《农产品》日报-20250606

Report Industry Investment Ratings No relevant content provided. Core Views Fats and Oils - Palm oil: MPOA data shows lower-than-expected production growth, supporting the market. Short-term, crude palm oil futures are expected to oscillate between 3900 - 3950 ringgit, and Dalian palm oil futures between 8000 - 8100, maintaining a near-strong and far-weak trend [1]. - Soybean oil: Before the USDA report, CBOT soybean oil adjusts with a narrow range. If there is no positive impact, it may decline due to future supply and biodiesel policy concerns. Domestically, the soybean oil fundamentals are deteriorating [1]. Meal Products - Two meals are expected to maintain an oscillating structure. The US soybean does not have a unilateral upward trend, and the soybean meal主力 is expected to fluctuate between 2900 - 3000 [2]. Corn - In the short term, the corn market maintains a narrow - range oscillation. In the long - term, supply tightness and increased demand support the price, but short - term wheat listing limits the upward space [3]. Live Pigs - The live pig spot price is oscillating weakly. Supply is abundant, demand is weak, and the market is under pressure, but there is no basis for a sharp decline [6]. Sugar - Global sugar supply is becoming looser, pressuring raw sugar. It is expected to maintain an oscillating and weakening pattern, but the current limited entry of raw sugar into the domestic market still supports the price [9][10]. Cotton - Affected by Sino - US communication, the macro sentiment has improved, and the overnight cotton price has rebounded. The downstream industry is weak, but the strong basis and concerns about inventory still support the cotton price [11]. Eggs - In June, the egg supply pressure increases, and the demand is weak during the off - season. The egg price is expected to have no strength to rebound or continue to decline [13]. Summary by Related Catalogs Fats and Oils - Prices: Soybean oil spot price in Jiangsu dropped from 8030 to 8050, a decrease of 0.25%; palm oil spot price in Guangdong dropped from 8530 to 8600, a decrease of 0.81%; rapeseed oil spot price in Jiangsu remained unchanged at 9320 [1]. - Spreads: Most spreads showed fluctuations, such as the soybean - palm oil spot spread increasing by 9.09% [1]. Meal Products - Prices: Jiangsu soybean meal spot price remained at 2900; Jiangsu rapeseed meal spot price rose from 2450 to 2460, an increase of 0.41% [2]. - Spreads: The rapeseed meal 09 - 01 spread increased by 9.48% [2]. Corn - Prices: Corn 2507 Jinzhou Port FOB price rose by 0.09%; corn starch 2507 dropped by 0.11% [3]. - Spreads: Corn 7 - 9 spread dropped by 17.39%; starch - corn spread dropped by 1.51% [3]. Live Pigs - Prices: The live pig 2507 contract dropped by 0.23%; the spot price in Henan dropped from 14230 to 14130 [6]. - Indicators: The self - breeding profit per week dropped by 26.05%, and the purchased - piglet breeding profit dropped by 425.34% [6]. Sugar - Prices: Sugar 2601 dropped by 0.44%; ICE raw sugar主力 dropped by 0.78% [9]. - Industry Indicators: National sugar production increased by 11.63%, and the national sales volume increased by 26.07% [9]. Cotton - Prices: Cotton 2509 dropped by 0.15%; Xinjiang arrival price of 3128B remained unchanged at 14431 [11]. - Industry Indicators: Commercial inventory decreased by 7.7%, and the textile yarn, fabric and product export volume increased by 4.4% [11]. Eggs - Prices: Egg 09 contract dropped by 0.40%; egg - laying chick price dropped by 1.20% [13]. - Spreads: The 9 - 7 spread of eggs dropped by 1.88% [13].