| | | | '/ V SDIC FUTURES | | | | --- | --- | --- | | | 操作评级 | 2025年11月27日 | | 豆一 | な女女 | 杨蕊霞 农产品组长 | | | | F0285733 Z0011333 | | 豆油 | な☆☆ | 吴小明 首席分析师 | | 棕櫚油 | な☆☆ | F3078401 Z0015853 | | 豆粕 | ★☆☆ | | | | | 董甜甜 高级分析师 | | 菜粕 | なな女 | F0302203 Z0012037 | | 菜油 | なな女 | | | | | 宋腾 高级分析师 | | 玉米 | ななな | F03135787 Z0021166 | | 生猪 | ななな | | | 鸡蛋 | ☆☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 不可作为投资依据,转载请注明出处 1 农产品日报 【菜粕&菜油】 【豆一】 国产大豆主力合约显示盘面在主动进行城仓，价格震荡，目前现货市场的报价偏稳定。今年新作国产豆市场的主基调的优质优 价，市场对优质大豆给予偏强的价格预期。 ...

| | 操作评级 | 2025年11月26日 | | --- | --- | --- | | 息一 | ☆☆☆ | 杨蕊霞 农产品组长 | | | | F0285733 Z0011333 | | 豆油 | な☆☆ | 吴小明 首席分析师 | | 棕櫚油 | な女女 | | | 豆粕 | な女女 | F3078401 Z0015853 | | | | 董甜甜 高级分析师 | | 菜油 | ☆☆☆ | F0302203 Z0012037 | | 菜粕 | な☆☆ | 宋腾 高级分析师 | | 玉米 | な女女 | | | | | F03135787 Z0021166 | | 生猪 | ななな | | | 鸡蛋 | な女女 | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 国产大豆主力合约显示盘面在主动进行减仓，价格在进行回调，目前现货市场的报价偏稳定。今年新作国产豆市场的主基调的 优质优价，市场对优质大豆给予偏强的价格预期。国产大豆和进口大豆价差在进行横盘反复，进口大豆方面表现为震荡,短期 仍需要关注美国大豆出口情况，中期关注南美大豆产区天气表现 ...

| | 操作评级 | 2025年11月26日 | | --- | --- | --- | | 息一 | ☆☆☆ | 杨蕊霞 农产品组长 | | | | F0285733 Z0011333 | | 豆油 | な☆☆ | 吴小明 首席分析师 | | 棕櫚油 | な女女 | | | 豆粕 | な女女 | F3078401 Z0015853 | | | | 董甜甜 高级分析师 | | 菜油 | ☆☆☆ | F0302203 Z0012037 | | 菜粕 | な☆☆ | 宋腾 高级分析师 | | 玉米 | な女女 | | | | | F03135787 Z0021166 | | 生猪 | ななな | | | 鸡蛋 | な女女 | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 国产大豆主力合约显示盘面在主动进行减仓，价格在进行回调，目前现货市场的报价偏稳定。今年新作国产豆市场的主基调的 优质优价，市场对优质大豆给予偏强的价格预期。国产大豆和进口大豆价差在进行横盘反复，进口大豆方面表现为震荡,短期 仍需要关注美国大豆出口情况，中期关注南美大豆产区天气表现 ...

【贵金属】 隔夜贵金属上涨。随着多位美联储官员表态主张12月降息，利率市场隐含降息概率升至80%。 俄乌 相关方围绕美方提出的和平计划展开讨论和博弈。市场不确定性依然较强,贵金属高位震荡等待方 向性突破。 gtaxinstitute@essence.com.cn 【铜】 综合晨报 国投期货研究院 隔夜铜价震荡，伦铜尾盘随贵金属走高，另一联储官员表达侧重就业的降息态度，两市铜价暂时在 MA40日均线存在韧性支撑。国内铜精矿加工费长单谈判备受关注。交割换月后,沪粤延续升水,分 别在85、125元，倾向国内现货端有一定看涨情绪，货源较集中。SMM社库减少1.39万吨在18.06万 吨。前期少量高位空单被动止盈位置从8.7万下调到8.65万。 【铝】 (原油) 隔夜国际油价反弹,布伦特01合约涨1.41%。俄乌地缘风险再次陷入制裁现实与和谈预期的纠葛, 一方面上周五美国对俄两油制裁正式生效,印度炼厂进一步规避俄油采购的行为已经发生,另一方 面本周四最后期限前美鸟就和平计划的谈判仍有不确定性。供需方面四季度、明年一季度市场仍面 临更大的累库预期,油价下行驱动仍在,本周重点关注俄乌和平方案谈判进展及委内地缘风险的犹 动。 ...

今日商品普跌、宏观氛围偏弱、市场对于12月继续降息的预期下降。国际原油价格下跌，因市场担心全球原油供应压力增加、 美国正推动俄乌和平协议。原油价格走弱，国际柴油近几日也大跌。马来西亚棕榈油供需面仍然表现差，高频的供需数据显示 SPPOMA预计11月1-20日马来西亚棕榈油产量环比上涨10.32%，出口方面显示11月1-29日出口环比下降14.13%-40.62%。棕榈油跌 破横盘区间再度选择下跌，目前棕榈油供需面再趋弱，价格又产生了新一轮压力，我们之前判断棕榈油大概率阶段性见底，这 个判断目前被打破了，此位置需要重新进行观察了。随着近几日美豆价格回调，中国大豆进口成本下降，大豆近端盘面压榨利 润虽然亏损，不过亏损幅度在缩小。豆棕价差继续扩大，显示出豆油强于棕榈油,豆油和豆箱的比价下跌,豆油弱于豆粕。短 期持续关注棕榈油供需面的表现以及宏观形势的波动。 本报告版权属于国投期货有限公司 | | | | | 操作评级 | 2025年11月21日 | | --- | --- | --- | | 显一 | な☆☆ | 杨蕊霞 农产品组长 | | 豆油 | なな☆ | F0285733 Z0011333 | | 棕櫚油 ...

| | | | | 操作评级 | 2025年11月18日 | | --- | --- | --- | | 显一 | ななな | 杨蕊霞 农产品组长 | | 豆油 | ★☆☆ | F0285733 Z0011333 | | 棕櫚油 | ななな | 吴小明 首席分析师 | | 豆粕 | ★☆☆ | F3078401 Z0015853 | | 菜油 | ★☆☆ | 董甜甜 高级分析师 | | | | F0302203 Z0012037 | | 薬粕 | ★☆☆ | 宋腾 高级分析师 | | 五米 | ☆☆☆ | F03135787 Z0021166 | | 生猪 | ななな | | | 鸡蛋 | ★☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 豆一期货主力今日大幅减仓，价格从高位快速回落。今日中储粮竞价拍卖3.5万吨大豆，全部成交，成交均价3900元/吨。随着 国产大豆价格回落，国产大豆和进口大豆价差缩下跌，进口大豆方面美豆素现偏强，市场在博弈中国政策性采购美国大豆以及 美国国内大豆压榨量增长。短期继续关注国产大豆现货端和政策端的表现。 ...

| | 操作评级 | 2025年11月18日 | | --- | --- | --- | | 显一 | ななな | 杨蕊霞 农产品组长 | | 豆油 | ★☆☆ | F0285733 Z0011333 | | 棕櫚油 | ななな | 吴小明 首席分析师 | | 豆粕 | ★☆☆ | F3078401 Z0015853 | | 菜油 | ★☆☆ | 董甜甜 高级分析师 | | | | F0302203 Z0012037 | | 薬粕 | ★☆☆ | 宋腾 高级分析师 | | 五米 | ☆☆☆ | F03135787 Z0021166 | | 生猪 | ななな | | | 鸡蛋 | ★☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 豆一期货主力今日大幅减仓，价格从高位快速回落。今日中储粮竞价拍卖3.5万吨大豆，全部成交，成交均价3900元/吨。随着 国产大豆价格回落，国产大豆和进口大豆价差缩下跌，进口大豆方面美豆素现偏强，市场在博弈中国政策性采购美国大豆以及 美国国内大豆压榨量增长。短期继续关注国产大豆现货端和政策端的表现。 【大豆&豆粕 ...

| | 操作评级 | 2025年11月17日 | | --- | --- | --- | | 息一 | ☆☆☆ | 杨蕊霞 农产品组长 | | | | F0285733 Z0011333 | | 豆油 | ななな | 吴小明 首席分析师 | | 棕櫚油 | ななな | F3078401 Z0015853 | | 豆粕 | ★☆☆ | | | | | 董甜甜 高级分析师 | | 菜油 | ★☆☆ | F0302203 Z0012037 | | 薬粕 | ★☆☆ | | | | | 宋腾 高级分析师 | | 玉米 | な☆☆ | F03135787 Z0021166 | | 生猎 | ななな | | | 鸡蛋 | ★☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 豆一期货价格表现偏强。国内大豆收购优质优价，上周部分企业提高了大豆收购价格。高蛋白大豆收购价格有明显的优势。受 到今年不利天气的影响，今年国产高蛋白大豆供应趋紧，因此市场对高蛋白大豆给予乐观的预期。随着国产大豆价格上涨，跟 进口大豆价差拉大。随着价格上涨，国产大豆仓单也在增加。进 ...

| | 操作评级 | 2025年11月17日 | | --- | --- | --- | | 息一 | ☆☆☆ | 杨蕊霞 农产品组长 | | | | F0285733 Z0011333 | | 豆油 | ななな | 吴小明 首席分析师 | | 棕櫚油 | ななな | F3078401 Z0015853 | | 豆粕 | ★☆☆ | | | | | 董甜甜 高级分析师 | | 菜油 | ★☆☆ | F0302203 Z0012037 | | 薬粕 | ★☆☆ | | | | | 宋腾 高级分析师 | | 玉米 | な☆☆ | F03135787 Z0021166 | | 生猎 | ななな | | | 鸡蛋 | ★☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 豆一期货价格表现偏强。国内大豆收购优质优价，上周部分企业提高了大豆收购价格。高蛋白大豆收购价格有明显的优势。受 到今年不利天气的影响，今年国产高蛋白大豆供应趋紧，因此市场对高蛋白大豆给予乐观的预期。随着国产大豆价格上涨，跟 进口大豆价差拉大。随着价格上涨，国产大豆仓单也在增加。进 ...

Report Investment Ratings - Douyi (Soybean): ★☆☆, indicating a bullish bias but limited operability on the trading floor [1] - Douyou (Soybean Oil): ☆☆☆, suggesting a relatively balanced short - term trend with poor operability [1] - Zonglvyou (Palm Oil): ☆☆☆, also indicating a relatively balanced short - term trend with poor operability [1] - Doupo (Soybean Meal): ★☆☆, showing a bullish bias but limited operability on the trading floor [1] - Caiyou (Rapeseed Oil): ★☆☆, indicating a bullish bias but limited operability on the trading floor [1] - Caipo (Rapeseed Meal): ☆☆☆, suggesting a relatively balanced short - term trend with poor operability [1] - Yumi (Corn): ☆☆☆, indicating a relatively balanced short - term trend with poor operability [1] - Shengzhu (Live Pigs): ☆☆☆, suggesting a relatively balanced short - term trend with poor operability [1] - Jidan (Eggs): ★☆☆, showing a bullish bias but limited operability on the trading floor [1] Core Views - The report analyzes the market conditions of various agricultural products, including soybeans, soybean oil, palm oil, soybean meal, rapeseed oil, rapeseed meal, corn, live pigs, and eggs. It provides insights into supply - demand situations, price trends, and factors affecting prices, and offers corresponding investment strategies [2][3][4] Summary by Categories Soybean - Domestic soybeans have seen a significant increase in positions and a strong price rise. Some enterprises have raised purchase prices, and the gap with imported soybeans has widened. Attention should be paid to the US Department of Agriculture report for imported soybeans [2] - US soybeans have hit recent highs, and domestic soybeans are in a situation of sufficient supply and poor crushing profits. South American new - season soybean planting progress is slow, and the impact of La Nina on production needs attention. Focus on the USDA November supply - demand report and the signing and implementation of the Sino - US economic and trade agreement [3] Soybean Oil and Palm Oil - Both soybean oil and palm oil prices are falling, with the soybean - palm oil price difference widening. The high inventory of Malaysian palm oil needs attention, and the supply - demand situation in November will guide price trends. The loss of near - end import soybean crushing profit supports soybean oil prices [4] Soybean Meal - The domestic soybean meal futures contract M2601 has risen following the increase in US soybeans. The current supply of soybeans is sufficient, and inventories are at a relatively high level. Strategies should focus on the opportunity to go long after the easing of Sino - US trade relations [3] Rapeseed Oil and Rapeseed Meal - Domestic rapeseed - related futures have declined slightly, and market sentiment is cautious before the release of the US agricultural supply - demand report. Rapeseed oil is relatively strong, with inventory declining. The Canadian biofuel incentive plan affects rapeseed prices, and attention should be paid to Australian and Canadian rapeseed situations [6] Corn - The Dalian corn futures 2601 contract is oscillating at a high level. Farmers in the Northeast are reluctant to sell, and the overall grain - selling progress is slow. The supply in Shandong is tight. The rebound height is expected to be limited, and the 01 contract is waiting for a correction [7] Live Pigs - The live pig futures market is weakly adjusting with reduced positions. The overall average selling price has little change. Pay attention to the impact of demand changes on slaughter volume after the temperature drop in the North. The market is expected to have a double - bottom pattern in the long - term [8] Eggs - Egg futures have significantly reduced positions and prices have dropped rapidly. The trading logic has switched to the spot logic of high production capacity, large supply pressure, and off - season demand. Hold short positions established at the previous high [9]