农产品日报（2025 年12 月19日）-20251219

Report Industry Investment Ratings - Corn: Oscillating downward [2] - Soybean Meal: Oscillating [2] - Oils: Oscillating [2] - Eggs: Oscillating [2] - Pigs: Oscillating upward [3] 2. Core Views of the Report - The corn futures price continued to adjust on Thursday, with the near - month 2603 contract leading the decline. The spot price in Northeast China remained stable, and imported corn auctions in Liaoning would impact the market. The price of deep - processed corn in North China fluctuated. The supply pressure of the corn market is shifting backward, and the forward quotes are under continuous pressure [2]. - The CBOT soybeans fell for 5 consecutive days on Thursday due to long - position selling and demand concerns. The domestic import cost of soybeans has dropped, and the protein meal is weakly operating. The auction of imported soybeans is ongoing, with a scale of 550,000 tons. The domestic situation of sufficient supply, smooth forward soybean purchases, and cautious feed raw material procurement remains unchanged [2]. - The BMD palm oil closed higher on Thursday, supported by bargain - hunting and improved price competitiveness. The domestic oil market is differentiated, with palm oil rising and rapeseed oil falling. The weak external market, falling import costs, and loose domestic supply are the reasons for the decline [2]. - The egg futures weakened on Thursday, with the 2601 and 2603 contracts closing down. The spot price of eggs is basically stable, and there is an expectation of a slow decline in future supply capacity. However, the cost side is weakening, and the futures are in a callback [2]. - The near - month 2603 contract of live pigs first rose and then fell on Thursday, while the forward contracts had limited declines and showed strength. There is an expectation of a price rebound before the Spring Festival, and the forward price is strong due to factors such as pig diseases and policy - driven inventory reduction [3] 3. Summary by Relevant Catalogs 3.1 Market Information - China's edible oil imports in November were 1.03 million tons, a year - on - year increase of 42.9%. From January to November, the cumulative imports were 9.03 million tons, a year - on - year increase of 5.9%. The soybean oil imports in November were 50,000 tons, a year - on - year increase of 827.2%, and the cumulative imports from January to November were 340,000 tons, a year - on - year increase of 23.8%. The palm oil imports in November were 330,000 tons, a year - on - year increase of 97.8%, and the cumulative imports from January to November were 2.29 million tons, a year - on - year decrease of 7.6% [4]. - Indonesia's palm oil exports in October were 2.8 million tons, a year - on - year decrease of about 3%. The production of crude palm oil in October was 4.35 million tons, and the inventory at the end of October was 2.33 million tons, lower than 2.59 million tons in the previous month [4]. - On December 18, the "Agricultural Product Wholesale Price 200 Index" was 130.59, a decrease of 0.02 points from the previous day, and the "Basket of Vegetables" product wholesale price index was 133.51, a decrease of 0.03 points from the previous day. As of 14:00 on that day, the average pork price in the national agricultural product wholesale market was 17.51 yuan/kg, a 0.5% increase from the previous day; the beef price was 65.73 yuan/kg, a 0.4% decrease; the mutton price was 62.40 yuan/kg, a 0.8% decrease; the egg price was 7.41 yuan/kg, a 0.1% decrease; and the white - striped chicken price was 17.82 yuan/kg, unchanged from the previous day [5] 3.2 Variety Spreads - The report presents various contract spreads and contract basis charts including those for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific data or analysis of these spreads and basis are provided [6][14]