投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货豆类油脂早报（2025 年 12 月 5 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 期货研究报告 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘收盘价为基准) 品种 短期 中期 日内 观点参考 核心逻辑概要 <点击目录链接，直达品种 策略解析> 豆粕 2605 震荡 震荡 震荡 偏弱 震荡偏弱 进口大豆成本，进口到港节 奏，油厂开工节奏，库存压力 豆油 2601 震荡 震荡 震荡 偏弱 震荡偏弱 美豆成本支撑，美国生物燃 料政策，美豆油库存，国内 大豆成本支撑，供应节奏， 油厂库存 棕榈 2601 震荡 偏强 震荡 震荡 偏弱 震荡偏弱 马棕 ...

（责任编辑：康博） 每经AI快讯，当地时间12月4日，芝加哥期货交易所（CBOT）农产品期货主力合约收盘全线上 涨，大豆期货涨0.36%报1119.75美分/蒲式耳，玉米期货涨0.68%报446.50美分/蒲式耳，小麦期货涨 0.33%报540.00美分/蒲式耳。 ...

Core Viewpoint - The Chicago Board of Trade (CBOT) saw a comprehensive increase in agricultural futures, indicating a positive trend in the market for soybeans, corn, and wheat [1] Group 1: Soybean Futures - Soybean futures rose by 0.36%, closing at 1119.75 cents per bushel [1] Group 2: Corn Futures - Corn futures increased by 0.68%, ending at 446.50 cents per bushel [1] Group 3: Wheat Futures - Wheat futures experienced a rise of 0.33%, closing at 540.00 cents per bushel [1]

Core Points - The Bloomberg Grain Index increased by 0.56%, reaching 30.3411 points, before dropping to a daily low of 30.0272 points and then rebounding to a daily high of 30.4055 points [1] - CBOT corn futures rose by 0.68%, while CBOT wheat futures increased by 0.47% [1] - CBOT soybean futures gained 0.27%, priced at $11.2975 per bushel, with soybean meal futures up by 0.13% and soybean oil futures up by 0.41% [1] - CBOT lean hog futures increased by 1.05%, live cattle futures rose by 0.98%, and feeder cattle futures gained 1.49% [1]

Morning session notice 早盘提示 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 04 日星期四 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 联系方式：0371-65617380 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 隔夜夜盘玉米期货强势延续，截至夜盘收盘2601合约涨幅0.93%，收于2276元/吨。 | | | | | 【重要资讯】 | | | | | ...

Report Industry Investment Rating No information is provided in the given content. Core Viewpoints of the Report - The supply of domestic soybean products is sufficient, which restricts the price increase of soybean oil, while the improving downstream consumption limits its price decline. Currently, the driving forces of both long and short positions are not obvious. The short - term suggestion is to wait and see [3]. - The inventory of rapeseed oil in major regions across the country continues to decline, and the supply may increase after the arrival of Australian rapeseeds. The strong performance of palm oil prices has a certain driving effect on rapeseed oil, and it may continue the volatile pattern in the short term [3]. - The SPPOMA data indicates that Malaysian palm oil may enter the production - reduction season, and the market trades the expectation of future production decline. However, the export demand in the main producing areas is still weak. It is expected to maintain a volatile and strong operation in the short term, but the upward space may be limited [4]. - The supply of domestic beans is relatively sufficient, and the short - term upward driving force is expected to be insufficient. Attention should be paid to the sowing situation of South American soybeans and the export situation of US soybeans to China [4]. - The demand for aquatic feed is in the off - season, the cost - performance of rapeseed meal is not high, the downstream demand is weak, and the supply is still tight. After the smooth arrival of Australian rapeseeds, it is expected to have a certain increase in the follow - up [4]. - The market focus of US corn has gradually shifted to the consumption side, and its export competitive advantage is obvious, supporting the price. The quality of corn in North China has declined, and the purchase enthusiasm for Northeast corn has increased, but the driving force for the continuous increase of the futures price is insufficient [5][6]. - The upstream and middle - stream of soybeans in the Northeast region have a bullish sentiment, while the downstream procurement is cautious. The overall supply of domestic soybeans is sufficient, but there is a structural shortage, and the price may continue to be firm in the short term [6]. - The spot price of live pigs has rebounded from the bottom, and the loss of breeding units has increased in early December, resulting in a strong sentiment of reducing supply and supporting prices. The futures price shows a pattern of near - term weakness and long - term strength, and the mid - term suggestion is to wait for the confirmation of production capacity reduction and then choose the opportunity to buy the 2607 contract at a low price [6]. - The spot price of eggs has stopped falling and rebounded, but the continuous rise is currently lacking strength. The expectation of production capacity reduction boosts the long - term expectation. The futures price has fallen below the historical low level since 2016, and it is recommended to be cautious about short - selling [6]. Summary According to the Directory Part One: Sector Strategy Recommendations 1. Market Analysis | Sector | Variety | Market Logic (Supply - Demand) | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No.1 01 | The upstream and middle - stream are reluctant to sell and support prices, and the downstream is wait - and - see. The price is firm. | 4040 - 4050 | 4180 - 4200 | Range operation | Temporarily wait and see | | Oilseeds | Soybean No.2 01 | The news of Brazilian soybean arrivals disturbs, and the port soybean inventory is sufficient. The price is firm. | 3650 - 3660 | 3800 - 3820 | Volatile adjustment | Temporarily wait and see | | Oils | Soybean Oil 01 | The news of Brazilian soybean arrivals and domestic soybean oil export disturbs, and the inventory continues to decline. The supply is sufficient, and consumption is increasing. | 8050 - 8100 | 8330 - 8350 | Volatile adjustment | Temporarily wait and see | | Oils | Rapeseed Oil 01 | The supply may increase after the arrival of Australian rapeseeds. | 9300 - 9350 | 10000 - 10050 | Volatile trend | Temporarily wait and see | | Oils | Palm Oil 01 | The data indicates that Malaysian palm oil enters the production - reduction season, but the export demand in the main producing areas is still weak. The domestic inventory decreased last week but is still higher than the same period last year. | 8300 - 8350 | 8750 - 8800 | Volatile and strong | Light - position short - term long | | Proteins | Soybean Meal 01 | The supply is sufficient, the cost is slightly weak, and the downstream demand is weak. The coastal oil mills are in a standstill, and the supply is still tight. | 2940 - 2950 | 3080 - 3100 | Volatile adjustment | Temporarily wait and see | | Proteins | Rapeseed Meal 01 | The supply is tight, but it is expected to increase after the arrival of Australian rapeseeds. | 2370 - 2380 | 2600 - 2630 | Volatile and under pressure | Temporarily wait and see | | Energy and By - products | Corn 01 | The quality of North China corn is poor, and the import of grains has decreased, which supports the purchase enthusiasm and price of Northeast corn. However, the upward driving force of the futures price has decreased. | 2140 - 2150 | 2280 - 2300 | Volatile consolidation | Temporarily wait and see | | Energy and By - products | Starch 01 | Follows the cost of corn for volatile consolidation. | 2350 - 2360 | 2600 - 2620 | Volatile consolidation | Temporarily wait and see | | Livestock | Live Pigs 01 | The feed price stops falling and rebounds, and the expectation of production capacity reduction is strengthened. | 11500 - 12000 | 12500 - 12800 | Volatile bottom - seeking | Turn to wait and see | | Livestock | Eggs 01 | The new production decreases, and there is an expectation of a consumption peak season. | 3000 - 3100 | 3300 - 3350 | Volatile bottom - seeking | Buy at a low price | [9] 2. Commodity Arbitrage - For inter - month spreads, such as soybean No.1 1 - 5, soybean No.2 1 - 5, etc., most of the strategies are to wait and see. For the live pig 1 - 3 spread, it is recommended to do a long - near and short - far arbitrage at a low price [11]. - For cross - variety spreads, such as 01 soybean oil - palm oil, 01 rapeseed oil - soybean oil, etc., some suggest waiting and seeing, and some suggest bearish operations [11]. 3. Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis and basis changes of various varieties in different sectors, including oilseeds, oils, proteins, energy and by - products, and livestock [12]. Part Two: Key Data Tracking Table 1. Oils and Oilseeds - **Daily Data**: It shows the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping dates, including CNF prices, import - duty - paid prices, and the cost of soybean meal when the crushing profit is zero [13][14]. - **Weekly Data**: It presents the inventory and operating rates of various varieties such as soybeans, rapeseeds, palm oil, and peanuts [15]. 2. Feed - **Daily Data**: It provides the import cost data of corn from Argentina and Brazil in different months [15]. - **Weekly Data**: It shows the weekly data of corn and corn starch, including the consumption, inventory, operating rate, and sales progress of corn by deep - processing enterprises [16]. 3. Livestock - It provides the daily and weekly data of live pigs and eggs, including prices, production, consumption, and inventory data [17][18][19][20][21]. Part Three: Fundamental Tracking Charts - **Livestock (Live Pigs and Eggs)**: It includes charts of the closing prices of live pig and egg futures contracts, spot prices, piglet prices, white - strip pork prices, chicken - seedling prices, and culled - chicken prices [22][24][25][26][28][29][30][31]. - **Oils and Oilseeds**: - **Palm Oil**: It includes charts of Malaysian palm oil production, exports, inventory, import gross profit, import volume, domestic inventory, and daily trading volume [31][32][33][34][35]. - **Soybean Oil**: It includes charts of US soybean crushing volume, US soybean oil inventory, soybean crushing profit, domestic soybean oil mill operating rate, domestic soybean oil inventory, and daily trading volume [39][40][41][42]. - **Peanuts**: It includes charts of peanut arrival and shipment volume, peanut crushing profit, peanut operating rate, peanut inventory, and peanut oil inventory [44][45][46]. - **Feed**: - **Corn**: It includes charts of corn futures closing prices, spot prices, basis, spreads, port inventory, sales progress, import volume, and deep - processing enterprise consumption and inventory [48][49][50][51][53][54][55][56]. - **Corn Starch**: It includes charts of corn starch futures closing prices, spot prices, basis, enterprise operating rate, and inventory [58][60]. - **Rapeseed**: It includes charts of rapeseed meal and rapeseed oil spot prices, basis, inventory, and crushing profit [62][64][66][68][70]. - **Soybean Meal**: It includes charts of US soybean growth indicators, soybean and soybean meal inventory, basis, spreads, and the ratio of soybean oil to soybean meal [75][77][79][81][83][85]. Part Four: Option Situation of Feed, Livestock, and Oils It provides charts of the historical volatility of rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio of corn options [89][90]. Part Five: Warehouse Receipt Situation of Feed, Livestock, and Oils It provides charts of the warehouse receipt situations of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs, as well as the open interest of the live pig and egg indexes [92][94][95].

| 油脂产业期现日报 | | --- | | 投资咨询业务资格:证监许可 【2011】1292号 土泽辉 Z0019938 2025年12月4日 | | 原田 | | 现价 江苏一级 8620 8620 0 0.00% | | 期价 Y2601 8286 8288 -2 -0.02% | | 墓差 Y2601 334 332 2 0.60% | | 江苏1月 01+260 01+270 现货基差报价 -10 | | 8619 | | 棕榈油 | | 12月3日 12月2日 涨跌 涨跌幅 | | 8720 8620 现价 广东24度 100 1.16% | | 8720 0.11% 期价 P2601 8730 10 | | 基差 P2601 -10 -100 90 90.00% | | 现货基差报价 广东1月 01+50 01+0 50 ត | | 盘面进口成本 广州港1月 9195.1 9091.7 103.4 1.14% | | 盘面进口利润 -372 -93 -25.14% 广州港1月 -465 | | 仓单 352 355 0.00% 0 | | 菜籽油 | | 现价 江苏三级 10050 10080 ...

Group 1: Apple Report Industry Investment Rating - Apple: Oscillating and Bullish [3] Core View - The apple market is in a slow - moving state with regional price differentiation. In the short - to - medium term, prices are expected to be stable and slightly strong due to the approaching Christmas and New Year's Day holidays and the tight supply of high - quality goods [2][3] Summary by Related Catalogs Market News and Important Data - Futures: The closing price of the Apple 2605 contract was 9712 yuan/ton, down 18 yuan/ton (-0.18%) from the previous day. Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 4.10 yuan/jin, up 0.35 yuan/jin from the previous day; the price of more than 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.20 yuan/jin, up 0.05 yuan/jin from the previous day [1] - The inventory of late Fuji is in light trading. In the western and Shandong production areas, merchants' procurement enthusiasm is low, and the market is mainly supplied by self - stored goods or small - quantity purchases. The sales area has a slow digestion rate, and citrus fruits have a significant impact on medium - and low - grade apple supplies [1][2] Market Analysis - Yesterday, the apple futures price fluctuated and closed lower. The overall apple market trading is light, the production area's delivery rhythm is slow, and prices show regional differentiation. The market is in a slack season, and prices are expected to be stable, waiting for festival stocking [2] Strategy - The strategy is oscillating and bullish. Quality issues will be the key factor affecting the long - term apple market trend. In the short - to - medium term, prices are expected to be stable and slightly strong due to the approaching festivals and the tight supply of high - quality goods [3] Group 2: Red Dates Report Industry Investment Rating - Red dates: Neutral [7] Core View - The red date market is in a critical "new - old season transition" period. There is a strong expectation of a new - season production reduction, but the extent is undetermined. The current market has high inventory pressure and a pessimistic future outlook [6] Summary by Related Catalogs Market News and Important Data - Futures: The closing price of the Red Date 2601 contract was 9055 yuan/ton, down 55 yuan/ton (-0.60%) from the previous day. Spot: The price of first - grade gray dates in Hebei was 8.50 yuan/kg, unchanged from the previous day [4] - The acquisition of gray dates in Xinjiang's main production areas is about 80% complete. The mainstream prices in different regions vary. The sales areas' markets have different trading situations, with some price differences and weak transactions [4][5] Market Analysis - The red date futures price declined yesterday. The sales area is in a state of "new - old season transition." The new - season production reduction expectation is strong, but the extent is undetermined, and the quality is better than last year. The inventory pressure is high, and the supply - demand contradiction has not been effectively alleviated, leading to a pessimistic market outlook [6] Strategy - The strategy is neutral. If the terminal market can accept and digest the high - priced new - season spot, it will drive the futures price to approach the new - season spot price. Otherwise, the new - season spot price may continue to decline. Due to the changes in the delivery rules, the old - season red dates can still participate in delivery with lower costs, so the near - month contracts may still have some room for decline [7]

Report Industry Investment Rating - All three industries (cotton, sugar, and pulp) are rated neutral [4][6][8] Core Viewpoints - For cotton, short - term prices are expected to fluctuate within a range. In the long - term, domestic cotton demand is expected to be resilient, and after seasonal pressure, cotton prices can be viewed optimistically [4] - For sugar, short - term fundamental drivers are downward, but the low valuation and sugar mills' price - holding intention limit the downside. In the long - term, the domestic supply - demand outlook is loose, and the price trend may be pessimistic [6] - For pulp, recent price increases are driven by the digestion of previous negative factors, short - covering, and overseas supply disruptions, but the lack of substantial improvement in supply - demand may limit further price increases [8] Summary by Commodity Cotton Market News and Key Data - Yesterday, the closing price of cotton 2601 contract was 13,780 yuan/ton, down 20 yuan/ton from the previous day, a decrease of 0.14%. The Xinjiang arrival price of 3128B cotton was 14,862 yuan/ton, up 45 yuan/ton. The national average price was 15,005 yuan/ton, up 25 yuan/ton [2] - The expected cotton planting area in Australia in 2025/26 is 406,000 hectares (6.09 million mu), a year - on - year decrease of 22%. The total cotton output is expected to be 943,000 tons, a year - on - year decrease of 23% [2] Market Analysis - Internationally, USDA significantly increased the global cotton output in 2025/26, while consumption only slightly increased. The global ending inventory rose significantly compared to September and returned to inventory accumulation. US cotton production increased significantly due to higher yields, but exports only increased by 40,000 tons, increasing sales pressure. In the short - term, ICE US cotton is under pressure, and the medium - to - long - term upward drive is unclear [3] - Domestically, cotton production in 2025/26 is expected to increase. The expected output in Xinjiang is 7.3 - 7.5 million tons. In the fourth quarter, new cotton is concentrated on the market, commercial inventory is seasonally rising, and short - term supply is abundant. Zhengzhou cotton's upward movement will be suppressed by hedging orders. Downstream demand is weak in the off - season, but spinning profits have improved, and inventory pressure is acceptable, limiting the downside [3] Strategy - The strategy is neutral. Short - term prices are expected to fluctuate within a range. In the long - term, domestic cotton demand is expected to be resilient, and after seasonal pressure, cotton prices can be viewed optimistically [4] Sugar Market News and Key Data - Yesterday, the closing price of sugar 2601 contract was 5,366 yuan/ton, down 16 yuan/ton from the previous day, a decrease of 0.30%. The spot price in Nanning, Guangxi was 5,460 yuan/ton, down 10 yuan/ton. The spot price in Kunming, Yunnan was 5,410 yuan/ton, down 5 yuan/ton [4] - As of November 30, 35 sugar mills in Guangxi had started crushing, 26 less than the same period last year. Cumulative cane crushing was 1.4411 million tons, 3.2521 million tons less than last year. Sugar production was 133,900 tons, 378,500 tons less than last year. The sugar production rate was 9.29%, 1.63 percentage points lower. Cumulative sugar sales were 89,400 tons, 195,600 tons less than last year. The sales rate was 66.77%, 11.15 percentage points higher. The industrial inventory of new sugar was 44,500 tons, 182,900 tons less than last year [4] Market Analysis - Yesterday, Zhengzhou sugar futures prices were weakly sorted. In the international market, Brazil's strong supply strengthened the oversupply expectation, and India's sugar production in the 2025/2026 season is expected to rebound significantly, suppressing the market. In the short - term, India's exports are difficult to increase, and Brazil's supply pressure is gradually weakening, limiting the downside of raw sugar prices. In the long - term, the oversupply pattern restricts the rebound of raw sugar prices [5][6] - In the domestic market, the latest announced sugar and syrup imports are higher than expected, and with the successive start of sugar mills in Guangxi, short - term supply pressure remains [6] Strategy - The strategy is neutral. Short - term fundamental drivers are downward, but the low valuation and sugar mills' price - holding intention limit the downside, with a possibility of a weak rebound. In the long - term, the domestic supply - demand outlook is loose, and the price trend may be pessimistic [6] Pulp Market News and Key Data - Yesterday, the closing price of pulp 2601 contract was 5,458 yuan/ton, up 130 yuan/ton from the previous day, an increase of 2.44%. The spot price of Chilean Silver Star softwood pulp in Shandong was 5,525 yuan/ton, up 100 yuan/ton. The spot price of Russian softwood pulp (Ussuri and Bratsk) was 5,050 yuan/ton, up 70 yuan/ton [6] - In October 2025, the total inventory at European ports decreased by 10.22% month - on - month and 6.47% year - on - year. Except for a 3.98% month - on - month increase in German port inventory, inventories at ports in the Netherlands/Belgium/France/Switzerland, the UK, Italy, and Spain decreased by 9.13%, 12.08%, 20.24%, and 2.48% respectively [7] Market Analysis - Yesterday, pulp futures prices rose strongly. On the supply side, there have been continuous news of overseas pulp mills' shutdowns and maintenance. Domtar permanently closed the Crofton paper mill in Canada, with an annual production of 380,000 tons of Lion brand bleached softwood pulp. Finns Group announced a temporary shutdown of the Rauma pulp mill with a capacity of 650,000 tons from December 15, expected to resume production gradually on January 7 next year, and is preparing for significant production cuts at the Joutseno pulp mill in 2026 [7] - On the demand side, the wood pulp inventory at European ports in October decreased significantly month - on - month and slightly year - on - year, indicating some improvement in demand. In the domestic market, although there has been a large amount of finished paper capacity put into production this year, terminal effective demand has been insufficient, and the paper industry is in an oversupply situation. Paper mills' operating rates are not high, and overall production has not increased significantly. The oversupply in the paper industry has led to continuous contraction of industry profits. Downstream paper mills are cautious in raw material procurement, resulting in high domestic port inventory [7] Strategy - The strategy is neutral. Due to the gradual digestion of previous negative factors, short - covering, and overseas supply disruptions, pulp futures prices have risen strongly in the past two days. However, the lack of substantial improvement in supply - demand may limit further price increases. Attention should also be paid to the impact of the remaining Russian softwood pulp warehouse receipts on the market [8]

1. Report Industry Investment Ratings - **Bullish Dominance**: Soybean meal, rapeseed meal, palm oil, soybean oil, rapeseed oil, cotton [1] - **Bearish Dominance**: Red dates, live pigs [1] 2. Core Views of the Report - **Soybean Meal**: Short - term bullish oscillation. Although recent inventory has increased, the expected decrease in weekly crushing volume may relieve supply pressure. Wait for the US Department of Agriculture's December report and monitor South American soybean planting weather [1][3]. - **Rapeseed Meal**: Short - term bullish oscillation. Due to the influence of weather premium speculation on the soybean meal side and low import expectations, the far - month contract is expected to maintain a bullish oscillation. Pay attention to the US Department of Agriculture's December report and China - Canada trade developments [1][6]. - **Palm Oil**: Expected to stop falling in stages. Although there is a high probability of inventory accumulation in November, there are positive factors such as delayed implementation of EU regulations and floods in Southeast Asia. Be cautious when chasing long at high levels and look for opportunities to go long after adjustments [1][8]. - **Soybean Oil**: Short - term bullish oscillation. Domestic inventory is slightly lower than before but still higher than the five - year average. Follow the trend of palm oil and pay attention to South American soybean weather [1]. - **Rapeseed Oil**: Short - term bullish. With coastal oil mills shut down, zero rapeseed inventory, and zero imports in November, the fundamentals are strong, so a bullish approach is recommended [1]. - **Cotton**: Cautiously bullish. ICE market is expected to oscillate. In the domestic market, low - basis resources are decreasing, and cost support is strengthening. However, there are still constraints such as high inventory and hedging pressure. Consider buying on dips and look for medium - to - long - term recovery opportunities [1][13]. - **Red Dates**: Oscillating weakly. As new products are launched and the consumption season arrives, the market will transition to a situation of both supply and demand increasing. It is recommended to maintain a bearish attitude, but do not chase short positions excessively [1][15]. - **Live Pigs**: Oscillating weakly. In December, sample enterprises have a high enthusiasm for slaughter. With limited demand growth, it is difficult to support prices. Focus on short - selling opportunities for the near - month 01 contract, and the 03 contract is also bearish. Look for short - term long - buying opportunities for the 09 and 11 contracts after the selling pressure is released [1][18]. 3. Summaries Based on Related Catalogs Soybean Meal - **Inventory**: As of November 28, 2025, national port soybean inventory was 957600 tons, up 15100 tons week - on - week; 125 oil mills' soybean inventory was 733960 tons, up 18970 tons week - on - week; and soybean meal inventory was 120320 tons, up 5170 tons week - on - week [3]. - **Price**: The main contract's closing price was 3046 yuan/ton, up 1 yuan or 0.03% from the previous day. The national average spot price was 3114.86 yuan/ton, down 1.71 yuan or 0.05% [2]. Rapeseed Meal - **Inventory**: As of November 28, coastal oil mills' rapeseed inventory was 0 tons, and rapeseed meal inventory was 0.01 tons, both unchanged from the previous week [6]. - **Price**: The main contract's closing price was 2408 yuan/ton, down 15 yuan or 0.62% from the previous day. The national average spot price was 2497.89 yuan/ton, down 9.48 yuan or 0.38% [4]. Palm Oil - **Inventory**: As of November 28, 2025, the national key areas' commercial inventory was 653500 tons, down 13600 tons or 2.04% week - on - week [8]. - **Price**: The main contract's closing price was 8730 yuan/ton, up 10 yuan or 0.11% from the previous day. The national average price was 8818 yuan/ton, up 75 yuan or 0.86% [7]. Cotton - **International Situation**: In the US, new cotton harvesting is nearing completion, and rainfall in late November was unfavorable for harvesting; in India, new cotton is being listed, and rainfall in late November affected MSP procurement; in Brazil, the 2025 cotton processing progress is 73.87%, and non - main producing areas have started sowing the 2026 new cotton [11]. - **Domestic Situation**: New cotton picking is almost finished, and the sales progress is relatively fast. The new - season lint cost is basically locked at 14600 - 15000 yuan/ton. The national commercial inventory has increased, and downstream demand has shown some resilience [12]. Red Dates - **Supply**: New dates are being harvested, and the expected new - season output is 500000 - 600000 tons. The purchase price has remained stable recently [15]. - **Price**: The main contract's closing price was 9055 yuan/ton, down 55 yuan or 0.60% from the previous day. The spot price in some areas has remained unchanged [14]. Live Pigs - **Supply**: In December, the planned slaughter volume of sample enterprises increased by 3.2%. The overall supply pressure may still be large, but the long - term supply may gradually decrease as the number of fertile sows decreases [17]. - **Price**: The main contract's closing price was 11490 yuan/ton, up 35 yuan or 0.31% from the previous day. The national average spot price was 11430 yuan/ton, down 190 yuan or 1.64% [16].