油脂油料早报-20251216

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The U.S. soybean export inspection volume in the week ending December 11, 2025 was 795,661 tons, falling short of market expectations [1]. - The U.S. soybean crushing volume in November 2025 decreased by 5.1% from the record - high in October, but increased by 11.8% year - on - year [1]. - The NOPA member companies' soybean oil inventory at the end of November 2025 reached a seven - month high of 1.513 billion pounds, up 15.9% from October and 39.6% year - on - year [1]. - A private exporter reported a sale of 136,000 tons of soybeans to China for delivery in the 2025/2026 market year [1]. - Brazil exported 1,650,220.58 tons of soybeans in the first two weeks of December 2025, with the daily average export volume increasing by 73% compared to the same period last year [1]. - In the week ending November 20, 2025, the net increase in U.S. soybean export sales was 2.3207 million tons, in line with expectations [1]. - In the same week, the net increase in U.S. soybean meal export sales was 151,400 tons, also in line with expectations [1]. - Malaysian palm oil exports from December 1 - 15, 2025 decreased by 15.9% (ITS data) or 16.4% (AmSpec data) compared to the previous month [1]. - India's palm oil imports in November 2025 increased by about 5% month - on - month, while soybean oil and sunflower oil imports declined, leading to a 13.3% month - on - month drop in total edible oil imports [1]. 3. Summary by Related Content Overnight Market Information - U.S. soybean export inspection volume in the week ending December 11, 2025 was 795,661 tons, lower than the expected 1 - 1.25 million tons, and 202,043 tons were exported to China, accounting for 25.39% of the total. The cumulative export inspection volume this crop year is 13.702208 million tons, compared with 25.252848 million tons in the same period last year [1]. - The U.S. soybean crushing volume in November 2025 was 216.041 million bushels, a 5.1% decrease from October but an 11.8% increase from November 2024. The soybean oil inventory at the end of November reached 1.513 billion pounds, a 15.9% increase from October and a 39.6% increase from the previous year [1]. - A private exporter sold 136,000 tons of soybeans to China for the 2025/2026 market year [1]. - Brazil exported 1,650,220.58 tons of soybeans in the first two weeks of December 2025, with a daily average of 165,022.06 tons, a 73% increase compared to December last year [1]. Export Sales Data - In the week ending November 20, 2025, U.S. soybean export sales net increased by 2.3207 million tons (expected 0.8 - 3 million tons), with 2.142 million tons sold to China. The export shipment was 763,500 tons, a 51% decrease from the previous week [1]. - In the same week, U.S. soybean meal export sales net increased by 151,400 tons (expected 0.1 - 0.45 million tons), and the export shipment was 336,700 tons, a 19% decrease from the previous week [1]. Palm Oil Export Data - Malaysian palm oil exports from December 1 - 15, 2025 decreased by 15.9% (ITS) or 16.4% (AmSpec) compared to the previous month [1]. Indian Edible Oil Import Data - India's palm oil imports in November 2025 increased by about 5% to 632,341 tons, while soybean oil imports decreased by over 18% to 370,661 tons and sunflower oil imports decreased by 45% to 142,953 tons. Total edible oil imports decreased by 13.3% to 1.15 million tons [1]. Spot Price - The table shows the 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 9 - 15, 2025 [4].