Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The soybean meal market is in an adjustment and oscillation state, and the soybean No.1 market has stable spot prices and an adjustment and oscillation in the futures market [1]. - The CBOT soybean futures market closed lower on November 19, 2025, mainly due to long - position closing pressure. Traders are closely watching whether China's purchasing spree will continue after the China - US trade truce agreement. The impact of China's soybean purchases has been mostly reflected in market prices, and factors such as farmer selling and investor profit - taking may have increased market pressure [1][3]. - The trend intensity of both soybean meal and soybean No.1 is 0, indicating a neutral state in the price fluctuation of the main - contract futures on the reporting day [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: - DCE soybean No.1 2601 closed at 4145 yuan/ton during the day session, down 32 yuan (-0.77%), and 4128 yuan/ton at night, down 23 yuan (-0.55%) [1]. - DCE soybean meal 2601 closed at 3022 yuan/ton during the day session, down 35 yuan (-1.14%), and 3018 yuan/ton at night, down 13 yuan (-0.43%) [1]. - CBOT soybean 01 closed at 1135.25 cents per bushel, down 15.25 cents (-1.33%), and CBOT soybean meal 01 closed at 320.8 dollars per short - ton, down 7.3 dollars (-2.22%) [1]. - **Spot Prices and Basis**: - In Shandong, the spot price of soybean meal (43%) is 3000 - 3100 yuan/ton, with different basis levels for different months compared to futures contracts, showing various changes compared to the previous day [1]. - In East China, the spot price range is 2990 - 3010 yuan/ton, and the basis for different months also has corresponding changes [1]. - In South China, the spot price range is 3120 - 3130 yuan/ton, and the basis for different months has different changes compared to the previous day [1]. - **Main Industry Data**: - The trading volume of soybean meal was 41.4 million tons per day on the previous trading day, compared to 18.3 million tons two days ago [1]. - The inventory of soybean meal was 95.45 million tons per week on the previous trading day, compared to 96.31 million tons two weeks ago [1]. 3.2 Macro and Industry News - On November 19, 2025, the CBOT soybean futures market closed lower due to long - position closing pressure. Traders are concerned about the sustainability of China's purchasing spree after the China - US trade truce agreement. China bought 79.2 million tons of US soybeans on Tuesday and 33 million tons on Wednesday, but the impact of these purchases has been mostly reflected in prices. Farmer selling and investor profit - taking may have increased market pressure, and the market is considered slightly overbought [1][3]. 3.3 Trend Intensity - The trend intensity of soybean meal and soybean No.1 is 0, indicating a neutral state in the price fluctuation of the main - contract futures on the reporting day [3].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - For PTA, the short - term spot price is expected to fluctuate with the cost side, and the spot basis will fluctuate within a range. Attention should be paid to device changes [5]. - For MEG, the medium - to long - term inventory build - up pressure still exists. In the short term, the price center of gravity is expected to operate weakly, with continuous upward pressure [7]. 3. Summaries According to the Table of Contents 3.1 Previous Day Review - No specific review content provided 3.2 Daily Tips - No specific tip content provided 3.3 Today's Focus - No specific focus content provided 3.4 Fundamental Data - **PTA**: The previous day's futures fluctuated and closed higher. The spot market negotiation atmosphere was fair, the spot basis slightly strengthened, and the far - month basis increased. The mainstream spot basis today is 01 - 70. The PTA factory inventory is 3.97 days, a decrease of 0.12 days compared to the previous period. The 20 - day moving average is upward, and the closing price is above the 20 - day moving average. The main positions have turned from net short to net long [5][6]. - **MEG**: On Wednesday, the price center of gravity of ethylene glycol was weakly adjusted, and the market trading was fair. The spot basis rebounded to a premium of 28 - 29 yuan/ton over the 01 contract at the end of the session. The total inventory in East China is 62.2 tons, an increase of 5.7 tons compared to the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The main positions are net short, and the short positions have increased [7]. 3.5 Price - The price data of various products such as naphtha, PX, PTA, MEG, and polyester products on November 19 and 18, 2025, are given, including spot prices, futures prices, basis, and processing fees [12]. 3.6 Inventory Analysis - The inventory data of PTA, MEG, PET slices, and polyester products in different periods from 2021 - 2025 are presented, such as the available days of in - factory inventory and port inventory [40][42][45]. 3.7 Polyester Upstream and Downstream开工率 - The operating rate data of PTA, PX, ethylene glycol, polyester, and textile enterprises in the polyester industry chain from 2021 - 2025 are provided [52][54][56][57]. 3.8 Profit - The profit data of PTA, MEG, and polyester products from 2022 - 2025 are given, including processing fees and production gross profits [58][61][63][65][66][68]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View - The short - fiber market experiences amplified upstream fluctuations and is in a short - term volatile state. The bottle - chip market also has amplified upstream fluctuations, is in a short - term volatile state, and its processing fees are compressed [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Short - fiber**: - Futures prices: Short - fiber 2512 was 6186 (up 52 from the previous day), short - fiber 2601 was 6234 (up 58), and short - fiber 2602 was 6244 (up 14). - Spread: PF12 - 01 was - 48 (down 6), PF01 - 02 was - 10 (up 44). - Other indicators: The short - fiber主力基差 was 109 (down 47), the short - fiber主力持仓量 was 327774 (up 100355), the short - fiber主力成交量 was 158815 (up 6766), the short - fiber华东现货价格 was 6295 (up 5), and the short - fiber产销率 was 65% (up 30%) [1]. - **Bottle - chip**: - Futures prices: Bottle - chip 2512 was 5758 (up 16), bottle - chip 2601 was 5746 (up 28), and bottle - chip 2602 was 5800 (up 30). - Spread: PR12 - 01 was 12 (down 12), PR01 - 02 was - 54 (down 2). - Other indicators: The PR主力基差 was - 1 (down 18), the bottle - chip主力持仓量 was 39632 (up 2367), the bottle - chip主力成交量 was 49877 (down 847), the bottle - chip华东现货价格 was 5745 (up 10), and the bottle - chip华南现货价格 was 5800 (up 20) [1]. 3.2 Spot News - **Short - fiber**: The short - fiber futures fluctuated higher. Spot prices of Jiangsu and Zhejiang factories remained stable, while those in Fujian were lowered by 50. The mainstream quotation of semi - dull 1.4D was 6400 - 6500 for factory delivery or short - distance delivery. The discount of traders decreased, and downstream buyers were on the sidelines with reduced transactions. The mainstream negotiation price was in the range of 6150 - 6400. Factory sales improved moderately, with an average sales - to - production ratio of 65% by 3:00 pm [2]. - **Bottle - chip**: The upstream raw material futures rebounded slightly near noon. Polyester bottle - chip factories first lowered their quotes by 10 - 20 yuan and then raised them by 20 - 40 yuan in the afternoon. The trading atmosphere in the polyester bottle - chip market was fair, and there was a large price gap among different brands. Orders from November to January were mostly traded at 5700 - 5800 yuan/ton for factory delivery, with a small amount at 5620 - 5680 yuan/ton or 5840 yuan/ton [2]. 3.3 Trend Intensity - The trend intensity of short - fiber was 0, and that of bottle - chip was 0, indicating a neutral state for both in terms of the daily - session main - contract futures price fluctuations on the report day [2].

Report Overview - The report provides insights into the PX, PTA, and MEG markets, including price movements, market dynamics, and future trends [1][2][3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - PX: Supply is tight due to increased overseas aromatics blending demand and planned production cuts at the South Korean GS disproportionation unit, leading to rising prices. It's recommended to go long on PX and short on PTA/PF/PR, and conduct a long PX and short pure benzene hedging operation. The price will be in a high - level oscillating market [7] - PTA: The upside space may be limited, and it's advised not to chase high prices. With cost support, the monthly spread view is revised to mainly positive arbitrage. The pressure of inventory accumulation has eased [7] - MEG: The medium - term trend is weak. It's advisable to short at high prices, and maintain reverse arbitrage for monthly spreads. There is an oversupply situation, and the unilateral upward driving force is insufficient [8] 3. Summary by Relevant Catalogs Market Dynamics - PX: Naphtha prices were stagnant at the end of the session. PX prices rose, with two January Asian spot transactions at $832 and $831. The 1 - 2 month spread shifted from flat to continuous. Asian PX prices rebounded on November 19, mainly affected by the strong energy complex [3][4] - PTA: A 2.2 - million - ton PTA plant in East China started maintenance this week, expected to last 5 weeks [6] - Polyester: A new 100 - ton/day cationic staple fiber production line in a direct - spinning polyester staple fiber factory in northern Jiangsu was newly put into operation. A 300,000 - ton new polyester plant in Anhui and a 300,000 - ton new polyester filament plant in Xinjiang have started operation [6] Price and Spread Data - **Futures**: PX, PTA, PF, and SC futures prices rose, while MEG futures price fell. The monthly spreads of PX, PTA, MEG, PF, and SC all decreased [2] - **Spot**: PX, PTA, and naphtha prices rose, while MEG and Dated Brent prices fell. PX - naphtha spread decreased, PTA processing fee increased, and short - fiber and bottle - chip processing fees decreased [2] Trend Intensity - PX trend intensity is 1, indicating a relatively strong trend; PTA and MEG trend intensities are 0, indicating a neutral trend [7] Fundamentals - **PX**: Overseas refinery maintenance may lead to a continuous decline in gasoline and diesel inventories and strong cracking spreads until December. Domestic PX plants maintain high - level operation, but US and South Korean disproportionation units may cut production. The US - Asia window has opened, and domestic PTA plants face raw material supply shortages [7] - **PTA**: The extension of the maintenance time at Yisheng Ningbo and the commissioning of multiple new polyester plants have relieved the pressure of PTA inventory accumulation [7] - **MEG**: Although some devices have reduced production, new devices are being commissioned, and imports are expected to exceed 600,000 tons this month. Inventory continued to increase by 70,000 tons this Monday, and the polyester load will decline in December, resulting in an oversupply situation [8]

大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年11月20日 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点——工业硅 供给端来看，上周工业硅供应量为9.1万吨，环比持平。 需求端来看，上周工业硅需求为8.4万吨，环比增长2.44%.需求有所抬升. 多晶硅库存为26.7万吨，处于低位，硅片亏损，电池片亏损，组件盈利； 有机硅库存为56300吨，处于低位，有机硅生产利润为-156元/吨，处于亏 损状态，其综合开工率为72.18%，环比持平，低于历史同期平均水平；铝 合金锭库存为7.21万吨，处于高位，进口亏损为410元/吨，A356铝送至无 锡运费和利润为669.5元/吨，再生铝开工率为60.6%，环比增加2.54%,处 于高位。 成本端来看，新疆地区样本通氧5 ...

Report on the Steel Industry 1. Investment Rating No investment rating information is provided in the report. 2. Core View The steel market shows a weakening trend with falling prices and mixed production and inventory changes. The iron ore supply chain has a negative feedback basis, and it is not recommended to go long. For steel, with the decline in apparent demand and unsold inventory, a short - side attempt can be considered [1]. 3. Summary by Directory Steel Prices and Spreads - **Threaded Steel**: Spot prices in different regions (East, North, South) are between 3220 - 3300 yuan/ton, with a decline of 0 - 10 yuan/ton compared to the previous value. Futures contract prices also decreased, with the 05 contract down 23 yuan, the 10 contract down 18 yuan, and the 01 contract down 20 yuan [1]. - **Hot - Rolled Coil**: Spot prices in different regions are between 3220 - 3300 yuan/ton, with a change of - 10 - 10 yuan/ton. Futures contract prices decreased, with the 05 contract down 14 yuan, the 10 contract down 16 yuan, and the 01 contract down 9 yuan [1]. Cost and Profit - **Cost**: Steel billet price is 2970 yuan/ton (unchanged), and slab price is 3730 yuan/ton (unchanged). The cost of Jiangsu electric - furnace threaded steel is 3254 yuan/ton (unchanged), and the cost of Jiangsu converter threaded steel is 3189 yuan/ton, down 1 yuan [1]. - **Profit**: East China hot - rolled coil profit is - 77 yuan/ton, down 30 yuan; North China hot - rolled coil profit is - 147 yuan/ton (unchanged); East China threaded steel profit is - 127 yuan/ton, up 10 yuan; South China threaded steel profit is 43 yuan/ton (unchanged) [1]. Production - **Daily Average Hot - Metal Output**: It is 236.8 tons, up 2.6 tons or 1.1% [1]. - **Output of Five Major Steel Products**: It is 834.4 tons, down 22.4 tons or - 2.6%. Threaded steel output is 200.0 tons, down 8.5 tons or - 4.1%, including a 1.2 - ton or - 4.0% decrease in electric - furnace output and a 7.4 - ton or - 4.1% decrease in converter output. Hot - rolled coil output is 313.7 tons, down 4.5 tons or - 1.4% [1]. Inventory - **Inventory of Five Major Steel Products**: It is 1477.4 tons, down 26.2 tons or - 1.7%. Threaded steel inventory is 576.2 tons, down 16.4 tons or - 2.8%. Hot - rolled coil inventory is 410.5 tons, with a negligible change [1]. Transaction and Demand - **Building Materials Transaction Volume**: It is 9.2 tons, down 0.4 tons or - 4.1%. The apparent demand for five major steel products is 860.6 tons, down 6.3 tons or - 0.7%. The apparent demand for threaded steel is 216.4 tons, down 2.2 tons or - 1.0%. The apparent demand for hot - rolled coil is 313.6 tons, down 0.7 tons or - 0.2% [1]. Report on the Ore Industry 1. Investment Rating No investment rating information is provided in the report. 2. Core View The iron ore futures oscillated. Although the hot - metal output rebounded this week, there is limited room for further increase. With the current profit margin and inventory level of steel mills, it is not enough to trigger a negative feedback. It is expected that iron ore will show a high - level oscillation, and a wait - and - see approach is recommended for single - side trading [5]. 3. Summary by Directory Iron Ore - Related Prices and Spreads - **Warehouse Receipt Cost**: The warehouse receipt costs of various iron ore powders (Carol, PB, Brazilian Blend, Jinbuba) remained unchanged [5]. - **01 Contract Basis**: The basis of various iron ore powders increased slightly, with the basis of Carol powder up 0.5 yuan/ton or 2.4%, PB powder up 0.5 yuan/ton or 1.0%, Brazilian Blend powder up 0.5 yuan/ton or 0.8%, and Jinbuba powder up 0.5 yuan/ton or 1.0% [5]. - **Spread**: The 5 - 9 spread is 25.0 yuan/ton, up 1.5 yuan or 6.4%; the 9 - 1 spread is - 61.5 yuan/ton, down 3.5 yuan or - 6.0%; the 1 - 5 spread is 36.5 yuan/ton, up 2.0 yuan or 5.8% [5]. Spot Prices and Price Indexes - **Spot Prices at Rizhao Port**: The spot prices of various iron ore powders (Carol, PB, Brazilian Blend, Jinbuba) remained unchanged. The price of the Singapore Exchange 62% Fe swap is 104.5 dollars/ton, down 0.1 dollars or - 0.1%, and the Platts 62% Fe is 105.2 dollars/ton, down 0.1 dollars or - 0.1% [5]. Supply - **Arrival Volume at 45 Ports (Weekly)**: It is 2268.9 tons, down 472.3 tons or - 17.2%. - **Global Shipment Volume (Weekly)**: It is 3516.4 tons, up 447.4 tons or 14.6%. - **National Monthly Import Volume**: It is 11632.6 tons, up 1111.6 tons or 10.6% [5]. Demand - **Daily Average Hot - Metal of 247 Steel Mills (Weekly)**: It is 236.9 tons, up 2.7 tons or 1.1%. - **Daily Average Out - Port Volume at 45 Ports (Weekly)**: It is 327.0 tons, up 6.0 tons or 1.9%. - **National Monthly Pig Iron Output**: It is 6554.9 tons, down 49.7 tons or - 0.8%. - **National Monthly Crude Steel Output**: It is 7199.7 tons, down 149.3 tons or - 2.0% [5]. Inventory Change - **Inventory at 45 Ports (Weekly)**: It is 15114.45 tons, down 15.3 tons or - 0.1%. - **Imported Ore Inventory of 247 Steel Mills (Weekly)**: It is 9076.0 tons, up 66.1 tons or 0.7%. - **Inventory Availability Days of 64 Steel Mills (Weekly)**: It is 21.0 days, unchanged [5]. Report on the Coke and Coking Coal Industry 1. Investment Rating No investment rating information is provided in the report. 2. Core View Coke futures continued to decline, and the fourth round of price increases by mainstream coking enterprises has been fully implemented. Coking coal futures showed a weak downward trend. For both coke and coking coal, a short - side oscillation is expected, and a wait - and - see approach is recommended [8]. 3. Summary by Directory Coke - Related Prices and Spreads - **Coke Spot and Futures**: The prices of Shanxi and Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipts) remained unchanged. The coke 01 contract is 1639 yuan/ton, down 11 yuan or - 0.6%, and the 05 contract is 1796 yuan/ton, up 1 yuan or 0.0% [8]. - **Basis and Spread**: The 01 basis is 7 yuan/ton, up 11 yuan; the 01 - 05 spread is - 157 yuan/ton, down 11 yuan [8]. - **Coking Profit**: The coking profit of the Steel Union (weekly) is - 54 yuan/ton, down 11 yuan [8]. Coking Coal - Related Prices and Spreads - **Coking Coal Spot and Futures**: The price of Shanxi medium - sulfur primary coking coal (warehouse receipt) remained unchanged, while the price of Mongolian 5 raw coal (warehouse receipt) is 1264 yuan/ton, down 27 yuan or - 2.1%. The coking coal 01 contract is 1140 yuan/ton, down 20 yuan or - 1.7%, and the 05 contract is 1211 yuan/ton, down 22 yuan or - 1.7% [8]. - **Basis and Spread**: The 01 basis is 125 yuan/ton, down 8 yuan; the 01 - 05 spread is - 71 yuan/ton, up 2 yuan [8]. - **Sample Coal Mine Profit**: The sample coal mine profit (weekly) is 569 yuan/ton, up 24 yuan or 4.2% [8]. Supply - **Coke Production (Weekly)**: The daily average output of all - sample coking plants is 63.0 tons, down 0.6 tons or - 0.9%, and the daily average output of 247 steel mills is 46.2 tons, up 0.1 tons or 0.2% [8]. - **Coking Coal Production (Weekly)**: The raw coal output of Fenwei sample coal mines is 853.8 tons, up 5.4 tons or 0.6%, and the clean coal output is 435.7 tons, up 2.7 tons or 0.6% [8]. Demand - **Hot - Metal Production (Weekly)**: The hot - metal output of 247 steel mills is 236.9 tons, up 2.7 tons or 1.1%. - **Coke Demand (Weekly)**: Reflected in the coke production requirements, with the change of coking plant and steel mill production [8]. Inventory Change - **Coke Inventory (Weekly)**: The total coke inventory is 879.4 tons, down 7.7 tons or - 0.9%. The inventory of all - sample coking plants, 247 steel mills, and ports all decreased [8]. - **Coking Coal Inventory (Weekly)**: The clean coal inventory of some coal mines is 87.6 tons, up 7.2 tons or 9.0%. The inventory of all - sample coking plants, 247 steel mills, and ports has different changes, with an overall median increase [8]. Supply - Demand Gap - **Coke Supply - Demand Gap (Weekly)**: It is - 5.5 tons, down 1.8 tons or - 32.5% [8].

2025年11月20日 国泰君安期货商品研究晨报-农产品 观点与策略 | 棕榈油：反弹高度有限，关注产地去库进程 | 2 | | --- | --- | | 豆油：暂无突破驱动，区间震荡为主 | 2 | | 豆粕：调整震荡 | 4 | | 豆一：现货稳定，盘面调整震荡 | 4 | | 玉米：震荡运行 | 6 | | 白糖：偏弱运行 | 8 | | 棉花：期价维持震荡走势 | 9 | | 鸡蛋：近弱远强，反套格局 | 11 | | 生猪：降温预期落地，压力逐步释放 | 12 | | 花生：关注油厂动向 | 13 | 国 泰 君 安 期 货 研 究 所 油脂基本面数据 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 11 月 20 日 商 品 研 究 棕榈油：反弹高度有限，关注产地去库进程 豆油：暂无突破驱动，区间震荡为主 | | | 【基本面跟踪】 | | 棕榈油主力 | 单 位 元/吨 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 -0.66% | | --- | --- | --- | --- | --- | --- | --- | | | 豆油主力 | ...

客服产品系列•日评 【胶】泰国气象局预测 11 月 19-22 日暴雨将引发洪水。泰国橡胶生产集中于该国南部。泰国南部的天气风 险引发供应忧虑，给橡胶市场提供了支撑沪胶周三震荡走高。夜盘，沪胶波动不大窄幅震荡小幅收低。隆众资讯， 上周青岛港口总库存延续累库，保税库呈现去库，一般贸易继续累库。截至 2025 年 11 月 16 日，青岛地区天胶 保税和一般贸易合计库存量 45.26 万吨，环比上期增加 0.31 万吨，增幅 0.70%。保税区库存 6.66 万吨，降幅 1.76%。 国新国证期货早报 2025 年 11 月 20 日 星期四 品种观点： 【股指期货】 周三（11 月 19 日） A 股三大指数涨跌不一，截止收盘，沪指涨 0.18%，收报 3946.74 点； 深证成指微幅收跌，收报 13080.09 点；创业板指涨 0.25%，收报 3076.85 点。沪深两市成交额 17259 亿，较昨 日缩量 2002 亿。 沪深 300 指数 11 月 19 日弱势震荡。收盘 4588.29，环比上涨 20.10。（数据来源：东方财富网） 【焦炭 焦煤】11 月 19 日焦炭加权指数重回弱势依旧，收盘价 ...

Market Overview - As of November 19, 2025, domestic futures contracts showed mixed performance, with lithium carbonate, industrial silicon, and polysilicon rising over 4%, while soda ash fell over 3% [3][4] - The A-share market experienced a volatile trading session, with the Shanghai Composite Index up 0.18% and the ChiNext Index up 0.25% [6] - The bond market saw a decline across all maturities, with the 30-year contract down 0.41%, reflecting increased market divergence on long-term interest rates [7] Commodity Insights - Palm oil prices increased significantly, reaching a three-week high, while soybean oil also saw a rise, indicating strong demand despite a weak supply outlook for Malaysian palm oil [8][9] - The coal market is under pressure due to concerns over potential supply increases, with the focus on energy production stability during the heating season [11] - Gold and silver futures rose by 2.01% and 3.84% respectively, influenced by recent employment data indicating a decrease in private sector jobs [12][13] Specific Commodity Analysis - Lithium carbonate prices surged by 6.18% due to high demand from the power and storage sectors, although there are concerns about potential supply disruptions from upcoming mine restarts [14] - Industrial silicon and polysilicon contracts rose by 4.57% and 4.63% respectively, driven by reduced production rates in key regions [15] - Soda ash prices fell sharply, with the main contract dropping to a new low, reflecting weak demand and a slowdown in new orders [16] Shipping and Logistics - The European shipping index declined by 2.66%, with a notable drop in freight rates for container shipments, indicating a potential oversupply in the market [19]

（来源：每日粮油） 以粮油仓储贸易企业为例，目前全国粮食标准仓房完好仓容超过7.3亿吨，比"十三五"时期末增加5800 万吨，如果加上这几年民间资本建立的粮仓数量，该数据预计至少仍有30%以上的增长。 来源：每日粮油 关注每日粮油，了解全球市场最新动态。 近年来，随着全球国际形势的变化，各国在对包括粮食、原油、稀土、镍等大宗原料商品市场的争夺愈 加激烈，并传导至下游生产贸易企业层面，跨国性商品贸易集团的合并重组也愈加快速，在此期间，代 表我国走向世界粮食市场的中粮国际也快速成长为全球粮商巨头。 但由于此前中国在国际商品市场的失败案例，从2003年的第一次大豆危机，再到原油宝、中航油套保巨 亏等案例，让不少投资者对国际大宗商品交易工具——期货市场仍心有余悸。 在最近一次的内部讨论中，每日粮油就期货对粮食产业的风险规避问题也进行了简单的交流，特别是针 对当前国内玉米市场面临产量、需求不确定性，实体企业该如何利用期货工具避险？ 据悉，今年玉米市场走势较为复杂，部分网友认为今年黄淮地区遭遇历史罕见的持续阴雨天气，无论对 玉米的品质和产量都构成了极大的影响，且造成大面积的小麦冬播延迟，加上玉米价格已经跌至近10年 的低 ...