Group 1: Report Investment Ratings - The investment rating for the soybean meal sector is cautiously bearish [3] - The investment rating for the corn sector is neutral [5] Group 2: Core Views - 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 side of the new - season US soybeans can meet expectations [2] - In the corn market, the rapid temperature drop in Northeast China, the low moisture content and high quality of new - season corn have increased farmers' willingness to store. With sufficient funds of traders and the entry of futures - cash companies, the competition on the acquisition side has intensified, supporting the current corn price [4] Group 3: Summary by Commodity Category Soybean Meal - **Market News and Important Data**: The closing price of the soybean meal 2601 contract was 3046 yuan/ton, up 1 yuan/ton (+0.03%) from the previous day. The spot prices in Tianjin, Jiangsu, and Guangdong remained unchanged at 3080 yuan/ton, 3020 yuan/ton, and 3010 yuan/ton respectively. As of November 29, the sowing progress of 2025/26 soybeans in Brazil was 86.0%, higher than the previous week and the five - year average but lower than last year. In September, the US used 1.053 billion pounds of soybean oil for biofuel production, up from 1.041 billion pounds in August [1] - **Market Analysis**: The focus is on China's procurement of US soybeans. The 10% additional import tariff on US soybeans and the decline in South American soybean premiums have weakened the competitiveness of US soybeans [2] - **Strategy**: Cautiously bearish [3] Corn - **Market News and Important Data**: The closing price of the corn 2601 contract was 2259 yuan/ton, up 16 yuan/ton (+0.71%) from the previous day. The corn starch 2511 contract was 2562 yuan/ton, up 16 yuan/ton (+0.63%). In December 2, UCAB reported that Ukraine's agricultural exports in November increased by 12% to about 5 million tons [3] - **Market Analysis**: The cold weather in Northeast China, high - quality new - season corn, and the entry of traders and futures - cash companies have supported the corn price [4] - **Strategy**: Neutral [5] Rapeseed Meal - **Market News and Important Data**: The closing price of the rapeseed meal 2601 contract was 2408 yuan/ton, down 15 yuan/ton (-0.62%) from the previous day. The spot price in Fujian was 2560 yuan/ton, down 40 yuan/ton [1] Corn Starch - **Market News and Important Data**: The closing price of the corn starch 2511 contract was 2562 yuan/ton, up 16 yuan/ton (+0.63%) from the previous day. The spot price in Jilin was 2600 yuan/ton, unchanged from the previous day [3]

油料日报 | 2025-12-04 豆一市场延续僵局，花生供需僵持承压回落 大豆观点 市场分析 期货方面，昨日收盘豆一2601合约4139.00元/吨，较前日变化+16.00元/吨，幅度+0.39%。现货方面，食用豆现货基 差A01-39，较前日变化-16，幅度32.14%。 市场资讯汇总：当前东北产区新季大豆价格持稳为主。基层余粮逐步见底，农户普遍持粮惜售，对当前价格形成 底部支撑。从贸易环节来看，市场流通节奏相对平缓，多数粮商已完成前期订单履约，当前购销活跃度不高，买 卖双方观望情绪较浓。综合来看，在供需相对平衡的格局下，预计短期内大豆价格将平稳运行。黑龙江哈尔滨市 场国标一等蛋白39%蛋白中粒塔粮装车报价2.05元/斤，较前一日平；黑龙江双鸭山宝清市场国标一等蛋白39%蛋白 中粒塔粮装车报价2.05元/斤，较前一日平；黑龙江佳木斯富锦市场国标一等蛋白39%蛋白中粒塔粮装车报价2.03 元/斤，较前一日平；黑龙江齐齐哈尔讷河市场国标一等蛋白41%蛋白中粒塔粮装车报价2.17元/斤，较前一日平； 黑龙江黑河嫩江市场国标一等蛋白41%蛋白中粒塔粮装车报价2.16元/斤，较前一日平；黑龙江绥化海伦市场国标 一等 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Palm oil: Wait for the inflection point confirmation and conduct range trading temporarily [2] - Soybean oil: Lack of driving force from US soybeans, mainly oscillating [2] - Soybean meal: US soybeans are waiting for Chinese purchases, and Dalian soybean meal is oscillating [2] - Soybean: Stable spot prices, and the futures market is still oscillating [2] - Corn: Operating in an oscillatory manner [2] - Sugar: Operating weakly [2] - Cotton: Both supply and demand are strong [2] - Eggs: The volume of culling has increased, and the sentiment for replenishing chicks has also strengthened [2] - Pigs: An increase in supply is approaching, and the industrial logic is returning [2] - Peanuts: Focus on the spot market [2] Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: The closing prices, trading volumes, open interests, spot prices, basis, and price spreads of palm oil, soybean oil, and rapeseed oil futures were presented. For example, the palm oil main contract had a daytime closing price of 8,730 yuan/ton with a 0.11% increase, and a night - session closing price of 8,716 yuan/ton with a - 0.16% decrease [4]. - **News**: Due to the decline in exports in November, Malaysia's palm oil inventory soared to the highest level in more than six years, increasing by 10% from the previous month to 2.71 million tons, 47% higher than a year ago [5]. Soybean and Soybean Meal - **Fundamentals**: Data on the closing prices, trading volumes, open interests, spot prices, and basis of DCE soybean, DCE soybean meal, CBOT soybean, and CBOT soybean meal were provided. For instance, DCE soybean 2601 had a daytime closing price of 4139 yuan/ton with a + 0.29% increase [11]. - **News**: On December 3, CBOT soybean futures closed down as the market awaited news of new US soybean sales. The US Treasury Secretary said China would fulfill its commitment to buy 1.2 billion tons of soybeans by the end of February 2026, and some analysts worried about the impact of Brazil's record - high soybean harvest [11][13]. Corn - **Fundamentals**: Information on important spot prices, futures prices, trading volumes, open interests, and price spreads of corn was given. For example, the C2601 contract had a daytime closing price of 2,259 yuan/ton with a 0.71% increase [15]. - **News**: The northern corn bulk shipping port collection price increased by 10 yuan/ton, and the Guangdong Shekou bulk shipping price increased by 20 yuan/ton. Northeast deep - processing corn prices were strong, while some North China corn prices were under pressure [16]. Sugar - **Fundamentals**: Data on the prices, price spreads, and basis of raw sugar, mainstream spot sugar, and futures sugar were presented. For example, the raw sugar price was 14.92 cents/pound with a - 0.05% change [18]. - **News**: As of the end of November, the sugar production in the 25/26 season in India increased significantly. Brazil's sugar production in the second half of November increased by 9% year - on - year. China's sugar imports in October were 750,000 tons (+210,000 tons) [18]. Cotton - **Fundamentals**: Information on the closing prices, trading volumes, open interests, spot prices, and price spreads of cotton futures and related products was provided. For example, the CF2601 contract had a daytime closing price of 13,780 yuan/ton with a - 0.14% decrease [23]. - **News**: Cotton spot trading increased slightly, and the mainstream basis changed little. The trading of pure - cotton yarn was average, and some spinning mills producing low - count yarns reduced their operating rates [24]. Eggs - **Fundamentals**: Data on the closing prices, trading volumes, open interests, price spreads, and spot prices of egg futures were given. For example, the egg 2601 contract had a closing price of 3,138 yuan/500 kilograms with a - 2.40% decrease [29]. - **No specific news was provided other than the fundamentals.** Pigs - **Fundamentals**: Information on the spot prices, futures prices, trading volumes, open interests, and price spreads of pigs was presented. For example, the Henan spot price was 11,280 yuan/ton with a - 50 yuan/ton change [32]. - **No specific news was provided other than the fundamentals.** Peanuts - **Fundamentals**: Data on the spot prices, futures prices, trading volumes, open interests, and price spreads of peanuts were given. For example, the PK601 contract had a closing price of 8,052 yuan/ton with a - 0.89% decrease [35]. - **News**: In the spot market, the prices in most regions of Henan, Jilin, Liaoning, and Shandong were stable or slightly weak, and the trading volume was not large [36].

投资咨询业务资格：证监许可【2012】669号 中信期货研究|农业策略⽇报 2025-12-4 停产消息刺激纸浆上涨，但维持宽幅震 荡格局 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。中信期货不会因为关注、收到或阅读本报告内 容而视相关人员为客户；市场有风险，投资需谨慎。如本报告涉及行业分析或上市公司相关内容，旨在对期货市场及其相关性进行比较论证，列举解释期货品种 相关特性及潜在风险，不涉及对其行业或上市公司的相关推荐，不构成对任何主体进行或不进行某项行为的建议或意见，不得将本报告的任何内容据以作为中信 期货所作的承诺或声明。在任何情况下，任何主体依据本报告所进行的任何作为或不作为，中信期货不承担任何责任。 油脂：关注上方技术阻力有效性 蛋白粕：美豆震荡，豆菜粕价差如期扩大 玉米/淀粉：盘内冲高，玉米维持偏紧格局 生猪：供需宽松，猪价偏弱运行 天然橡胶：回归窄幅震荡走势 合成橡胶：消息面情绪提振幅度有限 棉花：近月合约下方支撑较强，上方空间受套保限制 白糖：糖价承压，小幅下跌 纸浆：停产消息刺激盘面继续上涨，但维持宽幅震荡格局 双胶纸：现货维稳，盘面跟随 ...

| 11/11/2 | > 國授期货 | 软商品日报 | | --- | --- | --- | | | 操作评级 | 2025年12月03日 | | 棉花 | ★☆★ | 曹凯 首席分析师 | | 纸浆 | な女女 | F03095462 Z0017365 | | 白糖 | ☆☆☆ | 黄维 高级分析师 | | 苹果 | な女女 | F03096483 Z0017474 | | 木材 | なな女 | | | 天然橡胶 | ★☆☆ | 胡华轩 高级分析师 | | 20号胶 | ★☆☆ | F0285606 Z0003096 | | 丁二烯橡胶 ★☆☆ | | | | | | 010-58747784 gtaxinstitute@essence.com.cn | (棉花&棉纱) 今天郑棉小幅下跌，盘中跌幅较大。棉花现货主流销售基差变动不大，总体持稳。虽然今年新锦增产幅度较大,但商业库存并 不高，销售进度偏快，也给盘面带来较强的支撑。目前处于淡季，但需求总体持稳，关注春节前需求能否出现小旺季。市场对 于国内新年度的种植有一定的利多预期，目标价格或有所变化。关注郑棉突破后的走势，短期上涨空间仍偏谨慎。截至11月27 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The short - term peanut spot price is relatively stable due to supply increase and weak downstream demand, and the peanut futures will still fluctuate at a high level. The new - season peanut output is expected to be higher than last year with lower planting costs, and there is still room for the peanut 01 contract to fall [3][6] - The peanut oil spot price is stable, the peanut meal price has been stable recently, and the oil mills' theoretical pressing profit is good [3][4] Group 3: Summary by Relevant Catalogs First Part: Data - **Futures盘面**: For PK604, the closing price is 8020, down 24 (-0.30%), with a trading volume of 32,653 (up 7.37%) and an open interest of 25,114 (up 0.66%); for PK510, the closing price is 8214, down 12 (-0.15%), with a trading volume of 122 (up 43.53%) and an open interest of 734 (up 1.66%); for PK601, the closing price is 8052, down 56 (-0.70%), with a trading volume of 72,932 (down 9.47%) and an open interest of 88,007 (down 18.61%) [1] - **Spot and Basis**: The spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi are 7800, 8000, and 8000 respectively, with the price in Henan Nanyang up 400. The basis for these regions are -252, -52, -52 respectively. The prices of Rizhao peanut meal, Rizhao soybean meal, peanut oil, and Rizhao first - grade soybean oil are 3250, 3020, 14470, and 8510 respectively, with no price changes. The import prices of Sudanese rice and Senegalese rice are 8600 and 7600 respectively, with no price changes [1] - **Spreads**: The spread of PK01 - PK04 is 32, down 32; the spread of PK04 - PK10 is -194, down 12; the spread of PK10 - PK01 is 162, up 44 [1] Second Part: Market Analysis - The peanut price in Henan is stable, while that in Northeast China is weak. The price of 308 general peanuts in Fuyu, Jilin is 4.8 yuan/jin, stable; the price in Changtu, Liaoning is 4.75 yuan/jin, down 0.05 yuan/jin. The price of Baisha general peanuts in Henan is 3.65 - 3.9 yuan/jin, stable; the price in Junan, Shandong is 3.4 yuan/jin, stable. The import prices of Sudanese refined rice, Senegalese rice, Brazilian new rice, and Indian specification rice are stable [3] - Some peanut oil mills have lowered their purchase prices, with the mainstream transaction price ranging from 7000 - 7350 yuan/ton, and the theoretical break - even price of oil mills is 7860 yuan/ton. The prices of soybean oil and peanut oil are stable, with the domestic first - grade ordinary peanut oil quoted at 14500 yuan/ton and the small - pressed fragrant peanut oil quoted at 16500 yuan/ton [3] - The spot price of Rizhao soybean meal is stable at 3010 yuan/ton. The unit protein price difference between peanut meal and soybean meal is low, and the peanut meal is relatively strong in the short term, with the 48 - protein peanut meal quoted at 3100 yuan/ton [4] Third Part: Trading Strategies - **Unilateral**: Peanut contracts 01 and 05 will fluctuate at a high level, and short - sell peanut 01 on rallies [7] - **Calendar Spread**: Reverse - arbitrage the 1 - 5 spread on rallies [8] - **Options**: Sell the pk603 - P - 8200 option on rallies [9] Fourth Part: Relevant Attachments - The part provides six figures, including the Shandong peanut spot price, peanut oil mill pressing profit, peanut oil price, peanut spot and continuous contract basis, peanut 10 - 1 contract spread, and peanut 1 - 4 contract spread [11][17][18]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The U.S. corn price is rising, and the yield per unit is expected to be further adjusted downward, but the production remains at a high level, with the U.S. corn showing a narrow - range oscillation. The import profit of foreign corn is declining. The spot price of corn in the northern ports of China is rising, and the spot price in the Northeast corn - producing area is relatively strong, while that in North China is weakening. The price difference between Northeast and North China corn is narrowing. The domestic breeding demand is stable, and some feed enterprises are building inventories in the Northeast. The 01 - contract corn showed a trend of rising first and then falling, and the spot basis strengthened. The 01 - contract corn has limited room for rebound [4][7][8]. - The number of trucks arriving at Shandong's deep - processing plants has increased, the spot price of corn in Shandong is weakening, and the spot price of starch in Northeast China is relatively strong. The inventory of corn starch has decreased this week. The current starch price depends on the corn price and downstream stocking. The by - product price is relatively strong, and the spot price difference between corn and starch is low. The 01 - contract starch fluctuated strongly following corn, but the corn price in North China may still decline in December, and the spot price of corn starch is also expected to fall [7]. 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures Disk - For corn futures, the closing prices of C2601, C2605, and C2509 are 2259, 2289, and 2304 respectively, with increases of 16, 9, and 17, and increases of 0.71%, 0.39%, and 0.74% respectively. The trading volumes are 761,132, 128,716, and 8,806 respectively, with increases of 43.99%, 32.16%, and 27.07% respectively. The open interests are 905,398, 389,799, and 25,069 respectively, with changes of - 2.38%, 3.75%, and 3.02% respectively [2]. - For corn starch futures, the closing prices of CS2601, CS2605, and CS2509 are 2562, 2618, and 2647 respectively, with increases of 16, 11, and 11, and increases of 0.62%, 0.42%, and 0.42% respectively. The trading volumes are 121,079, 6,936, and 267 respectively, with changes of 15.88%, - 48.40%, and - 29.74% respectively. The open interests are 225,949, 8,925, and 1,251 respectively, with changes of - 1.04%, 1.17%, and - 5.51% respectively [2]. 3.1.2 Spot and Basis - For corn, the spot prices in Qinggang, Songyuan Jiajie, Zhucheng Xingmao, Shouguang, Jinzhou Port, Nantong Port, and Guangdong Port are 2035, 2130, 2354, 2298, 2290, 2400, and 2470 respectively, with changes of 10, 0, - 6, - 6, 0, 0, and 0 respectively. The basis is - 269, - 174, 50, - 6, 31, 96, and 166 respectively [2]. - For starch, the spot prices of Longfeng, COFCO, Jiajie, Yufeng, Jinyu, Zhucheng Xingmao, and Hengren Industry and Trade are 2680, 2700, 2800, 2890, 2820, 2880, and 2760 respectively, with changes of 0, 0, 0, 0, - 30, - 20, and - 10 respectively. The basis is 62, 82, 182, 272, 202, 262, and 142 respectively [2]. 3.1.3 Price Spreads - For corn inter - delivery spreads, C01 - C05 is - 30 with a change of 7, C05 - C09 is - 15 with a change of - 8, and C09 - C01 is 45 with a change of 1. - For starch inter - delivery spreads, CS01 - CS05 is - 56 with a change of 5, CS05 - CS09 is - 29 with a change of 0, and CS09 - CS01 is 85 with a change of - 5. - For cross - variety spreads, CS09 - C09 is 343 with a change of - 6, CS01 - C01 is 303 with a change of 0, and CS05 - C05 is 329 with a change of 2 [2]. 3.2 Market Outlook and Judgment - Corn: The U.S. corn price is rising, and the yield per unit is expected to be further adjusted downward, but the production remains high, showing a narrow - range oscillation. The import profit of foreign corn is falling, and the FOB price at northern ports in China is rising. The spot price of corn in the Northeast is relatively strong, while that in North China is weakening. The price difference between Northeast and North China corn is narrowing. The wheat price in North China is relatively strong, and the price difference between wheat and corn is still large, making corn cost - effective. The domestic breeding demand is stable, and some feed enterprises are building inventories in the Northeast. The 01 - contract corn showed a trend of rising first and then falling, and the spot basis strengthened. Currently, the market is concerned about the seasonal selling pressure of Northeast corn in mid - to - late December and the downstream inventory - building situation [4][7][8]. - Starch: The number of trucks arriving at Shandong's deep - processing plants has increased, the spot price of corn in Shandong is weakening, and the spot price of starch in Northeast China is relatively strong. This week, the inventory of corn starch decreased to 105.4 million tons, a decrease of 1.5 million tons from last week, a monthly decrease of 1.4% and a year - on - year decrease of 12.61%. The current starch price depends on the corn price and downstream stocking. The by - product price is relatively strong, and the spot price difference between corn and starch is low. The 01 - contract starch fluctuated strongly following corn, but the corn price in North China may still decline in December, and the spot price of corn starch is also expected to fall [7]. 3.3 Trading Strategies - Unilateral: The U.S. corn has support at 400 cents per bushel. For the 01 - contract corn, short positions can be lightly established on rallies, and for the 05 - contract corn, continue to wait [9]. - Arbitrage: Try to narrow the price spread between the 01 - contract corn and starch on rallies [9]. 3.4 Corn Options - Option Strategy: Adopt a short - put strategy in the short term and conduct rolling operations [10]. 3.5 Relevant Attachments - The report provides six figures, including the spot price of corn in various regions, the basis of the 01 - contract corn, the 1 - 5 price spreads of corn and corn starch, the basis of the 01 - contract corn starch, and the price spread between the 01 - contract corn starch and corn [15][17][20].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - For soybean oil, the supply of domestic soybean products is sufficient, and the upward drive for further price increase is expected to be insufficient. It is not recommended to chase the upward trend, and short - term investors should wait and see. The support level of the main soybean oil contract is 8050 - 8100 yuan/ton, and the resistance level is 8300 - 8350 yuan/ton [3]. - For rapeseed oil, the inventory is in a marginal destocking state, and the supply is expected to turn loose. The price movement is restricted both upwards and downwards. Short - term investors can wait and see. The support level of the OI2601 contract is 9300 - 9350 yuan/ton, and the resistance level is 10000 - 10050 yuan/ton [3]. - For palm oil, it is expected to maintain a volatile and strong trend in the short term. Investors can consider short - term long positions. The support level is 8300 - 8350 yuan/ton, and the resistance level is 8750 - 8800 yuan/ton [4]. - For soybeans and soybean meal, the domestic soybean supply is relatively sufficient, and the short - term upward drive is expected to be insufficient. For the main soybean meal contract, investors can consider holding a small short position [4]. - For rapeseed meal, it is expected to continue to fluctuate. Investors can wait and see, paying attention to the start - up situation of coastal oil mills and the shipping and customs clearance process of Australian rapeseeds [4]. - For corn and corn starch, the short - term external price may continue to fluctuate strongly. The domestic corn price rebound strength is expected to slow down. For the 01 contract, investors should wait and see, and for the 05 contract, long positions should be held with caution [5][6]. - For soybeans (domestic), the short - term price may remain firm. It is recommended to wait and see for now [7]. - For live pigs, the short - term price is in a low - level volatile state. Medium - term investors can consider buying the 2607 contract at a low price after the capacity reduction is confirmed. Cautious investors can wait and see unilaterally [7]. - For eggs, the short - term price is in a volatile state. Cautious investors should avoid short - selling, and aggressive investors can buy the 2603 contract at a low price below the farmers' cost [7]. 3. Summary by Directory First Part: Sector Strategy Recommendations a. Market Analysis | Sector | Variety | Market Logic (Supply - Demand) | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No.1 01 | Middle and upper reaches are reluctant to sell and support prices, while downstream is wait - and - see. The price is firm. | 4040 - 4050 | 4180 - 4200 | Range - bound | Wait and see | | | Soybean No.2 01 | Sufficient port inventory, with both long and short factors. | 3650 - 3660 | 3800 - 3820 | Volatile adjustment | Wait and see | | Oils | Soybean oil 01 | Affected by the arrival of Brazilian soybeans and export news. Supply is sufficient, and consumption is increasing. | 8050 - 8100 | 8300 - 8350 | Volatile adjustment | Wait and see | | | Rapeseed oil 01 | Inventory is in a destocking state, and supply is expected to increase. | 9300 - 9350 | 10000 - 10050 | Volatile consolidation | Wait and see | | | Palm oil 01 | Entering the production - reduction season, but export demand is weak. Domestic inventory decreased last week but is still higher than last year. | 8300 - 8350 | 8750 - 8800 | Volatile and strong | Short - term long | | Protein | Soybean meal 01 | Supply is sufficient, and cost is slightly weak. | 2940 - 2950 | 3080 - 3100 | Volatile adjustment | Wait and see | | | Rapeseed meal 01 | Demand is weak, and supply is expected to increase after the arrival of Australian rapeseeds. | 2370 - 2380 | 2600 - 2630 | Volatile trend | Wait and see | | Energy and By - products | Corn 01 | Poor quality of North China corn and reduced import volume support the price, but the upward drive has decreased. | 2080 - 2100 | 2280 - 2300 | Volatile consolidation | Wait and see | | | Corn starch 01 | Follows the cost of corn and fluctuates. | 2350 - 2360 | 2600 - 2620 | Volatile consolidation | Wait and see | | Livestock | Live pigs 01 | Feed price rebounds, and the expectation of capacity reduction is strengthened. | 11500 - 12000 | 12500 - 12800 | Searching for the bottom in a volatile state | Wait and see | | | Eggs 01 | Decrease in new production and expectation of consumption peak season. | 3000 - 3100 | 3300 - 3350 | Searching for the bottom in a volatile state | Buy at a low price | [10] b. Commodity Arbitrage Most of the commodity arbitrage strategies are to wait and see. For example, for the spread of soybean No.1 1 - 5, soybean No.2 1 - 5, etc., investors are advised to wait and see. Only the live pigs 1 - 3 spread is recommended to do positive arbitrage at a low price [12]. c. Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties such as oilseeds, oils, protein, energy and by - products, and livestock [13]. Second Part: Key Data Tracking Table a. Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping dates, such as the arrival premium, CBOT futures price, CNF arrival price, and import arrival - duty - paid price [14]. - **Weekly Data**: It shows the inventory and start - up rate of various oils and oilseeds, such as the inventory of soybeans in ports, the inventory and start - up rate of rapeseed in coastal oil mills, and the inventory of palm oil [16]. b. Feed - **Daily Data**: It provides the import cost data of corn from Argentina and Brazil in different months [16]. - **Weekly Data**: It shows the weekly data of corn and corn starch, such as the consumption, inventory, start - up rate, and inventory of starch enterprises, as well as the farmers' grain - selling progress [17]. c. Livestock It provides daily and weekly data of live pigs and eggs, including prices, cost - profit, inventory, and other indicators [18][20][22]. Third Part: Fundamental Tracking Charts It includes various charts related to the livestock end (live pigs and eggs), oils and oilseeds, and feed end, which visually show the price trends, inventory changes, and other information of different varieties [23]. Fourth Part: Feed, Livestock, and Oil Options It provides the historical volatility charts of various varieties such as rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and other data of corn options [84]. Fifth Part: Feed, Livestock, and Oil Warehouse Receipts It provides the warehouse receipt quantity and index open interest charts of various varieties such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs [93].

1. Report Industry Investment Rating - Corn: Oscillating [1] - Soybean Meal: Oscillating [1] - Oils: Oscillating, with a slightly bullish trend [1] - Eggs: Oscillating [1] - Pigs: Oscillating upwards [2] 2. Core Viewpoints of the Report - Corn: On Tuesday, the corn near - month 2601 contract reduced its positions, and funds shifted to the March and May contracts. The futures price continued to oscillate. The price of corn in deep - processing enterprises in North China was weak, while that in Northeast China was still strong. The enthusiasm of farmers to sell grain was average, and the terminal demand was mainly for rigid procurement. With the decrease in temperature, the willingness of deep - processing enterprises to build inventories might increase. In December, be vigilant about the continuous adjustment of corn futures and spot quotes, and short - term long positions should set dynamic stop - profits [1]. - Soybean Meal: On Tuesday, CBOT soybeans closed down due to the lack of supportive news and the expected bumper harvest of South American soybeans. The domestic soybean meal futures continued to oscillate in a narrow range, and the spot price rose and fell. The market trading volume increased slightly, and the wait - and - see sentiment was strong. The strategy is to think in an oscillating way for protein meal, use a unilateral range approach, short the volatility, and conduct inter - month reverse arbitrage [1]. - Oils: On Tuesday, BMD palm oil rose because of the increase in India's palm oil imports. Indian buyers are increasing the purchase of palm oil for near - month shipments. The domestic palm oil led the rise, following the increase in import costs. The oil inventory is at a high level, and the long - term supply is high. It is expected that the basis will remain weak. The spot market trading is light, and the strategy is to participate in short - term long positions [1]. - Eggs: On Tuesday, the egg futures rose and then fell during the session. The short - term supply is still relatively abundant, which limits the room for egg price increase. Under the background of weak egg prices and continuous losses in breeding, the market has an optimistic expectation for future capacity elimination. It is recommended to conduct short - term trading and be vigilant about the risk of the futures price callback if the capacity reduction is less than expected [1]. - Pigs: On Tuesday, the positions of the near - month 2601 contract of pigs decreased, and funds shifted to the 2607 and 2609 contracts. The spot prices of pigs in production areas rose and fell differently. The contradiction between weak spot and strong expectation in the pig market continues. From December to before the Spring Festival, the long and short factors of abundant supply and improving demand are intertwined, and the long - term quotes of pigs are expected to continue the slightly bullish oscillating performance [2]. 3. Summary According to the Directory 3.1 Market Information - India's palm oil imports in November increased by 4.6% month - on - month to 630,000 tons, soybean oil imports decreased by 12% to 400,000 tons, and sunflower oil imports dropped by 44% to 145,000 tons. The total edible oil imports decreased by 11.5% to 1.18 million tons, the lowest level in seven months [3]. - On December 2, the US Soybean Association is actively seeking ways to expand the market demand for US soybeans. The dairy industry is one of the livestock sectors that have recently entered this field, and farmers like to use soybean meal in livestock feed [3]. - Recently, the domestic soybean crushing volume of oil mills is relatively high, and the soybean meal inventory continues to accumulate, approaching the high level of 1.2 million tons. It is expected that the soybean arrivals in December will decrease slightly, the total soybean crushing volume in the whole month will be about 8.6 million tons, and the soybean meal inventory of oil mills at the end of the month will be about 900,000 tons [3]. 3.2 Variety Spreads - **Contract Spreads**: There are spread charts for various varieties such as corn 1 - 5, corn starch 1 - 5, soybeans 1 - 5, soybean meal 1 - 5, etc., but no specific spread data is provided [5][6] - **Contract Basis**: There are basis charts for various varieties such as corn, corn starch, soybeans, soybean meal, etc., but no specific basis data is provided [13][16] 3.3 Team Member Introduction - Wang Na, the director of the agricultural product research at Everbright Futures Research Institute, has won the "Best Agricultural Product Analyst" title in the Futures Daily and Securities Times' best futures analyst selection for many years. She led the team to win the title of the top ten research and investment teams of the Dalian Commodity Exchange in 2019 and the special prize of the "Sailing in the Futures Sea" college students' practice competition in 2023 [26]. - Hou Xueling, a soybean analyst at Everbright Futures, has won the "Best Agricultural Product Analyst" title for many years. Her team won the title of the most potential agricultural product futures R & D team of the Dalian Commodity Exchange in 2013 and the top ten R & D teams in 2019 [26]. - Kong Hailan, a researcher of eggs and pigs at Everbright Futures Research Institute, has participated in the top ten R & D teams of the Dalian Commodity Exchange in 2019 and won the special prize of the "Sailing in the Futures Sea" college students' practice competition in 2023 [26].

Group 1: Report Investment Ratings - The investment strategy for the soybean meal market is cautiously bearish [4] - The investment strategy for the corn market is neutral [6] Group 2: Core Views - After the Sino - 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 side of the new - season US soybeans can meet expectations [3] - In the corn market, due to the temperature drop in Northeast China, the low moisture content and good quality of new - season corn, farmers are more likely to hold back sales when prices fall. Meanwhile, the competition among buyers is intensifying, which supports the current corn price [5] Group 3: Market News and Key Data (Soybean Meal) - Futures: The closing price of the soybean meal 2601 contract was 3045 yuan/ton, up 6 yuan/ton (+0.20%) from the previous day; the rapeseed meal 2601 contract was 2423 yuan/ton, unchanged from the previous day [1] - Spot: In Tianjin, the soybean meal spot price was 3080 yuan/ton, down 10 yuan/ton, with a spot basis of M01 + 35, down 16 from the previous day; in Jiangsu, it was 3020 yuan/ton, unchanged, with a spot basis of M01 - 25, down 6; in Guangdong, it was 3010 yuan/ton, unchanged, with a spot basis of M01 - 35, down 6. In Fujian, the rapeseed meal spot price was 2600 yuan/ton, unchanged, with a spot basis of RM01 + 177, unchanged [1] - Market Information: StoneX estimated Brazil's 2025/26 soybean production at 1.772 billion tons, a 0.9% reduction from its November forecast. As of October 23, US current - market - year soybean export sales net increased by 1449800 tons, up 31% from the previous week and 57% from the four - week average. US soybean export shipments were 1388200 tons, down 20% from the previous week but up 48% from the four - week average. As of last Thursday, Brazil's 2025/26 soybean planting area reached 89% of the expected area, up 8 percentage points from the previous week but still lower than last year's 91% [2] Group 4: Market News and Key Data (Corn) - Futures: The closing price of the corn 2601 contract was 2243 yuan/ton, up 7 yuan/ton (+0.31%) from the previous day; the corn starch 2511 contract was 2546 yuan/ton, up 4 yuan/ton (+0.16%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged, with a spot basis of C01 + 52, up 3 from the previous day; in Jilin, the corn starch spot price was 2600 yuan/ton, unchanged, with a spot basis of CS01 + 54, down 4 [4] - Market Information: StoneX estimated Brazil's 2025/26 corn production at 1.344 billion tons, a 0.6% reduction from its November forecast. As of October 23, US current - market - year corn export sales net increased by 1805300 tons, down 36% from the previous week and 7% from the four - week average. US corn export shipments were 1332500 tons, down 6% from the previous week and 8% from the four - week average [4] Group 5: Market Analysis (Soybean Meal) - After the Sino - US trade policy game, the short - term focus of the domestic soybean meal market is on China's actual procurement of US soybeans. With an additional 10% import tariff on US soybeans and the decline in South American soybean premiums, the competitiveness of US soybeans is weakened. The procurement progress of US soybeans and the price difference between North and South American soybeans need to be closely monitored [3] Group 6: Market Analysis (Corn) - In Northeast China, the rapid temperature drop, low moisture content, and good quality of new - season corn make it easier for farmers to store. When prices fall, farmers are less willing to sell. At the same time, with sufficient funds of traders and the participation of futures - cash companies in the acquisition, the competition among buyers is intensifying, which supports the current corn price [5] Group 7: Strategies - For the soybean meal market, the strategy is cautiously bearish [4] - For the corn market, the strategy is neutral [6]