《农产品》日报-20250423

Report Industry Investment Ratings No information provided regarding industry investment ratings in the reports. Core Views Oils and Fats Industry - Palm oil: In Malaysia, the long - term view remains cautiously bearish as the current downward trend is well - maintained. In China, palm oil is expected to show a phased oscillatory upward trend due to low port inventories and slow customs clearance of soybeans. For soybean oil, CBOT soybean oil has upward momentum due to positive fundamentals in the US, while in China, supply is tight, supporting the basis price [1]. Cotton Industry - Short - term domestic cotton prices are expected to oscillate slightly. Downstream demand is weak but has rigid needs, and there is some pressure and support for cotton prices. Attention should be paid to weather conditions in Xinjiang and macro - economic trends [2]. Sugar Industry - The international raw sugar market will oscillate widely between 17 - 20 cents per pound. The domestic sugar market is expected to maintain a high - level oscillatory pattern as it lacks effective driving factors, although there is resistance to price drops [3]. Egg Industry - The supply of eggs is mostly sufficient, and the downstream digestion speed is average. Egg prices are expected to rise slightly this week and then stabilize, with a possible decline later [5]. Meal Industry - The upward trend of US soybeans lacks sustainable drivers. Brazil's soybean supply pressure is increasing, and China's soybean arrivals will be abundant. In the short term, due to slow customs clearance, meal demand for pre - May Day stocking has boosted the basis price. Caution is advised in disk operations [7]. Corn Industry - In the short term, corn prices will oscillate within a range. There is support from reduced supply and increased demand for pre - May Day stocking, but the upside is limited by factors such as high inventories and the need to clear warehouses before the wheat harvest. In the long term, prices are expected to rise [10]. Pig Industry - Pig prices lack the power for continuous upward movement in the short term. The 09 contract is expected to fluctuate between 14,000 - 14,800 yuan. Attention should be paid to the performance of second - fattening pigs' market supply around May Day [15]. Summary by Relevant Catalogs Oils and Fats Industry - Soybean Oil: On April 22, the spot price in Jiangsu was 8,270 yuan, up 1.60% from the previous day; the futures price of Y2509 was 7,852 yuan, up 0.80%. The basis of Y2509 was 418 yuan, up 19.43%. - Palm Oil: The spot price in Guangdong was 9,000 yuan, unchanged; the futures price of P2509 was 8,568 yuan, up 0.33%. The basis of P2509 was 432 yuan, down 6.09%. - Rapeseed Oil: The spot price in Jiangsu was 9,360 yuan, up 0.86%; the futures price of 01509 was 9,340 yuan, up 0.95%. The basis of 01509 was 20 yuan, down 28.57% [1]. Cotton Industry - Futures Market: On April 23, the price of cotton 2505 was 12,565 yuan/ton, down 0.95%; the price of cotton 2509 was 12,795 yuan/ton, down 0.89%. - Spot Market: The Xinjiang arrival price of 3128B was 14,082 yuan, up 0.07%; the CC Index of 3128B was 14,218 yuan, up 0.06% [2]. Sugar Industry - Futures Market: On April 23, the price of sugar 2505 was 6,154 yuan/ton, down 0.40%; the price of sugar 2509 was 5,978 yuan/ton, down 0.45%. - Spot Market: The price in Nanning was 6,210 yuan, unchanged; the price in Kunming was 6,050 yuan, down 0.08% [3]. Egg Industry - On April 23, the price of the egg 06 contract was 3,028 yuan/500KG, down 0.62%; the price of the egg 09 contract was 3,817 yuan/500KG, up 0.18% [5]. Meal Industry - Soybean Meal: On April 22, the spot price in Jiangsu was 3,520 yuan, up 2.03%; the futures price of M2509 was 3,054 yuan, up 0.30%. The basis of M2509 was 466 yuan, up 15.06%. - Rapeseed Meal: The spot price in Jiangsu was 2,540 yuan, up 0.79%; the futures price of RM2509 was 2,658 yuan, up 1.03%. The basis of RM2509 was - 118 yuan, down 6.31% [7]. Corn Industry - Corn: On April 23, the price of corn 2507 was 2,324 yuan/ton, up 0.96%; the 7 - 9 spread was - 23 yuan, up 20.69%. - Corn Starch: The price of corn starch 2507 was 2,684 yuan/ton, up 1.21%; the 7 - 9 spread was - 67 yuan, up 4.29% [10]. Pig Industry - On April 23, the price of the pig 2507 contract was 13,670 yuan/ton, down 0.07%; the price of the pig 2509 contract was 14,485 yuan/ton, down 0.48%. The 7 - 9 spread was 815 yuan, down 6.86% [15].