北京时间12月30日，芝加哥商业交易所(CBOT)豆油期货价格窄幅震荡，今日开盘报49.26美分/磅，现报 49.30美分/磅，涨幅0.08%，盘中最高触及49.33美分/磅，最低下探49.15美分/磅。 更新时间： 豆油期货行情回顾： 12月29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 49.29 49.44 49.02 49.25 -0.06% 【豆油市场消息速递】 12月29日，阿根廷豆油（2月船期）C&F价格1140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1075美元/吨，与上个交易日相比持平。 截至2025年12月26日，全国重点地区豆油商业库存108.9万吨，环比上周减少3.45万吨，降幅3.07%。 据外媒报道，行业期刊《油世界》表示，阿根廷11月豆油出口量将至524000吨，低于前月的646000吨， 以及去年11月的687000吨。 ...

Group 1 - The core viewpoint indicates that Chicago Board of Trade (CBOT) soybean oil futures are experiencing a low-level strong fluctuation, with the current price at 49.78 cents per pound, reflecting a 0.40% increase from the opening price of 49.71 cents per pound [1] - On October 30, CBOT soybean oil futures opened at 50.16 cents per pound, reached a high of 50.26 cents, and closed at 49.60 cents, marking a decrease of 1.12% [2] - The trading volume of national first-grade soybean oil was 8,700 tons on October 30, which represents a decrease of 75.14% compared to the previous trading day [2] Group 2 - As of October 30, the Dalian Commodity Exchange (DCE) reported a soybean oil futures warehouse receipt of 27,644 lots, remaining stable compared to the previous trading day [2] - In the spot market, soybean oil prices in Jiangsu province ranged from 8,370 yuan/ton to 8,470 yuan/ton, showing a slight increase of 50 yuan/ton from the previous trading day [2]

Core Viewpoint - The Chicago Board of Trade (CBOT) soybean oil futures prices are experiencing a range-bound fluctuation, with a slight increase observed on October 30, 2023 [1] Group 1: Market Performance - On October 30, 2023, CBOT soybean oil futures opened at 50.16 cents per pound and are currently at 50.20 cents per pound, reflecting a 0.18% increase [1] - The intraday high reached 50.24 cents per pound, while the lowest point was 49.93 cents per pound [1] Group 2: Historical Data - On October 29, 2023, CBOT soybean oil futures had an opening price of 50.21 cents per pound, a high of 50.44 cents, a low of 49.56 cents, and a closing price of 50.16 cents, marking a decrease of 0.14% [2] - The trading volume for national first-grade soybean oil reached 35,000 tons on October 29, 2023, which is an increase of 141.38% compared to the previous trading day [2] Group 3: Price Adjustments - On October 29, 2023, the C&F price for Argentine soybean oil for November shipment was adjusted to $1,163 per ton, an increase of $7 per ton from the previous trading day [2] - The C&F price for Argentine soybean oil for January shipment was adjusted to $1,159 per ton, reflecting a $9 per ton increase from the previous trading day [2] Group 4: Inventory Data - As of October 29, 2023, the Dalian Commodity Exchange (DCE) soybean oil futures warehouse receipts totaled 27,644 lots, which is an increase of 500 lots compared to the previous trading day [2]

Group 1 - Chicago Board of Trade (CBOT) soybean oil futures prices experienced a slight increase, opening at 51.36 cents per pound and currently at 50.91 cents per pound, with a rise of 0.67% [1] - The highest price during the trading session reached 51.43 cents per pound, while the lowest dipped to 50.50 cents per pound [1] Group 2 - On October 14, the opening price for soybean oil was 50.60 cents per pound, with a closing price also at 50.60 cents per pound, reflecting a change of 0.04% [2] - Argentine soybean oil prices for November shipment decreased by $22 per ton to $1,146 per ton, while January shipment prices fell by $21 per ton to $1,142 per ton [2] - As of the end of the 41st week of 2025, domestic soybean oil inventory stood at 1.438 million tons, an increase of 14,000 tons from the previous week, representing a 0.95% rise [2] - Coastal inventory increased to 1.324 million tons, up by 22,000 tons from the previous week, marking a 1.72% increase [2] Group 3 - As of October 14, national soybean oil port inventory was recorded at 1.236 million tons, up from 1.22 million tons on September 30, indicating an increase of 16,000 tons [3]

Core Viewpoint - The Chicago Board of Trade (CBOT) soybean oil futures continue to show weakness, with current prices reflecting a slight decline from previous trading sessions [1] Group 1: Soybean Oil Futures Market - On September 24, CBOT soybean oil futures opened at 49.88 cents per pound and are currently at 49.71 cents per pound, marking a decrease of 0.26% [1] - The intraday trading range for soybean oil futures reached a high of 49.99 cents per pound and a low of 49.40 cents per pound [1] Group 2: Historical Price Data - On September 23, the opening price for soybean oil was 46.69 cents per pound, with a high of 50.02 cents, a low of 48.89 cents, and a closing price of 49.89 cents, reflecting a 0.32% increase [1] Group 3: Market News and Inventory - On September 23, Argentine soybean oil (October shipment) C&F price increased by $10 to $1166 per ton, while the December shipment price rose by $7 to $1162 per ton [1] - As of September 23, the national soybean oil port inventory stands at 1.227 million tons, up from 1.203 million tons the previous week, indicating an increase of 24,000 tons [1] - On September 23, the national first-grade soybean oil transaction volume was 8,000 tons, a decrease of 46.67% compared to the previous trading day [1]

Group 1 - The core viewpoint indicates that CBOT soybean oil futures prices are experiencing fluctuations, with a current price of 51.61 cents per pound, reflecting a decline of 0.41% from the opening price of 51.83 cents per pound [1] - On September 17, the opening price for soybean oil futures was 53.20 cents per pound, with a closing price of 51.82 cents per pound, marking a decrease of 2.81% [2] - The trading volume for national first-grade soybean oil on September 17 was 21,000 tons, which represents a decrease of 2.33% compared to the previous trading day [2] Group 2 - As of September 17, the Dalian Commodity Exchange reported a soybean oil futures warehouse receipt of 24,544 lots, remaining unchanged from the previous trading day [2] - The C&F price for Argentine soybean oil for October shipment was reported at $1,183 per ton, an increase of $5 per ton compared to the previous trading day; for December shipment, the price was $1,179 per ton, up by $6 per ton [2]

Group 1 - Chicago Board of Trade (CBOT) soybean oil futures prices continued to rise, opening at 52.06 cents per pound and currently at 52.40 cents per pound, with an increase of 0.54% [1] - The intraday high for soybean oil futures reached 52.41 cents per pound, while the lowest point was 52.06 cents per pound [1] Group 2 - On September 12, CBOT soybean oil futures had an opening price of 51.58 cents, a high of 52.52 cents, a low of 51.34 cents, and a closing price of 52.14 cents, reflecting a 1.26% increase [2] - As of September 12, the Dalian Commodity Exchange (DCE) had 24,544 soybean oil futures warehouse receipts, unchanged from the previous trading day [2] - Argentine soybean oil (October shipment) C&F price increased by $12 to $1,145 per ton, while the December shipment price rose by $10 to $1,148 per ton compared to the previous trading day [2] - National first-class soybean oil trading volume was 5,500 tons on September 12, a decrease of 71.05% from the previous trading day [2]

Report Industry Investment Rating - The report does not explicitly mention the overall industry investment rating. However, some institutions have provided ratings for specific sectors: Goldman Sachs maintains an "overweight" stance on Chinese stocks, and Standard Chartered Bank maintains an "overweight" rating on Chinese stocks in its "2025 H2 Global Market Outlook" [36]. Core Viewpoints - The domestic futures market had a mixed performance overnight, with most contracts falling. International precious metals generally rose, while international oil prices slightly declined. The global economic and policy environment is complex, with various factors influencing different markets such as macro - policies, corporate operations, and international trade relations [3][4][5]. Summary by Directory Overnight Night - Market Trends - **Domestic Futures**: Most domestic futures main contracts fell. Soda ash dropped over 2%, and glass, coke, cotton, etc., dropped over 1%. Shanghai silver and caustic soda rose over 1% [3]. - **International Precious Metals**: COMEX gold futures rose 1.13% to $3516.1 per ounce, and COMEX silver futures rose 2.62% to $40.723 per ounce [4]. - **International Oil Prices**: WTI crude oil main contract fell 0.48% to $64.01 per barrel, and Brent crude oil main contract fell 0.28% to $67.48 per barrel [5]. - **London Base Metals**: All London base metals rose. LME zinc rose 1.19%, LME nickel rose 0.93%, etc. [5]. - **International Agricultural Products**: International agricultural product futures had mixed performances. US soybeans rose 0.45%, US corn rose 2.25%, etc. [7]. Important Information Macro Information - As of July 2025, there were 150 futures companies in China, with a trading volume of 10.99 billion lots and an operating income of 4.282 billion yuan in July [9]. - As of August 29, the Shanghai Export Containerized Freight Index dropped 29.7 points, and the China Export Containerized Freight Index dropped 1.6% [9]. - The NDRC will introduce policies to promote private investment and set minimum private investment participation ratios for major projects [9]. - From August 27 - 29, Chinese and US officials held talks on Sino - US economic and trade relations [9]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the non - manufacturing business activity index was 50.3%, up 0.2 percentage points [10][12]. - The Fed entered a "quiet period" before its September meeting [12]. Energy and Chemical Futures - From September 1, 2025, the maximum daily opening position for non - futures company members or clients in the caustic soda 2601 contract is 10,000 lots [14]. - Last week, PVC production enterprises' capacity utilization rate was 76.02%, down 1.59% month - on - month [14]. - In June, US crude oil production reached a record high, and LNG production increased by 12,000 barrels per day [14]. Metal Futures - Tin Industry Co., Ltd. will conduct a routine shutdown for equipment maintenance, expected to last no more than 45 days, with little impact on the annual production plan [16][17]. - Last week, copper inventory decreased by 1,950 tons, and aluminum inventory increased by 991 tons [18]. - The US Federal Circuit Court of Appeals ruled that most of Trump's global tariff measures were illegal [18]. Black - Series Futures - The blast furnace operating rate of 247 steel mills was 83.2%, down 0.16 percentage points from last week [20]. - The total inventory of imported iron ore in 45 ports was 137.6302 million tons, down 821,800 tons [20]. - Shanxi Coking Coal's subsidiary had a safety accident and stopped production, with an annual approved capacity of 4 million tons [21]. - This week, the total urban inventory was 8.8916 million tons, up 349,900 tons from last week [23]. - In August, the steel industry PMI was 49.8%, down 0.7 percentage points from the previous month [23]. - Colombia banned coal exports to Israel [23]. Agricultural Product Futures - As of August 29, the self - breeding and self - raising pig farming profit was 32.24 yuan per head, and the profit from purchasing piglets was a loss of 148.41 yuan per head [25]. - Zhengzhou Commodity Exchange revised the rules for fresh apple futures [25]. - India allocated 2.35 million tons of sugar for domestic sales in September 2025, the same as in 2024 [25]. - Indonesia set the reference price for CPO in September at $954.71 per ton, up from August [27]. - In the first half of August, Brazil's central - southern region had a 8.17% year - on - year increase in sugarcane crushing volume [27]. - The ISO expects the global sugar supply shortage in 2025/2026 to narrow significantly to 231,000 tons [28]. - Malaysia's palm oil exports from August 1 - 31 were 1.421486 million tons, up 10.2% from the previous month [29]. Financial Market Finance - Next week, 29 A - share stocks will face unlocking, with a total unlocking market value of 18.877 billion yuan, down 73.51% week - on - week [31]. - In H1 2025, Shanghai - listed companies' operating income was 24.68 trillion yuan, down 1.3% year - on - year, and net profit was 2.39 trillion yuan, up 1.1% [33]. - As of the end of August, the scale of Shanghai ETFs exceeded 3.7 trillion yuan, with a net inflow of over 350 billion yuan this year [33]. - As of June 30, 2025, the five A - share listed insurance companies' stock investment scale was nearly 1.8 trillion yuan, up 405.356 billion yuan from the end of 2024 [35]. - In August, A - shares continued to rise. Institutions expect the market to be volatile in September and focus on resource sectors, innovation drugs, etc. [36]. - Many foreign financial institutions are optimistic about the Chinese market. Hedge funds are net buyers of Chinese stocks [36]. - In the first eight months, the A - share market was strong, and the average return of active equity funds was 23.83% [36]. - Hesai Technology passed the Hong Kong Stock Exchange's hearing and plans to list in Hong Kong [37]. - Hefei Xinqi Microelectronics Equipment Co., Ltd. and Easy Health Group submitted IPO applications to the Hong Kong Stock Exchange [37]. Industry - Since August, nearly 20 small and medium - sized banks have lowered deposit interest rates [38]. - From January to August, the sales of TOP100 real estate enterprises were 2.32705 trillion yuan, down 13.3% year - on - year [40]. - In August, the inventory warning index for Chinese auto dealers was 57.0%, up 0.8 percentage points year - on - year [40]. - In 2025, China's total box office (including overseas) exceeded 40 billion yuan [40]. - The mother - fund market cooled significantly this year, with 33 new mother - funds established [41]. - Shanghai's leading commercial health insurance companies are developing new group insurance products [41]. Overseas - Trump's global tariff policy and the lawsuit to remove Fed Governor Cook are facing the US Supreme Court's final ruling [42]. - Japan and the US are discussing a package deal including tariff reduction and a $550 billion investment plan [44]. - ECB Governing Council member Rehn said inflation risks are "downward - biased" [44]. International Stock Market - Tata Capital will launch a $2 billion IPO in September [45]. Commodity - Malaysia's palm oil exports in August were 1.421486 million tons, up 10.22% month - on - month [46]. Bond - Yuzhou Group's overseas debt restructuring became effective, involving about $6.68 billion in debt, and is expected to reduce the repayment pressure by about $3.5 billion [47]. Foreign Exchange - In the past two weeks, the RMB has strengthened against the US dollar, driven by the weakening US dollar index and narrowing Sino - US interest rate differentials [49]. - The Canadian dollar has risen 4.68% against the US dollar this year, being the worst - performing G10 currency [50].

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report presents a comprehensive overview of the overnight and spot market conditions of multiple commodities, including palm oil, soybeans, and related products, along with important fundamental information on weather, international and domestic supply - demand, macroeconomic news, and capital flows in the market. It details price changes, production, consumption, and trade data to assist in understanding the market trends of these commodities [1][2][8]. Summary by Directory 1. Overnight Market Conditions - Overnight closing prices and percentage changes of various commodities such as Malaysian palm oil, Brent crude, US crude, US soybeans, and related products are provided. Also, the latest prices and percentage changes of currency indices and exchange rates are given [1]. 2. Spot Market Conditions - Spot prices, basis, and basis changes of DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are presented. CNF quotes and changes of imported soybeans from different origins are also included [2]. 3. Important Fundamental Information 3.1产区Weather - US soybean - producing states' future weather (August 20 - 24) shows that most areas will have above - normal temperatures and half of the regions will have precipitation close to the median. The Midwest will experience temperature increases and varying precipitation patterns, which may impact crops differently [4][6]. 3.2 International Supply - Demand - Malaysian palm oil exports from August 1 - 15 increased significantly compared to the same period in July according to AmSpec and ITS. Indonesia will crack down on illegal palm plantation activities. CFTC持仓 reports show changes in positions of various agricultural products. North American field surveys on corn and soybeans will be conducted. NOPA data indicates US soybean crushing and soybean oil inventory in July. Canadian and Ukrainian agricultural production and harvest progress are also reported. The Baltic Dry Bulk Freight Index shows different trends for different types of ships [8][9][10]. 3.3 Domestic Supply - Demand - On August 15, the trading volume of soybean oil and palm oil decreased significantly compared to the previous day. The trading volume of soybean meal also changed, and the oil mill's开机 rate decreased slightly. The actual soybean crushing volume in the 33rd week was lower than expected. Pig - raising profits and agricultural product wholesale prices showed certain changes [14][15]. 4. Macroeconomic News 4.1 International News - US economic data such as inflation expectations, manufacturing index, consumer confidence index, retail sales, import prices, industrial output, and business inventory are reported [17]. 4.2 Domestic News - The RMB exchange rate, central bank's open - market operations, national economic data, monetary policy report, and a WTO lawsuit against Canada are presented [19]. 5. Capital Flows - The capital flow data of major futures varieties on August 15 are provided, including the net inflow and outflow of funds in different types of futures such as commodity futures and stock index futures [21][22]. 6. Arbitrage Tracking No relevant content provided.

Core Viewpoint - The Chicago Board of Trade (CBOT) soybean oil futures are experiencing a strong performance, with prices showing a slight increase and fluctuations within a defined range [1]. Group 1: Market Performance - On August 13, CBOT soybean oil futures opened at 53.06 cents per pound and are currently at 53.28 cents per pound, reflecting a 0.40% increase [1]. - The highest price during the trading session reached 53.30 cents per pound, while the lowest dipped to 52.92 cents per pound [1]. - On August 12, the closing price for soybean oil was 53.21 cents per pound, with a 0.55% increase from the previous day [1]. Group 2: Price Adjustments - On August 12, the C&F price for Argentine soybean oil for September shipment was $1,125 per ton, down $24 per ton from the previous trading day [1]. - The C&F price for Argentine soybean oil for November shipment was $1,119 per ton, down $11 per ton from the previous trading day [1]. Group 3: Trading Volume and Inventory - On August 12, the national first-grade soybean oil trading volume was 20,600 tons, which is a 6.19% increase compared to the previous trading day [1]. - As of August 12, the national soybean oil port inventory stood at 1.068 million tons, an increase of 13,000 tons compared to the same period last week [1].