光大期货农产品日报-20250617

Research Views Corn - Monday saw corn reducing positions and adjusting, with the main funds of the July contract shifting to the September contract, which became the main contract. The futures price fluctuated around the 2400 yuan mark. The wheat price increase supported corn in the spot market. Last week, Northeast corn prices were mainly strong, and traders were reluctant to sell at lower prices. The purchase prices of deep - processing enterprises in the Northeast also increased. Over the weekend, North China corn prices were generally stable with a slight upward trend. Some Shandong deep - processing enterprises raised corn prices by 10 yuan/ton. The corn price in the sales area was stable. The high corn price limited downstream acceptance, and wheat substitution restricted corn's increase. Technically, corn's recent positions have been decreasing. After the long - position holders take profits, pay attention to whether the September price can break through 2400 yuan. Participate in short - term long positions with a light position. The view is "oscillation" [1]. Soybean Meal - On Monday, CBOT soybeans fell from their highs. Although the rise of US soybean oil was positive for soybean prices, rainfall in the production area was beneficial for crop growth, suppressing price increases. The crop report showed that the US soybean harvest was near the end, and the crops were growing well. Weak demand and sufficient global supply, along with abundant global wheat supply, dragged down soybean prices. In China, the sharp rise of edible oils made protein meals relatively weak, and capital adjustment of the oil - meal ratio pressured protein meals. Last week, domestic oil mills' soybean inventories decreased, soybean meal inventories increased, and unexecuted contracts decreased. The weekly soybean crushing exceeded 2.2 million tons, and the soybean meal inventory increased by 27,500 tons, with the inventory increase slowing down, indicating good terminal demand. Hold the 91 and 15 positive spreads of soybean meal and adopt a unilateral long - position strategy. The view is "oscillation and upward" [1]. Edible Oils - On Monday, BMD palm oil rose for the third consecutive day, following the rise of US soybean oil. The significant increase in the biodiesel blending target directly benefited soybean oil prices. High - frequency data showed that from June 1 - 15, Malaysian palm oil exports increased by 14.3% - 26.3% month - on - month, while production decreased by 4% month - on - month. In China, edible oils followed the upward trend, with palm oil leading the rise, followed by soybean oil, and rapeseed oil having a weaker increase. Last week, the inventory of the three major edible oils increased by 2.87% month - on - month. Domestic edible oil supply was sufficient. Pay attention to US biodiesel policies and crude oil. Participate in short - term trading, and buy September and sell January for soybean oil and palm oil. The view is "oscillation and upward" [1]. Eggs - On Monday, the main 2508 contract of egg futures strengthened after opening and then declined slightly at the end of the session, closing up 0.73% at 3582 yuan/500 kilograms. The 2509 contract adjusted narrowly, closing up 0.47%. The national egg price increased by 0.08 yuan/jin. In the short term, most egg prices in the production area increased, and in the sales area, procurement costs mostly increased. Terminal consumption improved, and traders generally followed the market. After the previous low egg prices, there was a slight rebound in the production area. However, considering the increasing supply before August and the adverse effects of the rainy season, the spot egg price is expected to be weak. It is recommended to wait and see, and pay attention to changes in farmers' culling willingness and feed raw material prices. The view is "oscillation" [1][2]. Live Pigs - On Monday, the pig price of the July contract increased, and the September contract was flat, with the price range moving up. The pig price in Henan increased, with the average slaughter price reaching 14.27 yuan/kg. The spot pig price stability supported the futures price. With the expected increase in the cost of corn and soybean meal, the price range of the September contract of live pigs moved up. Adopt a long - position strategy. The view is "upward" [2]. Market Information - In May, the value - added of industrial enterprises above designated size increased by 5.8% year - on - year and 0.61% month - on - month. From January to May, it increased by 6.3% year - on - year [3]. - China's macro - policies have effectively boosted consumption, production, and transformation and upgrading. The policy reserve is sufficient and can be adjusted according to the situation to support economic stability [3]. - Recently, imported soybeans have been arriving at ports intensively. As of the week ending June 13, the soybean crushing volume of domestic main oil mills was 2.26 million tons, up 10,000 tons week - on - week, 350,000 tons month - on - month, and 350,000 tons year - on - year. It is expected that the oil mills' operating rate will continue to rise, and the soybean crushing volume will be about 2.45 million tons this week [3]. - According to SGS, Malaysia's palm oil exports from June 1 - 15 were estimated to be 513,213 tons, a 14.3% increase from the same period last month [4]. Variety Spreads Contract Spreads - There are spread charts for contracts such as corn 9 - 1, corn starch 9 - 1, soybeans 9 - 1, soybean meal 9 - 1, soybean oil 9 - 1, palm oil 9 - 1, eggs 9 - 1, and live pigs 9 - 1 [5][6][8][9][13]. Contract Basis - There are basis charts for contracts such as corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs [14][15][19][20][26]. Research Team Members - Wang Na, the director of the agricultural product research at Everbright Futures Research Institute, has rich experience and many honors. Her futures trading consultation qualification number is Z0001262, and her email is wangn@ebfcn.com.cn [28]. - Hou Xueling, a soybean analyst at Everbright Futures, has more than ten years of futures experience and many honors. Her futures trading consultation qualification number is Z0013637, and her email is houxl@ebfcn.com.cn [28]. - Kong Hailan, a researcher on eggs and live pigs at Everbright Futures Research Institute, has relevant experience and honors. Her futures trading consultation qualification number is Z0013544, and her email is konghl@ebfcn.com.cn [28].