Group 1: Industry Investment Ratings - No investment ratings were provided in the reports. Group 2: Core Views Oils and Fats - Malaysian BMD crude palm oil futures have stopped falling and stabilized around 3,800 ringgit, facing resistance at the annual line near 8,100. Domestic palm oil futures have rebounded, but still face resistance. For soybeans, the sideways movement of NYMEX crude oil has affected US soybean prices. With the approaching Dragon Boat Festival, domestic demand is weak, and the basis price is expected to decline. Overall, palm oil may rebound, while domestic soybean oil prices are under pressure [1]. Meal - US soybean planting is progressing smoothly, and the supply pressure from Brazil continues. China has suspended imports from the US, and the domestic soybean supply will be abundant in the later period. Although the current inventory of soybean meal in oil mills is low and the basis is expected to stabilize, the two meals are expected to maintain a volatile structure, and soybean meal may face short - term callback risks [2]. Corn - The supply and price of corn depend on traders' selling rhythm. Currently, prices are stable with strong bottom support. In the short term, the market is affected by wheat listing and price changes, and the corn market is in a narrow - range oscillation. In the long term, supply tightening and increased demand will support price increases [4]. Pigs - The spot price of pigs fluctuates slightly. Supply is abundant, and demand improvement is limited. Although there is some support before the Dragon Boat Festival, prices are difficult to rise. The market does not have a basis for a sharp decline, but the upward drive is also weak [7]. Sugar - ICE raw sugar futures have fallen to a four - year low due to improved global production prospects. Although the current lack of large - scale imports supports domestic sugar prices, future supply increases will suppress prices, and sugar prices are expected to be weakly volatile [11]. Cotton - The downstream demand for cotton has resilience, and the basis of cotton spot is strong, providing support for cotton prices. However, the long - term demand outlook is not strong, and prices are expected to oscillate within a range in the short term [13]. Eggs - The supply of eggs in the country is relatively sufficient, which has a negative impact on prices. Demand may first decrease and then increase, and egg prices are expected to first fall and then rise slightly this week [14]. Group 3: Summary by Related Catalogs Oils and Fats - Prices: On May 28, the spot price of Jiangsu first - grade soybean oil was 8,100 yuan/ton, unchanged from the previous day; the futures price of Y2509 was 7,492 yuan/ton, down 0.24%. The spot price of 24 - degree palm oil in Guangdong was 8,600 yuan/ton, up 0.58%; the futures price of P2509 was 8,000 yuan/ton, up 0.25%. The spot price of Jiangsu fourth - grade rapeseed oil was 9,600 yuan/ton, up 0.21%; the futures price of OI509 was 9,073 yuan/ton, down 0.40% [1]. - Basis and Spreads: The basis of Y2509 increased by 3.05%, the basis of P2509 increased by 5.26%, and the basis of OI509 increased by 11.89%. The 09 - 01 spread of soybean oil decreased by 35.71%, the 09 - 01 spread of palm oil decreased by 37.5%, and the 09 - 01 spread of rapeseed oil decreased by 7.14% [1]. Meal - Prices: On May 29, the spot price of Jiangsu soybean meal was 2,940 yuan/ton, unchanged; the futures price of M2509 was 2,961 yuan/ton, down 0.17%. The spot price of Jiangsu rapeseed meal was 2,530 yuan/ton, up 0.40%; the futures price of RM2509 was 2,604 yuan/ton, up 0.19% [2]. - Basis and Spreads: The basis of M2509 increased by 19.23%, the basis of RM2509 increased by 6.33%. The 09 - 01 spread of soybean meal increased by 7.14%, the 09 - 01 spread of rapeseed meal increased by 1.98% [2]. Corn - Prices: On May 29, the futures price of corn 2507 was 2,325 yuan/ton, up 0.04%. The spot price of corn in Jinzhou Port was 2,320 yuan/ton, and the basis was - 5 yuan/ton [4]. - Spreads and Profits: The 7 - 9 spread of corn was - 24 yuan/ton, unchanged. The import profit was 347 yuan/ton, up 4.75%. The 7 - 9 spread of corn starch was - 60 yuan/ton, unchanged, and the starch - corn spread increased by 3.05% [4]. Pigs - Prices: On May 29, the futures price of live pigs 2507 was 13,260 yuan/ton, up 0.08%; the futures price of 2509 was 13,560 yuan/ton, unchanged. The spot price in Henan was 14,530 yuan/ton, unchanged [7]. - Spreads and Indicators: The 7 - 9 spread of live pigs decreased by 3.23%. The slaughter rate increased by 0.83%, and the self - breeding profit decreased by 40.23% [7]. Sugar - Prices: On May 29, the futures price of sugar 2601 was 5,674 yuan/ton, down 0.60%; the futures price of 2509 was 5,795 yuan/ton, down 0.79%. The ICE raw sugar futures price was 16.91 cents/pound, down 1.97% [10]. - Basis and Inventory: The basis in Nanning increased by 14.65%, and the basis in Kunming increased by 38.66%. The national industrial inventory decreased by 8.20%, and the industrial inventory in Guangxi decreased by 10.41% [10][12]. Cotton - Prices: On May 29, the futures price of cotton 2509 was 13,330 yuan/ton, unchanged; the futures price of 2601 was 13,375 yuan/ton, down 0.07%. The ICE cotton futures price was 65.33 cents/pound, down 0.38% [13]. - Inventory and Indicators: Commercial inventory decreased by 7.7%, industrial inventory decreased by 2.6%, and imports decreased by 14.3%. The export volume of textile yarns and fabrics increased by 4.4% [13]. Eggs - Prices: On May 29, the futures price of egg 09 contract was 3,722 yuan/500KG, up 0.24%; the futures price of 06 contract was 2,662 yuan/500KG, down 1.26% [14]. - Indicators: The price of egg - laying chicks was unchanged, the price of culled chickens decreased by 1.92%, and the breeding profit increased by 7.32% [14].
《农产品》日报-20250529
Guang Fa Qi Huo·2025-05-29 01:59