震荡偏强运行

Core Viewpoint - The Yiseng Agricultural Futures Index experienced fluctuations, closing at 1176.04 points last Friday, indicating a short-term trend of oscillation with a slight upward bias [1]. Group 1: Cotton Market - Cotton prices are showing strong fluctuations, with U.S. cotton rebounding but the momentum weakening. Zheng cotton is performing strongly due to tight old crop cotton inventories and high bullish sentiment among investors. However, future performance is expected to remain oscillatory with a slight upward trend due to industrial hedging pressure [3]. Group 2: Sugar Market - The sugar market is maintaining a fluctuating trend, with ICE raw sugar contract dropping to a low of 15.44 cents per pound. Low prices are stimulating demand, providing support to the market, while expectations of a decline in the sugar-ethanol price ratio in Brazil are also influencing the market. Overall, Zheng sugar is unlikely to show a trending market due to hedging pressures [3]. Group 3: Soybean Meal and Oil Market - Soybean meal prices are showing a strong oscillatory trend. Recent price movements have been influenced by weak performances in CBOT soybeans and Canadian canola, with domestic supply expected to be limited due to rapidly declining canola inventories. The market is anticipated to remain supported by strong soybean meal prices [3]. - Conversely, canola oil prices are experiencing a downward trend due to improved rainfall in Canadian canola production areas, which is exerting pressure on domestic canola oil futures. The market is expected to focus on destocking, with some support for spot prices [4]. Group 4: Peanut Market - The peanut market is experiencing oscillations, with concentrated old crop supplies and rising summer storage costs on one hand, and limited demand due to the off-season on the other. The overall planting area for new season peanuts is expected to increase slightly, which has already been reflected in the market. Future price movements will depend on weather conditions and import-related developments [4]. Group 5: Overall Market Outlook - The Yiseng Agricultural Futures Index is expected to remain within its current range in the short term, with a primary outlook of oscillatory performance with a slight upward bias [5].