农产品日报-20250430

Research View - The research view on various agricultural products is mostly "sideways." Corn is in a sideways state, with long positions shifting to the July and September contracts. The spot market continues to show a strong performance driven by the futures. Northeast corn prices are rising, with a general increase of 10 - 20 yuan/ton, and traders' enthusiasm for shipping is average. In North China, corn prices are also running strongly. Technically, the July contract has broken through the previous high [1]. - Soybean meal is also in a sideways state. CBOT soybeans closed lower on Tuesday due to trade - related tensions and farmers' eagerness to plant soybeans. In the domestic market, the futures have raised the margin, and the market is mainly sideways. The spot supply of soybean meal is still tight, but it is expected to improve in May [1]. - Fats and oils are in a sideways state. BMD palm oil fell on Tuesday due to the strengthening of the Malaysian ringgit and the weakness of competing vegetable oils. Domestically, palm oil led the decline with reduced positions, and the oils market was weakly sideways. The increase in domestic ship purchases has pressured the spot and futures prices [1]. - Eggs are in a sideways state. On Tuesday, egg futures fluctuated. The spot price has been weak recently, but the May Day holiday has a certain boosting effect on terminal demand. After the plum - rain season, the egg price is likely to decline [1]. - Pigs are in a sideways state. On Tuesday, the September contract of live pigs fluctuated downward. Although the May Day holiday has increased the slaughtering enterprises' stocking demand, the impact on the pig price is limited. The market generally believes that the second - fattened pigs will be slaughtered more actively around May [2]. Market Information - The USDA announced that private exporters reported the sale of 110,000 tons of soybeans to unknown destinations and 120,000 tons of corn to Spain, all for delivery in the 2024/2025 marketing year [3]. - The Ministry of Agriculture and Rural Affairs will implement a hog production capacity regulation plan, aiming to reduce the proportion of grain in the feed consumed by the national aquaculture industry to about 60% and the proportion of soybean meal to about 10% by 2030 [3]. - As of the end of the 17th week of 2025, the domestic soybean meal inventory was 97,000 tons, a decrease of 57,000 tons from the previous week, a week - on - week decline of 37.00%. The coastal inventory was 84,000 tons, a decrease of 40,000 tons from the previous week, a week - on - week decline of 31.90% [4]. Variety Spreads Contract Spreads - The report presents the 9 - 1 spreads of various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs [6][7][9][13]. Contract Basis - The report shows the basis of various agricultural products, such as corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs [15][19][21][25]. Research Team Members - The agricultural product research team members include Wang Na, the director of the agricultural product research at Everbright Futures Research Institute; Hou Xueling, an analyst of beans at Everbright Futures; and Kong Hailan, a researcher of eggs and live pigs at Everbright Futures Research Institute [29]