Group 1: Report Overview - The report is titled "Corn System Data Daily Report" and is issued by the Agricultural Products Research Center of Guomao Futures Research Institute on August 8, 2025 [3][4] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoint - The southern port's grain inventory is being depleted slowly, downstream demand support is insufficient, and the warehouse receipt pressure is high. Although the supply - demand of old - crop corn is tightening, the time for the 09 contract is limited. Due to the harvest pressure of new - season corn and the reduction in planting costs, the 11 and 01 contracts of corn are expected to fluctuate at a low level [6] Group 4: Price and Market Data Spot Prices - Corn spot prices vary by region. For example, the Jinzhou Port flat - hatch price is 2300 yuan/ton, down 20 yuan; the Harbin price in Heilongjiang Province is 2195 yuan/ton, unchanged. Among them, the price in Hebei Province decreased by 10 yuan [5] - Corn starch spot prices are 2750 yuan/ton in Jilin Province and 2434 yuan/ton in Henan Province, both unchanged [5] - Wheat spot prices are 2435 yuan/ton in Anhui Province, down 1 yuan, and 2434 yuan/ton in Jiangsu Province, unchanged [5] Futures Prices - The closing price of the corn main contract is 2267 yuan/ton, up 8 yuan; the closing price of the corn starch main contract is 2618 yuan/ton, unchanged [5] International Data - The closing price of US corn is 402.00 cents per bushel, the imported US corn duty - paid price is 2231.87 yuan/ton, and the estimated profit of imported US corn is 198.13 yuan/ton. The US dollar - to - RMB exchange rate is 7.18 [5] Spread Data - The spread between starch and corn (main continuous) is 351, and the spread between starch and corn (Jilin spot average price) is 490 [5] Inventory Data - North port corn inventory is 210.6 tons, Guangdong port domestic - trade corn inventory is 88.2 tons, and foreign - trade corn inventory is 0.7 tons. Northeast deep - processing corn inventory is 215.9 tons, and North China deep - processing corn inventory is 114.9 tons [5] Group 5: Supply and Demand Analysis Supply - The remaining grain is in short supply. Northeast grain has the demand for external transportation, and the volumes of grain collection and shipment at the north port have declined. The planting cost in the 25/26 season continues to decrease, and the estimated port collection price is about 2000 - 2100 yuan/ton. The sown area has no obvious change, the new - season corn is growing well, and the supply of imported grains is expected to decrease this year due to continuous policy restrictions [5] Demand - Livestock and poultry are expected to maintain a high inventory in the short term, supporting the feed demand. However, national policies tend to control the inventory and weight of pigs, which may affect the supply in the far - month. The price difference between wheat and corn is at a low level, feed mills are increasing their wheat purchases, the wheat substitution ratio is increasing, and they are maintaining a cautious attitude towards corn purchases. The deep - processing downstream is in a loss, forcing the operating rate to decline to a low level, and the deep - processing demand is shrinking [5] Inventory - The north port inventory has been depleted to a low level, the southern port grain inventory is being depleted slowly, the feed enterprise inventory continues to decline, and the deep - processing corn inventory has declined this week [5]

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View of the Report - Today's overall spot market is stable. After the price drop in the previous few days, farmers expect to hold prices. According to Yongyi data, the monthly hog slaughter began to increase month - on - month in August, with the fastest month - on - month growth rate in October. The weight is gradually declining but still has room to fall. There was little change in piglet prices compared to last week. The continuous decline in spot prices in July led to some capacity reduction. The downward space for spot prices is limited, but it will still take time for prices to rise. Near - month contracts may follow the weak spot market. Continue to focus on the 9 - 11 reverse spread [2]. 3. Summary by Relevant Catalog Hog Price Data - On August 7, 2025, the national average hog price was 13.2 yuan/kg, down 0.1 yuan/kg. Prices in various regions also showed a downward trend, with price drops ranging from 0.09 to 0.21 yuan/kg. For example, the price in Henan was 13.86 yuan/kg, down 0.14 yuan/kg; in Hunan, it was 13.66 yuan/kg, down 0.12 yuan/kg; in Guangdong, it was 15.3 yuan/kg, down 0.2 yuan/kg [2]. Futures Contract Data - On August 7, 2025, the price of LH2509 was 13,870 yuan, up 60 yuan; LH2511 was 14,100 yuan, up 90 yuan; LH2601 was 14,395 yuan, up 85 yuan. The spread between LH09 - 11 was - 230 yuan, down 30 yuan; the spread between LH11 - 01 was - 295 yuan, up 5 yuan [2]. Hog Slaughter and Weight Data - According to Yongyi data, the monthly hog slaughter began to increase month - on - month in August, with the fastest month - on - month growth rate in October. This week, the average weight of hog slaughter was 127.98 kg, down 0.50 kg from last week, a month - on - month decrease of 0.39%, and up 2.52 kg from the same period last year, a year - on - year increase of 2.01% [2]. Piglet Price Data - Piglet prices have not changed much compared to last week [2].

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The report suggests going long on the palm oil 09 contract and the soybean oil 09 contract [2] Group 3: Summary of Related Data Spot Price - On August 7, 2025, the spot price of 24 - degree palm oil in Tianjin was 9120 yuan, up 50 yuan from the previous day; in Zhangjiagang it was 9050 yuan, up 50 yuan; in Huangpu it was 9000 yuan, up 50 yuan [1] - The spot price of first - grade soybean oil in Tianjin was 8550 yuan, up 50 yuan; in Zhangjiagang it was 8630 yuan, up 50 yuan; in Huangpu it was 8670 yuan, up 50 yuan [1] - The spot price of fourth - grade rapeseed oil in Zhangjiagang was 9630 yuan, down 70 yuan; in Wuhan it was 9680 yuan, down 70 yuan; in Chengdu it was 9890 yuan, down 70 yuan [1] Futures Data - On August 7, 2025, the price difference between the soybean and palm oil main contracts was - 544, up 20 from the previous day; the price difference between the rapeseed and soybean oil main contracts was 1090, down 66 [1] - The palm oil warehouse receipts were 570, unchanged; the soybean oil warehouse receipts were 15370, an increase of 3830; the rapeseed oil warehouse receipts were 3487, unchanged [1] Import Data of India - In July, India's palm oil imports decreased by 10% month - on - month to 858,000 tons; soybean oil imports soared by 38% month - on - month to 495,000 tons; sunflower oil imports decreased by 7% month - on - month to 201,000 tons; total edible oil imports increased by 1.5% month - on - month to 1.53 million tons [2] Malaysian Data - Bloomberg's July MPOB forecast: production increased by 8.3% month - on - month to 1.83 million tons, imports were 50,000 tons, exports increased by 3.2% to 1.3 million tons, local consumption was 250,000 - 450,000 tons, and inventory increased by 10% to 2.23 million tons [2] - From July 1 - 31, Malaysia's palm oil yield per unit increased by 7.19% month - on - month, the oil extraction rate decreased by 0.02% month - on - month, and production increased by 7.07% month - on - month [2] - According to ITS, from July 1 - 31, exports decreased by 6.7% compared to the previous month; according to AmSpec, exports decreased by 9.6% compared to the previous month [2] Other Data - Indonesia raised the reference price of crude palm oil (CPO) in August to $910.91 per metric ton, up from $877.89 in July, and the export tax will increase from $52 per ton in July to $74 per ton [2] - From July 27 to August 2, Brazil's soybean exports were 2.5504 million tons, up from 2.2902 million tons the previous week [2] - In the next two weeks, the overall precipitation in the US soybean - growing areas is good, which is beneficial to the soybean yield per unit [2] - As of the week ending July 27, the good - to - excellent rate of US soybeans was 70%, higher than the market expectation of 67%, and the flowering rate was 76% [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The rubber market shows a volatile performance. Supply - side: In Thailand, the raw material glue price is 54 Thai baht per kilogram, and the cup - lump price is 48.3 Thai baht per kilogram; in Yunnan, the price of glue for producing whole - milk rubber is 14,000 yuan per ton, and for concentrated latex is 14,400 yuan per ton; in Hainan, the price of glue for producing whole - milk rubber is 13,300 yuan per ton, and for concentrated latex is 14,000 yuan per ton. Mid - stream inventory: As of August 3, 2025, China's natural rubber social inventory is 1.289 million tons, a month - on - month decrease of 4,800 tons (a decline of 0.4%); the total social inventory of dark - colored rubber is 804,000 tons, a month - on - month decrease of 0.13%; the total social inventory of light - colored rubber is 485,000 tons, a month - on - month decrease of 0.8%. Downstream demand: As of August 7, the capacity utilization rate of all - steel tire sample enterprises is 60.06%, a month - on - month increase of 0.80 percentage points and a year - on - year increase of 0.73 percentage points; the capacity utilization rate of semi - steel tire sample enterprises is 69.71%, a month - on - month decrease of 0.27 percentage points and a year - on - year decrease of 9.93 percentage points. Currently, the commodity market sentiment is changeable, and the rubber market is disturbed by external and relevant news in the short term, lacking a clear logic. It may continue to maintain a volatile performance in the short term. The operation suggestion is to stay on the sidelines for single - side trading and pay attention to the arbitrage of going long on RU2601 and shorting on RU2509 [3] Group 3: Summary by Related Catalogs Futures Disk - In the domestic market, the RU main contract is at 15,525 (up 30 from the previous value), the NR main contract is at 12,350 (up 30), and the BR main contract is at 11,535 (up 30). In the overseas market, Tocom RSS3 is at 317.1 yen per kilogram (down 2.8), and Sicom TF is at 168.4 cents per kilogram (unchanged) [3] Futures Spreads - In the inter - period spreads, RU2601 - RU2509 is at 975 (up 15), RU2605 - RU2601 is at 120 (down 10), NR main - secondary main is at - 50 (up 15), and BR main - secondary main is at 25 (up 20). In the inter - variety spreads, RU - NR is at 3,175 (unchanged), RU - BR is at 3,990 (unchanged), and NR - BR is at 815 (unchanged). In the inter - market spreads, RU - Tocom RSS3 ($) is at 11 (up 27), and NR - Sicom TF ($) is at 37 (up 7) [3] Raw Material Prices - In Thailand (in Thai baht per kilogram), the price of smoked sheet rubber is 61.65 (up 1.25), the price of raw rubber sheet is 58.55 (down 0.15), the price of glue is 54.00 (unchanged), and the price of cup - lump is 48.30 (up 0.15). In Hainan and Yunnan (in yuan per ton), the price of Hainan glue for concentrated latex is 14,000 (up 200), the price of Hainan glue for whole - milk rubber is 13,100 (unchanged), the price of Yunnan glue for concentrated latex is 14,300 (down 100), and the price of Yunnan rubber block for whole - milk rubber is 14,000 (unchanged) [3] Factory Costs and Profits - The delivery profit of whole - milk rubber: in Hainan it is 454 (up 34), in Yunnan it is - 626 (up 34). The production profit of concentrated latex is 728 (up 9). The profit of Hainan is 700 (down 130). The gross profit of Thai smoked sheet rubber is 2,644 (up 101), the gross profit of Thai 20 - number rubber is - 184 (up 3), and the gross profit of domestic 9710 is 250 (up 50) [3] Domestic Spot - For light - colored rubber, the price of old whole - milk rubber is 14,550 (up 50), the price of Vietnamese 3L is 14,650 (unchanged), the price of Thai mixed rubber is 14,350 (up 30), and the price of Malaysian mixed rubber is 14,300 (up 30). For dark - colored rubber, the price of Thai standard rubber is 12,664 (up 25), the price of domestic standard - two rubber is 13,700 (up 50), and the price of domestic 9710 is 14,250 (up 50). For latex, the price of Shanghai: Huangchunfa bulk is 11,600 (unchanged), and the price of Shanghai: Hainan bulk is 11,100 (unchanged). For synthetic rubber, the price of cis - butadiene BR9000 is 11,550 (down 50), the price of styrene - butadiene SBR1502 is 12,050 (up 50), and the price of Japanese SBR1712 is 10,950 (up 100) [3] Overseas Spot - For mixed rubber, the CIF price of Thai mixed rubber is 1,780 (up 5), and the CIF price of Malaysian mixed rubber is 1,770 (up 5). For standard rubber, the CIF price of Thai standard rubber is 1,780 (up 5), the CIF price of Malaysian standard rubber is 1,780 (up 5), and the CIF price of Indian standard rubber is 1,770 (up 5) [3] Spot - Futures Spreads - For RU spreads, RU - Thai mixed rubber is - 15, RU - old whole - milk rubber is 200 (down 35), and RU - Vietnamese 3L is + 15. For NR spreads, the delivery profit of NR - Thai standard rubber is - 573 (up 3), the delivery profit of NR - Indian standard rubber is - 70 (up 2), and the delivery profit of NR - Malaysian standard rubber is - 501 (up 3) [3] Spot Spreads - For variety spreads, the price difference between Thai standard rubber and Thai mixed rubber ($) is 10 (unchanged), the price difference between Vietnamese 3L and Thai mixed rubber is 300 (down 30), the price difference between domestic standard - two rubber and Thai mixed rubber is - 650 (up 20), the price difference between old whole - milk rubber and Vietnamese 3L is - 100 (up 50), and the price difference between domestic 9710 and Thai mixed rubber is - 100 (up 20) [3] Exchange Rates and Interest Rates - The US dollar index is 98.2230 (unchanged), the US dollar/Chinese yuan is at 7.1345 (down 0.006), the US dollar/Japanese yen is at 147.3565 (unchanged), the US dollar/Thai baht is at 32.3650 (unchanged). For interest rates, SHIBOR - overnight is 1.315 (down 0.001), and SHIBOR - seven - day is 1.434 (down 0.008) [3]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The market is still uncertain about whether the mica mines in Jiangxi will stop production. If there is a short - term suspension for rectification and then复产 after the mining certificates are compliant, considering the large recent downstream stocking and the supplement from surrounding compliant mines, the impact on the balance sheet is expected to be limited. There may be a further increase in futures prices from a market sentiment perspective, but the upside is limited as the previous increase has already priced in the impact of the suspension [2]. - If the mining certificates are successfully renewed and production does not stop, the supply will remain in a loose pattern. Considering the large downstream stocking, full previous pricing, and small increase in downstream production scheduling, the futures prices may be revised downwards and return to the fundamental logic [2]. 3. Summary by Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 71,100 yuan, with a daily increase of 150 yuan; the average price of SMM industrial - grade lithium carbonate is 69,000 yuan, with a daily increase of 150 yuan [1]. Lithium Futures Contracts - The closing price of lithium carbonate 2508 is 70,000 yuan, with a daily increase of 3.24%; for 2509, it is 71,920 yuan, with a 5.3% increase; for 2510, it is 72,200 yuan, with a 5.31% increase; for 2511, it is 72,300 yuan, with a 5.36% increase; for 2512, it is 72,580 yuan, with a 5.34% increase [1]. Lithium Ore - The average price of lithium spodumene concentrate (CIF China) is 757 yuan, with a daily increase of 9 yuan. The price of lithium mica (Li20: 1.5% - 2.0%) is 1090 yuan, with a daily increase of 25 yuan; for lithium mica (Li20: 2.0% - 2.5%), it is 1750 yuan, with a 60 - yuan increase; for phospho - lithium - aluminum stone (Li20: 6% - 7%), it is 5550 yuan, with a 275 - yuan increase; for phospho - lithium - aluminum stone (Li20: 7% - 8%), it is 6500 yuan, with a 300 - yuan increase [1][2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 32,570 yuan, with a 35 - yuan increase; the average price of ternary material 811 (polycrystalline/power type) is 145,260 yuan, with a 30 - yuan increase; the average price of ternary material 523 (single - crystal/power type) is 116,945 yuan, with a 50 - yuan increase; the average price of ternary material 613 (single - crystal/power type) is 122,535 yuan, with a 20 - yuan increase [2]. Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 2100 yuan, with a change of 0.2 yuan; the difference between battery - grade lithium carbonate and the main contract is - 1200 yuan, with a change of - 2530 yuan; the difference between the near - month and the first - continuous contract is - 280 yuan, with a change of - 80 yuan; the difference between the near - month and the second - continuous contract is - 380 yuan, with a change of - 20 yuan [2]. Inventory - The total weekly inventory is 142,418 tons, with an increase of 692 tons. The weekly inventory of smelters is 50,999 tons, with a decrease of 959 tons; the weekly inventory of downstream is 48,159 tons, with an increase of 2271 tons; the weekly inventory of others is 43,260 tons, with a decrease of 620 tons; the daily registered warehouse receipts are 16,443 tons, with an increase of 1420 tons [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 68,214 yuan, and the profit is 1863 yuan; the cash cost of purchasing lithium mica concentrate externally is 75,753 yuan, and the profit is - 7557 yuan [2].

Group 1: Report Information - The report is a "Sugar Data Daily" by ITG Guomao Futures [3] Group 2: Core View - The current sugar market shows a pattern of "strong overseas, weak domestic". International sugar prices are dominated by Brazil's production increase and crude oil fluctuations, while the domestic market faces the dual pressures of processed sugar impact and weak demand. In the medium to long term, with a global surplus, the upside for sugar prices is limited. It is recommended to adopt a range - trading approach [4] Group 3: Domestic Sugar Price and Futures Data - On August 7, 2025, the spot price of sugar in Nanning Warehouse, Guangxi was 6030 yuan/ton, down 20 yuan; in Chenming, Yunnan it was 5830 yuan/ton, down 10 yuan; in Dali, Yunnan it was 5715 yuan/ton, down 10 yuan; in Rizhao, Shandong it was 6090 yuan/ton, unchanged [4] - SR09 was at 5667, down 16; SR01 was down 43; SR09 - 01 was 82, up 27 [4] Group 4: Exchange Rate and International Commodity Data - The RMB - US dollar exchange rate was 7.202, down 0.0050; the real - RMB exchange rate was 1.2818, up 0.0212; the rupee - RMB exchange rate was 0.084, down 0.0004 [4] - The ice raw sugar主力 was at 16.04, unchanged; the London white sugar主力 was at 573, up 3; the Brent crude oil主力 was at 66.96, unchanged [4]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Yesterday, the spot prices of methanol in many regions increased slightly. The inventory of enterprises in the northwest main production area was at a low level, and the willingness of downstream and traders to replenish at low prices increased, leading to higher transaction prices in enterprise auctions. The positive sentiment in the futures market drove smooth transactions of new local orders in the afternoon, and some enterprises stopped selling to support prices, pushing up the spot prices. The downstream market was mainly in a wait - and - see mode, and procurement became more rational after low - price replenishment. The market trend depends on the downstream procurement transactions on Tuesday. In the short term, the methanol price will fluctuate within a range, and in the medium to long term, the methanol spot market may change from strong to weak and fluctuate [1]. Summary by Relevant Catalogs Spot Price - The prices of Jincheng anthracite and Inner Mongolia steam coal remained unchanged at 900.00 and 630.00 respectively. The price of Sichuan - Chongqing LPG decreased by 20.00 to 4350.00, and the international natural gas price dropped by 0.12 to 11.30. The prices of methanol in Taicang and Shandong decreased by 5.00 to 2380.00 and 2330.00 respectively, while the price in Inner Mongolia remained at 2100.00. The prices in other regions such as China, Southeast Asia, Northwest Europe, and the United States remained unchanged [1]. Supply - Domestic methanol production decreased by 2050.00 to 261955.00, and the domestic operating rate decreased by 0.63 to 81.10. The international operating rate remained at 69.95, and the arrival weight remained at 29.54 [1]. Inventory - Both enterprise inventory and port inventory remained unchanged at 324520.00 and 808400.00 respectively [1]. Demand - The order backlog remained at 230725.00. The prices of methanol from different sources such as Hebei coke oven gas, Inner Mongolia coal - based, Shandong coal - based, and Shanxi coal - based changed, with Inner Mongolia coal - based and Shandong coal - based increasing by 21.00, and Shanxi coal - based increasing by 23.00 [1]. Operating Rates - The operating rates of MTO, dimethyl ether, formaldehyde, wax dewaxing, chloride, MTBE, etc. remained unchanged, with the formaldehyde (Shandong) price remaining at 940.00, the dimethyl ether price at 3250.00, etc. [1]. Associated Product Prices - The price of methane chloride decreased by 50.00 to 2090.00, and the price of MTBE increased by 30.00 to 5050.00, while the prices of acetic acid and other products changed or remained unchanged [1].

Report Summary Core View - In the context of the expected new crop harvest and the reality of old - crop inventory shortage, the pattern of near - term strength and long - term weakness is prominent. From late July to early August, multiple policies and industry events are in the window period. Domestic policy - related meeting contents, Sino - US trade negotiation progress, the realization of new cotton harvest, whether the import sliding - scale duty quota will be increased and the increase amount have a significant impact on the Zhengzhou cotton outlook, especially the increase of import sliding - scale duty quota has a greater impact on the old - crop supply - demand and near - term contracts [4] Data Summary Domestic Cotton Futures - CF01 on August 7 was 13835, down 15 (-0.11%) from August 6; CF09 was 13670, down 20 (-0.15%); CF09 - 01 was - 165, down 5 from August 6 [3] Domestic Cotton Spot - In Xinjiang on August 7, the price was 15089, up 6 (0.04%); in Henan it was 15220, up 15 (0.10%); in Shandong it was 15169, up 20 (0.13%); Xinjiang - main continuous basis was 1419, up 26 [3] Domestic Cotton Yarn Futures and Spot - Domestic cotton yarn futures CY on August 7 was 19705, down 5 (-0.03%); domestic cotton yarn spot C32S price index was 20620, down 20 (-0.10%) [3] US Cotton Spot - US cotton spot CT (USD/ pound) on August 7 was 67, unchanged (0.00%); the arrival price was 76.50, down 0.5 (-0.65%); 1% quota pick - up price was 13480, down 87 (-0.64%); sliding - scale duty pick - up price was 14282, down 53 (-0.37%) [3] Spread Data - Yarn - cotton spread (futures) was 5870, up 10; yarn - cotton spread (spot) was 802, up 34; the spot internal - external spread was 1689, up 107 [3][4]

Market Performance Summary - The Shanghai Composite Index rose 0.45% to 3639.99 points, the Shenzhen Component Index rose 0.64%, the ChiNext Index rose 0.66%, the North Exchange 50 rose 1.58%, the STAR 50 rose 0.58%, the Wind All A rose 0.62%, the Wind A500 rose 0.35%, and the CSI A500 rose 0.41%. A-share trading volume reached 1.76 trillion yuan, compared with 1.62 trillion yuan the previous day [8] Index Quotes Index Closing Prices and Changes - The Shanghai 50 closed at 2797.4234, up 0.24%, with a trading volume of 884.43 billion yuan and a turnover of 41.18 billion [4] - The CSI 300 closed at 4113.4852, up 0.24%, with a trading volume of 3076.75 billion yuan and a turnover of 176.68 billion [4] - The CSI 1000 closed at 6861.3091, up 1.09%, with a trading volume of 3990.56 billion yuan and a turnover of 258.13 billion [4] CFFEX Stock Index Option Trading - For the Shanghai 50, option trading volume was 2.85 million contracts (1.87 million for call options and 0.98 million for put options, PCR 0.53), and open interest was 7.50 million contracts (4.80 million for call options and 2.70 million for put options, PCR 0.56) [4] - For the CSI 300, option trading volume was 7.28 million contracts (4.88 million for call options and 2.40 million for put options, PCR 0.49), and open interest was 20.85 million contracts (12.11 million for call options and 8.73 million for put options, PCR 0.72) [4] - For the CSI 1000, option trading volume was 23.48 million contracts (13.24 million for call options and 10.24 million for put options, PCR 0.77), and open interest was 28.43 million contracts (13.49 million for call options and 14.93 million for put options, PCR 1.11) [4] Volatility Analysis Shanghai 50 Volatility - Historical volatility and next - month at - the - money implied volatility curves are presented [8][12] CSI 300 Volatility - Historical volatility and next - month at - the - money implied volatility curves are presented [12] CSI 1000 Volatility - Historical volatility and next - month at - the - money implied volatility curves are presented [9]