现货价格坚挺，豆粕延续震荡

Report Summary 1. Report Industry Investment Rating - The investment rating for both the soybean meal and corn sectors is neutral [4][7] 2. Report's Core View - The overall price of soybean meal is mainly in a state of oscillatory operation due to the unchanged supply - demand pattern, high oil - mill operating rates, continuous inventory accumulation of soybeans and soybean meal, and the lack of sudden news stimuli after policy stabilization. Attention should be paid to the import situation of US soybeans and the weather in the new - season South American production areas [3] - For corn, the supply in the domestic market is temporarily tight due to farmers' reluctance to sell, while demand from deep - processing and feed enterprises is strong. The market situation also needs to focus on the new - season corn acquisition situation [6] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data - Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2605 contract was 2777 yuan/ton, up 19 yuan/ton or 0.69% from the previous day; the rapeseed meal 2605 contract was 2359 yuan/ton, up 18 yuan/ton or 0.77% [1] - Spot: In Tianjin, the soybean meal spot price was 3090 yuan/ton; in Jiangsu, it was 3050 yuan/ton; in Guangdong, it was 3060 yuan/ton. The rapeseed meal spot price in Fujian was 2570 yuan/ton [1] - Corn and Corn Starch - Futures: The closing price of the corn 2601 contract was 2220 yuan/ton, down 8 yuan/ton or 0.36% from the previous day; the corn starch 2511 contract was 2502 yuan/ton, down 11 yuan/ton or 0.44% [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton; in Jilin, the corn starch spot price was 2650 yuan/ton [4] 3.2 Recent Market News - Soybean - US soybean export inspection volume in the week ending December 11, 2025, was 79.6 tons, lower than the market forecast of 100 - 125 tons [2] - As of last Thursday, the sown area of soybeans in Brazil's 2025/26 season reached 97% of the expected area, a 3 - percentage - point increase from the previous week [2] - Brazil exported 165 tons of soybeans in the first two weeks of December 2025, with a daily average export volume of 16.5 tons, a 73% increase from the daily average export volume in December 2024 [2] - Corn - US corn export inspection volume in the week ending December 11, 2025, was 158.3 tons, within the market forecast range of 100 - 160 tons [4] - Brazil exported 290.9 tons of corn in the first two weeks of December 2025, with a daily average export volume of 29.1 tons, a significant increase compared to December 2024 [4] 3.3 Market Analysis - Soybean Meal - The supply - demand pattern remains unchanged, with high oil - mill operating rates and continuous inventory accumulation of soybeans and soybean meal. The soybean meal price is mainly oscillating. Attention should be paid to the import of US soybeans and the weather in South American production areas [3] - Corn - In the domestic market, the supply is temporarily tight due to farmers' reluctance to sell, while the demand from deep - processing and feed enterprises is strong. The new - season corn acquisition situation needs attention [6] 3.4 Strategy - The strategy for both soybean meal and corn is neutral [4][7]