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油脂油料早报-20251202
Yong An Qi Huo· 2025-12-02 00:58
Group 1: Overnight Market Information - As of the week ending November 27, 2025, the U.S. soybean export inspection volume was 920,194 tons, at the lower end of the estimated range, compared to 2,110,449 tons in the same period in 2024. The cumulative export inspection volume this crop year was 11,867,705 tons, compared to 21,817,878 tons in the same period last year [1]. - As of the week ending October 23, U.S. current - market - year soybean export sales net increased by 1.4498 million tons, in line with expectations, with exports loaded at 1.3882 million tons. The current - market - year new sales were 1.544 million tons, and next - market - year new sales were 0 tons [1]. - As of the week ending October 23, U.S. current - market - year soybean meal export sales net increased by 640,000 tons, higher than expected, with exports loaded at 319,700 tons. The current - market - year new sales were 706,800 tons, and next - market - year new sales were 0 tons [1]. Group 2: Brazil's Soybean Production Forecasts - PatriaAgronegocios slightly raised Brazil's 2025/26 soybean production forecast to 171.89 million tons, a 0.2% increase from the mid - November estimate and a 1.4% expansion from 2024/25. The sown area is expected to reach 48.58 million hectares, a 0.9% increase from the previous estimate [1]. - StoneX lowered Brazil's 2025/26 soybean production forecast to 177.2 million tons, a 0.9% decrease from its November estimate, due to reduced output potential in major producing states [1]. - As of last Thursday, Brazil's 2025/26 soybean sowing area reached 89% of the expected area, behind last year's 91%. The core south - central region completed 99% of the first - season sowing, higher than 97% last year [1]. Group 3: Malaysia's Palm Oil Data - In November 2025, Malaysia's palm oil production decreased by 0.19% month - on - month, with fresh fruit bunch yield down 2.09% and oil extraction rate up 0.36% [1]. - Malaysia's palm oil product exports in November 2025 were 1,263,298 tons, a 15.9% decrease from October [1]. Group 4: Spot Prices - Spot prices of various products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from November 25 to December 1, 2025 are provided [5].