Report Industry Investment Rating No relevant content provided. Core Viewpoints - The U.S. corn price is in a narrow - range oscillation. Although the yield per unit may be further reduced, the overall production remains high. The import profit of foreign corn is declining. In the short - term, the domestic corn spot is relatively strong, but there is a potential selling pressure later. The corn starch spot is also strong due to the strength of corn, but the 01 starch on the futures market is expected to decline in the short - term [4][6][7]. Summary by Directory Part 1: Data Futures Disk - For corn futures contracts (C2601, C2605, C2509), the closing prices are 2168, 2237, and 2264 respectively, with price drops of - 7, - 8, - 8 and percentage drops of - 0.32%, - 0.36%, - 0.35%. Their trading volumes are 405,905, 43,153, 1,958 with volume changes of - 4.81%, - 6.73%, 47.89%, and open interests are 932,364, 322,392, 16,703 with changes of - 1.44%, 4.02%, 0.57% [2]. - For corn starch futures contracts (CS2601, CS2605, CS2509), the closing prices are 2473, 2552, 2607 respectively, with price drops of - 7, - 8, - 5 and percentage drops of - 0.28%, - 0.31%, - 0.19%. Their trading volumes are 88,848, 889, 72 with volume changes of - 18.46%, 3.37%, 100.00%, and open interests are 219,992, 6,328, 551 with changes of 1.29%, 1.61%, 5.76% [2]. Spot and Basis - Corn spot prices in different regions: Qinggang is 1995 yuan, Songyuan Jiji is 2070 yuan, Zhucheng Xingmao is 2350 yuan, Shouguang is 2280 yuan, Jinzhou Port is 2210 yuan, Nantong Port is 2320 yuan, and Guangdong Port is 2370 yuan. The price in Shouguang increased by 10 yuan, while others remained unchanged. The corresponding basis is - 269, - 194, 86, 16, 42, 56, 106 [2]. - Starch spot prices in different regions: Longfeng is 2680 yuan, COFCO is 2700 yuan, Cargill is 2800 yuan, Yufeng is 2890 yuan, Jinyu Corn is 2800 yuan, Zhucheng Xingmao is 2900 yuan, and Hengren Industry and Trade is 2820 yuan. All prices remained unchanged, and the corresponding basis is 128, 148, 248, 338, 248, 348, 268 [2]. Spreads - Corn inter - delivery spreads: C01 - C05 is - 69 with a change of 1, C05 - C09 is - 27 with no change, C09 - C01 is 96 with a change of - 1 [2]. - Starch inter - delivery spreads: CS01 - CS05 is - 79 with a change of 1, CS05 - CS09 is - 55 with a change of - 3, CS09 - CS01 is 134 with a change of 2 [2]. - Cross - variety spreads: CS09 - C09 is 343 with a change of 3, CS01 - C01 is 305 with no change, CS05 - C05 is 315 with no change [2]. Part 2: Market Judgment Corn - The U.S. corn price is in a narrow - range oscillation. Although the yield per unit will be further reduced, the production remains high. The import profit of foreign corn is declining, and the import price from Brazil in December is 2137 yuan. The northern port's flat - hatch price is stable at around 2210 yuan, and the northeast corn spot price is stable. The supply in North China has decreased, and the corn spot price is relatively strong. The price difference between northeast and North China corn is still large. The wheat price in North China has risen to around 2500 yuan/ton, and the price difference between wheat and corn is large, making corn more cost - effective. The domestic breeding demand is stable, and the inventory of downstream feed enterprises is low. Some enterprises are building inventory in the northeast. The supply of northeast corn is low recently, and traders' hoarding sentiment is strong. The 01 corn futures contract is oscillating weakly, and the spot basis is strengthening. The market is concerned about the seasonal selling pressure of northeast corn and the downstream inventory - building situation [4][6]. Starch - The number of trucks arriving at Shandong's deep - processing plants has decreased, and the corn spot price in Shandong is stable. The starch price in Shandong is around 2770 yuan, and the northeast starch spot price is also strong. This week, the corn starch inventory decreased to 110.9 million tons, a decrease of 2.4 million tons from last week, a monthly decrease of 1.7% and a year - on - year increase of 25.6%. The starch price mainly depends on the corn price and downstream inventory - building. The by - product price is still strong, much higher than last year, and the spot price difference between corn and starch is low. Due to the strong corn price, the starch spot price is strong, and enterprises are still making good profits. The 01 starch futures contract is oscillating narrowly following the corn, but the North China corn price may decline in December, and the corn starch spot price will also decline later. It is expected that the 01 starch futures contract still has room to decline in the short - term [7]. Part 3: Corn Options - The option strategy is a short - term cumulative put strategy with rolling operations. For example, on November 20, 2025, for the C2605 - P - 2160.DCE option, the underlying asset price is 2237, and the closing price is 20.50; for the C2601 - P - 2080.DCE option, the underlying asset price is 2168, and the closing price is 3.00 [11]. Part 4: Related Attachments - The report provides multiple charts, including the spot price of corn in different regions, the basis of the corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of the corn starch 01 contract, and the spread between the corn starch and corn 01 contracts [13][15][19].

农产品日报（2025 年 11 月 20 日） ②进口大豆升贴水报价：墨西哥湾(12 月船期)240 美分/蒲式耳，与上个交易日相比持平；美国西岸(12 月 船期)225 美分/蒲式耳，与上个交易日相比持平；巴西港口(12 月船期)210 美分/蒲式耳，与上个交易日相 比持平。 一、研究观点 | 品种 | 点评 | 观点 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 周三，玉米延续震荡，主力 | 2601 | 合约在 | 10 | 日均线支撑下以小阳线收盘。本周前 | 两个交易日，玉米远期 | 2611 | 合约领跌，近月 | 2601 | 合约跟跌，市场担心反弹结束 | | | | | | 后期价遇阻调整。现货市场中北港上量，玉米报价承压下行。近期北港玉米到货 | 量略显提升，加之期货市场未继续上涨，市场气氛受到一定的影响，价格略有回 | | | | | | | | | | | | | | 调趋势。东北产区价格也结束上涨的模式，行情 ...

农产品早报 2025-11-20 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 白糖、棉花研究员 从业资格号：F03116327 交易咨询号：Z0019233 邮箱:yangzeyuan@wkqh.cn 油脂油料研究员 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 周三 CBOT 大豆回落，美豆触及成本线后回调，周三巴西升贴水下跌 3-10 美分/蒲，大豆到港成本回落。 国内豆粕现货小幅下调 30 元/吨，华东报 2970 元/吨，豆粕成交、提货均较好。MYSTEEL 预计本周油厂 大豆压榨量为 234.92 万吨，上周压榨大豆 207.76 万吨，上周大豆及豆粕环比去库，同比仍较高。 杨泽元 未来两周，巴西大豆产区前期雨量偏少区域预计恢复降雨，预计播种较为顺利，截至上周四种植进度已 达 71%。USDA 月报下调全球大豆新作产量约 410 万吨，期末库存下调 200 万吨，全球大豆平衡表边际 收紧。美豆产量则下调 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Palm oil has limited rebound height, and attention should be paid to the inventory reduction process in the producing areas [1]. - Soybean oil has no breakthrough driving force and mainly fluctuates within a range [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: Palm oil主力 closed at 8,852 yuan/ton (up 1.65% during the day, down 0.66% at night), soybean oil主力 at 8,356 yuan/ton (up 0.43% during the day, up 0.05% at night), and rapeseed oil主力 at 9,813 yuan/ton (down 0.62% during the day, down 0.37% at night). The Malaysian palm oil主力 closed at 4,226 ringgit/ton (up 0.38% during the day, down 0.99% at night), and CBOT soybean oil主力 at 51.45 cents/pound (down 2.00%) [1]. - **Trading Volume and Open Interest**: Palm oil主力 had a trading volume of 822,062 lots (an increase of 349,773 lots) and an open interest of 380,300 lots (a decrease of 40,243 lots). Soybean oil主力 had a trading volume of 375,221 lots (an increase of 118,519 lots) and an open interest of 462,799 lots (an increase of 134 lots). Rapeseed oil主力 had a trading volume of 311,645 lots (an increase of 96,313 lots) and an open interest of 243,297 lots (a decrease of 7,957 lots) [1]. - **Spot Prices**: Palm oil (24 degrees) in Guangdong was priced at 8,740 yuan/ton (an increase of 120 yuan/ton), first - grade soybean oil in Guangdong at 8,720 yuan/ton (an increase of 50 yuan/ton), and fourth - grade imported rapeseed oil in Guangxi at 10,240 yuan/ton (a decrease of 100 yuan/ton). The FOB price of Malaysian palm oil was 1,055 dollars/ton (an increase of 10 dollars/ton) [1]. - **Basis and Spreads**: The basis of palm oil in Guangdong was - 112 yuan/ton, soybean oil in Guangdong was 364 yuan/ton, and rapeseed oil in Guangxi was 427 yuan/ton. The spread between rapeseed oil and palm oil futures主力 was 1,279 yuan/ton, between soybean oil and palm oil futures主力 was - 496 yuan/ton [1]. 3.2 Macro and Industry News - **Malaysian Palm Oil**: Sarawak Oil Palms Berhad aims to maximize the output of its existing plantations. Sarawak has 1.62 million hectares of oil palm plantations, accounting for 29% of Malaysia's total, but its output only accounts for 21.6% of Malaysia's palm oil output. The company's CEO expects a 5% year - on - year increase in output this year, with last year's total output at 1.25 million tons [2][3]. - **US Crop Planting**: S&P Global Energy predicts that the US corn planting area in 2026 will be reduced by 3.8% (3.7 million acres) compared to 2025, while the soybean planting area will increase by 4% (3.4 million acres) [3]. - **US Soybean Exports**: On November 19, private exporters reported the sale of 330,000 tons of soybeans to China for shipment in the 2025/2026 market year [3]. - **Brazilian Soybeans**: Due to irregular rainfall, Safras & Mercado estimates Brazil's 2025/26 soybean output at 178.76 million tons, a reduction of over 2 million tons from the September forecast. However, it will still reach a record high, a 4% increase from the previous year. The soybean planting area is expected to increase by 1.4% to 48.31 million hectares. Anec expects Brazil's soybean exports in November to reach 4.71 million tons and soybean meal exports to reach 2.68 million tons [4]. - **Argentine Soybeans**: As of the week of November 12, Argentine farmers sold 533,500 tons of 2024/2025 soybeans, with cumulative sales reaching 39.3662 million tons, and 41,900 tons of 2025/2026 soybeans, with cumulative sales reaching 4.2166 million tons [5]. 3.3 Trend Intensity - The trend intensity of palm oil and soybean oil is - 1, indicating a relatively bearish outlook [6].

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - The US corn rebounded after the November report lowered the yield, but the production remained high, and it was in a narrow - range oscillation. The import profit of foreign corn declined, and the price of Brazilian imports in December was 2138 yuan. The domestic corn spot was relatively strong in the short - term, with stable demand from the breeding industry and low inventory of downstream feed enterprises. The 01 corn futures had room to fall later. The starch spot was strong due to the corn rebound, but the 01 starch futures on the disk also had room to fall in the short - term [4][6][7]. 3. Summary by Directory 3.1 Data - **Futures Disk**: For corn futures, C2601 closed at 2175 with a 0.32% increase, C2605 at 2245 with a 0.18% increase, and C2509 at 2272 with a 0.22% increase. For starch futures, CS2601 closed at 2480 with a 0.52% increase, CS2605 at 2560 with a 0.23% increase, and CS2509 at 2612 with a 0.23% increase. The trading volume and open interest of each contract had different changes [2]. - **Spot and Basis**: The spot prices of corn in different regions such as Qinggang, Songyuan Jiji, etc., and the spot prices of starch in different enterprises such as Longfeng, COFCO, etc., were reported. The basis of corn and starch in different regions and enterprises was also provided [2]. - **Spreads**: Corn inter - delivery spreads (e.g., C01 - C05 was - 70 with a 3 increase), starch inter - delivery spreads (e.g., CS01 - CS05 was - 80 with a 7 increase), and cross - variety spreads (e.g., CS09 - C09 was 340 with a 1 increase) were presented [2]. 3.2 Market Judgment - **Corn**: The US corn was in a narrow - range oscillation. The import profit of foreign corn declined. The northern port's flat - hatch price in the north dropped, while the northeast and north China corn spots were stable. The price difference between northeast and north China corn was large. Corn had cost - effectiveness compared to wheat. The domestic breeding demand was stable, and the downstream feed enterprises' inventory was low. The 01 corn futures were strongly oscillating, and the spot basis strengthened. The market was concerned about the seasonal selling pressure of northeast corn and downstream inventory building [4][6]. - **Starch**: The number of vehicles arriving at Shandong deep - processing plants decreased, and the Shandong corn spot was stable. The starch inventory decreased this week, with the manufacturer's inventory at 110.9 million tons, a 2.4 - million - ton decrease from last week, a 1.7% monthly decrease, and a 25.6% year - on - year increase. The starch price depended on corn price and downstream stocking. The by - product price was strong, and the enterprise's profit was good. The 01 starch futures followed the corn to oscillate strongly, but the north China corn price might fall in December, and the starch spot would also decline later [7]. 3.3 Corn Options - The option strategy was a short - term cumulative put strategy with rolling operations. Information about two option contracts (C2605 - P - 2160.DCE and C2601 - P - 2080.DCE) including the underlying price, closing price, and price change was provided [11]. 3.4 Related Attachments - Six figures were provided, including the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of corn starch 01 contract, and the spread of corn starch 01 contract [13][15][19].

请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 生猪 周二，生猪近月合约持续调整，远期跟随下跌跌幅有限。现货市场，销区猪价企 稳，部分地区报价上涨。今日江西生猪市场均价为 11.28 元/公斤，价格偏弱 0.01 元/公斤。今日头部集团厂稳定，大猪成交较好，走量较好，成交较昨日稍有改 善。广东市场生猪出栏均价为 12.16 元/公斤 ，较昨日价格稳定，与全国均价价 差相差 0.90 元/公斤， 规模场主流牌价为 11.9-12.4 元/公斤。7kg 仔猪规模厂牌 价 260 元/头左右。110-130 公斤标猪与 150 公斤以上肥猪价差为-0.84 元/公斤。 技术上，周五自本周二，生猪 7、9 月合约延续调整，短线警惕猪价调整，短多 离场，等待低位企稳的机会。 震荡 农产品日报（2025 年 11 月 19 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周二，玉米近、远月合约联动调整，最近两个交易日，玉米远期 2611 合约领跌， 近月 2601 合约跟跌。今日北港价格持续上涨，东北产区粮源发北港已开始顺价。 东北产区价格 ...

生猪产业期现日报 投资咨询业务资格:证监许可 【2011】1292号 2025年11月19日 朱迪 Z0015979 | 期货指标 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 现值 165 | 前值 -45 | 涨跌 210 | 张跃幅 466.67% | 单位 | | 主力合约基着 生猪2605 | 12040 | 12140 | -100 | -0.82% | | | | | | | | 元/吨 | | 生猪2601 | 11535 | 11695 | -160 | -1.37% | | | 生猪1-5价差 | -505 | -445 | -60 | -13.48% | | | 主力合约持仓 | 142417 | 137254 | 5163 | 3.76% | 글 | | 仓单 | 90 | 90 | 0 | 0.00% | | | 现货价格 | | | | | | | 品种 | 现值 | 前值 | 张跌 | 当地升贴水 | 单位 | | 河南 | 11700 | 11650 | 50.0 | 0 | | | 山东 | 11750 | ...

1 | 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | | | 巴西未来十五天降雨预计略低于正常水平。目前现货油厂销售压力下降，存在挺价 | | 豆粕 | | 心理。中美会晤结果显示，美豆进口关税问题仍未得到有效解决。贸易成本叠加巴 | | ★ | 短线整理 | 西种植升水可能，市场看多情绪炒作，美农 11 月报告显示美豆期末库存虽然环比 | | | | 回落，但与 8 月期末库存预估一致。本周国内大豆及豆粕库存环比回落，短线关注 | | | | 调整后逢低短多机会，关注巴西大豆种植天气情况。 | | | | 近日加方表示暂无法取消对中国关税，导致市场对于中加贸易关税改善预期降温。 | | 菜粕 | | 沿海油厂菜籽零库存，零压榨。港口库存依然同比偏高叠加豆粕调整，昨日菜粕延 | | ★ | 短线回落整理 | 续回落调整。短线关注调整后看多机会。做空谨慎对待。关注中加贸易后续进展。 | | 棕榈油 | | 棕榈油阶段性进入供需转弱状态，11 月马棕榈油前 15 日出口数据环比较弱，累库 | | | 偏弱整理 | 预期依然存在，短期阶段性调整行情。近日进口盘面利润快速回升修复， ...

农产品日报 | 2025-11-19 现货涨跌互现，豆粕维持震荡 粕类观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2601合约3041元/吨，较前日变动-2元/吨，幅度-0.07%；菜粕2601合约2431元/吨，较前日 变动-18元/吨，幅度-0.73%。现货方面，天津地区豆粕现货价格3050元/吨，较前日变动+0元/吨，现货基差M01+9， 较前日变动+2；江苏地区豆粕现货3000元/吨，较前日变动+0元/吨，现货基差M01-41，较前日变动+2；广东地区 豆粕现货价格2990元/吨，较前日变动跌+0元/吨，现货基差M01-51，较前日变动+2。福建地区菜粕现货价格2610 元/吨，较前日变动-20元/吨，现货基差RM01+179，较前日变动-2。 近期市场资讯，11月17日，巴西对外贸易秘书处公布的出口数据显示，巴西11月前两周出口大豆230.2万吨，日均 出口量为23万吨，较上年11月全月的日均出口量13.4万吨增加71%。 上年11月全月出口量为255.3万吨。11月17日， 美国农业部公布的周度出口检验报告显示，截至2025年11月13日当周，美国大豆出口检验量为117.6万吨，此前市 场预估 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|农业策略⽇报 2025-11-19 糖价再度向下测试5400元/吨支撑 油脂：成本抬升，国内豆油震荡偏强 蛋白粕：中国采购重回美豆市场，内外盘面波动加剧 玉米/淀粉：现货延续上行，盘面小幅回调 生猪：出栏充裕，猪价偏弱 天然橡胶：延续窄幅区间震荡格局 合成橡胶：盘面维持震荡趋势 棉花：棉价向下调整 白 糖：糖价再度向下测试5400元/吨支撑 纸浆：01资金持续流出，回调压力持续 双胶纸：双胶纸跟随纸浆走弱 原木：窄幅震荡，原木筑底阶段 风险因素：国内巴西港口物流，北半球产量不及预期，宏观经济波动 等； 【异动品种】 ⽩糖观点：糖价再度向下测试5400元/吨支撑 逻辑：中长期来看，25/26榨季，巴西由于制糖比高企，产糖量预计同比 略增；印度预计大幅增产；泰国预计延续增产；中国也预计增产；国际糖 市供需存在盈余，供应格局宽松，使得内外糖价存在下行压力。短期来 看，巴西出口量边际下降，糖醇比价已显示产醇的相对优势，或导致制糖 比下滑，在北半球还未大量供应前，国际贸易流或边际减轻；国内，因糖 浆预拌粉进口政策趋紧，以及食糖进口量预计边际减少的预期，此外甘 ...