南华浩淞棕榈油期货气象分析报告 ——年底降雨回归，大部分地区土壤湿度暂时性好转 陈晨（投资咨询资格证号：Z0022868） 联系邮箱：nhchenchen@nawaa.com 交易咨询业务资格：证监许可【2011】1290号 2025年12月29日 本周重要气象提示 1、根据美国国家海洋和大气管理局（NOAA）的最新预测，10月开始南方涛动指数已经超出阈值1，厄尔尼 诺指数截至11月底为-0.55，拉尼娜现象已经形成，预计将持续到2026年初，但其强度偏弱，东南亚整体降雨 并没有明显偏差，目前对棕榈油产地影响有限。 2、本周天气来看，马来群岛降雨有所增加，本周降雨集中在马来半岛南部和印尼的卡里曼丹岛附近，马来半 岛南部地区土壤湿度明显好转。印尼中卡里曼丹岛、廖内地区年底出现大雨，明显缓解土壤湿度；马来的柔 佛、彭亨也出现短期大雨，暂时缓解土壤情况，但降雨持续性不足，后续进入2026年土壤依然有偏干风险， 后续仍需要留意马来半岛和印尼卡里曼丹岛西部的干旱问题。 3、短期灾害性天气扰动不足，持续关注土壤湿度落后地区，如持续不能好转，或影响明年后半年棕榈油产 量。 厄尔尼诺指数 source： 同花顺,南华研究 厄 ...

2026 年度农产品策略报告 光期研究 2026 年农产品策略报告 光大期货研究所 2025 年 12 月 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 | | | 2026 年度农产品策略报告 油脂油料：区间震荡思路 政策决定重心 研究员：侯雪玲 年报摘要： 2025 年行情回顾 2025 年国内豆粕期现震荡运行，现货波动区间大于期货。油脂价格高位 回落，棕榈油是行情领头羊，豆棕价差扩大修复。 2026 年市场分析逻辑 1、受到复杂的国际贸易环境以及大国贸易冲突增加，油料的定价逻辑转 变为政策、地缘第一位，成本第二位，供需退后至第三位。 2、主流机构均预计 2025/26 年全球油料供需接近平衡，库存矛盾不突出。 但是因供需重要因素均待确定，所以有阶段性行情机会。如拉尼娜天气 对南美大豆的不利影响，美国、巴西生柴政策落地和中国养殖存栏去化 速度等。 3、油脂市场上，在年度供需矛盾不突出、生柴政策不明朗的情况下，油 脂价格预计区间波动，三个油脂各有逻辑。后市区间打破因素或有两点： 一是美国、印尼以及加拿大生物柴油政策落地，二是天气。 风险提示 1、宏观经济不及预期 请务必阅读正文 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Since September, the rubber sector has been oscillating within a range, with the bottom rising but struggling to break previous highs, making it difficult to disprove both long and short positions [6]. - In the natural rubber market, the El Niño index was still on an upward trend as of early October, while the Southern Oscillation Index showed signs of stabilization in August. Attention is focused on whether the data early in November will show a clear turning - point [6]. - Thailand's floods in late November have drawn market attention. The weekly average production - weighted rainfall of 39.01mm reached a new high since March 2011, with a short - term impact on supply similar to that driving the sharp rise in late 2016 [6]. - Currently, the supply of synthetic rubber is abundant. From April to September, the total apparent consumption of butadiene rubber was 744,200 tons, a year - on - year increase of +21.6%, the highest since January 2021, contributing to the BR - RU spread widening to 5,000 yuan/ton [6]. - After the concentrated cancellation of RU contract warehouse receipts in 2024, the total inventory dropped below 80,000 tons, the lowest since 2012. A warehouse receipt level of 100,000 tons may be a dividing line between bear and bull markets, and the RU contract with domestic WF as the underlying asset has met one of the conditions for a trend reversal [6]. - The Shanghai Futures Exchange (Energy Center) has revised the regulations of the 20 - rubber futures, preparing for the introduction of African rubber. The future announced premium or discount will determine whether the NR pricing remains unchanged or moves downward [7]. - Downstream and macro data are positive. Monetary liquidity is abundant, whether observed from the US dollar index, interest - rate cut expectations, or the domestic M1 - M2 gap. Although the domestic stock market has declined, its 20% year - on - year increase is significantly stronger than that of the rubber sector. Tire consumption is relatively stable, with industry power consumption, tire production, operating rates, and inventory mostly on par with last year. It may take time for macro expectations to be reflected in the rubber sector [7]. - The fundamentals are relatively strong [8]. 3. Summary by Relevant Catalogs 3.1 Macro Supply 3.1.1 Climate - **ENSO (El Niño, Southern Oscillation Composite Index)**: Analyzed the impact of the ENSO index on the RU single - side, including index changes and leading relationships [18][20][22]. - **El Niño**: Studied its influence on the smoke - sheet - RU spread and the BR - RU spread, with corresponding index analyses and leading - time relationships [26][32]. - **Southern Oscillation**: Examined its impact on the smoke - sheet - RU spread and the BR - RU spread, along with index analyses and leading - time relationships [37][41]. 3.1.2 Commodity Valuation - **Crude Oil and Gold**: Analyzed the prices of crude oil and gold and their index - based impacts on the RU single - side, the BR - RU spread, and the smoke - sheet - RU spread [47][49][59]. - **Brent Crude Oil**: Studied the price of Brent crude oil and its index - based impact on the BR - RU spread [54]. - **Gold**: Analyzed the price of gold and its index - based impact on the smoke - sheet - RU spread [59]. 3.2 Micro Supply 3.2.1 Global Data - **Absolute Price**: Presented the absolute prices of basic rubber raw materials in Thailand, Malaysia, Yunnan, and Hainan, including the latest, previous - month, and previous - year prices, as well as month - on - month and year - on - year changes [66]. 3.2.2 Overseas Data - **ANRPC Rubber Alliance Natural Rubber Industry**: Analyzed the total production and total export volume of the ANRPC natural rubber industry and their impacts on the BR - RU spread [69][74]. - **Thai Natural Rubber Industry**: Studied various aspects such as rainfall, its impacts on the RU single - side, the smoke - sheet - RU spread, and the BR - RU spread; also analyzed glue and cup - rubber prices, related spreads, and their impacts on the BR - RU spread; and examined the export of smoked - sheet rubber and its impact on the smoke - sheet - RU spread [80][95][121]. - **Vietnamese Natural Rubber Industry**: Analyzed the natural rubber production in Vietnam and its impact on the 3L - RU spread [130]. 3.3 Trade Circulation 3.3.1 Global Data - **Balance Sheets of Six Major Southeast Asian Producing Countries**: Not elaborated in the provided content 3.3.2 Overseas Data - **International Trade**: Not elaborated in the provided content - **Japanese Rubber Inventory**: Not elaborated in the provided content - **Malaysian Natural Rubber Retail Inventory**: Not elaborated in the provided content - **Southeast Asian Standard - Rubber Processing Profit**: Not elaborated in the provided content - **Overseas Rubber and Plastic Machinery**: Not elaborated in the provided content

Core Viewpoint - The article discusses the impact of El Niño and La Niña on canola production in major exporting countries, highlighting the probabilities of yield changes and area variations under different climatic conditions [5][10]. Group 1: El Niño Impact - In Canada, initial high temperatures during the sowing period lead to a higher probability of reduced yield (44%), but an increased area (56%) may offset this, resulting in a 67% chance of overall production increase [5]. - Ukraine experiences dry conditions during the planting period, with a high probability of reduced yield (78%) but also a 56% chance of increased area, leading to a 56% probability of production increase [5]. - Australia faces high temperatures and drought during the growing season, with a 78% probability of reduced yield and a 67% chance of overall production decrease [6]. - In Russia, some areas are cooler during the growing season, with a 63% probability of reduced area and a 50% chance of reduced yield, leading to a 63% probability of decreased production [7]. - The EU experiences wet and hot conditions during sowing, with an 86% probability of reduced yield and a 57% chance of decreased area, resulting in an 86% probability of reduced production [7]. Group 2: La Niña Impact - In Canada, only a small part of the western coastal region is affected by cooler temperatures, leading to a 55% probability of reduced yield but a 64% chance of increased area, resulting in a 73% probability of overall production increase [8]. - Australia shows a high probability of increased production (82%) and yield (73%) during La Niña conditions, with favorable weather during the growing season [8]. - Ukraine and the EU have a high probability of increased yield (78% for Ukraine and 71% for the EU) during La Niña, although Ukraine faces a 67% chance of reduced area, leading to a 56% probability of decreased production [8]. - In Russia, the harvest period sees high temperatures, with a 71% probability of reduced yield but a 100% chance of increased area, resulting in a 71% probability of no overall production decrease [8]. Group 3: Summary of Climatic Effects - Regardless of whether El Niño or La Niña occurs, Canada and Russia have a higher probability of reduced yield, while Australia is more likely to increase production under La Niña and decrease under El Niño [9][10]. - Ukraine and the EU show a higher probability of increased yield under La Niña, but Ukraine's area changes often inversely affect yield, leading to production following area trends [9][10]. - The weak La Niña phenomenon is expected to last until February next year, with current weather conditions in Canada, Russia, Australia, Ukraine, and the EU being monitored for their impact on canola production [10][11].

Core Insights - The impact of El Niño and La Niña on canola seed production varies by region, with different probabilities of yield changes based on climatic conditions during different growth stages [1][2][3][4][5][6][9][10][15]. Group 1: El Niño Effects - In Canada, initial high temperatures during sowing may lead to a higher probability of reduced yield (44%), but an increase in area planted (56%) could offset this, resulting in a 67% chance of overall yield increase [1]. - Ukraine experiences dry conditions during the planting period, with a high probability of reduced yield (78%), yet an increase in area planted (56%) suggests that total production may not decline (56% chance of increase) [1]. - Australia faces high temperatures and drought during the growing season, leading to a 78% probability of reduced yield and a 67% chance of overall production decline [2]. - In Russia, some areas may experience cold conditions during the growing season, with a 63% probability of reduced area planted and a 50% chance of reduced yield [3]. - The EU is expected to face wet and hot conditions, with an 86% probability of reduced yield and a 57% chance of decreased area planted [3]. Group 2: La Niña Effects - In Canada, only a small portion of the western coastal region is affected by cold temperatures, leading to a 55% probability of reduced yield, but a 64% chance of increased area planted suggests that total production may not decline (73% chance of increase) [4]. - Australia is expected to see consistent yield increases, with an 82% probability of increased area planted and a 73% chance of increased yield [5]. - In Ukraine and the EU, there is a high probability of increased yield during the growing and harvesting periods, with Ukraine showing a 78% chance of increased yield despite a 67% probability of reduced area planted [5]. - In Russia, the harvesting period may see high temperatures, leading to a 71% probability of reduced yield, but a 100% chance of increased area planted suggests that total production may not decline (71% chance of increase) [6]. Group 3: Summary of Probabilities - Regardless of whether El Niño or La Niña occurs, Canada and Russia show higher probabilities of reduced yield, while Australia is more likely to see increased production under La Niña and reduced production under El Niño [6]. - Ukraine and the EU have a higher probability of increased yield under La Niña, while El Niño presents a higher risk of reduced yield, with Ukraine's area planted often inversely related to yield changes [6].

Group 1 - The core point of the article is that the sugar market is currently transitioning from a bear to a bull phase, with potential resonance between fundamentals and macroeconomic factors expected around 2027 [1][36] - Over the past 20 years, the sugar price has been significantly influenced by the global supply-demand gap, with recent years showing that production cuts have become a more prominent driver of market trends [1][36] - The historical analysis indicates that domestic and international sugar prices have shown a high degree of consistency, with variations primarily in the amplitude of fluctuations and the timing of bull-bear transitions [2][36] Group 2 - The article outlines five major historical cycles of sugar price fluctuations since 2000, detailing the factors influencing each phase, including weather conditions, domestic production, and international market dynamics [4][5][6] - The ENSO index is highlighted as a critical tool for observing sugar price cycles, with El Niño and La Niña phenomena having complex impacts on global sugar production and prices [15][33] - The domestic sugar market has been affected by government policies, including tariff quotas established after China's WTO accession, which have stabilized the import quota at 1.945 million tons [4][20] Group 3 - The analysis shows that sugar demand has a strong positive correlation with global consumption trends, with average annual growth rates of 2.07% from 2000 to 2011, declining to 0.55% since 2012 [8][10] - The article emphasizes that the domestic sugar price tends to be more resilient during downturns due to protective measures for the domestic sugar industry, while international prices are more market-driven [22][28] - The current market dynamics suggest that the 01 contract is performing strongly, particularly in the context of seasonal demand fluctuations [31][36]

Core Insights - The futures market shows a balanced distribution of bullish and bearish forces, with 43 contracts rising and 34 contracts falling, indicating a diverse allocation of funds and trading activities across different commodities [2] Futures Market Overview - The main contracts with the highest gains include the shipping index (European line) at 2512 (+5.10%), the CSI 2512 (+2.08%), and Shanghai gold 2512 (+2.02%), significantly influenced by supply and demand dynamics [5] - The most significant inflows of funds were seen in the CSI 500 2512 (2.453 billion), CSI 1000 2512 (1.412 billion), and Shanghai-Shenzhen 300 2512 (1.179 billion), indicating strong interest from major funds [7] - Conversely, the largest outflows were from coking coal 2601 (-735 million), Shanghai silver 2512 (-288 million), and styrene 2511 (-244 million), suggesting notable capital withdrawal from these commodities [7] Position Changes - Significant increases in open interest were observed in timber 2601 (+9.40%), shipping index (European line) 2512 (+8.94%), and asphalt 2601 (+8.54%), indicating potential new capital inflows and high trading activity [10] - Conversely, notable decreases in open interest were recorded in apple 2601 (-8.09%), Shanghai lead 2511 (-12.15%), and Shanghai tin 2511 (-13.31%), suggesting potential capital withdrawal and warranting attention for future performance [10] Commodity-Specific Insights - BHP reported a total iron ore production of 70.246 million tons for Q3 2025, a decrease of 9.3% quarter-on-quarter and 1.9% year-on-year, with total sales of 70.592 million tons, reflecting similar trends [11] - The Ministry of Commerce announced a total import quota of 257 million tons for non-state trade crude oil in 2026, outlining the application conditions and procedures [12] - South32 reported a significant increase in manganese ore sales to 854,000 wet tons for Q3 2025, up 83% quarter-on-quarter, driven by successful operational recovery plans [16] - The Malaysian Palm Oil Council (MPOC) forecasts crude palm oil prices to stabilize above 4,400 ringgit per ton in 2026, supported by biodiesel demand and uncertainties in export inventories [16] Market Dynamics - The natural rubber market is experiencing a short-term recovery in sentiment, with prices rising by 1.92% to 15,150 yuan per ton, despite supply pressures and weak demand [23] - The shipping index (European line) saw a significant rise of 5.10%, with market expectations for price increases due to supply pressures and demand dynamics [25] - The glass market is facing downward pressure, with prices dropping by 1.90% to 1,087 yuan per ton, driven by high inventory levels and weak demand [27]

Core Insights - The article highlights the advancements made by Hohai University in developing a self-controlled ocean-atmosphere coupling prediction system, which has significantly improved climate forecasting capabilities in China [1][2][3]. Group 1: Technological Advancements - The ocean-atmosphere coupling prediction system was developed to reduce reliance on foreign numerical models, addressing significant "bottleneck" risks in climate prediction [2]. - Key breakthroughs include the creation of multi-source ocean-atmosphere observation data assimilation technology, which efficiently integrates satellite, buoy, and vessel data [2]. - The development of ensemble filtering assimilation methods has enhanced the quantification of prediction uncertainties by converting single-value outputs into probabilistic ranges [2]. - A parameter estimation and correction system was established to optimize model parameters, significantly reducing model errors [2]. Group 2: Predictive Accuracy - In 2023, the system successfully predicted a moderate-strength El Niño event nine months in advance, with a prediction accuracy improvement of over 15% compared to international mainstream models [3]. - The system is capable of accurately forecasting other critical climate phenomena, such as the Indian Ocean Dipole, providing reliable climate support for major events like the Beijing Winter Olympics [3]. Group 3: Practical Applications - The prediction system has become an integral part of the national marine environment forecasting center, contributing to decision-making for flood prevention, drought relief, water resource management, food production, energy supply, and major engineering projects [4]. - The system has received national recognition, including certification from the China Meteorological Administration and a first-class award from Jiangsu Province for marine science and technology [4]. - Over the past decade, the team has transitioned from reliance on foreign models to developing a complete set of assimilation technologies, achieving a leap in China's marine environment forecasting capabilities [4].

Group 1 - Cocoa futures prices are experiencing upward momentum due to dry weather threatening the next season's production, exacerbating an already tight global supply chain [1] - The most active cocoa futures contract in London rose by 1.3% to £5,264 per ton, with a weekly increase of approximately 1.7%, marking a strong rebound from a one-month low [1] - Severe drought conditions persist in nearly one-third of Côte d'Ivoire, the world's largest cocoa producer, while over half of Ghana is facing extreme drought [1] Group 2 - Cocoa futures prices reached historical highs in 2024, with London/New York prices surging to approximately $10,000–$13,000 per ton, reflecting a 280% increase by April 2024 compared to the beginning of the year [2] - The cocoa industry is facing supply challenges due to El Niño, ongoing drought, and diseases like CSSVD, with expectations of a 10% decline in West African production for the 2025/26 season [2] - Major chocolate manufacturers like Hershey and Lindt have announced double-digit price increases since 2024, indicating that high cocoa prices will likely persist for some time [2]

Core Viewpoint - Sugar prices have surged significantly this year, with a 24% increase in the price of white sugar as of July 28, reaching 7160 yuan per ton, raising concerns about supply and demand imbalances due to the onset of El Niño [1] Group 1: Sugar Market Dynamics - The El Niño phenomenon may exacerbate supply-demand imbalances in the sugar market, particularly affecting sugarcane production in Guangxi, which accounts for approximately 60% of China's sugar production [1] - The domestic sugar production has faced challenges, with a reported decrease of 897.28 million tons in sugarcane production during the 2022/2023 season compared to the previous year [3] - The average annual sugar production in China is around 10 million tons, while consumption is approximately 15 million tons, indicating a demand gap that needs to be filled by imports [7] Group 2: Agricultural Adaptations - Farmers in Guangxi are proactively drilling wells to secure water sources for irrigation, with one farmer reporting a well drilled to a depth of 160 meters, capable of supplying 30 to 45 cubic meters of water per hour [2][4] - The implementation of advanced irrigation systems, such as dual-use spray and drip irrigation, is becoming more common among sugarcane farmers to enhance water efficiency [3] - The company is encouraging farmers to adopt water-saving practices and is providing subsidies for new well drilling to mitigate the risks associated with potential droughts [8] Group 3: Impact of El Niño - The World Meteorological Organization has confirmed the formation of El Niño conditions, which could lead to extreme weather patterns affecting sugarcane growth [5] - Historical data indicates that El Niño has resulted in increased sugarcane production in 6 out of 11 instances since the 1980s, suggesting that its impact is not straightforward [6] - The company is preparing for various weather scenarios associated with El Niño, including drought and excessive rainfall, by developing comprehensive emergency response plans [8][9] Group 4: Future Outlook - The company anticipates improved sugar production in the 2023/2024 season due to better growing conditions and enhanced agricultural management practices [9] - The rising sugar prices are expected to positively impact the overall profitability of sugar companies, as they adapt to changing climatic conditions and market demands [9]