光大期货农产品日报-20250527

1. Report Industry Investment Ratings - Corn: Oscillating weakly [1] - Soybean Meal: Oscillating [1] - Oils: Weakly [1] - Eggs: Oscillating weakly [1] - Pigs: Oscillating [2] 2. Core Views of the Report - Corn: The corn futures price decreased with reduced positions on Monday, and the spot price in the northern ports was stable over the weekend. The corn price in North China was strong, and the purchase price of deep - processing enterprises stopped falling. The substitution of wheat increased, and it is expected that the corn futures and spot prices will continue to be weak from May to June [1]. - Soybean Meal: CBOT soybeans were closed on Monday. The domestic protein meal futures price oscillated. The postponement of the 50% tariff on EU imports to July 9th eased market concerns. The spot price of soybean meal rose slightly. The soybean crushing volume this week exceeded 2 million tons, and the spot inventory of soybean meal is expected to continue to recover. Hold the 9 - 1 positive spread of soybean meal and adopt a long - only strategy [1]. - Oils: BMD palm oil almost closed flat on Monday. The international soybean - palm oil price spread widened, increasing the competitive advantage of palm oil. The export of Malaysian palm oil from May 1 - 25 increased, and the production increase slowed down, which helped to ease the inventory pressure. The domestic inventory of three major vegetable oils decreased slightly, but was still higher than last year. The soybean crushing volume is expected to exceed 2 million tons this week, and the soybean oil inventory may continue to rise. Adopt a short - only strategy [1]. - Eggs: The egg futures price oscillated on Monday, with the near - month contract being weak and the far - month contract being relatively strong. The spot price increased slightly. Due to the impact of weather on terminal demand and sufficient supply, the egg price is expected to be weak. Pay attention to the impact of feed raw material prices and farmers' willingness to cull hens on egg prices [1]. - Pigs: The September pig futures contract rose on Monday, driven by the near - month contract. The spot price of pigs increased over the weekend, boosting the futures price. The current demand in the pig market is stable, and the price rebounded slightly today. It is expected that the market will continue to adjust within a range tomorrow. The pig price is expected to be weak in June due to increased supply [2]. 3. Summary According to the Directory Market Information - The production of Malaysian palm oil from May 1 - 25, 2025 increased by 0.73% [2][3]. - The export of Malaysian palm oil from May 1 - 25 increased by 7.3% (AmSpec) and 34.71% (SGS) [2][3]. - Thailand issued a heavy - rain risk warning from 06:00 on May 26 to 06:00 on May 27 [3]. - It is estimated that 12 million tons of imported soybeans will arrive in June and 9.5 million tons in July. The weekly soybean crushing volume of oil mills has quickly recovered to over 2 million tons, and the soybean meal inventory will significantly increase [3]. - CGC will organize a two - way bidding trading of 11,905 tons of imported crude soybeans on May 28 [3]. Variety Spreads - The report presents contract spreads and contract basis charts for various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [4][5][7][8][12][13][14][18][20][26] Research Team Members - Wang Na, the director of the agricultural product research department at Everbright Futures Research Institute, has won the "Best Agricultural Product Analyst" title multiple times and led the team to win many awards [30]. - Hou Xueling, an analyst of soybeans at Everbright Futures, has rich experience and has won many awards and published many articles [30]. - Kong Hailan, a researcher of eggs and pigs at Everbright Futures Research Institute, has participated in many research projects and been interviewed by the media [30].