农产品日报（2025年6月24日）-20250624

1. Report Industry Investment Ratings - Corn: Bullish [1] - Soybean Meal: Bullish with a focus on spreads and long - side approach [1] - Oils: Bullish [1] - Eggs: Bearish [1] - Pigs: Bullish [2] 2. Core Views of the Report - Corn prices are supported by the purchase price increase of deep - processing enterprises in Northeast China, but the market is waiting for news of imported corn auctions. Technically, it is advisable to participate in short - term long positions with a light position [1]. - The decline in soybean meal prices is due to the drop in import costs and increased domestic supply pressure. It is recommended to hold long spreads and maintain a long - side single - position strategy [1]. - Palm oil prices are affected by factors such as strong crude oil prices and a weakening Malaysian ringgit. For oils, a strategy of long futures and selling out - of - the - money call options, along with buying September and selling January contracts for soybean oil and palm oil, is suggested [1]. - Egg prices are under pressure from supply and the negative impact of the rainy season on demand. It is recommended to wait and see, paying attention to farmers' culling intentions and market sentiment [1]. - Pig prices are rising, with the spot price rebound supporting the futures price. It is recommended to hold long positions and observe [2]. 3. Summary by Relevant Catalogs 3.1 Market Information - Israel is continuing to attack Iran's military infrastructure while seeking to end the war as soon as possible [3]. - From June 1 - 20, 2025, Malaysia's palm oil yield increased by 2.67% month - on - month, the oil extraction rate decreased by 0.03% month - on - month, and production increased by 2.5% month - on - month [3]. - India's soybean oil imports in June are expected to decline by 18% month - on - month, reaching the lowest level in four months [3]. - China calls on the international community to promote conflict de - escalation to prevent the regional situation from affecting the global economy [3]. - Iran's Revolutionary Guard has launched the 21st round of the "True Commitment - 3" operation, targeting military and logistics support centers across Israel [3]. - China National Grain and Oils Reserves Corporation plans to hold a competitive procurement session for 14,000 tons of sunflower oil on June 26 [3]. 3.2 Variety Spreads - The report presents various contract spreads, including those of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [5][7][8][12] - The report also shows various contract basis, such as those of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [14][18][19][25]