油脂油料早报-20251217

1. Industry Investment Rating - No information provided 2. Core Viewpoints - In October 2025, Brazilian factories processed 4.39 million tons of soybeans, producing 3.36 million tons of soybean meal and 0.9 million tons of soybean oil, with soybean, soybean meal, and soybean oil ending inventories of 1,126 tons, 2.51 million tons, and 0.49 million tons respectively [1] - From December 1 - 15, 2025, Malaysia's palm oil production decreased by 2.97% month - on - month, fresh fruit bunch yield per unit area decreased by 2.55%, and oil extraction rate decreased by 0.08% [1] - The expected sown area of winter rapeseed in France for the 2026/27 season will reach 1.34 million hectares, a three - year high, with a year - on - year increase of 6.4% and a 9.4% increase compared to the average of last year [1] 3. Summary by Related Catalogs Overnight Market Information - In October 2025, Brazilian factories processed 4.39 million tons of soybeans, with 3.36 million tons of soybean meal and 0.9 million tons of soybean oil produced, and the ending inventories of soybean, soybean meal, and soybean oil were 1,126 tons, 2.51 million tons, and 0.49 million tons respectively [1] - From December 1 - 15, 2025, Malaysia's palm oil production decreased by 2.97% month - on - month, fresh fruit bunch yield per unit area decreased by 2.55%, and oil extraction rate decreased by 0.08% [1] - The expected sown area of winter rapeseed in France for the 2026/27 season will reach 1.34 million hectares, a three - year high, increasing by 6.4% year - on - year and 9.4% compared to the average of last year [1] Spot Prices - The spot 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 10 - 16, 2025 are presented in a table [2] Protein Meal Basis - No information provided [3] Oil and Fat Futures Spread - No information provided [6] Oil and Fat Basis - No information provided [8]