Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - The global soybean supply and demand pattern has shifted from double - growth to supply reduction and demand increase, with the global soybean forecast annual inventory - to - sales ratio dropping from 33% in October 2024 to 28.94% currently, providing a bottom support for global soybeans. However, due to the relatively high level compared to the previous year, it is not enough to generate a highly profitable CBOT soybean futures planting profit situation. In the absence of significant problems in South American weather, the cost of soybean arrivals is expected to fluctuate. [3] - The new global soybean production has been marginally lowered, and the total production is now equal to the total demand. The global soybean supply has decreased compared to the 24/25 season. The bottom of the import cost may have emerged, but the upward space requires greater production cuts. Domestic soybean and soybean meal inventories are high, but as the de - stocking season approaches, there is some support. Soybean meal is expected to fluctuate under the conditions of cost support and pressured crushing margins. [5] - The production of palm oil in Malaysia and Indonesia has exceeded expectations, suppressing the palm oil market, and high - frequency export data has declined. The current situation of supply surplus and inventory accumulation in palm oil may reverse in the fourth quarter and the first quarter of next year. If Indonesia's high production does not continue, the de - stocking time may come earlier. If Indonesia maintains high production, palm oil will remain weak. It is recommended to try the idea of buying on dips. [10] - It is estimated that the production of major sugar - producing countries will increase in the new sugar - crushing season, and the global supply - demand relationship has changed from shortage to surplus. Until the first quarter of next year, international sugar prices may not improve significantly. With the continuous opening of the domestic out - of - quota import profit window, the overall view is bearish. It is recommended to sell at high prices and close positions when prices fall. [13] - From a fundamental perspective, although the peak season was not prosperous before, the demand was not too bad after the peak season. The downstream operating rate remained at a medium level, and the previous decline in futures prices has digested the negative impact of the domestic bumper harvest. With the rebound of commodities, short - term funds have entered the market to push up cotton prices, but there is no strong driving force, and with the pressure of hedging positions, the probability of Zhengzhou cotton having a unilateral trend is not high. [18] - Continuous losses have led to a strong sentiment of culling laying hens. The far - month contracts are relatively strong, while the near - month contracts fluctuate between reflecting spot seasonal inventory accumulation and capacity reduction. In the short - term, there is a resonance between spot seasonal inventory accumulation and capacity reduction. The strength of the near - and far - month contracts under the premium situation cannot be falsified for the time being. In the medium - term, as the far - month contracts offer reasonable breeding profits, capacity reduction will slow down, and with the end of seasonal stocking, attention should be paid to the upper pressure. The strategy is short - term long and medium - term short. [21] - The theoretical slaughter volume of pigs remains large, the completion rate of the slaughter plan of large - scale farms is average. Under the background of increased slaughter volume, the average weight is still high year - on - year and continues to increase month - on - month. The price difference between fat and standard pigs has stagnated at a high level, and the second - fattening pens of small farmers are slowly being released. The supply pressure remains, and there is still an increase in the future. On the demand side, due to high temperatures, the demand is tepid, and only sporadic bacon - making activities have occurred in some areas, which has limited impact on the spot market. It is recommended to short the near - month contracts or conduct reverse spreads. [24] 3. Summary by Related Catalogs Soybean and Soybean Meal - **Market Conditions**: On Tuesday, CBOT soybeans fluctuated within a narrow range, the Brazilian soybean premium decreased slightly, and the cost of soybean arrivals remained stable. Domestic soybean meal spot prices dropped by 30 yuan/ton, with the price in East China at 2990 yuan/ton. Soybean meal trading was weak, but pick - up was good. MYSTEEL estimated that the soybean crushing volume of domestic oil mills this week would be 2.1353 million tons, compared with 2.2038 million tons last week. The inventory days of feed enterprises last week were 8.17 days, a week - on - week increase of 0.19 days. Domestic soybeans and soybean meal stocks increased last week, mainly due to high crushing volume, and the apparent consumption was flat week - on - week. [2] - **Supply and Demand**: As of last Thursday, the soybean planting area in Brazil's 2025/26 season had reached 89% of the expected area. The USDA predicted that the global soybean supply - demand pattern would shift from double - growth to supply reduction and demand increase, and the global soybean forecast annual inventory - to - sales ratio had dropped from 33% in October 2024 to 28.94% currently. [3] - **Strategy**: In the absence of significant problems in South American weather, the cost of soybean arrivals is expected to fluctuate. Soybean meal is expected to fluctuate under the conditions of cost support and pressured crushing margins. [3][5] Palm Oil - **Market Conditions**: ITS and AMSPEC data showed that Malaysia's palm oil exports from November 1 - 10 decreased by 9.5% - 12.28% compared with the same period last month, 10% - 15.5% in the first 15 days, 14.1% - 20.5% in the first 20 days, 16.4% - 18.8% in the first 25 days, and 19.9% for the whole month of November. SPPOMA data showed that Malaysia's palm oil production in the first 5 days of November increased by 6.8% month - on - month, decreased by 2.16% in the first 10 days compared with the same period last month, increased by 4.09% in the first 15 days, increased by 5.49% in the first 25 days, and decreased by 0.19% in the first 30 days. [7] - **Strategy**: The production of palm oil in Malaysia and Indonesia has exceeded expectations, suppressing the palm oil market, and high - frequency export data has declined. It is recommended to try the idea of buying on dips. [10] Sugar - **Market Conditions**: On Tuesday, the price of Zhengzhou sugar futures decreased slightly. The closing price of the January contract was 5382 yuan/ton, a decrease of 23 yuan/ton or 0.43% from the previous trading day. The new sugar price of Guangxi sugar - making groups was 5460 - 5550 yuan/ton, a decrease of 20 yuan/ton from the previous trading day; the new sugar price of Yunnan sugar - making groups was 5460 yuan/ton, a decrease of 20 yuan/ton; the mainstream price range of processing sugar mills was 5750 - 5830 yuan/ton, a decrease of 0 - 10 yuan/ton. The basis of Guangxi spot - Zhengzhou sugar main contract was 78 yuan/ton. [12] - **Supply and Demand**: As of November 30, 2025, India had crushed 48.6 million tons of sugarcane, an increase of 15.2 million tons year - on - year; sugar production was 4.135 million tons, an increase of 1.375 million tons year - on - year; the average sugar yield rate at the end of November was 8.51%, an increase of 0.24 percentage points year - on - year. In the first half of November, the sugarcane crushing volume in the central - southern region of Brazil was 18.761 million tons, an increase of 14.3% year - on - year; sugar production was 0.983 million tons, an increase of 8.7% year - on - year. [12] - **Strategy**: It is estimated that the production of major sugar - producing countries will increase in the new sugar - crushing season, and the global supply - demand relationship has changed from shortage to surplus. It is recommended to sell at high prices and close positions when prices fall. [13] Cotton - **Market Conditions**: On Tuesday, the price of Zhengzhou cotton futures increased slightly. The closing price of the January contract was 13800 yuan/ton, an increase of 35 yuan/ton or 0.25% from the previous trading day. The China Cotton Price Index (CCIndex) 3128B was 14980 yuan/ton, an increase of 44 yuan/ton from the previous trading day. The basis of CCIndex 3128B - Zhengzhou cotton main contract (CF2601) was 1180 yuan/ton. [15] - **Supply and Demand**: As of the week of November 28, the spinning mill operating rate was 65.5%, flat compared with last week, 1.6 percentage points lower than the same period last year, and 6.6 percentage points lower than the average of the past five years. The national commercial cotton inventory was 4.18 million tons, an increase of 270,000 tons year - on - year. In October 2025, China imported 90,000 tons of cotton, a decrease of 20,000 tons year - on - year. From January to October 2025, China imported 780,000 tons of cotton, a decrease of 1.61 million tons or 67.36% year - on - year. The 2025/26 global cotton production was revised up by 520,000 tons to 26.14 million tons compared with the September forecast. [16] - **Strategy**: The probability of Zhengzhou cotton having a unilateral trend is not high. [18] Eggs - **Market Conditions**: Yesterday, the national egg price was stable or decreased. The average price in the main production areas was flat at 3.06 yuan/jin, the price in Heishan was flat at 2.9 yuan/jin, and the price in Guantao decreased by 0.04 yuan to 2.67 yuan/jin. The supply was normal, the downstream digestion speed was slow, most traders had little confidence in the future market, the inventory in the production link increased slightly, and the downstream purchasing enthusiasm was fair. [20] - **Strategy**: The strategy is short - term long and medium - term short. [21] Pigs - **Market Conditions**: Yesterday, the domestic pig price was stronger in the south and weaker in the north, with the mainstream price decreasing. The average price in Henan decreased by 0.2 yuan to 11.35 yuan/kg, and the average price in Sichuan was flat at 11.44 yuan/kg. The slaughter volume of farmers increased gradually, but the demand increase was relatively limited, the market sales speed slowed down, and today farmers may reduce prices to sell, and the pig price may decline. [23] - **Strategy**: It is recommended to short the near - month contracts or conduct reverse spreads. [24]

（文章来源：每日经济新闻） 每经AI快讯，当地时间12月2日，洲际交易所（ICE）农产品期货主力合约收盘多数下跌，原糖期货涨 1.42%报14.97美分/磅，棉花期货跌0.03%报64.61美分/磅，可可期货跌1.76%报5458.00美元/吨，咖啡期 货跌1.82%报372.80美分/磅。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The supply side still has an impact, and the futures market has staged a rebound [1]. - The overall situation of the international soybean market remains relatively stable, and price changes are expected to be limited. In the medium to long - term, there is still price pressure on domestic soybean meal. Rapeseed meal is expected to face significant supply - side pressure [7]. 3. Summary by Related Content 3.1 Market Quotes - **Futures and Spot Prices**: For soybean meal, the closing prices of contracts 01, 05, and 09 are 3045, 2848, and 2957 respectively, with price increases of 6, 13, and 10. For rapeseed meal, the closing prices of contracts 01, 05, and 09 are 2423, 2413, and 2479 respectively, with price increases of 0, 10, and 11. The spot basis and price differences of various varieties and regions are also presented [3]. - **Monthly Spreads**: The 15 - spread, 59 - spread, and 91 - spread of soybean meal are 197, - 109, and - 88 respectively, with changes of - 7, 3, and 4. The 15 - spread, 59 - spread, and 91 - spread of rapeseed meal are 10, - 66, and 56 respectively, with changes of - 10, - 1, and 11 [3]. - **Cross - Variety Spreads**: The current spreads of soybean - rapeseed 01 and 09 are 622 and 478 respectively, and the oil - meal ratio of 01 is 2.722 [3]. 3.2 Fundamental Analysis - **International Market**: The monthly supply - demand report is generally bullish, but the market has already fully reflected the positive factors. The U.S. soybean balance sheet can support the price, and future prices will be more affected by changes in soybean exports and crushing. South American supply - side impacts are increasing, with Brazil's new crop sowing progressing rapidly, and most institutions expect a bumper harvest. Argentina's old - crop soybean production is relatively large, and recent crushing and exports have increased significantly [4]. - **Domestic Market**: The domestic spot market is in a state of relatively loose supply and demand. The oil refinery's operating rate continues to increase, with sufficient market supply and increasing提货量. As of November 28, the actual soybean crushing volume of oil refineries was 2.2008 million tons, the operating rate was 60.54%, the soybean inventory was 7.3396 million tons, an increase of 189,700 tons (2.65%) from the previous week and 2.3661 million tons (47.57%) compared to the same period last year. The soybean meal inventory was 1.2032 million tons, an increase of 51,700 tons (4.49%) from the previous week and 368,700 tons (44.18%) compared to the same period last year. The demand for rapeseed meal has gradually weakened, the refinery's operation has basically stopped, the rapeseed supply remains low, and the supply pressure still exists [5]. 3.3 Logic Analysis - **U.S. Soybeans**: There are limited bullish factors for U.S. soybeans recently, and the market is mainly in a volatile state. If exports do not improve significantly in the future, it is expected to remain in a high - level volatile state [7]. - **Brazilian Soybeans**: The short - term dry weather in Brazil supports the market, and due to the tightening of the South American market, price support is still relatively strong [7]. - **Domestic Soybean Meal**: The current domestic soybean meal market has relatively loose supply and demand, which exerts pressure on the domestic soybean meal futures market. In the medium to long - term, price pressure still exists [7]. - **Rapeseed Meal**: Affected by rumors about Australian rapeseed, the rapeseed meal futures market has declined. The overall market demand is average, and it is expected that the supply - side pressure will still be significant [7]. 3.4 Trading Strategies - **Single - sided Trading**: Continue to make small - scale long positions [8]. - **Arbitrage**: Hold a wait - and - see attitude [8]. - **Options**: Implement a strategy of selling wide - straddles [8].

宁证期货：短期棕榈油行情尚不明朗，暂时观望 市场预期印尼或将下调12月参考价及出口税，因此11月或有大量棕榈油船将延期至12月。出口税的下调 将导致棕榈油的成本下降，但是对于12月的出口量来说将会有显著提振，从而缓解近期产地累库的压 力。印尼棕榈油协会称苏门答腊岛洪水未对棕榈油生产造成重大影响，利多情绪消退。短期棕榈油行情 尚不明朗，暂时观望。 中辉期货：棕榈油后市关注调整逢低看多机会 棕榈油阶段性供需偏弱状态，11月马棕榈油前25日出口数据维持弱势，但较前20日跌幅略有回升。欧洲 议会支持将《欧盟零毁林法案》实施推迟一年，东南亚洪灾泛滥，引发市场对于进入棕榈油减产季节的 到来预期。期价昨日延续反弹收涨。但11月马棕榈油累库概率较大，追多需谨慎，原多单可考虑逐步止 盈离场，后市关注调整逢低看多机会。 12月2日盘中，棕榈油期货主力合约偏强震荡，最高上探至8726.00元。截止收盘，棕榈油主力合约报 8720.00元，涨幅1.04%。 棕榈油期货主力涨超1%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 宁证期货 短期棕榈油行情尚不明朗，暂时观望 中辉期货 棕榈油后市关注调整逢低看多机会 南华期货 棕 ...

Report Industry Investment Rating - Not provided in the report Core View - Southeast Asian floods have limited impact on palm oil, with potential negative expectation gaps [2] Summary by Related Catalogs Spot Price - On December 1, 2025, the spot price of 24 - degree palm oil in Tianjin, Zhangjiagang, and Huangpu remained unchanged compared to November 28, 2025, at 8710, 8670, and 8570 respectively [1] - The spot price of first - grade soybean oil in Tianjin, Zhangjiagang, and Huangpu increased by 50 on December 1, 2025, compared to November 28, 2025, reaching 8470, 8610, and 8620 respectively [1] - The spot price of fourth - grade rapeseed oil in Zhangjiagang, Wuhan, and Chengdu decreased by 30 on December 1, 2025, compared to November 28, 2025, reaching 10080, 10130, and 10330 respectively [1] Futures Data - On December 1, 2025, the spread between the main contracts of soybean oil and palm oil was - 364, an increase of 18 compared to November 28, 2025 [1] - The spread between the main contracts of rapeseed oil and soybean oil was 1482, a decrease of 31 compared to November 28, 2025 [1] - The palm oil warehouse receipts remained unchanged at 352; the soybean oil warehouse receipts increased by 5469 to 5469; the rapeseed oil warehouse receipts decreased by 110 to 3855 [1] Important Information - Indonesia - Indonesia's GAPKI believes that floods in Sumatra have not had a significant impact on palm oil production [1] - From January to October 2025, Indonesia exported a total of 19.49 million tons of crude and refined palm oil, a 7.83% increase compared to the same period last year. In October, 1.91 million tons of palm oil were exported, up from 1.38 million tons in September [1] Important Information - Malaysia - According to SPPOMA, the average yield per unit of palm oil in Malaysia in November decreased by 0.2% compared to the same period last month [1] - According to ITS, from November 1 - 30, Malaysian palm oil exports decreased by 19.7% compared to the same period last month; from November 1 - 20, exports decreased by 20.5%; from November 1 - 15, exports decreased by 15.5%; from November 1 - 10, exports decreased by 12.8% [1] - According to AmSpec, from November 1 - 30, Malaysian palm oil exports decreased by 15.9% compared to the same period last month; from November 1 - 20, exports decreased by 14%; from November 1 - 15, exports decreased by 10%; from November 1 - 10, exports decreased by 10% [1] Other Information - In September, the U.S. usage of soybean oil for biofuel production rose to 1.053 billion pounds, up from 1.041 billion pounds in August [1] - In the 2025/26 season, the overall growth of Brazilian soybeans indicates that the yield potential in most regions will be lower than in the 2024/25 season. The current sowing progress is 86.97%, compared to 89.54% in the same period last year and a five - year average of 85.13% [2] - As of the week ending October 16, the net sales of U.S. soybeans for the 2025/2026 season were 1.108 million tons, in line with expectations, up from 0.785 million tons the previous week; the net sales for the 2026/2027 season were 0 tons, down from 0.1 million tons the previous week. The export shipments of U.S. soybeans for the 2025/2026 season were 1.73 million tons, up from 0.693 million tons the previous week [2]

安粮期货研究报告 安粮期货商品研究报告 玉米期货月报 安粮期货研究所 2025 年 12 月 投资咨询业务资格 皖证监函【2017】203 号 研究所 农产品小组 研究员: 潘兆敏 从业资格号：F3064781 投资咨询号：Z0022343 初审： 潘兆敏：从业资格号：F3064781 投资咨询号：Z0022343 复审： 赵肖肖：从业资格号：F0303938 投资咨询号：Z0022015 总部地址：安徽省合肥市包河区花园大道 986 号安粮中心 23-24 层 客服热线： 400—626—9988 网站地址：www.alqh.com 1 / 9 安粮期货研究报告 综述：阶段性供需错配 推动玉米"逆季节性上涨" 核心观点： 新季玉米市场整体供应保持宽松态势，但近期出现的"逆季节性上涨"主要源于阶段性、 区域性供需错配与结构性支撑因素的共同作用。具体而言，尽管东北产区面临集中售粮压力， 新粮上市对价格构成下行压力，且下游饲料及深加工需求尚未明显复苏，但阶段性粮源流动 不畅、贸易环节及下游企业库存偏低带来的补库预期，以及农户价格预期支撑下可能逐步增 强的惜售情绪，共同形成了当前价格在传统供应压力期震荡偏强的走势。 ...

Group 1: Report Industry Investment Ratings - The investment rating for the soybean meal industry is cautiously bearish [3] - The investment rating for the corn industry is neutral [6] Group 2: Core Views of the Report - After the China - US trade policy game, the short - term focus of the domestic soybean meal market is on China's actual procurement of US soybeans. There is still uncertainty about whether the demand for new - season US soybeans can meet expectations [2] - In the corn market, due to temperature drops in Northeast China, good quality of new - season corn, and strong storage capacity of farmers, along with active participation of traders and futures - cash companies in purchasing, the current corn price is supported [4] Group 3: Summary According to the Directory 1. Soybean Meal and Rapeseed Meal Market News and Important Data - Futures: The closing price of the soybean meal 2601 contract was 3039 yuan/ton, down 5 yuan/ton (-0.16%) from the previous day; the rapeseed meal 2601 contract was 2423 yuan/ton, down 29 yuan/ton (-1.18%) [1] - Spot: In Tianjin, the soybean meal spot price was 3090 yuan/ton, up 10 yuan/ton; in Jiangsu, it was 3020 yuan/ton, up 20 yuan/ton; in Guangdong, it was 3010 yuan/ton, up 20 yuan/ton. In Fujian, the rapeseed meal spot price was 2600 yuan/ton, down 30 yuan/ton [1] - Market Information: From October 16, US soybean export sales net increased by 110.80 tons, up 41% from the previous week and 34% from the four - week average. As of November 26, Argentina's 2025/26 soybean planting progress reached 36%, higher than the previous week but 9% behind last year and 1% behind the five - year average [1] Market Analysis - After the China - US trade policy game, the focus is on China's actual procurement of US soybeans. With an additional 10% import tariff on US soybeans and a decline in South American soybean premiums, the competitiveness of US soybeans is weakened, and the demand for new - season US soybeans is uncertain [2] Strategy - Cautiously bearish [3] 2. Corn Market News and Important Data - Futures: The closing price of the corn 2601 contract was 2236 yuan/ton, down 8 yuan/ton (-0.36%); the corn starch 2511 contract was 2542 yuan/ton, down 24 yuan/ton (-0.94%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton; in Jilin, the corn starch spot price was 2600 yuan/ton [3] - Market Information: From October 16, US corn export sales net increased by 282.26 tons, up 113% from the previous week and 64% from the four - week average [3] Market Analysis - Due to temperature drops in Northeast China, good quality of new - season corn, strong storage capacity of farmers, and active participation of traders and futures - cash companies in purchasing, the current corn price is supported [4] Strategy - Neutral [6]

Report Overview - The report is the Commodity Research Morning Report - Agricultural Products by Guotai Junan Futures on December 2, 2025, covering multiple agricultural futures including palm oil, soybean oil, etc. [1] Report Industry Investment Rating - Not provided in the report. Report's Core View - Palm oil: Wait for the inflection point confirmation and conduct range trading temporarily [2] - Soybean oil: Lack of drive from US soybeans, mainly in a volatile state [2] - Soybean meal: Lack of new sales, US soybeans closed down, and Dalian soybean meal adjusted and fluctuated [2] - Soybean: Stable and slightly stronger spot prices support the futures market [2] - Corn: Run in a volatile manner [2] - Sugar: Run weakly [2] - Cotton: Pay attention to the changes in spot basis and the growth rate of warehouse receipts [2] - Eggs: Increased culling volume, positive sentiment for distant contracts [2] - Hogs: Volume reduction has been realized, and the industrial logic will return [2] - Peanuts: Pay attention to the spot market [2] Summary by Related Catalogs Palm Oil - **Fundamental Tracking**: Palm oil futures had a daily - session closing price increase of 0.30% and a night - session decrease of 0.69%. The spot price in Guangdong remained unchanged. The basis in Guangdong was - 82 yuan/ton [4] - **Macro and Industry News**: From November 1 - 30, 2025, Malaysia's palm oil yield decreased by 2.09% month - on - month, oil extraction rate increased by 0.36%, and production decreased by 0.19%. Malaysia's palm oil exports from November 1 - 30 decreased by 15.89%. Indonesia exported 1,949 million tons of crude and refined palm oil from January to October, a 7.83% increase [5][6][7] - **Trend Intensity**: 0 [9] Soybean Oil - **Fundamental Tracking**: Soybean oil futures had a daily - session closing price increase of 0.53% and a night - session decrease of 0.34%. The spot price in Guangdong increased by 50 yuan/ton, and the basis was 332 yuan/ton [4] - **Trend Intensity**: 0 [9] Soybean Meal and Soybean - **Fundamental Tracking**: For soybean meal futures, DCE soybean meal 2601 had a daily - session closing price decrease of 0.36% and a night - session decrease of 0.13%. The spot price range was 3000 - 3140 yuan/ton. For soybean futures, DCE soybean 2601 had a daily - session closing price increase of 0.27% and a night - session increase of 0.56% [10] - **Macro and Industry News**: On December 1, CBOT soybean futures closed down due to lack of sales to China. StoneX lowered Brazil's soybean production forecast to 1.772 billion tons, and as of November 27, Brazil's soybean planting was 89% complete [10][12] - **Trend Intensity**: 0 [12] Corn - **Fundamental Tracking**: Corn futures C2601 had a daily - session closing price decrease of 0.22% and a night - session increase of 0.31%. The spot price in Jinzhou remained unchanged, and the basis of the main contract 01 was 14 yuan/ton [14] - **Macro and Industry News**: Northern corn port prices and Guangdong Shekou prices remained unchanged. Northeast deep - processing corn prices strengthened, and North China corn prices rose [15] - **Trend Intensity**: 0 [16] Sugar - **Fundamental Tracking**: The raw sugar price was 14.74 US cents/pound, the mainstream spot price was 5510 yuan/ton, and the futures main - contract price was 5405 yuan/ton [17] - **Macro and Industry News**: China should focus on the import policy of syrup and premixed powder and the new sugar price in Guangxi. The 25/26 sugar - crushing season's Indian sugar export quota was 1.5 million tons. Brazil's October sugar production increased by 1% year - on - year, and exports increased by 13% [17] - **Trend Intensity**: -1 [20] Cotton - **Fundamental Tracking**: Cotton futures CF2601 had a daily - session closing price increase of 0.62% and a night - session increase of 0.44%. The spot price in North Xinjiang increased by 40 yuan/ton, and the basis of North Xinjiang 3128 machine - picked cotton was 900 yuan/ton [22] - **Macro and Industry News**: Cotton spot trading was mostly sluggish, and the mainstream basis changed little. The cotton yarn market was weak, and downstream procurement was not active. ICE cotton was under pressure due to poor export data [23] - **Trend Intensity**: 0 [26] Eggs - **Fundamental Tracking**: Egg futures 2512 had a closing price decrease of 2.47%, and 2601 had a decrease of 1.21%. The spot price in Liaoning was 3.10 yuan/jin [28] - **Trend Intensity**: 0 [28] Hogs - **Fundamental Tracking**: The spot price in Henan was 11,430 yuan/ton, and the futures price of hogs 2601 was 11,495 yuan/ton. The trading volume of hogs 2601 decreased by 15,052 lots, and the open interest decreased by 5,802 lots [30] - **Trend Intensity**: 0 [31] Peanuts - **Fundamental Tracking**: The spot price of Liaoning 308 common peanuts was 9,700 yuan/ton, and the futures price of PK601 was 8,152 yuan/ton, a decrease of 0.39%. The trading volume of PK601 decreased by 38,276 lots, and the open interest decreased by 5,602 lots [33] - **Spot Market Focus**: In Henan, peanut prices were stable; in Jilin and Liaoning, prices were stable or slightly weak; in Shandong, prices were stable [34] - **Trend Intensity**: 0 [35]

行业 豆粕 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 日期 2025 年 12 月 2 日 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 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 | | ...

更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 12 月 02 日星期二 Morning session notice 早盘提示 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 隔夜夜盘玉米期货震荡偏强，截至夜盘收盘2601合约涨幅0.27%，收于2243元/吨。 | | | | | 【重要资讯】 | | | | | 1、中国粮油商务网数据显示昨日深加工企业收购价涨跌互现。东北地区深加工企业 | | | | | 收购价2078元/吨，较28日涨21元/吨；华北地区深加工企业收购价2277元/吨，较2 | | | | | 8日跌3元/吨。 | | | | | 2、中国粮油商务网数据显示昨日港口价格涨势延续。昨日锦州港15%水二等新季玉 | | | | | 米收购价2210-2240元/吨左右，较28日涨10元/吨；蛇口港成交价2400元/吨，较28 | | | | | 日涨10元/吨。 | | | | | 3、昨日玉米期货仓单数量较前一交易日增减0 ...