研究品种:豆- 成文日期：20251009 报告周期: 日报 研究员：漆建华（从业资格号：F03099134；投资咨询从业证书号：Z0017731) 豆一期货日报 1 期货市场 1.1 合约行情 今日（20251009）大商所豆一期货主力合约（A2511）全天震荡 偏强运行。当日开盘价 3930 元/吨, 最高价 3984 元/吨, 最低价 3930 元/吨，收盘价 3975 元/吨，较昨日涨跌 46 元/吨，涨跌幅 1.17%. 成交 105525 手，持仓 137560 手，日增仓 951 手。 1.2 品种价格 | 合约名称 | 收盘价 | 涨跌(元/ | 涨幅% | 成交量 | 持仓量 | 日増仓 | 振幅% | | --- | --- | --- | --- | --- | --- | --- | --- | | | (元/吨) | 陣) | | (手) | (手) | (手) | | | A2511 | 3975 | 46 | 1.17% | 105525 | 137560 | ਰੇਟੀ | 1.38% | | A2601 | 3973 | 70 | 1.79% | 56116 | 136282 ...

Report Summary 1. Report Industry Investment Rating No information provided 2. Core View The price of the main contract of DCE Bean No.1 futures (A2511) was blocked from rebounding and showed a weak trend. In the short term, in the context of the stable - to - declining spot price of soybeans, the price of the A2511 contract of Bean No.1 futures may continue the low - level volatile and weak trend [2][14] 3. Summary by Directory 3.1 Futures Market - **Contract Market**: On September 16, 2025, the main contract of DCE Bean No.1 futures (A2511) was blocked from rebounding and fluctuated weakly throughout the day. The opening price was 3935 yuan/ton, the highest price was 3948 yuan/ton, the lowest price was 3922 yuan/ton, and the closing price was 3924 yuan/ton, a decrease of 18 yuan/ton or 0.46% from the previous day. The trading volume was 102,878 lots, the open interest was 210,185 lots, and the daily increase in positions was 12,737 lots [2] - **Variety Price**: Different contracts of Bean No.1 futures all showed a downward trend. For example, the A2511 contract closed at 3924 yuan/ton, down 18 yuan/ton or 0.46%; the A2601 contract closed at 3930 yuan/ton, down 11 yuan/ton or 0.28% [3] 3.2 Spot Market - **Basis and Registered Warehouse Receipts**: The basis of Bean No.1 was 136 yuan/ton, and the basis continued to strengthen. The total number of registered warehouse receipts of Bean No.1 was 7952 lots, which was the same as the previous trading day [5] 3.3 Influencing Factors - **Important Events**: The average quotation of domestic soybeans was 4037 yuan/ton, a month - on - month decrease of 0.47%, and the spot price of soybeans weakened slightly. The inventory of soybeans in major ports was 6.6584 million tons, a month - on - month decrease of 0.69%, and the inventory accumulation speed of port soybeans slowed down [8][9] - **Industry News**: The landed duty - paid price of imported soybeans in the near - month was blocked from rebounding, with stable - to - decreasing prices. The domestic soybean crushing profit was stable - to - decreasing, while the decline of the imported soybean crushing profit slowed down and the profit stabilized and rebounded [10]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Corn: In the current new - old crop transition period, the spot market shows weak prices in North Ports and strong prices in production areas, with chaotic and differentiated quotes. Corn futures prices can move up or down. The short - term 11 - month contract has a pressure area at 2180 - 2200, with a short - term adjustment expected and a medium - term bearish outlook due to expected high yields and lower costs [1]. - Soybean and Soybean Meal: CBOT soybeans rose on Thursday. Analysts expect a decrease in US soybean yield, export estimates, and a slight reduction in inventory. Domestic soybean meal prices are mainly oscillating, with stable import costs, sufficient domestic supply, and increased apparent consumption. Short - term participation is recommended [1]. - Oils: BMD palm oil closed higher on Thursday, but weak demand curbed the increase. Canadian rapeseed and US soybean oil also rose. Domestic oil futures prices are oscillating. Strategies include trading volatility or selling put options [1]. - Eggs: Egg futures oscillated on Thursday. Seasonal increases support spot prices, but supply pressure limits the rebound. With the current long - short game, it is recommended to wait and see and focus on market sentiment and supply - side changes [1][2]. - Pigs: Pig futures continued to oscillate on Thursday. Spot prices are generally stable with partial adjustments. The short - term fundamentals are stable, and the market is waiting for policy guidance [2]. Summary by Related Catalogs Market Information - EU Soft Wheat and Corn: The EU's 2025/26 soft wheat production is expected to reach a record high of 136.1 million tons, up 330,000 tons from last month's forecast and 19.8% higher than the previous season. However, EU soft wheat exports are weak due to Russian competition and lack of Chinese imports. The EU's corn production forecast is lowered to 55.7 million tons, a 5.4% decrease from 2024/25 due to adverse weather [3]. - Malaysian Palm Oil: From September 1 - 10, 2025, Malaysian palm oil's yield, oil extraction rate, and production decreased compared to the same period last month [3]. - Imported Soybean Auction: On September 11, the National Grain Trading Center planned to auction 22,524.3 tons of imported soybeans, all of which were sold at an average price of 3801 yuan/ton [4]. Variety Spreads - Contract Spreads: The report provides charts of 1 - 5 spreads for various agricultural products including corn, corn starch, soybeans, soybean meal, eggs, and pigs [5][6][7][11]. - Contract Basis: The report provides charts of the basis for various agricultural products such as corn, corn starch, soybeans, soybean meal, eggs, and pigs [13][14][17][24].

Report Summary 1. Report Information - Research variety: Beans - Report cycle: Daily - Date of report: September 4, 2025 - Researcher: Qi Jianhua [1] 2. Investment Rating - No investment rating is provided in the report. 3. Core View - Currently, domestic soybean prices fluctuate, recent imported soybean prices trend weakly, port inventory accumulation slows, and enterprise crushing profits weaken again. The price of the main soybean futures contract A2511 oscillates around the 5 - day moving average, and the short - term bearish power on the disk weakens. The price of the A2511 contract may continue to fluctuate around the 5 - day moving average [15]. 4. Summary by Directory 4.1 Futures Market - **Contract行情**: On September 4, 2025, the main continuous contract of DCE soybean futures oscillated strongly. The opening price was 3951 yuan/ton, the highest was 3982 yuan/ton, the lowest was 3951 yuan/ton, and the closing price was 3965 yuan/ton, up 1 yuan/ton or 0.03% from the previous day. The trading volume was 101,673 lots, the open interest was 199,022 lots, and the daily increase in positions was - 6675 lots [2]. - **Variety price**: Different contracts have different closing prices, price changes, and trading volumes. For example, the A2509 contract closed at 4056 yuan/ton, down 31 yuan/ton or 0.76%; the A2511 contract closed at 3965 yuan/ton, up 1 yuan/ton or 0.03% [3]. 4.2 Spot Market - The basis of soybean No. 1 today is 95 yuan/ton, showing a slight weakening. The total registered warehouse receipts of soybean No. 1 today are 8510 lots, a decrease of 64 lots compared with the previous trading day [5]. 4.3 Influencing Factors - **Important events**: The average domestic soybean price today is 4039 yuan/ton, a month - on - month decrease of 0.81%. The prices have fluctuated in recent days. The soybean inventory in major ports today is 6.7903 million tons, a month - on - month decrease of 0.76%, and the inventory accumulation speed has slowed [8][10]. - **Industry information**: The recent arrival - at - port duty - paid prices of imported soybeans are generally weak. The recent arrival - at - port duty - paid price of US Gulf soybeans is 4583.97 yuan/ton, that of Brazilian soybeans is 3993.74 yuan/ton, and that of Argentine soybeans is 3852.45 yuan/ton. The enterprise crushing profit has continued to decline from a high level and has weakened again [11].

Report Overview - Report Date: August 12, 2025 - Report Cycle: Daily - Research Variety: Beans - Researcher: Qi Jianhua [1] 1. Futures Market 1.1 Contract Quotes - On August 12, 2025, the main continuous contract of DCE Bean No.1 futures fluctuated weakly. The opening price was 4,067 yuan/ton, the highest price was 4,073 yuan/ton, the lowest price was 4,015 yuan/ton, and the closing price was 4,034 yuan/ton, down 29 yuan/ton or 0.71% from the previous day. The trading volume was 141,159 lots, and the open interest was 185,359 lots, with a daily increase of 30,232 lots [2]. 1.2 Variety Prices | Contract Name | Closing Price (yuan/ton) | Change (yuan/ton) | Change Rate | Trading Volume (lots) | Open Interest (lots) | Daily Increase in Open Interest (lots) | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | A2509 | 4,087 | -11 | -0.27% | 62,101 | 47,467 | -24,040 | 0.81% | | A2511 | 4,034 | -29 | -0.71% | 141,159 | 185,359 | 30,232 | 1.43% | | A2601 | 4,031 | -24 | -0.59% | 38,907 | 63,644 | 10,304 | 1.09% | | A2603 | 4,031 | -1 | -0.47% | 5,184 | 25,892 | 377 | 0.94% | [3] 2. Spot Market - Today's basis of Bean No.1 was -14 yuan/ton, and the basis continued to strengthen. The total registered warehouse receipts of Bean No.1 today were 12,865 lots, a decrease of 258 lots from the previous trading day [5]. 3. Influencing Factors 3.1 Important Events - According to Wind data, today's average quotation of domestic soybeans was 4,054 yuan/ton, a month-on-month increase of 0.17%. In recent days, the spot price of soybeans has continued to rise steadily. Today, the soybean inventory in major ports was 6.8283 million tons, a month-on-month decrease of 0.19%. Currently, the inventory accumulation of port soybeans has slowed down [8][9]. 3.2 Industry News - In terms of imported soybeans, according to Wind data, today's near - month landed duty - paid prices of imported soybeans showed an overall upward trend. The near - month landed duty - paid price of US Gulf soybeans was reported at 4,839.38 yuan/ton, that of Brazilian soybeans was reported at 4,024.47 yuan/ton, and that of Argentine soybeans was reported at 3,867.78 yuan/ton. Recently, the overall crushing profit of enterprises has maintained a steady - to - rising trend [10].

Report Summary 1. Report Information - Research Variety: Beans - Report Type: Daily report on soybean No. 1 futures - Date: August 5, 2025 [1] 2. Futures Market 2.1 Contract Quotes - The main continuous contract of DCE soybean No. 1 futures fluctuated, closing with a doji on the daily K - line. The opening price was 4,115 yuan/ton, the highest was 4,134 yuan/ton, the lowest was 4,109 yuan/ton, and the closing price was 4,116 yuan/ton, a decrease of 10 yuan/ton (-0.24%) from the previous day. The trading volume was 65,168 lots, the open interest was 107,330 lots, and the daily change in open interest was -3,096 lots [2]. 2.2 Variety Prices | Contract Name | Closing Price (yuan/ton) | Change (yuan/ton) | Change Rate | Trading Volume (lots) | Open Interest (lots) | Daily Change in Open Interest (lots) | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | A2509 | 4,116 | -10 | -0.24% | 65,168 | 107,330 | -3,096 | 0.61% | | A2511 | 4,102 | -3 | -0.07% | 38,020 | 127,497 | 2,997 | 0.37% | | A2601 | 4,104 | 6 | 0.15% | 13,298 | 42,264 | 2,425 | 0.56% | | A2603 | 4,095 | 6 | 0.15% | 2,072 | 24,245 | 188 | 0.49% | [3] 3. Spot Market - The basis of soybean No. 1 was -96 yuan/ton, continuing to narrow. The total registered warehouse receipts of soybean No. 1 were 13,678 lots, a decrease of 10 lots from the previous trading day [5] 4. Influencing Factors 4.1 Important Events - The average price of domestic soybeans was 4,002 yuan/ton, a decrease of 0.22% from the previous day, with the price stabilizing and declining in recent days. The inventory of soybeans in major ports was 6.7739 million tons, a decrease of 1.99% from the previous day, and the inventory accumulation rate slowed down [6][8] 4.2 Industry News - The recent arrival - at - destination duty - paid prices of imported soybeans showed a stable - to - rising trend. The recent arrival - at - destination duty - paid price of US Gulf soybeans was 4,783.13 yuan/ton, that of Brazilian soybeans was 3,962.21 yuan/ton, and that of Argentine soybeans was 3,814.33 yuan/ton. The overall crushing profit of enterprises has been showing a stable - to - rising trend recently [9]

Market Conditions Futures Market - The main continuous contract of DCE Soybean No. 1 futures fluctuated within a narrow range today, closing at 4117 yuan/ton, down 0.22% from the previous day, with a trading volume of 111,267 lots and an open interest of 110,426 lots, a decrease of 10,173 lots [2]. - The closing prices of A2509, A2511, A2601, and A2603 contracts were 4117 yuan/ton, 4101 yuan/ton, 4095 yuan/ton, and 4084 yuan/ton respectively, with decreases of 0.22%, 0.22%, 0.07%, and 0.15% respectively [3]. Spot Market - Today's basis of Soybean No. 1 was -97 yuan/ton, and the basis continued to narrow. The total number of registered warehouse receipts for Soybean No. 1 was 13,688 lots, an increase of 286 lots from the previous trading day [5]. Influencing Factors Important Events - The average price of domestic soybeans was 4011 yuan/ton, up 0.22% from the previous day, and the spot price of soybeans has fluctuated up and down in recent days. The soybean inventory at major ports was 6.9117 million tons, up 0.81% from the previous day, and the port soybean inventory continued to accumulate [7][9]. Industry News - The decline of the near - month landed duty - paid price of imported soybeans has slowed down, and the price has stabilized with a slight increase. The near - month landed duty - paid price of US Gulf soybeans was 4755.44 yuan/ton, that of Brazilian soybeans was 3909.75 yuan/ton, and that of Argentine soybeans was 3762.30 yuan/ton. Recently, the overall profit of enterprise crushing has maintained a stable and rising trend [10].

Report Overview - Report Date: July 31, 2025 - Report Cycle: Daily - Research Variety: Soybeans - Researcher: Qi Jianhua [1] 1. Futures Market 1.1 Contract Quotes - On July 31, 2025, the main continuous contract of DCE soybean futures rebounded but was blocked, with prices fluctuating weakly. The opening price was 4,146 yuan/ton, the highest price was 4,160 yuan/ton, the lowest price was 4,119 yuan/ton, and the closing price was 4,131 yuan/ton, a decrease of 21 yuan/ton or 0.51% from the previous day. The trading volume was 102,711 lots, the open interest was 122,210 lots, and the daily increase in positions was -6,447 lots [2]. 1.2 Variety Prices | Contract Name | Closing Price (yuan/ton) | Change (yuan/ton) | Change Rate | Trading Volume (lots) | Open Interest (lots) | Daily Increase in Positions (lots) | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | A2509 | 4,131 | -21 | -0.51% | 102,711 | 122,210 | -6,447 | 0.99% | | A2511 | 4,118 | -20 | -0.48% | 39,504 | 120,352 | 678 | 0.84% | | A2601 | 4,106 | -19 | -0.46% | 15,463 | 34,013 | 227 | 0.87% | | A2603 | 4,096 | -20 | -0.49% | 4,469 | 23,402 | -202 | 0.83% | [3] 2. Spot Market - Today's soybean basis was -111 yuan/ton, and the basis has strengthened recently. Today's total registered soybean warehouse receipts were 13,557 lots, a decrease of 4 lots from the previous trading day [4]. 3. Influencing Factors 3.1 Important Events - According to Wind data, today's average domestic soybean price was 4,027 yuan/ton, a month-on-month increase of 0.60%. In recent days, the domestic soybean spot price has been stable with a slight increase. Today, the soybean inventory in major ports was 6.8393 million tons, a month-on-month decrease of 0.07%. Currently, the inventory accumulation rate of port soybeans has slowed down [6][9]. 3.2 Industry News - In terms of imported soybeans, according to Wind data, today's near-month landed duty-paid prices of imported soybeans showed a weak trend. Today, the near-month landed duty-paid price of US Gulf soybeans was 4,770.72 yuan/ton, that of Brazilian soybeans was 3,896.47 yuan/ton, and that of Argentine soybeans was 3,725.15 yuan/ton. Recently, the overall crushing profit of enterprises has maintained a narrow - range fluctuating trend [10].

Core Insights - Yangpu Port is the only inbound grain port in Hainan Province, and its designated regulatory warehouses have recently passed customs inspection, significantly enhancing its storage capacity for imported grain [1][2] - The storage capacity of the regulatory warehouses has increased from 164,400 tons to 507,400 tons, more than tripling the previous capacity, which lays a solid foundation for the growing demand for grain and oil imports in Yangpu Port [1] - The import volume of rapeseed grain at Yangpu Port is expected to rise from 942,200 tons in 2023 to 1,350,000 tons in 2024, representing a year-on-year growth of 43.28% [1] Industry Developments - The construction of a 100,000-ton grain and oil public terminal at Yangpu Port has commenced, along with the planning of a grain transportation corridor to meet the anticipated surge in grain imports [2] - The improvements in the designated regulatory warehouses and the construction of the dedicated terminal will enhance Hainan Province's grain and oil storage and processing industry, facilitating the development of a regional hub for grain and oil processing and trade [2] - Yangpu Port aims to leverage its advantages as an international container hub and a major seaport to drive the clustering of grain and oil processing, storage, and trade enterprises in Hainan Province, working towards the dual development goals of an international grain and oil hub and a health food port [2]

Report Summary 1. Report Information - Research variety: Beans - Report cycle: Daily - Date of report: July 30, 2025 - Researcher: Qi Jianhua [1] 2. Investment Rating - No investment rating provided in the report. 3. Core View - The domestic soybean spot price has been stable with a slight decline recently, and the futures price of soybean No. 1 has shown a low - level volatile and slightly stronger trend. The basis has weakened again, and the registered warehouse receipts remain unchanged. The port soybean inventory is increasing, and the import soybean arrival - at - destination duty - paid price is generally weak, while the enterprise's crushing profit decline has slowed down [2][3][8][9] 4. Summary by Section 4.1 Futures Market - **Contract行情**: On July 30, 2025, the main continuous contract of DCE soybean No. 1 futures showed a low - level volatile and slightly stronger trend. The opening price was 4,145 yuan/ton, the highest price was 4,166 yuan/ton, the lowest price was 4,133 yuan/ton, and the closing price was 4,153 yuan/ton, up 17 yuan/ton or 0.41% from the previous day. The trading volume was 118,912 lots, the open interest was 128,657 lots, and the daily increase in open interest was - 4,692 lots [2] - **Variety price**: Different contracts had different price changes. For example, the A2509 contract closed at 4,153 yuan/ton, up 17 yuan/ton or 0.41%; the A2511 contract closed at 4,146 yuan/ton, up 41 yuan/ton or 1.00% [3] 4.2 Spot Market - **Basis and registered warehouse receipts**: The basis of soybean No. 1 was - 133 yuan/ton, weakening again. The total number of registered warehouse receipts was 13,561 lots, remaining the same as the previous trading day [4] 4.3 Influencing Factors - **Important events**: The average price of domestic soybeans was 4,003 yuan/ton, down 0.35% month - on - month, showing a stable - to - decreasing trend in recent days. The inventory of soybeans in major ports was 6.8443 million tons, up 0.67% month - on - month, continuing the inventory - building trend [7][8] - **Industry information**: The arrival - at - destination duty - paid price of imported soybeans was generally weak. The near - month arrival - at - destination duty - paid price of US Gulf soybeans was 4,814.14 yuan/ton, that of Brazilian soybeans was 3,932.83 yuan/ton, and that of Argentine soybeans was 3,723.32 yuan/ton. The decline in enterprise crushing profit has slowed down and slightly recovered [9]