《农产品》日报-20250813

Report Summary 1. Investment Ratings No investment ratings are provided in the reports. 2. Core Views - Sugar: Short - term, it's difficult for raw sugar prices to fall below previous lows, but the overall trend is bearish. Zhengzhou sugar may rebound but will remain bearish due to increased imports and weak demand [3]. - Corn: In the short - term, the corn market has average trading, with a weak sentiment and the futures price will oscillate at a low level. In the long - term, the futures price may decline due to lower costs and increased supply [5]. - Meal: Hold long positions in the 01 contract of rapeseed meal. Domestic soybean and meal inventories are rising, and short - term supply is high, which suppresses the spot price [10]. - Pig: Spot pig prices are weakly oscillating, and short - term prices are not optimistic. The far - month 01 contract has support but also faces hedging pressure [13]. - Cotton: Short - term, domestic cotton prices may oscillate within a range. After new cotton is on the market, prices will face pressure [17]. - Egg: Egg futures are still bearish, but low - price demand may support prices, while high supply may limit the increase [21]. 3. Summary by Industry 3.1 Oil and Fat Industry - Soybean Oil: The spot price in Jiangsu increased by 0.70% to 8670 on August 12. The basis of Y2601 increased by 18.18% [1]. - Palm Oil: The spot price in Guangdong increased by 3.12% to 9260. The basis of P2509 increased by 57.14%. The import profit decreased by 254.50% [1]. - Rapeseed Oil: The spot price in Jiangsu increased by 1.24% to 9760. The basis of OI601 decreased by 180.77% [1]. 3.2 Sugar Industry - Futures Market: The prices of SR2601 and SR2509 increased by 0.63% and 0.49% respectively. The open interest of the main contract decreased by 0.19%, and the number of warehouse receipts decreased by 2.12% [3]. - Spot Market: The price in Nanning remained unchanged. The basis decreased. The import price of Brazilian sugar increased [3]. - Industry Situation: National sugar production and sales increased by 12.03% and 23.07% respectively year - on - year. Industrial inventory decreased [3]. 3.3 Corn Industry - Corn: The price in Jinzhou Port decreased slightly. The 9 - 1 spread decreased by 9.46%. The number of vehicles at Shandong deep - processing plants increased by 25.25% [5]. - Corn Starch: The price of CS2509 increased by 0.11%. The basis decreased by 4.41%. The profit of Shandong starch increased by 9.71% [5]. 3.4 Meal Industry - Soybean Meal: The spot price in Jiangsu decreased by 0.34%. The basis of M2601 decreased by 23.77%. The import profit of Brazilian soybeans decreased [10]. - Rapeseed Meal: The spot price in Jiangsu decreased by 2.99%. The basis of RM2601 decreased by 100%. The import profit of Canadian rapeseed increased [10]. - Soybean: The price of domestic and imported soybeans remained stable. The basis of the main contracts changed [10]. 3.5 Pig Industry - Futures: The prices of LH2511 and LH2601 increased by 0.64% and 0.42% respectively. The open interest of the main contract decreased by 2.28% [13]. - Spot: Prices in different regions had small fluctuations. The daily slaughter volume remained unchanged [13]. 3.6 Cotton Industry - Futures Market: The prices of CF2509 and CF2601 increased by 0.40% and 0.72% respectively. The open interest of the main contract increased by 67.73%, and the number of warehouse receipts decreased by 1.04% [17]. - Spot Market: The prices of Xinjiang cotton and related indexes increased slightly. The basis decreased [17]. - Industry Situation: Commercial inventory decreased by 13.9%, and industrial inventory increased by 1.8%. Import volume decreased by 25% [17]. 3.7 Egg Industry - Futures: The prices of JD09 and JD10 increased by 1.22% and 0.41% respectively. The 9 - 10 spread increased by 31.03% [20]. - Spot: The egg price in the production area remained unchanged. The basis decreased by 25.52% [20]. - Industry Situation: The price of egg - laying chicks remained stable, the price of culled hens decreased, and the breeding profit decreased significantly [20][21].