免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 油 脂 油 料 盘 面 价 差 ： 油脂油料早报 研究中心农产品团队 2025/11/20 隔 夜 市 场 信 息 ： Safras&Mercado下调巴西大豆产量预估至1.7876亿吨 咨询公司Safras&Mercado的一份报告显示，由于一些地区降雨不规律，最新预估巴西2025/26年度大豆产量 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The Brazilian soybean production in 2025 is expected to increase, while the US soybean crushing volume in March was lower than expected, and the Malaysian palm oil exports from April 1 - 15 increased [1][2]. 3) Summary by Related Contents Brazil Soybean - IBGE estimates Brazil's 2025 soybean production at 164.26 million tons, a 13.3% increase from the previous year, with a planting area of 47.362525 million hectares, a 2.9% increase from the previous month's estimate and unchanged from the previous year [1]. - Conab reports that as of April 13, the 2024/25 soybean harvest rate in Brazil reached 88.3%, 3 percentage points higher than the previous week, 5.2 percentage points faster than the same period last year, and 0.9 percentage points faster than the five - year average [1]. US Soybean - NOPA reports that the US soybean crushing volume in March was 194.551 million bushels, a 9.4% increase from February but a 0.9% decrease from March 2024, and lower than analysts' estimates [1]. - The daily average soybean crushing volume in March was 6.276 million bushels, the lowest since September [1]. - As of March 31, NOPA member units' soybean oil inventory was 1.498 billion pounds, a 0.2% decrease from the end of February and a 19.1% decrease from the same period last year, also lower than analysts' estimates [1]. Malaysian Palm Oil - SGS data shows that Malaysia's palm oil product exports from April 1 - 15, 2025, were 376,584 tons, a 7.05% increase from the same period of the previous month [1][2]. 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 April 10 - 16, 2025, are provided [7].