1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - For the vegetable oil market, due to factors such as potential biodiesel policy benefits, changes in production and export volumes, and inventory changes, the market is cautious around the New Year's Day holiday. It is advisable to take profits on previous long positions in vegetable oils and resume trading after the holiday [1][2]. - For the double - meal market, considering factors like global soybean trade re - evaluation, high domestic bean meal inventory, and limited terminal price acceptance, it is recommended to conduct intraday trading before the holiday and make long - term plans after the holiday [2][3]. 3. Summary by Relevant Catalogs Vegetable Oils Market Review - On December 30, driven by the strengthening of the Malaysian palm oil market, the Dalian palm oil market rose, leading to an increase in the overall vegetable oil prices. The main and secondary contracts of soybean oil, palm oil, and rapeseed oil all had price changes, with different trends in positions [1]. Important Information - The biodiesel policy may bring positive effects. The Trump administration may make a decision on the 45Z tax credit for sustainable aviation fuel next week. Starting from January 1, the tax credit for US biodiesel and renewable diesel producers will increase [1]. - Indian buyers have locked in large - scale soybean oil purchases from April to July 2026, at 150,000 tons per month of South American soybean oil [1]. - From December 1 - 25, Malaysia's palm oil production decreased by 9.12% month - on - month, with a decline in fresh fruit bunch (FFB) yield and oil extraction rate (OER). The export volume increased by 1.6% compared to the same period in November [1]. - Indonesia's 2026 biodiesel total allocation increased by about 30 million liters compared to 2025. The B50 road test started in December, and the mandatory addition plan is expected to start in the second half of 2026 [1]. - As of the end of the 52nd week of 2025, the total inventory of the three major domestic edible oils decreased by 36,700 tons week - on - week, a 1.60% decline [1]. Market Logic - Overseas, after Christmas, US soybean oil opened high and closed low but still had an upward trend. The Malaysian palm oil market was pressured by high - inventory expectations and technical resistance levels. Domestically, due to the approaching New Year's Day holiday, the market was cautious. For soybean oil, there were both long and short factors; for palm oil, it was mainly pressured; for rapeseed oil, the inventory continued to decline, and traders were reluctant to sell, with a positive sentiment [2]. Trading Strategy - For single - sided trading, take profits on previous long positions in vegetable oils and resume trading after the holiday. Provide support and resistance levels for each contract. There are no arbitrage strategies for now [2]. Double - Meals Market Review - On December 30, the double - meal market opened low and closed high, with rapeseed meal performing stronger than soybean meal. The main and secondary contracts of soybean meal and rapeseed meal had different price and position changes [2]. Important Information - The US Department of Agriculture predicts that in the 2026/2027 season, US farmers will reduce corn planting and increase soybean planting to 85 million acres [2]. - As of the week of December 25, 2025, the US soybean export inspection volume was 870,199 tons, with 135,417 tons to the Chinese mainland [2]. - StoneX predicts that the 2025/26 Brazilian soybean production may reach 178.9 million tons [2]. - As of December 27, the Brazilian soybean sowing rate was 97.9%, and the harvesting rate was 0.1%. Argentina's soybean sowing is three - quarters complete, and the crop condition is generally good [3]. - Brazil's December soybean export volume is expected to be 3.57 million tons [3]. - S&P Global Research Report states that in 2026, the US soybean market may face a decline in both production and exports, while Brazil's soybean harvest may prompt China to seek more Brazilian supplies [3]. - As of the end of the 52nd week of 2025, the domestic imported soybean inventory decreased by 875,000 tons week - on - week, the domestic bean meal inventory increased by 84,000 tons week - on - week, and the contract volume decreased [3]. - On December 24, there were rumors that the customs inspection procedures would be tightened until the second quarter of next year [3]. Market Logic - Overseas, the market re - evaluated global soybean trade, and with the end of the year approaching, previous funds withdrew, causing US soybeans to close down. Domestically, the high bean meal inventory restricted terminal procurement. Although there was some support on the supply side, the terminal's acceptance of price increases was limited, and the market trading was light [3]. Trading Strategy - Conduct intraday trading in the double - meal market before the holiday and make long - term plans after the holiday. Provide support and resistance levels for each contract. There are no arbitrage strategies for now [3].

Report Summary 1. Investment Ratings The report does not provide overall industry investment ratings. 2. Core Views - **Palm Oil**: Short - term rebound with weak driving forces [2][4] - **Soybean Oil**: Mainly trade within a range, focus on spread opportunities between contracts [2][4] - **Soybean Meal**: Trade in a range, avoid holiday risks [2][11] - **Soybean No.1**: Hedge risks before the holiday, observe cautiously [2][12] - **Corn**: Pay attention to the spot market [2][15] - **Sugar**: Trade weakly [2][19] - **Cotton**: Maintain a moderately strong oscillatory trend [2][24] - **Eggs**: Short - term oscillation [2][29] - **Hogs**: Contradictions continue to accumulate, prices are expected to be strong before the holiday [2][32] - **Peanuts**: Reduce positions before the holiday [2][37] 3. Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: Palm oil's daily - session closing price was 8,658 yuan/ton with a 1.72% increase, and night - session closing price was 8,644 yuan/ton with a - 0.16% decrease. Soybean oil's daily - session closing price was 7,878 yuan/ton with a 0.77% increase, and night - session closing price was 7,886 yuan/ton with a 0.10% increase [5]. - **Macro and Industry News**: Private exporters reported selling 13.6 tons of soybeans to China and 23.1 tons to unknown destinations for 2025/2026 delivery. Brazil's December soybean export forecast was revised down to 302 tons from 357 tons, and December soybean meal export forecast was revised down to 187 tons from 200 tons [6][7][8]. - **Trend Intensity**: Both palm oil and soybean oil have a trend intensity of 0 [10]. Soybean Meal and Soybean No.1 - **Fundamentals**: DCE Soybean No.1 2605's daily - session closing price was 4224 yuan/ton with a + 65 (+ 1.56%) increase, and night - session closing price was 4237 yuan/ton with a + 33 (+ 0.78%) increase. DCE Soybean Meal 2605's daily - session closing price was 2778 yuan/ton with a - 10 (- 0.36%) decrease, and night - session closing price was 2771 yuan/ton with a + 3 (+ 0.11%) increase [12]. - **Macro and Industry News**: On December 30, CBOT soybean futures closed lower due to the promising South American soybean harvest. Private exporters reported sales of soybeans to China and unknown destinations for 2025/26 delivery. Brazil's soybean harvesting in some states and Argentina's soybean planting progress were reported [12][14]. - **Trend Intensity**: Both soybean meal and soybean No.1 have a trend intensity of 0 [14]. Corn - **Fundamentals**: The price of Guangdong Shekou was 2,440 yuan/ton with a 10 - yuan increase. C2601's daily - session closing price was 2,303 yuan/ton with a 1.23% increase, and night - session closing price was 2,295 yuan/ton with a - 0.35% decrease [16]. - **Macro and Industry News**: The northern corn bulk - ship collection price increased slightly, and the container - shipped first - class grain price also rose. Import prices of some grains were reported [17]. - **Trend Intensity**: Corn has a trend intensity of 0 [18]. Sugar - **Fundamentals**: The raw sugar price was 14.84 cents/pound with a - 0.42 decrease. The mainstream spot price was 5340 yuan/ton with no change [19]. - **Macro and Industry News**: As of December 15, the 25/26 sugar - making season's sugar production in India increased by 28.3% year - on - year. Brazil's November sugar export was 330 tons, a 9 - ton decrease year - on - year. China's November sugar import was 44 tons (- 9 tons) [19]. - **Trend Intensity**: Sugar has a trend intensity of - 1 [22]. Cotton - **Fundamentals**: CF2605's daily - session closing price was 14,560 yuan/ton with a 0.87% increase, and night - session closing price was 14570 yuan/ton with a 0.07% - 0.15% change [24]. - **Macro and Industry News**: Cotton spot trading was mostly quiet. Cotton yarn prices were stable overall, but downstream demand was weak. ICE cotton futures fell for the third consecutive day [25]. - **Trend Intensity**: Cotton has a trend intensity of 0 [26]. Eggs - **Fundamentals**: Egg 2601's closing price was 3,072 yuan/500 kilograms with a 0.03% increase. Egg 2602's closing price was 2,938 yuan/500 kilograms with a - 0.03% decrease [29]. - **Trend Intensity**: Eggs have a trend intensity of 0 [30]. Hogs - **Fundamentals**: The Henan spot price was 12530 yuan/ton with a 50 - yuan increase. The futures prices of different contracts showed various changes, and trading volume and open interest also changed [33]. - **Market Information**: Several companies registered warehouse receipts in December [34]. - **Trend Intensity**: Hogs have a trend intensity of 0 [35]. Peanuts - **Fundamentals**: The price of Liaoning 308 common peanuts was 9,400 yuan/ton with no change. PK601's closing price was 8,078 yuan/ton with a 0.05% increase [37]. - **Spot Market Focus**: Peanut prices in different regions were stable, with varying levels of supply and demand [38]. - **Trend Intensity**: Peanuts have a trend intensity of 0 [39].

Sugar Market - The current spot price range for sugar from Guangxi Sugar Group is 5310 to 5410 CNY/ton, while Yunnan Sugar Group's new sugar is priced between 5140 and 5240 CNY/ton. The main processing sugar factory prices range from 5750 to 5900 CNY/ton, with prices remaining stable across the board [2][7] - In the raw sugar market, prices fell by over 2% last night, returning to a fluctuating range, with the northern hemisphere's crushing pace expected to dominate the market in the future [2][7] - Domestic spot transactions are sluggish, but there is still some purchasing demand before the Spring Festival, which may support future prices. However, due to the increase in production, the market remains cautious, making it difficult for prices to rise significantly [2][7] Cotton Market - On Tuesday, ICE cotton prices decreased by 0.08%, closing at 64.3 cents per pound, while the main contract for Zheng cotton increased by 0.52%, closing at 14560 CNY/ton. The main contract's open interest rose by 7966 contracts to 876600 contracts, and the cotton 3128B spot price index increased by 40 CNY/ton to 15280 CNY/ton [3][7] - The international market shows limited driving factors, with both macroeconomic and fundamental aspects lacking significant disturbances, leading to low-level fluctuations in U.S. cotton prices [3][7] - The domestic market for Zheng cotton shows an increase in open interest, with prices at a high level causing some market divergence. The current market trend is primarily driven by expectations of a reduction in cotton planting area for the new year, which is now largely confirmed, although official details are still pending [3][7] - Looking ahead, there are expectations for policy changes, particularly regarding the cotton target price subsidy policy, which has been stable at 18600 CNY/ton for a long time. The market anticipates adjustments to the new year's target price [3][7] - In summary, short-term adjustments in Zheng cotton prices may occur, but there is support at the bottom. Key future points of focus include whether downstream textile companies will have new replenishment needs before the Spring Festival and whether there will be macroeconomic easing measures in the first quarter of next year, along with the announcement of new cotton target price subsidy policy details around April 10 [3][7]

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - The overall agricultural market shows a complex and diversified trend, with different products having different price trends and influencing factors [1][7]. - The oil market is affected by factors such as international crude oil prices, South American soybean production expectations, and Malaysian palm oil production and exports, with short - term rebounds and medium - term oscillations [1][7]. - The protein meal market is under inventory pressure, with double meal showing narrow - range oscillations [8]. - The corn and starch market is in a state of tight balance, with prices oscillating within a range [10][11]. - The pig market is in a "weak reality + strong expectation" pattern, with short - term oscillations and long - term supply pressure expected to gradually ease [12]. - The natural rubber market has bullish sentiment, with rubber prices rebounding from low levels, and short - term bullishness is expected [14]. - The synthetic rubber market has a relatively certain improvement in the supply - demand pattern, with short - term upward pressure and medium - term oscillatory strength [16]. - The cotton market is expected to be oscillatory and strong in the long term, with a bullish view in the short term [16]. - The sugar market is expected to be oscillatory and weak in the medium - to - long term, with a downward driving force for sugar prices [18]. - The pulp market is expected to be oscillatory and strong, with bullish factors lifting the bottom and bearish factors mainly in the long - term price transmission [19]. - The double - gum paper market is expected to be oscillatory and strong in the short term, with paper mills' price increases boosting market sentiment [20][21]. - The log market is in a state of weak supply and demand, with narrow - range oscillations and marginal improvement in fundamentals [22]. 3. Summary by Relevant Catalogs 3.1 Oilseeds - **Viewpoint**: Crude oil is on an upward trend, and vegetable oils continue to rebound. Domestic oil trends are oscillatory and strong, with palm oil showing a more obvious upward trend [1][7]. - **Logic**: Internationally, crude oil prices are rising, increasing the attractiveness of palm oil as biodiesel. South American soybean production is expected to be high, with Brazil's soybean planting almost completed and Argentina's planting over half - done. The demand for US soybeans is uncertain. Domestically, soybean supply is relatively sufficient, and soybean oil inventory is slowly decreasing. Malaysian palm oil is in a seasonal production - reduction period with improved export expectations, and palm oil inventory is expected to gradually decrease. Rapeseed oil inventory is decreasing, and short - term price - holding sentiment among traders is strong, but global rapeseed production is high, and prices are difficult to rise in the long term [1][7]. - **Outlook**: Soybean oil, palm oil, and rapeseed oil are all expected to oscillate [2][7]. 3.2 Protein Meal - **Viewpoint**: Inventory pressure remains high, and double meal shows narrow - range oscillations [8]. - **Logic**: Internationally, US soybean crushing volume decreased in November, and South American soybean production prospects are optimistic. Domestically, domestic soybeans are being continuously auctioned, and downstream purchase sentiment has declined after replenishment. Soybean and soybean meal inventories are slowly decreasing seasonally, and downstream consumption is not booming. Imported soybean purchase volume has changed in different quarters, and there are concerns about the extension of the inspection period for Australian imports, making rapeseed meal perform stronger than soybean meal [8]. - **Outlook**: US soybeans, domestic soybean meal, and rapeseed meal are all expected to oscillate [8]. 3.3 Corn and Starch - **Viewpoint**: There is a differentiation between North China and Northeast China, and futures prices rise and then fall [10][11]. - **Logic**: As the delivery approaches, the futures market follows the logic of price convergence with the spot market. In the upstream, snow in Northeast China has affected the grain supply rhythm, and in North China, the improvement of local corn quality has diverted some demand for Northeast corn. In the downstream, after continuous replenishment, downstream enterprises have established a certain safety inventory, and the market is in a state of tight balance [11]. - **Outlook**: Prices are expected to oscillate. Attention should be paid to factors such as old wheat auctions, grain sales progress, and downstream profit conditions [12]. 3.4 Pigs - **Viewpoint**: At the end of the month, the supply volume decreases, and pig prices rebound [12]. - **Logic**: In the short term, the utilization rate of secondary - fattening pens decreased in mid - December and rebounded in late December, with a decrease in supply at the end of the month. In the medium term, the supply of commercial pigs is expected to be excessive before April 2026. In the long term, sow production capacity began to decline in the third quarter of 2025, and the supply pressure of commercial pigs is expected to ease after May 2026. Near the New Year's Day holiday, the demand for stocking has increased, but the pig weight is still high [12]. - **Outlook**: Prices are expected to oscillate. The near - term contracts are expected to operate weakly, while the far - term contracts are supported by the expectation of production - capacity reduction [12]. 3.5 Natural Rubber - **Viewpoint**: Bullish sentiment remains, and rubber prices rebound from low levels [14]. - **Logic**: After a slight decline due to commodity adjustments, rubber prices rebounded. The short - term upward space may be further expanded if there is continuous position - increasing or strong bullish sentiment in the commodity market. Fundamentally, overseas supply is increasing seasonally, and raw material prices are firm, but there is a certain downward pressure. The demand side is weak after the rapid price increase [14]. - **Outlook**: Fundamentals have limited variables, but market sentiment is strong, and it is expected to be bullish in the short term [14]. 3.6 Synthetic Rubber - **Viewpoint**: The market shows a strong oscillatory trend [16]. - **Logic**: The market's expectation of marginal improvement in the butadiene supply - demand pattern is gradually becoming a consensus. The absolute price of the BR contract is relatively low. The butadiene market price was firm last week, and the downstream synthetic rubber market is strong, driving the butadiene market atmosphere [16]. - **Outlook**: The improvement in the butadiene supply - demand pattern is relatively certain, but there is short - term upward pressure, and it is expected to be oscillatory and strong in the medium term [16]. 3.7 Cotton - **Viewpoint**: The upward trend continues [16]. - **Logic**: Recently, Zhengzhou cotton has risen strongly. Fundamentally, the new cotton listing progress is fast from September to December, but the inventory accumulation rate is lower than expected, and the apparent demand has increased year - on - year. Policy - wise, there are plans to reduce cotton planting in Xinjiang next year, which boosts market sentiment. In the long term, the domestic cotton supply - demand may be in a tight balance, and the cotton price center is expected to rise [16]. - **Outlook**: It is expected to be oscillatory and strong in the long term, and the strategy of buying on dips is maintained [16]. 3.8 Sugar - **Viewpoint**: There is a slight rebound, but prices are still under pressure [18]. - **Logic**: Globally, the sugar market is expected to be in surplus in the 25/26 crushing season, with Brazil, Thailand, and India all increasing production. In the domestic new crushing season, production is also increasing, and the spot pressure is increasing. The Zhengzhou sugar main contract has rebounded technically but is still in a downward trend in the medium - to - long term [18]. - **Outlook**: It is expected to be oscillatory and weak in the medium - to - long term, and the strategy of shorting on rebounds is maintained [18]. 3.9 Pulp - **Viewpoint**: The spot market is dull, and futures prices oscillate repeatedly [19]. - **Logic**: Futures prices rebounded yesterday, and the spot market is calm. The market is affected by the financial market atmosphere. Fundamentally, there are bullish factors such as the increase in broad - leaf pulp prices, the supply reduction expectation due to pulp mill shutdowns, and the high actual demand. There are also bearish factors such as difficulties in cost transmission for downstream paper products, seasonal decline in demand, and high hedging pressure on traders [19]. - **Outlook**: It is expected to be oscillatory and strong. Bullish news raises the bottom, but the hedging pressure above remains [19]. 3.10 Double - Gum Paper - **Viewpoint**: The spot price is stable, and the market shows a strong trend [20]. - **Logic**: The double - gum paper market is operating stably, with limited production changes in the industry. The spot price has stopped falling and stabilized, and the market sentiment is boosted by paper mills' price increases. The market is under the dual pressure of high costs and weak demand, but paper mills have a strong demand for price increases [20]. - **Outlook**: Paper mills' price increases boost market sentiment, and the paper price is expected to bottom out and be oscillatory and strong in the short term [21]. 3.11 Logs - **Viewpoint**: Supply and demand are both weak, and prices oscillate in a narrow range [22]. - **Logic**: The log market is in a state of weak supply and demand, with stable trading. The external market provides support for the futures price. In the short term, there is a small space for processing plants to replenish inventory, and the supply pressure is expected to ease in the first quarter. In the medium term, the 03 contract has certain trading points [22]. - **Outlook**: Fundamentals are improving marginally, and prices are expected to oscillate within a range [22].

Group 1 - The core viewpoint of the articles indicates a decline in the prices of corn, wheat, and soybeans at the Chicago Board of Trade (CBOT) due to weakening global food prices and a lack of trading activity at year-end [1] - The most actively traded corn contract for March 2026 closed at $4.41 per bushel, down 1.75 cents or 0.4% from the previous trading day [1] - The March 2026 wheat contract closed at $5.11 per bushel, down 2.25 cents or 0.44%, while the March 2026 soybean contract closed at $10.62 per bushel, down 1.25 cents or 0.12% [1] Group 2 - The U.S. Department of Agriculture announced the sale of 136,000 tons of soybeans to China and 231,000 tons to an unknown destination [2] - The global rice market is experiencing a significant price drop of 32% due to India's active export plans, while India is expected to achieve a record wheat harvest in 2026 [2] Group 3 - Weather forecasts indicate limited rainfall in Argentina over the next 11-15 days, which may impact agricultural production [3]

Group 1: Industry Investment Rating - The investment strategy for both the soybean meal and corn sectors is neutral [3][6] Group 2: Core Views - The soybean meal market is experiencing high downstream inventory, causing the price to fluctuate. The 05 contract price is moving weakly in line with the US soybean price due to ample domestic supply, high inventory, and strong South American harvest expectations. However, high import costs and pre - and post - Spring Festival shutdown expectations provide some support. Future focus should be on soybean imports and South American soybean growth [1][2] - In the corn market, supply - side trading is sluggish with low trader enthusiasm and limited arrivals. On the demand side, feed companies are mostly in a wait - and - see mode after restocking, and deep - processing enterprises are making just - in - time purchases with stable production and sales. With farmers' reluctance to sell and downstream wait - and - see attitudes, future attention should be on alternative grain auctions, and the corn spot price is expected to adjust [4][5] Group 3: Summary by Related Catalogs Soybean Meal - **Market News and Key Data**: The closing price of the soybean meal 2605 contract was 2774 yuan/ton, down 16 yuan/ton (-0.57%) from the previous day. Tianjin, Jiangsu, and Guangdong had spot prices of 3100 yuan/ton, 3050 yuan/ton, and 3070 yuan/ton respectively. Crop expert Michael Cordonnier estimated Brazil's 2025/26 soybean production at 1.77 billion tons [1] - **Market Analysis**: Domestic supply is ample, and the 05 contract price is weak due to high inventory and South American harvest expectations, but there is some price support [2] Corn - **Market News and Key Data**: The closing price of the corn 2603 contract was 2249 yuan/ton, up 27 yuan/ton (+1.22%) from the previous day. As of December 23, 77.7% of Argentina's 2025/26 corn was planted. As of December 25, Ukraine had harvested 94% of its planned grain area [3] - **Market Analysis**: Supply - side trading is light, and demand - side players are mostly in a wait - and - see mode. Corn spot prices are expected to adjust [4][5]

Group 1: Report Investment Ratings - Cotton: Neutral to bullish [1] - Sugar: Neutral [4] - Pulp: Neutral [7] Group 2: Core Views - Cotton: The overall pattern of domestic and foreign cotton prices is divided, with a strong domestic and weak foreign situation. In the short - term, ICE US cotton is under pressure, and the demand side of domestic cotton is weakening marginally. In the long - term, cotton prices are expected to be bullish [1] - Sugar: The global sugar market is in a state of surplus. The short - term decline of raw sugar is limited, and the long - term price is not overly pessimistic. Domestic sugar is in a situation of increasing supply and the price is expected to fluctuate and bottom out [3][4] - Pulp: Overseas supply is disturbed, and domestic demand is expected to recover moderately in the short - term. The price will fluctuate and be slightly strong, but the upward height depends on demand and inventory digestion [7] Group 3: Summary by Commodity Cotton - Market News and Key Data: The closing price of cotton 2605 contract was 14,435 yuan/ton, down 100 yuan/ton. The Xinjiang arrival price of 3128B cotton was 15,385 yuan/ton, up 267 yuan/ton. From December 19th to 25th, the US graded and inspected 129,200 tons of 2025/26 cotton, and 82.1% met the ICE cotton delivery requirements [1] - Market Analysis: The domestic and foreign cotton price trends are divided. Internationally, the US cotton inventory pressure increases, and the global textile consumption is weak. Domestically, cotton production increases, and the demand side is marginally weakening [1] - Strategy: Neutral to bullish. In the long - term, cotton prices are expected to rise, but short - term high - level corrections should be vigilant [1] Sugar - Market News and Key Data: The closing price of sugar 2605 contract was 5253 yuan/ton, down 32 yuan/ton. As of December 27, 2025/26, Thailand's cumulative sugar production was 1.2793 million tons, down 15.83% year - on - year [2] - Market Analysis: The global sugar market is in surplus. The short - term decline of raw sugar is limited, and the long - term price is not overly pessimistic. Domestic sugar supply is increasing seasonally, and the import pressure remains high [3][4] - Strategy: Neutral. The domestic sugar price is expected to fluctuate and bottom out [4] Pulp - Market News and Key Data: The closing price of pulp 2605 contract was 5510 yuan/ton, down 120 yuan/ton. The spot price of Chilean Silver Star softwood pulp in Shandong was 5590 yuan/ton, unchanged [4] - Market Analysis: Overseas pulp mills have shutdown and maintenance news, and the European demand has improved. The domestic terminal demand is insufficient, and the port inventory is high but showing a downward trend [6] - Strategy: Neutral. The short - term trend is expected to fluctuate and be slightly strong, depending on demand and inventory digestion [7]

Report Industry Investment Rating - Not provided Core Viewpoints - For protein meals, night - session soybean and rapeseed meals fluctuated and closed lower. Chinese procurement plans are advancing steadily, providing support for US soybean futures prices. In the domestic market, the expectation of tight supply in the imported soybean market has pushed up the price of soybean meal, but the abundant long - term supply will continue to pressure the price [2]. - For oils and fats, night - session oils and fats fluctuated. The improvement of Malaysian palm oil export data boosted the palm oil market, but concerns about the implementation progress of Indonesia's B50 plan have emerged. Soybean oil is under pressure due to the expected high yield, and the short - term fundamental improvement of oils and fats is limited. The inventory pressure in Southeast Asian palm oil producing areas is difficult to relieve significantly in the short term, so the rebound of oils and fats is restricted and they are expected to continue to fluctuate [2]. Summary by Relevant Catalogs Futures Market - **Domestic Futures**: The previous day's closing prices of domestic futures for soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts were 7818, 8512, 9040, 2774, 2465, and 8844 respectively. The price changes were - 18, - 56, - 6, - 16, 6, and 26, with percentage changes of - 0.23%, - 0.65%, - 3.15%, - 0.57%, 0.24%, and 0.29% respectively. There were also changes in spreads and price - ratio spreads [1]. - **International Futures**: The previous day's closing prices of international futures for BMD palm oil, CBOT soybeans, CBOT US soybean oil, and CBOT US soybean meal were 4058, 1064, 49.26, and 304 respectively. The price changes were 48, - 8, 0, and - 4, with percentage changes of 1.20%, - 0.75%, 0.12%, and - 1.27% respectively [1]. Spot Market - **Spot Prices and Basis**: The spot prices of various oils, meals, and peanuts in different regions had different percentage changes. The spot basis also varied, such as 456 for Tianjin first - grade soybean oil and 300 for Nantong soybean meal [1]. - **Spot Spreads**: The spot spreads between different products, like the spread between Guangzhou first - grade soybean oil and 24° palm oil, and between Zhangjiagang third - grade rapeseed oil and first - grade soybean oil, changed compared to the previous values [1]. Import and Profit - The import profit and loss of various agricultural products, such as Malaysian palm oil, US soybeans, and Canadian rapeseed, had different values compared to the previous ones [1]. Warehouse Receipts - The current values of warehouse receipts for soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts were 28,264, 0, 3,786, 24,830, 0, and 0 respectively, with some changes compared to the previous values [1]. Industry Information - From December, the domestic soybean crushing volume of oil mills has remained above 2 million tons. As of December 26, the soybean crushing volume of major domestic oil mills was about 7.7 million tons, and it is expected to be about 8.9 million tons for the whole month of December, an increase of about 700,000 tons year - on - year and about 600,000 tons compared to the average of the past three years [2]. - A US private exporter reported selling 100,000 tons of soybeans to Egypt for delivery in the 2025/2026 fiscal year [2]. - As of December 27, the soybean sowing rate in Brazil was 97.9%, up from 97.6% last week, compared to 98.2% last year and a five - year average of 96.7%. The soybean harvesting rate was 0.1%, the same as last year and the five - year average [2].

Report Industry Investment Ratings No specific industry investment ratings are provided in the given content. Core Views of the Report - **Short - term Rebound**: The report suggests short - term rebounds for soybean meal, rapeseed meal, and jujube. For soybean meal, although the U.S. soybean export data is poor and domestic soybean inventory has decreased while soybean meal inventory has increased, the expected decline in imports in the first quarter and the rising cost of U.S. soybean imports support the short - term rebound. Rapeseed meal follows the trend of soybean meal with reduced inventory pressure and shows some resistance to decline. Jujube has a short - term rebound opportunity despite high inventory and a generally bearish supply - demand situation [1][3][6][14]. - **Stop - falling and Rebound**: Palm oil, soybean oil, and rapeseed oil are expected to stop falling and rebound. Palm oil has a de - stocking expectation in December due to increased export data and reduced production, but the Indonesian policy cools the bullish sentiment. Soybean oil's supply environment has slightly improved, and the import in the first quarter is lower than expected. Rapeseed oil has short - term supply tightness and benefits from domestic edible oil inspections [1][7][8]. - **Oscillate Strongly**: Cotton is expected to oscillate strongly. Internationally, the ICE market is expected to oscillate at the bottom due to mixed factors. Domestically, new cotton processing is almost completed, sales progress is fast, and downstream demand is resilient, but attention should be paid to the suppression of spinning mill profits and external supply [1][9][12]. - **Short - term Rebound for Live Pigs**: Live pigs are expected to have a short - term rebound. Recently, affected by snow and the entry of second - fattening pigs, the supply pressure is postponed to January - February, and the short - term supply - demand pressure eases, which is conducive to the short - term rebound [1][15][16]. Summary by Variety Soybean Meal - **Market Situation**: As of December 26, 2025, the national port soybean inventory was 825.1 million tons, a week - on - week decrease of 40.50 million tons; the soybean inventory of 125 oil mills was 654.44 million tons, a decrease of 67.92 million tons from last week, a decrease of 9.40%. The soybean meal inventory was 116.76 million tons, an increase of 3.05 million tons from last week, an increase of 2.68%. The physical inventory of soybean meal in national feed enterprises was 9.45 days, an increase of 0.22 days from the previous period and 1.01 days from the same period last year [3]. - **Investment Suggestion**: Pay attention to the opportunity of short - term long positions after adjustment. Before the U.S. soybean stabilizes, the performance of soybean meal will be restricted. Focus on whether the U.S. soybean export data can improve and the South American weather conditions [1][3]. Rapeseed Meal - **Market Situation**: As of December 26, the coastal oil mill's rapeseed inventory, rapeseed meal inventory, and unexecuted contracts were all 0 million tons, unchanged from last week. The supply of rapeseed meal is scarce, and the spot price has risen, but the downstream purchasing willingness is low [6]. - **Investment Suggestion**: Rapeseed meal follows the trend of soybean meal. With the relief of inventory pressure, it shows some resistance to decline. Pay attention to the Australian rapeseed pressing and import policies and the subsequent progress of China - Canada trade [1][6]. Palm Oil - **Market Situation**: As of December 26, 2025, the national key area palm oil commercial inventory was 73.41 million tons, a week - on - week increase of 3.41 million tons, an increase of 4.87%. Different institutions' data on Malaysia's palm oil export and production in the first 25 days of December vary, but generally, there is a de - stocking expectation in December [7][8]. - **Investment Suggestion**: Bullish investors can participate at low prices. Before the de - stocking conclusion in December is confirmed, pay attention to controlling positions. Focus on the final data [1][8]. Cotton - **Market Situation**: Internationally, the U.S. new cotton inspection progress is about 78%, India's new cotton daily listing volume is 4.3 million tons, and Brazil's 2025 cotton processing progress is 92.63%, with the 2026 new cotton planting progress at 16.9%. Domestically, new cotton picking is basically completed, the public inspection volume exceeds 6 million tons, and the new - season lint cost is locked at 14,600 - 15,200 yuan/ton. The new cotton sales progress is still fast, and the national commercial inventory has risen to 5.165 billion tons [9][10][11]. - **Investment Suggestion**: Pay attention to the opportunity of entering the market with long positions on dips. Be vigilant about the suppression of spinning mill profits and external supply on the disk, and focus on the change in the commercial inventory accumulation speed [1][12]. Jujube - **Market Situation**: The acquisition in the production area is basically over, and the market supply has increased. The 36 - sample physical inventory is 15,898 tons, a week - on - week decrease of 210 tons, still higher than the same period last year. The demand in the market varies [13][14]. - **Investment Suggestion**: Maintain a generally bearish attitude, but pay attention to short - term rebound opportunities in the cooling peak season [1][14]. Live Pigs - **Market Situation**: In the short term, the slaughter progress of steel - union sample enterprises in the first 20 days is 70%, and the supply pressure at the end of the month may ease. The entry of second - fattening pigs in Shandong has increased, and the supply pressure is postponed to January - February. In the medium term, the number of newborn piglets in November decreased. In the long term, the inventory of breeding sows is expected to reach the adjustment target by the end of the year [15][16]. - **Investment Suggestion**: The 01 contract is restricted by the delivery logic, and the deep - decline space of the valuation is limited after the spot rebound. For the 03 contract, pay attention to the safety margin after the rebound and look for short - selling opportunities in the medium term. For the 09 and 11 contracts, wait and see in the short - term data vacuum period [1][16].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The precious metals market experienced a significant decline on Monday, with silver prices first surging and then plummeting, dragging down other precious metals. The domestic precious metals market also saw sharp drops [9]. - China will be the first economy to pay interest on central bank digital currency, and the new - generation digital RMB system will be launched on January 1, 2026 [9]. - The Chinese People's Liberation Army Eastern Theater Command organized military exercises, and the State Council Tariff Commission announced the 2026 tariff adjustment plan [10]. - The market regulatory总局 deployed key tasks for 2026 and introduced new regulations on food production supervision [11]. - In the futures market, different varieties showed various trends. Some agricultural products and energy - chemical products had price fluctuations, and the stock index futures and options market also had its own characteristics [6][13][18]. Summary by Relevant Catalogs 1. Chemical Industry - On December 30, 2025, among chemical products, the prices of coking coal, coke, asphalt, methanol, etc. rose, while the prices of natural rubber, 20 - number rubber, etc. fell. For example, coking coal rose 20.50 to 1,108.50, with a 1.884% increase; natural rubber fell 65.0 to 15,600.00, with a - 0.415% decrease [6]. 2. Agricultural Products - On December 29, 2025, the prices of some agricultural products showed different trends. Sugar prices were in a low - level range, with cost support but limited upside due to supply pressure. Corn prices rebounded, and peanuts were under pressure below 8000 yuan. The pig market showed signs of stabilization, and the egg market had a strong price - increase expectation. Cotton prices had a short - term correction after rising, but the fundamentals remained strong [13]. 3. Energy - Chemical Products - For caustic soda, the market is expected to continue its weak trend due to supply - demand contradictions. Coking coal and coke markets are in a weak and volatile state. Log prices are in a narrow - range shock, and pulp prices have a greater downward risk. Double - offset paper prices have broken through the previous resistance level, and copper and aluminum prices continue to run at a high level. Alumina is in an oversupply situation, and steel prices are in a range - bound state. Ferroalloys are currently treated with a bullish short - term view, and lithium carbonate prices have reversed their previous upward trend [14][15][16]. 4. Option Finance - On December 29, 2025, the three major A - share indexes showed different trends, with more stocks falling than rising. The trading volume exceeded 2 trillion for two consecutive days. The stock index futures and options market had different performance in terms of positions, spreads, and implied volatility. The short - term market may fluctuate, and investors are advised to pay attention to the trading rhythm and moderately increase positions on dips [18][19][20].