Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - The soybean market is in a state of low valuation and oversupply in the US, with no clear directional driver yet. The domestic soybean import cost is in a state of small fluctuating increase due to a single supply source, and it may be difficult to decline before the Sino - US soybean trade improves substantially [3]. - The global protein raw material supply is in surplus, and the upward momentum of soybean import cost is insufficient. The domestic soybean meal market is in a seasonal oversupply situation, and the spot end may start to destock at the end of September [5]. - The EPA policy, the expected B50 policy in the long - term, and the limited supply of Southeast Asian palm oil have raised the annual operation center of oils and fats. However, as of now, the palm oil production in Southeast Asia has recovered significantly year - on - year, and there are still bearish factors [9]. - The price of Zhengzhou sugar futures continued to decline. With the increase in imported sugar supply and the expected increase in domestic planting area in the next season, the probability of the Zhengzhou sugar price continuing to decline is relatively high [12][13]. - The price of Zhengzhou cotton futures continued to decline. The downstream consumption is average, the de - stocking speed has slowed down, and the short - term trend is bearish [15][16]. - The domestic egg price continued to decline over the weekend. It is expected to stabilize first and then rise this week, but the increase may be limited due to the large inventory [18]. - The domestic pig price declined over the weekend. The market supply is abundant, the downstream demand is weak, and the current market situation continues to decline [21]. 3. Summary by Directory Soybean/Meal - Market Situation: The US soybean is in a low - valuation and oversupplied state. The domestic soybean import cost is rising slightly due to a single supply source. The domestic soybean meal market is in a seasonal oversupply situation [3][5]. - Weather: The rainfall in the US soybean - producing areas is expected to be low in the next two weeks, mainly in the central region, and the temperature is at a neutral level [3]. - Trading Strategy: It is recommended to try long positions at the low end of the soybean meal cost range and pay attention to the crushing profit and supply pressure at the high end. For arbitrage, pay attention to widening the spread between soybean meal and rapeseed meal 09 contracts at low levels [5]. Oils and Fats - Important Information: The export of Malaysian palm oil in June showed a downward trend, while the production in July increased year - on - year. The export of Indonesian palm oil from January to June increased by 2.69% year - on - year, and the average export price increased by 22.2% [7]. - Trading Strategy: The fundamentals support the center of the oils and fats market. The palm oil price may be stable in the short - term and may rise in the fourth quarter due to the expected B50 policy in Indonesia. However, considering the high valuation and other factors, it should be regarded as a volatile market [10]. Sugar - Key Information: The price of Zhengzhou sugar futures continued to decline on Friday. The sugar production in the central - southern region of Brazil in the first half of July increased by 15.07% year - on - year, and the estimated net sugar production in India in the 2025/26 season will increase by 3.9 million tons [12]. - Trading Strategy: With the increase in imported sugar supply and the expected increase in domestic planting area, the Zhengzhou sugar price is likely to continue to decline [13]. Cotton - Key Information: The price of Zhengzhou cotton futures continued to decline on Friday. The开机 rate of spinning and weaving factories decreased, and the cotton commercial inventory decreased compared with last week [15]. - Trading Strategy: Considering the situation of Sino - US economic and trade talks and the fundamentals, the short - term trend of cotton is bearish [16]. Eggs - Spot Information: The domestic egg price continued to decline over the weekend. The supply is large, but the demand from traders has increased. It is expected to stabilize first and then rise this week [18]. - Trading Strategy: The supply is large, and the near - month short positions can continue to squeeze the premium. In the medium - term, short positions can be established after the price rebounds [19]. Pigs - Spot Information: The domestic pig price declined over the weekend. The supply is abundant, the downstream demand is weak, and the current market situation continues to decline [21]. - Trading Strategy: The market is trading on the policy's intervention in capacity reduction. The forward contracts have higher valuations. The monthly spread may show a positive structure for near - term contracts and a reverse structure for far - term contracts. More attention should be paid to the opportunities in monthly spreads [22].
五矿期货农产品早报-20250804
Wu Kuang Qi Huo·2025-08-04 03:14