国投期货农产品日报-20250728

Report Industry Investment Ratings - No specific industry investment ratings are provided in the given content. Core Viewpoints - The report focuses on various agricultural products, including soybeans, soybean meal, soybean oil, palm oil, rapeseed meal, rapeseed oil, corn, hogs, and eggs. It analyzes the impact of factors such as trade negotiations, weather, policies, and market supply - demand on these products' prices and recommends corresponding investment strategies [2][3][4]. Summary by Related Catalogs Soybeans - Domestic soybeans have significantly reduced positions and pulled back. The Sino - US trade negotiation affects market sentiment, and the domestic commodity futures market has cooled down. The US Midwest has good weather, which is conducive to soybean production. Pay attention to the negotiation results, policy, and weather [2]. Soybeans & Soybean Meal - Before August 1st, the US tariff deadline, the third round of Sino - US trade talks will be held in Stockholm. China may resume importing US soybeans in the fourth quarter. If the US weather remains good, new - season soybeans may have a bumper harvest. The oil mill's soybean meal inventory has increased, and the soybean meal market is expected to fluctuate before the tariff issue is clear [3]. Soybean Oil & Palm Oil - The Sino - US trade negotiation affects market sentiment, and the domestic commodity futures market has cooled down. The US Midwest weather is good for soybean production. US soybean oil is strong, and palm oil is affected by multiple factors. It is recommended to buy on dips and be cautious of the short - term oil - strong and meal - weak situation [4]. Rapeseed Meal & Rapeseed Oil - Canadian rapeseed prices are expected to be under pressure in the short term due to uncertainties in Sino - Canadian economic and trade relations, fund reduction of long positions, and improved weather. The domestic rapeseed system continues to have low inventories, and it is expected to be in a weak and volatile state in the short term [6]. Corn - In July, CGSCC held 8 import corn auctions, with a continuous decline in the transaction rate and premium. The supply of corn has affected market expectations. The domestic corn market has no major contradictions, and the Dalian corn futures may continue to fluctuate weakly at the bottom [7]. Hogs - The sentiment of hog futures has weakened, and the spot price has been declining. The potential supply in the second half of the year is sufficient, and it is recommended that the industry participate in hedging at high prices [8]. Eggs - The spot price of eggs has declined, and the 08 contract has squeezed the premium. The 09 contract has also been affected. The far - month contracts in the first half of next year are relatively strong. It is necessary to pay attention to whether the spot price can continue the seasonal rebound [9].