豆粕走升，白糖反弹

Report Summary 1. Investment Rating for the Industry No investment rating for the industry is provided in the report. 2. Core Viewpoints The agricultural products sector shows diverse trends. Soybean meal is strongly rising, sugar is rebounding, and the oil and fat sector is oscillating upward. Different varieties are affected by various factors such as policies, supply - demand relationships, and seasonal consumption patterns [1]. 3. Summary by Variety (1) Soybean Meal - The 2509 contract has risen significantly, reaching a new stage high. The US bio - fuel policy has boosted US soybean prices, which in turn support domestic soybean varieties. Despite high domestic oil mill operating rates, strong terminal demand and active提货 keep inventory accumulation slow. As of the 24th week, the inventory was 410,000 tons, with a 7.19% week - on - week increase and a 58.79% year - on - year decrease. The technical pattern is strong, and the recommended strategy is to hold light long positions with support at 3050 and resistance at 3100 [2]. (2) Soybean Oil - The 2509 contract oscillated upward. The US renewable fuel policy has a positive impact, but high domestic oil mill operating rates and increased inventory limit the upward space. The contract is technically strong, and the recommended strategy is to hold light long positions with support at 7932 and resistance at 8100 [3]. (3) Palm Oil - The 2509 contract oscillated upward. The US bio - fuel policy and strong Malaysian palm oil exports support the price. The technical pattern is strong, and the recommended strategy is to hold light long positions with support at 8400 and resistance at 8500 [5]. (4) Corn - The 2507 contract first declined and then rose, showing a high - level oscillation. The wheat purchase price and reduced supply pressure support the price. The recommended strategy is short - term trading with support at 2353 and resistance at 2369 [7]. (5) Live Pigs - The 2509 contract oscillated upward. The state purchase plan, reduced supply, and transportation restrictions support the price. The technical pattern is strong, and the recommended strategy is to hold long positions with support at 13750 and resistance at 13930 [10]. (6) Eggs - The 2508 contract oscillated downward, falling into a weak state again. High egg - laying hen inventory and the off - season for sales put downward pressure on the price. The technical pattern is weak, and the recommended strategy is to close long positions with support at 3537 and resistance at 3600 [11][13]. (7) Sugar - The 2509 contract strongly rebounded. The rebound of the external market and the approaching domestic consumption season support the price. The technical pattern has turned strong, and the recommended strategy is to close short positions and consider long positions with support at 5636 and resistance at 5725 [14]. (8) Cotton - The 2509 contract oscillated and closed with a small positive candle, continuing the sideways trend. The easing of Sino - US economic and trade relations and reduced inventory support the price, but the off - season in the textile market limits the upward space. The technical pattern is slightly strong, and the recommended strategy is to hold light long positions with support at 13450 and resistance at 13600 [16]. (9) Apples - The 2510 contract strongly rose, entering an upward trend. Low inventory supports the price, and attention should be paid to the growth and quality of new - season apples. The technical pattern has turned strong, and the recommended strategy is to hold light long positions with support at 7594 and resistance at 7698 [18]. (10) Peanuts - The 2510 contract oscillated downward, and the rebound was limited. The weakening support from the oil and fat sector and low demand limit the price. The technical pattern is weak, and the recommended strategy is to close long positions with support at 8240 and resistance at 8334 [21].