农产品日报-20250514

1. Report Industry Investment Rating - The ratings for different agricultural products are as follows: Corn - "Oscillation" [1]; Soybean Meal - "Oscillation" [1]; Vegetable Oils - "Weak" [1]; Eggs - "Oscillation" [1]; Pigs - "Oscillation" [2] 2. Core Views of the Report - The report analyzes the market conditions of various agricultural products on May 14, 2025, including price trends, supply - demand relationships, and influencing factors, and provides corresponding investment suggestions [1][2] 3. Summary by Related Catalogs 3.1 Research Views - Corn: Futures prices are under pressure and adjusting, with long - term moving averages providing support. Spot prices are strong, with the domestic average price at 2365 yuan/ton, up 6 yuan/ton. Northeast prices are stable, North China is generally stable, and the selling area prices are rising. The overall view is "oscillation" [1] - Soybean Meal: Spot market sentiment is divided, and prices are adjusting. The US soybean shows a de - stocking structure, but the export boost of US soybeans is expected to be limited. Domestic soybean meal prices follow the decline of rapeseed meal. The spread between soybean meal and rapeseed meal is expected to widen. The operation suggestion is to hold the 9 - 1 positive spread and have a long - side single - side thinking. The view is "oscillation" [1] - Vegetable Oils: BMD palm oil rises but is restricted by inventory growth. Malaysian palm oil exports, production, and inventory in April all increased. Domestic vegetable oil supply is gradually recovering, and the basis is expected to continue to decline. The strategy is to buy soybean oil and sell palm oil. The view is "weak" [1] - Eggs: Futures prices rebound in the morning and then fall, while spot prices rebound. However, considering the potential negative impact of the rainy season on demand and the increasing supply pressure, the probability of weak egg prices is high. The view is "oscillation" [1][2] - Pigs: The September contract shows an oscillating performance, and pig prices are running strongly. The national average ex - factory price of ternary pigs is 14.71 yuan/kg, basically flat from the previous day. The daily slaughter volume of key breeding enterprises decreased by 2.50%. Pig prices continue to consolidate at a low level. The view is "oscillation" [2] 3.2 Market Information - Trump's senior envoys will go to Istanbul on Thursday for potential talks on ending the Russia - Ukraine conflict [3] - The Ministry of Agriculture and Rural Affairs held a national on - site promotion meeting for increasing the per - unit yield of grain and oil, emphasizing technology - supported yield improvement, spring sowing, and drought and flood prevention [3] - The State Council Tariff Commission adjusted the additional tariff rate on US - imported goods from 34% to 10% and suspended the 24% additional tariff rate for 90 days [3] - As of May 11, the EU's palm oil imports in the 2024/25 season were 247 million tons, down from 303 million tons in the same period last year, while soybean imports were 1218 million tons, up from 1128 million tons last year [3] - On May 13, the National Grain Trading Center planned to auction 427,885 tons of imported soybeans, with an actual transaction volume of 151,064 tons and a transaction rate of 35.3% [4] - Malaysian palm oil exports, production, and inventory in April all increased compared to the previous month [4] 3.3 Variety Spreads - The report presents various contract spreads and basis charts for agricultural products such as corn, soybean, vegetable oils, eggs, and pigs, but no specific analysis of these spreads and basis is provided in the given text [5][13]