油脂回调、生猪下挫

1. Report's Industry Investment Rating No relevant content provided. 2. Core View of the Report The agricultural products sector shows mixed trends. Oils are experiencing a high - level correction, with the overall upward trend of palm oil not materially changed. The far - month main contract of live pigs has tumbled due to high supply and weak demand. Cotton prices are rising steadily supported by low inventory and imports. Different agricultural products have their own supply - demand and market factors influencing their price movements [1]. 3. Summary by Related Catalogs 3.1 Agricultural Products Sector Overview - Oils have corrected from high levels. After a previous sharp rise, the Zhengzhou Commodity Exchange issued a risk warning letter for rapeseed oil, cooling market sentiment. Rapeseed oil dropped significantly, dragging down palm oil and soybean oil. However, there are still positive factors in the palm oil producing areas, so the adjustment range may be limited, and the overall upward trend remains unchanged. - The far - month main contract of live pigs has broken through key levels and fallen sharply because of high inventory, increased planned shipments by group pig enterprises, and weak summer demand. - Cotton prices are rising steadily, supported by low inventory and imports [1]. 3.2 Variety Strategy Tracking 3.2.1 Palm Oil - The main 2601 contract of palm oil has corrected from high levels. The Zhengzhou Commodity Exchange's risk warning letter for rapeseed oil cooled market sentiment, causing palm oil to adjust. Malaysia's palm oil export data in August was strong, but production is expected to remain high. In the domestic market, high costs support the spot price, and the import profit window has opened recently. Technically, the contract is still in a strong position, and the recommended strategy is to hold light - position long orders [2]. 3.2.2 Soybean Oil - The main 2601 contract of soybean oil has adjusted after a continuous rise. The USDA's August supply - demand report was unexpectedly positive, but recent concentrated arrivals of imported soybeans and high - level oil mill crushing may limit the increase. Technically, it is still in a strong position, and the recommended strategy is to hold light - position long orders [4]. 3.2.3 Live Pigs - The main 2511 contract of live pigs has fallen sharply, entering a downward trend. Supply is abundant in August, and demand is weak due to high temperatures and alternative consumption. Technically, it is in a weak position, and the recommended strategy is to hold light - position short orders [6]. 3.2.4 Cotton - The main 2601 contract of cotton has continued to rise. Low commercial and industrial inventories and the delayed issuance of import quotas support the price. Although the downstream textile industry is in the off - season, the contract is technically strong, and the recommended strategy is to hold light - position long orders [9]. 3.2.5 Eggs - The main 2510 contract of eggs has first declined and then risen, showing a volatile market. High egg - laying hen inventory, continuous出库 of cold - storage eggs, and increased old - hen slaughter are the main factors. Technically, it is in a weak position, and the recommended strategy is to hold light - position short orders [10][12]. 3.2.6 Red Dates - The main 2601 contract of red dates is fluctuating at high levels. The market is concerned about the expected supply contraction of new - season red dates due to adverse weather. The upcoming Mid - Autumn and National Day stocking periods are expected to drive inventory reduction. Technically, it is in a strong position, and the recommended strategy is to hold long orders [13][15]. 3.2.7 White Sugar - The main 2601 contract of white sugar is rising in a volatile manner. Favorable domestic sales data and low industrial inventory support the price, but the expected concentrated arrival of imported sugar may suppress it. Technically, it is in a strong position, and the recommended strategy is to hold light - position long orders [16]. 3.2.8 Corn - The main 2511 contract of corn has encountered resistance in its rebound. Continuous auctions of imported corn by Sinograin, wheat substitution, and good growth of new corn limit its rebound space. Technically, it is in a weak position, and the recommended strategy is to hold short orders [18]. 3.2.9 Soybean Meal - The main 2601 contract of soybean meal is adjusting at high levels, but the upward trend remains. The USDA's August supply - demand report was positive, but there is profit - taking pressure. The expected tight supply of imported soybeans in the fourth quarter and rising import costs support the price. Technically, it is in a strong position, and the recommended strategy is to hold light - position long orders [21]. 3.2.10 Apples - The main 2510 contract of apples is adjusting at high levels. Low inventory supports the price. The procurement situation of early - maturing apples varies by region. Technically, it is in a strong position, and the recommended strategy is to place long orders on dips [22][24].