油粕日报：偏弱震荡-20251216

Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating, but it indicates that the oil and粕 market is in a weak and volatile state [1][4] Core Viewpoints - The soybean meal market shows a marginal destocking trend but remains at a relatively high level in the same period of history. The near - month futures of soybean meal have strong support for auction transactions, while the far - month contracts are expected to remain volatile. The oil market is in a weak trend, and after the negative factors of palm oil and rapeseed oil are gradually realized, the market may enter a volatile phase again. The delay of the US biofuel policy may prolong the period of weak and volatile oil prices, and there is no upward driving factor in the short term [2][4] Summary by Related Content Soybean Meal - NOPA data shows that the US soybean crushing volume in November decreased by 5.1% from the record high in October but increased by 11.8% compared with the same period in 2024. As of last Thursday, the sown area of soybeans in the 2025/26 season in Brazil reached 97% of the expected area, with good rainfall in most producing areas [1] - As of December 12, 2025, the domestic main oil mills' soybean meal inventory was 110.36 million tons, a decrease of 5.73 million tons from the previous week. The second batch of imported soybean auctions in China sold 513,883 tons today, with a transaction rate of 62.88% and a transaction volume of 323,118 tons. The premium level in Shandong and Tianjin regions decreased significantly compared with last week [2] Oils Palm Oil - From December 1 - 15, 2025, Malaysia's palm oil exports decreased by 15.89% compared with the same period last month, and the production decreased by 2.97% compared with the same period last month. Palm oil is in a stage of strong supply and weak demand in the short term and will maintain a weak trend [3][4] Rapeseed Oil - Due to the strong foreign production increase expectation and the arrival of Australian rapeseed, the premium of rapeseed oil has significantly retreated. After continuous decline, the market has returned to rationality. Future attention should be paid to rapeseed purchases in the next quarter and the possibility of restarting purchases of Canadian rapeseed [3] Soybean Oil - The domestic soybean oil market is in a period of loose supply and demand, with no obvious driving force. The US biofuel policy has been postponed to the first quarter of next year, and the buying power of US soybean oil will remain weak before the policy is implemented [3]