Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - For palm oil, it's recommended to focus on low - buying strategies as U.S. soybean oil gets support; for soybean oil, it has stabilized as U.S. soybeans closed higher [1] - Analysts have different expectations for palm oil prices, with some believing prices will remain under pressure due to factors like inventory increase, weak exports, and strong production; while the EU's recognition of MSPO is expected to promote trade [3][4][5] - For soybeans, there are various predictions on production, demand, and related factors in different regions such as the U.S., Brazil, and Argentina [6][7][8] 3) Summary by Relevant Catalogs a. Fundamental Data of Oils and Fats - **Futures Prices and Trading Volume**: Palm oil's daytime closing price was 9,330 yuan/ton with a daily increase of 0.93%, and night - time closing price was 9,348 yuan/ton with a 0.19% increase. For soybean oil, the daytime closing price was 8,336 yuan/ton with a 0.97% increase, and the night - time was 8,326 yuan/ton with a - 0.12% change. For rapeseed oil, daytime was 9,893 yuan/ton with a 1.26% increase, and night - time was 9,902 yuan/ton with a 0.09% increase. The trading volume of palm oil decreased by 140,395 hands, soybean oil by 144,185 hands, and rapeseed oil increased by 16,828 hands [1] - **Spot Prices**: The spot price of 24 - degree palm oil in Guangdong was 9,220 yuan/ton, down 50 yuan/ton; the price of first - grade soybean oil in Guangdong was 8,630 yuan/ton, down 30 yuan/ton; the price of fourth - grade imported rapeseed oil in Guangxi was 9,870 yuan/ton, up 30 yuan/ton [1] - **Basis and Spreads**: The basis of palm oil in Guangdong was - 110 yuan/ton, soybean oil in Guangdong was 294 yuan/ton, and rapeseed oil in Guangxi was - 23 yuan/ton. The futures spread between rapeseed oil and palm oil was 563 yuan/ton, between soybean oil and palm oil was - 994 yuan/ton [1] b. Macro and Industry News - **Palm Oil in Malaysia**: From September 1 - 10, 2025, Malaysia's palm oil yield per unit decreased by 2.70% month - on - month, oil extraction rate decreased by 0.09%, and production decreased by 3.17%. Analysts expect Malaysia's September palm oil inventory to increase by 6% to 2.3 million tons due to weak exports and domestic demand. The EU's recognition of MSPO will help trade [2][3][5] - **Soybeans in the U.S.**: Analysts expect the USDA to lower the U.S. soybean yield forecast to 53.3 bushels per acre, but the production is expected to be 4.271 billion bushels. About 22% of the U.S. soybean - growing area was affected by drought as of September 9. The estimated soybean crushing volume in August was 182.857 million bushels, down 6.6% from July [6] - **Soybeans in Brazil and Argentina**: Brazil's 2025 soybean production is estimated to be 165.89 million tons, up 0.2% from last month's estimate and 14.5% from last year. Argentina's soybean sales slowed down, with farmers pre - selling 31.29 million tons of 2024/25 soybeans as of September 3 [7][8] c. Trend Intensity - The trend intensity of palm oil and soybean oil is 0, indicating a neutral trend [9]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View The report focuses on the asphalt market, showing that with the decline of crude oil prices, many regions are accelerating inventory reduction. It provides detailed data on asphalt's futures, spot markets, and inventory status [1]. 3. Summary by Related Catalogs **Fundamental Tracking** - **Futures Data**: For BU2510, the yesterday's closing price was 3,469 yuan/ton with a daily increase of 0.17%, and the night - session closing price was 3,437 yuan/ton with a decline of 0.92%. For BU2511, the yesterday's closing price was 3,463 yuan/ton with a daily increase of 0.38%, and the night - session closing price was 3,425 yuan/ton with a decline of 1.10%. The trading volume and open interest of BU2511 increased significantly compared to the previous day [1]. - **Spot Market**: The Shandong wholesale price was 3,540 yuan/ton with no change, and the Yangtze River Delta wholesale price was 3,640 yuan/ton also with no change. The refinery operating rate was 39.59%, down 0.63% from the previous update, and the refinery inventory rate was 27.11%, up 0.66% [1]. - **Price Difference**: The basis (Shandong - 10) was 71 yuan/ton, down 6 yuan from the previous day; the 10 - 11 inter - period spread was 6 yuan/ton, down 7 yuan; the Shandong - South China spread was 40 (unit not specified), up 20; the East China - South China spread was 140 yuan/ton, up 20 yuan [1]. **Trend Intensity** The asphalt trend intensity is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [8]. **Market Information** - **Production**: In the week of 20250905 - 20250911, the domestic weekly asphalt production was 59.9 million tons, a 1.2% decline from the previous week and a 41.9% increase year - on - year. The cumulative production from January to September was 2094.2 million tons, a 10.3% increase year - on - year [14]. - **Inventory**: As of September 11, 2025, the inventory of 54 domestic asphalt sample refineries was 72.8 million tons, a 1.9% decline from September 8. The inventory of 104 domestic asphalt social warehouses was 165.3 million tons, a 1.4% decline from September 8. Shandong's refinery inventory and Northeast China's social inventory decreased significantly [14].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - LPG prices dropped in night trading due to expectations of oversupply, while propylene supply and demand were tight, leading to higher spot transactions [1][2] Group 3: Summary by Related Catalogs 1. LPG and Propylene Fundamental Data - **Futures Prices**: PG2510 closed at 4,470 with a daily increase of 0.18% and 4,446 at night with a -0.54% decrease; PG2511 closed at 4,424 daily (+0.23%) and 4,405 at night (-0.43%); PL2601 closed at 6,409 daily (+0.02%) and 6,392 at night (-0.27%); PL2602 closed at 6,442 daily (-0.17%) and 6,425 at night (-0.26%) [2] - **Position and Trading Volume**: PG2510 trading volume was 58,811, down 33,266 from the previous day, and the position was 67,360, down 1,755; PG2511 trading volume was 23,568, down 9,364, and the position was 48,770, up 3,459; PL2601 trading volume was 3,245, up 444, and the position was 10,779, up 450; PL2602 trading volume was 53, up 35, and the position was 886, down 1 [2] - **Price Spreads**: The spread between Guangzhou domestic gas and PG10 contract was 30 (previous day: 38); between Guangzhou imported gas and PG10 contract was 60 (previous day: 88); between Shandong propylene and PL01 contract was 291 (previous day: 267); between East China propylene and PL01 contract was 191 (previous day: 192); between South China propylene and PL01 contract was 66 (previous day: 67) [2] - **Important Industrial Chain Data**: PDH operating rate was 70.5% (previous week: 73.1%); MTBE operating rate was 61.7% (previous week: 62.2%); alkylation operating rate was 45.7% (previous week: 46.8%) [2] 2. Trend Intensity - LPG trend intensity was 0; propylene trend intensity was 0, with the range of [-2, 2] and classifications of weak, slightly weak, neutral, slightly strong, and strong [-2 being the most bearish and 2 being the most bullish] [6] 3. Market News - On September 11, 2025, the October CP paper cargo for propane was $549/ton, down $1/ton from the previous trading day; butane was $524/ton, up $1/ton. The November CP paper cargo for propane was $559/ton, unchanged from the previous day [7] - There were domestic PDH device maintenance plans (from Longzhong Information on September 4) and domestic liquefied gas plant device maintenance plans (from Longzhong Information on September 11), listing multiple companies' maintenance time, capacity, etc. [7][8][9]

1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Views of the Report - The US inflation data in August was basically in line with expectations, with a slight rebound in inflation, but the pressure did not reach the level requiring urgent response. The market generally expected the Fed to cut interest rates by 25 basis points in the September meeting, and there were also expectations of three interest rate cuts by the end of the year due to the weakening labor market [7]. - Fuel oil and low - sulfur fuel oil were expected to remain weak in the short term due to the decline in crude oil prices and bearish fundamentals [9]. - The Freight Index (European Line) was under pressure. The 2510 contract might be under short - term pressure, the 2512 contract should be treated with a wide - range shock mindset, and for the 2602 contract, long - term strategies such as long 02 - 04 and 12 - 04 spreads could be considered [10]. 3. Summaries According to Relevant Catalogs 3.1 Metals - **Gold and Silver**: Gold was affected by the downward revision of non - farm employment, and the gold - silver ratio of silver was rising. The trend intensities of both were 0 [14][19][24]. - **Copper**: With the decline of the US dollar, copper prices rose. The trend intensity was 1 [14][26][28]. - **Zinc**: Inventory accumulation continued, and the trend intensity was 0 [14][29][31]. - **Lead**: Prices fluctuated, and the trend intensity was 0 [14][32]. - **Tin**: Prices fluctuated within a range, and the trend intensity was 0 [14][34][38]. - **Aluminum, Alumina, and Cast Aluminum Alloy**: Aluminum was expected to be slightly bullish in a volatile market, alumina was in a weak operation, and cast aluminum alloy followed the trend of electrolytic aluminum. The trend intensities of all were 0 [14][39][41]. - **Nickel and Stainless Steel**: Nickel was in a narrow - range fluctuation, and stainless steel prices might fluctuate due to the game between reality and expectations. The trend intensities of both were 0 [14][42][48]. - **Carbonate Lithium**: Production continued to recover, and prices were in a weak - side fluctuation. The trend intensity was - 1 [14][49][53]. 3.2 Energy and Chemicals - **Industrial Silicon**: Attention should be paid to the information from the Inner Mongolia meeting. The trend intensity was 0 [14][54][57]. - **Polysilicon**: Market sentiment fermented again, and attention should be paid to warehouse receipt registration. The trend intensity was 1 [14][55][57]. - **Iron Ore**: Prices fluctuated repeatedly, and the trend intensity was 0 [14][59][60]. - **Rebar and Hot - Rolled Coil**: Rebar demand was relatively weak, and prices fluctuated widely; hot - rolled coil demand was resilient, and prices also fluctuated widely. The trend intensities of both were 0 [14][62][65]. - **Ferrosilicon and Silicomanganese**: Both were in wide - range fluctuations, and the trend intensities of both were 0 [14][66][68]. - **Coke and Coking Coal**: Expectations were volatile, and prices fluctuated widely. The trend intensities of both were 0 [14][70][71]. 3.3 Others - **Log**: Prices fluctuated repeatedly [14][73]. - **Fuel Oil and Low - Sulfur Fuel Oil**: Affected by the decline in crude oil prices and bearish fundamentals, they were expected to remain weak in the short term [9]. - **Freight Index (European Line)**: Under pressure, different contracts had different trends and corresponding strategies [10].

Report Summary Investment Rating The report does not provide an industry investment rating. Core View The supply increase suppresses the rebound of crude oil, and it is recommended to wait and see again. The trend strength of crude oil is 0, indicating a neutral view [1][8]. Section Summaries 1. Global Benchmark Crude Oil Price Dynamics - Brent (ICE) price is $67.49/bbl with a daily change of $1.1. The North Sea oilfield maintenance reaches its peak, and the shooting down of a Russian drone by Poland boosts the geopolitical premium [2]. - WTI (NYMEX) price is $63.67/bbl with a daily change of $1.04. Cushing inventory decreases by 2.8 million barrels weekly, and the strategic reserve repurchase starts [2]. - Dubai (Platts) price is $71.72/bbl with a daily change of $0.84. Middle - East refinery feed demand is strong, and the November spot premium hits a new high [2]. - Murban (ADNOC) price is $70.1/bbl with a daily change of -$1.02. The official selling price is lowered by $1.02 to respond to Asian buyers switching to US West Coast crude oil [2]. - Urals (CIF) price is $57.91/bbl with a daily change of $0.54. Indian refineries make bargain purchases, and the Baltic Sea loading volume increases by 15% month - on - month [2]. 2. Regional Crude Oil Spreads - Brent - WTI spread is $3.9/bbl, affected by the decline in Cushing inventory. The congestion of US Gulf export facilities intensifies, and the European arbitrage window closes [3]. - Dubai - Oman spread is $0.28/bbl, due to the Middle - East OSP cut. Saudi Arabia reduces Asian long - term contract volumes, and the spot market competition heats up [5]. - ESPO - Dubai spread is -$1.41/bbl, caused by the increase in Russian exports. Russian oil companies use a new method to avoid price limits: delivering a mixture of Omani crude oil [5]. - Midland - Cushing spread is $0.95/bbl, due to pipeline capacity constraints. An EPIC pipeline failure causes more than 5 million barrels of accumulation in the Permian Basin [5]. 3. Device Impact - Cosmo Oil's 100,000 b/d device is under maintenance from August 27 to early October, affecting Sakai crude oil. Japanese gasoline inventory drops to a five - year low, and emergency reserves are released [5]. - Sinopec Zhenhai's 200,000 b/d device maintenance is postponed to the end of September, affecting ESPO crude oil. Zhoushan's commercial crude oil inventory breaks the historical peak [5]. - BP Rotterdam's 180,000 b/d device is under maintenance from September 15 to November 10, affecting North Sea Forties. The European diesel crack spread widens by $1.2/bbl [5]. - Reliance's 660,000 b/d device is planned for maintenance in October, affecting Middle - East heavy crude oil. India's early stockpiling narrows the Middle - East fuel oil discount [5]. 4. Key Crude Oil Trade Dynamics - Persian Gulf - Japan route (VLCC): Freight is w64.5 with a weekly change of 0.15. Red Sea route insurance premiums increase by 300%, and shipowners detour around the Cape of Good Hope [6]. - US Gulf - China route (VLCC): Freight is $8.45m, an increase of $1.9m. The Panama Canal's traffic restrictions lead to tight shipping capacity [6]. - Singapore - East China route (LR2): Freight is $2.35m with a change of 0.12. China's bonded oil demand surges, and ship schedules are booked until three weeks later [6]. - West Africa - China route (Suezmax): Freight is w107.5 with a change of 0.08. India's procurement shifts to West Africa, squeezing Far - East shipping capacity [6]. 5. Comparison of Different Oil Types - 92 - octane gasoline (Singapore): Crack spread is $22/bbl, FOB price in Asia is $83.27. Indonesian Pertamina makes an emergency purchase of October cargoes, and Southeast Asian inventory drops to a three - week low [6]. - 0.5% low - sulfur fuel oil: Crack spread is $6.93/bbl, FOB price in Asia is $492.08. China's bonded refueling demand surges, and 23 ships are waiting at Zhoushan anchorage [6]. - 10ppm diesel: Crack spread is $19/bbl, FOB price in Asia is $88.12. African diesel power generation demand is in the peak season, and West African imports reach a record high [6]. - 380CST high - sulfur fuel oil: Crack spread is -$2.25/bbl, FOB price in Asia is $426. The restart of Australia's Viva refinery is delayed, and regional supply glut persists [6]. 6. Key Market News - OPEC Monthly Report: In August, OPEC+ crude oil production averaged 42.4 million barrels per day, an increase of 509,000 barrels per day compared to July as OPEC+ raised production [9]. - IEA Monthly Report: The 2025 world oil demand growth forecast is raised to 740,000 barrels per day (previously forecasted at 680,000 barrels per day) [9].

Report Industry Investment Rating - Not provided Core Views - The crude oil market has become pessimistic after OPEC+ plans to increase production, and traders generally expect lower oil prices. PX valuation has weakened, but the supply-demand pattern is tight due to upcoming new PTA plant launches and high polyester factory operation rates. It is recommended to partially close positions and focus on long PX short Brent. For PX, 11-01 calendar spread is in contango, and 1-5 is in backwardation. Also, for 01/05, long PX short PTA is suggested [10]. - For PTA, the cost side is weakening, and the valuation has declined. The support for PTA processing margin is weak. Despite the high polyester operation rate, PTA is in a destocking pattern, but there is significant future supply pressure. It is advisable to continue monitoring the 11-01 contango position and the PTA01/05 processing margin compression position [10]. - The market is focusing on the commissioning progress of Yulong Petrochemical. The 01 contract faces significant pressure. It is recommended to focus on the 1-5 backwardation. Near - month spot has low inventory and strong basis. The unilateral price is in a weak and volatile market [11]. Summary by Related Catalogs Futures Prices - The closing prices of PX, PTA, MEG, PF, and SC futures were 6778, 4688, 4302, 6370, and 489.2 respectively. The price changes were 6770, -10, -17, 6, and 3, with percentage changes of 0.12%, -0.21%, -0.39%, 0.09%, and 0.62% [2]. - The 11-1 spread of PX was 60, PTA 11-1 was -14, MEG 1-5 was -48, PF 11-12 was 14, and SC 11-12 was 1.7 [2]. Spot Prices - The spot price of PX CFR China was 838.33 dollars/ton, PTA in East China was 4620 yuan/ton, MEG spot was 4422 yuan/ton, naphtha MOPJ was 604 dollars/ton, and Dated Brent was 66.3 dollars/barrel [2]. - The PX - naphtha spread was 233.75 dollars/ton, PTA processing margin was 131.77 yuan/ton, short - fiber processing margin was 208.61 yuan/ton, bottle - chip processing margin was 69.09 yuan/ton, and MOPJ naphtha - Dubai crude spread was -6.01 dollars/ton [2]. Market Dynamics - PX: The naphtha price declined slightly. PX prices were stable, with some spot transactions. The supply from the Middle East is limited due to strong gasoline demand. China's Fujia Dahua plans to shut down its 700,000 - ton/year No. 2 PX production line for maintenance [4][6]. - PTA: Some PTA plants in China restarted, and the PTA load reached 76.8%. A 110 - million - ton PTA plant in South China plans to conduct maintenance in mid - to - late October [7]. - MEG: The overall operating load in China was 74.91%, with the syngas - to - MEG operating load at 76.69%. An Xinjiang 150,000 - ton/year syngas - to - MEG plant shut down, and an Iranian 400,000 - ton/year MEG plant is restarting [7][8]. - Polyester: The operating load of domestic polyester industrial yarn was about 75%, and the overall polyester load in China reached about 91.6%. The sales of polyester filaments in Jiangsu and Zhejiang were weak, and the sales of direct - spun polyester staple fibers were mixed [8]. Trend Intensity - The trend intensities of PX, PTA, and MEG were all 0, indicating a neutral view [9].

2025年09月12日 国泰君安期货商品研究晨报 观点与策略 | 黄金：下修非农就业 | 3 | | --- | --- | | 白银：金银比上行 | 3 | | 铜：美元回落，价格上涨 | 5 | | 锌：累库持续 | 7 | | 铅：价格震荡 | 9 | | 锡：区间震荡 | 10 | | 铝：震荡偏强 | 12 | | 氧化铝：弱势运行 | 12 | | 铸造铝合金：跟随电解铝 | 12 | | 镍：窄幅震荡运行 | 14 | | 不锈钢：现实与预期博弈，钢价或震荡运行 | 14 | | 碳酸锂：产量延续回暖，偏弱震荡 | 16 | | 工业硅：关注今日内蒙会议信息 | 18 | | 多晶硅：市场情绪再次发酵，关注仓单注册 | 18 | | 铁矿石：震荡反复 | 20 | | 螺纹钢：螺纹需求相对较弱，宽幅震荡 | 21 | | 热轧卷板：热卷需求韧性良好，宽幅震荡 | 21 | | 硅铁：宽幅震荡 | 23 | | 锰硅：宽幅震荡 | 23 | | 焦炭：预期反复，宽幅震荡 | 25 | | 焦煤：预期反复，宽幅震荡 | 25 | | 原木：震荡反复 | 26 | | 对二甲苯：油价走低，估值再次下探 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The container shipping index (European Line) is under pressure. The 2510 contract is currently pricing in the downward trend of freight rates in the first half of October and the potential upward risk in the second half, and is short - term weak. The 2512 contract should not be over - estimated due to potential negative factors. The 2602 contract may not show a discount to the 12 contract in years with a late Spring Festival [10][13] - This week, consider taking profits on the 2510 contract at low prices. In the medium - to - long - term, consider going long on the 02 - 04 and 12 - 04 calendar spreads [14] Summary by Related Catalogs Futures Market - The main 2510 contract of the container shipping index (European Line) closed at 1,203.8 points, down 5.28%, with an increase of 2,187 lots in positions; the second - main 2512 contract closed at 1,609.1 points, down 4.07%, with an increase of 1,417 lots in positions [1][10] Freight Rates - The 38 - week freight rate center has further declined to around $1,650/FEU. Conservatively estimated, the cumulative decline in the 39th and 40th weeks is $100/FEU, and the center may fall to around $1,550/FEU. Different alliances have different pricing and adjustment situations [11] Supply - Side Fundamentals - In October, the weekly average capacity has been slightly revised down from 276,000 TEU/week to 267,000 TEU/week. The year - on - year growth rate of capacity in October is 1.1%, a significant decline compared to July - September. The suspension of sailings by shipping companies during the National Day holiday is relatively strong. In November, there are 6 pending voyages, 3 blank sailings, and 1 additional sailing. Without considering the pending voyages, the current weekly average capacity is 302,000 TEU/week [12] Contract Analysis - The 2510 contract may mainly reflect the freight rate quotes from the 40th to 42nd weeks. The current price may have priced in the downward trend of freight rates in the first half of October and the potential upward risk in the second half, and is short - term weak. The 2512 contract should not be over - estimated due to potential negative factors such as the late Spring Festival in 2026 and increasing over - capacity pressure. The 2602 contract may not show a discount to the 12 contract in years with a late Spring Festival [13] Strategy - This week, consider taking profits on the 2510 contract at low prices. In the medium - to - long - term, consider going long on the 02 - 04 and 12 - 04 calendar spreads [14] Trend Intensity - The trend intensity of the container shipping index (European Line) is 0, indicating a neutral trend [15]

2025年09月12日 国泰君安期货商品研究晨报-绿色金融与新能源 | 镍：窄幅震荡运行 | 2 | | --- | --- | | 不锈钢：现实与预期博弈，钢价或震荡运行 | 2 | | 碳酸锂：产量延续回暖，偏弱震荡 | 4 | | 工业硅：关注今日内蒙会议信息 | 6 | | 多晶硅：市场情绪再次发酵，关注仓单注册 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 镍：窄幅震荡运行 期货研究 商 品 研 究 观点与策略 不锈钢：现实与预期博弈，钢价或震荡运行 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 商 品 研 究 2025 年 9 月 12 日 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 120,620 | -230 | -230 | -370 | -1,820 | -1,170 | | 期 ...

Report Information - Report Date: September 12, 2025 [1][17][21][26][31][33][38] - Report Title: Guotai Junan Futures Commodity Research Morning Report - Agricultural Products [2] Industry Investment Ratings - Not provided in the report Core Views - **Palm Oil**: Supported by US soybean oil, focus on low - buying strategies [3][5] - **Soybean Oil**: Stabilized as US soybeans closed higher [3][5] - **Soybean Meal**: Rebounded following US soybeans, awaiting USDA supply - demand report [3][14] - **Soybean No.1**: Rebounded and fluctuated [3][14] - **Corn**: Traded in a range [17] - **Sugar**: Consolidated in a narrow range [21] - **Cotton**: Monitor the listing of new cotton [26] - **Eggs**: Continued trading range [31] - **Hogs**: Spot market was weak, while policy was strong [33] - **Peanuts**: Monitor the listing of new peanuts [38] Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: Palm oil futures closed at 9,330 yuan/ton (day session) with a 0.93% increase, and 9,348 yuan/ton (night session) with a 0.19% increase; soybean oil futures closed at 8,336 yuan/ton (day session) with a 0.97% increase, and 8,326 yuan/ton (night session) with a - 0.12% decrease [5] - **News**: From September 1 - 10, 2025, Malaysian palm oil production decreased by 3.17% month - on - month; analysts expect Malaysian palm oil inventory in September to increase by 6% to 2.3 million tons due to weak exports and domestic demand [6][7] - **Trend Intensity**: Neutral (0) [13] Soybean Meal and Soybean No.1 - **Fundamentals**: DCE soybean No.1 2511 closed at 3,911 yuan/ton (day session) with a - 0.13% decrease, and 3,957 yuan/ton (night session) with a 0.79% increase; DCE soybean meal 2601 closed at 3,066 yuan/ton (day session) with a - 0.33% decrease, and 3,090 yuan/ton (night session) with a 0.49% increase [14] - **News**: On September 11, CBOT soybeans closed higher as traders adjusted positions before the USDA supply - demand report; analysts expect a slight decrease in US soybean yield but a large overall production [14][16] - **Trend Intensity**: Slightly bullish (+1) [16] Corn - **Fundamentals**: C2511 closed at 2,202 yuan/ton (day session) with a 0.14% increase, and 2,201 yuan/ton (night session) with a - 0.05% decrease; C2601 closed at 2,172 yuan/ton (day session) with a - 0.09% decrease, and 2,169 yuan/ton (night session) with a - 0.14% decrease [18] - **News**: Northern corn port prices were stable, while North China corn prices were slightly down [19] - **Trend Intensity**: Neutral (0) [20] Sugar - **Fundamentals**: Raw sugar price was 16.47 cents/pound, mainstream spot price was 5,940 yuan/ton, and futures main contract price was 5,556 yuan/ton [21] - **News**: Indian monsoon rainfall increased; Brazilian sugar exports decreased; Conab lowered Brazil's 25/26 sugar production forecast [21] - **Trend Intensity**: Neutral (0) [24] Cotton - **Fundamentals**: CF2601 closed at 13,835 yuan/ton (day session) with a - 0.14% decrease, and 13,830 yuan/ton (night session) with a - 0.04% decrease; ICE US cotton 12 closed at 66.74 cents/pound with a 0.03% increase [26] - **News**: Cotton spot trading was light; US cotton exports decreased [27][28] - **Trend Intensity**: Neutral (0) [30] Eggs - **Fundamentals**: Egg 2510 closed at 3,043 yuan/500 kg with a 0.36% increase; Egg 2601 closed at 3,349 yuan/500 kg with a - 0.71% decrease [31] - **Trend Intensity**: Neutral (0) [31] Hogs - **Fundamentals**: Henan spot price was 13,530 yuan/ton; Sichuan spot price was 13,400 yuan/ton; Guangdong spot price was 14,240 yuan/ton; Futures contracts showed different price changes [34] - **Market Logic**: Spot prices may decline further due to large supply in September - October; short - term LH2511 support is 12,500 yuan/ton, and resistance is 13,500 yuan/ton [36] - **Trend Intensity**: Neutral (0) [35] Peanuts - **Fundamentals**: Liaoning 308 general peanuts were priced at 8,200 yuan/ton; Henan Baisha general peanuts were priced at 8,360 yuan/ton with a 100 - yuan decrease [38] - **News**: New peanuts in some areas are expected to be listed soon; trading volume was affected by rainfall [39] - **Trend Intensity**: Neutral (0) [40]