大连商品交易所农产品日报-20251212

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Corn: The corn market is in a state of shock. The futures price of the 2603 contract stabilized at the support of the 20 - day moving average, and the near - month 2601 contract continued to reduce positions with funds shifting to the March contract. The spot price in the Northeast is slightly weak, and the purchase and sales activity in the market is not high. Technically, the 3 - and 5 - month contracts face price pressure, and short - term technical adjustments are required. It is recommended to participate in short - term long positions with a light position, and the medium - term trend continues to face the pressure of the previous high on the weekly chart [2]. - Soybean Meal: CBOT soybeans fluctuated little due to weak export data and a slight downward adjustment of the Brazilian soybean production forecast by some institutions. The domestic protein meal continued to rebound, with a pattern of near - strong and far - weak. The increase of soybean meal exceeded that of rapeseed meal. There is news that the customs will extend the clearance time of imported soybeans, which drives the price of soybean meal up. The strategy is mainly short - term [2]. - Oils: BMD palm oil rose slightly, following the strength of the surrounding market. High - frequency data shows that the export volume of Malaysian palm oil from December 1 - 10 decreased by 15% month - on - month, but the yield increased by 6.87% month - on - month. The decline in the production reduction expectation restricted the increase of the Malaysian palm oil price. The US soybean oil declined, following the decline of crude oil. In the domestic market, the oils continued to recover, with rapeseed oil leading the rise. The terminal demand for oils is weak. The strategy is to sell call options and participate in the futures market short - term [2]. - Eggs: The egg futures fluctuated and adjusted. The supply is sufficient, which limits the rebound of the egg price. The short - term futures price fluctuates and adjusts. It is recommended to wait and see for future operation opportunities, and continuously pay attention to the impact of the breeding end's replenishment and elimination willingness on production capacity [2][3]. - Pigs: The futures price of pigs is weak in the near - term and strong in the long - term. The near - month contracts are affected by factors such as the spot price and pig diseases, and the price hits a new low. The 7 - and 9 - month contracts in the long - term have limited declines. The spot pig price is strong in the north and weak in the south. Technically, the long - term contracts of pigs show a relatively strong performance, and it is judged that the long - term contracts of pigs will continue to rebound with light - position long orders [3]. 3. Summary According to the Catalog Research Views - The report analyzes the market conditions of corn, soybean meal, oils, eggs, and pigs on Thursday, December 12, 2025, including futures price trends, spot price changes, and supply - demand situations, and gives corresponding investment strategies [2][3]. Market Information - The US 2025/2026 annual soybean export net sales are 69.6 tons, and the 2026/2027 annual soybean net sales are 0 tons [4]. - US private exporters reported selling 26.4 tons of soybeans to China and 18.6 tons of corn and 22.6 tons of soybeans to unknown destinations for delivery in the 2025/2026 year [4]. - The Brazilian Ministry of Agriculture predicts that the 2025/26 annual soybean production will reach 1.771236 billion tons, a year - on - year increase of 3.3%, and the sown area will reach 48.9356 million hectares, a year - on - year increase of 3.4% [4]. - The China National Grain Reserves Corporation will conduct central reserve frozen pork rotation and outbound auction transactions on December 15, 16, and 17, with 20,500 tons, 21,500 tons, and 4,500 tons respectively [5]. Variety Spreads - The report presents various variety spreads, including contract spreads (such as corn 1 - 5 spread, soybean meal 1 - 5 spread, etc.) and contract basis (such as corn basis, soybean basis, etc.) through multiple charts [6][7][8][14]