Report Information - Report Name: Yangtze River Futures Meal and Oil Weekly Report - Date: November 17, 2025 - Researcher: Ye Tian [1] Industry Investment Rating No information provided. Core Views - For soybean meal, the loss of crushing profit supports its strong operation. The US soybean supply - demand tightens, and domestic soybean meal is expected to fluctuate widely with the US soybean, but its price is expected to be slightly stronger due to profit losses and the de - stocking cycle [6][7]. - For oils, the reports (USDA11 and MPOB10) have a neutral - bearish impact, and the upward rebound of futures prices is limited. In the long - term, the market should focus on potential positive factors such as biodiesel policies and weather conditions [81][82]. Summary by Directory 1. Soybean Meal a. Period and Spot Market - As of November 14, the East China spot price was 3020 yuan/ton, up 30 yuan/ton weekly; the M2601 contract closed at 3092 yuan/ton, up 34 yuan/ton weekly; the basis was 01 - 70 yuan/ton, down 10 yuan/ton. Before the release of the US soybean supply - demand report, the US soybean price rose sharply but then fell back due to lower - than - expected yield cuts. Domestic soybean meal followed the cost increase, but the spot supply pressure continued, and the basis weakened [7][9]. b. Supply - The USDA November report showed that the US soybean price dropped to 53 cents/bushel, with the yield higher than expected and the ending stocks reduced to 290 million bushels. As of November 8, the Brazilian soybean planting rate was 58.4%. In China, the November soybean arrival is normal, but the 12 - January purchases are slow due to profit losses, with a strong de - stocking expectation [7]. c. Demand - In 2025, the domestic breeding profit improved, with high livestock and poultry inventories, supporting a feed demand increase of over 7%. The soybean meal addition ratio increased, and the fourth - quarter demand is expected to increase by over 5%, corresponding to a monthly soybean crushing volume of over 9 million tons. As of the latest data, the national soybean inventory increased to 761.95 million tons, and the soybean meal inventory decreased to 99.86 million tons [7]. d. Cost - The 25/26 US soybean planting cost dropped to 1150 cents/bushel, and the bottom price is expected to be around 100 cents/bushel. Based on certain calculations, the domestic soybean meal cost is 3070 yuan/ton [7]. e. Market Summary and Strategy - The US soybean is expected to fluctuate widely, and domestic soybean meal is expected to be slightly stronger. The strategy suggests range - bound operations for the M2601 contract and for spot enterprises to sell the basis on rallies and roll long positions [7]. 2. Oils a. Period and Spot Market - As of the week of November 14, palm oil, soybean oil, and rapeseed oil futures and spot prices showed different trends. Palm oil was the weakest due to the MPOB report and poor export data, while rapeseed oil was the strongest due to supply concerns [82][83]. b. Palm Oil - The MPOB October report showed an increase in both production and demand, with the ending stocks rising to 2.46 million tons. The SPPOMA data indicated a 2.16% decline in production from November 1 - 10. However, exports from November 1 - 10 decreased by 9.5 - 12.3%. In China, the 10 - November palm oil purchases are similar to 2024, and the inventory is expected to gradually accumulate [82]. c. Soybean Oil - The USDA November report had a neutral - bearish impact, with a reduction in both inventory and export. The US soybean futures are expected to be under pressure, and the domestic soybean oil inventory decreased slightly. In the long - term, the soybean supply is expected to be relatively sufficient, limiting the de - stocking speed [82]. d. Rapeseed Oil - Due to concerns about the continued tight supply of rapeseed before the arrival of Australian rapeseed in late November and the Canadian biodiesel policy, the domestic rapeseed oil is in a slow de - stocking process. However, considering the potential improvement in China - Canada relations, the upward space for rapeseed oil is limited [82]. e. Weekly Summary and Strategy - In the short - term, the upward rebound of domestic oils is limited. The strategy suggests not chasing the rise and taking a long - on - dips approach for the 01 contracts. For arbitrage, pay attention to the long - 1 - short - 5 spread for rapeseed oil and the short - 1 - long - 5 spread for palm oil [82].

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating. 2. Core Views of the Report - The pig market is in a downward bottoming cycle, with short - term prices trading in a narrow range and mid - to long - term prices facing pressure due to slow capacity reduction and high supply. Egg market has a marginal improvement in supply - demand looseness, with short - term price fluctuations and long - term capacity clearance taking time. The corn market is in a new grain listing period, with short - term selling pressure and mid - to long - term cost support but a relatively loose supply - demand pattern [4][5][6]. 3. Summary by Directory 3.1 Pig 3.1.1 Period and Spot Ends - As of November 14, the national spot price was 11.62 yuan/kg, down 0.20 yuan/kg from last week; Henan pig price was 11.93 yuan/kg, down 0.11 yuan/kg; the futures contract 2501 closed at 11775 yuan/ton, down 90 yuan/ton; the 01 contract basis was 155 yuan/ton, down 20 yuan/ton. Weekly pig prices first rose and then fell, with the center of gravity moving down [4][61]. 3.1.2 Supply End - In September 2025, the official inventory of breeding sows was at the upper limit of the equilibrium range. In October, the inventory of breeding sows in consulting agency samples showed one increase and one decrease, indicating slow capacity reduction. The overall sow capacity is abundant, and with improved production performance, the pressure of pig slaughter will remain high before the first half of next year. In November, the planned pig slaughter volume of scale enterprises decreased month - on - month. The fat - standard price difference widened, with retail farmers pressing栏 and group enterprises accelerating slaughter. The proportion of small pig slaughter increased, and the average slaughter weight continued to grow [4][61]. 3.1.3 Demand End - The weekly slaughter start - up rate and slaughter volume first increased and then decreased, with a slight overall increase. The low pig price at the beginning of the week drove the increase in slaughter volume, but as the price rose, consumer purchases were average, and the slaughter volume declined. The weekly white - strip price continued to fall, the fresh - sales rate decreased, and the frozen - product storage rate increased slightly [4][61]. 3.1.4 Cost End - The weekly piglet price rose slightly, and the price of binary breeding sows was stable. The losses of self - breeding and self - raising and purchasing piglets for fattening expanded. The cost of self - breeding and self - raising 5 - month - old fattening pigs decreased slightly from last week. The current pig - grain ratio is still below the warning line, and national policies should be monitored [4][61]. 3.1.5 Weekly Summary - In November, the planned slaughter volume of scale enterprises decreased month - on - month, and the supply pressure was relieved. The large fat - standard price difference and pickling demand supported the price, but the industry's caution about future prices limited the price increase. In the mid - to long - term, the reduction of breeding sow inventory is limited, and the supply will remain high before the first half of next year [4][61]. 3.1.6 Strategy Suggestion - For near - term contracts, although there is support from the pickling season, the supply shift suppresses the upside. For off - season contracts, the prices are still under pressure. Short on rebounds and pay attention to the long 05 and short 03 arbitrage. For far - term contracts, be cautious about chasing up due to slow capacity reduction [4][61]. 3.2 Egg 3.2.1 Period and Spot Ends - As of November 14, the average price in the main egg - producing areas was 2.97 yuan/jin, down 0.06 yuan/jin from last Friday; the average price in the main egg - selling areas was 3.04 yuan/jin, down 0.01 yuan/jin. The main egg contract 2512 closed at 3033 yuan/500 kg, down 186 yuan/500 kg. The main contract basis was - 323 yuan/500 kg, up 96 yuan/500 kg from last Friday. The weekly egg price fluctuated in a narrow range, and it is expected to bottom out in the next week [5][84]. 3.2.2 Supply End - The newly - hatched laying hens in November correspond to the replenishment in July 2025, with both month - on - month and year - on - year declines, but the hatching volume remains relatively high. The culling process has slowed down recently, and the inventory of laying hens in October decreased slightly month - on - month but is still at a high level. In the mid - to long - term, the replenishment volume from August to October 2025 decreased continuously, and the inventory growth rate is expected to slow down [5][84]. 3.2.3 Demand End - After the "Double Eleven" e - commerce festival, the channel procurement demand weakened, but the cooling weather increased the enthusiasm of all links to enter the market. Low egg prices stimulated the demand for channel inventory. The long - term pressure on pork prices and high vegetable prices increased the cost - effectiveness of eggs, driving the substitution demand [5][84]. 3.2.4 Weekly Summary - The culling of old hens around the Mid - Autumn Festival relieved the supply pressure, but the current culling process has slowed down. The supply is still abundant in the short term, and the egg price is expected to face pressure in the short term. In the mid - to long - term, the supply pressure will gradually ease, but it will take time [5][84]. 3.2.5 Strategy Suggestion - Currently, the main 12 - contract has a large premium over the spot. In the short term, the spot price increase has slowed down, so the futures price is bearish. In the mid - term, the inventory growth rate slows down, and the supply - demand relationship improves marginally. In the long term, capacity clearance still takes time, and attention should be paid to external factors such as environmental protection policies and epidemics [5][84]. 3.3 Corn 3.3.1 Period and Spot Ends - As of November 14, the corn closing price at Jinzhou Port in Liaoning was 2215 yuan/ton, up 55 yuan/ton from last Friday; the main corn contract 2601 closed at 2185 yuan/ton, up 36 yuan/ton. The main contract basis was 30 yuan/ton, up 19 yuan/ton from last Friday. The weekly national corn price was strong, but the overall market is still in the bottom - building stage [6][102]. 3.3.2 Supply End - Currently in the new grain listing period, the shipping from the Northeast to ports is inverted, and the volume of grain collection at northern ports decreased weekly. The selling progress in North China slowed down. In September, corn imports were 60,000 tons, a 50% month - on - month increase and an 80.6% year - on - year decrease. International grain imports remained at a low level. As of November 7, the inventories at northern and southern ports were 1.24 million tons and 866,000 tons respectively, with month - on - month increases [6][102]. 3.3.3 Demand End - From May to November 2024, the inventory of sows increased, and there was a slight reduction from December to January. The performance improved, and the inventory of pigs and poultry remained at a high level this year, driving rigid feed demand. As the corn price dropped significantly, the corn - wheat price difference widened, and the feed demand for corn increased. The inventory days of downstream feed enterprises stopped falling and rebounded, but are still at a low level. The deep - processing profit turned positive, and the start - up rate increased, but the finished - product inventory is high, limiting the increase in deep - processing demand [6][102]. 3.3.4 Weekly Summary - In the early stage of new grain listing, the high enthusiasm of farmers to sell grain put pressure on prices. As the number of purchasing entities increased, the slowdown in the selling rhythm supported the price. In the mid - to long - term, the 2025/2026 corn planting cost decreased, and the weather during the growing period was suitable, with expected high yields. However, the carry - over inventory of old crops is low, and imports are expected to increase but remain at a low level. The demand is rigid but weak, and the supply - demand pattern is relatively loose [6][102]. 3.3.5 Strategy Suggestion - In the short term, the selling pressure needs to be digested, so be cautious about chasing up the futures price. In the mid - to long - term, the demand will gradually be released, and there is strong support at the bottom, but the relatively loose supply - demand pattern in 2025/2026 limits the upside [6][102].

Report Overview - **Report Title**: Black: Raw Materials Alternately Decline, Steel Relatively Resilient [1] - **Report Date**: November 17, 2025 [1] - **Reporting Company**: Yangtze River Futures Co., Ltd. [1] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint - The raw materials decline alternately while steel shows relative resilience [2]. 3. Summary by Directory 3.1 Black Sector Performance - Last week, the black sector showed a divergent trend. Steel and iron ore prices remained stable, while coking coal and coke prices dropped significantly. The strength relationship among varieties was iron ore > rebar > hot-rolled coil > coke > coking coal [3]. 3.2 Futures Market Comparison - The futures market showed a differentiated trend, with non-ferrous metals performing strongly [6]. 3.3 Spot Prices - Rebar and iron ore prices increased, while scrap steel prices decreased slightly [8]. 3.4 Profit and Valuation - The profitability of steel mills declined, and the valuation of rebar futures was relatively low [10]. 3.5 Steel Supply and Demand - Both steel production and demand decreased, and inventory was slowly depleted [12]. 3.6 Iron Ore Supply and Demand - Iron ore arrivals at ports were high, leading to continuous increases in port inventory. Although pig iron production rebounded last week, it is expected to decline again in the future, and the supply-demand pattern of iron ore will gradually become looser [3][21]. 3.7 Coking Coal Supply and Demand - Coking coal production increased slightly last week, and inventory accumulated. The profitability of coking plants was poor, and coke production dropped to a low level, with coke inventory being depleted again [3]. 3.8 Coke Supply and Demand - Coke production continued to decline, and inventory was depleted again [26]. 3.9 Variety Spreads - The mill's paper profit rebounded from the bottom, and the rebar-coke price ratio widened [28]. 3.10 Key Data/Policy/Information - Multiple cities in Hebei lifted the emergency response for heavy pollution weather. China's foreign exchange reserves and gold reserves changed in October. The vice premier will visit Guinea and Sierra Leone and attend the commissioning ceremony of the Simandou Iron Ore Project. The US suspended the 301 investigation on China's shipbuilding industry for one year. Xinjiang steel mills' winter maintenance and production cuts are progressing, with an estimated reduction of about 2 million tons of construction steel output, accounting for about 25% of the estimated total output in 2025. Mysteel predicts that the total output of the Simandou project in 2026 will reach 20 million tons. Most provinces, municipalities, and autonomous regions have suspended automobile replacement subsidies or scrapping and renewal subsidies. The National Development and Reform Commission held a video conference on energy supply guarantee for the heating season from 2025 - 2026 [33].

Report Industry Investment Rating - The investment strategy for the glass industry is to expect a weak and volatile trend [3] Core Viewpoints - Last week, the glass futures showed a weak performance, and the main contract's open interest reached a new high. With insufficient expectations for macro - policies, the market was more in line with the fundamentals, showing a downward trend. The end - of - year demand is likely to weaken further, and there is delivery pressure in the near - term contracts. Technically, the moving averages are in a weak arrangement, and the short - side power is dominant and strengthening [3] Summary by Directory 01 Investment Strategy - The investment strategy is to expect a weak and volatile trend. The main logic is that the glass futures were weak last week, the supply side remained stable with no changes in production lines and constant daily melting volume, and the demand side weakened with manufacturers' production - sales ratio declining. The downstream was pessimistic, and processing factory orders deteriorated. For soda ash, although the cost increased due to rising coal prices, it was still considered from a short - selling perspective. The outlook is that the end - of - year demand may weaken, and there is delivery pressure in the near - term contracts. It is recommended to hold out - of - the - money call options on the glass 01 contract until expiration and continue to hold short positions on the 01 futures contract, with attention on the range of 990 - 1000 [3] 02 - 03 Market Review - **Spot and Futures Prices**: As of November 14, the 5mm float glass market price was 1110 yuan/ton (-20) in North China, 1140 yuan/ton (0) in Central China, and 1230 yuan/ton (-10) in East China. The glass 01 contract closed at 1032 yuan/ton last Friday, down 59 yuan for the week. The soda ash - glass price difference was 194 yuan/ton (+75), the glass 01 contract basis was 68 yuan/ton (+19), and the 01 - 05 contract spread was - 128 yuan/ton (+6) [10][11][13] 04 Profit - **Production Process Profits**: For the natural gas production process, the cost was 1574 yuan/ton (0), and the gross profit was - 344 yuan/ton (-10); for the coal - gas production process, the cost was 1210 yuan/ton (-2), and the gross profit was - 100 yuan/ton (-18); for the petroleum coke production process, the cost was 1092 yuan/ton (0), and the gross profit was 48 yuan/ton (0) [16] 05 Supply - The daily melting volume of glass was 157,505 tons per day (unchanged), and there were currently 222 production lines in operation. There have been multiple production line changes including cold - repairs, restarts, new ignitions, and product conversions [18][20] 06 Inventory - As of November 14, the total inventory of 80 glass sample manufacturers nationwide was 6,324.7 million weight boxes. The inventory in North China was 1112.2 million weight boxes (+30.7), in Central China was 710 million weight boxes (+8.3), in East China was 1333.3 million weight boxes (-11.4), in South China was 932.8 million weight boxes (-15.8), in Southwest China was 1301.5 million weight boxes (+7.6), the inventory in Shahe factories was 390 million weight boxes (-26), and in Hubei factories was 507 million weight boxes (-4) [22] 07 Deep - processing - On November 13, the comprehensive production - sales ratio of float glass was 88% (-26%). On November 14, the operating rate of LOW - E glass was 46.5% (+1.7%). At the beginning of November, the available order days for glass deep - processing were 10.8 days (+0.4) [26] 08 - 09 Demand - **Automobile Industry**: In October, China's automobile production was 3.359 million vehicles, a month - on - month increase of 83,000 and a year - on - year increase of 363,000; sales were 3.322 million vehicles, a month - on - month increase of 96,000 and a year - on - year increase of 269,000. The retail sales of new - energy passenger vehicles were 1.282 million, with a penetration rate of 57.2% [37] - **Real Estate Industry**: In September, China's real estate completion area was 34.3534 million square meters (0% year - on - year), new construction area was 55.9831 million square meters (-15% year - on - year), construction area was 54.7081 million square meters (-16% year - on - year), and commercial housing sales area was 85.3087 million square meters (-12% year - on - year). From November 15 to November 14, the total commercial housing transaction area in 30 large - and medium - sized cities was 1.61 million square meters, a month - on - month decrease of 20% and a year - on - year decrease of 31%. In October, real estate development investment was 585.729 billion yuan, a year - on - year decrease of 23% [44] 10 - 13 Cost - side Soda Ash - **Spot and Futures Prices**: As of last weekend, the mainstream market prices of heavy soda ash were 1325 yuan/ton (0) in North China, 1250 yuan/ton (0) in East China, 1300 yuan/ton (0) in Central China, and 1450 yuan/ton (0) in South China. The soda ash 2601 contract closed at 1226 yuan/ton (+16) last Friday, and the basis of soda ash Huazhong 09 was 74 yuan/ton (-16) [47][51] - **Profit and Cost**: As of last Friday, the cost of the ammonia - soda process for soda ash enterprises was 1392 yuan/ton (+33), with a gross profit of - 24 yuan/ton (+20); the cost of the co - production process was 1871 yuan/ton (+80), with a gross profit of - 182 yuan/ton (-8). The market price of synthetic ammonia in Hubei was 2423 yuan/ton (+173), and the ex - factory price of wet ammonium chloride from Xuzhou Fengcheng was 300 yuan/ton (0) [53][54][55] - **Inventory**: As of November 14, the national in - factory inventory of soda ash was 170.73 million tons (a month - on - month decrease of 0.69 million tons), including 90.71 million tons of heavy soda ash (a month - on - month increase of 0.75 million tons) and 80.02 million tons of light soda ash (a month - on - month decrease of 1.44 million tons). The exchange soda ash warehouse receipts were 5454 (a month - on - month decrease of 2860) [62][67] - **Apparent Consumption and Production - sales Ratio**: Last week, the apparent consumption of heavy soda ash was 40.34 million tons, a week - on - week increase of 0.18 million tons; the apparent consumption of light soda ash was 34.27 million tons, a week - on - week increase of 0.97 million tons. The production - sales ratio of soda ash was 100.93%, a week - on - week increase of 2.57% [71][77]

Report Industry Investment Ratings Macro Finance - **Stock Index**: Mid-to-long term bullish, buy on dips [1][5] - **Treasury Bonds**: Range-bound [1][5] Black Building Materials - **Coking Coal**: Range trading [1] - **Rebar**: Range trading [1][7] - **Glass**: Sell call options [1][8] Non-Ferrous Metals - **Copper**: Short-term range trading [1][11] - **Aluminum**: Suggest buying on dips [1][12] - **Nickel**: Suggest waiting and seeing or shorting on rallies [1][17] - **Tin**: Range trading [1][17] - **Gold**: Range trading [1][19] - **Silver**: Range trading [1][18] Energy Chemicals - **PVC**: Range-bound with a weak bias, 01 contract pay attention to the 4700 resistance level [21][23] - **Caustic Soda**: Range-bound with a weak bias, 01 contract pay attention to the 2400 resistance level [24][25] - **Soda Ash**: Bearish strategy for the 01 contract [1][35] - **Styrene**: Range-bound with a weak bias, pay attention to the 6500 resistance level [26][27] - **Rubber**: Range-bound, pay attention to the 15000 support level [27][28] - **Urea**: Range-bound [30][31] - **Methanol**: Range-bound [31][32] - **Polyolefins**: Weak range-bound, L2601 pay attention to the 6800 support level, PP2601 pay attention to the 6500 support level [33][34] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Range-bound [36] - **PTA**: Low-level range-bound, pay attention to the 4400 - 4700 range [36] - **Apple**: Range-bound with a strong bias [38] - **Red Dates**: Range-bound with a weak bias [38] Agricultural Livestock - **Hogs**: Rebound under pressure [1][40] - **Eggs**: Limited upside [1][43] - **Corn**: Range-bound at the bottom [46][47] - **Soybean Meal**: Range-bound [48] - **Oils and Fats**: Limited rebound [1][48] Core Views The report provides investment strategies and market analyses for various futures products across different industries. Market conditions are influenced by a variety of factors including macroeconomic policies, supply and demand fundamentals, and geopolitical events. Each product's investment strategy is based on its specific market situation and outlook [1][5][7]. Summary by Directory Macro Finance - **Stock Index**: Mid-to-long term bullish, but may range-bound in the short term due to rapid market hot - spot rotation and unclear main lines [5] - **Treasury Bonds**: Range-bound. The third - quarter monetary policy report maintains a moderately loose tone, and the possibility of using aggregate monetary policy tools this year is relatively limited. The market is in a range - bound and wait - and - see state [5][6] Black Building Materials - **Coking Coal and Rebar**: Range trading. Coking coal market has weak demand and price cuts, while rebar is undervalued but has limited upside due to weakening demand and potential production cuts [7][8] - **Glass**: Sell call options. End - of - year demand may weaken further, with high inventory and delivery pressure. Technical indicators show a bearish trend [8] Non - Ferrous Metals - **Copper**: High - level range - bound. The US government's situation and economic data add uncertainty, while the long - term demand outlook is positive but short - term consumption is suppressed [11] - **Aluminum**: Suggest waiting and seeing. Supply and demand fundamentals are complex, and there is a risk of over - trading the market's expectations [12][13] - **Nickel**: Suggest waiting and seeing or shorting on rallies. The new RKAB policy brings supply uncertainty, and the medium - to - long - term supply is in surplus [16][17] - **Tin**: Range trading. Supply is expected to improve, and downstream consumption is weak, but prices are supported [17] - **Gold and Silver**: Range trading. Uncertainty about the Fed's December interest - rate decision and concerns about the US economy support prices in the medium term but are in a short - term adjustment [18][19] Energy Chemicals - **PVC**: Range - bound with a weak bias. High supply, weak domestic demand, and uncertain export growth [23] - **Caustic Soda**: Range - bound with a weak bias. High inventory in the alumina industry and potential negative feedback in the industrial chain [25] - **Soda Ash**: Bearish for the 01 contract. Supply is in surplus, and although cost increases, supply pressure remains high [35] - **Styrene**: Range - bound with a weak bias. Weak chemical fundamentals and uncertain cost factors [27] - **Rubber**: Range - bound. High raw material prices, seasonal inventory accumulation, and weak terminal demand [28] - **Urea**: Range - bound. Supply increases, demand is driven by agriculture and industry, and inventory changes need attention [30][31] - **Methanol**: Range - bound. Supply increases, demand weakens, and inventory accumulates [31][32] - **Polyolefins**: Weak range - bound. Supply pressure increases, demand has no obvious increase, and cost pressure exists [33][34] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Range - bound. Global cotton supply and demand are both increasing, and the end - of - season inventory is decreasing [36] - **PTA**: Low - level range - bound. Oil prices are weak, supply and demand are in a state of inventory accumulation, and downstream procurement is weak [36] - **Apple**: Range - bound with a strong bias. Production and quality decline, which may support prices [38] - **Red Dates**: Range - bound with a weak bias. Acquisition prices are slightly adjusted, and market sentiment is cautious [38] Agricultural Livestock - **Hogs**: Rebound under pressure. Short - term price fluctuations are limited, and medium - to - long - term supply remains high before the first half of next year [40][42] - **Eggs**: Limited upside. Supply is sufficient in the short term, and long - term supply pressure reduction requires time [43][45] - **Corn**: Range - bound at the bottom. Short - term supply is abundant, and long - term cost support exists, but demand growth is limited [46][47] - **Soybean Meal**: Range - bound. US soybean supply and demand are expected to tighten, but Brazilian production may limit the upside [48] - **Oils and Fats**: Limited rebound. Short - term reports have a neutral impact, and long - term potential factors need attention [54]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Urea's rebound is limited and is expected to fluctuate widely. The 01 contract is expected to trade in the range of 1,600 - 1,700 yuan/ton. This is mainly due to the recovery of urea maintenance devices leading to increased daily output, the spread of agricultural fertilizer demand, some support from compound fertilizer production for urea demand, appropriate low - price stocking for off - season storage, the re - accumulation of port inventory, a significant increase in registered warehouse receipts, and the high daily output and high inventory situation [4]. 3. Summary by Relevant Catalogs Market Changes - **Price**: On November 14th, the closing price of the urea 2601 contract was 1,652 yuan/ton, a decrease of 15 yuan/ton or 0.9% from the previous week. The average daily price in the Henan urea spot market was 1,594 yuan/ton, unchanged from the previous week [4][5]. - **Basis**: The main urea basis first strengthened and then weakened. On November 14th, the main basis in the Henan market was - 58 yuan/ton, with a weekly basis operating range of (-63) - (-33) yuan/ton [4][8]. - **Spread**: The 1 - 5 spread of urea fluctuated narrowly. On November 14th, the 1 - 5 spread was - 75 yuan/ton, with a weekly operating range of (-77) - (-72) yuan/ton [4][8]. Fundamental Changes Supply - The operating load rate of Chinese urea plants was 83.93%, an increase of 0.38 percentage points from the previous week. The operating load rate of gas - based enterprises was 72.89%, unchanged from the previous week. The average daily urea output was 19.67 tons. Some maintenance devices in Shanxi and Henan are planned to resume production next week, and supply is expected to increase [4][11]. Cost - The anthracite market continued its upward trend. As of November 13th, the含税 price of washed small anthracite blocks (S0.4 - 0.5) in Jincheng, Shanxi was 900 - 960 yuan/ton, with the price center rising 15 yuan/ton from the previous week's closing price [4][15]. Profit - The gross profit margin of coal - based urea was - 7.91%, and that of gas - based urea was - 14.25%. Due to the strong operation of coal prices at the cost end, the production profit of urea decreased slightly [15]. Demand - **Agricultural Demand**: The average pre - collection period of major urea producers was 4.1 days, and the weekly production - sales rate of urea enterprises was 96.4%. Autumn harvest and sowing are underway, agricultural demand is moderately increasing, and off - season storage is stocking at appropriate low prices, resulting in a marginal improvement in urea production and sales. Currently, winter wheat in the north is in the concentrated sowing period, and late rice in the south is in the large - scale harvesting stage [4][19][23]. - **Industrial Demand**: - The capacity utilization rate of compound fertilizer enterprises was 31.04%, unchanged from the previous week. The compound fertilizer inventory was 70.11 tons, a decrease of 0.33 tons from the previous week. Recently, the compound fertilizer production rate has increased, and the inventory reduction speed of finished products has slowed down [4][23]. - The operating load rate of melamine enterprises was 57.06%, an increase of 4.83 percentage points from the previous week, with a weekly output of 2,872 tons. It is expected that the operating load rate of domestic melamine enterprises will fluctuate above 60% next week [26]. - The national building materials and home furnishing prosperity index and the sales volume of large - scale building materials and home furnishing stores have increased, and the demand support for the panel market has been strengthened [27]. Inventory - Urea enterprise inventory was 128.3 tons, a decrease of 5.9 tons from the previous week. Urea port inventory was 26.1 tons, an increase of 5.6 tons from the previous week. The number of registered urea warehouse receipts was 7,183, equivalent to 14,366 tons, an increase of 2,598 from the previous week [4][30]. Key Points of Attention - The operating conditions of compound fertilizer enterprises, the production reduction and maintenance of urea devices, export policies, and coal price fluctuations [4]

Report Industry Investment Rating No relevant content provided. Core View of the Report The report presents a weekly analysis of the apple and red date markets, indicating that the apple market is showing strong upward momentum while the red date market is experiencing weak and fluctuating trends [3][5][37]. Summary by Relevant Catalogs Apple: Strong Upward Trend Weekly View - New - season late Fuji apple storage is nearly finished, with remaining work in Shandong Qixia and Shanxi Yuncheng. Outbound work has started, mainly for foreign trade and some merchants restocking. The sales area is in the off - season, and the increase in citrus volume squeezes the apple sales space [9]. Market Review - The apple main contract showed a strong upward trend this week, and the apple basis was - 519 yuan, a decrease of 367 yuan compared to last week [13]. Apple Wholesale Market Price Trend - As of November 7, 2025, the wholesale price of all apple varieties was 9.49 yuan/kg, up 0.03 yuan/kg from last week; the wholesale price of Fuji apples was 9.04 yuan/kg, down 0.11 yuan/kg from last week. The spot price of Fuji apples has been fluctuating downward recently [16]. Main Apple - producing Areas - In Shandong, the transaction price of late Fuji varies by grade. In Shaanxi, the ex - warehouse price of fruit farmers' general goods also has different ranges in different regions [21]. Cold - storage Situation - As of November 12, 2025, the apple cold - storage inventory in the main producing areas was 764.24 million tons, an increase of 65.81 million tons from last week, 10.59% lower than the same period last year [23]. Sales Area Market Summary - In the South China market, the daily average number of arriving vehicles in the Guangdong Chalong market changed little. The prices of different varieties and packaging of apples vary, and the overall sales of new - season late Fuji are slow [26]. Apple Storage Profit Analysis - During the 2025 - 2026 production season's acquisition stage, the profit statistics of storage merchants for 80 first - and second - grade apples in Qixia are suspended [30]. Substitute Price Analysis - As of the 46th week of 2025, the average wholesale price of six fruits monitored by the Ministry of Agriculture and Rural Affairs was 7.01 yuan/kg, down 0.09 yuan/kg from the 45th week. Most of the six types of fruits saw price drops this week [33]. Red Dates: Weak and Fluctuating Weekly View - In the Xinjiang main producing area, the acquisition in some areas is ending or nearly finished, and the procurement enthusiasm of merchants in Xinjiang has weakened due to the decline in both futures and spot prices. The prices in the Hebei sales area have dropped slightly [40]. Market Review - The procurement enthusiasm of merchants in Xinjiang is low. The acquisition progress in some areas has accelerated, and some farmers' price - holding sentiment has loosened. The acquisition of raw materials in the producing area is based on quality, and enterprises' acquisition enthusiasm is average [43]. Spot Price Trend - In the Hebei Cuierzhuang market, the arrival volume is about 40 vehicles, and the average prices of special - grade and first - grade dates have decreased. In the Henan market, the prices are weakly running. In the Guangdong Ruyifang market, the arrival volume is stable, and the prices have dropped slightly [47]. Inventory Data - According to Mysteel's survey, the physical inventory of 36 sample points this week was 9840 tons, an increase of 299 tons from last week, a 3.31% month - on - month increase and a 141.47% year - on - year increase [49]. Sales Area Market Profit Analysis - The average acquisition price of gray dates in the Xinjiang main producing area is 5.33 yuan/kg (2024 production season). The first - grade finished product price in the Hebei sales area is 8.80 - 9.00 yuan/kg, and the gross profit is 1.72 yuan/kg, a decrease of 0.25 yuan/kg from last week [51].

Report Industry Investment Ratings - Index futures: Long - term optimistic, buy on dips [1][5] - Treasury bonds: Range - bound [1][5] - Coking coal: Range trading [1] - Rebar: Range trading [1] - Glass: Sell call options [1][8] - Copper: Exit long positions at high levels or range short - term trading [1][11] - Aluminum: Buy on dips [1] - Nickel: Wait and see or short on rallies [1][16] - Tin: Range trading [1][18] - Gold: Range trading [1][20] - Silver: Range trading [1][18] - PVC: Range - bound with a weak bias, focus on the 4700 level for 01 contract [21][22] - Caustic soda: Range - bound with a weak bias, focus on the 2400 level for 01 contract [23][24] - Benzene ethylene: Range - bound with a weak bias, focus on the 6500 level [24][26] - Rubber: Range - bound, focus on the 15000 level as support [26] - Urea: Range - bound, 01 contract range 1600 - 1700 [28][29] - Methanol: Range - bound, 01 contract range 2030 - 2250 [29] - Polyolefins: PE to range - bound and focus on 6800 support, PP to range - bound weakly and focus on 6500 support [31] - Soda ash: Short - selling for 01 contract [31][33] - Cotton and cotton yarn: Range - bound [34] - PTA: Low - level range - bound, range 4400 - 4700 [34][35] - Apples: Range - bound with a strong bias [35] - Red dates: Range - bound with a weak bias [36][37] - Live pigs: Rebound under pressure [38][39] - Eggs: Limited upside [40][41] - Corn: Bottom - building in range [42][43] - Soybean meal: Range - bound [44][45] - Oils and fats: Bottom - building and rebounding, buy cautiously for 01 contracts of soybean, palm, and rapeseed oils [45][51] Core Views - The market is affected by multiple factors such as macro - policies, supply - demand relationships, and international events. Different futures varieties show different trends and investment opportunities due to their own fundamentals and external influences [5][7][10] - For most varieties, the short - term market is in a state of range - bound or with a certain bias, and investors need to pay attention to key price levels, supply - demand changes, and policy signals [21][23][26] - Some varieties are expected to have long - term positive trends, but short - term fluctuations and uncertainties still exist, and investment strategies should be adjusted according to market conditions [5][11][40] Summary by Industry Macro - finance - Index futures may range - bound in the short - term due to market hot - spot rotation and unclear main lines, but are long - term optimistic. The end of the US government shutdown, changes in China's social financing and loan data, and market regulatory policies are influencing factors [5] - Treasury bonds are expected to range - bound. The third - quarter monetary policy report shows a stable and moderately loose tone, and the follow - up interest - rate cut space is affected by the relationship between various interest rates [5] Black building materials - Coking coal and rebar are recommended for range trading. The coking coal market has weak demand and falling prices, while rebar has low valuation and limited downward space despite production and demand declines [1][7] - Glass is advised to sell call options. With production cuts, weak demand, high inventory, and no strong short - to - medium - term positive expectations, the market is bearish [8] Non - ferrous metals - Copper is in high - level range - bound. Although there are long - term positive factors such as supply tightening and increasing demand, short - term price increases suppress downstream demand, and inventory accumulation may lead to price adjustments [10][11] - Aluminum is recommended to strengthen observation. The supply and demand of aluminum and its upstream materials are complex, and the market is trading the expectation of overseas supply reduction, but there are risks of over - trading [10][12] - Nickel is suggested to wait and see or short on rallies. The new RKAB policy in Indonesia brings supply uncertainty, and the long - term supply is expected to be in surplus [16] - Tin is for range trading. The supply of tin ore is expected to improve, while downstream consumption is weak, and the price is supported by inventory levels [18] - Gold and silver are for range trading. Affected by the US government shutdown, employment data, and interest - rate cut expectations, the prices are in a short - term adjustment state but have medium - term support [18][20] Energy and chemicals - PVC, caustic soda, and benzene ethylene are expected to range - bound with a weak bias. They are affected by factors such as high supply, weak demand, cost fluctuations, and macro - policies [21][23][26] - Rubber is range - bound. Cold weather in Yunnan and the rainy season in southern Thailand support raw material prices, but terminal demand is weak, and inventory is seasonally increasing [26] - Urea and methanol are range - bound. Urea production increases, and demand and inventory changes affect the price; methanol shows a pattern of increasing supply and decreasing demand, with inventory accumulation [28][29] - Polyolefins are expected to be range - bound with a weak bias. Supply pressure increases, demand improvement is limited, and cost support weakens [31] - Soda ash is recommended for short - selling for the 01 contract. Supply exceeds demand, and although cost increases, supply pressure remains high [31][33] Cotton textile industry chain - Cotton and cotton yarn are expected to range - bound. Global cotton supply and demand are adjusted, and the price is affected by factors such as the progress of seed - cotton acquisition and Sino - US trade negotiations [34] - PTA is in low - level range - bound. Oil prices, supply - demand relationships, and weak fundamentals lead to inventory accumulation and price suppression [34][35] - Apples are range - bound with a strong bias. With the end of ground trading and the start of出库, the decrease in production and quality supports the price [35] - Red dates are range - bound with a weak bias. The purchase enthusiasm of merchants is low, and the price shows a slight decline [36][37] Agricultural and livestock - Live pigs: The short - term price is in narrow - range consolidation, and the medium - to - long - term supply before the first half of next year remains high, with prices under pressure. Different contracts have different investment strategies [38][39][40] - Eggs: The short - term supply is abundant, and the price increase is limited. The 12 - contract can be shorted on rallies, and the 01 - contract is range - bound [40][41] - Corn: The short - term price rebounds under pressure, and the medium - to - long - term has cost support but limited upside space. The 01 - contract can be hedged on rallies, and 3 - 5 positive spreads can be concerned [42][43] - Soybean meal: It is in range - bound. The US soybean market is affected by reports and Brazilian planting progress, and domestic prices are affected by supply and demand and policy expectations [44][45] - Oils and fats: They are expected to bottom - build and rebound. Different oils have different supply and demand situations, and short - term long - buying and certain spread - trading strategies are recommended [45][51]

Report Industry Investment Ratings - **Macro Finance**: Index futures are long - term bullish with a strategy of buying on dips; Treasury bonds are expected to trade in a range [1][5] - **Black Building Materials**: Coking coal and rebar are for range trading; Glass is recommended for selling call options [1][7][8] - **Non - ferrous Metals**: Copper is for taking profits on long positions at high levels or range short - term trading; Aluminum is suggested to buy on dips; Nickel is for waiting and watching or shorting on rallies; Tin, gold, and silver are for range trading [1][10][11][18] - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins are expected to trade in a range; Soda ash 01 contract is for a short - selling strategy [1][21][23][24][30][32] - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to trade in a range; PTA is in low - level oscillation; Apples are expected to be slightly bullish; Jujubes are expected to be slightly bearish [1][33][34][35] - **Agricultural and Livestock**: Pigs are facing resistance in rebound; Eggs have limited upside; Corn is in a bottom - building phase; Soybean meal is in range oscillation; Oils are in a bottom - building and rebounding phase [1][37][39][41][43][45] Core Views - The overall market shows a complex situation with different trends in various sectors. Some sectors are affected by policy, supply - demand, and international factors. For example, the macro - financial sector is influenced by domestic policies and global risk preferences; the non - ferrous metals sector is affected by international trade and supply - demand fundamentals; the agricultural and livestock sector is related to production capacity, consumption seasons, and policies [5][10][37] Summary by Directory Macro Finance - **Index Futures**: A - share market is in oscillation. Global risk preference and domestic policies fail to boost market sentiment. The market lacks a clear main line, so index futures may oscillate. Long - term bullish with a strategy of buying on dips [5] - **Treasury Bonds**: The third - quarter monetary policy report maintains a moderately loose tone. The possibility of using total - volume monetary policy tools this year is limited. The bond market is in a range - trading phase, waiting for policy signals from the December Central Economic Work Conference [5] Black Building Materials - **Double - Coking**: The coal market has tight supply - demand and rising prices. Supply is restricted by mine shutdowns, and demand is improving. It is expected to trade in a range [7] - **Rebar**: The futures price is in narrow - range oscillation. The market is affected by macro - policies and supply - demand fundamentals. The price has limited downside due to low valuation [7] - **Glass**: Production cuts are implemented. Supply is reduced, but demand is weak. The inventory is relatively high, and there is delivery pressure. It is recommended to sell call options [8] Non - ferrous Metals - **Copper**: The price hits a record high and then falls. It is affected by trade, supply, and interest - rate policies. The supply is tightening, but the demand is suppressed by high prices. It is expected to trade in a high - level range [10][11] - **Aluminum**: The bauxite supply is expected to improve. The production capacity and inventory are changing. The market is over - trading some expectations. It is recommended to strengthen observation [10][11] - **Nickel**: The new RKAB policy brings uncertainty. The supply is expected to be loose in the long - term. It is recommended to wait and watch or short on rallies [16] - **Tin**: The production is changing, and the supply is expected to improve. The downstream consumption is weak. It is recommended for range trading [18] - **Silver and Gold**: Affected by the US government shutdown, employment, and interest - rate policies, they are in oscillation. They are supported by interest - rate cut expectations and risk - aversion demand. It is recommended for range trading [18][20] Energy and Chemicals - **PVC**: The cost is under pressure, supply is high, and demand is weak. The export growth sustainability is questionable. It is expected to be slightly bearish in oscillation [22] - **Caustic Soda**: Affected by alumina production and inventory, the valuation is under pressure. It is expected to be slightly bearish in oscillation [24] - **Styrene**: The cost and supply - demand fundamentals are weak. It is expected to be slightly bearish in oscillation [25][26] - **Rubber**: The market lacks a clear driving force. The inventory and production capacity utilization are changing. It is expected to trade in a range [26] - **Urea**: The supply is increasing, and the demand is spreading. The price is expected to oscillate, and the rebound sustainability needs attention [27][28] - **Methanol**: The supply is recovering, and the demand is weak. The inventory is increasing. It is expected to trade in a range [28] - **Polyolefins**: The supply pressure is increasing, and the demand improvement is limited. It is expected to be bearish in oscillation [30] - **Soda Ash**: The supply is in surplus, and the demand is weak. The 01 contract is for a short - selling strategy [32] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: The global cotton supply - demand situation is changing. The seed - cotton price is high, and trade negotiations are progressing. It is expected to trade in a range [33] - **PTA**: The oil price is affecting, and the supply - demand is in a state of inventory accumulation. It is in low - level oscillation [34] - **Apples**: The ground trading is ending, and the出库 is starting. The production and quality are declining. It is expected to be slightly bullish [34] - **Jujubes**: The acquisition price is changing, and the market sentiment is weak. It is expected to be slightly bearish [36] Agricultural and Livestock - **Pigs**: The short - term price is in narrow - range oscillation. The long - term supply is high, and the price is under pressure. It is recommended to hold short positions and pay attention to arbitrage [37][38][39] - **Eggs**: The supply is sufficient, and the demand is stable. The price increase is limited. It is recommended to short on rallies for the 12 - contract and trade in a range for the 01 - contract [39][40] - **Corn**: The short - term supply is sufficient, and the demand is weak. The long - term cost has support. It is in a bottom - building phase [41][42] - **Soybean Meal**: Affected by US policies and Brazilian planting, it is in range oscillation. It is recommended to pay attention to the 3000 - yuan support level [43][44] - **Oils**: Different oils have different supply - demand situations. They are expected to bottom - build and rebound in the short - term and trade in a wide range in the long - term [45][49]

Report Industry Investment Ratings - Index futures: Medium to long - term bullish, buy on dips [1][5][6] - Treasury bonds: Range - bound [1][5][6] - Coking coal: Range trading [1] - Rebar: Range trading [1] - Glass: Sell call options [1][9][10] - Copper: Exit long positions at high levels or range - bound short - term trading [1][11] - Aluminum: Suggest to buy on dips [1] - Nickel: Suggest to wait and see or short on rallies [1][17] - Tin: Range trading [1][18][19] - Gold: Range trading [1][19][20] - Silver: Range trading [1][19] - PVC: Range - bound with a weak bias, focus on 4700 resistance for 01 contract [22][23] - Caustic soda: Range - bound with a weak bias, focus on 2400 resistance for 01 contract [24][25] - Soda ash: Bearish strategy for 01 contract [1][32][34] - Styrene: Range - bound with a weak bias, focus on 6500 resistance [25][26] - Rubber: Range - bound, focus on 15000 support [27][28] - Urea: Range - bound [29][30] - Methanol: Range - bound [31] - Polyolefins: PE to range - bound, focus on 6800 support; PP to trade weakly, focus on 6500 support [32][33] - Cotton and cotton yarn: Range - bound [37] - PTA: Low - level range - bound [37][38] - Apples: Range - bound with a strong bias [38] - Red dates: Range - bound with a downward trend [38] - Live pigs: Rebound under pressure [1][40][41] - Eggs: Limited upside [42][43] - Corn: Bottom - building in a range [44][46] - Soybean meal: Range - bound [47] - Oils and fats: Bottom - building and rebounding [48][53] Core Views - The global risk appetite and domestic favorable policies fail to boost the domestic market sentiment, and the index futures may trade in a range; the bond market lacks a clear core logic, and treasury bonds may also trade in a range [6] - The coal market shows a pattern of tight supply and rising prices, and the prices of coking coal and rebar may be range - bound; the supply of glass is high and demand is weak, and it is recommended to sell call options [8][9][10] - Copper prices are affected by macro and fundamental factors and are expected to trade at high levels in a range; aluminum prices are affected by supply, demand and inventory, and it is recommended to strengthen observation [11][12] - Nickel supply is expected to be abundant in the medium - long term, and it is recommended to wait and see or short on rallies; tin supply is expected to improve, and it is recommended to trade in a range [17][18][19] - Gold and silver prices are affected by the US economic situation and Fed policies, and are expected to trade in a range [19][20] - PVC, caustic soda, styrene, etc. are affected by factors such as cost, supply, demand and macro policies, and are expected to trade weakly in a range; rubber is expected to trade in a range [23][25][28] - Urea and methanol are affected by supply, demand and cost, and are expected to trade in a range; polyolefins are affected by cost, supply and demand, and are expected to trade weakly [29][31][33] - Cotton and cotton yarn are expected to trade in a range; PTA is expected to trade at a low level in a range; apples are expected to trade strongly in a range; red dates are expected to trade downward in a range [37][38] - Live pig prices are affected by supply and demand in different periods, and it is recommended to hold short positions and pay attention to arbitrage; egg prices are affected by supply and demand, and it is recommended to short on rallies for the 12 - contract [40][42][43] - Corn prices are affected by new grain listing and demand, and it is recommended to hedge on rallies and pay attention to arbitrage; soybean meal prices are affected by US soybean supply and demand, and are expected to trade in a range [44][46][47] - Oils and fats prices are affected by palm oil, soybean oil and rapeseed oil supply and demand, and are expected to bottom - build and rebound, and it is recommended to trade in a range and pay attention to arbitrage [48][53][54] Summary by Categories Macro Finance - Index futures: Affected by factors such as the decline in US private - sector employment and domestic market sentiment, it is expected to trade in a range [6] - Treasury bonds: Due to the unclear core logic of the bond market and the need to focus on the entry of allocation funds and the actions of the central bank, it is expected to trade in a range [6] Black Building Materials - Coking coal: The coal market has tight supply and rising prices, and it is expected to trade in a range [8] - Rebar: With narrow - range price fluctuations and weakening supply - demand margins, it is expected to trade in a range [8] - Glass: High supply, weak demand, and low - season downstream replenishment, it is recommended to sell call options [9][10] Non - ferrous Metals - Copper: Affected by macro and fundamental factors, it is expected to trade at high levels in a range [11] - Aluminum: Affected by supply, demand and inventory, it is recommended to strengthen observation [12] - Nickel: Medium - long - term supply is expected to be abundant, it is recommended to wait and see or short on rallies [17] - Tin: Supply is expected to improve, it is recommended to trade in a range [18][19] - Gold and Silver: Affected by the US economic situation and Fed policies, they are expected to trade in a range [19][20] Energy and Chemicals - PVC: Affected by factors such as cost, supply, demand and macro policies, it is expected to trade weakly in a range [23] - Caustic soda: Affected by alumina production and demand, it is expected to trade weakly in a range [25] - Soda ash: Supply is in excess, it is recommended to adopt a bearish strategy for the 01 contract [35][36] - Styrene: Affected by cost and supply - demand, it is expected to trade weakly in a range [26] - Rubber: Affected by supply and demand and inventory, it is expected to trade in a range [28] - Urea: Affected by supply, demand and cost, it is expected to trade in a range [29][30] - Methanol: Affected by supply, demand and cost, it is expected to trade in a range [31] - Polyolefins: Affected by cost, supply and demand, PE is expected to trade in a range, and PP is expected to trade weakly [32][33] Cotton Textile Industry Chain - Cotton and cotton yarn: Affected by global supply - demand and trade negotiations, it is expected to trade in a range [37] - PTA: Affected by oil prices and supply - demand, it is expected to trade at a low level in a range [37][38] - Apples: Affected by production and sales, it is expected to trade strongly in a range [38] - Red dates: Affected by supply and demand, it is expected to trade downward in a range [38] Agricultural and Livestock - Live pigs: Affected by supply and demand in different periods, it is recommended to hold short positions and pay attention to arbitrage [40][41] - Eggs: Affected by supply and demand, it is recommended to short on rallies for the 12 - contract [42][43] - Corn: Affected by new grain listing and demand, it is recommended to hedge on rallies and pay attention to arbitrage [44][46] - Soybean meal: Affected by US soybean supply and demand, it is expected to trade in a range [47] - Oils and fats: Affected by palm oil, soybean oil and rapeseed oil supply and demand, it is expected to bottom - build and rebound, and it is recommended to trade in a range and pay attention to arbitrage [48][53][54]