| 作者： | 王亮亮 | | --- | --- | | 从业资格证号： | F03096306 | | 投资咨询证号： | Z0017427 | | 联系方式： | 010-68578697 | | 作者： | 侯芝芳 | | 从业资格证号： | F3042058 | | 投资咨询证号： | Z0014216 | | 联系方式： | 010-68578922 | | 作者： | 宋从志 | | 从业资格证号： | F03095512 | | 投资咨询证号： | Z0020712 | | 联系方式： | 18001936153 | | 作者： | 辛旋 | | 从业资格证号： | F3064981 | | 投资咨询证号： | Z0016876 | | 联系方式： | -- | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年12月03日星期三 农产品团队 更多精彩内容请关注方正中期官方微信 期货研究院 养殖油脂产业链日度策略报告 摘要 豆二、豆粕：周三，美盘偏强运行，大商所豆粕及豆二继续震荡调 整。美豆对华出口放缓，CBOT大豆走势疲软。目前我国豆类供应 较为充足，短期上涨驱动预计不足。 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - For soybean oil, the supply of domestic soybean products is sufficient, and the upward drive for further price increase is expected to be insufficient. It is not recommended to chase the upward trend, and short - term investors should wait and see. The support level of the main soybean oil contract is 8050 - 8100 yuan/ton, and the resistance level is 8300 - 8350 yuan/ton [3]. - For rapeseed oil, the inventory is in a marginal destocking state, and the supply is expected to turn loose. The price movement is restricted both upwards and downwards. Short - term investors can wait and see. The support level of the OI2601 contract is 9300 - 9350 yuan/ton, and the resistance level is 10000 - 10050 yuan/ton [3]. - For palm oil, it is expected to maintain a volatile and strong trend in the short term. Investors can consider short - term long positions. The support level is 8300 - 8350 yuan/ton, and the resistance level is 8750 - 8800 yuan/ton [4]. - For soybeans and soybean meal, the domestic soybean supply is relatively sufficient, and the short - term upward drive is expected to be insufficient. For the main soybean meal contract, investors can consider holding a small short position [4]. - For rapeseed meal, it is expected to continue to fluctuate. Investors can wait and see, paying attention to the start - up situation of coastal oil mills and the shipping and customs clearance process of Australian rapeseeds [4]. - For corn and corn starch, the short - term external price may continue to fluctuate strongly. The domestic corn price rebound strength is expected to slow down. For the 01 contract, investors should wait and see, and for the 05 contract, long positions should be held with caution [5][6]. - For soybeans (domestic), the short - term price may remain firm. It is recommended to wait and see for now [7]. - For live pigs, the short - term price is in a low - level volatile state. Medium - term investors can consider buying the 2607 contract at a low price after the capacity reduction is confirmed. Cautious investors can wait and see unilaterally [7]. - For eggs, the short - term price is in a volatile state. Cautious investors should avoid short - selling, and aggressive investors can buy the 2603 contract at a low price below the farmers' cost [7]. 3. Summary by Directory First Part: Sector Strategy Recommendations a. Market Analysis | Sector | Variety | Market Logic (Supply - Demand) | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No.1 01 | Middle and upper reaches are reluctant to sell and support prices, while downstream is wait - and - see. The price is firm. | 4040 - 4050 | 4180 - 4200 | Range - bound | Wait and see | | | Soybean No.2 01 | Sufficient port inventory, with both long and short factors. | 3650 - 3660 | 3800 - 3820 | Volatile adjustment | Wait and see | | Oils | Soybean oil 01 | Affected by the arrival of Brazilian soybeans and export news. Supply is sufficient, and consumption is increasing. | 8050 - 8100 | 8300 - 8350 | Volatile adjustment | Wait and see | | | Rapeseed oil 01 | Inventory is in a destocking state, and supply is expected to increase. | 9300 - 9350 | 10000 - 10050 | Volatile consolidation | Wait and see | | | Palm oil 01 | Entering the production - reduction season, but export demand is weak. Domestic inventory decreased last week but is still higher than last year. | 8300 - 8350 | 8750 - 8800 | Volatile and strong | Short - term long | | Protein | Soybean meal 01 | Supply is sufficient, and cost is slightly weak. | 2940 - 2950 | 3080 - 3100 | Volatile adjustment | Wait and see | | | Rapeseed meal 01 | Demand is weak, and supply is expected to increase after the arrival of Australian rapeseeds. | 2370 - 2380 | 2600 - 2630 | Volatile trend | Wait and see | | Energy and By - products | Corn 01 | Poor quality of North China corn and reduced import volume support the price, but the upward drive has decreased. | 2080 - 2100 | 2280 - 2300 | Volatile consolidation | Wait and see | | | Corn starch 01 | Follows the cost of corn and fluctuates. | 2350 - 2360 | 2600 - 2620 | Volatile consolidation | Wait and see | | Livestock | Live pigs 01 | Feed price rebounds, and the expectation of capacity reduction is strengthened. | 11500 - 12000 | 12500 - 12800 | Searching for the bottom in a volatile state | Wait and see | | | Eggs 01 | Decrease in new production and expectation of consumption peak season. | 3000 - 3100 | 3300 - 3350 | Searching for the bottom in a volatile state | Buy at a low price | [10] b. Commodity Arbitrage Most of the commodity arbitrage strategies are to wait and see. For example, for the spread of soybean No.1 1 - 5, soybean No.2 1 - 5, etc., investors are advised to wait and see. Only the live pigs 1 - 3 spread is recommended to do positive arbitrage at a low price [12]. c. Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties such as oilseeds, oils, protein, energy and by - products, and livestock [13]. Second Part: Key Data Tracking Table a. Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping dates, such as the arrival premium, CBOT futures price, CNF arrival price, and import arrival - duty - paid price [14]. - **Weekly Data**: It shows the inventory and start - up rate of various oils and oilseeds, such as the inventory of soybeans in ports, the inventory and start - up rate of rapeseed in coastal oil mills, and the inventory of palm oil [16]. b. Feed - **Daily Data**: It provides the import cost data of corn from Argentina and Brazil in different months [16]. - **Weekly Data**: It shows the weekly data of corn and corn starch, such as the consumption, inventory, start - up rate, and inventory of starch enterprises, as well as the farmers' grain - selling progress [17]. c. Livestock It provides daily and weekly data of live pigs and eggs, including prices, cost - profit, inventory, and other indicators [18][20][22]. Third Part: Fundamental Tracking Charts It includes various charts related to the livestock end (live pigs and eggs), oils and oilseeds, and feed end, which visually show the price trends, inventory changes, and other information of different varieties [23]. Fourth Part: Feed, Livestock, and Oil Options It provides the historical volatility charts of various varieties such as rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and other data of corn options [84]. Fifth Part: Feed, Livestock, and Oil Warehouse Receipts It provides the warehouse receipt quantity and index open interest charts of various varieties such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs [93].

有色贵金属与新能源团队 | 作者： | 杨莉娜 | | --- | --- | | 从业资格证号： | F0230456 | | 投资咨询证号： | Z0002618 | | 联系方式： | 010-68573781 | | 作者： | 胡彬 | | 从业资格证号： | F0289497 | | 投资咨询证号： | Z0011019 | | 联系方式： | 010-68576697 | | 作者： | 梁海宽 | | 从业资格证号： | F3064313 | | 投资咨询证号： | Z0015305 | | 联系方式： | 010-68518650 | 期货研究院 有色金属日度策略 Metal Futures Daily Strategy 摘要 铜： 近期美联储集体转鸽，美国9月零售数据不及预期，市场对美联储1 2月降息预期再度升温。美国政府结束停摆，后续美元流动性有望 改善。美国总统特朗普11月24日签署行政令，正式启动代号为"创 世使命"的国家级人工智能计划，打开了市场对未来美国铜需求增 长的想象空间。基本面方面，铜管需求和产量旺季不旺，前期铜价 上涨一定程度抑制下游采购需求，但当前下游对高铜价的接受度开 ...

农产品团队 | 作者： | 王亮亮 | | --- | --- | | 从业资格证号： | F03096306 | | 投资咨询证号： | Z0017427 | | 联系方式： | 010-68578697 | | 作者： | 侯芝芳 | | 从业资格证号： | F3042058 | | 投资咨询证号： | Z0014216 | | 联系方式： | 010-68578922 | | 作者： | 宋从志 | | 从业资格证号： | F03095512 | | 投资咨询证号： | Z0020712 | | 联系方式： | 18001936153 | | 作者： | 辛旋 | | 从业资格证号： | F3064981 | | 投资咨询证号： | Z0016876 | | 联系方式： | -- | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年11月25日星期二 期货研究院 养殖油脂产业链日度策略报告 。 摘要 豆油：周二，豆油主力01合约下跌，午后收于8144（日变动-24或 -0.29%）。产地棕榈油超预期增产，棕榈油价格下挫带动豆油价格 走低。目前国内豆油库存较为充足，并且市场担忧美豆油生 ...

Report Information - The report is written by the Agricultural Products Team of Fangzheng Futures, including Hou Zhifang, Song Congzhi, Wang Liangliang, and Tang Binghua, and was completed on November 22, 2025 [1] Industry Investment Rating - No investment rating information is provided in the report Core Views - **Sugar**: Indian sugar mills are increasing their production, and new sugar is being listed in China, causing sugar prices to decline. It is recommended to hold short positions and consider selling call options [3] - **Pulp**: The pulp market has shifted from rising to falling. Although the cost of warehouse receipts provides some support, the overall improvement in fundamentals is limited. It is advisable to reduce short positions when approaching the support level [4] - **Double - offset paper**: The spot price is stable, and the seasonal demand improvement is insufficient to significantly improve the fundamentals. It is recommended to take short positions on rebounds [5] - **Cotton**: Globally and in the US, there is an expectation of a slight inventory build - up. In the domestic market, production is increasing, and demand is weak. It is recommended to reduce short positions on dips [8] - **Apples**: The peak of apple storage is lower than expected, and the yield and high - quality fruit rate are decreasing year - on - year. It is recommended to hold long positions in the May contract cautiously [9] - **Jujubes**: In November, the futures - spot price difference has returned, and the supply - demand is shifting to a double - strong situation. Aggressive investors can consider reverse arbitrage or long positions with protective put options [10] Summary by Directory Part I: Sector Strategy Recommendations - **Fresh Fruit Futures**: For Apple 2605, hold long positions cautiously; for Jujube 2601, short on rebounds [18] - **Soft Commodity Futures**: For Sugar 2601, hold short positions; for Pulp 2601, wait and see; for Double - offset paper 2601, short on rebounds; for Cotton 2601, hold short positions cautiously [18] Part II: Sector Weekly Market Review I. Futures Market Review | Variety | Closing Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | | Apple 2601 | 9570 | 530 | 5.86% | | Jujube 2601 | 9190 | - 400 | - 4.17% | | Sugar 2601 | 5470 | 13 | 0.24% | | Pulp 2511 | 4900 | 28 | 0.57% | | Double - offset paper 2601 | 4264 | 8 | 0.19% | | Cotton 2601 | 13450 | - 130 | - 0.96% | [19] II. Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 4.00 | 0.00 | - 0.25 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5760 | 10 | - 560 | | Pulp (Shandong Yinxing) | 5550 | 0 | - 730 | | Cotton (yuan/ton) | 14371 | - 420 | - 912 | [23] Part III: Sector Basis Situation - The report provides basis data charts for Apple, Jujube, Sugar, Pulp, and Cotton, but does not provide specific numerical analysis [35] Part IV: Inter - month Spread Situation - The report provides inter - month spread data charts for Apple, Jujube, Sugar, and Cotton, but does not provide specific numerical analysis [41] Part V: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 0 | 0 | 0 | | Sugar | 7971 | - 11 | - 3109 | | Pulp | 210549 | 991 | - 165471 | | Cotton | 2244 | - 1259 | 1964 | | Cotton Yarn | 17 | - 10 | 17 | [48] Part VI: Option - related Data | Variety | Market Logic | Option Strategy | | --- | --- | --- | | Apple 2605 | The peak of storage is lower than expected, and the futures price is supported | Sell out - of - the - money put options | | Jujube 2601 | New jujube production increases and is listed intensively | Sell deep out - of - the - money call options | | Sugar 2601 | Supply increases, and it is hard to rise | Sell out - of - the - money call options | | Cotton 2601 | There is still pressure from phased supply, and the price is expected to remain low | Sell out - of - the - money call options | | Pulp 2601 | Cost support exists, but the upward driving force of fundamentals is weak | Sell put options with an exercise price of 4900 and call options with an exercise price of 5300 | [50] Part VII: Sector Futures Fundamental Situation I. Apple - **Weather in Producing Areas**: Provide temperature and precipitation data charts for Shandong and Shaanxi [67] - **Export Situation**: Provide charts of monthly apple export volume [71] - **Inventory Situation**: Provide charts of weekly apple storage inventory in China, Shandong, and Shaanxi [73] II. Jujube - Provide charts of weekly jujube trading volume in Henan and Hebei, and daily jujube arrival volume in Guangdong Ruyifang Market [77] III. Sugar - Provide charts of national sugar industrial inventory, monthly sugar import volume, and sugar spot - futures spread [78] IV. Pulp - Provide charts of domestic pulp inventory in four ports, global pulp producer inventory days, and production volume of various paper products [83] V. Double - offset paper - Provide charts of double - offset paper capacity utilization, production volume, enterprise inventory, and apparent consumption [95] VI. Cotton - Provide charts of clothing retail sales and inventory data in the US, UK, and Japan, as well as domestic cotton industrial and commercial inventory, import volume, and textile industry data [100]

Group 1: Report Summary - The report provides investment analysis and strategies for various agricultural products including soybean oil, rapeseed oil, palm oil, soybeans, corn, and livestock products such as pigs and eggs [3][4][5]. - It analyzes the market trends, supply - demand fundamentals, and provides corresponding trading strategies and support/resistance levels for each product [3][4][5]. Group 2: Product - Specific Analysis Soybean Oil - On Wednesday, the main 01 contract of soybean oil continued to rise, closing at 8356 (daily change of 36 or 0.43%). International diesel price increase and strong US soybean crushing consumption drove up domestic oil prices. Although the domestic soybean oil inventory is high, it has entered a decreasing stage, with obvious support below. Suggest holding long positions in the main contract, continuing to hold previously sold out - of - the - money put options, and considering long - oil short - meal arbitrage. Support is at 8000 - 8030 yuan/ton, and resistance is at 8450 - 8500 yuan/ton [3]. Rapeseed Oil - On Wednesday, rapeseed oil declined. The main OI2601 contract closed at 9813 yuan/ton, down 0.91% month - on - month. The fundamentals have no significant change. The inventory is high compared to the same period, but the marginal destocking trend continues. With Australian seeds arriving soon, supply is expected to ease, and the rapeseed sector has given back some premium. Considering reducing or taking profit on previous long positions, and maintaining a long - on - dips strategy before the China - Canada relationship improves. Support for the OI2601 contract is at 9300 - 9350, and resistance is at 10050 - 10100 [3]. Palm Oil - On Wednesday, palm oil trended strongly upward, with the main 01 contract closing at 8852, up 1.89% month - on - month. International energy supply tightened due to sanctions on Russia and attacks on Russian oil facilities, boosting palm oil's bio - diesel attribute. However, domestic demand is weak and inventory may accumulate. As Malaysian palm oil enters the production - reduction season, supply pressure may ease. It is recommended to wait and see or go short - term long on dips. Support is at 8530 - 8550, and resistance is at 8950 - 9000 [4]. Soybeans - **Soybean 1**: On Wednesday, the main 01 contract of soybean 1 adjusted weakly, closing at 4145 (daily change of - 4 or - 0.10%). The market logic is unchanged. On November 18, 35,692 tons of state - reserve soybeans were auctioned at the base price. The new - season soybean market in the Northeast is stable, with high - quality soybeans having firm prices. Farmers' selling willingness is okay, and traders' purchases are cautious. The price may adjust weakly in the short - term, and it is recommended to exit long positions and wait and see. Support is at 4000 - 4020 yuan/ton, and resistance is at 4250 - 4280 yuan/ton [7]. - **Soybean 2**: On Wednesday, the prices of DCE soybean 2 and soybean meal continued to be weak. Media reports that China may have purchased US soybeans worried the market about the release of reserve soybeans. With sufficient domestic soybean supply for oil extraction, the prices of soybean 2 and soybean meal are expected to bottom weakly in the short - term. It is recommended to exit long positions and hold long - oil short - meal arbitrage. Support for the main soybean 2 contract is at 3680 - 3700 yuan/ton, and resistance is at 3850 - 3900 yuan/ton [5]. Corn and Corn Starch - On Wednesday, the prices of corn and corn starch fluctuated. For US corn, the inventory accumulation expectation in the 2025/26 season remains unchanged, with pressure from concentrated listing. Although there are some weather disturbances in Argentina, the overall pressure persists. For domestic corn, concerns about grain quality in North China increased the purchase enthusiasm for Northeast grain, and the decrease in imported grains also boosted the purchase in the southern sales areas. However, the subsequent concentrated supply pressure still exists, restricting the rebound height of futures prices. It is recommended to go short in the short - term. Support for the corn 01 contract is at 2050 - 2070, and resistance is at 2200 - 2220. For the corn starch 01 contract, support is at 2350 - 2360, and resistance is at 2520 - 2540 [6]. Livestock Products - **Pigs**: On Wednesday, the futures price of pigs fluctuated weakly at a low level. The 2601 contract followed the spot price weakly, while the far - month contracts were relatively resistant to decline. The spot price of pigs first rose and then fell this week. Farmers' slaughter decreased at the beginning of the month, and the slaughter weight increased slightly. The expectation of falling feed costs made the far - month futures prices pessimistic. The national average spot price of pigs is about 11.54 yuan/kg, down 0.05 yuan/kg from last week. It is recommended to wait for capacity reduction to be confirmed and then go long on the 2607 contract at low prices. Cautious investors can wait and see. The reference range for the 2601 contract is 11,500 - 12,600 points [7]. - **Eggs**: On Wednesday, the egg futures price opened low and closed high, fluctuating weakly. The near - month futures prices dropped significantly this week. The overall consumption is gradually entering the peak season. After the egg price fell below the breeding cost, the laying - hen inventory capacity is gradually being reduced, and the new - laying hens at the end of the year are expected to decrease month - on - month. It is recommended that cautious investors wait and see, and aggressive investors can go long on the 2601 contract at prices below the farmers' cost. The reference range for the 01 contract is 3000 - 3250 points [8]. Group 3: Strategy Recommendations Market Judgment Strategies - For different products, different market judgment strategies are given, such as holding long positions, short - term trading, or waiting and seeing based on the supply - demand situation and market trends [3][4][5]. - For example, for soybean oil, it is recommended to hold long positions and long - oil short - meal arbitrage; for rapeseed oil, it is recommended to reduce long positions or take profit and then go long on dips [3]. Arbitrage Strategies - Cross - period and cross - product arbitrage strategies are provided. For cross - period arbitrage, most contracts are recommended to wait and see, while for some contracts like corn 5 - 1, it is recommended to go long at low prices [12]. - For cross - product arbitrage, strategies such as long - oil short - meal arbitrage are recommended, and different strategies are given according to the price differences between different products [12]. Basis and Spot - Futures Strategies - The report provides data on spot prices, price changes, and basis for various products, which can be used for basis and spot - futures trading strategies [13].

| 作者： | 王亮亮 | | --- | --- | | 从业资格证号： | F03096306 | | 投资咨询证号： | Z0017427 | | 联系方式： | 010-68578697 | | 作者： | 侯芝芳 | | 从业资格证号： | F3042058 | | 投资咨询证号： | Z0014216 | | 联系方式： | 010-68578922 | | 作者： | 宋从志 | | 从业资格证号： | F03095512 | | 投资咨询证号： | Z0020712 | | 联系方式： | 18001936153 | | 作者： | 辛旋 | | 从业资格证号： | F3064981 | | 投资咨询证号： | Z0016876 | | 联系方式： | -- | 农产品团队 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年11月18日星期二 期货研究院 养殖油脂产业链日度策略报告 摘要 豆油：周二，豆油主力01合约偏强走势，午后收于8320（日变动3 8或0.46%）。国际柴油价格走强带动马棕油上涨，进而带动连盘豆 油上涨。目前国内豆油库存虽然绝对量偏高但已经进入递减阶段， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall market of the feed, breeding, and oil industries shows a complex situation with different trends for various products. Some products are in a state of supply - demand balance adjustment, while others are affected by factors such as international market conditions, policies, and seasonal changes [3][4][5]. - For individual products, some are recommended for temporary observation, some for specific trading strategies like selling put options or low - buying on dips, and some for arbitrage operations [3][4][10]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Judgment - **Oilseeds**: - The price of domestic new soybeans has cooled the purchasing sentiment of the middle and lower reaches, but farmers' reluctance to sell remains. The price of soybean No.1 is expected to run strongly, and it is recommended to wait and see [10]. - After the bullish factors in the November supply - demand report were realized, the price of soybean No.2 followed the decline of US soybeans and is expected to be in a volatile adjustment, also recommended for waiting and seeing [10]. - **Oils**: - Soybean oil has sufficient supply and increasing consumption, with fewer soybean purchases in the fourth quarter. It is expected to build a bottom in a volatile manner, and it is recommended to sell out - of - the - money put options [10]. - Rapeseed oil has a continuous marginal inventory reduction trend, and the market sentiment is boosted. It is expected to be volatile and strong, and it is recommended to buy on dips [10]. - Palm oil has stabilized after a previous sharp decline, but the upward driving force is insufficient. It is expected to be in a bottom - building and volatile state, and it is recommended to try long positions with a light position or sell out - of - the - money put options [10]. - **Protein**: - The cost - side support of soybean meal is obvious, and it is expected to run strongly. It is recommended to wait and see [10]. - Rapeseed meal has short - term supply shortages, but the expectation of supply is alleviated, and it is in a seasonal off - season for demand. It is expected to be in a wide - range volatile state, and it is recommended to wait and see [10]. - **Energy and By - products**: - Corn has a slight rebound expectation, but the pressure of concentrated supply limits the rebound height. It is recommended to wait and see [10]. - Corn starch follows the slight rebound of corn prices and is also recommended for waiting and seeing [10]. - **Breeding**: - The price of live pigs is expected to find a bottom in a volatile manner, and it is recommended to switch to waiting and seeing [10]. - The price of eggs is expected to find a bottom in a volatile manner, and it is recommended to buy on dips [10]. 3.1.2 Commodity Arbitrage - For most cross - period and cross - variety arbitrage operations, it is recommended to wait and see, except for some operations such as going long on the corn 5 - 1 spread at low prices and positive arbitrage on the live pig 1 - 3 spread at low prices [11][12]. 3.1.3 Basis and Spot - Futures Strategies - The report provides the spot prices, price changes, and basis changes of various products in different sectors, which can be used as a reference for spot - futures operations [13]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It shows the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping months, including CNF prices, arrival - at - port duty - paid prices, etc. [15][16]. - **Weekly Data**: It presents the inventory and operating rates of beans, rapeseeds, palm oil, and peanuts, showing the supply - side situation of the oils and oilseeds market [17]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from different countries and different months [17]. - **Weekly Data**: It shows the consumption, inventory, operating rate, and inventory of corn and corn starch in deep - processing enterprises, reflecting the supply - demand relationship in the feed market [18]. 3.2.3 Breeding - **Daily Data**: It shows the daily price data of live pigs and eggs, including prices in different regions and price changes compared with the previous day, week, month, and year [19][20][21]. - **Weekly Data**: It presents the weekly price, cost, profit, slaughter data, and inventory data of live pigs and eggs, reflecting the overall situation of the breeding market [20][21]. 3.3 Third Part: Fundamental Tracking Charts - **Breeding End (Live Pigs, Eggs)**: It includes the closing prices of live pig and egg futures contracts, spot prices, and related price data charts, which can be used to analyze the price trends and market conditions of the breeding end [23][25][26]. - **Oils and Oilseeds**: - **Palm Oil**: It shows charts related to Malaysian palm oil production, exports, inventory, import profits, and domestic palm oil inventory and trading volume, etc., to help analyze the supply - demand relationship and price trends of palm oil [33][34][37]. - **Soybean Oil**: It includes charts of US soybean crushing volume, soybean oil inventory, domestic soybean oil factory operating rate, inventory, and trading volume, etc., to analyze the soybean oil market [40][42][43]. - **Peanuts**: It presents charts of peanut arrival and shipment volume, pressing profit, operating rate, and inventory, etc., to understand the peanut market [45][47]. - **Feed End**: - **Corn**: It shows charts of corn futures prices, spot prices, basis, inventory, import volume, and processing profit, etc., to analyze the corn market [49][54][55]. - **Corn Starch**: It includes charts of corn starch futures prices, spot prices, basis, operating rate, inventory, and processing profit, etc., to analyze the corn starch market [57][59][66]. - **Rapeseed Products**: It presents charts of rapeseed meal and rapeseed oil spot prices, basis, inventory, pressing volume, and pressing profit, etc., to analyze the rapeseed products market [59][63][64]. - **Soybean Meal**: It shows charts of US soybean growth indicators, inventory, basis, and price spreads, etc., to analyze the soybean meal market [66][71][78]. 3.4 Fourth Part: Options Situation of Feed, Breeding, and Oils - It provides charts of historical volatility of 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, to help analyze the option market [81][82]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Breeding, and Oils - It shows the warehouse receipt quantity and open interest charts of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs, which can be used to analyze the market supply and demand and price trends from the perspective of warehouse receipts [84][85][86].

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 international raw sugar price has rebounded, but the fundamentals at home and abroad remain unchanged. The supply surplus in the 2025/26 sugar season has been revised downward, which slightly boosts sentiment. However, Brazil's sugar production is expected to increase significantly, and the weekly export volume in November decreased year - on - year. In China, new sugar is on the market, and the main contract is under pressure at 5500. It is recommended to take a short - selling approach on rallies and hold the strategy of selling call options [4]. - **Pulp**: The pulp futures price has continued to strengthen, and the spot price has followed, but the increase is weaker. The short - term rise is mainly due to the increase in warehouse receipt costs. The demand improvement of downstream wood - pulp paper is limited. Although the global pulp shipment volume increased in September, the shipment volume of softwood pulp to China decreased year - on - year, and China's pulp imports decreased in October. The market is advised to wait and see as the upside space is limited [5]. - **Offset Paper**: The spot price remains stable, and the peak season has limited impact on the market. The cost is supported by the rising pulp futures price, but the upside is limited. The price is expected to fluctuate in a low - level range, and it is recommended to short near the resistance level [6][7]. - **Cotton**: The external market is weak. The USDA November report is bearish for US cotton, and the domestic cotton production is expected to increase slightly. The demand improvement is limited, and the price is expected to fluctuate weakly. It is recommended to reduce short positions on dips [8][9]. Fresh Fruit Sector - **Apples**: The production and high - quality fruit rate have decreased year - on - year, which provides core support. The apple warehousing in the producing areas is progressing steadily. The 01 contract is expected to remain strong at a high level, and it is recommended to hold long positions in the 2605 contract cautiously [10]. - **Jujubes**: In November, the jujube futures price dropped significantly and then fluctuated at a low level. The supply has become more abundant, and the expectation of production reduction has failed. The supply and demand are expected to be strong in the fourth quarter. It is recommended that aggressive investors hold a reverse spread strategy or long positions in the 2605 contract with protective put options [11][12]. 3. Summary According to the Directory First Part: Sector Strategy Recommendation - **Fresh Fruit Futures**: For Apple 2605, it is recommended to hold long positions cautiously as the inventory continues to decline year - on - year. For Jujube 2601, it is recommended to short on rallies due to the cooling of the production reduction expectation [20]. - **Soft Commodity Futures**: For Sugar 2601, short on rallies as the external market is under pressure and new sugar is on the market. For Pulp 2601, wait and see as the upside space is limited. For Offset Paper 2601, short on rallies as the demand improvement is limited. For Cotton 2601, hold short positions cautiously as the new cotton production is expected to increase and the consumption confidence is insufficient [20]. Second Part: Sector Weekly Market Review a. Futures Market Review | Variety | Closing Price | Weekly Change | Weekly Change Rate (%) | | --- | --- | --- | --- | | Apple 2601 | 9040 | - 198 | - 2.14 | | Jujube 2601 | 9590 | - 555 | - 5.47 | | Sugar 2601 | 5457 | - 26 | - 0.47 | | Pulp 2511 | 4872 | 34 | 0.70 | | Offset Paper 2601 | 4278 | 8 | 0.19 | | Cotton 2601 | 13580 | - 15 | - 0.11 | [21] b. Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 4 | 0.00 | 0.7 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5760 | 10 | - 560 | | Pulp (Shandong Yinxing) | 5500 | 0 | - 800 | | Cotton (yuan/ton) | 14806 | - 13 | - 590 | [24] Third Part: Sector Basis Situation There is no specific text description, only references to relevant figures such as the basis of Apple 1 - month contract, Jujube main - continuous contract, etc. [32][33][34] Fourth Part: Inter - Month Spread Situation There is no specific text description, only references to relevant figures such as the spread between Apple 10 - 1 and 1 - 5 contracts, etc. [42][44][46] Fifth Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 0 | 0 | 0 | | Sugar | 8622 | 901 | - 4507 | | Pulp | 220368 | - 1493 | - 157345 | | Cotton | 4401 | 221 | 1980 | [48] Sixth Part: Option - Related Data a. Option Strategy Recommendation | Variety | Market Logic | Option Strategy | | --- | --- | --- | | Apple 2605 | The inventory continues to decline year - on - year, and the price is supported | Sell out - of - the - money put options | | Jujube 2601 | New jujube production increases and is concentrated on the market | Sell deep out - of - the - money call options | | Sugar 2601 | Cost support, but the fundamentals are bearish | Sell out - of - the - money call options | | Cotton 2601 | The supply is temporarily abundant, and the price is expected to remain low | Sell out - of - the - money call options | | Pulp 2601 | Cost support, but the upward driving force of the fundamentals is weak | Sell put options with a strike price of 4900 and call options with a strike price of 5300 | [50] b. Option Data for Each Variety There is no specific text description, only references to relevant figures such as the trading volume, open interest, and historical volatility of apple, sugar, and cotton options [52][53][56] Seventh Part: Sector Futures Fundamental Situation a. Apples - **Producing Area Weather**: There are references to figures of the minimum temperature and precipitation in Shandong and Shaanxi [60][61][62]. - **Export Situation**: There is a reference to the figure of the monthly apple export volume [63][65]. - **Inventory Situation**: There are references to figures of the weekly apple storage inventory in China, Shandong, and Shaanxi [66][68]. b. Jujubes There are references to figures of the weekly trading volume of jujubes in Henan and Hebei and the daily arrival volume in Guangdong Ruyifang Market [70]. c. Sugar There are references to figures of the national sugar industrial inventory, monthly sugar import volume, and the spot - futures spread of sugar [71][72][75]. d. Pulp There are references to figures of the pulp inventory in four domestic ports, the global producer's wood - pulp inventory days, and the weekly production of various types of paper [76][77][79]. e. Offset Paper There are references to figures of the capacity utilization rate, production, inventory, and apparent consumption of offset paper [88][89][91]. f. Cotton There are references to figures of the retail sales and inventory of clothing in the US, UK, and Japan, as well as the industrial and commercial inventory, import volume, and production of cotton - related products in China [93][94][97]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For the sugar market, the global supply surplus in the 2025/26 sugar season has been revised down due to potential production cuts in Brazil and India. However, Brazilian sugar production is expected to increase, and domestic sugar prices face pressure from new sugar supply. The short - term sentiment has improved, but the medium - to - long - term is still under supply surplus pressure [3]. - The pulp market is currently in a situation where the futures are strong, and the spot price has followed the increase. The cost of warehouse receipts has risen, but the supply pressure remains high, and the demand is supported by the high production of finished paper during the peak season [3]. - The double - offset paper market has limited improvement in demand during the peak season, and the supply is relatively abundant. Although the cost is supported by the increase in pulp prices, the upward driving force is weak [5]. - The cotton market is under pressure from increased production and weak consumption. The short - term price is expected to fluctuate weakly [7]. - The apple market is supported by the decline in new - season production and good fruit rate, and the inventory is decreasing year - on - year. The price of the 2605 contract is expected to remain strong [8]. - The jujube market has seen a decline in the futures price, and the market's expectation of production cuts has cooled. The inventory removal speed has slowed down, and the price is expected to be weak [9]. Group 3: Summary According to the Directory First Part: Plate Strategy Recommendation - **Fresh Fruit Futures Strategy** - Apple 2605: Hold long positions cautiously. The new - season production and good fruit rate decline year - on - year, and the inventory continues to decline year - on - year, supporting the valuation. The support range is 8800 - 8900, and the pressure range is 9700 - 9800 [18]. - Jujube 2601: Exit short positions at low prices. The futures premium is high, and there is a pressure for the futures and spot prices to converge. The support range is 9400 - 9500, and the pressure range is 11000 - 11300 [18]. - **Soft Commodity Futures Strategy** - Sugar 2601: Short on rebounds. The global supply surplus pressure remains, and domestic new sugar supply increases. The support range is 5380 - 5400, and the pressure range is 5520 - 5550 [18]. - Pulp 2601: Wait and see. The cost of pulp warehouse receipts has increased, but the supply remains high, and the fundamentals have limited improvement. The support range is 4900 - 5000, and the pressure range is 5400 - 5500 [18]. - Double - offset Paper 2601: Wait and see. The cost is supported by the increase in pulp prices, but the supply is elastic, and the demand suppresses the price. The support range is 4100 - 4200, and the pressure range is 4400 - 4500 [18]. - Cotton 2601: Reduce short positions at low prices. The new - cotton production estimate is stable, and the consumption improvement is insufficient. The support range is 13200 - 13300, and the pressure range is 13700 - 13800 [18]. Second Part: Market News Changes - **Apple Market** - **Fundamental Information**: In September 2025, the export volume of fresh apples was about 70,800 tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32%. As of November 13, 2025, the cold - storage inventory of apples in the main producing areas decreased year - on - year [19]. - **Spot Market Situation**: In Shandong, the purchase price outside the warehouse was stable, and the price of medium - and small - sized apples in the cold - storage increased. In Shaanxi, the cold - storage transaction increased, and the price of the same - quality fruit in the cold - storage was higher than that outside the warehouse. In other producing areas, the situation varied. The arrival volume in the sales area decreased slightly, and the sales were stable [19][20][21]. - **Jujube Market**: The physical inventory of 36 sample points increased by 2.06% month - on - month and 131.35% year - on - year. The futures price continued to fall, and the spot price followed. The market's expectation of production cuts cooled [9][22]. - **Sugar Market**: Datagro lowered the global sugar supply surplus in the 2025/26 season to 1 million tons. The Brazilian and Indian production estimates were reduced. The domestic new sugar supply increased, and the price faced pressure [3][24]. - **Pulp Market**: As of October 27, the weekly pulp inventory in sample areas decreased by 1.58% month - on - month. The domestic paper pulp import volume decreased in October, and the demand was supported by the high production of finished paper [3][26]. - **Double - offset Paper Market**: In October, the average theoretical gross profit margin of the double - offset paper industry was - 6.57%, a decrease of 1.38 percentage points from the previous month. The cost decline was narrower than the revenue decline, and the profitability continued to decline [27]. - **Cotton Market**: The import volume of cotton in Japan and Thailand changed in September, and the export volume of Cote d'Ivoire increased in October. The national cotton production estimate in November was 741.8 million tons, an increase of 0.3 million tons from October [28]. Third Part: Market Review - **Futures Market Review** - Apple 2601 closed at 9504, up 297 or 3.23% [29]. - Jujube 2601 closed at 9195, down 170 or - 1.82% [29]. - Sugar 2601 closed at 5512, up 34 or 0.62% [29]. - Pulp 2511 closed at 4906, up 16 or 0.33% [29]. - Cotton 2601 closed at 13490, down 25 or - 0.18% [29]. - **Spot Market Review** - The spot price of apples was 4 yuan per catty, with no month - on - month change and a year - on - year increase of 0.7 yuan [34]. - The spot price of jujubes was 9.40 yuan per kilogram, a month - on - month decrease of 0.10 yuan and a year - on - year decrease of 5.30 yuan [34]. - The spot price of sugar was 5760 yuan per ton, a month - on - month increase of 10 yuan and a year - on - year decrease of 560 yuan [34]. - The spot price of pulp (Shandong Yinxing) was 5500 yuan, with no month - on - month change and a year - on - year decrease of 680 yuan [34]. - The spot price of double - offset paper (Taiyang Tianyang - Tianjin) was 4450 yuan, with no month - on - month change and a year - on - year decrease of 450 yuan [34]. - The spot price of cotton was 14819 yuan per ton, a month - on - month decrease of 32 yuan and a year - on - year decrease of 585 yuan [34]. Fourth Part: Basis Situation - No specific summary content provided, only relevant charts are mentioned Fifth Part: Inter - month Spread Situation - Apple 1 - 5 spread is - 34, with a month - on - month increase of 26 and a year - on - year increase of 507. It is expected to fluctuate and decline, and the recommended strategy is to short on rebounds [51]. - Jujube 9 - 1 spread is 390, with a month - on - month increase of 385 and a year - on - year increase of 275. It is expected to fluctuate within a range, and the recommended strategy is to wait and see [51]. - Sugar 1 - 5 spread is 79, with a month - on - month increase of 12 and a year - on - year increase of 46. It is expected to fluctuate, and the recommended strategy is to wait and see [51]. - Cotton 1 - 5 spread is - 5, with a month - on - month increase of 5 and a year - on - year increase of 60. It is expected to fluctuate within a range, and the recommended strategy is to short on rebounds [51]. Sixth Part: Futures Positioning Situation - No specific summary content provided, only relevant charts are mentioned Seventh Part: Futures Warehouse Receipt Situation - The warehouse receipt volume of apples is 0, with no month - on - month or year - on - year change [78]. - The warehouse receipt volume of jujubes is 0, with no month - on - month or year - on - year change [78]. - The warehouse receipt volume of sugar is 7721, with no month - on - month change and a year - on - year decrease of 5419 [78]. - The warehouse receipt volume of pulp is 221861, with no month - on - month change and a year - on - year decrease of 154591 [78]. - The warehouse receipt volume of cotton is 4180, a month - on - month increase of 296 and a year - on - year increase of 1736 [78]. Eighth Part: Option - related Data - No specific summary content provided, only relevant charts are mentioned