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图82CBOT大豆、玉米、小麦非商业多头持仓数量,张
图82CBOT大豆、玉米、小麦非商业多头持仓数量,张
行业数据
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图片大小:151KB
图片尺寸:2244*1094
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所属报告:
FOMC加息影响研究系列专题(三):美联储加息及衰退预期下大宗商品研究框架-221115架(44页).pdf
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CBOT稻谷期货收盘价(美分/英担)
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2026-01-14
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CBOT小麦期货收盘价(美分/蒲式耳)
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CBOT大豆期货收盘价(美分/蒲式耳)
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CBOT11月大豆价格与12月玉米价格比值(大豆玉米比)
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行业数据
2026-01-07
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图表24CBOT小麦期货价格(美分/蒲式耳)
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行业数据
2025-12-17
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CBOT玉米期货收盘价(美分/蒲式耳)
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行业数据
2025-12-10
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CBOT大豆期货收盘价(美分/蒲式耳)
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行业数据
2025-12-10
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CBOT稻谷期货收盘价(美分/英担)
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行业数据
2025-12-10
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CBOT小麦期货收盘价(美分/蒲式耳)
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行业数据
2025-12-10
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CBOT大豆合约价格(美分/蒲)
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行业数据
2025-12-09
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CBOT稻谷期货收盘价(美分/英担)
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行业数据
2025-11-25
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CBOT小麦期货收盘价(美分/蒲式耳)
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行业数据
2025-11-25
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农产品中耕作物的金融属性相对较低,弹性也相对较小,与利率相关性相对较弱。但其基金多头持仓仍与其价格波动仍存一定关联性,可以反映美国 CBOT 市场的风险偏好,后续可以关注相关品种非商业持仓的变化。商品属性方面,由于农业品需求端相对较为稳定,其价格波动主要源于供给端的变化,据联合国粮农组织对于 2023年谷物产量的下调来看,我们认为 2023年农产品或仍以震荡为主。
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FOMC加息影响研究系列专题(三):美联储加息及衰退预期下大宗商品研究框架-221115架(44页).pdf
表520世纪40年代以来NBER定义13轮美国实质性经济衰退区间大宗商品表现,%
表3美国CPI与PCE对比
表1美林时钟指引及大宗商品库存传导周期
图84美债2Y/10Y名义收益率,%,%
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