Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The new - season peanuts show mixed price movements, with the futures market oscillating at the bottom. The trading volume of peanuts has decreased. The price of general - purpose peanuts has fallen in Henan and risen in the Northeast. The purchase price of oil mills is relatively strong. The downstream consumption remains weak. The inventory of peanuts in oil mills is decreasing, while the inventory of peanut oil is starting to increase. The No. 11 peanut futures are oscillating strongly at the bottom, and the 11 - 1 spread is stable. Some peanuts have been listed, with weak demand. The output of new - crop peanuts may increase or remain flat, and the planting cost has decreased. Peanut spot prices continue to fall, and futures are oscillating at the bottom [6]. Summary According to Relevant Catalogs Chapter 1: Comprehensive Analysis and Trading Strategies - **Option Strategy**: Consider selling the pk511 - P - 7600 option strategy [5]. - **Trading Logic**: The trading volume of peanuts has decreased. The price of general - purpose peanuts in Henan has fallen, while in the Northeast it has risen. The purchase price of oil mills is relatively strong. The price of imported peanuts is stable, and the import volume has decreased significantly. The operating rate of oil mills has increased. The spot price of peanut meal is stable, and the price of peanut oil is stable. The profit of oil mills from pressing has decreased. Downstream consumption remains weak. The inventory of peanuts in oil mills has decreased, while the inventory of peanut oil has started to increase. The No. 11 peanut futures are oscillating strongly at the bottom, and the 11 - 1 spread is stable. Some peanuts have been listed, with weak demand. The output of new - crop peanuts may increase or remain flat, and the planting cost has decreased. Peanut spot prices continue to fall, and futures are oscillating at the bottom [6]. - **Strategy**: The No. 11 peanut futures are oscillating at the bottom. Consider buying the No. 5 peanut futures at low prices. - **Spread Strategy**: Conduct reverse arbitrage on the 11 - 1 spread when it is high [6]. Chapter 2: Core Logic Analysis - **Peanut Price**: The purchase price of oil mills is stable. The price of imported peanuts is stable. The price of general - purpose peanuts shows mixed movements, with prices falling in Henan and rising in the Northeast. For example, the price of large peanuts in Junan, Shandong is 4.1 yuan per catty, remaining stable from last week; the price of new - season peanuts in Zhengyang, Henan is 4.2 yuan per catty, a decrease of 0.1 yuan per catty from last week; the price of Baisha peanuts in Changtu, Liaoning is 4.1 yuan per catty, an increase of 0.15 yuan per catty from last week; the price of Baisha peanuts in Fuyu, Jilin is 4 yuan per catty, an increase of 0.1 yuan per catty from last week. The general - purpose peanut trading volume is average, with prices showing mixed movements. The basic purchase price of oil mills is between 7300 - 7800 yuan per ton, remaining stable from last week. The price of Sudanese old peanuts is 8150 yuan per ton, and new peanuts are 8500 yuan per ton. The price of Senegalese oil - purpose peanuts is between 7600 - 7800 yuan per ton, remaining stable from last week [9][11]. - **Domestic Demand**: The operating rate of oil mills has increased. As of September 18, the operating rate of peanut oil mills this week is 12.1%, a month - on - month increase of 2.63%. The arrival volume of oil mills has increased this week. The peanut inventory in oil mills is 53,800 tons, a decrease of 11,800 tons from last week. The peanut oil inventory is 37,000 tons, an increase of 300 tons from last week [13][15]. - **Pressing Profit**: The purchase price of peanuts by peanut oil mills has increased, the price of peanut meal is stable, and the price of peanut oil is stable. As a result, the pressing profit of oil mills is 10 yuan per ton, a decrease of 125 yuan per ton from last week. The average price of first - grade peanut oil is 14,700 yuan per ton, remaining stable from last week. The price of small - pressed concentrated fragrant oil is 16,500 yuan per ton, remaining stable from last week. Due to the strong spot price of soybean meal, the price difference between peanut meal and soybean meal is low, and the price of peanut meal is relatively strong, at 3260 yuan per ton this week, remaining the same as last week [17][19]. - **Basis and Spread**: This week, due to the strong performance of the No. 11 peanut futures, the 11 - 1 peanut spread is stable at around - 20 yuan. The spot - futures price difference has decreased. It is recommended to mainly adopt a wait - and - see approach [21][24][25]. - **Peanut Import**: In July, the import volume of peanut kernels was 9,500 tons, and the cumulative import volume from January to July was 103,000 tons, a 77% decrease compared to the same period last year. In July, the export volume of peanut kernels was 9,000 tons, and the cumulative export volume from January to July was 95,000 tons, a 27% increase compared to the same period last year. In July, the import volume of peanut oil was 42,000 tons, and the cumulative import volume of peanut oil from January to July was 223,000 tons, a 40% increase compared to the same period last year [28][30]. Chapter 3: Weekly Data Tracking - The report provides multiple data charts, including the price trends of Shandong general - purpose peanut kernels, the purchase price of oil mills, the basis between Shandong spot and continuous contracts, the operating rate of peanut oil mills, the peanut inventory and pressing volume of oil mills, the pressing profit of oil mills, the price difference between peanut meal and soybean meal, the price of Shandong peanut oil, the 1 - 4, 4 - 10, and 10 - 1 spreads of peanuts, the import and export volume of peanut kernels and peanut oil, etc. These data visually reflect the market conditions of peanuts in different periods [10][14][18][23][26][29].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - International market: Brazil is in the supply peak, and the global inventory is entering the accumulation phase. Although the recent increase in Brazilian sugar production has a bearish impact on the price, considering the current low international sugar price and the fact that the bearish factors have basically materialized, and the Brazilian ethanol - to - sugar price has reached 16.14 cents per pound, there is strong support for low - price sugar, and it is expected to fluctuate at a low level in the short term [4]. - Domestic market: In August, China's sugar imports remained high, domestic sugar inventory was low, and the sales - to - production ratio was high. The domestic market is greatly affected by the trend of foreign sugar. Both foreign and Zhengzhou sugar are at low levels, and domestic sugar inventory is low with a firm basis. It is expected that Zhengzhou sugar will likely fluctuate within a range and rebound in the short term [4]. 3. Summary According to the Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Trading Strategies** - **Single - side trading**: The foreign sugar price has fallen to a low level and is expected to fluctuate at a low level in the short term. The Zhengzhou sugar price has also fallen to a low level, with limited downward space. However, if Zhengzhou sugar increases in positions and breaks through the previous low, it is recommended to wait and see [4]. - **Arbitrage**: Wait and see [4]. - **Options**: Wait and see [4]. Chapter 2: Core Logic Analysis - **International Supply - Demand Pattern Change** - In the 2025/26 sugar - crushing season, the global sugar supply gap will be significantly reduced to 231,000 tons compared with 4.879 million tons in the 2024/25 season. Global sugar production is expected to reach 180.593 million tons, an increase of 5.419 million tons from the previous season, mainly due to the production growth in India, Thailand, and Pakistan. Global consumption is expected to reach 180.824 million tons, an increase of 771,000 tons. The global sugar trade volume is expected to remain stable, with an export volume of 63.89 million tons and an import demand of 63.768 million tons. The ending inventory/consumption ratio is expected to drop to 50.95%, about 10% lower than six seasons ago [6]. - **Brazilian Sugar Production Situation** - **Double - week situation in the second half of August**: In the second half of August, the sugar - making ratio in the central - southern region of Brazil increased. The cane crushing volume was 50.061 million tons, a year - on - year increase of 10.68%; the sugar - making ratio was 54.2%, a year - on - year increase of 5.42%; the sugar production was 3.872 million tons, a year - on - year increase of 18.21% [10]. - **Accumulated situation by the second half of August**: The accumulated cane crushing volume was 403.942 million tons, a year - on - year decrease of 4.78%; the accumulated sugar - making ratio was 52.76%, a year - on - year increase of 3.67%; the accumulated sugar production was 26.759 million tons, a year - on - year decrease of 1.92%, and the year - on - year decline continued to narrow. The Brazilian ethanol - to - sugar price has reached 16.14 cents per pound, providing strong support for the raw sugar price [17]. - **Situation in Other Countries** - **Thailand**: In the 2024/25 sugar - crushing season, the sugar production was 10.05 million tons (a year - on - year increase of 1.28 million tons), and exports from January to June 2025 were 3.36 million tons, a year - on - year increase of 820,000 tons. The 2025/26 season is expected to see a slight increase in production [20]. - **India**: In the 2024/25 sugar - crushing season, the sugar production was about 26.1 million tons, a year - on - year decrease of 17.6%. The 2025/26 season is expected to have a restorative increase in production, with an estimated total production of 34.9 million tons. After meeting domestic consumption of 28.4 million tons, there will be a surplus of about 12 million tons (including 5.5 million tons of carry - over inventory). Even if 5 million tons of sugar are used for ethanol production, the net sugar production will still reach 29.9 million tons, and about 7 million tons will be carried over as ending inventory. This season may export about 2 million tons of sugar [23]. - **Domestic Sugar Market Situation** - **Domestic sugar production in the 2025/26 season**: The domestic sugar is in an increasing production cycle, with an expected production of about 11 million tons. The first sugar factory in Inner Mongolia started production on September 8, 4 days earlier than the previous year. The estimated sugar production in Inner Mongolia in the 2025/26 season is 700,000 - 750,000 tons. In Yunnan, about 51 - 52 sugar factories are expected to start production in the 2025/26 season, with the first factory likely to start in mid - to - late October if there are no special circumstances [27]. - **Import situation**: The import profit is rising, driving a strong import expectation. In August 2025, China imported 830,000 tons of sugar, a year - on - year increase of 62,700 tons. From January to August 2025, the cumulative import was 2.6121 million tons, a year - on - year increase of 121,000 tons, or 4.86%. As of August in the 2024/25 sugar - crushing season, the cumulative import was 4.0739 million tons, a year - on - year decrease of 277,200 tons, or 6.37% [38]. Chapter 3: Weekly Data Tracking - Not provided in the given content, only some data charts are presented, and no specific analysis or summary content is available.

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For ferrosilicon, supply is relatively stable, demand is limited by slow steel inventory reduction, and the cost side provides support. The slow progress of steel inventory reduction is the biggest risk point [5]. - For silicomanganese, both supply and demand decline slightly, and the cost side has strong support. It is expected to fluctuate at the bottom this week [5]. - The trading strategies include a bottom - oscillating trend for single - side trading, waiting and seeing for arbitrage, and selling straddle combinations on rallies for options [5]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies Comprehensive Analysis - **Ferrosilicon**: Supply is stable with a slight increase in production. The rumor of supply contraction was refuted. Demand is affected by poor steel inventory reduction and low profits, and there is limited room for further growth in hot metal production. The cost side is supported by strong thermal coal prices and stable - to - strong electricity prices in ferroalloy production areas [5]. - **Silicomanganese**: Supply decreases slightly, but the absolute production volume is still high compared to the same period in previous years. Demand is dragged down by the continuous compression of steel profits and the decline in steel production. The cost side is supported by the relatively low manganese ore port inventory compared to last year and stable overseas mine quotes [5]. Strategies - **Single - side**: Bottom - oscillating [5]. - **Arbitrage**: Wait and see [5]. - **Options**: Sell straddle combinations on rallies [5]. Chapter 2: Core Logic Analysis No relevant content provided. Chapter 3: Weekly Data Tracking Supply and Demand Data Tracking - **Demand**: The average daily pig iron output of 247 sample steel mills is 2.4102 million tons, a week - on - week increase of 0.0047 million tons. The weekly demand for ferrosilicon in five major steel types is 19,600 tons, a week - on - week decrease of 100 tons, and for silicomanganese is 121,400 tons, a week - on - week decrease of 900 tons [10]. - **Supply**: The operating rate of 136 independent ferrosilicon enterprises is 36.84%, unchanged from the previous week, and the weekly supply is 113,100 tons, a week - on - week increase of 100 tons. The operating rate of 187 independent silicomanganese enterprises is 45.68%, a week - on - week decrease of 1.7%, and the weekly supply is 208,800 tons, a week - on - week decrease of 5,400 tons [11]. - **Inventory**: As of the week of September 19, the inventory of 60 independent ferrosilicon enterprises is 63,400 tons, a week - on - week decrease of 6,600 tons. The inventory of 63 independent silicomanganese enterprises is 198,900 tons, a week - on - week increase of 32,100 tons [12]. Cost and Profit - **Silicomanganese**: The production costs in Inner Mongolia, Ningxia, Guangxi, and Guizhou are 5,788 yuan/ton, 5,901 yuan/ton, 6,363 yuan/ton, and 6,102 yuan/ton respectively, all showing losses. The overall cost in the north is 5,824 yuan/ton, and in the south is 6,209 yuan/ton [30]. - **Ferrosilicon**: The production costs in Inner Mongolia, Ningxia, Shaanxi, Qinghai, and Gansu are 5,559 yuan/ton, 5,612 yuan/ton, 5,624 yuan/ton, 5,583 yuan/ton, and 5,633 yuan/ton respectively, all in the loss - making range [41]. Other Data - **Manganese Ore Price**: The price of South African Mn36.5% semi - carbonate manganese lumps at Tianjin Port and the CIF quotes of South African South32 semi - carbonate manganese lumps are presented in the report [39]. - **Carbon and Electricity Prices**: The prices of Fugu blue charcoal small materials, Yulin thermal coal lump coal, Ningxia chemical coke, and regional electricity prices are shown [49][52]. - **Steel Mill Bidding Prices**: The monthly procurement prices of Hebei representative steel mills for ferrosilicon and silicomanganese are included [55]. - **Monthly Output**: The monthly output and cumulative output of silicomanganese and ferrosilicon in China are provided [61][63]. - **Import and Export**: The monthly net import volume of manganese ore and the monthly net export volume of ferrosilicon in China are presented [68][69]. - **Metal Magnesium Demand**: The price of Fugu metal magnesium and the cumulative production of metal magnesium in Yulin, Shaanxi are shown [71]. - **Inventory**: The inventory of ferrosilicon in alloy plants and steel mills, the inventory available days of ferrosilicon and silicomanganese in steel mills, and the manganese ore inventory in alloy plants, steel mills, and ports are included [74][76][77].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For soybeans/meal, the monthly supply - demand report has limited impact. The market rebounds due to previous full reaction to negative factors and macro - impacts. There is support for prices, but the upside is limited. Domestic soybeans have a loose supply, good demand, and large inventory pressure, with prices expected to fluctuate [4][6]. - For sugar, internationally, Brazil is in the supply peak, and the global inventory is accumulating. Although recent Brazilian sugar production increases have a negative impact on prices, considering the low price level and the fact that negatives are mostly priced in, it is expected to fluctuate at a low level. Domestically, with high - level imports, low domestic sugar inventory, and high sales - to - production ratio, Zheng sugar is likely to have a range - bound movement with a short - term rebound [12]. - For the oilseeds and oils sector, the U.S. biodiesel market has digested some inventory, leading to a decline in the oilseeds and oils market. Malaysian palm oil production and inventory increase is expected to slow down. Indonesian inventory is low, and the price is supported. Domestic soybean oil is in the inventory - building stage, and rapeseed oil is gradually reducing inventory, both providing price support [19]. - For corn/corn starch, the U.S. corn futures are falling. Although the U.S. may lower the yield per unit, the overall production is at a new high, with limited short - term rebound space. In the domestic market, the supply is still tight, and the spot price is likely to fall, with the 01 contract expected to have limited downward space [28]. - For live pigs, the overall supply remains stable, but due to the relatively high inventory, there is downward pressure on prices in the future [34]. - For peanuts, some peanuts are gradually coming onto the market, but the supply is limited due to weather. The import volume has decreased significantly, and the prices of related products are stable. The 01 contract is expected to fluctuate at the bottom [39]. - For eggs, as the replenishment in each link is coming to an end, the spot price is falling. Based on the current fundamentals, egg prices are expected to face pressure in the short term [45]. - For apples, the early - maturing apple quality is poor, and the price difference between good and bad products is large. The expected low excellent - fruit rate of late - maturing Fuji may lead to a relatively high initial purchase price, but considering the current futures price, it is expected to fluctuate in the short term [52]. - For cotton - cotton yarn, new cotton is gradually entering the acquisition stage. The expected increase in Xinjiang cotton production and the general acquisition enthusiasm of ginning mills will bring selling - hedging pressure. The demand improvement in the peak season is limited, so the market is expected to be slightly weak [62]. Summary by Directory Soybeans/Meal - **External Market**: CBOT soybean index rose 0.07% to 1057.75 cents per bushel, and CBOT soybean meal index rose 0.38% to $289.6 per short - ton [2]. - **Related Information**: As of September 11, the U.S. 2025/2026 soybean export net sales were 923,000 tons, and 2026/2027 net sales were 2,000 tons. For soybean meal, 2024/2025 net sales were 31,000 tons, and 2025/2026 net sales were 151,000 tons. Conab expects Brazil's 2025/2026 soybean production to increase 3.6% to 177.67 million tons. Oil World expects the global sunflower seed production to be 58.7 million tons. As of September 12, the actual soybean crushing volume of oil mills was 2.3604 million tons, with an operating rate of 66.35%. Soybean inventory was 7.332 million tons, and soybean meal inventory was 1.1644 million tons [2][3]. - **Trading Strategy**: Unilateral: Wait and see; Arbitrage: Exit the MRM05 spread widening; Options: Wait and see [7]. Sugar - **External Market Changes**: The previous trading day, ICE U.S. raw sugar main contract fell 0.1 (- 0.62%) to 16.13 cents per pound, and London white sugar main contract fell 3.7 (- 0.81%) to $455.6 per ton [8]. - **Important Information**: In August 2025, China imported 830,000 tons of sugar. From January to August, the import volume was 2.6121 million tons. In the 2024/2025 sugar - making season as of August, the import volume was 4.0739 million tons. In the second half of August, Brazil's central - southern region had a cane crushing volume of 50.061 million tons, with a sugar production of 3.872 million tons. As of September 17, the number of ships waiting to load sugar in Brazilian ports was 85, and the sugar quantity was 3.2827 million tons. In August 2025, China's refined sugar production was 454,000 tons [9][10][11]. - **Trading Strategy**: Unilateral: The international sugar price is expected to fluctuate at a low level in the short term, and Zheng sugar has limited downward space; Arbitrage: Wait and see; Options: Wait and see [13][14]. Oilseeds and Oils - **External Market**: Overnight, the CBOT U.S. soybean oil main contract changed by - 0.68% to 51.17 cents per pound, and the BMD Malaysian palm oil main contract changed by 0.11% to 4439 ringgit per ton [17]. - **Related Information**: As of September 16, about 36% of the U.S. soybean - growing area was affected by drought. Conab expects Brazil's 2025/2026 soybean production to increase 3.6%. The 2025 EU and UK rapeseed production is expected to be 21.6 million tons. In August 2025, China imported 340,000 tons of palm oil, 100,000 tons of soybean oil, and 140,000 tons of rapeseed oil [18]. - **Trading Strategy**: Unilateral: Consider buying on dips in the short - term volatile market; Arbitrage: Wait and see; Options: Wait and see [21][22][23]. Corn/Corn Starch - **External Market Changes**: The CBOT corn futures fell, with the December main contract down 0.4% to 424.5 cents per bushel [25]. - **Important Information**: The CBOT corn futures fell on Thursday due to seasonal harvest pressure and a stronger U.S. dollar. As of September 18, the average inventory of feed enterprises was 26.16 days. As of September 17, the corn inventory of 96 major corn - processing enterprises in 12 regions was 2.34 million tons. As of September 12, the corn inventory in the four northern ports was 729,000 tons. On September 19, the purchase price in the northern port was 2240 yuan per ton [26]. - **Trading Strategy**: Unilateral: Wait for the U.S. December corn to correct from a high level, and buy on dips for the 01 contract; Arbitrage: Wait and see; Options: Wait and see [29][30][31]. Live Pigs - **Related Information**: Live pig prices are falling, with different price ranges in different regions. As of September 16, the prices of piglets and sows also decreased. On September 18, the "Agricultural Product Wholesale Price 200 Index" rose 0.03 points, and the national average pork wholesale price fell 0.9% [33]. - **Trading Strategy**: Unilateral: Adopt a bearish view on the near - term contracts; Arbitrage: Do the LH15 reverse spread; Options: Buy long - term call options [35]. Peanuts - **Important Information**: The national average price of peanut kernels is 4.15 yuan per jin. Shandong and Henan oil mills have different purchase prices. The overall oil mill operating rate is low. The sales of peanut oil have slightly improved, and the price of peanut meal is stable. As of September 11, the peanut inventory of domestic peanut oil sample enterprises was 65,560 tons, and the peanut oil inventory was 36,760 tons [36][37][38]. - **Trading Strategy**: Unilateral: The 11 and 01 contracts are expected to fluctuate at the bottom, and try to go long on the 05 contract after a correction; Arbitrage: Wait and see; Options: Sell the pk601 - P - 7600 option [39][40][41]. Eggs - **Important Information**: The national mainstream egg prices mostly fell, and the egg market continued to fluctuate. In August, the national laying - hen inventory was 1.365 billion. As of September 11, the weekly egg sales in the representative sales areas were 7303 tons. The average inventory in the production and circulation links decreased [43][44]. - **Trading Strategy**: Unilateral: Consider shorting at high levels; Arbitrage: Wait and see; Options: Wait and see [46][47]. Apples - **Important Information**: As of September 10, the national main - producing area apple cold - storage inventory was 209,100 tons. In July 2025, the apple export volume was 53,600 tons, and the import volume was 17,700 tons. The price of early - maturing apples varies by region, and the profit of apple storage merchants in Qixia has decreased [49][50][51]. - **Trading Strategy**: Unilateral: Apples are expected to fluctuate in the short term, and there will be selling - hedging pressure after the new apples are on the market; Arbitrage: Wait and see; Options: Wait and see [55][56][57]. Cotton - Cotton Yarn - **External Market Impact**: The previous trading day, ICE U.S. cotton fell 0.26 (0.39%) to 66.92 cents per pound [59]. - **Important Information**: As of September 13, the average temperature and rainfall in the U.S. cotton - growing areas decreased. The all - cotton grey fabric market has little change, and the cotton spot trading is cold. The sales and transaction basis of cotton are in a certain range [60][61]. - **Trading Strategy**: Unilateral: U.S. cotton is expected to fluctuate, and Zheng cotton is expected to be slightly weak, suggesting selective trading; Arbitrage: Wait and see; Options: Wait and see [63][64][65].

钢材：需求改善估值偏低，钢价存在修复空间 研究员：戚纯怡 期货从业证号：F03113636 投资咨询证号：Z0018817 目录 | 第一章 | 钢材行情总结与展望 | 2 | | --- | --- | --- | | 第二章 | 价格及利润回顾 | 5 | | 第三章 | 国内外重要宏观数据 | 12 | | 第四章 | 钢材供需以及库存情况 | 19 | GALAXY FUTURES 1 钢材总结 数据总结： GALAXY FUTURES 2 供给：本周螺纹小样本产量206.45万吨（-5.48），热卷小样本产量326.49万吨（+1.35）。247家钢厂高炉铁水日 均241.02万吨（+0.47），富宝49家独立电弧炉钢厂产能利用率28.9%（-5.8）。电炉端，华东平电电炉成本在 3435（折盘面）元/吨左右，电炉平电利润-198.14元/吨左右，谷电成本3270（折理记）元左右，华东三线螺纹谷电 利润-33元/吨。近期废钢价格上升，电炉成本抬升，钢价下跌，短流程利润下滑，电炉大幅减产；长流程钢利润在前 期亏损后小幅上涨，维持在盈亏平衡线附近，铁水延续240万吨以上；废钢日耗在53万吨，总体钢材生产 ...

Report Summary 1. Report Industry Investment Rating No information is provided in the given content. 2. Core Viewpoints - The short - term peanut spot price is relatively stable as the supply is still low and the downstream demand is weak. The price of 11 - contract peanuts is expected to have a narrow - range shock. The new - season peanut production is expected to be similar to last year, and the planting cost has decreased. Some peanuts have started to be listed [5][11]. - The peanut oil spot price is stable, and the peanut meal price has been stable recently. The theoretical profit of oil mill pressing is fairly good [11]. 3. Summary by Directory First Part: Data - **Futures Market**: PK604 closed at 7870 with a 2 - point increase (0.03%), trading volume decreased by 50.00% to 6, and open interest increased by 0.23% to 439; PK510 closed at 7844 with a 26 - point increase (0.33%), trading volume decreased by 31.83% to 1,540, and open interest decreased by 10.38% to 9,450; PK601 closed at 7838 with a 10 - point increase (0.13%), trading volume decreased by 9.97% to 7,805, and open interest remained unchanged at 46,165 [3]. - **Spot Market**: The spot price in Henan and Northeast China was stable. In Northeast China, 308 general peanuts in Fuyu, Jilin were 4 yuan/jin, and in Changtu, Liaoning, it was 4.1 yuan/jin (down 0.05 yuan/jin from yesterday). In Henan, Baisha general peanuts were quoted at 4.2 - 4.35 yuan/jin. In Shandong, peanuts in Junan were 4.1 yuan/jin. Imported Sudan refined peanuts were priced at 8150 yuan/ton, and Senegalese oil peanuts were 7600 - 7800 yuan/ton [5]. - **By - product Market**: The spot price of Rizhao soybean meal dropped to 2950 yuan/ton, down 20 yuan/ton from yesterday. The price difference per unit of protein between peanut meal and soybean meal was relatively high, and peanut meal was weak in the short - term, with 48 - protein peanut meal priced at 3260 yuan/ton [9]. - **Price Difference**: For peanut inter - period spreads, PK01 - PK04 was - 32 (up 8), PK04 - PK10 was 26 (down 24), and PK10 - PK01 was 6 (up 16) [3]. Second Part: Market Analysis - Peanut prices in Henan and Northeast China were stable. Most peanut oil mills stopped purchasing today, with the mainstream transaction price before the stop - purchase at 7300 - 7900 yuan/ton, and the theoretical break - even price of oil mills at 8050 yuan/ton. The prices of soybean oil and peanut oil were stable, with domestic first - class ordinary peanut oil at 14800 yuan/ton and small - pressed fragrant peanut oil at 16500 yuan/ton [5]. Third Part: Trading Strategies - **Unilateral**: The 11 - contract peanuts are in a low - level shock. It is advisable to wait and see for now, and consider going long on the 05 - contract peanuts after the price stabilizes [12]. - **Inter - period Spread**: Wait and see [13]. - **Options**: Hold the sold pk511 - P - 7600 [14]. Fourth Part: Related Attachments - There are six figures including Shandong peanut spot price, peanut oil mill pressing profit, peanut oil price, peanut spot - continuous contract basis, peanut 10 - 1 contract spread, and peanut 1 - 4 contract spread, all with data from 2022 - 2025 [16][22][25].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The US corn report has lowered the yield per unit, but the production remains at a high level, causing the US corn price to decline. It may continue to be adjusted downward, and the US corn will fluctuate within a narrow range. China has imposed a 15% tariff on US corn, with a total of 26% tariff within the quota, and a 22% tariff on US sorghum. Although the import profit of foreign corn is relatively high, the domestic corn spot price is expected to decline with the upcoming large - scale listing of new - season corn [5][6]. - The inventory of corn starch has decreased this week. The current starch price depends on the corn price and downstream stocking. Due to weak demand, starch enterprises will be in a long - term loss state. The 01 starch contract is expected to fluctuate at the bottom in the short term [7]. 3. Summary by Directory 3.1 Data 3.1.1 Futures Market - Corn futures: The C2601 contract closed at 2164, up 9 (0.42%), with a trading volume of 151,038 (up 22.66%) and an open interest of 445,010 (up 0.15%); the C2605 contract closed at 2231, up 7 (0.31%), with a trading volume of 11,113 (down 20.49%) and an open interest of 86,022 (down 0.13%); the C2509 contract closed at 2255, up 1 (0.04%), with a trading volume of 232 (down 23.43%) and an open interest of 752 (up 9.94%) [3]. - Corn starch futures: The CS2601 contract closed at 2487, up 12 (0.48%), with a trading volume of 35,769 (up 39.81%) and an open interest of 67,858 (down 0.83%); the CS2605 contract closed at 2574, up 7 (0.27%), with a trading volume of 348 (down 31.32%) and an open interest of 1,383 (down 2.47%); the CS2509 contract closed at 2596, up 11 (0.42%), with a trading volume of 9 (up 800.00%) and an open interest of 8 (up 100.00%) [3]. 3.1.2 Spot and Basis - Corn spot: Today's quotes in different regions are as follows: Qinggang 2250 (up 10), Jiajishenghua 2180 (unchanged), Zhuchengxingmao 2378 (unchanged), Shouguang 2284 (unchanged), Jinzhou Port 2300 (unchanged), Nantong Port 2410 (down 10), and Guangdong Port 2440 (unchanged). The basis varies from - 75 to 185 [3]. - Corn starch spot: Quotes from different manufacturers are as follows: Longfeng 2700, Zhongliang 2700, Jiajia 2800, Yufeng 2990, Jinyumi 2850, Zhuchengxingmao 2940, and Hengren Industry and Trade 2780, all unchanged. The basis ranges from 126 to 416 [3]. 3.1.3 Spreads - Corn inter - delivery spreads: C01 - C05 is - 67 (up 2), C05 - C09 is - 24 (up 6), C09 - C01 is 91 (down 8). - Corn starch inter - delivery spreads: CS01 - CS05 is - 87 (up 5), CS05 - CS09 is - 22 (down 4), CS09 - CS01 is 109 (down 1). - Cross - variety spreads: CS09 - C09 is 341 (up 10), CS01 - C01 is 323 (up 3), CS05 - C05 is 343 (unchanged) [3]. 3.2 Market Judgment - Corn: The US corn market is affected by yield and tariff policies. In China, the northern port closing prices are stable, and the northeast and north China corn spots are relatively stable in the short term. However, due to imports, auctions, and the upcoming large - scale listing of new - season corn, the corn spot price is expected to decline. By the end of September, the north China corn price may reach 2200 yuan/ton, and the Heilongjiang price may be below 2100 yuan/ton [5][6]. - Starch: The number of vehicles arriving at Shandong deep - processing plants has increased, and the corn spot price in Shandong is stable. The starch price in Shandong is around 2750 yuan, and the northeast starch spot is weak. This week, the corn starch inventory decreased to 120 million tons, a decrease of 2.6 million tons from last week, with a monthly decrease of 8.95% and a year - on - year increase of 37.5%. The starch price depends on corn price and downstream stocking. In the long - term, due to weak demand, enterprises will be in a loss state. The 01 starch contract is expected to fluctuate at the bottom in the short term [7]. 3.3 Corn Options - Option strategy: Use a short - term strategy of accumulating puts and calls, with rolling operations [13]. 3.4 Relevant Attachments - The attachments include charts of various prices, basis, and spreads of corn and corn starch, such as the spot price of corn in different regions, the basis and spreads of corn and corn starch futures contracts [15][17][23].

Group 1: Report Overview - Report Title: Sugar Daily Report, September 18, 2025 [2] - Report Type: Commodity Research Institute's Agricultural Product R & D Report [1] Group 2: Data Analysis Futures Market - SR09: Closing price 5,474, down 45 (-0.82%), volume 724 (increase of 499), open interest 1,376 (increase of 546) [5] - SR01: Closing price 5,474, down 55 (-0.99%), volume 315,458 (increase of 155,951), open interest 432,454 (increase of 44,260) [5] - SR05: Closing price 5,456, down 54 (-0.98%), volume 34,171 (increase of 22,477), open interest 52,980 (increase of 9,066) [5] Spot Market - Prices in different regions: Liuzhou 5,960 (down 10), Kunming 5,905 (down 10), Wuhan 6,150 (unchanged), Nanning 5,840 (down 30), Bayuquan 6,100 (up 85), Rizhao 6,000 (unchanged), Xi'an 6,330 (down 10) [5] - Basis: Liuzhou 486, Kunming 431, Wuhan 676, Nanning 366, Bayuquan 626, Rizhao 526, Xi'an 856 [5] Spread - SR5 - SR01: Spread -18 (up 1); SR09 - SR5: Spread 18 (up 9); SR09 - SR01: Spread 0 (up 10) [5] Import Profit - Brazil: ICE主力 15.51, quota - within price 4,452, quota - outside price 5,670, spread with Liuzhou 290, spread with Rizhao 330, spread with futures -196 [5] - Thailand: ICE主力 15.51, quota - within price 4,410, quota - outside price 5,616, spread with Liuzhou 344, spread with Rizhao 384, spread with futures -142 [5] Group 3: Market Analysis Important Information - In August 2025, China imported 830,000 tons of sugar, a year - on - year increase of 62,700 tons. From January to August 2025, imports were 2.6121 million tons, a year - on - year increase of 121,000 tons (4.86%). From the 2024/25 sugar - crushing season to August, imports were 4.0739 million tons, a year - on - year decrease of 277,200 tons (6.37%) [7] - In the second half of August, the sugar - cane crushing volume in the central - southern region of Brazil was 50.061 million tons, a year - on - year increase of 4.832 million tons (10.68%); sugar production was 3.872 million tons, a year - on - year increase of 596,000 tons (18.21%) [8] - As of the week of September 17, the number of ships waiting to load sugar at Brazilian ports was 85, and the quantity of sugar waiting to be shipped was 3.2827 million tons, a week - on - week increase of 98,700 tons (3.1%) [10] - In August 2025, China's refined sugar production was 454,000 tons, a year - on - year increase of 49.3%; from January to August, it was 10.284 million tons, a year - on - year increase of 8.1% [10] Logic Analysis - International market: Brazil is in the supply peak, global inventory is accumulating. Although the latest data shows an increase in sugar production, the international sugar price is at a low level, so it is expected to oscillate at a low level in the short term [11] - Domestic market: In August, China's sugar imports remained high. Domestic sugar inventory is low, and the sales - to - production ratio is high. Affected by the international sugar price, Zhengzhou sugar is expected to oscillate in a range and rebound in the short term [11] Trading Strategies - Single - side: International sugar prices are expected to oscillate at a low level, and Zhengzhou sugar has limited downward space [12] - Arbitrage: Wait and see [13] - Options: Wait and see [14] Group 4: Related Attachments - Figures include Guangxi and Yunnan monthly inventory, Guangxi and Yunnan sales - to - production ratio trends, Liuzhou sugar spot price, Liuzhou - Kunming sugar spot spread, sugar basis and futures spreads [17][18][22]

Group 1: Report Overview - Report Title: "Pig Daily Report" [2] - Date: September 18, 2025 [2] - Researcher: Chen Jiezheng [3] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Viewpoints - The overall supply pressure in the pig market remains high, and the subsequent spot prices are expected to be weak. Futures prices are also under pressure and are expected to trend downward [4][7] - The decline in futures prices is mainly due to the expected supply pressure, and the far - month contracts are affected by capacity changes. Although the current price is low, there is still a certain downward pressure [7] Group 4: Price and Profit Data Summary Spot Prices - The average spot price of pigs today is 12.68 yuan/kg, down 0.1 yuan/kg from yesterday. Prices in various regions have generally declined [4] Futures Prices - Futures prices of various contracts have mostly declined, such as LH01 down 180 to 13330, LH03 down 150 to 12855 [4] Piglet and Sow Prices - Piglet prices are 259 yuan, down 32 from last week; sow prices are 1590 yuan, down 2 from last week [4] Breeding Profits - Self - breeding and self - raising profit is 16.84 yuan/head, down 15.39 from yesterday; profit from purchasing piglets is - 161.93 yuan/head, down 13.53 from yesterday [4] Contract Spreads - Spreads between different contracts have changed, such as LH7 - 9 down 150 to 1165, LH9 - 1 up 180 to - 345 [4] Slaughter Data - The slaughter volume is 149450 heads, an increase of 842 from yesterday [4] Group 5: Trading Strategies - Unilateral: Short near - month contracts on rallies - Arbitrage: Reverse spread on LH15 - Options: Hold off on trading [8]

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core View of the Report - The supply pressure in the domestic and international soybean and rapeseed meal markets continues to be significant, and the prices are under downward pressure. The overall trend of the soybean series market is weak, with the price center expected to decline. The rapeseed meal market is expected to be range - bound. It is recommended to adopt a wait - and - see approach for single - side trading and options trading, and to close the position of the expanding spread of MRM05 [4][5][9][10] 3. Summary by Related Catalogs 3.1 Market Quotes - **Futures and Spot Quotes**: For soybean meal, the closing prices of contracts 01, 05, 09, etc. declined, with the 01 contract at 2993 (down 9), the 05 contract at 2765 (down 16), and the 09 contract at 2882 (down 15). The spot basis in different regions showed varying degrees of change. For rapeseed meal, the 05 contract closed at 2357 (down 4), and the 09 contract at 2435 (down 6). The spot basis in Guangdong and Guangxi also changed. The monthly spreads of soybean meal and rapeseed meal futures showed different trends, with the 15 spread of soybean meal increasing by 7 and that of rapeseed meal increasing by 14 [4] - **Cross - variety Spreads**: The spreads between soybean meal and rapeseed meal, and between soybean meal and sunflower meal showed a downward trend. The oil - meal ratio of the 01 contract also decreased [4] 3.2 Fundamental Analysis - **International Market**: The carry - over stock of the old US soybean balance sheet was slightly increased. The new - crop yield had a slight decrease in yield per unit but an increase in planting area, resulting in a slight increase in overall supply. South American old - crop soybeans were in a state of loose supply and demand, with an expected increase of 1539 million tons in soybean production and 821 million tons in crushing volume in major exporting countries. The overall supply pressure of international soybean meal was significant, with an expected increase of 2153.6 million tons in soybean crushing volume in major producing areas throughout the year, while the import volume of major importing countries only increased slightly [5] - **Domestic Market**: The domestic soybean meal spot market continued to be loose, with high oil - mill operating rates, sufficient market supply, and high inventory. As of September 12, the actual soybean crushing volume of oil mills was 2.3604 million tons, the operating rate was 66.35%, the soybean inventory was 7.332 million tons (up 0.21% from last week and 6.35% year - on - year), and the soybean meal inventory was 1.1644 million tons (up 2.48% from last week and down 13.54% year - on - year). The demand for domestic rapeseed meal continued to weaken, the oil - mill operating rate decreased, the supply of rapeseed was relatively low, and the overall supply pressure still existed [7] 3.3 Macroeconomic Factors - The Sino - US Madrid negotiations lacked clear macro - guidance, and the market was still worried about the uncertainty of subsequent supply. However, due to China's continued demand for US soybeans in the long - term, the price was not likely to drop significantly in the short term [8] 3.4 Logical Analysis - **Soybean Meal**: The main influencing factor of domestic soybean meal was the macro - aspect. The overall soybean production did not change much, and the inventory pressure was still significant. The Brazilian soybean production remained high, and the price was under pressure. The overall supply and demand of domestic soybean meal were relatively loose, and the inventory pressure still existed. Although the near - month futures price was not likely to drop sharply, the price was still under downward pressure [9] - **Rapeseed Meal**: The rapeseed meal inventory was relatively low, but the demand was also average. The subsequent import volume was relatively low, and the price lacked obvious fluctuations. The impact of market rumors on the supply side was expected to be limited [9] 3.5 Trading Strategies - **Single - side Trading**: It is recommended to wait and see [10] - **Arbitrage**: Close the position of the expanding spread of MRM05 [10] - **Options Trading**: Wait and see [10] 3.6 Soybean Crushing Profit - The crushing profit of Brazilian soybeans showed different trends for different shipment periods. For example, the crushing profit of the November shipment was - 91.34 (up 18.39 compared to yesterday), and that of the February shipment was - 43.20 (up 3.05 compared to yesterday) [11]