豆粕周报：美豆持续回落，连粕弱势震荡-20251222

Report Industry Investment Rating No relevant content provided. Core Views - Last week, the CBOT March soybean contract dropped 26.75 to close at 1059.5 cents per bushel, a decline of 2.46%; the May bean粕 contract fell 35 to close at 2735 yuan per ton, a decline of 1.26%; the South China bean粕 spot price closed at 3060 yuan per ton, unchanged from the previous week; the May rapeseed粕 contract dropped 24 to close at 2323 yuan per ton, a decline of 1.02%; the Guangxi rapeseed粕 spot price fell 30 to close at 2470 yuan per ton, a decline of 1.20% [3][6]. - Favorable weather conditions in South America have strengthened the expectation of a bumper harvest. Brazil's soybean harvesting will start in January, increasing supply. The overall progress of US soybean export sales is slow, heightening concerns about exports and potentially leading to a downward adjustment of export forecasts. As a result, US soybeans have been weakening, filling the gap from the sharp jump at the end of October. In China, the enthusiasm for imported soybean auctions has cooled, and combined with the decline in import costs, bean粕 prices have fallen this week [3][6]. - South American crops are expected to have a bumper harvest. Brazil's soybean harvesting will start in January, and export supply will increase in February. China's pace of purchasing US soybeans has slowed compared to earlier, and the overall progress of US soybean export sales is slow, causing the outer - market prices to continue to decline. Last week, the imported soybean auction cooled. Attention should be paid to the subsequent auction results. There is still supply in the spot market, and downstream buyers are mainly replenishing stocks on a rolling basis. However, the supply of imported soybeans will decrease in the first quarter, and with the expectation of holiday stocking, there is support for spot prices. It is expected that the main contract of Dalian bean粕 will fluctuate weakly in the short term [3][10]. Summary by Directory Market Data - The CBOT soybean price dropped from 1086.25 to 1059.5 cents per bushel, a decline of 2.46%; the CNF import price of Brazilian soybeans decreased from 490 to 474 dollars per ton, a decline of 3.27%; the CNF import price of US Gulf soybeans fell from 491 to 476 dollars per ton, a decline of 3.05%; the Brazilian soybean crushing margin on the futures market increased from - 110.17 to - 80.72 yuan per ton; the DCE bean粕 price dropped from 2770 to 2735 yuan per ton, a decline of 1.26%; the CZCE rapeseed粕 price fell from 2347 to 2323 yuan per ton, a decline of 1.02%; the price difference between bean粕 and rapeseed粕 decreased from 423 to 412 yuan per ton; the East China spot price of bean粕 dropped from 3080 to 3060 yuan per ton, a decline of 0.65%; the South China spot price of bean粕 remained unchanged at 3060 yuan per ton; the spot - futures price difference in South China increased from 290 to 325 yuan per ton [4]. Market Analysis and Outlook - As of the week ending November 27, the net increase in US soybean export sales for the 2025/2026 season was 110.6 million tons, down from 232.1 million tons the previous week. The cumulative sales volume of current - year US soybeans was 2183 million tons, with a sales progress of 49.1%, compared to 70.9% last year. China's net purchase of US soybeans that week was 50.9 million tons, with a cumulative purchase of 301.5 million tons and an unshipped volume of 301.5 million tons [7]. - As of the week ending December 12, 2025, the US soybean crushing gross profit was 2.33 dollars per bushel, down from 2.45 dollars per bushel the previous week. The spot price of 48% protein bean粕 at Illinois soybean processing plants was 311.2 dollars per short ton, down from 320.87 dollars per short ton the previous week. The truck - delivered price of crude soybean oil in Illinois was 49.67 cents per pound, down from 50.37 cents per pound the previous week. The average price of No. 1 yellow soybeans was 10.77 dollars per bushel, down from 10.95 dollars per bushel the previous week [7]. - The NOPA monthly report showed that the US soybean crushing volume in November was 216.041 million bushels, a 5.1% decrease from October and an 11.8% increase from the same period last year. As of November 30, the soybean oil inventory of NOPA member companies was 1.513 billion pounds, a 15.9% increase from the end of October and a 39.6% increase from the same period last year [8]. - As of the week ending December 12, 2025, the planting rate of Brazilian soybeans for the 2025/26 season was 94.1%, up from 90.3% the previous week and lower than 96.8% last year. Brazil's soybean exports in December are expected to be 3.57 million tons, up from the previous week's forecast of 3.33 million tons. As of the week ending December 17, 2025, the sowing progress of Argentine soybeans was 67.3%, up from 58.6% the previous week and lower than 76.6% last year [8]. - The weather forecast for South American soybean - growing regions shows that in the next 15 days, precipitation in the southern Brazilian soybean - growing regions will increase significantly, while precipitation in the central - western regions will be slightly lower than normal. Overall, the conditions for crop growth and development are good. Precipitation in the Argentine growing regions will be higher than the average [8]. - As of the week ending December 12, 2025, the soybean inventory of major oil mills was 7.3948 million tons, an increase of 239,600 tons from the previous week and 1.3807 million tons from the same period last year; the bean粕 inventory was 1.0969 million tons, a decrease of 65,000 tons from the previous week and an increase of 456,700 tons from the same period last year; the unfulfilled contracts were 5.7202 million tons, a decrease of 600,300 tons from the previous week and an increase of 1.2002 million tons from the same period last year. The soybean inventory at national ports was 9.162 million tons, a decrease of 208,000 tons from the previous week and an increase of 1.3615 million tons from the same period last year [9]. - As of the week ending December 12, 2025, the average daily trading volume of bean粕 nationwide was 121,260 tons, including 50,940 tons of spot trading and 70,320 tons of forward trading, down from 182,400 tons the previous week. The average daily pick - up volume of bean粕 was 181,500 tons, down from 194,500 tons the previous week. The crushing volume of major oil mills was 2.1306 million tons, up from 2.0375 million tons the previous week. The inventory days of bean粕 in feed enterprises were 9.23 days, up from 9.13 days the previous week [9]. Industry News - The AgRural agency reported that as of last Thursday, the sown area of Brazilian soybeans for the 2025/26 season had reached 97% of the expected area, a 3 - percentage - point increase from the previous week. Most regions had good rainfall last week, and the weather forecast indicates more rainfall and favorable temperatures in the coming days [11]. - The Secex agency reported that Brazil exported 1.65022058 million tons of soybeans in the first two weeks of December, with an average daily export volume of 165,022.06 tons, a 73% increase from the average daily export volume in December last year. The total export volume in December last year was 2.0060892 million tons [11]. - Data from the Brazilian Vegetable Oil Industry Association (Abiove) showed that in October 2025, Brazilian factories processed 4.39 million tons of soybeans, producing 3.36 million tons of bean粕 and 900,000 tons of soybean oil. The ending inventory of soybeans at oil mills was 11.265 million tons, the ending inventory of bean粕 was 2.51 million tons, and the ending inventory of soybean oil was 490,000 tons [11]. - According to the European Commission, as of December 14, the EU's palm oil imports in the 2025/26 season were 1.4 million tons, down from 1.5 million tons last year; soybean imports were 5.6 million tons, down from 6.5 million tons last year; bean粕 imports were 8.3 million tons, down from 9.2 million tons last year; and rapeseed imports were 1.7 million tons, down from 2.8 million tons last year [12]. - A commodity research estimated that the 2025/26 Argentine soybean production would remain at 46.9 million tons, with an estimated range of 45.8 - 48.1 million tons. However, the delayed sowing, decreasing soil moisture in the Pampas region, and long - term weather prospects require attention. The estimated planted area is 16.7 million hectares, slightly higher than the Rosario Exchange's report of 16.4 million hectares but lower than the Buenos Aires Grain Exchange's report of 17.6 million hectares [12]. - The Deral agency estimated that the 2025/26 soybean production in Paraná state would be 21.96 million tons, the same as the November estimate. If the estimate is correct, the state's soybean output will increase by 4% compared to the previous year. The agricultural department of Rio Grande do Sul state reported that the sowing rate of soybeans in the 2025/26 season reached 89%, a 13 - percentage - point increase from the previous week. The rainfall ensured soil moisture and was beneficial to the sown crops. The sowing rate exceeded the historical average of 88% but was lower than 91% in the same period last year [13].