广发期货《农产品》日报-20250528

Group 1: Industry Investment Ratings - Not provided in the reports Group 2: Core Views Oils and Fats - Palm oil in Malaysia and China shows a short - term rebound, but long - term view on domestic palm oil remains weak. Soybean oil has short - term strong performance but faces inventory increase and weak demand in the domestic market, with its basis expected to decline [1]. Meal - Two types of meal are expected to maintain an oscillatory structure. US soybeans have no unilateral upward trend. Domestic meal supply pressure will increase, but the basis has limited room to fall [2]. Corn - In the short term, corn prices are stable with narrow - range oscillations. In the long term, supply tightening and increased demand will support price increases [4]. Pork - Spot pork prices have rebounded slightly. The 09 contract follows the spot price with a limited upward drive and no basis for a sharp decline [7][8]. Sugar - The supply outlook for 25/26 is optimistic, and the price of raw sugar is expected to oscillate weakly. Domestic sugar prices are also expected to maintain an oscillatory weak trend [11]. Cotton - The downstream demand for cotton has resilience, and the spot basis is strong, providing support for cotton prices. However, the long - term demand is not strong, and the price is expected to oscillate within a range in the short term [13]. Eggs - The national egg supply is relatively sufficient, and the demand may first decrease and then increase. Egg prices are expected to first fall and then rise this week with a small adjustment range [15]. Group 3: Summary by Related Catalogs Oils and Fats - Soybean Oil: On May 27, the spot price in Jiangsu was 8100 yuan/ton, down 0.25% from the previous day. The futures price of Y2509 was 7510 yuan/ton, down 0.27%. The basis decreased by 20 yuan/ton. The inventory is expected to increase [1]. - Palm Oil: The spot price in Guangdong on May 27 was 8550 yuan/ton, up 0.35%. The futures price of P2509 was 7980 yuan/ton, up 0.76%. The basis decreased by 30 yuan/ton. The import profit increased by 31 yuan/ton [1]. - Rapeseed Oil: The spot price in Jiangsu on May 27 was 9280 yuan/ton, down 0.31%. The futures price of OI509 was 9109 yuan/ton, up 0.92%. The basis decreased by 113 yuan/ton [1]. Meal - Soybean Meal: The spot price in Jiangsu was 2940 yuan/ton, unchanged. The futures price of M2509 was 2966 yuan/ton, up 0.54%. The basis decreased by 16 yuan/ton. The inventory of oil mills is at a low level [2]. - Rapeseed Meal: The spot price in Jiangsu was 2520 yuan/ton, up 0.40%. The futures price of RM2509 was 2599 yuan/ton, up 1.29%. The basis decreased by 23 yuan/ton [2]. Corn - Corn: On May 27, the futures price of Corn 2507 was 2324 yuan/ton, up 0.26%. The basis decreased by 6 yuan/ton. The long - term supply is expected to tighten [4]. - Corn Starch: The futures price of Corn Starch 2507 was 2652 yuan/ton, down 0.04%. The basis increased by 1 yuan/ton. The profit of Shandong starch decreased by 4 yuan/ton [4]. Pork - Futures: The futures price of the main contract increased by 16.87%. The price of the 2507 contract was 13250 yuan/ton, down 0.08%, and the 2509 contract was 13560 yuan/ton, down 0.29% [7]. - Spot: The spot price in Henan was 14530 yuan/ton, up 100 yuan/ton. The slaughter volume increased by 0.83%, and the self - breeding profit decreased by 40.23% [7]. Sugar - Futures: The price of the 2601 contract was 5708 yuan/ton, up 0.16%. The price of the 2509 contract was 5841 yuan/ton, up 0.10%. The price of ICE raw sugar decreased by 0.35% [11]. - Spot: The spot price in Nanning was 6155 yuan/ton, unchanged. The basis decreased, and the import price of Brazilian sugar decreased [11]. Cotton - Futures: The price of the 2509 contract was 13330 yuan/ton, down 0.41%. The price of the 2601 contract was 13385 yuan/ton, down 0.37%. The price of ICE US cotton decreased by 0.73% [13]. - Spot: The arrival price in Xinjiang was 14485 yuan/ton, down 0.13%. The industrial inventory decreased by 2.6%, and the import volume decreased by 14.3% [13]. Eggs - Futures: The price of the 09 contract was 3713 yuan/500KG, down 1.41%. The price of the 06 contract was 2696 yuan/500KG, down 2.39% [15]. - Spot: The spot price in the egg - producing area was 3.05 yuan/jin, up 1.72%. The basis increased by 110 yuan/500KG, and the breeding profit increased by 7.32% [15].