供需格局延续，豆粕延续震荡

1. Report Industry Investment Ratings - The investment rating for the soybean meal sector is cautiously bearish [3] - The investment rating for the corn sector is neutral [5] 2. Core Views of the Report - The current supply - demand pattern for soybean meal remains unchanged, with high oil mill operating rates and continuous inventory accumulation of soybeans and soybean meal. Without significant news, soybean meal prices will continue to fluctuate. Attention should be paid to US soybean imports and weather in the new - season South American production areas [2] - For corn, the selling progress in Northeast China is relatively fast, but farmers' reluctance to sell has tightened effective supply. As prices reach a relatively high level and holidays approach, the selling progress may accelerate. Deep - processing and feed enterprises have low inventories and need to replenish stocks, and feed demand is rigid [4] 3. Summary by Relevant Catalogs 3.1. Soybean Meal and Rapeseed Meal 3.1.1. Market News and Important Data - Futures: The closing price of the soybean meal 2605 contract was 2750 yuan/ton, down 4 yuan/ton (-0.15%) from the previous day; the rapeseed meal 2605 contract was 2323 yuan/ton, down 6 yuan/ton (-0.26%) [1] - Spot: In Tianjin, the soybean meal spot price was 3090 yuan/ton, up 30 yuan/ton; in Jiangsu, it was 3040 yuan/ton, up 10 yuan/ton; in Guangdong, it was 3050 yuan/ton, up 20 yuan/ton. In Fujian, the rapeseed meal spot price was 2550 yuan/ton, up 10 yuan/ton [1] - US data: In October 2025, US soybean crushing volume was 7.11 million short tons. The soybean oil production in October 2025 was 2.83 billion pounds, an 18% increase from September 2025 and an 11% increase from October 2024 [1] 3.1.2. Market Analysis - The supply - demand pattern has not changed, with high oil mill operating rates and inventory accumulation. Without new news, soybean meal prices will fluctuate. High US soybean import costs require attention to import volume and South American weather [2] 3.1.3. Strategy - Cautiously bearish [3] 3.2. Corn and Corn Starch 3.2.1. Market News and Important Data - Futures: The closing price of the corn 2601 contract was 2243 yuan/ton, up 2 yuan/ton (+0.09%); the corn starch 2511 contract was 2523 yuan/ton, down 9 yuan/ton (-0.36%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2650 yuan/ton, unchanged [3] - Brazilian data: Thanks to abundant rainfall, the planting of the first - season corn crop in some Brazilian states is progressing rapidly. As of December 5, the national first - season corn sowing was 71.3% complete [3] 3.2.2. Market Analysis - Supply side: The selling progress in Northeast China is relatively fast, but farmers' reluctance to sell has tightened supply. As prices rise and holidays approach, selling may accelerate. Demand side: Deep - processing and feed enterprises have low inventories and need to replenish stocks, and feed demand is rigid [4] 3.2.3. Strategy - Neutral [5]