《农产品》日报-20250512

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Fats and Oils Industry - Palm oil futures are under pressure to weaken further due to expected production growth and limited export increase. In the long - term, it maintains a bearish view. In China, it will test the support at 800 - 7900 yuan, then may rebound short - term and remain bearish long - term. - For soybean oil, CBOT soybean oil is dragged by reduced export and potential negative impact from US biodiesel policy. In China, factory inventory will increase, and the basis will gradually decline after short - term support [1]. Meal Industry - US soybeans are back in the trading range. Spring sowing progress is fast, and Brazilian supply pressure is still being realized. In China, supply is recovering, and the basis is under pressure. Attention should be paid to Sino - US trade negotiations [3]. Pig Industry - Pig spot prices are stable with little change in supply - demand. Fat - standard price difference is narrowing, and the market is expected to remain volatile. The 09 contract is below 14000, with limited upside and downside potential. Attention should be paid to the performance of second - fattening pigs [6][7]. Corn Industry - Corn prices are supported in the short - term, but the upside is limited by downstream losses. In the long - term, supply tightening and increased demand will support prices. It is recommended to go long on dips [9]. Sugar Industry - Brazilian new crushing season starts well, and the production prospects of Thailand and India are optimistic, limiting the upside of sugar prices. Short - term, raw sugar is expected to fluctuate between 17 - 20 cents/lb. Chinese sugar supply is loose, but strong sales and limited imports support prices [12]. Cotton Industry - The downstream of the cotton industry is gradually weakening, and the supply is abundant. Short - term, domestic cotton prices may fluctuate in a range. Attention should be paid to macro factors [14]. Egg Industry - The supply of eggs is generally sufficient, and the demand is average. The price is expected to decline slightly and then stabilize [16]. 3. Summary by Relevant Catalogs Fats and Oils Industry - Prices and Spreads: On May 8, soybean oil, palm oil, and rapeseed oil prices had different changes. For example, the price of Jiangsu first - grade soybean oil increased by 0.36%. There were also changes in spreads such as inter - month spreads and cross - commodity spreads [1]. Meal Industry - Prices and Spreads: Bean meal, rapeseed meal, and soybean prices had various changes. For example, the M2509 bean meal futures price decreased by 0.69%. There were also changes in spreads like inter - month spreads and cross - meal spreads [3]. Pig Industry - Futures and Spot: Futures prices of main contracts increased slightly, and spot prices in different regions had small changes. Some indicators such as slaughter volume and breeding profit also changed [6]. Corn Industry - Futures and Spot: Corn and corn starch futures prices increased slightly. Spot prices in some regions remained stable, and there were changes in basis, spreads, and other indicators [9]. Sugar Industry - Futures and Spot: Sugar futures prices increased slightly, and ICE raw sugar also rose. Spot prices in some regions were stable. Industry data showed an increase in production and sales, and a decrease in inventory [12]. Cotton Industry - Futures and Spot: Cotton futures prices increased slightly, and spot prices had small changes. Industry data showed a decrease in commercial inventory and import volume, and an increase in yarn and fabric inventory [14]. Egg Industry - Prices and Spreads: Egg futures prices had small changes, and the basis and spreads also changed. Egg - related prices such as egg - laying chicken seedlings and culled chicken prices had different trends [16].