Report Industry Investment Rating - Not provided in the content Core Viewpoints - In August 2025, the weight reduction in the pig industry led to an increase in slaughter volume, causing both futures and spot prices to reach new lows for the year [1][6]. - The overall atmosphere of "anti - involution" drives up the prices of risk assets, and domestic inflation expectations are likely to rise. Policy signals to support the pig market are released, but the short - term supply pressure is high due to weight reduction. For the second half of 2025, if the macro - expectations continue to strengthen, there are conditions for the valuation of low - priced pig futures to be revised upwards [3][4]. - The industry's production efficiency has improved, but the overall expansion is slow. The supply in the second half of 2025 may not be worse than in 2023, and it is recommended to go long on pig futures at low prices or buy call options near the cost [3][4]. Summary by Directory 2025 August Pig Futures and Spot Price Review - In August, the futures and spot prices of pigs fluctuated and declined, with the 2509 contract hitting a new low for the year. The decline was affected by factors such as the increase in slaughter volume due to weight reduction and the weak terminal consumption [6][25]. - Historically, the pig price in August usually shows an upward trend, but in 2025, it went against the season and weakened [41]. Pig Production Capacity and Slaughter Situation - The current inventory of breeding sows is in the green reasonable range, with a cumulative increase of about 3% compared to March 2024 [44][45]. - Group enterprises' capital expenditure has significantly decreased year - on - year, the price of reserve sows has been stable, and market speculation has declined [46][49]. - The production efficiency of single sows has improved, and the gap between leading enterprises is gradually narrowing. In 2025, pig slaughter volume has increased due to the recovery of breeding sow capacity and improved production efficiency, but the growth rate may not be large [51][54][55]. Listed Pig Enterprises - In 2025, the overall profitability of leading listed pig companies has expanded, but the monthly sales volume of piglets has decreased [60][63]. - The asset - liability ratio of listed companies is at a historically high level [66]. Near - term Supply and Demand Fundamentals - From July to August, the industry's weight reduction led to an increase in slaughter volume, and the current weight is still at a high level compared to the same period in history. In August, the slaughter volume rebounded significantly and was higher than that in 2023 [70][72]. - The import volume of pork and offal has declined from a high level, and the frozen product inventory rebounded slightly at a low level in August 2025 [75][78]. - The current monthly average profit level is at the historical median. In July, the profit of purchasing piglets for fattening was near the break - even point, and in August, it started to make losses [81]. August Futures Price Review - The pig futures index rebounded from a historical low, and the trading volume and open interest increased significantly month - on - month and year - on - year [83]. - The near - month contract made up for the decline compared to the spot price, and the premium of the far - month contract in the peak season expanded under the support of policies [86][89]. - The basis is stronger than in previous years, and attention should be paid to the way of the regression of spot and futures prices in the third quarter [95]. - In August, the spread trading showed a reverse spread trend, and the volatility of the 2601 contract declined [98][104]. Conclusion - The industry is currently in the process of weight reduction and capacity reduction. Attention should be paid to whether the supply pressure can be alleviated in the fourth quarter. In trading, it is recommended to go long on the 2511 contract at low prices or conduct spread trading between 2601 and 2605, and sell wide - straddle option spreads when the volatility is high [106].

Report Industry Investment Rating No relevant content provided. Report's Core View - The soybean oil market is in a "weak reality + strong expectation" pattern. The weak reality is reflected in high inventory and slow sales in the spot market, while the strong expectation lies in fewer purchases in the fourth quarter and export drivers. However, the expectation is fluctuating, leading to an unstable upward trend in prices. The short - term long - term view remains bullish, and for Y2601, it is advisable to go long around 8300 - 8310, with a pressure level at 8400 - 8450 yuan/ton [4]. - China's temporary anti - dumping measures on Canadian rapeseed imports are expected to reduce Canadian rapeseed purchases. Increased imports from Russia, Dubai, and Australia can partially offset the supply. The Canadian rapeseed production is expected to increase by 3.6% to 1990 tons year - on - year. The price is under pressure in the short - term, with a support level at 9580 - 9698 and a pressure level at 9998 - 10333 [4]. - From August 1 - 25, the production of Malaysian palm oil decreased by 1.21% month - on - month, and the export increased by 10.22% month - on - month. The decline in US soybean oil prices exerts a price - comparison pressure on palm oil. The price adjustment space is limited, with a support level at 9074 - 9100 and a pressure level at 9736 - 9998 [5]. - For soybean meal and soybean No. 2, the weak supply reality restricts the price increase. The expected increase in South American soybean imports weakens the strong supply expectation in the fourth quarter. Due to the fluctuating Sino - US trade relations, the prices of soybean meal and soybean No. 2 are volatile. It is advisable to wait and see for now [5]. - For rapeseed meal, due to the anti - dumping measures on Canadian rapeseed, the purchase of Canadian rapeseed is expected to decrease. The low price difference between soybean meal and rapeseed meal squeezes the consumption of rapeseed meal. The price is expected to adjust downward, with a support level at 2400 - 2438 and a pressure level at 2632 - 2698 [5]. - For corn and corn starch, the external market is under pressure from the phased listing of South American corn and the expected high yield of US corn. The domestic market is also under pressure from continuous imports. It is recommended to reduce short positions on dips. For corn 11 contract, the support is at 2100 - 2120, and the pressure is at 2240 - 2250. For options, consider selling a wide - straddle combination or out - of - the - money call options [6]. - For soybean No. 1, the low - level supply of old soybeans and the continuous supply of reserve soybeans ensure the market supply. With the upcoming new soybeans, the supply is expected to increase. The demand is mainly rigid. It is not recommended to chase long, and it is advisable to short on rebounds. The pressure level for the 11 - contract is at 4145 - 4150, and the support is at 3850 - 3900 [7]. - The planting area of new peanuts has increased by 4.01% year - on - year, with an expected increase in production. The price is under pressure, but the downward space is narrowing. It is advisable to reduce short positions [8]. - For live pigs, the spot price rebounded this week. The slaughter volume is increasing, and the phased supply pressure is rising. The futures price has rebounded and is at a premium to the spot price. For the 11 - contract, the reference range is 13500 - 14500 points. Mid - term, wait for the confirmation of capacity reduction and then consider going long on the 2601 contract [9]. - For eggs, the futures price rebounded and then fell. The spot price has stabilized and rebounded in some areas. The futures - spot price difference is converging. It is advisable to wait and see for now. Aggressive investors can consider going long on the 2511 contract at a low price [10]. Summary by Directory First Part: Sector Strategy Recommendation 1. Market Analysis - Various products in the feed, breeding, and oil sectors are in a state of volatile adjustment. For example, soybean No. 1 11 - contract, soybean No. 2 11 - contract, peanut 11 - contract, etc. are all expected to fluctuate. For energy and by - product sectors such as corn 11 - contract and starch 11 - contract, they are in a low - level volatile state, and it is recommended to reduce short positions on dips. For the breeding sector, the live pig 11 - contract is expected to rebound, and it is advisable to hold long positions [13]. 2. Commodity Arbitrage - In the cross - period arbitrage, for most products, it is advisable to wait and see, such as soybean No. 1 9 - 1, soybean No. 2 9 - 1, etc. However, for the soybean meal 3 - 5 contract, it is recommended to conduct a long - spread arbitrage, with a target range of 300 - 400. In the cross - variety arbitrage, for some products, different strategies are recommended, such as short - term bearish operation for 09 soybean oil - palm oil, and long - term bullish operation for 09 rapeseed oil - soybean oil [14][15]. 3. Basis and Spot - Futures Strategy - The report provides the spot prices, price changes, and basis changes of various products in the feed, breeding, and oil sectors, including soybean No. 1, soybean No. 2, peanut, etc. [16] Second Part: Key Data Tracking Table 1. Oilseeds and Oils - **Daily Data**: The report presents the import costs of soybeans, rapeseeds, and palm oils from different origins and shipping dates, including arrival premiums, futures prices, CNF prices, and landed duty - paid prices [18][19]. - **Weekly Data**: It shows the inventory and operating rates of various oilseeds and oils, such as the port inventory of soybeans, the inventory of soybean meal in oil mills, and the inventory of rapeseeds in coastal oil mills [20][21]. 2. Feed - **Daily Data**: The import costs of corn from Argentina and Brazil in different months are provided [21]. - **Weekly Data**: The data on corn and corn starch, including the consumption, inventory, operating rate, and inventory of deep - processing enterprises, are presented [22]. 3. Breeding - The daily and weekly data of live pigs and eggs are provided, including spot prices, price changes, production, consumption, and inventory data [23][25][27] Third Part: Fundamental Tracking Charts - The report provides a series of charts on the breeding end (live pigs and eggs), oilseeds and oils, and feed end, including futures and spot prices, production, consumption, inventory, and other data trends [29][39][55] Fourth Part: Options Situation of Soybean Meal, Feed, Breeding, and Oils - The historical volatility of various products such as rapeseed meal, rapeseed oil, soybean oil, and palm oil, as well as the trading volume, open interest, and put - call ratio of corn options are presented [73][74] Fifth Part: Warehouse Receipt Situation of Feed, Breeding, and Oils - The warehouse receipt data of various products such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs are provided [76][77][78]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - **Soft Commodity Sector - Sugar**: The production rhythm in Brazil has improved in the first half of August, with a significant year - on - year increase in sugar production, which is bearish for raw sugar. However, concerns about weather and domestic consumption improvement provide support. In China, import pressure is being realized, but the low inventory pressure of sugar - making enterprises and the warming up of transactions limit the downside space of the 2601 contract [3]. - **Soft Commodity Sector - Pulp**: The pulp industry chain shows few positive signs. Supply pressure remains, and demand improvement is limited. The price has no strong upward drive, but the low valuation provides some support [4]. - **Soft Commodity Sector - Cotton**: The external market is in a long - short game, and the domestic market is affected by rumors of state reserve sales. Short - term prices are expected to fluctuate and consolidate [6]. - **Fresh Fruit Sector - Apple**: The opening price of early - maturing apples has increased year - on - year, and concerns about the excellent fruit rate support the futures price [7]. - **Fresh Fruit Sector - Jujube**: The inventory of jujubes is being depleted, and the market is moving towards the peak season. The futures price of the 2601 contract is affected by multiple factors, and investors can adopt different strategies according to their risk preferences [8]. 3. Summary by Directory 3.1 First Part: Sector Strategy Recommendation - **Fresh Fruit Futures**: For Apple 2510, the recommended strategy is to wait and see or take a short - term long position due to the increase in the opening price of early - maturing apples and concerns about the excellent fruit rate. The support range is 7700 - 7800, and the pressure range is 8500 - 8600. For Jujube 2601, the recommended strategy is to reduce long positions as the commodity sentiment is strong and the third - quarter is the production - forming period, which is prone to weather premium. The support range is 11000 - 11200, and the pressure range is 11500 - 12000 [17]. - **Soft Commodity Futures**: For Sugar 2601, the recommended strategy is to reduce short positions as the estimated production in Brazil is lowered, and the downside space of the futures price is limited. The support range is 5530 - 5550, and the pressure range is 5630 - 5650. For Pulp 2511, the recommended strategy is to be bearish in the range because the coniferous pulp price is below the cost, but the supply pressure remains, and the price of finished paper is low. The support range is 4900 - 5000, and the pressure range is 5200 - 5300. For Cotton 2601, the recommended strategy is to return to a wait - and - see state as the Fed's interest - rate cut expectation and the rumor of state reserve sales lead to short - term price fluctuations [17]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamental Information**: In July, China's fresh apple export volume was about 53,600 tons, a month - on - month increase of 44.59% and a year - on - year decrease of 18.39%. The estimated national apple production is expected to decrease by 2.03% according to one survey and increase by 2.35% according to another [18]. - **Spot Market Situation**: The mainstream transaction price in the Shandong production area is stable. In the northwest production area, the early - maturing Fuji is priced high, and the quality is good, with active procurement by merchants. In the sales area, the arrival of goods has increased significantly, and the price is stable [19][20]. 3.2.2 Jujube Market The temperature in the main jujube - producing areas in Xinjiang has decreased slightly, and some areas have experienced light rain. The daily arrival of goods in the sales area has decreased. The price of high - quality jujubes is strong, and the price of ordinary jujubes is stable. The sample - point physical inventory has decreased [21]. 3.2.3 Sugar Market The ISO reports that the 2025/26 sugar season will have a supply gap of only 23,100 tons. Brazil's sugar production in the first half of August has increased significantly year - on - year. In China, the spot price of sugar in different regions is reported [24][25]. 3.2.4 Pulp Market The price of imported radiata pine has been reduced by $20 per ton, while most suppliers keep the price of coniferous pulp unchanged. Suzano has increased the price of broad - leaf pulp for September orders [27]. 3.2.5 Cotton Market In July 2025, Vietnam's textile and clothing exports and yarn exports have increased. Argentina's cotton exports have decreased in July, and the cumulative exports in the 2024/25 season have decreased year - on - year [28]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review The daily closing prices, price changes, and price change rates of Apple 2510, Jujube 2601, Sugar 2601, Pulp 2511, and Cotton 2601 are reported [29][30]. 3.3.2 Spot Market Review The spot prices, month - on - month changes, and year - on - year changes of apple, jujube, sugar, pulp, and cotton are reported [32]. 3.4 Fourth Part: Basis Situation There is no specific text description about the basis situation, only figure references are provided [43][44][46]. 3.5 Fifth Part: Inter - month Spread Situation The inter - month spreads of apple, jujube, sugar, and cotton are in a state of oscillation. The recommended strategy is to wait and see [49]. 3.6 Sixth Part: Futures Positioning Situation There is no specific text description, only figure references are provided [56][57][59]. 3.7 Seventh Part: Futures Warehouse Receipt Situation The warehouse receipt quantities, month - on - month changes, and year - on - year changes of apple, jujube, sugar, pulp, and cotton are reported [76]. 3.8 Eighth Part: Option - related Data There is no specific text description, only figure references are provided [78][80][81].

Report Information - Authors: Yang Lina, Hu Bin, Liang Haikuan [1] - Date: August 28, 2025 [1] - Investment Consulting Business Qualification: Beijing Securities Regulatory Commission Permit [2012] No. 75 [1] 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The non - ferrous sector is expected to gradually recover, with warming expectations of interest rate cuts and positive demand expectations. The traditional "Golden September and Silver October" period is approaching, and there may be short - term recoveries in non - ferrous metals, but the upward movement requires positive resonance from each variety's fundamentals. However, the contradiction between strong reality and weak expectations will cause fluctuations and adjustments [12]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metals Operating Logic and Investment Recommendations - **Macro Logic**: The non - ferrous sector is trending towards recovery. Interest rate cut expectations are warming up. China's manufacturing data shows a slight improvement, while the US manufacturing growth is slowing, and inflation is moderately rising, further boosting interest rate cut expectations. Non - ferrous metals continued to fluctuate and recover this week. Attention should be paid to the resonance signals between macro and micro factors. The upward space needs positive resonance from each variety's fundamentals [12]. - **Investment Recommendations for Each Variety** - **Copper**: The supply - demand fundamentals of Shanghai copper have turned to a situation of both supply and demand booming, with demand rising faster. The price center is expected to shift upwards, with short - term support at 78000 - 79000 yuan/ton and pressure at 80000 - 82000 yuan/ton. It is recommended to go long on dips [3][13]. - **Zinc**: The supply in China is increasing while demand is weak. Zinc prices are fluctuating and rebounding, with short - term support at 21600 - 21800 and pressure at 22800 - 23200. It is recommended to be slightly bullish in the short - term [4][13]. - **Aluminum Industry Chain**: Shanghai aluminum is oscillating and falling in the high - level range. It is recommended to hold short positions, with support at 20000 - 20200 and pressure at 21000 - 21200. Alumina is oscillating weakly, and cast aluminum alloy is oscillating and consolidating [5][13]. - **Tin**: The supply - demand fundamentals are in a weak pattern. It is recommended to wait and see, with support at 250000 - 255000 and pressure at 270000 - 290000 [6][14]. - **Lead**: The supply is shrinking, and demand is in the peak - season expectation. Lead prices are fluctuating and rebounding. It is recommended to be slightly bullish on dips, with support at 16600 - 16800 and pressure at 17200 - 17400 [8][14]. - **Nickel and Stainless Steel**: Nickel prices are rebounding, and stainless steel is following nickel's upward trend. It is recommended to be slightly bullish on dips for both. Nickel has support at 115000 - 116000 and pressure at 123000 - 125000; stainless steel has support at 12700 - 12800 and pressure at 13000 - 13200 [9][17]. 3.2 Second Part: Non - ferrous Metals Market Review - Copper closed at 79780 with a 0.47% increase; zinc closed at 22175 with a 0.16% increase; aluminum closed at 20645 with a 0.46% decrease; alumina closed at 3008 with a 0.92% decrease; tin closed at 273240 with a 1.94% decrease; lead closed at 16855 with a 0.15% decrease; nickel closed at 123450 with a 1.44% increase; stainless steel closed at 12950 with a 1.05% increase; cast aluminum alloy closed at 20275 with a 0.37% decrease [18]. 3.3 Third Part: Non - ferrous Metals Position Analysis - Analyzes the net long - short strength comparison, net long - short position differences, net long - position changes, and net short - position changes of various varieties such as polysilicon, silver, gold, etc., and the influencing factors [20]. 3.4 Fourth Part: Non - ferrous Metals Spot Market - Presents the spot prices and price changes of copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, and cast aluminum alloy [21]. 3.5 Fifth Part: Non - ferrous Metals Industry Chain - Provides various charts related to the industry chain of copper, zinc, aluminum, alumina, tin, cast aluminum alloy, lead, nickel, and stainless steel, including inventory changes, processing fees, and price trends [22][24][26] 3.6 Sixth Part: Non - ferrous Metals Arbitrage - Contains various charts related to non - ferrous metals arbitrage, such as copper's Shanghai - London ratio, zinc's Shanghai - London ratio, and the price differences between different varieties [49][51][53] 3.7 Seventh Part: Non - ferrous Metals Options - Includes various charts related to non - ferrous metals options, such as historical volatility, weighted implied volatility, and trading volume and open interest changes of copper, zinc, and aluminum options [66][69][71]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The soybean oil market is in a "weak reality + strong expectation" pattern. The short - term may have fluctuations, but the medium - to - long - term bullish view remains unchanged. The Y2601 contract may have short - term fluctuations, and different strategies are recommended for different types of investors [3]. - The market expects a significant reduction in China's procurement of Canadian rapeseed. The short - term of rapeseed oil may fluctuate, and attention should be paid to China - Canada trade relations and import policy dynamics [3]. - The production of Malaysian palm oil has decreased in the short - term, and exports are good. The domestic consumption is weak, but the long - term view is still bullish, with short - term adjustment needs [4]. - The prices of soybean meal and soybean No. 2 have weakened due to increased imports and uncertain Sino - US trade relations. Short - term short - selling operations are recommended [4]. - Rapeseed meal may adjust downward in the short - term, but the downward space is limited due to the expected reduction in subsequent rapeseed procurement [5]. - Corn and corn starch futures prices are under pressure, and it is recommended to reduce short positions at low prices [5]. - The price of soybean No. 1 is under pressure due to the approaching new soybean listing and the continuous state reserve auction. It is recommended to hold short positions [6]. - The new - season peanuts have an expected increase in production, which exerts pressure on prices. However, the short - term downward space is limited, and it is recommended to reduce short positions [7]. - The price of live pigs is under pressure in the short - term, but there is an expectation of capacity reduction in the medium - term. Different strategies are recommended for different contracts [7][8]. - The egg futures price has fallen to a low level. It is recommended to be cautious about short - selling, and aggressive investors can consider buying the 11 - contract at low prices [8]. Summary by Directory Part I: Sector Strategy Recommendations 1. Market Judgment - **Oilseeds**: Soybean No. 1 11 - contract is expected to be bearish in shock, with a support level of 3850 - 3900 yuan/ton and a pressure level of 4145 - 4150 yuan/ton; soybean No. 2 11 - contract is expected to adjust in shock, with a support level of 3600 - 3630 yuan/ton and a pressure level of 3950 - 4000 yuan/ton; peanut 11 - contract is expected to be bearish in shock, with a support level of 7500 - 7600 yuan/ton and a pressure level of 8100 - 8162 yuan/ton [11]. - **Oils**: Soybean oil 01 - contract is expected to be bullish in shock, with a support level of 8230 - 8300 yuan/ton and a pressure level of 8800 - 9000 yuan/ton; rapeseed oil 01 - contract is expected to adjust in shock, with a support level of 9600 - 9610 yuan/ton and a pressure level of 9998 - 10343 yuan/ton; palm oil 01 - contract is expected to adjust in shock, with a support level of 9074 - 9338 yuan/ton and a pressure level of 9900 - 9990 yuan/ton [11]. - **Proteins**: Soybean meal 01 - contract is expected to be bearish in shock, with a support level of 2980 - 3000 yuan/ton and a pressure level of 3180 - 3200 yuan/ton; rapeseed meal 01 - contract is expected to be bearish in shock, with a support level of 2400 - 2431 yuan/ton and a pressure level of 2632 - 2698 yuan/ton [11]. - **Energy and By - products**: Corn 11 - contract is expected to fluctuate at a low level, with a support level of 2100 - 2120 yuan/ton and a pressure level of 2240 - 2250 yuan/ton; corn starch 11 - contract is expected to fluctuate at a low level, with a support level of 2400 - 2420 yuan/ton and a pressure level of 2580 - 2590 yuan/ton [11]. - **Livestock Farming**: Live pig 11 - contract is expected to rebound in shock, with a support level of 13500 - 13750 yuan/ton and a pressure level of 14500 - 15000 yuan/ton; egg 10 - contract is expected to find the bottom in shock, with a support level of 2900 - 3100 yuan/ton and a pressure level of 3300 - 3350 yuan/ton [11]. 2. Commodity Arbitrage - **Inter - delivery Spread**: For most varieties, the current recommendation is to wait and see, except for the soybean meal 3 - 5 spread, which is recommended for positive arbitrage, and the live pig 9 - 1 and egg 9 - 1 spreads, which are recommended for positive arbitrage at low prices [12][13]. - **Inter - variety Spread**: Different strategies such as short - selling, long - buying, and waiting - and - seeing are recommended for different oil - related and protein - related inter - variety spreads [13]. 3. Basis and Spot - Futures Strategies - The report provides the spot prices, price changes, and basis changes of various varieties in different sectors, including oilseeds, oils, proteins, energy and by - products, and livestock farming [14]. Part II: Key Data Tracking Table 1. Oils and Oilseeds - **Daily Data**: It shows the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping periods, including arrival premiums, futures prices, CNF prices, and landed duty - paid prices [16][17]. - **Weekly Data**: It presents the inventory and开机率 (start - up rate) data of different oilseeds and oils, such as the inventory of soybeans at ports, the inventory and开机率 of soybean meal at oil mills, etc. [18][19] 2. Feed - **Daily Data**: It provides the import cost data of corn from Argentina and Brazil in different months [19]. - **Weekly Data**: It shows the consumption, inventory,开机率, and other data of corn and corn starch in deep - processing enterprises [20]. 3. Livestock Farming - It provides daily and weekly data of live pigs and eggs, including prices, production, consumption, inventory, and profit - related data [21][22][23][24] Part III: Fundamental Tracking Charts - **Livestock Farming (Live Pigs and Eggs)**: It includes charts of futures and spot prices, production, consumption, and other aspects of live pigs and eggs [27][29][30][34] - **Oils and Oilseeds** - **Palm Oil**: It includes charts of production, exports, inventory, import profit, and price spreads of Malaysian palm oil and domestic palm oil [37][38][41] - **Soybean Oil**: It includes charts of soybean crushing volume, soybean oil inventory, and oil mill开机率 in the United States and China [44][45][46] - **Peanuts**: It includes charts of peanut arrival, shipment, pressing profit, and inventory [51][53] - **Feed** - **Corn**: It includes charts of corn futures and spot prices, inventory, import volume, and consumption in deep - processing enterprises [55][56][57] - **Corn Starch**: It includes charts of corn starch futures and spot prices,开机率, and inventory [60][61] - **Rapeseed**: It includes charts of rapeseed meal and rapeseed oil spot prices, basis, inventory, and pressing profit [62][64][70] - **Soybean Meal**: It includes charts of soybean growth progress, inventory of soybeans and soybean meal [74][77] Part IV: Options Situation of Soybean Meal, Feed, Livestock Farming, and Oils - It includes charts of historical volatility of various varieties and the trading volume and open interest of corn options [79][80][82] Part V: Warehouse Receipt Situation of Feed, Livestock Farming, and Oils - It includes charts of warehouse receipt quantities of various varieties, such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs [86][88][90]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Carbonate Lithium**: The spot price of carbonate lithium is falling, and the futures price has also dropped significantly. The "Golden September and Silver October" traditional peak season is approaching, and downstream demand has certain rigid support. The supply reduction speed has slowed down, and the inventory decline rate is slower than expected. The price is still hard to stabilize, and it is recommended to seize hedging opportunities [2][5]. - **Industrial Silicon**: The supply is steadily increasing, while the demand is weak. The inventory is difficult to decrease, and the spot price is expected to continue to operate weakly and stably. The futures price is in a confrontation between weak reality and strong policy expectations, and is expected to continue to fluctuate within a range [6]. - **Polysilicon**: There is a confrontation between strong policy expectations and weak reality, and the support of policy expectations has weakened. The demand is weak, but the spot price has not changed yet. It is recommended to wait and see, and aggressive investors can consider participating with a stop - loss [9]. 3. Summary by Relevant Catalogs 3.1 First Part: Spot Price 3.1.1 Plate Strategy Recommendation | Variety | Market Logic | Support Level | Pressure Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | | Carbonate Lithium 11 | Driven by news | 72,000 - 75,000 | 88,000 - 90,000 | Wide - range volatile operation | Seize selling hedging opportunities, downstream cathode material enterprises focus on low - level stockpiling or buying hedging [15] | | Industrial Silicon 11 | Confrontation between weak reality and strong policy expectations | 8,200 - 8,300 | 8,900 - 9,000 | Range - bound oscillation | Adopt a range - bound thinking, and it is more recommended to sell slightly out - of - the - money put options at low levels [15] | | Polysilicon 11 | Insufficient support from policy expectations, increasing concerns about weak demand reality | 45,000 - 46,000 | 52,000 - 53,000 | High - level oscillation | Wait and see [15] | 3.1.2 Futures and Spot Price Changes | Variety | Closing Price | Increase/Decrease Rate | Trading Volume | Open Interest | Open Interest Change | Warehouse Receipts | | --- | --- | --- | --- | --- | --- | --- | | Carbonate Lithium | 78,140 | - 0.91% | 805,585 | 347,063 | - 4,259 | 28,957 | | Industrial Silicon | 8,570 | 0.53% | 293,193 | 273,754 | - 1,804 | 50,656 | | Polysilicon | 49,665 | - 0.10% | 376,304 | 143,912 | - 10,625 | 6,880 | [16] 3.2 Second Part: Fundamental Situation 3.2.1 Carbonate Lithium Fundamental Data - **Production and Inventory Situation**: This week, the production of carbonate lithium was 19,030 tons, a decrease of 108 tons from the previous week. The total sample inventory was 141,136 tons, a decrease of 407 tons. The supply reduction speed has slowed down, and the inventory decline rate is slower than expected [2]. - **Downstream Situation**: The "Golden September and Silver October" traditional peak season is approaching, and downstream demand has certain rigid support. After the rapid increase in downstream inventory, the probability of further large - scale replenishment may decrease [2]. 3.2.2 Industrial Silicon Fundamental Data - **Production and Inventory Situation**: The supply is steadily increasing, and the industry operating rate has recovered to over 60%. The inventory is difficult to decrease, and the exchange warehouse receipts increased last week [6]. - **Downstream Situation**: Downstream demand is weak. The demand for polysilicon is mainly for rigid procurement, the demand for organic silicon is weak, and the aluminum alloy is in the traditional off - season. Although the export of industrial silicon is increasing, it has limited impact on the overall demand [6]. 3.2.3 Polysilicon Fundamental Data - **Production and Inventory Situation**: No specific production and inventory data are provided, but it is mentioned that the battery cell inventory has increased for two consecutive weeks [9]. - **Downstream Situation**: The new photovoltaic installed capacity has declined significantly since June, and domestic installation projects have been postponed. The overseas stocking window for battery cells is coming to an end, and the demand is weak [9].

Report Industry Investment Rating The provided text does not mention the report industry investment rating. Core Viewpoints of the Report - **Soybean Oil**: The soybean oil market is in a "weak reality + strong expectation" pattern. The weak reality is reflected in high inventory and slow sales in the spot market, while the strong expectation is shown by fewer purchases in the fourth quarter, export drive, possible slowdown in oil mill crushing, and impending inventory reduction. Short - term callback space is expected to be limited, and it is still bullish in the medium - to - long - term. Consider 1 - 5 positive spread operations [1]. - **Rapeseed Oil**: China's temporary anti - dumping measures on Canadian rapeseed may reduce domestic purchases from Canada. However, domestic rapeseed oil inventory is seasonally high, and traders are importing from other countries as a supplement. The price is expected to fluctuate, with limited room for further decline [1]. - **Palm Oil**: Malaysian palm oil production growth has slowed, and export demand is good. Domestic inventory has increased, and the basis is under short - term pressure. There is a short - term adjustment need, but support exists. Hold partial long positions after partial profit - taking [2]. - **Soybean No. 2 and Soybean Meal**: The possible soybean reserve release and US soybean import rotation (unconfirmed) have led to a decline in soybean No. 2 and soybean meal. Soybean meal is in a "weak reality + strong expectation" situation, and the short - term decline is limited. Consider going long after stabilization [2]. - **Rapeseed Meal**: The expected reduction in Canadian rapeseed imports and weak consumption have led to a decline in rapeseed meal prices. However, there is still an expectation of inventory reduction in the long - term. It is recommended to wait and see or go long at low prices [2]. - **Corn and Corn Starch**: The prices are expected to continue to be under pressure due to factors such as abundant supply from South America, increased US planting area, and continuous release of imported corn. It is recommended to hold short positions cautiously [4]. - **Soybean No. 1**: New domestic soybeans are gradually coming onto the market, increasing supply. The price is expected to be under pressure, but downstream replenishment during the back - to - school season may provide support. Hold short positions [5]. - **Peanuts**: The new season is expected to have increased production and lower costs, putting pressure on prices. Consider holding short positions for the 11 - contract [6]. - **Hogs**: The implementation of new regulations may affect cross - provincial transportation and increase secondary fattening costs. The short - term price is expected to fluctuate, and it is recommended to hold long positions for the 11 - contract and consider long - term long positions after capacity reduction is confirmed [6]. - **Eggs**: The current price is at a low level, and consumption is in the off - season. After the cost collapse risk is partially released, it is recommended to wait and see for the 09 - contract and consider going long for the 11 - contract at low prices [7]. Summary by Directory First Part: Sector Strategy Recommendations 1. Market Judgment - **Oilseeds**: Soybean No. 1 11 - contract is expected to fluctuate, hold short positions; Soybean No. 2 09 - contract is expected to fluctuate and adjust, wait and see; Peanut 11 - contract is expected to be bearish, hold short positions; Soybean oil 01 - contract is expected to fluctuate and adjust, wait and see [10]. - **Oils**: Rapeseed oil 01 - contract is expected to fluctuate and adjust, wait and see; Palm 01 - contract is expected to be bullish, reduce long positions [10]. - **Proteins**: Soybean meal 01 - contract is expected to fluctuate and adjust, wait and see; Rapeseed meal 01 - contract is expected to fluctuate within a range, go long at low prices [10]. - **Energy and By - products**: Corn 11 - contract is expected to be bearish, hold short positions cautiously; Starch 11 - contract is expected to be bearish, hold short positions cautiously [10]. - **Livestock Farming**: Hog 11 - contract is expected to rebound, hold long positions; Egg 10 - contract is expected to find a bottom, wait and see [10]. 2. Commodity Arbitrage - **Oilseeds**: For soybean No. 1 9 - 1, soybean No. 2 9 - 1, and peanut 10 - 11, wait and see; For soybean meal 3 - 5, conduct positive spread operations [11][12]. - **Oils**: For soybean oil 9 - 1, rapeseed oil 9 - 1, and palm oil 9 - 1, wait and see; For 09 soybean oil - palm oil, conduct bearish operations; For 09 rapeseed oil - soybean oil, conduct bullish operations; For 09 rapeseed oil - palm oil, wait and see [12]. - **Proteins**: For 09 soybean meal - rapeseed meal, it is in a low - level oscillation; For 09 soybean oil - meal ratio, go long; For 09 rapeseed oil - meal ratio, wait and see [12]. - **Energy and By - products**: For 11 starch - corn, wait and see [12]. - **Livestock Farming**: For hog 9 - 1 and egg 9 - 1, conduct positive spread operations at low prices [12]. 3. Basis and Spot - Futures Strategies The report provides spot prices, price changes, and basis changes for various commodities such as soybean No. 1, soybean No. 2, peanuts, etc., which can be used for basis and spot - futures trading analysis [13]. Second Part: Key Data Tracking Table 1. Oils and Oilseeds - **Daily Data**: It shows the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping dates, including to - shore premium, futures prices, CNF prices, and import duty - paid prices [15]. - **Weekly Data**: Presents the inventory and operating rates of beans, rapeseeds, palm oil, and peanuts, such as soybean port inventory, oil mill soybean meal inventory, etc. [17]. 2. Feed - **Daily Data**: Provides the import cost data of corn from Argentina and Brazil in different months [17]. - **Weekly Data**: Shows the consumption, inventory, operating rate, and inventory of corn and corn starch in deep - processing enterprises [18]. 3. Livestock Farming - **Daily Data**: Displays the daily data of hogs and eggs, including spot prices, price changes, and basis in different regions [19][20]. - **Weekly Data**: Presents the weekly key data of hogs and eggs, such as breeding costs, profits, slaughter data, and supply - demand data [21][22][23]. Third Part: Fundamental Tracking Charts - **Livestock Farming (Hogs and Eggs)**: Includes charts of hog and egg futures prices, spot prices, and related prices such as piglet prices, chicken苗 prices, etc. [25][27][28][30][32][33][34]. - **Oils and Oilseeds**: - **Palm Oil**: Charts show Malaysian palm oil production, exports, inventory, import profit, domestic inventory, and price spreads [36][38][39]. - **Soybean Oil**: Charts display US soybean crushing volume, soybean oil inventory, domestic oil mill operating rate, and inventory [48][50][51]. - **Peanuts**: Charts present peanut arrival, shipment, processing profit, and inventory [53][54]. - **Feed**: - **Corn**: Charts show corn futures prices, spot prices, inventory, import volume, and processing profit [57][58]. - **Corn Starch**: Charts display corn starch futures prices, spot prices, operating rate, inventory, and processing profit [60][61]. - **Rapeseed Meal and Rapeseed Oil**: Charts show rapeseed meal and rapeseed oil spot prices, basis, inventory, and processing profit [63][65][67][69]. - **Soybean Meal**: Charts present US soybean growth rates, domestic soybean and soybean meal inventory [71]. Fourth Part: Options Situation of Soybean Meal, Feed, Livestock Farming, and Oils It shows the historical volatility of various commodities such as rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio of corn options [73][74]. Fifth Part: Warehouse Receipt Situation of Feed, Livestock Farming, and Oils Presents the warehouse receipt data of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, hogs, and eggs [76][77][78].

Group 1: Report's Overall Information - Report authors include Yang Lina, Hu Bin, and Liang Haikuan [1] - Report is a daily strategy for non - ferrous metals issued on August 21, 2025 [1][3] Group 2: Report's Core View - The non - ferrous metal sector continues to oscillate. The market is in a state of sorting and repeating under the situation of strong expectations and weak reality. The focus remains on changes in interest - rate cut expectations. If hawkish information persists, there is a risk of the non - ferrous metal sector weakening further [11] - For specific metals: Copper is expected to see an upward shift in its price center; zinc has a mid - term short - selling opportunity; the aluminum industry chain is generally bearish; tin is suitable for high - selling and low - buying; lead can be bought slightly at low prices; nickel and stainless steel are bearish in the mid - term [3][4][5][7][8] Group 3: Investment Ratings (Not Mentioned in the Report) Group 4: Summary by Section Part 1: Non - ferrous Metals Operating Logic and Investment Recommendations - **Macro Logic**: The non - ferrous metal sector continues to oscillate. The market is affected by China's monetary policy, real - estate policies, geopolitical issues, and the Fed's interest - rate cut expectations. The market remains cautious before the geopolitical situation becomes clear [11] - **Investment Recommendations for Specific Metals** - **Copper**: With the improvement of supply and demand fundamentals and the approaching of the peak season and Fed rate cuts, the price center is expected to rise. It is recommended to buy on dips [3][13] - **Zinc**: With increasing supply and weak demand, it is recommended to short on rallies in the mid - term [4][13] - **Aluminum Industry Chain**: The supply of electrolytic aluminum has increased slightly this week. It is recommended to short on rallies or wait and see [5][13][14] - **Tin**: With a pattern of weak supply and demand, it is suitable for high - selling and low - buying [6][14] - **Lead**: With weak prices and slow recovery of demand, it is recommended to buy slightly at low prices and use a wide - range option double - selling strategy [7][15] - **Nickel and Stainless Steel**: Nickel has an oversupply situation, and stainless steel has weak demand. It is recommended to short on rallies in the mid - term [8][15] Part 2: Non - ferrous Metals Market Review - **Futures Closing Prices and Changes**: Copper closed at 78,540 yuan/ton with a 0.13% decline; zinc at 22,240 yuan/ton with a 0.11% decline; aluminum at 20,590 yuan/ton with a 0.27% increase; etc. [16] Part 3: Non - ferrous Metals Position Analysis - Different non - ferrous metal varieties have different net long - short positions and changes. For example, TV (SI2511) has a strong short - position of the main force, and its net short - position is 46,925, with the short - position of the main force decreasing [18] Part 4: Non - ferrous Metals Spot Market - **Spot Prices and Changes**: Copper's Yangtze River spot price is 78,850 yuan/ton with a 0.09% increase; zinc's Yangtze River 0 zinc spot average price is 22,240 yuan/ton with a 0.27% increase; etc. [19][21] Part 5: Non - ferrous Metals Industry Chain - **Copper**: The report provides charts on inventory changes, copper concentrate smelting fees, and the relationship between the US dollar index and copper prices [23][25] - **Zinc**: Charts on inventory changes, zinc concentrate processing fees, etc. are presented [27] - **Aluminum and Alumina**: Charts on inventory and price relationships, spot premium and discount trends are provided [29][35] - **Other Metals**: Similar industry - chain - related charts are provided for tin, lead, nickel, stainless steel, and casting aluminum alloy [37][41][44] Part 6: Non - ferrous Metals Arbitrage - The report presents charts on the ratio of domestic to foreign prices, premium and discount relationships, and price differences between different contracts for various non - ferrous metals, such as copper, zinc, aluminum, tin, etc. [56][57][59] Part 7: Non - ferrous Metals Options - For different non - ferrous metals like copper, zinc, and aluminum, the report provides charts on historical volatility, weighted implied volatility, option trading volume and open - interest changes, and the ratio of call to put open - interest [72][74][77]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - **Carbonate Lithium**: The supply reduction of carbonate lithium has not been fully realized, and the inventory of lithium salt enterprises continues to transfer downstream. The probability of downstream cathode material enterprises significantly replenishing their stocks is decreasing. The short - term risk of the carbonate lithium price reaching the peak is increasing, and the price is expected to run in a wide - range shock. The trading strategy is for upstream and downstream enterprises to seize hedging opportunities according to their own risk management needs [4]. - **Industrial Silicon**: The overall supply of industrial silicon has changed little. The trading was cold last week, and the total social inventory increased slightly. The short - term price is expected to maintain a volatile trend. The trading strategy is to consider selling slightly out - of - the - money put options on dips [5][6]. - **Polysilicon**: The production of polysilicon continues to increase, and the inventory is decreasing. The domestic terminal demand is weak, and the market demand enthusiasm is decreasing. The future inventory accumulation expectation is strong. The current operation logic is the confrontation between "strong policy expectation" and "weak reality", and the short - term price is expected to maintain a high - level volatile trend. The trading strategy is to adopt a band - trading approach [7][8]. 3. Summary According to the Directory Part I: Spot Prices 1.1 Sector Strategy Recommendations - **Carbonate Lithium 09**: The market is driven by news, with a support level of 75,000 - 77,000 and a pressure level of 88,000 - 90,000. It is expected to run in a wide - range shock. The reference strategy is for upstream enterprises to seize selling hedging opportunities, and downstream cathode material enterprises to focus on low - level stockpiling or buying hedging [14]. - **Industrial Silicon 09**: The short - term supply - demand contradiction is limited, but the high - level inventory suppresses the price. The policy support still exists, and the anti - involution sentiment may fluctuate. It is expected to fluctuate within a range, with a support level of 8,200 - 8,300 and a pressure level of 8,900 - 9,000. The reference strategy is to sell put options on dips [14]. - **Polysilicon 09**: The upward movement of the price is blocked near the previous high. It is expected to fluctuate at a high level, with a support level of 47,000 - 48,000 and a pressure level of 53,000 - 54,000. The reference strategy is to adopt a band - trading approach [14]. 1.2 Futures and Spot Price Changes | Variety | Closing Price | Increase/Decrease Rate | Trading Volume | Open Interest | Open Interest Change | Warehouse Receipts | | --- | --- | --- | --- | --- | --- | --- | | Carbonate Lithium | 80,980 | - 7.49% | 838,879 | 395,102 | - 18,995 | 24,045 | | Industrial Silicon | 8,390 | - 2.72% | 561,795 | 279,868 | - 6,737 | 50,613 | | Polysilicon | 51,875 | - 0.52% | 704,931 | 150,086 | 121,091 | 6,370 | [15] Part II: Fundamental Situation 2.1 Carbonate Lithium Fundamental Data - **Production and Inventory Situation**: Last week, the production of carbonate lithium was 19,980 tons, an increase of 424 tons from the previous week. The total inventory was 142,256 tons, a decrease of 162 tons from the previous week [4]. - **Downstream Situation**: The probability of downstream cathode material enterprises significantly replenishing their stocks is decreasing [4]. 2.2 Industrial Silicon Fundamental Data - **Production and Inventory Situation**: Last week, only a few manufacturers increased or decreased production, and the overall supply changed little. The total social inventory increased slightly. The short - term price is expected to maintain a volatile trend [5]. - **Downstream Situation**: After the price of silicone decreased, manufacturers expected to purchase raw materials at a lower price, resulting in cold trading. The production of polysilicon increased steadily, and it continued to replenish raw materials in small batches [5]. 2.3 Polysilicon Fundamental Data - **Production and Inventory Situation**: Enterprises continued to increase production, and the inventory decreased. The future inventory accumulation expectation is strong if the supply continues to increase [7]. - **Downstream Situation**: The domestic terminal demand is weak, and the market demand enthusiasm is decreasing. The inventory of battery cells and silicon wafers has increased [7].

1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core Viewpoints of the Report - The soybean oil market is in a "weak reality + strong expectation" pattern. Short - term callback space is limited, and it is bullish in the long - term. Consider 1 - 5 positive spread operations [3]. - The rapeseed oil price is expected to fluctuate in the short term due to trade policy changes and sufficient inventory [3]. - The palm oil price has a short - term adjustment demand due to factors such as price comparison pressure and potential production impacts in Indonesia [4]. - The soybean meal is in a "weak reality + strong expectation" situation, and the price is expected to be bullish in the long - term [3][4]. - The corn and corn starch prices are expected to continue to be under pressure [5]. - The soybean price is affected by new supply and market sentiment, with a short - term bearish outlook [6]. - The peanut price is under pressure due to expected increased production and lower costs, with a short - term bearish outlook [6]. - The live pig price is affected by policies and supply - demand, with a short - term fluctuating rebound and a long - term focus on capacity reduction [7]. - The egg price is at a low level, and the market expects terminal consumption improvement to drive a price rebound [8]. 3. Summary According to the Catalog 3.1 First Part: Sector Strategy Recommendation 3.1.1 Market Judgment | Sector | Variety | Market Logic | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean 11, Soybean 2 09 | Tense Sino - US and Sino - Canadian trade relations; new domestic soybeans are on the market, supply increases | 3900 - 3930, 3640 - 3670 | 4145 - 4150, 3950 - 4000 | Fluctuation, Fluctuation adjustment | Light - position short - selling, Temporary observation | | | Peanut 11 | Expected production increase and cost reduction | 7500 - 7600 | 8100 - 8162 | Fluctuation with a downward bias | Hold short positions | | Oils | Soybean oil 01 | Potential reduction in Canadian rapeseed imports, sufficient inventory in the short - term, long - term positive outlook | 8230 - 8300 | 8800 - 9000 | Fluctuation adjustment | Temporary observation | | | Rapeseed oil 01 | Short - term supply increase | 9600 - 9610 | 10300 - 10343 | Fluctuation adjustment | Temporary observation | | | Palm 01 | Good export demand from the origin, concerns about Indonesian production | 9060 - 9074 | 9900 - 9990 | Fluctuation with an upward bias | Reduce long positions | | Protein | Soybean meal 01 | Tense Sino - US and Sino - Canadian trade relations, expected reduction in soybean arrivals in the fourth quarter | 2950 - 2980 | 3200 - 3250 | Fluctuation with an upward bias | Light - position long - buying | | | Rapeseed meal 01 | Potential reduction in Canadian rapeseed imports, weak consumption | 2500 - 2523 | 2698 - 2708 | Fluctuation with an upward bias | Hold long positions | | Energy and By - products | Corn 11 | Continuous release of imported corn, stable new - season expectations | 2100 - 2120 | 2240 - 2250 | Fluctuation with a downward bias | Hold short positions cautiously | | | Starch 11 | Weak corn price, relatively loose spot market | 2400 - 2420 | 2580 - 2590 | Fluctuation with a downward bias | Hold short positions cautiously | | Livestock | Live pig 11 | Feed price rebound, strong expectation of capacity reduction | 13500 - 13750, 14500 - 15000 | | Fluctuation rebound | Hold long positions | | | Egg 10 | Capacity pressure + consumption peak season expectation | 3000 - 3050 | 3300 - 3350 | Fluctuation to find the bottom | Observation | [11] 3.1.2 Commodity Arbitrage - For inter - delivery arbitrage, most varieties suggest waiting and seeing, while the soybean meal 3 - 5 spread recommends a positive spread operation with a target of 300 - 400. The live pig 9 - 1 and egg 9 - 1 spreads suggest positive spreads at low prices [12][13]. - For inter - variety arbitrage, the 09 soybean oil - palm oil spread suggests short - biased operations, the 09 rapeseed oil - soybean oil spread suggests long - biased operations, and the 09 soybean oil - meal ratio recommends long - buying operations [13]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties in the feed, livestock, and oil sectors [14]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It shows the import costs of soybeans, rapeseeds, and palm oils from different origins and different shipping dates [16][17]. - **Weekly Data**: Presents the inventory and operation rates of beans, rapeseeds, palm oils, and peanuts [18]. 3.2.2 Feed - **Daily Data**: Lists the import costs of corn from Argentina and Brazil in different months [18]. - **Weekly Data**: Displays the consumption, inventory, and operation rates of corn and corn starch in deep - processing enterprises [19]. 3.2.3 Livestock - **Pig**: Provides daily and weekly data on live pig prices, breeding costs, profits, slaughter data, etc. [20][22][23]. - **Egg**: Offers daily and weekly data on egg prices, production rates, inventory, and related prices [21][24]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock (Pigs and Eggs)**: Includes charts of main contract closing prices, spot prices, and other relevant data of live pigs and eggs [25][28][29][34]. - **Oils and Oilseeds**: - **Palm Oil**: Covers charts of Malaysian palm oil production, exports, inventory, and domestic palm oil inventory, trading volume, etc. [37][40][44]. - **Soybean Oil**: Contains charts of US soybean crushing volume, soybean oil inventory, domestic soybean oil factory operation rates, inventory, etc. [47][48]. - **Peanut**: Shows charts of domestic peanut arrival, shipment, processing profits, and inventory [51][52]. - **Feed**: - **Corn**: Has charts of corn closing prices, spot prices, inventory, import volume, and processing profits [55][56]. - **Corn Starch**: Includes charts of corn starch closing prices, spot prices, operation rates, inventory, and processing profits [58][59]. - **Rapeseed**: Displays charts of rapeseed meal and rapeseed oil spot prices, basis, inventory, and processing profits [60][63][65]. - **Soybean Meal**: Presents charts of US soybean growth rates, soybean and soybean meal inventory [67]. 3.4 Fourth Part: Option Situations of Soybean Meal, Feed, Livestock, and Oils The report provides charts of historical volatility and trading volume of options for various varieties [69][70]. 3.5 Fifth Part: Warehouse Receipt Situations of Feed, Livestock, and Oils The report includes charts of warehouse receipt quantities for various varieties such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanut, corn, corn starch, live pig, and egg [72][73][74].