《农产品》日报-20250820

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats - Palm oil futures are expected to adjust downward in a volatile manner, seeking support at 4,500 ringgit. Domestic palm oil futures may strengthen further towards the 9,800 - 10,000 yuan range. CBOT soybean oil is showing a回调 trend, and domestic soybean oil market is supported by downstream demand [1]. 2.2 Sugar - Raw sugar is expected to be difficult to fall sharply in the short - term, with attention on the 17 cents/pound resistance level. Zheng sugar is expected to remain volatile and weak, with attention on the 5,700 resistance [3]. 2.3 Cotton - Short - term domestic cotton prices may fluctuate in a range, while prices may face pressure after the new cotton is listed [4]. 2.4 Pork - Spot pork prices have stabilized, but future prices are still not optimistic. For far - month contracts, short - selling is not recommended, but the impact of hedging funds should be noted [5]. 2.5 Corn - Corn futures are expected to remain volatile and weak in the short - term. In the medium - term, the futures price may move down towards the new - season cost [7]. 2.6 Eggs - Egg prices are expected to maintain a bearish trend due to sufficient supply and average downstream digestion [12]. 2.7 Meal - Meal prices have an upward trend overall, and long - term long positions can be considered at low prices [15]. 3. Summaries by Related Catalogs 3.1 Oils and Fats - Futures and Spot Prices: On August 19, soybean oil futures had little change, palm oil futures rose, and rapeseed oil futures were stable. Spot prices of palm oil in Guangdong increased by 1.46% [1]. - Spreads and Profits: The basis of soybean oil and palm oil changed, and the import profit of palm oil in Guangzhou Port in January decreased [1]. 3.2 Sugar - Futures and Spot Markets: On August 19, sugar futures prices declined slightly, and spot prices in Nanning and Kunming remained unchanged. The basis of Nanning and Kunming increased [3]. - Industry Situation: National sugar production and sales increased year - on - year, and industrial inventory decreased [3]. 3.3 Cotton - Futures and Spot Markets: On August 19, cotton futures prices decreased slightly, and the spot price of CC Index: 3128B increased slightly [4]. - Industry Situation: Commercial inventory decreased, and industrial inventory increased. Import volume increased, and textile exports showed mixed performance [4]. 3.4 Pork - Futures and Spot Markets: On August 19, futures prices of live pigs increased slightly, and spot prices in some regions increased [5]. - Industry Situation: Slaughter volume decreased slightly, and self - breeding and purchased - piglet breeding profits decreased [5]. 3.5 Corn - Futures and Spot Markets: On August 19, corn futures prices decreased slightly, and the basis increased. Corn starch futures prices decreased, and the basis increased [7]. - Industry Situation: The number of vehicles at Shandong deep - processing plants in the morning increased slightly, and the import profit decreased slightly [7]. 3.6 Eggs - Futures and Spot Markets: On August 19, egg futures prices decreased, and the basis increased. Egg - laying chicken chick prices and culled - hen prices decreased [11]. - Industry Situation: The egg - to - feed ratio and breeding profit decreased [11]. 3.7 Meal - Futures and Spot Markets: On August 19, soybean meal and rapeseed meal futures prices increased slightly, and the basis of soybean meal and rapeseed meal decreased [15]. - Industry Situation: The domestic inventory of soybeans and soybean meal is rising, and the supply is abundant [15].