期货研究报告|宏观市场 2025-09-08 美元周期的统计探讨 ——宏观资产杂谈系列三 研究院 徐闻宇 xuwenyu@htfc.com 从业资格号：F0299877 投资咨询号：Z0011454 投资咨询业务资格： 证监许可【2011】1289 号 宏观事件 2025 年年初以来，随着特朗普 2.0 任期以来美元指数持续回落。从 8 月美联储修改货币 政策框架到 9月就业市场疲软后可能再次降息，美元指数的运行对于全球市场流动性起 到重要影响。本文从统计意义上分析当前美元指数所处的状态。 核心观点 ■ 华泰美元指数历史走势 华泰美元指数呈现"趋势回落、降幅收窄"的特征。首先以 1999 年之前美元指数构成成 分中十大货币对通过几何加权平均求得 1950 年以来美元指数拟合指数；其次以 1971 年 以来美元指数波动特征同步放大 1950-1970 年期间美元指数波动；最后通过中心移动平 均平滑美元指数，求得华泰美元指数。 ■ 风险 经济数据短期波动风险，金融市场波动风险 请仔细阅读本报告最后一页的免责声明 | 宏观事件 1 | | | --- | --- | | 核心观点 1 | | | 美元指数的历史 3 ...

股指期权日报 | 2025-09-08 股指期权日报 股指期权市场概况 期权成交量 2025-09-05，上证50ETF期权成交量为187.54万张；沪深300ETF期权（沪市）成交量为191.97万张； 中证500ETF期权（沪市）成交量为261.96万张；深证100ETF期权成交量为23.41万张； 创业板ETF期权成交量为340.23万张；上证50股指期权成交量为5.06万张； 沪深300股指期权成交量为22.82万张；中证1000期权总成交量为38.25万张。 期权PCR 上证50ETF期权成交额PCR报0.58，环比变动为-0.29；持仓量PCR报0.85，环比变动为+0.04； 沪深300ETF期权（沪市）成交额PCR报0.64，环比变动为-0.36；持仓量PCR报1.18，环比变动为+0.16； 中证500ETF期权（沪市）成交额PCR报0.69，环比变动为-0.61；持仓量PCR报1.20，环比变动为+0.22 ； 深圳100ETF期权成交额PCR报0.72 ，环比变动为+0.03；持仓量PCR报1.10；环比变动为+0.12； 创业板ETF期权成交额PCR报0.45，环比变动为-0.51 ； ...

Group 1: Report Industry Investment Rating - Investment rating for both the pig and egg markets: Cautiously bearish [3][5] Group 2: Report's Core View - For the pig market, although the expected reduction in pig slaughter may lead to firmer spot and near - term contract prices due to short - term supply rhythm adjustment, the overall oversupply situation remains unchanged, which has little impact on 2026 pig contracts and is favorable for hedging needs to participate at high prices [2] - For the egg market, with school stocking finished, tourism and catering demand declining, and food companies' purchases being cautious due to reduced terminal product consumption, overall demand has decreased. Cold - storage eggs have weakened market confidence, and supply - side pressure has made festival demand stimulation ineffective this year [4] Group 3: Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live hog 2511 contract yesterday was 13,365 yuan/ton, a change of - 185.00 yuan/ton from the previous trading day, a decline of 1.37% [1] - Spot: In Henan, the price of outer ternary live hogs was 13.97 yuan/kg, a change of + 0.01 yuan/kg from the previous trading day; in Jiangsu, it was 14.06 yuan/kg, a change of - 0.08 yuan/kg; in Sichuan, it was 13.77 yuan/kg, a change of + 0.00 yuan/kg [1] - Agricultural product wholesale prices on September 4: The "Agricultural Product Wholesale Price 200 Index" was 117.86, up 0.28 points from the previous day. The "Vegetable Basket" product wholesale price index was 118.66, up 0.34 points. The average price of pork in the national agricultural product wholesale market was 19.85 yuan/kg, down 0.9%; beef was 65.43 yuan/kg, up 0.2%; mutton was 60.68 yuan/kg, down 0.6%; eggs were 7.74 yuan/kg, unchanged; and white - striped chickens were 17.62 yuan/kg, up 2.0% [1] Market Analysis - The reduction in slaughter volume is increasing compared to the end of June and July, and continuous attention is needed in the future [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2510 contract yesterday was 3021 yuan/500 kilograms, a change of + 10.00 yuan from the previous trading day, an increase of 0.33% [3] - Spot: In Liaoning, the egg spot price was 3.20 yuan/jin, unchanged from the previous trading day; in Shandong, it was 3.25 yuan/jin, a change of + 0.10 yuan; in Hebei, it was 2.93 yuan/jin, unchanged [3] - On September 4, 2025, the national production - link inventory was 0.65 days, a decrease of 0.03 days from the previous day, a decline of 4.41%. The circulation - link inventory was 0.9 days, a decrease of 0.10 days, a decline of 10.00% [3] Market Analysis - Overall egg demand has declined, and festival demand stimulation is weak this year [4] Strategy - Cautiously bearish [5]

1. Report Industry Investment Rating - Industrial silicon: Unilateral - Neutral; Inter - period: None; Inter - variety: None; Futures - spot: None; Options: None [2] - Polysilicon: Unilateral - Short - term range operation; Inter - period: None; Inter - variety: None; Futures - spot: None; Options: None [7] 2. Core Views - For industrial silicon, the spot price remains stable, the inventory decreases slightly, the supply - demand change is small, and the market is mainly influenced by overall commodity sentiment [1][2] - For polysilicon, the weekly output decreases slightly, the upstream inventory goes through slight destocking, and the market is affected by anti - involution policy expectations and fundamentals. Policy implementation and spot price transmission need to be continuously monitored, and polysilicon is suitable for long - term bottom - fishing [3][5][7] 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On September 4, 2025, the industrial silicon futures price fluctuated. The main contract 2511 opened at 8405 yuan/ton and closed at 8515 yuan/ton, a change of 0.12% from the previous settlement. The main contract held 277,305 lots, and the number of warehouse receipts was 50,072, a decrease of 276 from the previous day [1] - The industrial silicon spot price remained stable. The price of East China oxygen - passing 553 silicon was 9000 - 9200 yuan/ton, 421 silicon was 9300 - 9500 yuan/ton, Xinjiang oxygen - passing 553 silicon was 8400 - 8600 yuan/ton, and 99 silicon was 8400 - 8600 yuan/ton [1] - On September 4, the total social inventory of industrial silicon in major regions was 537,000 tons, a decrease of 4,000 tons from the previous week. The ordinary social warehouse had 117,000 tons, a decrease of 2,000 tons, and the social delivery warehouse had 420,000 tons, a decrease of 2,000 tons [1] Consumption End - The organic silicon DMC was quoted at 10,500 - 10,800 yuan/ton. Shandong monomer enterprises' DMC was quoted at 10,800 yuan/ton this week, a decrease of 500 yuan/ton from the previous week. Other domestic monomer enterprises' DMC was mainly quoted at 11,000 - 11,500 yuan/ton, a decrease of 500 - 1000 yuan/ton from the previous week [2] - The upstream and downstream are in a deep game. Monomer enterprises adopt a promotional strategy, but some downstream enterprises are cautious due to the lack of improvement in terminal orders [2] Strategy - The spot price remains stable, the inventory decreases slightly, the supply - demand change is small, and the market is mainly influenced by overall commodity sentiment [2] Polysilicon Market Analysis - On September 4, 2025, the polysilicon futures main contract 2511 fluctuated slightly, opening at 51,700 yuan/ton and closing at 52,195 yuan/ton, a 0.55% change from the previous trading day. The main contract held 145,950 lots, and the trading volume was 268,080 lots [3] - The polysilicon spot price remained stable. The N - type material was 49.00 - 54.00 yuan/kg, and n - type granular silicon was 48.00 - 49.00 yuan/kg [3] - The polysilicon manufacturers' inventory increased, the silicon wafer inventory increased. The latest polysilicon inventory was 21.10 (a - 0.90% change), the silicon wafer inventory was 16.85GW (a - 6.65% change), the weekly polysilicon output was 30,200.00 tons (a - 2.58% change), and the silicon wafer output was 13.78GW (a 3.53% change) [5] Strategy - The weekly output decreases slightly, the upstream inventory goes through slight destocking, and the market is affected by anti - involution policy expectations and fundamentals. Policy implementation and spot price transmission need to be continuously monitored, and polysilicon is suitable for long - term bottom - fishing [7] Policy - On September 4, the Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Stable Growth Action Plan for the Electronic Information Manufacturing Industry from 2025 - 2026", aiming to promote the high - quality development of the photovoltaic field, guide local layout, and strengthen product quality management [6]

Report Industry Investment Rating - The report does not provide an industry investment rating. Core Viewpoint - The polyolefin market continued to decline, with weak demand. The market returned to fundamental trading. The overall operating rate increased as previously shut - down plants resumed operations and there were few planned shutdowns. New production capacity was continuously released, leading to a significant increase in supply. The upstream inventory was transferred downstream, with a slight decrease in producers' inventory and an increase in intermediate - link inventory. The cost - side support was weak, while the demand side was slowly rising as it entered the seasonal demand transition period [3]. Summary by Directory I. Polyolefin Basis Structure - Figures related to this section include the plastic futures main contract trend, LL East China - main contract basis, polypropylene futures main contract trend, and PP East China - main contract basis [10][13] II. Production Profit and Operating Rate - For PE, the operating rate was 80.5% (+1.9%), and the oil - based production profit was 218.2 yuan/ton (+111.1). For PP, the operating rate was 79.9% (-0.3%), the oil - based production profit was - 361.8 yuan/ton (+111.1), and the PDH - based production profit was - 253.7 yuan/ton (-102.2) [1][21][27] III. Polyolefin Non - Standard Price Difference - This section involves price differences such as HD injection - LL East China, HD blow molding - LL East China, etc. [32][39][40] IV. Polyolefin Import and Export Profits - LL import profit was - 246.2 yuan/ton (+34.0), PP import profit was - 586.2 yuan/ton (+14.0), and PP export profit was 35.9 US dollars/ton (+3.6) [1] V. Polyolefin Downstream Operating Rate and Downstream Profits - PE downstream agricultural film operating rate was 20.2% (+2.7%), PE downstream packaging film operating rate was 50.5% (+0.9%), PP downstream woven bag operating rate was 42.7% (+0.4%), and PP downstream BOPP film operating rate was 61.4% (+1.0) [2] VI. Polyolefin Inventory - The report does not provide specific inventory data analysis, but mentions that upstream inventory was transferred downstream, with a slight decrease in producers' inventory and an increase in intermediate - link inventory [3] Strategies - Unilateral: Neutral - Inter - period: Reverse spread of 01 - 05 - Cross - variety: Long L - P [4]

Report Overview - The report is an index option daily report, covering information on option trading volume, PCR, and VIX in the index option market on September 4, 2025 [1] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - Not provided in the report 3. Summary by Relevant Catalogs Option Trading Volume - On September 4, 2025, the trading volume of Shanghai Stock Exchange 50 ETF options was 1.6938 million contracts; for CSI 300 ETF options (Shanghai market), it was 1.5669 million contracts; for CSI 500 ETF options (Shanghai market), it was 2.3131 million contracts; for Shenzhen 100 ETF options, it was 0.2733 million contracts; for ChiNext ETF options, it was 3.5481 million contracts; for Shanghai Stock Exchange 50 index options, it was 0.0866 million contracts; for CSI 300 index options, it was 0.1820 million contracts; for CSI 1000 options, the total trading volume was 0.4443 million contracts [1] - The detailed trading volume data also includes the call and put trading volumes and total trading volumes of various options [22] Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 0.87, with a month - on - month change of +0.26; the position PCR was reported at 0.81, with a month - on - month change of - 0.07. Similar data are provided for other types of options [2][31] Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 21.47%, with a month - on - month change of +0.43%. Similar data are provided for other types of options [3][44]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The volatility in the US Treasury market has intensified, and attention should be paid to the US non - farm payroll data for August [2]. - The Fed is expected to restart the easing cycle, and Powell's dovish stance paves the way for a September rate cut in the US, making the path of overseas inflation rise smoother [2]. - For commodities and stock index futures, it is advisable to allocate more industrial products on dips [4]. Summaries by Related Catalogs Market Analysis - In August, there were initial signs of rising overseas inflation. Global economic data in July remained resilient. China's exports in July increased by 7.2% year - on - year in US dollars, higher than expected. Domestic monthly economic data still faced pressure, with investment data under significant pressure [2]. - The A - share market on September 4 was in a volatile adjustment throughout the day, with the ChiNext Index leading the decline and the STAR 50 Index falling nearly 6%. Stocks fell more than they rose, with nearly 3000 stocks in the Shanghai, Shenzhen, and Beijing stock markets closing down [2][5]. - In the US, the ISM manufacturing index in August contracted for the sixth consecutive month, new orders improved, and the price index declined again. The US trade deficit in July widened to a four - month high [2]. Commodity Analysis - The domestic supply - side is most sensitive to the black and new energy metal sectors. Overseas inflation expectations can focus on precious metals and agricultural products [3]. - The black sector is still dragged down by downstream demand expectations. The supply limitation in the non - ferrous sector has not been alleviated. The energy supply is expected to be relatively loose in the medium - term. In the chemical sector, the "anti - involution" space of some varieties is worthy of attention [3]. - Agricultural products are driven by short - term tariffs and inflation expectations, but they still need signals from the fundamentals and attention to the disturbances brought by Sino - US negotiations [3]. Strategy - For commodities and stock index futures, it is recommended to allocate more industrial products on dips [4]. Important News - On September 4, the A - share market had more falling stocks than rising stocks. The trading volume exceeded 2.58 trillion yuan. The Shanghai Composite Index fell 1.25%, the Shenzhen Component Index fell 2.83%, and the ChiNext Index fell 4.25%. Financial stocks such as securities and banks were active [5]. - The Trump administration asked the Supreme Court to quickly decide whether he has the right to impose extensive tariffs. The Supreme Court may make a ruling in the summer of 2026 [5]. - The Fed's Beige Book showed that consumer spending was flat or declined, and prices rose in all districts [2]. - The US ADP employment in August increased by 54,000, lower than the market expectation of 65,000 [5]. - Trump's nominee for the Fed governor, Miran, said in the hearing that the Fed's main responsibility is to prevent economic depression and inflation, and he plans to maintain the independence of the FOMC [5].

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core View The LPG market sentiment shows signs of marginal improvement, but the sharp decline in oil prices yesterday led to a correction in the futures market. Although PG is relatively resistant to decline in the energy sector, it cannot completely escape the impact. The spot market shows mixed trends, with prices in North China, East China, Northwest China, and South China rising steadily, prices in the Yangtze River region declining, and prices in other regions remaining stable. The LPG market is currently in a state with support at the bottom but limited upward momentum. If OPEC continues to increase production in the future, it will not only drive down oil prices but also increase the supply of Middle East LPG following the increase in crude oil, putting new pressure on the LPG market [1]. Strategy - **Unilateral**: The market is expected to be moderately bullish. It is advisable to pay attention to opportunities to go long on the PG main contract on dips, but the upside potential is expected to be limited [2]. - **Inter - period**: No specific strategy is proposed [2]. - **Inter - commodity**: No specific strategy is proposed [2]. - **Futures - spot**: No specific strategy is proposed [2]. - **Options**: No specific strategy is proposed [2]. Market Analysis - **Regional Spot Prices on September 4**: Shandong market: 4,550 - 4,610 yuan/ton; Northeast market: 3,900 - 4,280 yuan/ton; North China market: 4,050 - 4,650 yuan/ton; East China market: 4,450 - 4,570 yuan/ton; Yangtze River market: 4,760 - 4,900 yuan/ton; Northwest market: 4,550 - 4,720 yuan/ton; South China market: 4,438 - 4,660 yuan/ton [1]. - **China's East China Frozen Cargo Arrival Prices in the First Half of October 2025**: Propane: 594 US dollars/ton, down 2 US dollars/ton, equivalent to 4,646 yuan/ton, down 20 yuan/ton; Butane: 570 US dollars/ton, down 2 US dollars/ton, equivalent to 4,459 yuan/ton, down 19 yuan/ton [1]. - **China's South China Frozen Cargo Arrival Prices in the First Half of October 2025**: Propane: 587 US dollars/ton, down 2 US dollars/ton, equivalent to 4,592 yuan/ton, down 19 yuan/ton; Butane: 563 US dollars/ton, down 2 US dollars/ton, equivalent to 4,404 yuan/ton, down 19 yuan/ton [1].

Report Industry Investment Rating - The investment ratings for RU and NR are neutral, and the rating for BR is also neutral [8] Core Viewpoints - The cost - side support for natural rubber may continue, with domestic Qingdao port and social inventories showing a slight decline. Attention should be paid to the raw material procurement willingness of downstream factories during the upcoming traditional peak season [8] - For BR, production is expected to decline in September, but downstream demand is likely to pick up during the traditional peak season, leading to a slight improvement in the supply - demand situation. The inventory is expected to remain stable, and the cost - side support still exists [8] Market News and Data Futures - On the previous trading day's close, the RU main contract was at 15,960 yuan/ton, up 75 yuan/ton from the previous day; the NR main contract was at 12,735 yuan/ton, up 20 yuan/ton; the BR main contract was at 11,810 yuan/ton, down 75 yuan/ton [1] Spot - The Shanghai market price of Yunnan - produced whole latex was 15,050 yuan/ton, up 50 yuan/ton from the previous day. The Thai mixed rubber in Qingdao Free Trade Zone was 14,900 yuan/ton, up 20 yuan/ton. The Thai 20 - grade standard rubber in Qingdao Free Trade Zone was 1,845 US dollars/ton, up 5 US dollars/ton. The Indonesian 20 - grade standard rubber in Qingdao Free Trade Zone was 1,785 US dollars/ton, unchanged from the previous day. The ex - factory price of BR9000 from PetroChina Qilu Petrochemical was 12,100 yuan/ton, unchanged; the market price of BR9000 in Zhejiang Transfar was 11,800 yuan/ton, unchanged [1] Market Information Global Natural Rubber Supply and Demand - ANRPC's July 2025 report predicted that global natural rubber production in July would slightly decrease by 0.1% to 1.328 million tons, up 7.9% from the previous month; consumption would decrease by 4.1% to 1.246 million tons, down 0.3% from the previous month. In the first 7 months, the cumulative global natural rubber production was expected to increase by 0.1% to 7.477 million tons, while the cumulative consumption would decrease by 0.6% to 8.888 million tons [2] China's Heavy - Truck Market - In August 2025, China's heavy - truck market sales were about 84,000 units (wholesale basis, including exports and new energy), down 1% month - on - month and up about 35% year - on - year. From January to August, the cumulative sales in China's heavy - truck market were about 708,000 units, up about 13% year - on - year [2] Thailand's Natural Rubber Exports - In the first 7 months of 2025, Thailand's exports of natural rubber (excluding compound rubber) totaled 1.586 million tons, down 5% year - on - year. Among them, the export of standard rubber was 919,000 tons, down 15% year - on - year; the export of smoked sheet rubber was 227,000 tons, up 25% year - on - year; the export of latex was 431,000 tons, up 9% year - on - year. From January to July, Thailand's exports of natural rubber to China totaled 622,000 tons, up 7% year - on - year. The export of standard rubber to China was 398,000 tons, down 15% year - on - year; the export of smoked sheet rubber to China was 65,000 tons, up 306% year - on - year; the export of latex to China was 157,000 tons, up 65% year - on - year [2] China's Natural Rubber Imports - In July 2025, China's imports of natural rubber (including technical - grade rubber, latex, smoked sheet rubber, rubber in primary forms, mixed rubber, and compound rubber) were 474,800 tons, up 2.47% month - on - month and down 1.91% year - on - year. From January to July, the cumulative import volume was 3.6005 million tons, up 21.82% year - on - year [3] Cote d'Ivoire's Rubber Exports - In the first 7 months of 2025, Cote d'Ivoire's rubber exports totaled 908,487 tons, up 14.3% compared with the same period in 2024. In July alone, the export volume increased by 28.3% year - on - year and 28.5% month - on - month [3] China's Rubber Tire Exports - In the first 7 months of 2025, China's exports of rubber tires reached 5.63 million tons, up 5.4% year - on - year, and the export value was 99.2 billion yuan, up 5.4% year - on - year. From January to July, the export volume of automobile tires was 4.8 million tons, up 4.9% year - on - year, and the export value was 81.9 billion yuan, up 4.9% year - on - year [3] Market Analysis Natural Rubber Spot and Spreads - On September 4, 2025, the RU basis was - 910 yuan/ton (- 25), the spread between the RU main contract and mixed rubber was 985 yuan/ton (- 5), the import profit of smoked sheet rubber was - 3,293 yuan/ton (+ 54.64), the NR basis was 403.00 yuan/ton (+ 34.00); the price of whole latex was 15,050 yuan/ton (+ 50), the price of mixed rubber was 14,900 yuan/ton (+ 20), the price of 3L spot was 15,150 yuan/ton (+ 50). The STR20 was quoted at 1,845 US dollars/ton (+ 5), the spread between whole latex and 3L was - 100 yuan/ton (+ 0); the spread between mixed rubber and styrene - butadiene rubber was 2,400 yuan/ton (+ 20) [4] Raw Materials - The price of Thai smoked sheet was 61.35 Thai baht/kg (+ 0.06), the price of Thai latex was 55.80 Thai baht/kg (+ 0.20), the price of Thai cup lump was 52.05 Thai baht/kg (+ 0.75), and the spread between Thai latex and cup lump was 3.75 Thai baht/kg (- 0.55) [5][6] 开工率 - The operating rate of all - steel tires was 60.74% (- 4.15%), and the operating rate of semi - steel tires was 66.92% (- 4.05%) [7] Inventory - The social inventory of natural rubber was 1,264,898 tons (- 5,911.00), the inventory of natural rubber at Qingdao Port was 602,295 tons (- 3,908), the RU futures inventory was 178,640 tons (+ 170), and the NR futures inventory was 45,662 tons (+ 805) [7] 顺丁橡胶 Spot and Spreads - On September 4, 2025, the BR basis was - 60 yuan/ton (+ 75), the ex - factory price of butadiene from Sinopec was 9,500 yuan/ton (+ 0), the quoted price of BR9000 from Qilu Petrochemical was 12,100 yuan/ton (+ 0), the market price of BR9000 in Zhejiang Transfar was 11,800 yuan/ton (+ 0), the price of private - owned BR in Shandong was 11,650 yuan/ton (+ 0), and the import profit of BR in Northeast Asia was - 1,343 yuan/ton (+ 16) [7] 开工率 - The operating rate of high - cis BR was 76.16% (+ 0.31%) [7] Inventory - The inventory of BR traders was 7,260 tons (+ 640), and the inventory of BR enterprises was 24,650 tons (- 450) [7]

Group 1: Report Industry Investment Ratings - The investment rating for the soybean meal market is neutral [3] - The investment rating for the corn market is cautiously bearish [6] Group 2: Core Views - The domestic soybean meal inventory continues to increase, with supply remaining relatively loose. Future soybean arrivals are expected to be high, and the inventory may rise further. The decline in import costs has led to a drop in domestic soybean meal prices, and future attention should be paid to Sino - US trade policy negotiations [2] - In the domestic corn market, the supply is expected to increase as new grain in North and Northeast China is approaching the market, while traders' remaining grain is tight. On the demand side, the inventory and operating rate of deep - processing enterprises are seasonally decreasing, and feed enterprises' inventory is also declining. Attention should be paid to the new - season corn yield [5] Group 3: Market News and Important Data Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2601 contract was 3048 yuan/ton, a change of - 18 yuan/ton (- 0.59%) from the previous day; the rapeseed meal 2601 contract was 2519 yuan/ton, a change of - 2 yuan/ton (- 0.08%) [1] - Spot: In Tianjin, the soybean meal spot price was 3060 yuan/ton, unchanged from the previous day; in Jiangsu, it was 2970 yuan/ton, a decrease of 20 yuan/ton; in Guangdong, it was 2950 yuan/ton, a decrease of 10 yuan/ton. The rapeseed meal spot price in Fujian was 2640 yuan/ton, unchanged from the previous day [1] - Market news: In July, the US soybean crushing volume was 204.7 million bushels, a record high for the same period, but slightly lower than market expectations. The US soybean oil inventory at the end of July was 1.873 billion pounds, the lowest in nearly 7 months and lower than market expectations [1] Corn and Corn Starch - Futures: The closing price of the corn 2511 contract was 2210 yuan/ton, a change of + 17 yuan/ton (+ 0.78%) from the previous day; the corn starch 2511 contract was 2498 yuan/ton, a change of + 11 yuan/ton (+ 0.44%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2620 yuan/ton, unchanged from the previous day [3] - Market news: The Allendale survey shows that the expected US corn production in 2025 will reach a record high of 16.631 billion bushels, with an average yield of 187.52 bushels per acre. The expected US soybean production in 2025 is 4.268 billion bushels, with an average yield of 53.28 bushels per acre [3]