农业策略：宏观面好转，带动农业品种反弹

1. Report Industry Investment Ratings - Oils and Fats: Oscillating Bullish [8] - Protein Meal: Oscillating [9] - Corn/Starch: Oscillating [9][10] - Hogs: Oscillating Bullish [11][12][13] - Natural Rubber: Oscillating [14][16] - Synthetic Rubber: Oscillating [17] - Cotton: Oscillating [18][20] - Sugar: Oscillating [21] - Pulp: Oscillating Bearish [22] - Logs: Oscillating Bearish [23][24] 2. Core Views of the Report - The improvement in the macro - level drives the rebound of agricultural products. Different agricultural products show various trends due to factors such as policy, supply - demand, and macro - environment [2]. 3. Summary According to Related Catalogs (1)行情观点 - Oils and Fats: The US biodiesel policy boosts demand expectations, and oils and fats may continue to oscillate upward. The US Senate's passing of the fiscal spending bill including the 45Z tax credit and Brazil's plan to increase the biodiesel blending ratio are positive factors. However, factors like OPEC +'s August production policy, trade relations, and crude oil prices need attention [8]. - Protein Meal: It will oscillate within a range, and long positions can be held. Internationally, factors such as the US Senate's tax bill, US soybean area, and Argentine soybean production are intertwined. Domestically, there is a supply - pressure on the short - term price, but long - term cost support exists [9]. - Corn/Starch: After the import auction is finalized, the futures price drops in advance. The supply pressure from policy - grain auctions and the substitution of wheat for feed are negative factors, while the potential production - demand gap is a positive factor [9][10]. - Hogs: The strengthening of the macro - sentiment drives up both the spot and futures prices. In the short term, there is a price rebound, but in the long term, there is supply - suppression risk [11][12][13]. - Natural Rubber: The strong rise of commodities drives the rubber price to run strongly. Currently, the supply has an incremental expectation, and the demand has a decreasing expectation, but it is difficult for a sharp decline to occur in the third quarter [14][16]. - Synthetic Rubber: The futures price oscillates within a narrow range. The market is mainly affected by the fluctuations of natural rubber and overall commodities, and the end - user's raw material procurement attitude is negative [17]. - Cotton: The low - inventory structure supports the cotton price. Although there is an expected increase in new - cotton production and weak demand in the off - season, the current low inventory makes the price relatively resistant to decline [18][20]. - Sugar: There is insufficient power for continuous strengthening. Both domestic and international markets face potential supply - increase pressure, and there is a limit to the price rebound [21]. - Pulp: The warm trading atmosphere in the financial market drives the pulp price. However, the supply - demand fundamentals are weak, and the futures price is expected to oscillate downward [22]. - Logs: The supply - demand is weak, and the market oscillates. The market is in the off - season, and the mid - term is affected by weak fundamentals [23][24]. (2)品种数据监测 - The report only lists the names of various product categories such as oils and fats, protein meal, corn, starch, etc., without specific data monitoring content provided.