行业 豆粕 日期 2026 年 1 月 7 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 持仓量 | 持仓量变化 | | 豆粕2601 | 3133 | 3140 | 3151 | 3130 | 3150 | 17 | 0.54% | 706 3200 | -1810 ...

行业 豆粕 日期 2026 年 1 月 6 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 持仓量 | 持仓量变化 | | 豆粕2601 | 3084 | 3115 | 3185 | 3090 | 3119 | 35 | 1.13% | 518 5010 | -690 | | | 豆粕2603 | 3085 | 3072 | 3092 | 3063 | 3087 | 2 | 0.06% | 114495 | 547936 | -15664 | | 豆粕2605 | 2 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：CFC商品策略研究 作者 | 中信建投期货 研究发展部 刘昊 本报告完成时间 | 2026年1月4日 重要提示：本报告观点和信息仅供符合证监会适当性管理规定的期货交易者参考。因本平台暂时无法设 置访问限制，若您并非符合规定的交易者，为控制交易风险，请勿点击查看或使用本报告任何信息。对 由此给您造成的不便表示诚挚歉意，感谢您的理解与配合！ 研究综述 当前CBOT大豆仍然面临两重压力，一是中国政策性采购节奏的不确定性令市场难以对年度出口形成稳 定预期；二是南美天气良好前景不断巩固丰产预期，打压全球豆类商品价格。 短期海外市场聚焦1月USDA报告是否会下调2025/26年度单产。若单产下调至52-52.5蒲/英亩，其他项目 保持不变情况下，期末库存将向2亿蒲附近演进，有利于美盘止跌反弹。需求端，预计USDA暂无更新 的信息以对出口和压榨预估进行调整。 USDA在12月成本核算报告中上调2024-2025年美豆种植成本。长周期视角下，美豆种植成本通常可以 视作CBOT大豆的下包络线，间接充当底部支撑的角色，但近两年该方法论似乎有所失效，可能与南美 ...

行业 豆粕 日期 2025 年 12 月 30 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 ...

焦煤：山西吕梁地区瘦精煤（A8.5、S1.5、G45）上调 20 元至出厂价 1110 元/吨，甘其毛都口岸蒙 5#原煤 985 元/吨，价格跌 11；蒙 3#精煤 1045 元/吨，较上期价格跌 5。供应端，云南省昭通市发生煤矿事故导致当地 煤矿全部临时停产整顿，进一步加剧供应紧张局面，洗煤贸易企业拿货数量谨慎，投机行为较少，现货高价成交 仍显乏力。需求端，焦炭经过三轮降价，钢厂利润恢复不佳，仍有继续提降预期，下游对高价煤的接受程度不高， 部分焦钢企业有控制到货现象。（数据来源：东方财富网） 客服产品系列•日评 国新国证期货早报 2025 年 12 月 29 日 星期一 品种观点： 【股指期货】周五（12 月 26 日）A 股三大指数集体小幅上涨，沪指日线八连阳。截止收盘，沪指涨 0.10%， 收报 3963.68 点；深证成指涨 0.54%，收报 13603.89 点；创业板指涨 0.14%，收报 3243.88 点。沪深两市成交额 达到 2.16 万亿，较昨日放量 2357 亿。 沪深 300 指数 12 月 26 日震荡整理。收盘 4657.24，环比上涨 14.7。（数据来源：东方财富网） 【焦炭 ...

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]

豆粕周报 2025 年 12 月 22 日 美豆持续回落 连粕弱势震荡 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1 / 11 ⚫ 上周，CBOT美豆3月合约跌26.75收于1059.5美分/蒲式 耳，跌幅2.46%；豆粕05合约跌35收于2735元/吨，跌幅 1.26%；华南豆粕现货收于3060元/吨，持平前一周；菜 粕05合约跌24收于2323元/吨，跌幅1.02%；广西菜粕现 货跌30收于2470元/吨，跌幅1.20%。 ⚫ 南美天气条件良好，丰产预期强化，巴西大豆1月份收 割工作将启动，届时供应将增多。美豆出口销售进度整 体偏慢，出口担忧情绪升温，出口预 ...

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2025-05-26 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 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。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 豆粕M2509：2900至2960区间震荡 1.基本面：美豆冲高回落，特朗普威胁对欧洲加征关税和美豆种植天气整体良好，美豆短期 偏强震荡等待中美关税谈判后续和美国大豆产区种植天气进一步指引。国内豆粕冲高回 落，5月进口大豆到港增多和现货价格下跌限制反弹空间，进口巴西大豆到港增多和中美 关税谈判后续交互影响，短期回归区间震荡格局。中性 2.基差：现货2890（华东），基差-62，贴水期货。偏空 3.库存：油厂豆粕库存12.17万吨，上周10.12万吨，环比增加20.26%，去年同期62.31万吨， 同比 ...

Report Industry Investment Rating - Not provided in the given content Core Views of the Report - The soybean meal M2509 is expected to oscillate within the range of 2880 - 2940. The domestic soybean meal may show a short - term pattern of weakening oscillation due to factors such as the uncertainty of the China - US tariff war, the weather in US soybean - producing areas, and the increase in the arrival of imported Brazilian soybeans [9]. - The soybean A2507 is expected to oscillate within the range of 4160 - 4260. The domestic soybean is affected by the subsequent China - US tariff negotiation and the expected increase in the arrival of imported soybeans, and may show a short - term oscillation pattern [11]. Summary by Relevant Catalogs 1. Daily Prompt - Not provided in the given content 2. Recent News - The China - US tariff negotiation reached a short - term agreement, which is beneficial to US soybeans. However, the good weather for US soybean planting recently led to a short - term decline after the US soybean market rose. It is expected to oscillate above the thousand - point mark, waiting for further guidance on US soybean planting, the arrival of imported soybeans, and the subsequent China - US tariff war [13]. - The arrival of imported soybeans in China reached a high in May. After May Day, the domestic soybean inventory increased from a low level, but the soybean meal inventory remained low. The soybeans are affected by the implementation of the China - US tariff war and have returned to an oscillation pattern, showing a pattern of strong reality and weak expectation [13]. - The decrease in domestic pig - farming profits led to a low expectation of pig restocking. The demand for soybean meal decreased after May Day, but the tight supply supported the post - holiday price expectation. With the weakening pressure of the China - US tariff war, the soybean meal entered a short - term pattern of weakening oscillation [13]. - The low inventory of domestic oil - mill soybean meal supported the short - term price expectation. There is still a possibility of speculation about the weather in US soybean - producing areas and the uncertainty of the China - US tariff war. The soybean meal will maintain an oscillation pattern in the short term, waiting for the clarification of South American soybean production and further guidance on the subsequent China - US tariff war [13]. 3. Bullish and Bearish Concerns Bullish for Soybean Meal - Slow clearance of imported soybeans at customs [14]. - Low inventory of domestic oil - mill soybean meal [14]. - Uncertainty in the weather of US soybean - producing areas [14]. Bearish for Soybean Meal - The total arrival of imported soybeans in China reached a high in May [14]. - The harvest of Brazilian soybeans is over, and the expectation of a bumper harvest in South American soybeans continues [14]. Bullish for Soybeans - The cost of imported soybeans supports the bottom of the domestic soybean market [15]. - The expected increase in domestic demand for domestic soybeans supports the domestic soybean price expectation [15]. Bearish for Soybeans - The expectation of a bumper harvest in Brazilian soybeans continues, and China has increased its procurement of Brazilian soybeans [15]. - The expected increase in the output of new - season domestic soybeans suppresses the price expectation of soybeans [15]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2860, with a basis of - 74, indicating a discount to the futures. The inventory of oil - mill soybean meal is 12.17 tons, a 20.26% increase from last week and an 80.47% decrease compared to the same period last year [9]. - **Soybeans**: The spot price is 4200, with a basis of - 25, indicating a discount to the futures. The inventory of oil - mill soybeans is 586.83 tons, a 9.71% increase from last week and a 33.95% increase compared to the same period last year [11]. 5. Position Data - **Soybean Meal**: The number of long positions of the main contract increased, but the funds flowed out [9]. - **Soybeans**: The number of short positions of the main contract increased, and the funds flowed in [11].