大宗农产品周报：国内新玉米逐步补充市场，南美降雨利好新豆播种

Investment Rating - The industry rating is "Positive" (maintained) [7] Core Insights - The domestic corn market is gradually being supplemented by new corn, with downstream demand showing some increase. The average spot price of corn last week was 2247.84 CNY/ton, a week-on-week decrease of 0.31%. Supply has shifted from loose to tight as farmers are less willing to sell, preferring to store grain for better prices [2] - The domestic soybean market continues to experience an oversupply, with the average spot price last week at 4191.06 CNY/ton, down 1.78% week-on-week. New soybean harvests are increasing, but demand remains limited due to lower prices of substitutes like vegetables and meat [3] - The market for soybean meal is generally weak, with the average spot price last week at 3113.95 CNY/ton, down 2.11% week-on-week. Demand has been subdued, particularly around the National Day holiday [4] - Palm oil prices have been boosted by external market fluctuations, with the average spot price last week at 8985.0 CNY/ton, an increase of 2.78% week-on-week. However, domestic demand remains weak [5] - The domestic sugar market is seeing a seamless transition between new and old sugar, with the average spot price last week at 6287.0 CNY/ton, up 0.55% week-on-week. International raw sugar prices have weakened due to rainfall in Brazil [6] Summary by Sections Grains - Corn: New corn is gradually entering the market, with downstream demand increasing. The average spot price is 2247.84 CNY/ton, down 0.31% week-on-week. Supply has tightened as farmers are less willing to sell [2] Oilseeds - Soybeans: The oversupply situation deepens, with the average spot price at 4191.06 CNY/ton, down 1.78% week-on-week. New harvests are increasing, but demand remains limited due to lower prices of substitutes [3] - Soybean Meal: Demand is generally weak, with the average spot price at 3113.95 CNY/ton, down 2.11% week-on-week. The market is subdued post-holiday [4] - Palm Oil: Prices have increased to 8985.0 CNY/ton, up 2.78% week-on-week, driven by external market fluctuations, but domestic demand is still weak [5] Sugar - Sugar: The average spot price is 6287.0 CNY/ton, up 0.55% week-on-week. The market is experiencing a seamless transition between new and old sugar, while international prices have weakened due to rainfall in Brazil [6]