Report Industry Investment Rating No relevant content provided. Core Viewpoints - The soybean meal market is expected to be volatile and moderately strong in the short term, but there is no obvious driving force in the medium - term logic. Conservative investors are advised to consider partial hedging at high prices for near - month contracts. The oil market is expected to be weakly volatile under the short - term expectation of loose supply and demand. Pre - holiday stockpiling is recommended to replenish inventory appropriately at low prices, and attention should be paid to the implementation of the US biofuel policy. [1][2] Summary by Related Catalogs Soybean Meal - China purchased at least 8 million tons of US soybeans in 2025, approaching the 12 - million - ton procurement target. The uncertainty of the subsequent procurement rhythm due to the lack of a formal trade agreement between China and the US is regarded as an important factor suppressing soybean prices. [1] - In November 2025, the US soybean crushing volume was 6.615 million short tons (221 million bushels), lower than the revised 7.09 million short tons (236 million bushels) in October but higher than 6.3 million short tons (210 million bushels) in November last year. [1] - Near - month contracts are affected by policy rumors. Before the state reserve release, the price is expected to be strong, but the domestic short - term soybean meal spot inventory is high. Once the reserve release occurs after the holiday, the premium may quickly disappear. [1] Oils - In October, the available capacity of US renewable diesel remained stable at 4.989 billion gallons per year. The use of soybean oil as a raw material for biofuel production decreased by 47 million pounds to 1.006 billion pounds, reaching a 6 - month low. As of the end of November, the US soybean oil inventory soared to 2.164 billion pounds, an 18 - month high. [2] - Due to strong monthly production offsetting the moderate growth of exports, Malaysia's palm oil inventory in December is expected to rise to the highest level in nearly seven years. [2] - After the holiday, the oil sector declined significantly. The reasons include the sharp increase in US soybean oil inventory, uncertainty in biofuel demand, the pressure of rising palm oil inventory, and the possibility of resuming Canadian rapeseed imports. [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 行情回顾 2025年12月，受产地棕榈油超预期累库、全球菜籽丰产及国内"旺季不旺"需求拖累，国内外油脂市场全 线承压，价格重心下移。油脂板块的主导驱动逻辑依然在棕榈油，棕榈油在马来西亚12月公布的累库数 据打击下，盘面一度下挫，节前迎来一小波反弹，但产地并没有明显好转的出口和降幅较小的产量数据 使得阶段性反弹并未形成突破。豆油自身累库压力仍存，菜籽油中加关系走向不明的背景下，主产国丰 产预期以及澳菜籽到港均带来一定压力，因此整体板块共同承压运行为主。截至12月31日当月，豆油主 力合约月线收跌2.21%；棕榈油主力合约月线跌幅1.08%；菜籽油主力合约月线收跌4.36%。 二、国际市场重点事件及外围因素影响分析 （一）地缘事件支撑原油价格，或对油脂板块形成短暂带动 1月3日美国对委内瑞拉发动了军事打击，并控制了其总统马杜罗。美国总统特朗普随后宣布将"管理"委 内瑞拉，并推动美国石油公司进入该国开发其石油资源。委内瑞拉是全球最大的石油探明储量国，1月3 日军事袭击以来出口总体处于暂停状态，已装载原油或燃料油的船只停滞不前，此前计划装船的船只也 出 ...

年度报告-油脂 潮退的寂静，于暮色中等待风起 [T走ab势le_评R级ank：] 菜油：震荡，豆油：看涨，棕榈油：看涨 报告日期： 2025 年 12 月 30 日 [Table_Summary] ★行情回顾 油脂市场在今年年初回调后，全年始终维持偏高位运行。上半 年，棕榈油冲高回落后走弱，豆油以跟随为主，波动较小，菜 油则受到政策影响走势偏强。6 月中旬，受到美国生物燃料政策 的利多影响，国内油脂市场跟随美豆油与马棕油走强，菜油也 在持续震荡后再度受到政策影响走高，一度突破 10000 元。四季 度产地供应压力激增，叠加生物燃料政策的不确定性增加，油 脂市场在棕榈油的领跌下全线回调。 农 ★行情展望 产 品 2026 年，油脂市场的核心驱动力依旧在国际贸易关系与生物燃 料政策，伴随美国生物燃料政策逐步确定，我们仍倾向于油脂 市场整体价格中枢有望上移。 棕榈油：2026 年产量预计小幅下滑，印尼的生物柴油政策格外 重要。在节省巨额外汇情况下，印尼政府有动力持续推进生柴 政策，而基金问题也可通过上调税率解决，关注点在于 NPSO 部门的政策调整，我们对印尼生柴政策持中性偏乐观的态度。 豆油：后续美国生物燃料政策 ...

【冠通期货研究报告】 油粕日报：底部震荡 发布日期：2025 年 12 月 24 日 豆粕：周二公布的月度调查显示，巴西 2025/26 年度大豆作物产量料为 1.783 亿吨，持平于上次预估，预估区间为 1.741-1.826 亿吨。USDA 出口销售报告： 截至 12 月 11 日当周，美国大豆出口销售合计净增 242.47 万吨，符合预期。当 周，美国当前市场年度大豆出口销售净增 239.62 万吨，较之前一周增加 54%， 较前四周均值增加 69%。市场预估为净增 180-290 万吨。其中，对中国大陆出口 销售净增 138.3 万吨。当周，美国下一年度大豆出口销售净增 2.85 万吨。市场 预估为净增 0 吨。当周，美国大豆出口装船 72.13 万吨。较之前一周减少 33%， 较前四周均值减少 31%。其中，对中国大陆出口装船 20.2 万吨。当周，美国当 前市场年度大豆新销售 241.89 万吨，下一市场年度大豆新销售 2.85 万吨。 南美播种顺利，仍然保持丰产预期。美豆虽然恢复对华销售，但是销售进度 明显大幅低于去年同期，这使得美豆延续弱势。与此同时市场流言元旦后的进口 大豆抛储将延续，且 2 ...

南华期货油脂产业周报 ——底部整理为主，等待来年利好兑现 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23日 第一章 核心矛盾及策略建议 1.1 核心矛盾 近期油脂市场趋势性利多不足，核心驱动依然在外盘市场，当前油脂的核心矛盾主要为以下几点： 1、棕榈油产地库存压力和需求增长的博弈。马来方面供应压力较高，但12月高频数据显示马棕减产，出 口好转，库存压力或逐渐减轻。印尼端B50计划不确定性仍存，市场缺乏信心，需进一步政策指引，产地整体 来看报价上行动力不足。 2、美国生物柴油政策依然不明朗，EPA原定11月公布的最终确定美国生物燃料义务量目前延期到26年一 季度，且分配比例不确定，后市政策提振作用存疑。 3、中加和谈依然没有向好趋势，但全球新季菜籽丰产叠加澳籽到港缓解供应紧张情绪，菜油支撑减弱， 如中加关系恢复，菜油供应压力将增大。 4、国内三大油脂库存虽然下滑但总体供应依然充足，缺乏上行动力，其中菜油维持去库，压力相对有 限，豆油库存压力最大。 综上，短期弱现实压制油脂上行动力，盘面维持低位 ...

2026 年度中国期货市场投资报告 穿越生柴、气候、贸易三重扰动，聚焦结构性机遇 油脂油料 内容提要： 风险点：中美、中加贸易关系，生柴政策，天气风险 王 晨 农产品分析师 从业资格证：F3039376 投资咨询证：Z0014902 TEL：0516-83831160 E-MAIL： wangchen@neweraqh.com.cn 油粕：天气、政策、经贸关 系共振：三大油脂的分化与 机遇 2025-9-24 投资有风险 理财请匹配 1 ◆ 豆系方面，2025/26 年度全球大豆供需维持宽松格局，本年度全球大豆总产量 4.22 亿吨，库存消费比维持在 20%以上。分国别来看，美国大豆种植面积下滑，供应端 面临结构性收缩；巴西大豆供应充足，产量或再创新高，2025/26 年度巴西大豆产 量或将创历史最高记录，达到 1.75 亿吨，较上一年度增加 450 万吨，增幅 2.6%； 阿根廷大豆供应面临拉尼娜天气影响，对单产构成下行风险。由于贸易关系的不 确定性，预计 2025/26 年度美国大豆价格高度依赖于中国的采购情况。 ◆ 菜系方面，2025/26 年度全球菜籽产量同比增加，总产量达 9227.3 万吨，较上一 ...

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

美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：安东 这些举措共同引发外界猜测，政府可能试图在立场对立的石油与农业利益集团之间，达成一项更广泛但 难度不小的共识。两位消息人士表示，负责生物燃料政策的美国环境保护署已安排于明年初就配额规定 与利益相关方举行会议，这表明该问题将被推至明年。第三位消息人士还表示，美国环保署不太可能在 今年年底前做出决定。 来源：金十数据 12月13日，据三位知情人士透露，特朗普政府预计不会在今年年底前敲定2026年的生物燃料掺混配额， 这使得石油和农业两大竞争行业密切关注的政策前景持续不明朗。此项延迟将使政府最具影响力的能源 政策抉择之一推迟至明年，并将备受瞩目的配额问题纳入白宫正在权衡的生物燃料政策决策链中——该 决策链正不断扩展，形成相互关联的决策集群。 ...

1. Report Industry Investment Ratings - Soybean: ★☆☆ (One star, representing a bullish bias but limited operability on the trading floor) [1] - Soybean Meal: ★☆☆ (One star, representing a bullish bias but limited operability on the trading floor) [1] - Soybean Oil: ★★★ (Three stars, representing a clearer bullish trend and relatively appropriate investment opportunities) [1] - Palm Oil: ★★★ (Three stars, representing a clearer bullish trend and relatively appropriate investment opportunities) [1] - Rapeseed Meal: ★☆☆ (One star, representing a bullish bias but limited operability on the trading floor) [1] - Rapeseed Oil: ★★★ (Three stars, representing a clearer bullish trend and relatively appropriate investment opportunities) [1] - Corn: ★★★ (Three stars, representing a clearer bullish trend and relatively appropriate investment opportunities) [1] - Live Pigs: ★★★ (Three stars, representing a clearer bearish trend and relatively appropriate investment opportunities) [1] - Eggs: ★☆☆ (One star, representing a bullish bias but limited operability on the trading floor) [1] 2. Core Views - The domestic soybean market is strong, with policy - side trading showing full - volume transactions and a strong price difference compared to imported soybeans. Short - term focus should be on policy and spot - end performance [2] - German biofuel policy changes may marginally improve palm oil demand, but the high inventory in the Malaysian market cannot be ignored, and palm oil is expected to fluctuate [3] - The domestic market continues with the logic of slow import soybean customs clearance. The soybean and soybean meal futures show different trends, and attention should be paid to US soybean exports and South American weather [5] - Rapeseed meal futures decline slightly, while rapeseed oil futures rise. The rapeseed market is expected to remain strong domestically and weak overseas in the short term [6] - Corn futures are generally oscillating strongly. Attention should be paid to the grain transportation progress in the Northeast and corn and wheat auctions [7] - Live pig futures continue to weaken, and the market is expected to face a second bottom - testing next year [8] - Egg futures have significant position - reduction, and the medium - long - term fundamentals are expected to improve gradually [9] 3. Summary by Commodity Soybean - Domestic soybeans are strong. Policy - side trading has full - volume transactions with an average price of 4110 yuan/ton. The price difference between domestic and imported soybeans is widening. Short - term focus on policy and spot - end [2] Soybean & Soybean Meal - The domestic market follows the slow - clearance logic of imported soybeans. The 01/03 contracts of Dalian soybean futures rise, and the 05 contract is flat. The USDA December report has no adjustment to US soybean data. The US soybean futures are weak. Wait for South American weather changes, be bullish on near - month contracts, and consider going long on the 05 contract at low prices [5] Soybean Oil & Palm Oil - German biofuel policy changes may affect the demand structure. The marginal demand for palm oil is expected to improve, but the high - inventory pressure in the Malaysian market exists. Palm oil is expected to fluctuate [3] Rapeseed Meal & Rapeseed Oil - Rapeseed meal futures decline slightly, and rapeseed oil futures rise. The rapeseed market is expected to be strong domestically and weak overseas in the short term. Pay attention to rapeseed import changes [6] Corn - Corn futures are generally oscillating strongly. Northeast and North Port corn spot prices are stable, while downstream procurement shows different trends. The 03 contract may have a weak correction, and the 05 contract can be considered for long - position layout at low prices [7] Live Pigs - Live pig futures continue to weaken, while the spot market is generally stable. After short - term trading on epidemic issues, the market returns to the oversupply logic. A second bottom - testing is expected next year [8] Eggs - Egg futures have significant position - reduction and small price fluctuations. The spot price is stable with some local increases. The short - term price expectation is downward, and the medium - long - term fundamentals are expected to improve [9]

新纪元期货研究 20251205 三大油脂周度报告 投资有风险，入市需谨慎 国内三大油脂现货价格走势 | 品种 | | | 期货主力合约收盘价格 | | | 现货价格 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 主力合约 | 2025.11.28 | 2025.12.5 周变动 | | 周涨跌幅% | 现货指标 2025.11.28 | | 2025.12.5 | 周变动 | 周涨跌幅% | | 棕榈油 | P2605 | 8678 | 8762 | 84 | 0.97 | 中国：现货价：棕榈油： 生意社 | 8518 | 8700 | 182 | 2.13 | | 菜油 | OI2601 | 9757 | 9618 | -139 | -1.42 | 中国：现货价：菜油： 生意社 | 10135 | 10045 | -90 | -0.89 | | 豆油 | Y2605 | 8040 | 8080 | 40 | 0.50 | 中国：现货价：豆油： 生意社 | 8442 | 8394 | -48 ...