供应维持宽松，豆粕延续震荡

1. Report Industry Investment Rating - The investment rating for both the bean meal and corn sectors is neutral [3][6] 2. Core Views - Bean Meal: High import costs have led to low procurement of US soybeans, and US soybean exports are below expectations. South American soybeans are growing well, with strong expectations of a bumper harvest, causing US soybean prices to be weak. In China, the supply - demand pattern remains unchanged, with soybean and bean meal inventories at high levels. The price of the 05 contract is weak, following US soybean prices, but high import costs provide some support. Future focus should be on soybean imports and South American soybean growth [2] - Corn: On the supply side, farmers are reluctant to sell, resulting in a slow grain - selling pace. On the demand side, traders' inventory increases slowly, and their purchasing is cautious. Deep - processing plants' operations are stable, with slightly increased inventory and improved purchasing willingness. Feed enterprises mainly make just - in - time purchases and adopt a wait - and - see attitude. Current inventories are rising but still below historical levels. The future focus is on alternative grain auctions, and corn spot prices are expected to adjust [5] 3. Summary by Relevant Catalogs 3.1 Bean Meal - Market News and Important Data: The closing price of the bean meal 2605 contract was 2741 yuan/ton, up 6 yuan/ton (+0.22%) from the previous day. Spot prices in Tianjin, Jiangsu, and Guangdong were 3080 yuan/ton, 3020 yuan/ton, and 3030 yuan/ton respectively. As of December 17, Argentina's 2025/26 soybean sowing was 67.3% complete. In November, Argentina exported 218.9 million tons of soybeans, 56.2 million tons of soybean oil, and 271.4 million tons of bean meal [1] - Market Analysis: High import costs lead to low US soybean procurement and weak US soybean prices due to South American competition. In China, the supply - demand pattern is stable, with high inventories, and the 05 contract price is weak but supported by import costs [2] - Strategy: Neutral [3] 3.2 Corn - Market News and Important Data: The closing price of the corn 2601 contract was 2192 yuan/ton, unchanged from the previous day. The corn starch 2511 contract was 2497 yuan/ton, down 5 yuan/ton (-0.20%). As of December 17, Argentina's 2025/26 corn planting area was 69.5% of the expected area. In November, Argentina exported 158.4 million tons of corn. As of December 18, Ukraine had harvested 94% of its planned grain area, with a total yield of 5657.6 million tons [3] - Market Analysis: Farmers' reluctance to sell slows the grain - selling pace. Traders are cautious in purchasing, while deep - processing plants' purchasing willingness has improved. Feed enterprises mainly make just - in - time purchases. Inventories are rising but below historical levels, and future focus is on alternative grain auctions [5] - Strategy: Neutral [6]