棕榈油：基本面矛盾不明显，国际油价影响大豆油，美豆天气炒作不足，缺乏驱动

Report Summary Investment Ratings No investment ratings for the industry are provided in the report. Core Views - Palm oil has no obvious fundamental contradictions and is greatly affected by international oil prices [2][4]. - Soybean oil lacks driving factors due to insufficient weather speculation on US soybeans [2][4]. - Bean meal may fluctuate as overnight US soybeans were closed and lacked guidance [2][9]. - Bean one's spot price is stable, and the futures price fluctuates [2][9]. - Corn will run in a volatile manner [2][12]. - Sugar will trade in a narrow range [2][18]. - Cotton requires attention to US tariff policies and their impacts [2][22]. - For eggs, it is difficult to increase culling, and attention should be paid to the anticipation of early trading [2][28]. - The gaming sentiment for live pigs has increased [2][30]. - Peanuts have support at the lower level [2][36]. Summary by Commodity Palm Oil and Soybean Oil - Futures Data: Palm oil主力 closed at 8,472 yuan/ton (down 0.07%) during the day and 8,482 yuan/ton (up 0.12%) at night; soybean oil主力 closed at 7,944 yuan/ton (down 0.63%) during the day and 7,916 yuan/ton (down 0.35%) at night [4]. - Industry News: MPOA estimated that Malaysia's palm oil production from June 1 - 30 decreased by 4.69%; UOB predicted a 3% - 7% decrease by June 30. Safras & Mercado reported that Brazil's 2024/25 soybean sales reached 69.8% of the expected output, and 2025/26 sales reached 16.4%. Brazil exported 13,420,303 tons of soybeans in June, slightly less than last year [5][7]. Bean Meal and Bean One - Futures Data: DCE bean one 2509 closed at 4111 yuan/ton (down 0.89%) during the day and 4103 yuan/ton (down 0.73%) at night; DCE bean meal 2509 closed at 2954 yuan/ton (down 0.20%) during the day and 2961 yuan/ton (down 0.03%) at night [9]. - Industry News: The US market was closed on Friday due to a public holiday, with no CBOT agricultural product daily reviews [9][11]. Corn - Futures Data: C2509 closed at 2,353 yuan/ton (down 0.47%) during the day and 2,346 yuan/ton (down 0.30%) at night; C2511 closed at 2,301 yuan/ton (down 0.26%) during the day and 2,300 yuan/ton (down 0.04%) at night [12]. - Industry News: Northern corn collection port prices remained flat, while North China corn prices mostly declined. Wheat's average addition ratio in feed could reach 20% - 30% [13]. Sugar - Futures Data: The original sugar price was 16.37 cents/pound, the mainstream spot price was 6070 yuan/ton, and the futures主力 price was 5769 yuan/ton [18]. - Industry News: Pakistan approved the import of 500,000 tons of sugar. CAOC predicted domestic sugar production and consumption for 24/25 and 25/26. ISO estimated a global sugar supply shortage of 547 tons in 24/25 [18][19]. Cotton - Futures Data: CF2509 closed at 13,780 yuan/ton (down 0.04%) during the day and 13850 yuan/ton (up 0.51%) at night; CY2509 closed at 20,000 yuan/ton (down 0.17%) during the day and 20070 yuan/ton (up 0.35%) at night [22]. - Industry News: Cotton spot trading was sluggish, and the downstream purchasing intention was weak. The cotton yarn market demand remained low, and the fabric mill inventory pressure was large. The market focused on US tariff policies [23]. Eggs - Futures Data: Egg 2508 closed at 3,582 yuan/500 kilograms (up 0.67%); egg 2510 closed at 3,419 yuan/500 kilograms (up 0.41%) [28]. - Industry News: No significant industry - specific news was provided other than the futures data and price trends. Live Pigs - Futures Data: The Henan spot price was 15180 yuan/ton, the Sichuan spot price was 14850 yuan/ton, and the Guangdong spot price was 17440 yuan/ton. Futures prices for different contracts showed various changes [32]. - Market Logic: The futures market has entered the expectation - trading stage. The expected state purchase has driven the formation of a policy bottom sentiment, but the futures price offers hedging profits, increasing the gaming. Attention should be paid to the spot performance in the future [34]. Peanuts - Futures Data: PK510 closed at 8,188 yuan/ton (down 0.90%); PK511 closed at 7,926 yuan/ton (down 0.85%) [36]. - Industry News: In the spot market, peanut prices in various regions were basically stable, with some areas having slightly improved sales [37].