《农产品》日报-20251222

Group 1: Report Industry Investment Ratings - No information provided in the given reports Group 2: Core Views of the Reports 1. Oils and Fats - Palm oil: Trump's blockade on Venezuelan oil tankers may increase palm oil's attractiveness as a biofuel raw material. However, Malaysian palm oil exports decreased in the first half of December, and BMD palm oil is likely to fluctuate. In China, palm oil lacks price - advantage in winter, and its basis has limited fluctuation space [1] - Soybean oil: US soybean exports to China are slower than expected, and South American soybeans may have a good harvest. CBOT soybeans are expected to fluctuate slightly. In China, the supply of soybean oil is sufficient, but the inventory may decrease due to pre - Spring Festival stocking, and the decline of the spot basis is limited [1] - Rapeseed oil: Domestic rapeseed prices are stable, but inventory in some areas is limited. The futures price has limited room for further decline, and the spot price and basis fluctuate slightly [1] 2. Apples - The current inventory depletion is slow, and the overall sales are weaker than last year. The price of farmers' apples is under pressure. The short - term market will trade the game between the "real shortage of high - quality delivery products" and the "overall inventory pressure" [6] 3. Red Dates - The support from spot sales and cost is weak. The futures price is weak, and the basis is strengthening. The overall market supply is relatively loose, and the 01 contract's entry into the delivery month has released some pressure. The future trend depends on market consumption [7] 4. Corn and Corn Starch - In the northeast, the bullish sentiment is shaken, and traders sell at high prices. In North China, the sales volume fluctuates with price. The demand side shows that deep - processing enterprises' inventory is increasing, while feed enterprises are mainly on the sidelines. The corn market is likely to be weak in the short term, but the decline space is limited [8] 5. Pigs - The spot price is stable, and the demand for curing meat around the Winter Solstice is increasing. The slaughter cycle of farmers is longer this year due to the late Spring Festival, and the market is slightly stronger. The 03 contract has limited upside but is supported at around 11,000 [12] 6. Meal Products - The price of US soybeans is weak. Brazilian soybeans will be listed soon, posing a competitive threat. The domestic soybean meal market is loose, and the 1 - 5 spread is difficult to rise further. The soybean meal price has limited downside but lacks upward momentum [16] 7. Sugar - Brazilian sugar production is in the late stage, which may support prices. Indian sugar production is abundant, restricting the rebound of raw sugar prices. The domestic sugar market is expected to be weak and volatile, and short - selling on rebounds is recommended [18] 8. Cotton - Internationally, US cotton sales are weak in late November. The weather in the main producing areas is dry, and the quality index is rising. Domestically, the supply pressure is gradually released, and the demand from spinning enterprises is weakening. Zhengzhou cotton is expected to fluctuate strongly but has limited upward momentum [19] 9. Eggs - The number of old hens and newly - laid hens is decreasing, but the supply of small - sized eggs is tight, and large - sized eggs are sufficient. The demand from food processing and catering industries is weak. The market is in a "supply - strong - demand - weak" pattern and is expected to be weak and volatile [21] Group 3: Summary by Related Catalogs 1. Oils and Fats - Price Changes: On December 19, compared with December 18, the prices of soybean oil, palm oil, and rapeseed oil in the spot and futures markets all decreased to varying degrees [1] - Inventory and Basis: Palm oil inventory decreased last weekend and was lower than the five - year average. The basis of soybean oil, palm oil, and rapeseed oil all changed to some extent [1] 2. Apples - Futures and Spot Data: The price of the apple 2605 contract increased, and the basis decreased. The arrival volume in some fruit markets decreased, and the national cold - storage inventory also decreased slightly [3] - Regional Inventory: The cold - storage inventory in six major apple - producing areas is provided, with Shandong having the largest inventory. The current inventory depletion is slow [6] 3. Red Dates - Futures and Spot Data: The prices of red date futures contracts decreased slightly, and the basis of some grades changed. The inventory in Cangzhou showed different changes in warehouse receipts and effective forecasts [7] 4. Corn and Corn Starch - Corn: The price of the corn 2603 contract increased slightly, and the basis decreased. The import profit increased, and the number of remaining vehicles in Shandong deep - processing enterprises increased [8] - Corn Starch: The price of the corn starch 2603 contract decreased slightly, and the basis increased slightly. The spread between starch and corn decreased [8] 5. Pigs - Futures Data: The price of the pig 2605 contract increased, and the basis decreased. The spread between the 3 - 5 contracts decreased [12] - Spot Data: The spot prices in some regions decreased, the daily slaughter volume increased, and the breeding profit increased [12] 6. Meal Products - Soybean Meal: The spot price of soybean meal remained unchanged, and the futures price decreased slightly. The basis increased, and the Brazilian import crushing profit increased [16] - Rapeseed Meal: The spot and futures prices of rapeseed meal decreased, and the basis decreased. The Canadian import crushing profit decreased [16] - Soybeans: The prices of domestic and imported soybeans changed slightly, and the basis and warehouse receipts also changed [16] 7. Sugar - Futures and Spot Data: The prices of domestic sugar futures contracts decreased, and the ICE raw sugar price increased. The spot prices in Nanning and Kunming decreased, and the basis changed [18] - Industry Data: The production and sales of sugar in China and Guangxi decreased year - on - year, and the import volume increased [18] 8. Cotton - Futures and Spot Data: The prices of cotton futures contracts increased, and the basis decreased. The ICE US cotton price increased slightly [19] - Industry Data: The inventory in Xinjiang and the import volume increased, and the export volume of textile products increased [19] 9. Eggs - Futures and Spot Data: The price of the egg 01 contract increased, and the 02 contract decreased. The spot price of eggs increased slightly, and the basis increased [21] - Related Indexes: The price of egg - laying chicken seedlings remained unchanged, and the breeding profit decreased [21]