Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The domestic corn market is experiencing tight supply in the short term, but demand remains weak. The average spot price for corn is 2247.33 CNY/ton, with a week-on-week change of -0.02% [2] - South America has received favorable rainfall, accelerating the soybean harvest. The average spot price for domestic soybeans is 4104.53 CNY/ton, down 2.06% week-on-week. The international CBOT soybean closing price is 970.0 cents/bushel, with a week-on-week decline of 3.53% [3] - The domestic soybean meal market remains subdued, with an average spot price of 3070.63 CNY/ton, down 1.39% week-on-week. The CBOT soybean meal closing price is 316.0 USD/short ton, with a slight increase of 0.29% [4] - Concerns about palm oil supply continue, with the average domestic price at 9140.33 CNY/ton, up 1.73% week-on-week. However, demand remains weak due to falling international oil prices [5] - The domestic sugar market is seeing insufficient supply of old sugar as the crushing season comes to an end, with an average price of 6341.0 CNY/ton, up 0.86% week-on-week [6] Summary by Sections Grains - Corn: The market is tight with a current average price of 2247.33 CNY/ton, and supply is constrained due to farmers holding back stock [2] - Wheat: No specific insights provided in the report [12] - Soybeans: The average price is 4104.53 CNY/ton, with increased supply from southern regions and a decline in international prices [3] Oils and Fats - Soy Products: Soybean meal prices are under pressure, averaging 3070.63 CNY/ton, as demand remains weak [4] - Palm Oil: The average price is 9140.33 CNY/ton, with supply concerns but weak demand due to falling international prices [5] - Rapeseed Oil: No specific insights provided in the report [12] Sugar - Sugar: The average price is 6341.0 CNY/ton, with supply issues as the crushing season ends [6]
大宗农产品周报：南美大豆迎来良好降雨，棕榈油跟随国际油价下跌
ZHESHANG SECURITIES·2024-10-20 14:23