Report Investment Rating - No information provided on the industry investment rating Core View - The short - term trend of coking coal and coke is expected to be range - bound. The spot price of coking coal is rising, and some coking enterprises have initiated the first price increase. After the replenishment is completed, the tight supply - demand situation may ease, and the upside space of the short - term futures market is limited [1] Summary by Catalog Market Review - The main contract of coking coal Jm2601 closed at 1224.5, up 1.24% compared with the opening of the day session; the main contract of coke J2601 closed at 1730.0, up 0.73%. At night, Jm2601 closed at 1223.5, down 0.08% from the day - session close, and J2601 closed at 1726.0, down 0.23% from the day - session close [1] Important Information - In mid - September, key steel enterprises produced 2073 million tons of crude steel, with an average daily output of 207.3 million tons, a 0.6% decrease. Steel inventory was 1529 million tons, a 3.4% decrease [1] - On September 24, some coking enterprises proposed a price increase of 50 - 55 yuan/ton, and mainstream coking enterprises planned to raise the coke price on the 25th, intensifying the game between coking and steel enterprises [1] - From the settlement on September 29, the daily price limit of iron ore futures contracts will be adjusted to 11%, and the trading margin to 13%; for coke futures contracts, the daily price limit will be 11% with the margin unchanged; for coking coal futures contracts, the daily price limit will be 11% and the margin will be 15% [1] - From the settlement on September 29, the trading margin for apple, glass, and soda ash futures contracts at Zhengzhou Commodity Exchange will be 12%, and the daily price limit 10%; for rapeseed meal, red dates, ferrosilicon, silicomanganese, and caustic soda futures contracts, the margin will be 10% and the daily price limit 9% [1] - On September 24, the auction prices of coking coal in Linfen market increased significantly. Among 14 auction results, 13 increased and 1 had a 8% non - successful bid rate, with an average increase of about 92 yuan/ton [1] Market Logic - The spot price of coking coal is rising, and the cost of coking coal for coke has increased. Some coking enterprises have initiated the first price increase. The supply of coking coal is expected to shrink during the National Day holiday, but the supply - demand situation may improve after the replenishment [1] Trading Strategy - Coking coal and coke are expected to move in a range in the short term [1]

Report Summary 1. Report Industry Investment Ratings - Sugar: Bullish with an upward - trending oscillation [1] - Red Dates: Oscillating [4] - Rubber: Oscillating, including natural rubber, 20 - grade rubber, and synthetic rubber [5] 2. Core Views - Sugar: The market anticipates a favorable output in the global 2025/26 sugar - crushing season, causing overseas sugar prices to decline. However, there are signs of the raw sugar futures stabilizing. Domestic sugar market has limited impact on Zhengzhou sugar futures, and attention should be paid to the subsequent performance of the external market [1]. - Red Dates: After continuous price drops, the futures have signs of stabilizing and rebounding. The downward space is limited, and future focus should be on capital trends and jujube quality [4]. - Rubber: Natural rubber prices have slightly stabilized, but the raw material price support and the news of state - reserve sales have opposite impacts on the market, and short - term range trading is recommended. Synthetic rubber trading atmosphere has weakened, and it may maintain a narrow - range oscillation [5]. 3. Summary by Related Catalogs Sugar - **Market Review**: SR601 closed at 5497 yuan/ton with a daily increase of 0.97%, and SR605 closed at 5464 yuan/ton with a daily increase of 0.98% [1]. - **Important Information**: ICE raw sugar closed at 16.12 cents/pound with a 0.25% daily decrease; Brazil's 2026/27 sugar output is expected to reach 42.1 million tons, a 5.7% increase; Thailand's 2025/26 output is expected to be 11.4 million tons; India's 2025/26 output is expected to be 32.3 million tons; the global sugar supply in 2025/26 is expected to have a surplus of 2.77 million tons [1]. - **Market Logic**: Overseas sugar prices are bottom - seeking, but there are signs of stabilization. Domestic sugar market has limited impact on Zhengzhou sugar futures [1]. - **Trading Strategy**: Hold long positions in SR601 and pay attention to whether it can stay above 5500 yuan/ton [1]. Red Dates - **Market Review**: CJ601 closed at 10758 yuan/ton with a daily increase of 0.05%, and CJ605 closed at 10820 yuan/ton with a daily increase of 0.28% [4]. - **Important Information**: The physical inventory of 36 sample points decreased by 74 tons to 9247 tons, a 0.79% decrease [4]. - **Market Logic**: After continuous decline, the futures may stabilize and rebound, and the downward space is limited [4]. - **Trading Strategy**: Hold long positions in CJ601 and wait and see [4]. Rubber - **Market Review**: RU2601 closed at 15620 yuan/ton with a 0.61% daily increase; NR2511 closed at 12465 yuan/ton with a 0.56% daily increase; BR2511 closed at 11520 yuan/ton with a 0.79% daily increase [5]. - **Important Information**: Thailand's raw material prices are provided; tire production capacity utilization rates and inventory data in Qingdao are given; prices of various rubber products are reported [5]. - **Market Logic**: Natural rubber prices are slightly stable, affected by raw material prices and state - reserve sales news; synthetic rubber trading atmosphere is weakening, and it may oscillate narrowly [5]. - **Trading Strategy**: Pay attention to the activity ranges of RU2601 (15500 - 16370), NR (12200 - 12800), and BR (11300 - 12000) [5].

研究员： 吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周三尿素主力合约 2601 价格上涨 15 元至 1673 元/吨，华中主流地区现货价格下跌 | | --- | --- | --- | --- | | | | | 10 元至 1610 元/吨。持仓方面，多头持仓减少 3290 手至 21.26 万手，空头持仓减 少 6069 手至 25.56 万手。 【重要资讯】 1、供应方面，尿素行业日产 19.94 万吨，较上一工作日减少 0.1 万吨；今日开工率 85.2%，较去年同期 85.13%增加 0.08%。 2、库存方面，中国尿素企业总库存量 121.82 万吨，较上周增加 5.29 万吨，环比增 | | | | | 加 4.54%。尿素港口样本库存量 51.6 万吨，环比减少 3.34 万吨。 | | | | | 3、需求方面，复合肥开工率 38.6%，环比+0.8%，三聚氰胺开工率 56.7%，环比+1.4%。 | | | | | 4、9 月 2 日印度 NFL 的尿素进口招标，最 ...

Report Industry Investment Rating - The investment rating for the global economy in the macro and financial sector is (Bullish) [1] Core View of the Report - The global economy maintains an upward direction, with China implementing the AI+ initiative, international capital actively increasing positions in China's technology sector, and major technology companies such as OpenAI and Alibaba making significant investments in AI infrastructure [1] Summary by Related Catalog Important Information - OpenAI plans to invest approximately $400 billion to develop five new data center sites in the US with Oracle and SoftBank, fulfilling its commitment to invest $500 billion in AI infrastructure in the US [1] - Alibaba Cloud's chairman says that large models are the next - generation operating systems, and AI Cloud is the next - generation computer. Alibaba is actively promoting 380 billion yuan of AI infrastructure construction and plans to increase investment [1] - Morgan Stanley predicts that by 2028, AI data center and chip investment will reach $29 trillion, with tech giants bearing about $14 trillion and the remaining gap filled by debt financing, of which private credit funds are expected to provide $800 billion [1] - Alibaba Cloud showcases high - density AI servers and a new - generation network architecture. Its ecosystem companies are promoting customer introduction and product delivery in the hardware field, and many Agent applications and AI terminal products will be exhibited [1] - Bloomberg's Nour Al Ali believes that the rise in the price of gold in Swiss francs this year shows that central bank demand is the key driver for the rise of precious metals [1] - Tech giants like Microsoft and Google are in an AI capital expenditure race, and Deutsche Bank warns that historical technology - driven capital spending booms have often led to "boom - bust" cycles [1] Global Economic Logic - China implements the AI+ initiative, and international capital is bullish on China's technology sector. The US retail sales in August increased by 0.6% month - on - month, and its capital goods imports in July reached a record high. Huawei's Ascend chips lead NVIDIA in computing power. OpenAI and Alibaba are making large - scale AI infrastructure investments [1]

Group 1: Report Industry Investment Rating - The investment rating for methanol in the energy and chemical sector is "oscillation" [1] Group 2: Core View of the Report - Methanol downstream shows a lackluster peak season. This week, port inventories are being reduced from high levels, and inland inventories continue to decline. With the restart of the Zhejiang Xingxing MTO unit and limited impact from the short - term shutdown of Iranian units last week, the short - term methanol price will oscillate within a range, and the downside space is narrowing, with a reference range of 2320 - 2420 [1] Group 3: Summary by Related Catalog Market Review - On Wednesday night, the futures price of the methanol main contract rose 3 yuan to 2358 yuan/ton, and the spot price of methanol in the mainstream East China region rose 15 yuan to 2255 yuan/ton. Long positions decreased by 13888 lots to 554800 lots, and short positions decreased by 23433 lots to 669400 lots [1] Important Information - Supply: The domestic methanol operating rate is 79.9%, a month - on - month decrease of 5.5%. The overseas methanol operating rate is 67.9%, a month - on - month decrease of 4.2% [1] - Inventory: The total inventory of Chinese methanol ports is 1492200 tons, a decrease of 65600 tons. The inventory in East China decreased by 41200 tons, and the inventory in South China decreased by 24400 tons. The inventory of Chinese methanol sample production enterprises is 319900 tons, a decrease of 20500 tons, a month - on - month decrease of 6.03% [1] - Demand: The signing volume of northwest methanol enterprises is 76800 tons, a month - on - month increase of 30900 tons. The pending orders of sample enterprises are 273000 tons, an increase of 39200 tons compared with the previous period, a month - on - month increase of 16.79%. The olefin operating rate is 84.8%, a month - on - month increase of 2.2%; the dimethyl ether operating rate is 6.2%, a month - on - month increase of 1.4%; the methyl chloride operating rate is 86.4%, a month - on - month increase of 0.7%; the acetic acid operating rate is 82.4%, a month - on - month decrease of 0.7%; the formaldehyde operating rate is 42.9%, a month - on - month decrease of 0.2%; the MTBE operating rate is 63.5%, a month - on - month increase of 1.8% [1] - The OECD released a mid - term economic outlook report on the 23rd, predicting that the global economic growth rate in 2025 will be 3.2%, an upward adjustment of 0.3 percentage points compared with the forecast in June this year; the global economic growth rate in 2026 will slow down to 2.9%, the same as the June forecast [1] Market Logic - Methanol downstream shows a lackluster peak season. This week, port inventories are being reduced from high levels, and inland inventories continue to decline. The import volume in August is 1.7598 million tons, a month - on - month increase of 59%. The restart of the Zhejiang Xingxing MTO unit is a positive factor, and the short - term shutdown of Iranian units last week has limited impact. The short - term methanol price will oscillate within a range, and the downside space is narrowing, with a reference range of 2320 - 2420 [1] Trading Strategy - Short - term operation [1]

1. Report Industry Investment Ratings - Corn: Low long [3] - Pig: Range trading [5] - Egg: High short [5] 2. Core Views - **Corn**: Short - term, pay attention to import corn auction rhythm and corn - wheat price difference; mid - term, conduct band trading around new - season corn drivers; long - term, maintain the pricing logic of import substitution and planting cost and focus on policy orientation [3] - **Pig**: Short - term, supply exceeds demand, pressuring pig prices; mid - term, supply is expected to increase, limiting price increases; long - term, pig production capacity will continue to materialize if no epidemic occurs [5] - **Egg**: Mid - short - term, holiday stocking weakens, and egg prices may decline if inventory rises; long - term, focus on the extent of chicken culling, and supply pressure may re - emerge in Q4 [5] 3. Summary by Related Catalogs Corn Important Information - Deep - processing enterprise purchase prices vary: Northeast down 12 yuan/ton to 2155 yuan/ton, North China up 18 yuan/ton to 2370 yuan/ton [3] - Port prices: North weak, South stable. Jinzhou Port down 10 yuan/ton, Shekou Port unchanged [3] - Corn futures warehouse receipts unchanged at 23814 as of September 24 [3] - Wheat - corn price difference in Shandong is + 80 yuan/ton, narrowing by 10 yuan/ton [3] - Corn bidding procurement: 2.15 million tons planned, 1.91 million tons transacted, 89% success rate [3] - August 2025 national industrial feed output is 29.36 million tons, up 3.7% MoM and 3.8% YoY [3] Market Logic - Short - term, support at 2050 - 2150 yuan/ton, pressure from wheat - corn price difference [3] - Mid - term, conduct band trading around new - season corn, with wide - range trading [3] - Long - term, follow import substitution and planting cost pricing, focus on policies [3] Trading Strategy - Mid - long - term, maintain range trading; short - term, look for low - long opportunities. Support for 2511 contract at 2100 - 2130, 2601 contract at 2100 - 2120 [3] Pig Market Review - LH2511 contract closed flat at 12730 yuan/ton yesterday [5] Important Information - National average pig price is 12.51 yuan/kg, down 0.01 yuan/kg; expected morning prices are weak - stable [5] - July 2025 fertile sow inventory is 40.42 million, 103.64% of normal level; July sow culling up 2.1% MoM [5] - September 24 fattening - standard price difference is 0.2 yuan/jin, narrowing by 0.01 yuan/jin [5] - September 18 weekly average slaughter weight is 124.68 kg, up 0.36 kg [5] - September 24 pig futures warehouse receipts down 59 to 368 [5] - 15,000 tons of central reserve frozen pork will be released on September 28 [5] Market Logic - Short - term, supply exceeds demand, North may stop falling, South remains weak [5] - Mid - term, supply is expected to increase, limiting price increases [5] - Long - term, sow inventory is high, production capacity will continue to materialize [5] Trading Strategy - Near - month contracts follow supply - demand logic, suggest taking profit on short positions; far - month contracts trade on de - capacity expectation difference. Support for 2511 contract at 12300 - 12500, 2601 contract at 12800 - 13000, etc. [5] Egg Market Review - JD2511 contract fell 0.46% to 3056 yuan/500kg yesterday [5] Important Information - Egg prices are mainly stable, main production area unchanged, main sales area down 0.02 yuan/jin [5] - Inventory increased slightly, production link stable, circulation link up 0.02 days [5] - Old hen price is 4.5 yuan/jin, down 0.01 yuan/jin; September 18 average culling age is 497 days, up 2 days [5] - August in - production laying hen inventory is 1.365 billion, up 0.66% MoM and 5.98% YoY; September estimated at 1.353 billion, down 0.8% MoM [5] Market Logic - Mid - short - term, holiday stocking weakens, egg prices may decline with rising inventory [5] - Long - term, focus on chicken culling, supply pressure may re - emerge in Q4 [5] Trading Strategy - Maintain high - short strategy before large - scale culling. Pressure for 2511 contract at 3090 - 3100, etc. Also, breeding enterprises can consider selling hedging opportunities for 2607 and 2608 contracts [5]

研究员：王子健 从业资格：F03087965 交易咨询资格：Z0019551 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 09 月 24 日星期三 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 联系方式：17803978037 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 原木期价回调，主力 2511 合约收盘价 805.0 元/立方米，收跌 0.31%。 | | --- | --- | --- | --- | | | | | 【 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - For the vegetable oil market, due to Argentina's zero - tariff export of soybeans and derivatives, existing short positions in vegetable oils should gradually take profits, and new positions should wait for buying opportunities. Traders can place price - setting orders. For the double - meal market, short positions in double - meals should take profits and exit, and those not yet entered the market should wait and see for buying points after stabilization [1][2][3]. 3. Summary According to Relevant Contents Vegetable Oil Market Market Conditions - On September 23, affected by Argentina's zero - tariff export of soybean series, global vegetable oil futures prices tumbled. The main contracts of soybean oil, palm oil, and rapeseed oil all decreased in price and positions, with the main soybean oil contract Y2601 closing at 8086 yuan/ton, down 3.35% day - on - day [1]. Important Information - International oil prices rose on September 23 due to the impasse in the agreement to restart Iraqi Kurdish oil exports. - The US EPA plans to redistribute the biofuel blending obligations exempted by the Small Refinery Exemption (SRE) program to large refineries, with two main options of 50% and 100% quota distribution. The public comment period lasts until the end of October, and a decision may be made in late November or December 25. - In August 2025, China's palm oil imports were 340,000 tons, a 33.60% increase from the previous month and a 15.17% decrease from the same period last year. - Argentina temporarily abolished export taxes on soybeans and their derivatives, corn, and wheat until October 31 or until the export volume reaches $7 billion. - Canada launched a $370 million biofuel production incentive program to boost domestic rapeseed consumption. - From September 1 - 20, Malaysia's palm oil production decreased by 7.89% month - on - month, with the fresh fruit bunch (FFB) yield down 6.57% and the oil extraction rate (OER) down 0.25%. - From September 1 - 20, Malaysia's palm oil exports were 1,010,032 tons, an 8.7% increase from August 1 - 20. Exports to China were 30,400 tons, lower than the previous month. - As of the 38th weekend of 2025, the total inventory of the three major domestic edible oils was 2.6773 million tons, a 1.68% week - on - week decrease and a 22.80% year - on - year increase [1][2]. Market Logic - Externally, Argentina's cancellation of soybean oil and meal export tariffs and the continuous reduction of non - commercial net long positions in CFTC soybean oil led to the decline of US soybean oil and Malaysian palm oil. Domestically, soybean supply is sufficient, oil mill operating rates are around 65%, and soybean oil supply is abundant. Rapeseed oil is still in the process of inventory reduction, and palm oil is in the process of inventory accumulation [2]. Trading Strategy - Unilateral: Existing short positions in vegetable oils should gradually take profits, and new positions should wait for buying opportunities. Traders can place price - setting orders. Provide support and resistance levels for each contract. - Arbitrage: No relevant arbitrage strategy is provided [2]. Double - Meal Market Market Conditions - On September 23, affected by Argentina's zero - tariff export of soybeans and derivatives, double - meal futures prices tumbled. The main contracts of soybean meal and rapeseed meal all decreased in price and increased in positions, with the main soybean meal contract M2601 closing at 3250 yuan/ton, down 3.49% day - on - day [2]. Important Information - Argentina temporarily abolished export taxes on soybeans and their derivatives, corn, and wheat until October 31 or until the export volume reaches $7 billion. - As of the week ending September 18, 2025, US soybean export inspections were 484,116 tons, at the lower end of market expectations, a 41% decrease from the previous week and a 3% decrease from the same period last year. - As of September 21, the US soybean harvest was 9% complete, with a good - to - excellent rate of 61%. - Brazil's soybean exports in September 2025 are estimated to be 7.43 million tons, a 44% increase from the same period last year. - As of the 38th weekend of 2025, the domestic imported soybean inventory was 770,800 tons, an increase from the previous week, and the imported rapeseed inventory was 66,000 tons, a decrease from the previous week. The domestic soybean meal inventory was 124,600 tons, an increase from the previous week [2][3]. Market Logic - Externally, Argentina's zero - tariff policy on soybean series affected the global soybean market, but the continuous decline of US soybeans is limited. Domestically, oil mill spot prices have decreased, and near - month basis has increased. The terminal's willingness to replenish inventory at low prices has improved. Rapeseed meal spot transactions are limited, and institutional long - short games have intensified [3]. Trading Strategy - Unilateral: Short positions in double - meals should take profits and exit, and wait for buying points after stabilization. Provide support and resistance levels for each contract. - Arbitrage: Consider a long - short spread trade for soybean meal 1 - 5 contracts. Temporarily exit on September 23 and wait for subsequent stabilization [3].

Report Industry Investment Rating - The investment rating for the apple sector in the agricultural, forestry, and livestock industry is "Bullish" [1] Core View - Apple futures prices have corrected, and the main contract has shifted. The closing price of the 2601 contract is 8,288 yuan/ton, down 0.04%. The market focus is shifting from the supply side to demand verification. It is recommended that investors wait and see and choose the opportunity to operate after the new season's output is clear and the consumption peak season starts [1] Summary by Directory Market Review - Apple futures prices have corrected, and the main contract has shifted. The closing price of the 2601 contract is 8,288 yuan/ton, down 0.04% [1] Important Information - In Shandong, the price of bagged late Fuji 80 is between 3.80 - 4.00 yuan/jin (striped red, first and second grades); the price of bagged late Fuji above 80 is between 3.00 - 3.50 yuan/jin (striped red, general goods), and the price of the third - grade bagged late Fuji above 80 is between 2.50 - 2.80 yuan/jin. The price of the first and second - grade bagged striped 80 is between 4.10 - 4.50 yuan/jin. In Shaanxi, the semi - commercial price of bagged late Fuji starting from 70 is between 4.70 - 4.80 yuan/jin. In Gansu, the price of mountain semi - commercial fruit of late Fuji above 75 in Renda Town is about 4.50 yuan/jin [1] Market Logic - Rainfall in Shaanxi and Gansu production areas has ended, and the bag - removing work of late Fuji has begun. The current transactions in the production areas are mainly based on inventory Gala, Red Star, and Huaniu. In Shandong, the remaining supply of Red General is small, and the quality is poor. The new - season apple's early - maturing fruit purchase price in the northwest is 0.2 - 0.4 yuan/jin higher year - on - year, and the opening price of late - maturing Red Fuji is expected to be strong. The market focus is shifting from the supply side to demand verification [1] Trading Strategy - Hold long positions in the AP2601 contract [1]

Report Summary 1. Investment Ratings by Industry - Agriculture, Forestry, and Livestock (Corn): Bullish on dips [2] - Pig: Range trading [5] - Egg: Short on rallies [5] 2. Core Views - **Corn**: In the short - term, spot prices are stabilizing during the new - old crop transition, with support and resistance levels. In the medium - term, trading is driven by new - season factors. In the long - term, pricing is based on import substitution and planting costs [2]. - **Pig**: Short - term supply exceeds demand, pressuring prices. Medium - term supply is expected to increase. Long - term, high sow inventory and high efficiency will lead to continuous production [5]. - **Egg**: In the medium - short term, post - mid - month, price momentum weakens. In the long term, supply pressure may re - emerge depending on hen culling [5]. 3. Summary by Related Catalogs Corn - **Market Review**: Overnight, the corn futures had a narrow - range oscillation. The 2511 contract rose 0.23% to close at 2156 yuan/ton [2]. - **Important Information**: Deep - processing enterprise purchase prices fluctuated; port prices were stable to firm; futures warehouse receipts decreased; the wheat - corn price spread was positive [2]. - **Market Logic**: Short - term, spot prices are stabilizing, and the price is affected by import auctions and price spreads. Medium - term, it's driven by new - season factors. Long - term, it follows the import substitution and planting cost logic [2]. - **Trading Strategy**: Adopt a range - trading strategy in the medium - long term. Look for short - term low - buying opportunities near support levels [2]. Pig - **Market Review**: The pig futures continued to decline. The LH2511 contract dropped 1.48% to close at 12665 yuan/ton [5]. - **Important Information**: The national average pig price decreased; sow inventory was high; the price spread between fattening and standard pigs narrowed; the weekly average slaughter weight increased; futures warehouse receipts decreased [5]. - **Market Logic**: Short - term, supply exceeds demand. Medium - term, supply is expected to increase. Long - term, high sow inventory will lead to continuous production [5]. - **Trading Strategy**: Near - month contracts are based on supply - demand logic. Consider taking profits on short positions. Far - month contracts focus on the expected change in sow inventory [5]. Egg - **Market Review**: The egg futures continued to decline. The JD2511 contract dropped 1% to close at 3065 yuan/500kg [5]. - **Important Information**: Egg prices were stable; inventory increased; the price of culled hens rose; the estimated laying - hen inventory decreased in September [5]. - **Market Logic**: Medium - short term, price momentum weakens after mid - month. Long - term, supply pressure may re - emerge depending on hen culling [5]. - **Trading Strategy**: Maintain a short - on - rallies strategy. Look for selling - hedging opportunities for high - price contracts for farmers [5].