1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The prices of major agricultural commodity futures, including soybean meal, palm oil, and soybean oil, are expected to be weak and fluctuate in the short, medium, and intraday terms [5][6][7]. 3. Summary by Related Catalogs 3.1 Soybean Meal (M) - **Price Trend**: Short - term, medium - term, and intraday views are all "oscillating weakly." The reference view is also "oscillating weakly" [5][6]. - **Core Logic**: U.S. soybean futures prices are oscillating at 1100 cents. The incremental Chinese purchases are lower than expected, offsetting the bullish impact of South American drought. Domestic oil mills' operating rate remains at a high of 65%, with high soybean meal inventory forcing traders to sell goods, pressuring spot prices. Feed mills only maintain an 8 - day rigid inventory, and pig losses suppress restocking willingness. The spot basis remains negative. The key psychological and technical support level for short - term soybean meal futures prices is 3000 yuan/ton [5]. - **Attention Points**: The realization of precipitation in South America in December and the adjustment of oil mills' operating rhythm [5]. 3.2 Palm Oil (P) - **Price Trend**: Short - term, medium - term, and intraday views are all "oscillating weakly." The reference view is also "oscillating weakly" [6][7]. - **Core Logic**: The inventory pressure of Malaysian palm oil continues to accumulate as production recovers. The spot price of palm oil continues to decline slightly. The biodiesel policy of U.S. soybean oil is uncertain, and positive signals are released in China - Canada relations. The pressure on the palm oil industry chain continues to increase, and short - term palm oil futures prices continue to fluctuate weakly. The trend of palm oil is closely linked to U.S. soybean oil and the international oil and fat sector, and the biodiesel policy is a key variable [7]. 3.3 Soybean Oil (Y) - **Price Trend**: Short - term, medium - term, and intraday views are all "oscillating weakly." The reference view is also "oscillating weakly" [6]. - **Core Logic**: Influenced by U.S. soybean cost support, U.S. biodiesel policy, U.S. soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mills' inventory [6].

| 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | | | 南美降雨低于正常水平对种植存在干扰。目前现货油厂销售压力下降，存在挺价心 | | 豆粕 | | 理。中美会晤结果显示，美豆进口关税问题仍未得到有效解决。贸易成本叠加巴西 | | ★ | 短线整理 | 种植升水可能，市场看多情绪炒作。短线偏多，关注南美大豆种植天气进展。 | | | | 沿海油厂菜籽零库存，零压榨，低进口，但港口库存依然同比偏高。11 月 22 日新 | | 菜粕 | 短线止跌整理 | 沙港将有一船澳籽到港。实质影响有限。基本面暂无大波动预期。菜粕昨日跟随豆 | | ★ | | 粕收涨，逢低短多对待。关注中加贸易后续进展。 | | | | 棕榈油阶段性供需偏弱状态，11 月马棕榈油前 20 日出口数据环比数据进一步走弱， | | 棕榈油 | 偏弱整理 | 打压棕榈油价格昨日回落收跌。11 月马棕榈油累库预期依然存在，看多暂观望。 | | ★ | | | | | | 国内豆油库存环比下降，但仍高于五年同期。中美关税未能彻底解决美豆进口成本 | | 豆油 | 短期震荡 | 问题，美生柴乐观情绪升温，叠加巴西 ...

Group 1 - The main contract for late indica rice futures remains unchanged at 2535.00 CNY/ton as of the report date [1] Group 2 - In the third week of November 2025, Brazil exported a total of 3.939 million tons of corn, down from 4.7264 million tons in November last year, with an average daily shipment of 281,400 tons, representing a 13.11% increase compared to last November's 248,800 tons per day [2] - In the next 6-10 days, 20% of the major corn-producing areas in the United States are expected to experience above-normal temperatures, while 90% of the areas are likely to see precipitation above historical averages [2] - As of November 20, 2025, the U.S. corn export inspection volume was 1,632,144 tons, which is a 21% decrease from the previous week but a 62% increase year-on-year, with total export inspections for the 2025/26 season up 72% compared to the same period last year [2] - According to AgRural, as of last Thursday, the planting area for Brazil's first corn crop in the 2025/26 season has reached 93% of the planned area in the central-southern region [2]

本作物年度，美国玉米累计出口检验量为6.88亿蒲式耳，同比增长72%；小麦累计出口检验量4.72亿蒲 式耳，增长20%；大豆累计出口检验量为4.02亿蒲式耳，同比减少3.22亿蒲式耳，创17年来新低。 新华财经纽约11月24日电（记者徐静）芝加哥期货交易所玉米、小麦和大豆期价24日全线下跌。 短期来看，全球农产品市场缺乏方向。不过，随着即将进入12月，南美洲天气及其潜在威胁将成为影响 农产品价格的重要因素。目前巴西大豆播种工作已经完成，虽然巴西中部和北部即将迎来持续降雨，但 整体南美洲天气继续正常发展。市场分析机构观点认为，在南美洲没有恶劣天气的情况下，冬季期间美 国大豆销售将变得更加困难。 消息面上，美国农业部24日发布的出口检验报告显示，截至11月20日当周，美国玉米出口检验量为6400 万蒲式耳，低于前一周的8100万蒲式耳；小麦出口检验量1700万蒲式耳，高于前一周的900万蒲式耳， 创六周新高；大豆出口检验量2900万蒲式耳，低于前一周的4400万蒲式耳，创七周新低。美国玉米和小 麦出口检验量接近预期上限，而大豆出货量令人失望。 当天，芝加哥期货交易所玉米市场交投最活跃的2026年3月合约收于每蒲式 ...

Group 1 - The Bloomberg Grain Index decreased by 0.35%, closing at 30.0277 points [1] - CBOT corn futures fell by 0.06%, settling at $4.3725 per bushel [1] - CBOT wheat futures dropped by 1.06%, ending at $5.35 per bushel [1] - CBOT soybean futures declined by 0.38%, closing at $11.2125 per bushel [1] - Soymeal futures decreased by 0.50%, while soybean oil futures fell by 0.24% [1] - CBOT lean hog futures increased by 1.83% [1]

Core Viewpoint - The Bloomberg Grain Index decreased by 0.35% to 30.0277 points, indicating a downward trend in grain prices [1] Group 1: Commodity Prices - CBOT corn futures fell by 0.06% to $4.3725 per bushel [1] - CBOT wheat futures declined by 1.06% to $5.35 per bushel [1] - CBOT soybean futures dropped by 0.38% to $11.2125 per bushel [1] - Soymeal futures decreased by 0.50% [1] - Soy oil futures fell by 0.24% [1] Group 2: Livestock Prices - CBOT lean hog futures increased by 1.83% [1]

Report Investment Ratings - Cotton: ★★★, indicating a clear upward trend and suitable investment opportunities [1] - Pulp: ★☆☆, suggesting a bullish bias with a driving force for price increase but limited operability in the market [1] - Sugar: ★★★, showing a clear upward trend and appropriate investment opportunities [1] - Apple: ★★★, representing a clear upward trend and good investment prospects [1] - Timber: ★★★, indicating a clear upward trend and suitable investment opportunities [1] - Natural Rubber: ★☆☆, with a bullish bias but limited market operability [1] - 20 - day Rubber: ☆☆☆, suggesting a short - term balanced state with poor market operability [1] - Butadiene Rubber: ☆☆☆, indicating a short - term balanced state and poor market operability [1] Core Views - The prices of different soft commodities show various trends. Some are in a state of shock, some are expected to be weak, and some are supported by certain factors. The investment strategies vary from commodity to commodity, including temporary observation, being bullish on certain commodities, and looking for cross - variety arbitrage opportunities [2][3][4] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton rebounded sharply. New cotton cost provides support but also limits price increase. It may continue range - bound. Despite large new cotton production increase, low commercial inventory and fast sales support the market. As of November 20, national cumulative processed lint was 4631000 tons, up 812000 tons year - on - year. As of November 15, commercial cotton inventory was 3639700 tons, down 204300 tons year - on - year. Cotton yarn market trading was weak. Suggestion: temporarily observe [2] Sugar - Last week, US sugar fluctuated. In Brazil, the production data in the second half of October was bearish. In the Northern Hemisphere, India and Thailand started the new season with good production expectations. In China, Zhengzhou sugar was weak. In October, syrup imports decreased year - on - year, but sugar imports were high, with supply pressure. The market focus shifts to the next season's output estimate. Sugar prices are expected to remain weak [3] Apple - Futures prices fluctuated. In Shandong, apple acquisition is almost over. As of November 20, the national cold - storage apple inventory was 7.33 million tons, down 12.73% year - on - year. The market trading logic shifts to sales expectations. Due to high acquisition prices and poor apple quality, there is a high sentiment of reluctance to sell, which may affect the de - stocking speed. Pay attention to de - stocking [4] 20 - day Rubber, Natural Rubber & Synthetic Rubber - Natural rubber RU futures prices rose slightly, 20 - day rubber IR and butadiene rubber BR futures prices fluctuated. Global natural rubber supply is in the high - yield period, but Yunnan in China is gradually entering the non - production period. Last week, the domestic butadiene rubber plant operating rate increased. Domestic tire operating rate decreased, and tire enterprise inventories increased. Qingdao's natural rubber inventory increased to 468900 tons. Suggestion: RU is bullish, NR and BR should be observed, and pay attention to cross - variety arbitrage opportunities [5] Pulp - Pulp futures prices declined slightly. As of November 20, 2025, the inventory of mainstream pulp ports in China was 2.173 million tons, up 3.0% from the previous period. Supply is loose, demand is weak, and the basis has narrowed. Suggestion: temporarily observe [6] Logs - Futures prices fluctuated. In November, the price of New Zealand radiata pine continued to rise, while domestic spot prices were weak. Traders' import willingness declined. Port outbound volume is over 60000 cubic meters, and inventory is low. Suggestion: temporarily observe [7]

Report Industry Investment Rating - No relevant content provided. Core Viewpoints - The US corn price has declined, and the yield per unit will continue to be adjusted downward, but the production remains high, with the US corn expected to fluctuate within a narrow range. The import profit of foreign corn has decreased, and the import price from Brazil in December is 2,135 yuan. The ex - warehouse price at northern ports has risen, and the spot price in the Northeast corn - producing area is stable. The supply in North China has increased, and the corn spot price is relatively strong. The price of wheat in North China has fallen, and corn has a cost - performance advantage. The domestic breeding demand is stable, and the inventory of downstream feed enterprises is low. The short - term corn spot price is relatively strong, but there are concerns about the seasonal selling pressure of Northeast corn and downstream inventory - building. [3][5] - The number of trucks arriving at deep - processing plants in Shandong has increased, and the corn spot price in Shandong is stable. The spot price of starch in the Northeast is also strong. The inventory of corn starch has decreased this week, with the manufacturer's inventory at 1.109 million tons, a decrease of 24,000 tons from last week, a monthly decline of 1.7%, and a year - on - year increase of 25.6%. The starch price depends on the corn price and downstream inventory - building. By - product prices are strong, and the spot price difference between corn and starch is low. Due to the strong corn price, the starch spot price is strong, and enterprises are still highly profitable. However, the North China corn price may fall in December, and the corn starch spot price will also decline later. The short - term rebound space of the 01 starch futures contract is limited. [6] - The trading strategy suggests that the US corn has support at 400 cents per bushel. Short - sell the 01 corn futures contract on rebounds, and wait for the 05 corn futures contract. Try to narrow the price difference between the 01 corn and starch futures contracts when it is high. [7][8] - The option strategy is a short - term cumulative put strategy with rolling operations. [10] Summary by Directory Part 1: Data - **Futures Market**: The closing prices of C2601, C2605, C2509, CS2601, CS2605, and CS2509 futures contracts have increased, with price increases of 25, 12, 9, 23, 21, and 8 respectively, and price increase rates of 1.13%, 0.53%, 0.39%, 0.91%, 0.81%, and 0.30% respectively. The trading volumes of C2601, C2605, and CS2601 have decreased, with decreases of 2.88%, 2.61%, and 1.91% respectively, while the trading volumes of C2509, CS2605, and CS2509 have increased, with increases of 21.45%, 166.65%, and 137.37% respectively. The open interests of all contracts have increased, with increases ranging from 2.03% to 5.54%. [1] - **Spot and Basis**: The spot prices of corn in various regions have different degrees of increase, with the largest increase of 40 yuan in Nantong Port. The basis of corn in different regions ranges from - 288 to 117 yuan. The spot prices of starch in various regions are stable, and the basis of starch ranges from 81 to 301 yuan. [1] - **Price Differences**: Among the corn inter - delivery price differences, C01 - C05 is - 44 with a 13 - yuan increase, C05 - C09 is - 19 with a 3 - yuan increase, and C09 - C01 is 63 with a 16 - yuan decrease. Among the starch inter - delivery price differences, CS01 - CS05 is - 64 with a 2 - yuan increase, CS05 - CS09 is - 32 with a 13 - yuan increase, and CS09 - CS01 is 96 with a 15 - yuan decrease. Among the cross - variety price differences, CS09 - C09 is 348 with a 1 - yuan decrease, CS01 - C01 is 315 with a 2 - yuan decrease, and CS05 - C05 is 335 with a 9 - yuan increase. [1] Part 2: Market Outlook - **Corn**: The US corn price is in a narrow - range oscillation. The import profit of foreign corn has decreased. The ex - warehouse price at northern ports has risen, and the Northeast corn spot price is stable. The supply in North China has increased, and the corn spot price is relatively strong. The price of wheat in North China has fallen, and corn has a cost - performance advantage. The domestic breeding demand is stable, and the inventory of downstream feed enterprises is low. The short - term corn spot price is relatively strong, but there are concerns about the seasonal selling pressure of Northeast corn and downstream inventory - building. [3][5] - **Starch**: The number of trucks arriving at deep - processing plants in Shandong has increased, and the corn spot price in Shandong is stable. The spot price of starch in the Northeast is also strong. The inventory of corn starch has decreased this week. The starch price depends on the corn price and downstream inventory - building. By - product prices are strong, and the spot price difference between corn and starch is low. Due to the strong corn price, the starch spot price is strong, and enterprises are still highly profitable. However, the North China corn price may fall in December, and the corn starch spot price will also decline later. The short - term rebound space of the 01 starch futures contract is limited. [6] Part 3: Corn Options - The option strategy is a short - term cumulative put strategy with rolling operations. The closing prices of C2605 - P - 2160.DCE and C2601 - P - 2080.DCE have decreased by 1.0. [10] Part 4: Related Attachments - The attachments include graphs of corn spot prices in various regions, corn 01 contract basis, corn 1 - 5 price difference, corn starch 1 - 5 price difference, corn starch 01 contract basis, and corn starch 01 contract price difference. [12][14][19]

Group 1: General Information - Reported industry: Soybean meal [1] - Report date: November 24, 2025 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - **Domestic futures contracts**: For the soybean meal 2601 contract, the previous settlement price was 3013, the opening price was 3021, the highest price was 3027, the lowest price was 3007, the closing price was 3012, down 1 or -0.03%, with a trading volume of 677,574 and an open interest of 1,511,379, a decrease of 37,971. For the 2603 contract, the closing price was 2988, down 5 or -0.17%. For the 2605 contract, the closing price was 2803, down 7 or -0.25% [6]. - **External market**: The US soybean futures contract was weak, with the main contract at 1140 cents. The USDA's November monthly supply - demand report slightly lowered the ending inventory to 290 million bushels, which was bearish. The NOPA's October crushing data was much higher than expected, reaching a record high for a single - month [6]. Core View - The external market has exhausted its short - term bullish factors but is supported by low inventory. It may oscillate at a high level. Domestic soybean meal has a relatively solid support below but faces inventory pressure. To break through the upper resistance, it needs additional bullish factors from the external market [6]. Operation Suggestions - In the near term, the volatility may decrease, and it should be treated as a high - level oscillation. For options, pay attention to the straddle double - selling strategy [6]. Group 3: Industry News - As of the week ending November 16, 2025, the US soybean harvest rate was 95%, compared with 98% in the same period last year and a five - year average of 96% [9]. - On November 18, private exporters reported selling 792,000 tons of soybeans to China for delivery in the 2025/2026 market year [9]. - The Brazilian Soybean Industry Association (Abiove) predicted that Brazil's 2025/26 soybean production would be a record 177.7 million tons, and the 2026 export volume would reach 111 million tons [10].

Group 1: Report General Information - Report Title: Corn Series Data Daily Report [3] - Researcher: Huang Xianglan from the Agricultural Products Research Center of Guomao Futures Research Institute [4] - Report Date: November 24, 2025 [4] Group 2: Price and Data Information Spot Prices - Corn Spot: Prices in various regions on November 21st remained mostly stable, with some exceptions like Inner Mongolia - Tongliao up 20 yuan/ton and Inner Mongolia - Chifeng up 30 yuan/ton. For example, Jinzhou Port FOB price was 2220 yuan/ton, and Heilongjiang - Harbin was 2030 yuan/ton [5]. - Corn Starch Spot: The price in Jilin Province was 2550 yuan/ton, unchanged [5]. - Wheat Spot: Prices in Henan, Anhui, and Jiangsu were 2534 yuan/ton, 2518 yuan/ton, and 2525 yuan/ton respectively, with Jiangsu up 2 yuan/ton [5]. Futures Prices - Corn Main Contract Closing Price: 2241 yuan/ton, up 9 yuan, with a C01 - 05 spread of -57 [5]. - Corn Starch Main Contract Closing Price: 2590 yuan/ton, up 16 yuan, with a CS01 - 05 spread of -66 [5]. International Data - US Corn Closing Price: 437.75 cents per bushel, with an imported US corn duty - paid price of 2149.25 yuan/ton and an estimated profit of 220.75 yuan/ton. The US dollar - RMB exchange rate was 7.11 [5]. Spread Data - Starch - Corn (Main Continuous): 349; Starch - Corn (Jilin Spot Average): 440 [5]. Inventory Data - North Port Corn Inventory: 117.0 million tons; Guangdong Port Corn Inventory - Domestic: 27.3 million tons; Deep - processing Corn Inventory - Northeast: 177.5 million tons; Guangdong Port Corn Inventory - Foreign: 35.5 million tons; Deep - processing Corn Inventory - North China: 75.4 million tons [5] Group 3: Supply, Demand, and Inventory Analysis Supply - Northeast production areas face concentrated supply pressure later, with attention on the selling pressure from December to January. The 25/26 planting cost continues to decline, the sown area is slightly reduced, the yield per unit is good, and a bumper harvest is expected. Imported grain policy restrictions continue, and the supply of imported grains is shrinking [5]. Demand - Livestock and poultry are expected to maintain high inventory in the short term, supporting feed demand. However, current breeding profits are in the red, and national policies aim to control pig inventory and weight, which may affect long - term supply. Enterprises with low inventory have a rigid demand for replenishing corn, and deep - processing enterprises have seasonal inventory - building needs. Channel traders have a strong purchasing willingness [5]. Inventory - Due to good shipping demand, the inventory accumulation speed at North Ports is slow, while the corn inventory at South Ports is rising. With the supplement of imported grains, the overall grain inventory is increasing. With the addition of new - season corn, ports are expected to be in the inventory - accumulation stage. Feed enterprise inventory is low, and deep - processing corn is seasonally accumulating inventory [5]. Group 4: Core View - In the short term, factors such as farmers' reluctance to sell, logistics tension in the Northeast, and low downstream inventory lead to a temporary supply shortage, postponing the selling pressure. Before the supply pressure is fully released, the market's ability to accept high - priced corn is limited. The futures price is expected to have limited rebound and will face pressure tests later. Attention should be paid to the grain - selling progress, logistics, and weather [13]