农产品日报-20250424

Report Investment Ratings - Bullish: Corn, Soybean Meal [1] - Bearish: Hog, Egg [1] - Neutral: Soybean, Soybean Oil, Palm Oil, Rapeseed Meal, Rapeseed Oil [1] Core Views - The supply of imported soybeans is expected to shift from tight to loose around mid - May. Traders should focus on policy and supply - demand changes and control risks during the May Day holiday [2][3][4] - The long - term supply of rapeseed meal may improve, and the short - term market will be volatile. Corn may decline in the medium term. Hog prices may fall as supply increases. Egg prices are likely to be bearish in the long run [6][7][8][9] Summary by Category Soybean - The domestic soybean futures hit a new high. The auction of Inner Mongolia's regulated soybean reserves had a high transaction rate. The supply of imported soybeans is expected to ease around mid - May [2] Soybean Meal - The spot basis of soybean meal is rising, and the May contract is stronger than the September contract due to tight supply. The supply is expected to ease around mid - May [3] Soybean Oil and Palm Oil - Both soybean oil and palm oil are in a volatile rebound. The supply of soybeans is expected to improve around mid - May. Palm oil is in the production - increasing cycle in the second and third quarters [4] Rapeseed Meal and Rapeseed Oil - Rapeseed futures are affected by the soybean market. China has increased the import of Indian rapeseed meal, and the domestic rapeseed meal production is decreasing. The short - term market will be volatile [6] Corn - Corn prices have risen, but the supply at Shandong's deep - processing enterprises has increased, and the downstream product prices are not rising well. The wheat price is rising. The mid - term trend may be downward [7] Hog - Hog futures and spot prices are falling. The supply is expected to increase as the number of sows and piglets recovers, and the weight of hogs is rising. The price may decline further [8] Egg - Egg futures and spot prices are falling. The egg - laying hen inventory is rising, and the chick - replenishment in March was high. The egg price is bearish in the long run [9]