, with a daily average export volume of 194,000 tons, a 103% increase from the daily average export volume in December of the previous year. As of December 4, 2025, the US soybean export inspection volume was 1.018 million tons [2] 3.1.2 Market Analysis - The supply - demand pattern has not changed. High oil mill operating rates and inventory accumulation lead to a stable soybean meal price in a fluctuating state. The high cost of imported US soybeans requires attention to import and South American weather conditions [3] 3.2 Corn Market 3.2.1 Market News and Key Data - Futures: The closing price of the corn 2601 contract was 2236 yuan/ton, down 25 yuan/ton (-1.11%) from the previous day; the closing price of the corn starch 2511 contract was 2522 yuan/ton, down 27 yuan/ton (-1.06%) from the previous day [4] - Spot: The spot price of corn in Liaoning was 2150 yuan/ton, unchanged from the previous day; the spot price of corn starch in Jilin was 2650 yuan/ton, unchanged from the previous day [4] - Export Data: As of December 4, 2025, the US corn export inspection volume was 1.452 million tons. Brazil exported 1.728 million tons of corn in the first week of December 2025, with a daily average export volume of 346,000 tons, a 70% increase from the daily average export volume in December of the previous year [4] 3.2.2 Market Analysis - On the supply side in the domestic market, the selling progress in the Northeast is fast overall, but farmers' reluctance to sell has led to a tight supply. The selling progress is expected to accelerate. On the demand side, deep - processing and feed enterprises have inventory replenishment needs, and the demand from feed enterprises is rigid [6]