一、基本观点USDA供需报告继续上调美国大豆产量数据,但未能压制价格进一步下行。对于10月的供需报告,我们认为更为表现出来的是利空的出尽,这在盘面上体现的较为明显,尽管数据上调幅度较大,但在报告公布前后盘面的抗跌,充分说明价格在6月初回调以来,已完全消化掉了美国大豆产量创记录的利空压力。在报告过后,美盘在出口数据的提振下震荡反弹,但由于 First, the basic point of view USDA supply and demand report continue to increase US soybean production data, but failed to suppress the price further down. For the supply and demand report in October, we think it is even more unfavorable. This is reflected in the disk. Although the data has been greatly raised, the defensiveness of the market before and after the report shows that the price is at 6 Since the beginning of the month callback, it has completely digested the bad record of U.S. soybean production. After the report, the US plate under the boost in export data shock rebound, but due