市场供应充足，豆粕延续震荡

Group 1: Investment Rating - The investment rating for both the soybean meal and corn sectors is neutral [3] Group 2: Core Viewpoints - The current supply - demand pattern of soybean meal has not changed, with high oil - mill operating rates and continuous inventory accumulation of soybeans and soybean meal. The overall soybean meal price is mainly in a range - bound movement. Attention should be paid to US soybean imports and the weather in the new - season South American production areas [2] - In the domestic corn market, the grain - selling progress in the Northeast is relatively fast, but the effective supply is tight due to farmers' reluctance to sell. As the price reaches a relatively high level and holidays approach, the grain - selling progress is expected to accelerate. Deep - processing and feed enterprises have low inventories and replenishment needs, and the demand from feed enterprises is rigid [4] Group 3: Market News and Key Data (Soybean Meal) - Futures: The closing price of the soybean meal 2605 contract was 2747 yuan/ton, a change of - 9 yuan/ton or - 0.33% from the previous day; the rapeseed meal 2605 contract was 2340 yuan/ton, a change of + 9 yuan/ton or + 0.39% [1] - Spot: Tianjin's soybean meal spot price was 3090 yuan/ton, unchanged from the previous day, with a spot basis of M05 + 343, a change of + 9; Jiangsu's was 3020 yuan/ton, a change of - 20 yuan/ton, with a spot basis of M05 + 273, a change of - 11; Guangdong's was 3030 yuan/ton, a change of - 10 yuan/ton, with a spot basis of M05 + 283, a change of - 1. Fujian's rapeseed meal spot price was 2560 yuan/ton, a change of + 10 yuan/ton, with a spot basis of RM05 + 220, a change of + 1 [1] - Market information: Brazil's soybean export volume in December is expected to be 3.57 million tons (previously 3.33 million tons), and the soybean meal export volume is expected to be 2 million tons (previously 1.83 million tons) [1] Group 4: Market News and Key Data (Corn) - Futures: The closing price of the corn 2601 contract was 2190 yuan/ton, a change of - 16 yuan/ton or - 0.73% from the previous day; the corn starch 2511 contract was 2499 yuan/ton, a change of - 13 yuan/ton or - 0.52% [3] - Spot: Liaoning's corn spot price was 2150 yuan/ton, unchanged from the previous day, with a spot basis of C01 + 115, a change of + 21; Jilin's corn starch spot price was 2630 yuan/ton, unchanged from the previous day, with a spot basis of CS01 + 131, a change of + 13 [3] - Market information: As of December 10, the sowing progress of corn in Argentina in the 2025/26 season was 59.2% (up from 44% a week ago), and the corn yield is expected to reach a record 61 million tons. The wheat harvest progress was 60.2%, a 15 - percentage - point increase week - on - week [3]