（文章来源：新华财经） 市场是否看涨的关键因素在于2025年美国玉米产量，以及美国农业部下周是否将玉米产量预期下调低于 每英亩183蒲式耳。美国2025-2026年度玉米期末库存超过20亿蒲式耳。市场分析机构将利用报告发布后 的上涨行情卖出旧玉米和大豆。 美国最高法院将对特朗普政府《国际紧急经济权力法案》（IEEPA）关税的裁决推迟至1月14日。市场 正等待最高法院的最终裁决。裁决推迟5天发布将加剧下周金融市场的紧张局势。 新华财经纽约1月9日电（记者徐静）芝加哥期货交易所玉米、小麦和大豆期价9日涨跌不一。 当天，芝加哥期货交易所玉米市场交投最活跃的2026年3月合约收于每蒲式耳4.46美元，比前一交易日 下跌0.25美分，跌幅为0.06%；小麦2026年3月合约收于每蒲式耳5.17美元，比前一交易日下跌0.75美 分，跌幅为0.14%；大豆2026年3月合约收于每蒲式耳10.63美元，比前一交易日上涨1.25美分，涨幅为 0.12%。 受现货交易商关于中国4-5月将采购10-12船美国大豆的传闻支撑，大豆期货价格走高。 ...

投资咨询业务资格:证监许可 【2011】1292号 王晶 Z0023598 2026年1月9日 苹果 现值 前值 涨跌 涨跌幅 单位 苹果2605 (主力) 9531 9583 -52 -0.54% 苹果2610合约 8451 8474 -23 -0.27% 元/吨 基美 –1331 –1383 52 3.76% 苹果5-10价差 1080 1109 -29 –2.61% 槎龙果品批发市场到货 15 36 -21 –58.33% 江门水果批发市场到货 18 8 -10 -55.56% 车 下桥水果批发市场到货 25 12 -13 -52.00% 期货持仓量 133273 144574 –11301 –7.82% नेह 全国冷库库存 733.56 720.90 -12.66 –1.73% 万吨 厂库交割利润 336 384 -48 -12.50% 元/吨 盘面利润 –1525 –1434 –91 –6.35% 主产区现货成交价格 纸袋80#: 市场价: 栖霞 (日) 定 景 二级: 纸袋80#:市场价:蓬莱区(日) 市场价:沂源(日) 经 袋 75#: 市场价: 静宁 (日) 8元/斤 6元/斤 4元/斤 2 ...

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 2026-1-9 市场情绪升温，玉米增仓上行 油脂：供给端消息扰动，油脂走势略有分化 蛋白粕：供需报告预期偏空，现货坚挺双粕下跌 玉米/淀粉：轮换粮持续溢价销售，期货再度走强 生猪：猪肉储备轮换，猪价窄幅震荡 天然橡胶：短期或经历大幅调整 合成橡胶：盘面偏强运行，看涨氛围较浓 棉花：棉价减仓回调 白糖：糖价窄幅波动 纸浆：金融市场风向大改，纸浆随之走弱 双胶纸：市场降温，盘面回调 原木：市场回暖，原木跟随黑色板块走强 【异动品种】 ⽟⽶观点：市场情绪升温，盘⾯增仓上⾏ 逻辑：近期玉米收购公告+中储粮玉米销售溢价成交+陈麦拍卖仅限面粉价 格企业参拍，几方面因素共振，点燃市场看涨情绪，期货今日再度走强。 东北地区，低温天气有利于储粮，售粮持续缓慢进行。华北地区，随着本 地玉米的质量逐步好转，自然晾晒干粮较前期有所增加，但惜售情绪下， 到货量持续下降，今日山东深加工早间剩余车辆308台。季节性来看，春 节临近，部分农户还贷及变现需求将推动售粮节奏，但考虑今年农户惜售 心态强于往年，集中卖压释放的概率偏小。下游经过连续补库后，目前已 经建立了 ...

| 棉花产业期现日报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 | 2026年1月5日 | | | | 刘珂 | Z0016336 | | 期货市场价格 | | | | | | | | 指标 | | 现值 | 前值 | 狱跌 | 涨跌幅 | 单位 | | 14585 | 棉花2605 | | 14560 | ડતે | 0.17% | | | 元/吨 | 棉花2609 | 14760 | 14730 | 30 | 0.20% | | | ICE美棉主力(美分/磅) | | 64.01 | 64.30 | -0.29 | -0.45% | 美分/磅 | | 棉花5-9价差 | | -175 | -170 | -5 | -2.94% | 元/肥 | | 글 | | | | | | | | 主力合约持仓量 | | 860725 | 876602 | -15877 | -1.81% | | | 9.59% | 仓单数量 | 5712 | 5212 | 500 | | કેસ્ | | -1 ...

Group 1: Industry Investment Rating - The investment strategy for both the soybean meal and corn sectors is neutral [3][6] Group 2: Core Views - The soybean meal market is experiencing high downstream inventory, causing the price to fluctuate. The 05 contract price is moving weakly in line with the US soybean price due to ample domestic supply, high inventory, and strong South American harvest expectations. However, high import costs and pre - and post - Spring Festival shutdown expectations provide some support. Future focus should be on soybean imports and South American soybean growth [1][2] - In the corn market, supply - side trading is sluggish with low trader enthusiasm and limited arrivals. On the demand side, feed companies are mostly in a wait - and - see mode after restocking, and deep - processing enterprises are making just - in - time purchases with stable production and sales. With farmers' reluctance to sell and downstream wait - and - see attitudes, future attention should be on alternative grain auctions, and the corn spot price is expected to adjust [4][5] Group 3: Summary by Related Catalogs Soybean Meal - **Market News and Key Data**: The closing price of the soybean meal 2605 contract was 2774 yuan/ton, down 16 yuan/ton (-0.57%) from the previous day. Tianjin, Jiangsu, and Guangdong had spot prices of 3100 yuan/ton, 3050 yuan/ton, and 3070 yuan/ton respectively. Crop expert Michael Cordonnier estimated Brazil's 2025/26 soybean production at 1.77 billion tons [1] - **Market Analysis**: Domestic supply is ample, and the 05 contract price is weak due to high inventory and South American harvest expectations, but there is some price support [2] Corn - **Market News and Key Data**: The closing price of the corn 2603 contract was 2249 yuan/ton, up 27 yuan/ton (+1.22%) from the previous day. As of December 23, 77.7% of Argentina's 2025/26 corn was planted. As of December 25, Ukraine had harvested 94% of its planned grain area [3] - **Market Analysis**: Supply - side trading is light, and demand - side players are mostly in a wait - and - see mode. Corn spot prices are expected to adjust [4][5]

1. Report Industry Investment Ratings - The investment strategy for both the粕类 (bean meal and rapeseed meal) and corn sectors is neutral [3][6] 2. Core Views - For the粕类 market, the current domestic supply - demand pattern remains unchanged, with a slight increase in soybean inventory and high bean meal inventory. The 05 contract price moves weakly in line with the US soybean price due to strong South American soybean production expectations. However, the relatively high import cost of US soybeans provides some support. Future focus should be on soybean imports and the growth of new - season South American soybeans [2] - In the corn market, farmers are still reluctant to sell, resulting in a slow grain - selling pace. Traders are cautious in purchasing, while deep - processing enterprises'开机 is stable with a slight increase in inventory and improved purchasing willingness. Feed enterprises mainly make rigid - demand purchases and mostly adopt a wait - and - see attitude. All - link inventories are gradually rising but still below historical levels. Future focus should be on alternative grain auctions, and the corn spot price is expected to adjust [4][5] 3. Summaries by Related Catalogs 3.1 粕类 Market 3.1.1 Market News and Important Data - **Futures**: The closing price of the bean meal 2605 contract was 2760 yuan/ton, up 32 yuan/ton (+1.17%) from the previous day; the rapeseed meal 2605 contract was 2352 yuan/ton, up 8 yuan/ton (+0.34%) [1] - **Spot**: In Tianjin, the bean meal spot price was 3080 yuan/ton, unchanged from the previous day, with a spot basis of M05 + 320, down 32 from the previous day; in Jiangsu, it was 3030 yuan/ton, up 20 yuan/ton, with a spot basis of M05 + 270, down 12; in Guangdong, it was 3040 yuan/ton, up 20 yuan/ton, with a spot basis of M05 + 280, down 12. In Fujian, the rapeseed meal spot price was 2590 yuan/ton, up 20 yuan/ton, with a spot basis of RM05 + 238, up 12 [1] - **Market Information**: As of December 23, the soybean planting progress in Argentina for the 2025/26 season was 75.5%, 8 percentage points higher than a week ago, with 95.2% of sown soybeans rated normal to good and 96% of soybean farmland having sufficient/optimal moisture. The estimated soybean production in Brazil for the 2025/26 season was 1.77 billion tons, higher than the previous forecast of 1.76 billion tons [1] 3.1.2 Market Analysis - The domestic supply - demand pattern remains unchanged, with soybean and bean meal inventories rising slightly. The 05 contract price moves weakly with the US soybean price due to South American production expectations, but the high US soybean import cost provides support. Future focus should be on soybean imports and South American soybean growth [2] 3.1.3 Strategy - Neutral [3] 3.2 Corn Market 3.2.1 Market News and Important Data - **Futures**: The closing price of the corn 2601 contract was 2189 yuan/ton, down 7 yuan/ton (-0.32%) from the previous day; the corn starch 2601 contract was 2484 yuan/ton, down 10 yuan/ton (-0.40%) [3] - **Spot**: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day, with a spot basis of C01 + 111, up 12 from the previous day; in Jilin, the corn starch spot price was 2620 yuan/ton, unchanged from the previous day, with a spot basis of CS01 + 136, up 10 [3] - **Market Information**: From December 1 - 19, Brazil's corn exports were 4.426 million tons, compared with 4.266 million tons in December 2024. The daily average export volume was 295,039 tons, a 45.2% year - on - year increase. The export value was 970 million US dollars, compared with 910 million US dollars in December 2024. The average export price was 218.8 US dollars/ton, a 2.2% increase from the same period last year [3] 3.2.2 Market Analysis - On the supply side, farmers are reluctant to sell, resulting in a slow grain - selling pace. On the demand side, traders' inventory rises slowly and they are cautious in purchasing. Deep - processing enterprises'开机 is stable, with a slight increase in inventory and improved purchasing willingness. Feed enterprises mainly make rigid - demand purchases and mostly wait and see. All - link inventories are rising but below historical levels. Future focus should be on alternative grain auctions, and the corn spot price is expected to adjust [4][5] 3.2.3 Strategy - Neutral [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Affected by the domestic customs meeting rumors, the soybean meal futures market showed strength today. Short - term attention should be paid to domestic relevant policy dynamics. With the expectation of a bumper harvest of Brazilian soybeans, the South American premium is expected to face selling pressure later. The M05 contract is expected to fluctuate within a range in the short term [7][8] 3. Summary by Relevant Content Spot and Basis Data - On December 25th, the basis of 43% soybean meal spot contracts in different regions (Dalian, Tianjin, etc.) decreased by 32 compared to the previous period. The basis of rapeseed meal spot in Guangdong was 108. The M1 - 5 spread was 315 with an increase of 5 [4] Spread and Price Difference Data - The RM1 - 5 spread was 84 with an increase of 13. The spot price difference between soybean meal and rapeseed meal in the factory was 300, and the price difference between soybean meal and rapeseed meal in the main contract was 547 with a decrease of 6 [5] Supply - related Data - According to CONAB, the predicted output of new Brazilian soybeans in the 25/26 season is 1.776 billion tons. As of December 5th, the Brazilian soybean sowing rate was 90.3%. As of December 3rd, the Argentine soybean sowing progress was 4.7%. There are no obvious short - term weather problems. From December to January, domestic soybeans and soybean meal are expected to seasonally reduce inventory. The rumor of a 25 - day customs clearance delay has increased concerns about the supply of soybean meal in the first quarter of next year in China. Domestic imported soybeans have started to be auctioned with a high premium [7] Demand - related Data - Livestock and poultry are expected to maintain a high inventory level in the short term, supporting feed demand. However, the current breeding profit is in the red, and national policies tend to control the inventory and weight of pigs, which may affect the supply in the far - month period. The cost - effectiveness of soybean meal has decreased. Recently, the downstream transactions of soybean meal were normal, and the提货 performance was good [8] Inventory - related Data - Domestic soybean and soybean meal inventories are at a high level compared to the same period in history. The reduction of soybean meal inventory is slow, and the pressure of spot supply is still large. It is expected that the inventory will be reduced more rapidly from December to January. The number of days of soybean meal inventory of feed enterprises increased this week [8]

Group 1: Investment Rating - The investment rating for both the soybean meal and corn sectors is neutral [3] Group 2: Core Viewpoints - The current supply - demand pattern of soybean meal has not changed, with high oil - mill operating rates and continuous inventory accumulation of soybeans and soybean meal. The overall soybean meal price is mainly in a range - bound movement. Attention should be paid to US soybean imports and the weather in the new - season South American production areas [2] - In the domestic corn market, the grain - selling progress in the Northeast is relatively fast, but the effective supply is tight due to farmers' reluctance to sell. As the price reaches a relatively high level and holidays approach, the grain - selling progress is expected to accelerate. Deep - processing and feed enterprises have low inventories and replenishment needs, and the demand from feed enterprises is rigid [4] Group 3: Market News and Key Data (Soybean Meal) - Futures: The closing price of the soybean meal 2605 contract was 2747 yuan/ton, a change of - 9 yuan/ton or - 0.33% from the previous day; the rapeseed meal 2605 contract was 2340 yuan/ton, a change of + 9 yuan/ton or + 0.39% [1] - Spot: Tianjin's soybean meal spot price was 3090 yuan/ton, unchanged from the previous day, with a spot basis of M05 + 343, a change of + 9; Jiangsu's was 3020 yuan/ton, a change of - 20 yuan/ton, with a spot basis of M05 + 273, a change of - 11; Guangdong's was 3030 yuan/ton, a change of - 10 yuan/ton, with a spot basis of M05 + 283, a change of - 1. Fujian's rapeseed meal spot price was 2560 yuan/ton, a change of + 10 yuan/ton, with a spot basis of RM05 + 220, a change of + 1 [1] - Market information: Brazil's soybean export volume in December is expected to be 3.57 million tons (previously 3.33 million tons), and the soybean meal export volume is expected to be 2 million tons (previously 1.83 million tons) [1] Group 4: Market News and Key Data (Corn) - Futures: The closing price of the corn 2601 contract was 2190 yuan/ton, a change of - 16 yuan/ton or - 0.73% from the previous day; the corn starch 2511 contract was 2499 yuan/ton, a change of - 13 yuan/ton or - 0.52% [3] - Spot: Liaoning's corn spot price was 2150 yuan/ton, unchanged from the previous day, with a spot basis of C01 + 115, a change of + 21; Jilin's corn starch spot price was 2630 yuan/ton, unchanged from the previous day, with a spot basis of CS01 + 131, a change of + 13 [3] - Market information: As of December 10, the sowing progress of corn in Argentina in the 2025/26 season was 59.2% (up from 44% a week ago), and the corn yield is expected to reach a record 61 million tons. The wheat harvest progress was 60.2%, a 15 - percentage - point increase week - on - week [3]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of Each Report Oils and Fats - Palm oil: Malaysian BMD crude palm oil futures may have a short - term rebound near 3900 ringgit, with a near - weak and far - strong pattern. Dalian palm oil futures may seek support around 8300 yuan and could fluctuate in the 8200 - 8300 range [1]. - Soybean oil: With uncertain biodiesel policies in the US and upcoming Brazilian soybean harvest, CBOT soybean oil is under pressure. In China, short - term supply is sufficient, but with the approaching Spring Festival stocking and reduced soybean imports in Q1, domestic factory soybean oil inventories may decrease, and basis quotes are expected to have limited fluctuations [1]. - Rapeseed oil: Affected by the decline in US crude oil prices and subsequent events, the domestic vegetable oil market was first dragged down and then rebounded. Attention should be paid to whether the rapeseed oil 05 contract can stop falling in the 8900 - 9000 yuan range [1]. Pork - Spot prices are stable, and with the increasing demand for southern curing, the downside support is stronger. There is high uncertainty in the December - January market due to the possible impact of the epidemic and the potential entry of secondary fattening pigs. The spot market has a sentiment of holding back sales, which supports the market. The futures market rose on the news of tariff increase on European pork imports but then fell as the actual tariff was lowered and the impact of imported pork on domestic supply is limited. The futures market will continue to adjust narrowly [3]. Sugar - ICE raw sugar futures are in a bearish pattern due to the favorable export conditions in Brazil and the expected increase in sugar production in Brazil, India, and Thailand. In China, the sugar - pressing speed in the main producing areas has accelerated, and the futures market price is weakening due to increased supply. The market is expected to remain weak [7]. Meal - The US soybean market lacks trading highlights, and the South American new - crop soybeans are expected to have a bumper harvest, which suppresses the US soybean price. The domestic soybean meal market remains in a loose pattern. Although there is speculation about delayed soybean clearance and a sentiment of supporting prices, the upward space is limited, and there is a risk of decline [9]. Corn - In the Northeast, the grass - roots have a sentiment of supporting prices, and the prices in the producing areas are stable. In the north port, the supply has increased, and the price has slightly decreased. In North China, farmers sell when the price is high and hold back when the price is low. On the demand side, deep - processing enterprises purchase on demand, and feed enterprises have a slightly lower willingness to pay for new orders. In the short term, the increase in corn supply will put pressure on the price, but the price decline is limited due to the grass - roots' price - supporting sentiment and the need for low - inventory enterprises to replenish stocks. The market will fluctuate narrowly [10]. Red Dates - After the acquisition, the sales area has more arrivals but lower - than - expected transactions. The price in the Hebei Cuierzhuang market is firm, while that in the Guangdong Ruyifang market has slightly declined. The futures price is weak, the spot price is stable, and the basis is strengthening. The market may be boosted by improved transactions during the consumption peak, and the downward momentum is insufficient. Attention should be paid to the inventory level after the Spring Festival and the planting area and early - stage weather in 2026 [17]. Cotton - ICE cotton futures rose due to short - covering. The US cotton export sales showed a decrease compared to the previous week and the four - week average. The US cotton market will remain volatile. In China, although the market expects a decline in the Xinjiang planting area next year, the downstream industry is weak, with increasing finished - product inventories and deteriorating spinning enterprise profits and cash flows. However, the rigid demand for cotton raw materials by spinning enterprises remains, so the downside space of cotton prices is limited, but there is pressure above. Attention should be paid to the resistance level around 14050 - 14100 [21]. Eggs - Egg prices are gradually rising from a low level, leading to a sentiment of holding back sales among farmers. The number of newly - laying hens is decreasing, but the overall inventory improvement is not obvious. With favorable storage conditions due to the recent cooling, egg supply remains sufficient. The market transaction is okay, with increased buying sentiment in low - price areas and high inventory pressure in high - price areas. All links are actively clearing inventory. The egg market is expected to remain in a low - level oscillation pattern [23]. 3. Summary According to Relevant Catalogs Oils and Fats - **Soybean oil**: On December 17, the spot price in Jiangsu was 8460 yuan, down 0.59% from the previous day; the futures price of Y2605 was 8096 yuan, down 0.93%; the basis of Y2605 was 364 yuan, up 7.69%. The number of warehouse receipts remained unchanged at 25964 [1]. - **Palm oil**: The spot price in Guangdong was 8380 yuan, down 0.59%; the futures price of P2605 was 8398 yuan, down 0.92%; the basis of P2605 was - 18 yuan, up 60.87%. The import cost in Guangzhou Port for May was 8848.4 yuan, down 0.77%, and the import profit was - 450 yuan, down 2.02%. The number of warehouse receipts remained unchanged at 950 [1]. - **Rapeseed oil**: The spot price in Jiangsu was 9570 yuan, down 0.83%; the futures price of O1605 was 9157 yuan, down 1.59%; the basis of O1R05 was 413 yuan, up 19.71%. The number of warehouse receipts decreased from 3386 to 3336 [1]. - **Spreads**: The soybean oil 05 - 09 spread was 68 yuan, down 15%; the palm oil 05 - 09 spread was 102 yuan, down 15%; the rapeseed oil 05 - 09 spread was 13 yuan, down 68.29%. The spot soybean - palm oil spread remained unchanged at 80 yuan; the 2601 soybean - palm oil spread was - 520 yuan, up 3.35%. The spot rapeseed - soybean oil spread was 1110 yuan, down 2.63%; the 2601 rapeseed - soybean oil spread was 1061 yuan, down 6.35% [1]. Pork - **Futures**: The main - contract basis was 315, up 215% from the previous day. The price of live - hog 2605 was 11955 yuan/ton, up 0.21%; the price of live - hog 2603 was 11435 yuan/ton, up 0.75%. The 3 - 5 spread was - 520, up 10.34%. The main - contract position was 167381, up 6.87%. The number of warehouse receipts remained unchanged at 823 [3]. - **Spot**: In Henan, the price was 11750 yuan/ton, up 300 yuan; in Shandong, it was 11700 yuan/ton, up 150 yuan; in Sichuan, it was 12100 yuan/ton, up 100 yuan; in Liaoning, it was 11200 yuan/ton, unchanged; in Guangdong, it was 12410 yuan/ton, unchanged; in Hunan, it was 11260 yuan/ton, down 50 yuan; in Hebei, it was 11650 yuan/ton, up 200 yuan [3]. - **Spot Indicators**: The daily slaughter volume of sample points was 231951, up 2.48%; the weekly strip price was 18 yuan, down 0.17%; the weekly piglet price was 16.5 yuan/kg, down 2.94%; the weekly sow price was 32.46 yuan, down 0.03%; the weekly slaughter weight was 129.63 kg, down 0.15%; the weekly cumulative breeding profit was - 163 yuan, up 2.59%; the weekly purchased - pig breeding profit was - 241 yuan, up 7.21%; the monthly number of fertile sows was 39900000, down 1.12% [3]. Sugar - **Futures**: The price of sugar 2601 was 5215 yuan/ton, up 0.06%; the price of sugar 2605 was 5139 yuan/ton, up 0.12%. The ICE raw sugar main - contract price was 14.76 cents/lb, down 0.61%. The 1 - 5 spread was 76 yuan/ton, down 3.8%. The main - contract position was 487935, up 1.35%. The number of warehouse receipts and effective forecasts remained unchanged at 611 and 1490 respectively [7]. - **Spot**: In Nanning, the price was 5320 yuan/ton, down 0.37%; in Kunming, it was 5245 yuan/ton, down 0.29%. The Nanning basis was 181 yuan, down 12.56%; the Kunming basis was 106 yuan, down 16.54%. The import price of Brazilian sugar within the quota was 4094 yuan/ton, down 0.8%; outside the quota was 5188 yuan/ton, down 0.82% [7]. - **Industry Situation**: The cumulative national sugar production was 1050000 tons, down 23.24%; the cumulative national sugar sales was 350000 tons, down 42.53%. The cumulative sugar production in Guangxi was 133900 tons, down 73.87%; the monthly sugar sales in Guangxi was 89400 tons, down 68.63%. The national cumulative sugar - sales rate was 33.5%, down 24.75%; the cumulative sugar - sales rate in Guangxi was 66.77%, up 20.05%. The national industrial inventory was 700000 tons, down 7.4%; the industrial inventory in Guangxi was 44500 tons, down 80.43%; the industrial inventory in Yunnan was 12600 tons, up 110%. The sugar import volume was 750000 tons, up 38.89% [7]. Meal - **Soybean Meal**: In Jiangsu, the spot price was 3100 yuan, down 0.32%; the futures price of M2605 was 2756 yuan, down 0.76%; the basis of M2605 was 344 yuan, up 3.3%. The spot basis quote was m2605 + 280. The import crushing profit for Brazilian soybeans in February was 38, up 140.7%. The number of warehouse receipts remained unchanged at 23830 [9]. - **Rapeseed Meal**: In Jiangsu, the spot price was 2410 yuan, up 0.42%; the futures price of RM2605 was 2331 yuan, down 1.19%; the basis of RM2605 was 79 yuan, up 92.68%. The import crushing profit for Canadian rapeseed in January was 476, down 7.57%. The number of warehouse receipts was 0 [9]. - **Soybeans**: The spot price of Harbin soybeans was 3940 yuan, unchanged; the futures price of the main soybean - one contract was 4090 yuan, unchanged; the basis was - 150 yuan, unchanged. The spot price of imported soybeans in Jiangsu was 3950 yuan, unchanged; the futures price of the main soybean - two contract was 3739 yuan, down 1.16%; the basis was 211 yuan, up 26.35%. The number of warehouse receipts remained unchanged at 17034 [9]. - **Spreads**: The soybean meal 05 - 09 spread was - 110 yuan, down 10%; the rapeseed meal 05 - 09 spread was - 69 yuan, down 25.45%. The spot oil - meal ratio was 2.73, down 0.27%; the main - contract oil - meal ratio was 2.84, up 0.12%. The spot soybean - rapeseed meal spread was 690 yuan, down 2.82%; the 2605 soybean - rapeseed meal spread was 425 yuan, up 1.67% [9]. Corn - **Corn**: The price of corn 2601 was 2206 yuan, down 0.63%; the Pingcang price in Jinzhou Port was 2280 yuan, down 0.44%; the basis was 74 yuan, up 5.71%. The 1 - 5 spread was - 33 yuan, down 83.33%. The bulk grain price in Shekou was 2410 yuan, down 0.41%. The north - south trade profit was 30 yuan, unchanged. The CIF price was 2120 yuan, down 0.1%; the import profit was 290 yuan, down 2.65%. The number of remaining vehicles in Shandong deep - processing enterprises in the morning was 421, down 59.48%. The number of warehouses decreased from 2146100 to 2098833, down 2.2%. The number of warehouse receipts was 54440, down 0.87% [10]. - **Corn Starch**: The price of corn starch 2601 was 2512 yuan, up 0.4%. The spot price in Changchun was 2590 yuan, unchanged; the spot price in Weifang was 2800 yuan, unchanged. The basis was 78 yuan, down 11.36%. The 1 - 5 spread was - 35 yuan, up 18.6%. The 01 - contract spread between starch and corn was 306 yuan, up 8.51%. The profit of Shandong starch enterprises was - 8 yuan, down 233.33%. The number of warehouses decreased from 287376 to 286198, down 0.41%. The number of warehouse receipts remained unchanged at 2500 [10]. Red Dates - **Futures**: The price of red dates 2601 was 8830 yuan, unchanged; the price of red dates 2605 (main contract) was 8915 yuan, down 0.56%; the price of red dates 2609 was 9235 yuan, down 0.48%. The 1 - 5 spread was - 85 yuan, up 37.04%; the 5 - 9 spread was - 320 yuan, down 1.59%. The position was 175737, up 1.68%. The number of warehouse receipts was 982, up 11.21%; the effective forecast was 1145, up 0.97%; the sum of warehouse receipts and effective forecasts was 2127, up 5.45% [14]. - **Spot**: The price of top - grade red dates in Cangzhou was 9650 yuan, down 0.21%; the price of first - grade red dates was 8600 yuan, unchanged; the price of second - grade red dates was 7200 yuan, unchanged. The basis of top - grade red dates to the main contract was 135 yuan, up 28.57%; the basis of first - grade red dates to the main contract was 885 yuan, up 5.99% [14]. Cotton - **Futures**: The price of cotton 2605 was 13925 yuan/ton, down 0.14%; the price of cotton 2601 was 13930 yuan/ton, down 0.07%. The ICE US cotton main - contract price was 63.46 cents/lb, up 0.52%. The 5 - 1 spread was - 5 yuan/ton, down 200%. The main - contract position was 731267, up 2.48%. The number of warehouse receipts was 3482, up 8.85%; the effective forecast was 3898, down 3.08% [21]. - **Spot**: The arrival price of 3128B cotton in Xinjiang was 1

Report Summary 1. Report Industry Investment Rating - The investment rating for both the soybean meal and corn sectors is neutral [4][7] 2. Report's Core View - The overall price of soybean meal is mainly in a state of oscillatory operation due to the unchanged supply - demand pattern, high oil - mill operating rates, continuous inventory accumulation of soybeans and soybean meal, and the lack of sudden news stimuli after policy stabilization. Attention should be paid to the import situation of US soybeans and the weather in the new - season South American production areas [3] - For corn, the supply in the domestic market is temporarily tight due to farmers' reluctance to sell, while demand from deep - processing and feed enterprises is strong. The market situation also needs to focus on the new - season corn acquisition situation [6] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data - **Soybean Meal and Rapeseed Meal** - Futures: The closing price of the soybean meal 2605 contract was 2777 yuan/ton, up 19 yuan/ton or 0.69% from the previous day; the rapeseed meal 2605 contract was 2359 yuan/ton, up 18 yuan/ton or 0.77% [1] - Spot: In Tianjin, the soybean meal spot price was 3090 yuan/ton; in Jiangsu, it was 3050 yuan/ton; in Guangdong, it was 3060 yuan/ton. The rapeseed meal spot price in Fujian was 2570 yuan/ton [1] - **Corn and Corn Starch** - Futures: The closing price of the corn 2601 contract was 2220 yuan/ton, down 8 yuan/ton or 0.36% from the previous day; the corn starch 2511 contract was 2502 yuan/ton, down 11 yuan/ton or 0.44% [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton; in Jilin, the corn starch spot price was 2650 yuan/ton [4] 3.2 Recent Market News - **Soybean** - US soybean export inspection volume in the week ending December 11, 2025, was 79.6 tons, lower than the market forecast of 100 - 125 tons [2] - As of last Thursday, the sown area of soybeans in Brazil's 2025/26 season reached 97% of the expected area, a 3 - percentage - point increase from the previous week [2] - Brazil exported 165 tons of soybeans in the first two weeks of December 2025, with a daily average export volume of 16.5 tons, a 73% increase from the daily average export volume in December 2024 [2] - **Corn** - US corn export inspection volume in the week ending December 11, 2025, was 158.3 tons, within the market forecast range of 100 - 160 tons [4] - Brazil exported 290.9 tons of corn in the first two weeks of December 2025, with a daily average export volume of 29.1 tons, a significant increase compared to December 2024 [4] 3.3 Market Analysis - **Soybean Meal** - The supply - demand pattern remains unchanged, with high oil - mill operating rates and continuous inventory accumulation of soybeans and soybean meal. The soybean meal price is mainly oscillating. Attention should be paid to the import of US soybeans and the weather in South American production areas [3] - **Corn** - In the domestic market, the supply is temporarily tight due to farmers' reluctance to sell, while the demand from deep - processing and feed enterprises is strong. The new - season corn acquisition situation needs attention [6] 3.4 Strategy - The strategy for both soybean meal and corn is neutral [4][7]