农产品日报-20250725

Research Views - Corn: The September contract of corn has been reducing positions and adjusting this week, with the futures price showing a volatile performance. The spot price in the Northeast has rebounded, while that in North China remains stable. Technically, the futures price is under short - term technical pressure and shows a weakening trend [2]. - Soybean Meal: On Thursday, CBOT soybeans rose slightly. Domestic protein meal futures prices declined due to multiple factors such as the upcoming Sino - US talks, potential large - scale soybean purchases, and the promotion of soybean meal substitution. The strategy is short - term trading, and holding 91 and 15 positive spreads [2]. - Fats and Oils: On Thursday, BMD palm oil futures prices rose for the third consecutive day. It is expected that the production of Malaysian palm oil will increase in 2025. The domestic oil market is strongly volatile, and the strategy is a long - only approach for single - side trading and holding 91 positive spreads [2]. - Eggs: On Thursday, the main 2509 contract of eggs fluctuated narrowly. The spot price has a slight increase. In the long - term, the current breeding is at the bottom range, and the peak egg price is likely to be lower than last year [3]. - Pigs: On Thursday, the main 2509 contract of pigs declined. The spot price continued to fall due to weak terminal consumption and over - supply. The resolution of over - capacity issues still takes time [3]. Market Information - Palm Oil: From July 1 - 20, 2025, the yield of Malaysian palm oil increased by 6.19% month - on - month, while the export volume decreased by 7.31% month - on - month. It is estimated that the global per capita vegetable oil consumption will increase by 2034, and the price of vegetable oil is expected to rise relative to protein meal [4]. - India's Vegetable Oil: As of July 15, 2025, the total inventory of vegetable oil in Indian ports increased by 18% in half a month. The Indian government plans to increase vegetable oil imports in the second half of the year [4][5]. - Rapeseed Oil: CGC Grain and Oil e - trading platform plans to organize a rapeseed oil bidding procurement event on July 24, with a procurement volume of 500 tons [5]. Variety Spreads - Contract Spreads: The report presents the 9 - 1 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [7][9][13]. - Contract Basis: The report shows the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [16][18][24].