【豆一】 国产大豆主力再度上涨，跟随海外市场走强,市场预期转乐观,对贸易谈判给予期待。本国国产大豆仍然进行 了竞价拍卖,并有一定的成交量,成交价格在3900元/吨,跟上周成交价格持平。市场参与主体在积极收购新 粮。国产大豆和进口大豆价差经过近期走扩之后震荡整理。美豆方面市场在关注贸易谈判的指引。短期持续关 注政策端指引。 | | | | VV V SDIC FUTURES | | 2025年10月23日 | | --- | --- | --- | | | 操作评级 | | | 豆一 | | 杨蕊霞 农产品组长 | | | ☆☆☆ | F0285733 Z0011333 | | 豆粕 | ななな | 吴小明 首席分析师 | | 豆油 | ななな | | | | | F3078401 Z0015853 | | 棕櫚油 | ななな | 董甜甜 高级分析师 | | 薬粕 | ななな | | | | | F0302203 Z0012037 | | 菜油 | なな女 | 宋腾 高级分析师 | | 玉米 | ★☆☆ | | | | | F03135787 Z0021166 | | 生猪 | ななな | | | 鸡蛋 | な ...

Report Industry Investment Ratings - Douyi: ☆☆ (implies a certain upward trend but limited operability) [1] - Doupo: ★★★ (indicates a clear upward trend and relatively appropriate investment opportunities) [1] - Douyou: ☆☆☆ (suggests a clear upward trend and suitable investment opportunities) [1] - Palm Oil: ★★★ (shows a clear upward trend and good investment opportunities) [1] - Caipo: ★★★ (represents a clear upward trend and appropriate investment chances) [1] - Caiyou: ★★★ (implies a clear upward trend and suitable investment opportunities) [1] - Corn: ★☆☆ (suggests a slight upward trend but limited operability) [1] - Live Pigs: ★☆☆ (indicates a slight upward trend but limited operability) [1] - Eggs: ★☆☆ (implies a slight upward trend but limited operability) [1] Core Views - The overall supply of agricultural products shows different characteristics, with some having sufficient supply and high inventory, while others face supply bottlenecks or are affected by policy and demand factors [2][3][6] - Uncertainties in Sino - US trade relations and global economic factors such as oil prices have an impact on the prices of agricultural products [4] - Different agricultural products have different price trends and investment strategies according to their own supply - demand fundamentals and market environments [3][4][6] Summary by Related Catalogs Soybean - Domestic soybeans are strong, with the price continuing to rebound. The state - reserve auction of domestic soybeans was carried out twice this week, with the成交 changing from strong to weak. The price difference between domestic and imported soybeans is widening. US soybean prices may be pressured by demand [2] Soybean and Soybean Meal - The main contract of Dalian soybean meal M2601 continued to decline with increasing positions. New - season US soybean sales are slow, domestic soybean arrivals are sufficient, and soybean meal inventory is high. In a high - supply and high - inventory situation, if Sino - US trade does not ease, Dalian soybean meal may oscillate downward. Currently, it is recommended to wait and see [3] Soybean Oil and Palm Oil - The price difference between soybean oil and palm oil continues to expand, and oils are stronger than soybean meal. Global crude oil prices are weak, and there are uncertainties in Sino - US trade. Palm oil has demand expectations in the Indonesian market, and domestic soybean oil has high inventory. Oils are expected to be more resilient in the medium - to - long term [4] Rapeseed Meal and Rapeseed Oil - Rapeseed products declined today and were weaker than competitors. The inventory of domestic rapeseed along the coast is low, and the output of rapeseed meal and rapeseed oil is limited. However, the arrival of Australian rapeseed is approaching, which will relieve supply concerns and put pressure on prices. It is recommended to focus on cross - competitor strategies with rapeseed products as short positions [6] Corn - The main contract of Dalian corn futures C2601 rose and then fell, down - 0.66%. Northeast corn is abundant, and the spot price is weak. In the future, the supply of new corn in the Northeast will increase, and Dalian corn may continue to be weak at the bottom [7] Live Pigs - The spot price of live pigs is differentiated, and the overall average slaughter price is stable. Piglet prices are falling, and sow inventory is expected to decline faster. The futures and spot prices deviate, and the futures market is weak [8] Eggs - Eggs continued to be pressured with increasing positions, and the far - month contracts fell more. The spot price rose due to bargain - hunting. However, there is a risk of further decline in egg prices in the medium term [9]