光大期货农产品类日报10.29

Agricultural Products - The CBOT soybean prices reached a six-month high due to market expectations of China resuming purchases of U.S. soybeans, with 84% of soybeans and 72% of corn harvested as of now [1] - Domestic protein meal prices showed volatility and did not follow the upward trend of soybeans, with a slight decrease in the main contract [1] Oils - BMD palm oil prices fell for the second consecutive day, hitting a four-week low, influenced by weak surrounding markets and a rising Malaysian ringgit [2] - Domestic oil prices showed mixed results, with soybean and rapeseed oil slightly increasing while palm oil experienced a small decline [2] - High oil inventory levels and relaxed supply conditions are contributing to a weak basis in the market [2] Live Pigs - The main live pig futures contract showed a strong upward trend, with spot prices in various regions increasing, such as Heilongjiang at 12.32 CNY/kg, up 0.27 CNY/kg from the previous day [3] - The overall pig price stabilized in mid-October, supported by increased market activity and a tightening supply of larger pigs [3] - The Ministry of Agriculture indicated a decrease in pork imports and an increase in consumption, predicting a rebound in live pig and pork prices in Q4 [3] Eggs - Egg futures continued to rebound, with the main contract closing up 1.56% at 3134 CNY/500kg, supported by rising spot prices in major production areas [4] - The market shows optimistic expectations for future supply improvements, although there is still pressure from excess production capacity [4] Corn - The main corn futures contract opened lower and continued to decline, recovering the price gains from the previous week due to increased new grain supply [5][6] - Prices in the Northeast region adjusted slightly, with varying adjustments based on local supply and processing demand [5][6] - The market remains under pressure from new grain supplies, particularly in North China, where high-quality grain is favored [6]