进口玉米成交较好 提振盘面震荡收涨 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 取 更 多 资 讯 联系电话：0595-86778969 关 注 我 们 获 业 务 咨 询 添 加 客 服 瑞达期货研究院 「2025.12.26」 玉米类市场周报 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 总结及策略建议 3 Ø 玉米： Ø 行情回顾：本周玉米期货震荡上涨。主力2603合约收盘价为2222元/吨，较上周+30元/吨。 Ø 行情展望：美玉米步入出口旺季，阶段性供应压力较高。不过，美玉米出口状况良好，且USDA将 2025/26年度美玉米结转库存预测值从上月的21.54亿蒲式耳下调至20.29亿蒲式耳，低于分析师预 期的21.24亿蒲式耳，对美玉米价格有所支撑。国内方面，东北产区今年售粮进度同比偏快，粮质 整体较好，基层种植户售粮意向一般，火运发运量明显减少，下游需求支撑不足，粮点及烘干塔 随行出货为主，上量较为有限，成交情况不理想。受畜禽养殖行情不景气。饲料企业补库积极性 减弱，深加工企业库存水平相对安全，对高价玉米接受 ...

农产品日报 | 2025-12-26 苹果优果价格坚挺，红枣旺季消费偏弱 苹果观点 市场要闻与重要数据 期货方面，昨日收盘苹果2605合约9208元/吨，较前一日变动+17元/吨，幅度+0.18%。现货方面，山东栖霞80# 一 二级晚富士价格4.10元/斤，较前一日变动+0.00元/斤，现货基差AP05-1008，较前一日变动-17；陕西洛川70# 以上 半商品晚富士价格4.20元/斤，较前一日变动+0.00元/斤，现货基差AP05-808，较前一日变动-17。 近期市场资讯，库内晚富士主流行情稳定，成交氛围仍显一般。洛川部分产区果农货价格略有松动，目前部分产 区果农货询价增多，库内包装发运略有增加，但主流仍以客商发自存货源为主。西部产区客商零星寻货，多以果 农两级货源为主，下捡、高次少量走货，成交有限；客商少量包装自存货源补充市场。山东产区出库放缓，少量 75#货源出库为主，维纳斯、奶油果按需出库，其余货源交易不多。栖霞80#一二级片红果农意向成交价3.7-4.5元/ 斤，65#、70#出库价格1.8-2.2元/斤附近。陕西洛川产区果农统货出库价格3.5-4.0元/斤，半商品出库价格4.0-4.3元/ 斤。 ...

2025年12月26日 国泰君安期货商品研究晨报-农产品 观点与策略 | 棕榈油：短期节奏反弹，高度有限 | 2 | | --- | --- | | 豆油：美豆驱动不大，区间操作为主 | 2 | | 豆粕：震荡，等待外盘进一步指引 | 4 | | 豆一：豆类市场氛围影响，震荡 | 4 | | 玉米：关注现货 | 6 | | 白糖：低位整理 | 7 | | 棉花：期价震荡偏强，注意整体市场情绪20251226 | 8 | | 鸡蛋：震荡调整 | 9 | | 生猪：矛盾继续积累 | 10 | | 花生：关注油厂收购 | 11 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2025 年 12 月 26 日 棕榈油：短期节奏反弹，高度有限 豆油：美豆驱动不大，区间操作为主 | | | 【基本面跟踪】 油脂基本面数据 | | 棕榈油主力 | 单 位 元/吨 | 收盘价(日 盘） 8,542 | 涨跌幅 0.64% | 收盘价 （夜 盘） 8,558 | 涨跌幅 0.19% | | --- | --- | --- | --- | --- | --- | --- | ...

五矿期货农产品早报 五矿期货农产品团队 从业资格号：F0273729 交易咨询号：Z0002942 邮箱：wangja@wkqh.cn 农产品早报 2025-12-25 从业资格号：F03116327 交易咨询号：Z0019233 邮箱:yangzeyuan@wkqh.cn 从业资格号：F03114441 交易咨询号：Z0022498 电话：028-86133280 邮箱：sxwei@wkqh.cn 王俊 组长、生鲜品研究员 隔夜 CBOT 大豆收涨，受逢低买盘支撑，上方也面临美豆销售偏慢及南美丰产预期压力。周三国内豆粕 现货稳定，成交尚可，提货较好。MYSTEEL 预计本周油厂大豆压榨量为 213.06 万吨，上周压榨大豆 212.06 万吨，上周饲企库存天数为 9.23 环比上升 0.1 天，上周港口大豆大幅去库 50 万吨，不过豆粕库存因压 榨量较大有所升高，豆粕库存同比增加约 55 万吨。 杨泽元 白糖、棉花研究员 巴西主要种植区未来两周预报降雨偏多，阿根廷主产区预计降雨量也处于正常水平，不过阿根廷最大主 产区布宜诺斯艾利斯省降雨偏少，需持续关注其天气表现。全球大豆预测年度库销比同比仍较高，尚不 足以 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The USDA raised US corn exports and lowered inventories in December, but production remains high, leading to a bullish and volatile trend in US corn. Domestic corn and starch prices are affected by factors such as import profit, supply and demand, and by - product prices. Corn and starch spot prices are expected to remain relatively stable in the short term, with some downward pressure. The 03 corn and 03 starch are expected to trade in a narrow range [4][6][7]. Summary by Relevant Catalogs Part 1: Data - **Futures Market**: For corn futures (C2601, C2605, C2509), prices increased slightly with varying trading volume and open - interest changes. For corn starch futures (CS2601, CS2605, CS2509), prices had small fluctuations, and trading volumes generally decreased [2]. - **Spot and Basis**: Corn spot prices in various regions were stable today, with different basis values compared to futures. Starch spot prices also remained unchanged, and basis values were positive. There were changes in inter - period and inter - variety spreads [2]. Part 2: Market Analysis - **Corn**: US corn is bullish and volatile. Domestic northern port prices are stable, while northeast production area prices are weak. Northeast - North China price spreads are narrowing. Wheat - corn price spreads are large, and corn has cost - effectiveness. Domestic breeding demand is stable, and feed enterprise inventories are increasing. The market is concerned about the seasonal selling pressure of northeast corn before the Spring Festival and downstream inventory building [4][6]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants decreased, and Shandong corn prices were stable. Starch inventory increased this week, with a monthly increase of 3.1% and a year - on - year increase of 25.4%. Starch prices depend on corn prices and downstream stocking. By - product prices are strong, and the spot price spread between corn and starch is low. Corn prices are bullish, and starch prices are stable, but corporate profits are declining. The 03 starch is expected to trade in a narrow range [7]. - **Trading Strategies**: - **Unilateral**: 03 US corn has support at 430 cents per bushel. Consider going long on 07 corn at low prices or stay on the sidelines [9]. - **Arbitrage**: Stay on the sidelines [10]. Part 3: Corn Options - **Option Strategies**: Use a short - put strategy in the short term and roll the positions [11]. Part 4: Related Attachments - The attachments include charts of corn and corn starch spot prices, basis, and spreads over different time periods, with data sources from Galaxy Futures and iFinD Information [15][17][20].

1. Report's Investment Ratings for Different Industries - **Beans and Meals**: The report gives a "Shockingly Bearish" rating for both soybean meal and rapeseed meal [1]. - **Oils**: Palm oil, soybean oil, and rapeseed oil are rated as "Stopping Decline and Rebounding" [1]. - **Cotton**: The rating for cotton is "Shockingly Bullish" [1]. - **Jujubes**: Jujubes are rated as "Weakly Running" [1]. - **Pigs**: The short - term rating for pigs is "Short - term Rebound" [1]. 2. Core Views of the Report - **Soybean Meal**: Although the latest domestic soybean meal inventory has improved on a week - on - week basis, it is still high year - on - year. The supply in December is expected to be sufficient, but the import forecast for the first quarter is expected to decrease year - on - year. Coupled with the increase in the cost of imported US soybeans, the spot price is resistant to decline. It is expected to maintain a shockingly weak trend in the short term. Attention should be paid to the export situation of US soybeans and the weather in South America [1][6]. - **Rapeseed Meal**: Coastal oil mills have zero rapeseed inventory, zero crushing, and low imports, but the port inventory is still high year - on - year, and the warehouse receipt pressure has been reduced. However, global bumper harvests, diversified imports, and the off - season for consumption weaken the bullish expectations. In the short term, it mainly follows the trend of soybean meal. Attention should be paid to Australian rapeseed import policies and the follow - up progress of China - Canada trade [1][9]. - **Palm Oil**: Indonesia has proposed to implement B50 in the second half of 2026 again. The export and production data of Malaysian palm oil in the first 20 days of this month have improved significantly compared with the previous period, and the production reduction season is coming, which stimulates the market's bullish sentiment. However, there is still a possibility of inventory accumulation in December. It should be treated as a short - term rebound, and attention should be paid to position and operation rhythm. In the short - term operation, attention can be paid to the opportunity of going long on dips [1][11]. - **Soybean Oil**: The domestic soybean oil inventory has decreased slightly on a week - on - week basis but is still higher than the five - year average. The EPA said that the biodiesel target is expected to be announced in January at the earliest, which suppresses the market's bullish sentiment. The domestic soybean reserve auction has started, and the supply will increase marginally in the first quarter. Coupled with the improved weather in South America, the US soybean oil lacks bullish drivers. It should be treated as a short - term rebound. Attention should be paid to the weather in South America, the progress of US biodiesel policies, and the boost from the palm oil side [1]. - **Rapeseed Oil**: Currently, coastal oil mills have zero operation, zero rapeseed inventory, and zero rapeseed imports in November. The port inventory has continued to decline on a month - on - month basis. However, diversified imports such as Australian and Russian rapeseed and rapeseed oil, the commercialization expectation of Australian rapeseed imports, global rapeseed and Canadian rapeseed bumper harvests, and the positive attitude of Canada towards China - Canada relations increase the uncertainty of the future market. It should be treated as a short - term rebound. Attention should be paid to Australian rapeseed import policies and the follow - up progress of China - Canada trade [1]. - **Cotton**: The US cotton harvest is nearing the end, and Brazilian cotton has started the new - season planting. The proportion of weather - related trading in the market is gradually increasing. The current price is not high, and the ICE market is expected to fluctuate at the bottom. In China, most of the new cotton has been inspected, and the sales progress is still relatively fast, which supports the market. However, in the near term, attention should be paid to the short - term correction risk of further weakening downstream demand, and the change in the inventory accumulation speed of commercial inventories should be monitored. It is expected to fluctuate at a high level in the near term. Attention can be paid to the opportunity of going long on dips and the long - term moderate recovery opportunity under the supply - side narrative [1][15]. - **Jujubes**: At the end of the acquisition, the spot price has stopped falling due to a small increase. With the peak of new product listing and the arrival of the consumption peak season, the market fluctuation will increase. High inventory still exerts obvious pressure on the jujube price rebound. In the context of a loose supply - demand pattern, a generally bearish attitude is recommended. Most of the premium caused by the hype of a large - scale reduction in new - season jujube production since early June has been gradually squeezed out. The downward trend of the market has slowed down and is approaching the spot cost. In the cooling context, attention can be paid to the short - term rebound opportunity at the bottom [1][17]. - **Pigs**: Recently, the spot price of pigs has declined, and the winter solstice stocking market has cooled down. Although the demand indicators such as fresh sales and slaughter have improved stage by stage, the increase in supply is likely to exceed the increase in demand, so the short - term upward driving force of pig prices is limited. Coupled with the late Spring Festival this year and the increase in the number of second - fattened pigs entering the market, even if the winter solstice expectation fails, the inventory in December is difficult to be effectively cleared, and the price will still be under pressure in January. For contracts, the 01 contract is still suppressed by the delivery logic, and attention should be paid to the downward risk; for the 03 contract, in the case of no unexpected spread of the epidemic, attention can be paid to the opportunity of shorting on rebounds; for the 09 and 11 contracts, due to the divergence between the reduction expectation and capacity reduction, short - term long positions can be taken at low prices for the time being [1][21]. 3. Summaries According to Different Catalogs 3.1 Soybean Meal - **Market Data**: The latest futures price of soybean meal (main contract daily closing) is 2745 yuan/ton, with a daily increase of 4 yuan and a daily increase rate of 0.15%. The national average spot price is 3144 yuan/ton, with a daily increase of 1.14 yuan and a daily increase rate of 0.04%. The national average soybean crushing profit is - 107.8807 yuan/ton, with a daily increase of 0.90 yuan [4]. - **Inventory Data**: As of December 19, 2025, the national port soybean inventory is 865.6 million tons, a decrease of 50.60 million tons compared with last week; the soybean inventory of 125 oil mills is 722.36 million tons, a decrease of 17.12 million tons compared with last week, a decrease rate of 2.32%, and an increase of 143.79 million tons compared with last year, an increase rate of 24.85%. The soybean meal inventory is 113.71 million tons, an increase of 4.02 million tons compared with last week, an increase rate of 3.66%, and an increase of 55.43 million tons compared with last year, an increase rate of 95.11% [5]. 3.2 Rapeseed Meal - **Market Data**: The latest futures price of rapeseed meal (main contract daily closing) is 2349 yuan/ton, with a daily increase of 12 yuan and a daily increase rate of 0.51%. The national average spot price is 2507.37 yuan/ton, with a daily decrease of 9.47 yuan and a daily decrease rate of - 0.38%. The national average rapeseed spot crushing profit is - 607.394 yuan/ton, with a daily increase of 16.29 yuan [7]. - **Inventory Data**: As of December 19, the coastal area's main oil mill rapeseed inventory is 0 million tons, the same as last week; the rapeseed meal inventory is 0 million tons, a decrease of 0.02 million tons compared with last week; the unexecuted contract is 0 million tons, the same as last week [9]. 3.3 Palm Oil - **Market Data**: The latest futures price of palm oil (main contract daily closing) is 8486 yuan/ton, with a daily increase of 72 yuan and a daily increase rate of 0.86%. The national average price is 8525 yuan/ton, with a daily increase of 155 yuan and a daily increase rate of 1.85%. The national daily trading volume is 100, a decrease of 1100 compared with the previous day. The import cost is 8732 yuan/ton, an increase of 183 yuan compared with the previous day [10]. - **Inventory Data**: As of December 19, 2025 (week 51), the national key - area palm oil commercial inventory is 70 million tons, an increase of 4.73 million tons compared with last week, an increase rate of 7.25%, and an increase of 16.16 million tons compared with last year, an increase rate of 30.01% [11]. 3.4 Cotton - **Market Data**: The latest futures price of the cotton main contract (CF2605) is 14140 yuan/ton, with a daily increase of 70 yuan and a daily increase rate of 0.50%. The CCIndex (3218B) spot price is 15213 yuan/ton, with a daily increase of 59 yuan and a daily increase rate of 0.39%. The spinning profit of textile enterprises is - 1428.50 yuan/ton, a decrease of 77 yuan compared with the previous day [12]. - **Inventory and Production Data**: The national cotton commercial inventory is 504.73 million tons, an increase of 26 million tons compared with the previous value. The new - season cotton production in China is estimated to be 768 million tons, an increase of 26 million tons compared with the previous estimate. The import volume of cotton in November is 30 million tons, an increase of about 7.3 million tons compared with the previous month, and 1.35 million tons higher than the same period [14]. 3.5 Jujubes - **Market Data**: The acquisition in some jujube - producing areas has ended, and the prices in the producing areas are weakening. The physical inventory of 36 sample points of jujubes this week is 16108 tons, an increase of 318 tons compared with the previous week, gradually reaching the peak, and still 4148 tons higher than the same period [16]. 3.6 Pigs - **Market Data**: The latest futures price of the main pig contract (lh2603) is 11415 yuan/ton, with a daily increase of 70 yuan and a daily increase rate of 0.62%. The national average pig slaughter price is 11500 yuan/ton, with a daily increase of 70 yuan and a daily increase rate of 0.61%. The national sample enterprise pig inventory is 3856.32 million heads, an increase of 11.70 million heads compared with the previous month, an increase rate of 0.30%. The national sample enterprise pig slaughter volume is 1188 million heads, a decrease of 8.53 million heads compared with the previous month, a decrease rate of - 0.71% [19]. - **Supply and Demand and Profit**: In the short term, the supply pressure is large, the demand after the winter solstice stocking has declined, and the industry loss pattern has continued to deepen slightly, with losses for 14 weeks. There has been some second - fattening behavior recently, which provides a short - term "bottom - support" for inventory clearance [20].

Report Summary 1. Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - The US corn market is in a strong and volatile state. Although the USDA's December report shows an increase in US corn exports and a decrease in inventory, the production remains at a high level. The import profit of foreign corn has declined, and the import price from Brazil in February is 2158 yuan. The domestic corn market is affected by factors such as seasonal selling pressure in Northeast China before the Spring Festival and downstream inventory building. The short - term spot market is relatively strong, but there are still downward risks [4][6]. - The starch market is mainly affected by corn prices and downstream stocking. The inventory of corn starch has increased this week, and the corporate profit has declined. The short - term starch spot price is stable, and the 03 starch contract is expected to fluctuate narrowly [7]. 3. Summary by Directory Data - **Futures Market**: The closing prices of most corn and corn starch futures contracts on December 23, 2025, showed small fluctuations. For example, C2601 closed at 2210, down 10 or 0.45%; CS2601 closed at 2485, down 12 or 0.48%. The trading volume and open interest of each contract also changed to different extents [2]. - **Spot and Basis**: Corn spot prices are stable in some areas, with the price in Qinggang at 2080 yuan, and the basis in different regions ranges from - 176 to 174 yuan. Starch spot prices are also relatively stable, with some prices unchanged and the basis ranging from 166 to 346 yuan. The price of some starch products in Shandong decreased by 30 yuan [2]. - **Spread**: The spreads of corn and corn starch in different periods and between varieties also changed. For example, C01 - C05 spread was - 15, down 8; CS01 - CS05 spread was - 49, down 14 [2]. Market Judgment - **Corn**: The US corn market is strong and volatile. The import profit of foreign corn has declined. The spot price in the northern ports is stable, and the spot price in the Northeast corn - producing area is weak. The supply in North China has decreased, and the spot price is stable. The domestic breeding demand is stable, and some downstream feed enterprises are building inventories in the Northeast. The market is concerned about the seasonal selling pressure of Northeast corn before the Spring Festival and the downstream inventory - building situation [4][6]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong is stable. The starch inventory has increased this week, with the factory inventory at 107.4 million tons, an increase of 2.5 million tons from last week, a monthly increase of 0.5%, and a year - on - year increase of 22.3%. The starch price mainly depends on the corn price and downstream stocking. The by - product price is strong, and the corporate profit has declined. The 03 starch contract followed the corn price down, and the North China corn price may decline in December [7]. Trading Strategy - **Unilateral**: The 03 US corn has support at 430 cents per bushel. Consider going long on the 07 corn contract at a low price [9]. - **Arbitrage**: Adopt a wait - and - see strategy [10]. Corn Options - The option strategy is a short - term cumulative put strategy with rolling operations [11]. Relevant Attachments The report provides multiple charts, including the spot price of corn in different regions, the basis of corn 01 contract, the spreads of corn and corn starch in different periods, the basis of corn starch 01 contract, and the spread between corn starch and corn 01 contract, to visually show the price trends and relationships [15][17][20].

1. Report Investment Ratings - No investment ratings for the industries are provided in the reports. 2. Core Views Oils and Fats - Palm oil futures may rebound further and attempt to return above 4,000 ringgit, potentially reaching 4,100 ringgit. Dalian palm oil futures face resistance around 8,500 yuan [1]. - US interception of Venezuelan oil - tankers boosts soybean oil, but its industrial use may decline, with limited upside for CBOT soybean oil before Christmas. In China, the approaching Spring Festival备货 may support the domestic futures market [1]. - Some short - term bearish funds in rapeseed oil are closing positions before Christmas, causing a rebound. However, the overall sentiment is bearish, with limited upward potential and resistance at 9,000 yuan [1]. Livestock (Pigs) - Spot prices are stable, and demand for curing around the Winter Solstice has increased. The slaughter cycle is longer this year, with normal - to - fast slaughter progress and increased demand. The futures price is expected to be supported around 11,000 [3][4]. Meal and Grains - South American soybean harvest is expected to be high, which will put pressure on US soybeans. The domestic soybean meal market remains loose, with limited downside and no clear upward drivers. Attention should be paid to the performance around 2,750 [9]. Dates - Spot sales and cost support are weak. Futures prices are under pressure due to expectations of oversupply. If the Spring Festival consumption is strong, the futures price may rebound slightly; otherwise, it will remain under pressure [12]. Apples - Current sales in production areas are slow, and inventory reduction is slow. The market sentiment may improve during the festival. It is recommended to close long positions opportunistically [15][19]. Corn and Corn Starch - In the short - term, the terminal inventory has slightly improved. The corn futures may remain weak, but the decline is limited. Attention should be paid to the selling sentiment and policy releases [22]. Cotton - Internationally, US cotton may fluctuate in the short - term. Domestically, supply pressure is easing, supporting cotton prices. Demand from downstream textile mills is weakening. Zhengzhou cotton is expected to fluctuate in a relatively strong range with limited upward momentum [25][26]. Sugar - Brazilian sugar production is contracting, but Indian sugar production is abundant. The market lacks positive factors, and it is expected to remain weak and volatile next week. Short positions can be considered on rebounds [29]. Eggs - The supply - demand contradiction has been marginally alleviated, but the "supply - strong, demand - weak" pattern remains. The market is expected to be weak and volatile this week [31][32]. 3. Summary by Industry Oils and Fats - **Soybean Oil**: On December 19, the spot price in Jiangsu was 8,240 yuan, down 1.79% from the previous day. The futures price (Y2605) was 7,952 yuan, down 1.05%. The basis was 288 yuan, down 18.64% [1]. - **Palm Oil**: The spot price in Guangdong was 8,250 yuan on December 19, down 1.79%. The futures price (P2605) was 8,280 yuan, down 0.93%. The basis was - 30 yuan, down 171.43%. The import cost increased by 0.71%, and the import profit decreased by 31.59% [1]. - **Rapeseed Oil**: The spot price in Jiangsu was 9,270 yuan on December 19, down 2.42%. The futures price (OI605) was 8,929 yuan, down 2.33%. The basis was 341 yuan, down 4.75% [1]. Livestock (Pigs) - **Futures**: The main - contract basis was 305 yuan, down 28.24%. The price of Live Hogs 2605 was 11,905 yuan/ton, down 0.17%. The price of Live Hogs 2603 was 11,345 yuan/ton, up 0.18% [3]. - **Spot**: Spot prices in different regions showed different trends, with an overall stable situation. The daily slaughter volume of sample points decreased by 1.19%, and the self - breeding and purchased - pig breeding profits increased [3][4]. Meal and Grains - **Soybean Meal**: The spot price in Jiangsu was 3,100 yuan, unchanged. The futures price (M2605) was 2,741 yuan, up 0.22%. The basis was 359 yuan, down 1.64% [9]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,420 yuan, up 1.68%. The futures price (RM2605) was 2,337 yuan, up 0.60%. The basis was 83 yuan, up 45.61% [9]. - **Soybeans**: The spot price of Harbin soybeans was 3,940 yuan, unchanged. The futures price of the main - contract of Soybean No.1 was 4,105 yuan, up 1.31%. The basis was - 165 yuan, down 47.32% [9]. Dates - **Futures**: The price of Jujube 2601 was 8,695 yuan/ton, down 0.74%. The price of Jujube 2605 (main - contract) was 8,820 yuan/ton, down 0.84%. The price of Jujube 2609 was 9,100 yuan/ton, down 1.14% [12]. - **Spot**: The spot prices of different grades in Cangzhou showed a downward or stable trend, with the basis of special - grade and first - grade dates strengthening [12]. Apples - **Futures**: The price of Apple 2605 (main - contract) was 9,149 yuan/ton, down 0.54%. The basis was - 949 yuan, up 50 yuan [15]. - **Spot**: The arrival volume at some fruit markets was stable or slightly increased, and the national cold - storage inventory remained unchanged [15]. Corn and Corn Starch - **Corn**: The price of Corn 2603 was 2,192 yuan, unchanged. The Pingcang price at Jinzhou Port was 2,280 yuan, down 0.44%. The basis was 88 yuan, down 10.20% [22]. - **Corn Starch**: The price of Corn Starch 2603 was 2,484 yuan, down 0.32%. The spot prices in Changchun and Weifang were stable. The basis was 86 yuan, up 10.26% [22]. Cotton - **Futures**: The price of Cotton 2605 was 14,070 yuan/ton, up 0.39%. The price of Cotton 2601 was 14,130 yuan/ton, up 0.61%. The ICE US cotton main - contract was 63.61 cents/pound, down 0.06% [25]. - **Spot**: The Xinjiang arrival price of 3128B was 14,986 yuan/ton, up 0.05%. The CC Index: 3128B was 15,154 yuan/ton, up 0.06% [25]. Sugar - **Futures**: The price of Sugar 2601 was 5,225 yuan/ton, up 0.93%. The price of Sugar 2605 was 2,126 yuan/ton, up 0.75%. The ICE raw sugar main - contract was 15.00 cents/pound, up 1.01% [29]. - **Spot**: The spot price in Nanning was 5,270 yuan/ton, up 0.38%. The spot price in Kunming was 5,195 yuan/ton, down 0.29% [29]. Eggs - **Futures**: The price of Egg 01 contract was 3,049 yuan/500KG, down 0.91%. The price of Egg 02 contract was 2,888 yuan/500KG, up 0.07% [31]. - **Spot**: The egg - producing area price was 2.97 yuan/jin, down 2.39%. The basis was - 75 yuan/500KG, down 49.14% [31].

Core Viewpoint - The Chicago Board of Trade (CBOT) saw a significant increase in agricultural futures, with all major contracts closing higher on December 22, indicating a positive trend in the agricultural commodities market [1] Group 1: Soybean Futures - Soybean futures rose by 0.42%, closing at 1064.00 cents per bushel, reflecting a bullish sentiment in the market [1] Group 2: Corn Futures - Corn futures increased by 0.68%, ending at 446.75 cents per bushel, suggesting strong demand or supply constraints [1] Group 3: Wheat Futures - Wheat futures experienced a rise of 1.08%, closing at 515.25 cents per bushel, indicating potential upward pressure on prices [1]

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]