Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The overall black commodity futures market rose today, with double coking coal closing down [1]. - The domestic supply of coking coal has declined, while the demand has increased, and the comprehensive inventory of coking coal has reached its lowest level since last May Day holiday [1]. - Under the premium structure of the main contract, the risk of chasing long positions is relatively high, and attention should be paid to the supply pressure after the resumption of environmentally - friendly production cuts in July and the sustainability of high hot - metal production in the off - season [1]. Group 3: Summary by Relevant Catalogs Market Overview - The black commodity futures market rose overall. The closing prices of rebar, hot - rolled coil, and iron ore were 2997 yuan/ton, 3123 yuan/ton, and 715.5 yuan/ton respectively, with increases of 0.23%, 0.13%, and 0.21%. Double coking coal closed down [1]. Market Analysis Supply - Some coal mines in Shanxi and Inner Mongolia have reduced production due to safety inspections, environmental protection pressure, and inventory issues. The utilization rate of approved production capacity of 523 coking coal mines decreased by 2% week - on - week to 82.5%, and the inventory of coking coal in mines decreased by 7.23% week - on - week to 463.1 million tons. The operating rate of 110 coal - washing plants decreased by 2.23% to 59.10%, and both raw coal and clean coal inventories showed a downward trend. Russian coal imports have decreased by about 600,000 tons month - on - month since May, and the three China - Mongolia ports will be closed for 5 days [1]. Demand - The trading atmosphere in the coking coal market has warmed up, with increased procurement inquiries and slightly higher transaction prices of some low - priced coal types. There is a phased replenishment demand at the end of the month, and the daily average output of blast furnace hot - metal in steel mills has increased to 2.4229 million tons. The inventories of independent coking enterprises and 247 steel mills have increased by 1.66% and 0.8% respectively [1]. Investment Suggestions - Iron ore: Pay attention to supply - demand changes and inventory, and avoid chasing high prices [1]. - Rebar: Adopt a volatile trading strategy in the short term and pay attention to the spread between hot - rolled coil and rebar [1]. - Hot - rolled coil: Adopt a high - level consolidation trading strategy in the short term and pay attention to supply - demand changes [1]. - Double coking coal: Pay attention to the oscillating market after the decline stabilizes or the strength relationship between the two [1].

豆粕生猪：等待报告指引 连粕减仓上行 宋歌 songge@jsfco.com 期货从业资格号：F03112006 投资咨询从业证书号：Z0018625 表 1：豆粕生猪期货日度数据监测 | | 美白朗兴 JIDGHI FILTURE | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 截至 | 单位 | マ日 | 昨日 | 涨跌 | 涨跌幅 | | 期間 | DCE豆粕: 01 | 6月30日 | 元/吨 | 2999 | 2987 | 12.00 | 0.40% | | | DCE豆粕: 05 | 6月30日 | 元/吨 | 2713 | 2707 | 6.00 | 0.22% | | | DCE豆粕: 09 | 6月30日 | 元/吨 | 2961 | 2946 | 15.00 | 0.51% | | | CZCE菜籽粕: 01 | 6月30日 | 元/吨 | 2301 | 2290 | 11.00 | 0.48% | | | CZCE菜籽粕: 05 | 6月30日 | 元 ...

豆粕生猪：进口成本三连降 豆粕期现齐跌 宋歌 songge@jsfco.com 期货从业资格号：F03112006 投资咨询从业证书号：Z0018625 表 1：豆粕生猪期货日度数据监测 | | 美白朗宗 JIDGHI FILTURES | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 截至 | 東位 | マ日 | 昨日 | 涨跌 | 涨跌幅 | | 期货 | DCE豆粕: 01 | 6月25日 | 元/吨 | 3030 | 3069 | -39.00 | -1.27% | | | DCE豆粕: 05 | 6月25日 | 元/吨 | 2723 | 2747 | -24.00 | -0.87% | | | DCE豆粕: 09 | 6月25日 | 元/吨 | 2993 | 3037 | -44.00 | -1.45% | | | CZCE菜籽粕: 01 | 6月25日 | 元/吨 | 2327 | 2374 | -47.00 | -1.98% | | | CZCE菜籽柏: 05 ...

-1000 -500 0 500 1000 1500 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-31 04-13 04-26 05-09 05-22 06-04 06-17 06-30 07-13 07-26 08-08 08-21 09-03 09-16 09-29 10-12 10-25 11-07 11-20 12-03 12-16 12-29 2025 2024 2023 2022 2021 焦煤--基差 -1000 -500 0 500 1000 1500 日期 01-14 01-28 02-11 02-25 03-10 03-24 04-07 04-21 05-05 05-19 06-02 06-16 06-30 07-14 07-28 08-11 08-25 09-08 09-22 10-06 10-20 11-03 11-17 12-01 12-15 12-29 2025 2024 2023 2022 2021 螺纹--基差 -400 -200 0 200 400 600 800 1000 日期 01-13 01-26 02-08 02-21 03-0 ...

油脂：地缘风险溢价蒸发 油脂大幅回落 冯子悦 fengzy@jsfco.com 期货从业资格号：F03111391 投资咨询从业证书号：Z0018581 表 1：油脂期货日度数据监测 | | | | | 日 | 数 据 追 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 截至 | 車位 | 今日 | 昨日 | 涨跌 | 涨跌幅 | | 期高 | DCE豆油主力 | 6月24日 | 元/呼 | 7950.00 | 8126.00 | -176.00 | -2.17% | | | DCE棕榈油主力 | 6月24日 | 元/吨 | 8326.00 | 8520.00 | -194.00 | -2.28% | | | CZCE菜籽油主力 | 6月24日 | 元/吨 | 9572.00 | 9721.00 | -149.00 | -1.53% | | | CBOT大豆主力 | 6月23日 | 美分/蒲式耳 | 1046.50 | 1060.50 | -14.00 | -1.32% | | | CBOT豆油主力 | 6月23日 | 美分/磅 ...

4、布宜诺斯艾利斯谷物交易所（BAGE）报告，截至 6 月 18 日，阿根廷 2024/25 年度大 豆收获进度为 96.5%，比一周前增加 3.3 个百分点。虽然收获进度良好，但是仍比去年同期 落后 2 个百分点。 5、海关数据显示，中国 5 月大豆总进口量达到创纪录的 1392 万吨，较 4 月份的 10 年 低点 608 万吨增长超过一倍，也显著高于去年同期，部分原因在于此前延迟的船货集中通关。 油脂：多头获利了结 油脂小幅回调 冯子悦 fengzy@jsfco.com 期货从业资格号：F03111391 投资咨询从业证书号：Z0018581 表 1：油脂期货日度数据监测 | | | :: | HE | E | 数据 追 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 截至 | 単位 | 令日 | 昨日 | 涨跌 | 涨跌幅 | | 期货 | DCE豆油主力 | 6月23日 | 元/吨 | 8126.00 | 8156.00 | -30.00 | -0.37% | | | DCE棕榈油主力 | 6月23日 | 元/吨 | ...

-1000 -500 0 500 1000 1500 日期 01-14 01-28 02-11 02-25 03-10 03-24 04-07 04-21 05-05 05-19 06-02 06-16 06-30 07-14 07-28 08-11 08-25 09-08 09-22 10-06 10-20 11-03 11-17 12-01 12-15 12-29 2025 2024 2023 2022 2021 螺纹--基差 | | 黑色产业数据每日监测（6.23） | | --- | --- | | 品种 | 主力合约收盘价 涨跌 涨跌幅 现货价格 基差 | | 螺纹 | 2995 1 0.03% 3070 75 | | 热卷 | 3112 -5 -0.16% 3190 78 | | 铁矿 | 706 3.5 0.50% 713 7 | | 焦煤 | 807 10 1.25% 880 73 | | 焦炭 | 1385 -3 -0.22% 1245 -140 | | | 市场概况 | | | 今日黑色系商品期货整体企稳涨跌不一。螺纹收于2995元/吨，上涨0.03%； | | | 热卷主力合约收于311 ...

| | 金口期货 | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | JIDGHI FILLINER | | | | | | | | | 指标 | 截至 | 单位 | マ日 | 昨日 | 涨跌 | 涨跌幅 | | | DCE豆粕: 01 | 6月20日 | 元/吨 | 3097 | 3104 | -7.00 | -0.23% | | | DCE豆粕: 05 | 6月20日 | 元/吨 | 2768 | 2769 | -1.00 | -0.04% | | | DCE豆粕: 09 | 6月20日 | 元/吨 | 3067 | 3077 | -10.00 | -0.32% | | | CZCE菜籽粕: 01 | 6月20日 | 元/吨 | 2395 | 2428 | -33.00 | -1.36% | | 期票 | CZCE采用: 05 | 6月20日 | 元/吨 | 2389 | 2410 | -21.00 | -0.87% | | | CZCE # HB: 09 | 6月20日 | 元/吨 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The black - series commodity futures stabilized and rose slightly today. The terminal demand for finished products is expected to face the risk of weakening in the off - season, and the iron ore price range may move down, with a reference range of 720 - 670 [1] Group 3: Summary by Relevant Catalogs Market Overview - The black - series commodity futures stabilized and rose slightly today. The rebar closed at 2992 yuan/ton, up 0.23%; the hot - rolled coil main contract closed at 3116 yuan/ton, up 0.39%; the iron ore main contract closed at 703 yuan/ton; and the coking coal and coke both rose [1] Market Analysis - The inventory of the five major steel products continued to decline to 1.33889 million tons this week, reaching a five - month low with a decline of 1.16%. Except for cold - rolled steel, the production of the five major steel products increased, and the apparent demand rose by 160,800 tons to 884,180 tons in total [1] - The profitability of 247 steel mills rebounded to 59.31% week - on - week, and the driving force for production reduction was limited. The blast furnace operating rate increased by 0.41 percentage points to 83.82% week - on - week, and the blast furnace iron - making capacity utilization rate increased to 90.79%. The daily average pig iron output stopped falling after five consecutive declines, increasing by 5700 tons to 242,180 tons week - on - week, and increasing by 22,400 tons year - on - year [1] - The global iron ore shipment volume decreased by 4.49% week - on - week to 33.527 million tons, a decrease of 1.577 million tons, but it was still at the highest level in the same period in recent years, with a year - on - year increase of 10.59%. The arrival volume at 47 ports in China decreased by 1.564 million tons to 25.175 million tons week - on - week, within the normal fluctuation range [1] - Considering the expectation of the mine's end - of - season rush at the end of June and the subsequent transmission of high overseas shipments to the future domestic arrival volume, the iron ore supply is becoming looser. The daily average port iron ore clearance volume rebounded from a three - month low this week. The weekly inventory of imported ore at 47 ports in the country decreased by 695,800 tons to 14.43356 million tons, nearly 7% lower year - on - year [1] - With the absolute low inventory in the factory, steel mills replenished inventory as needed. The inventory of imported ore in the factory rebounded by 1.3756 million tons to 8.93624 million tons this week, also at a one - month high; the inventory - to - consumption ratio rebounded by 0.4 days to 29.69 days [1] Investment Suggestions - Iron ore: Pay attention to supply - demand changes and inventory conditions, and avoid chasing high prices [1] - Rebar: Investors are advised to take a volatile approach in the short term and pay attention to the spread between hot - rolled coil and rebar [1] - Hot - rolled coil: Investors are advised to take a high - level consolidation approach in the short term and pay attention to supply - demand changes [1] - Coking coal and coke: Pay attention to the shock market after the decline stabilizes or the strength - weakness relationship between coking coal and coke [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - DCE soybean meal's main 2509 contract rose 0.49% to 3077 yuan/ton, while coastal oil mills' quotes decreased by 10 - 50 yuan/ton. DCE live hog's main 2509 contract dropped 0.54% to 13760 yuan/ton, and the national average ex - farm price of ternary live hogs was 14.16 yuan/kg, down 0.02 yuan/kg. Overnight, CBOT US soybeans' main contract fell 0.12% to 1073 cents/bushel [2]. - For soybean meal, the US soybean market is stable, with import costs rising slightly. Domestic soybean supply is sufficient, and the downstream demand is good, with strong basis trading. It is expected to remain stable with an upward bias. For live hogs, the market has an oversupply situation, and the rebound space of hog prices is limited, with short - term contracts likely to oscillate at a low level [17]. 3. Summary by Directory 3.1 Market Overview - DCE soybean meal's main 2509 contract closed at 3077 yuan/ton, up 0.49% or 15 yuan/ton from the previous trading day. Coastal oil mills' quotes decreased 10 - 50 yuan/ton, except for Tianjin which rose 20 yuan/ton to 2980 yuan/ton. DCE live hog's main 2509 contract closed at 13760 yuan/ton, down 0.54% or 75 yuan/ton. The national average ex - farm price of ternary live hogs was 14.16 yuan/kg, down 0.02 yuan/kg. Overnight, CBOT US soybeans' main contract fell 0.12% to 1073 cents/bushel [2]. 3.2 Main Producing Area Weather - From June 13th, in the US Midwest agricultural main producing areas, there will be scattered to widespread scattered showers in the western region before Sunday. In the southern region, the temperature will be near to above normal before Saturday and above normal from Sunday to next Monday. In the eastern region, there will be scattered showers before Sunday and scattered to widespread scattered showers next Monday. The rainfall in the southern part of the US Midwest has decreased since the middle of this week, and more rainfall may last until Friday and then move eastward. Overall, the weather pattern next week is also active, which is beneficial for soil moisture in the western region but not good for farmers' field operations [4]. 3.3 Macro and Industry News - On June 18th, the CNF quotes of imported Brazilian soybeans for August - September shipments were 465 and 473 US dollars/ton, with the arrival and duty - paid costs in South China being 3810 and 3860 yuan/ton respectively, up 50 - 100 yuan/ton from last week. The import cost of US soybeans on June 18th was 4629 yuan, up 5 yuan; that of Brazilian soybeans was 3830 yuan, up 4 yuan; and that of Argentine soybeans was 3682 yuan, down 5 yuan. The total bean meal sales of major domestic oil mills on June 18th were 93.47 million tons, up 71.48 million tons from the previous day. The national dynamic full - sample oil mill operating rate was 69.15%, up 2.07% [5]. - Analysts expect the US soybean production in the 2025 - 2026 season to be 118 million tons, slightly higher than the previous forecast. The expected US soybean export net sales for the 2024/25 market year as of June 12th were between 0 - 40 million tons, and for the 2025/26 market year were 0 - 20 million tons. Rainfall in the prairie region will help relieve drought, and about 40% of the area is experiencing drought. Canada will release a sowing area report on June 27th, and the rapeseed sowing area in March was 21.6 million acres, down 1.7% from the 2024/25 season [6]. - In May 2025, China's cumulative feed production was 27.621 million tons, up 3.68% month - on - month and 7.49% year - on - year, reaching the highest level in the same period in the past four years. As of June 17th, the operating rate of key slaughtering enterprises was 28.23%, up 0.81% from last week, and the frozen meat storage capacity rate was 17.34%, up 0.02% from last week. The number of initial jobless claims in the US in the week of June 14th was 245,000, in line with market expectations. The Fed kept the benchmark interest rate at 4.25% - 4.50% and is expected to cut interest rates twice in 2025 and 25 basis points each in 2026 and 2027 [6][7]. 3.4 Data Charts - The report includes charts such as the prices of wind soybean meal in Zhangjiagang and DCE soybean meal futures, soybean meal basis, the prices of wind rapeseed meal in Nantong and CZCE rapeseed meal futures, rapeseed meal basis, the prices of wind live hogs in Henan and DCE live hog futures, live hog basis, China's soybean inventory, and China's soybean meal inventory [10][12][14][15]. 3.5 Analysis and Strategies - For soybean meal, the US biodiesel policy for soybean oil has been digested, and the US soybean market is stable. The import cost is rising slightly. The sowing of US soybeans is almost finished, but the excellent - good rate is lower than expected. Domestically, the soybean supply is sufficient, the oil mill operating rate is high, and the soybean meal inventory is rising. With the strengthening of US soybeans, the import cost increases, and the downstream demand is good, with active basis trading. The future focus will be on the US soybean planting area and weather conditions, and it is expected to remain stable with an upward bias [17]. - For live hogs, on the supply side, farmers are accelerating the slaughter of large hogs, but due to heavy rainfall in the south and some second - fattening farmers entering the market, the supply has temporarily shrunk, supporting the hog price. On the demand side, summer heat reduces pork consumption. The overall market still has an oversupply situation, and the rebound space of hog prices is limited. The short - term contracts may oscillate at a low level [17].