北京时间1月9日，芝加哥商业交易所(CBOT)豆油期货价格继续上涨，开盘报49.59美分/磅，现报49.70 美分/磅，涨幅0.40%，盘中最高触及49.73美分/磅，最低下探49.58美分/磅。 更新时间： 豆油期货行情回顾： 1月8日芝加哥商业交易所(CBOT)豆油期货行情 品种 开盘价 最高价 最低价 收盘价 美豆油 49.28 49.61 48.99 49.44 0.20% 【豆油市场消息速递】 1月8日：全国一级豆油成交量17200吨，环比上个交易日减少49.41%。 美国农业部：截至1月1日当周，美国2025/2026年度豆油出口净销售为2.5万吨，前一周为0.6万吨； 2026/2027年度豆油净销售0万吨，前一周为0万吨；美国2025/2026年度豆油出口装船2.2万吨，前一周为 0.3万吨。 1月8日，大商所豆油期货仓单28264手，环比上个交易日持平。 ...

品种 开盘价 最高价 最低价 收盘价 美豆油 48.48 49.30 48.26 49.24 1.25% 豆油期货行情回顾： 1月2日芝加哥商业交易所(CBOT)豆油期货行情 北京时间1月5日，芝加哥商业交易所(CBOT)豆油期货价格小幅震荡，开盘报49.30美分/磅，现报49.34 美分/磅，涨幅0.04%，盘中最高触及49.43美分/磅，最低下探49.28美分/磅。 【豆油市场消息速递】 USDA发布的月度油脂报告显示，美国2025年11月大豆压榨量为662万吨（2.21亿蒲式耳），低于10月的 709万吨（2.36亿蒲式耳）。值得注意的是，豆油库存大幅攀升至16.97亿磅，环比激增25%。 近日农业农村部提出，多油并举提高大豆油料产能和自给率，大力发展现代畜牧业、现代渔业。 数据显示，1月4日一级豆油现货价格报8340元/吨，与上一日持平；最近一周，一级豆油价格累计上涨 20元/吨，上涨幅度为0.24%；最近一个月，一级豆油价格累计下跌206.67元/吨，下跌幅度为2.42%。 ...

观点与逻辑 Special report on Guotai Junan Futures 01 美豆多空因素与观点 | 总体观点 | | --- | | 南美丰产，没有牛市基础；需求有望好转，下方空间有限，总体震荡偏强，区间1000-1200美分/蒲式耳 | | 利空因素 | | 1、中国购买美豆后，特朗普政府对生柴添加政策的支持力度可能减弱 | | 2、巴西雨季回归，降水改善，进入作物关键生长季 | | 3、巴西2025/26年度种植面积继续增加 | | 利多因素 | | 1、预计2026年2月前中国购买美豆1200万吨，未来三年每年2500万吨以上 | | 2、阿根廷南部有初步干旱迹象 | | 3、拉尼娜天气可能导致南美大豆减产 | Special report on Guotai Junan Futures 美豆周度报告 国泰君安期货研究所 农产品组 谢义钦 投资咨询从业资格号：Z0017082 Guotai Junan Futures all rights reserved, please do not reprint 本周美豆价格下跌 资料来源：同花顺，国泰君安期货研究 Special report ...

【国富期货早间看点】USDA民间出口商报告向中国出口13.6万吨 大豆 Anec巴西12月大豆出口量料为302万吨 20251231 | | 收盘价 | 上日涨跌幅(%) | 隔夜涨跌幅(%) | | --- | --- | --- | --- | | 马棕油03(BMD) | 4065.00 | 0.54 | -0. 15 | | 布伦特03(ICE) | 61.28 | 0. 03 | -0. 71 | | 美原油02(NYMEX) | 57.95 | 0. 21 | -0. 75 | | 美豆O3 (CBOT) | 1060. 75 | -0. 28 | -0. 35 | | 美豆粕03(CBOT) | 302. 30 | -0. 40 | -0. 03 | | 美豆油03(CBOT) | 49.39 | 0. 26 | -0. 18 | | | 最新价 | 涨跌幅(%) | 十日涨跌幅 | | --- | --- | --- | --- | | 美元指数 | 98. 24 | 0.23 | | | 人民币(CNY/USD) | 7. 0348 | 0. 02 | | | 马来林吉特(MYR/USD) ...

品种 开盘价 最高价 最低价 收盘价 美豆油 49.26 49.68 49.15 49.38 0.26% 北京时间12月31日，芝加哥商业交易所(CBOT)豆油期货价格继续上行，今日开盘报49.44美分/磅，现报 49.40美分/磅，涨幅0.02%，盘中最高触及49.67美分/磅，最低下探49.37美分/磅。 更新时间： 豆油期货行情回顾： 12月30日芝加哥商业交易所(CBOT)豆油期货行情 【豆油市场消息速递】 12月30日，阿根廷豆油（2月船期）C&F价格1145美元/吨，与上个交易日相比上调5美元/吨；阿根廷豆 油（4月船期）C&F价格1067美元/吨，与上个交易日相比下调8美元/吨。 12月30日，大商所豆油期货仓单28264手，环比上个交易日持平。 12月30日：全国一级豆油成交量35100吨，环比上个交易日增加170.0%。 ...

| | 收盘价 | 上日涨跌幅(%) | 隔夜涨跌幅(%) | | --- | --- | --- | --- | | 马棕油03(BMD) | 4042. 00 | -0. 93 | -0. 17 | | 布伦特03(ICE) | 61.26 | 1.54 | -0.42 | | 美原油02(NYMEX) | 57.83 | 1.58 | -0. 50 | | 美豆O3 (CBOT) | 1063. 75 | -0. 75 | -0. 33 | | 美豆粕03(CBOT) | 303. 50 | -1.27 | -0. 39 | | 美豆油03(CBOT) | 49.26 | 0.12 | -0. 18 | 【国富期货早间看点】USDA美豆当周出口检验量为750,312吨 CONAB巴西大豆收割率为0.1% 20251230 国富研究 国富研究 2025年12月30日 07:37 上海 01 隔夜行情 | | 最新价 | 涨跌幅(%) 十日涨跌幅 | | --- | --- | --- | | 美元指数 | 98. 02 | 0. 01 | | 人民币(CNY/USD) | 7. 0331 | -0. 04 ...

【国富期货早间看点】SPPOMA马棕12月前25日产量环比减 9.12% 阿根廷25/26年大豆种植率为77% 20251229 国富研究 国富研究 2025年12月29日 07:20 上海 01 隔夜行情 | | 收盘价 | 上日涨跌幅(%) | 隔夜涨跌幅(%) | | --- | --- | --- | --- | | 马棕油03(BMD) | 4087. 00 | 1.29 | | | 布伦特03(ICE) | 60. 33 | -2.44 | -1. 45 | | 美原油02(NYMEX) | 56.93 | -2. 52 | -1.64 | | 美豆O3 (CBOT) | 1071. 75 | -0. 37 | -0. 79 | | 美豆粕03(CBOT) | 307. 40 | -0. 19 | -0. 90 | | 美豆油03(CBOT) | 49.20 | -0. 63 | -0. 47 | | | 最新价 | 涨跌幅(%) 十日涨跌幅 | | --- | --- | --- | | 美元指数 | 98. 01 | 0. 10 | | 人民币(CNY/USD) | 7. 0358 | -0. ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The overall view of US soybeans is that there is no basis for a bull market due to a bumper harvest in South America, but the downside is limited as demand is expected to improve. The market is expected to be range - bound with an upward bias, trading between 1000 - 1200 cents per bushel [5]. - There are both bearish and bullish factors. Bearish factors include the possible weakening of the Trump administration's support for biodiesel blending policies after China's purchase of US soybeans, the return of the rainy season in Brazil with improved precipitation during the critical crop - growing season, and the continued increase in Brazil's planting area in the 2025/26 season. Bullish factors are the expected purchase of 12 million tons of US soybeans by China before February 2026 and over 25 million tons per year for the next three years, the initial signs of drought in southern Argentina, and the possibility of South American soybean production reduction due to La Niña weather [5]. 3. Summary by Related Catalogs 3.1 Market Price - **US Soybeans**: This week, the continuous contract of US soybeans closed at 1058.75 cents per bushel, up 9.5 cents per bushel. The rise was driven by the increase in domestic Chinese commodities, while the lack of large - scale drought in South America limited the upside. Next week, attention should be paid to China's procurement rhythm, South American weather, and biodiesel policy progress [9]. - **US Soybean Meal**: This week, the price of US soybean meal closed at $303.7 per short ton, up $6.1 per short ton. The increase was due to China's continuous purchase of US soybeans and the sharp rise in the Chinese soybean meal market, which led to a rebound in the global soybean meal price [14]. - **US Soybean Oil**: This week, US soybean oil fluctuated slightly higher, closing at 48.72 cents per pound, down 0.82 cents per pound. The rebound was driven by the rise in soybeans, but concerns about the biodiesel outlook and the decline in crude oil prices put upward pressure on the price [19]. - **Regional Prices**: As of December 19, the price of soybeans in the US Gulf was $11.29 per bushel, down $0.21 from the previous week; the price of soybeans in Iowa was $9.8 per bushel, down $0.26 from the previous week. On December 19, the spot price in Mato Grosso, Brazil, rose to 116.36 reais per bag, and as of December 26, the spot price at Brazilian ports slightly declined to 142.62 reais per bag [21][23][25][27]. 3.2 Supply Factors - **Drought in the US**: The drought situation in US soybean - producing areas remained stable, with a drought rate of 66%, compared to 68% last week [30]. - **South American Weather and Planting Progress**: Brazil's precipitation is expected to be scarce in the next two weeks except in the southern region. The sowing progress of soybeans in Brazil as of December 20 was 97.6%, close to completion. In Argentina, precipitation is expected to be scarce in the central and southern regions in the next two weeks, while it will be abundant in the north [32][44][49]. 3.3 Demand Factors - **Soybean Crushing Profit**: As of December 12, the US soybean crushing profit was $2.33 per bushel, compared to $2.45 last week [52]. - **Export Data**: On December 12, the weekly export volume of US soybeans was 721,200 tons, compared to 1.0711 million tons last week. On December 19, the weekly export inspection volume was 870,000 tons, compared to 810,000 tons last week. The net sales for this year were 2.396 million tons, compared to 1.552 million tons last week. The net sales for the next year were 0 tons, the same as last week. The quantity shipped to China on December 19 was 386,000 tons, compared to 202,000 tons last week [54][56][58][60][62]. 3.4 Other Factors - **ENSO Index**: The latest ENSO (NINO3.4 anomaly index) value was - 1.27, remaining in the La Niña range [65]. - **Cost Factors**: The cost of soybean production in Brazil and the US is expected to rise slightly. In the US, the cost of soybean production continues to increase, while in Brazil, the cost has decreased year - on - year [67][69][71][72]. - **CFTC Positions**: As of December 16, the net long position of soybeans was 179,000 contracts, compared to 211,600 contracts last week; the net short position of soybean oil was 67,000 contracts, compared to 103,000 contracts last week; the net long position of soybean meal was 53,000 contracts, compared to 227,000 contracts last week [73][74][76].

12月25日（周四）适逢美国圣诞节假期，金融市场交易时间有所调整。 外盘交易所休市安排如下：均为北京时间 | 交易所 | 市场/交易品种 | 2025年12月24日 | 2025年12月25日 | 2025年12月26日 | | --- | --- | --- | --- | --- | | | | (星期三) | (星期四) | (星期五) | | CME | 股指 | 电子盘次日凌晨2:15提前收市 | 休市 | 正常交易 | | | 利率 | 电子盘次日凌晨2:15提前收市 | 休市 | 正常交易 | | | 外汇 | 电子盘次日凌晨2:45提前收市 | 休市 | 正常交易 | | NYMEX | 美原油、美燃油、汽油 | 电子盘次日凌晨2:45提前收市 | 休市 | 正常交易 | | | 铂金、铝合 | 电子盘次日凌晨2:45提前收市 | 休市 | 正常交易 | | COMEX | 铜、金、银 | 电子盘次日凌晨2:45提前收市 | 休市 | 正常交易 | | CBOT | 美豆、美玉米、美豆粗、美豆油、美麦 | 电子盘次日凌晨2:05提前收市 | 休市 | 延迟至22:30开市 | | ICE(美国 ...

品种 开盘价 最高价 最低价 收盘价 美豆油 49.00 49.28 48.63 48.82 -0.53% 12月23日芝加哥商业交易所(CBOT)豆油期货行情 北京时间12月24日，芝加哥商业交易所(CBOT)豆油期货价格小幅走高，今日开盘报48.79美分/磅，现报 48.99美分/磅，涨幅0.45%，盘中最高触及48.99美分/磅，最低下探48.72美分/磅。 更新时间： 豆油期货行情回顾： 【豆油市场消息速递】 12月23日，阿根廷豆油(2月船期)C&F价格1131美元/吨，与上个交易日相比持平；阿根廷豆油(4月船 期)C&F价格1068美元/吨，与上个交易日相比上调3美元/吨。 截至12月23日，全国豆油港口库存为106.6万吨，12月16日豆油港口库存为109.2万吨，环比减少2.6万 吨。 12月23日，大商所豆油期货仓单28264手，环比上个交易日增加2000手。 ...