油脂油料早报 研究中心农产品团队 2026/01/06 隔 夜 市 场 信 息 ： 1月1日止当周美国大豆出口检验量为980,518吨，符合预期 美国农业部公布的周度出口检验报告显示，截至2026年1月1日当周，美国大豆出口检验量为980,518吨，此前市场 预估为75-115万吨，前一周修正后为773,600吨，初值为750,312吨。 当周，对中国大陆的大豆出口检验量为397，069吨，占出口检验总量的40.5%。 截至2025年1月2日当周，美国大豆出口检验量为1,295,819吨。 本作物年度迄今，美国大豆出口检验量累计为16,401,241吨，上一年度同期为29,967，442吨。 12月25日止当周美国大豆出口销售合计净增124.41万吨，符合预期 12月25日止当周，美国当前市场年度大豆出口销售净增117.77万吨，较之前一周增加19%，较前四周均值减少20%。 市场预估为净增70-180万吨。其中，对中国大陆出口销售净增39.64万吨。 当周，美国下一年度大豆出口销售净增6.64万吨。市场预估为净增0-15万吨。其中，对中国大陆出口销售净增6.6 万吨。 当周，美国大豆出口装船122万吨。较之 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - The U.S. soybean crush volume in November 2025 is expected to decline by 3.2% from October's record high but increase by 14.0% from November 2024 [1]. - The estimated soybean oil inventory of NOPA members as of November 30, 2025, is expected to reach a seven - month high, up 7.9% from the end of October and 29.9% from the previous year [1]. - From November 1 - 20, 2025, the U.S. 2025/26 soybean export sales are expected to net increase by 80 - 300 million tons, with 0 tons for 2026 - 27 [1]. - The 2025/26 global soybean export volume is expected to increase mainly driven by Brazil, while the exports of the U.S. and Argentina may decline [1]. - Malaysia's palm oil exports from December 1 - 10, 2025, increased by 46.98% compared to the same period last month [1]. Group 3: Summary by Category Overnight Market Information - U.S. November 2025 soybean crush volume is estimated to be 220.285 million bushels, with an estimated range of 213 million to 224.332 million bushels and a median of 220.85 million bushels [1]. - As of November 30, 2025, NOPA's soybean oil inventory is expected to be 1.408 billion pounds, with an estimated range of 1.32 billion to 1.508 billion pounds and a median of 1.4 billion pounds [1]. - From November 1 - 20, 2025, U.S. 2025/26 soybean export sales are expected to net increase by 80 - 300 million tons, 2025 - 26 U.S. soybean meal export sales by 10 - 45 million tons, and 2025 - 26 U.S. soybean oil export sales by 0.5 - 2.5 million tons [1]. - In 2025/26, Brazil's soybean exports are expected to reach a record 110 million tons, up 6.7% from 2024/25, and production is expected to reach 178.3 million tons, up 4.1% from the previous year [1]. - In 2025/26, the U.S. soybean exports are expected to be 43 million tons, down 14% from 2024/25, and Argentina's soybean exports are likely to decline due to reduced production and increased crush volume [1]. - Malaysia's palm oil exports from December 1 - 10, 2025, were 280,048 tons, up 46.98% from the same period last month [1]. Spot Price - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from December 8 - 12, 2025, are presented in a table [2].