广发期货《农产品》日报-20250820

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Oils and Fats - Palm oil futures are expected to experience a downward oscillatory adjustment, seeking support at 4,500 ringgit. Domestic palm oil futures may continue to strengthen towards the 9,800 - 10,000 yuan range [1]. - CBOT soybean oil is showing a回调 trend due to the end of the fuel demand peak season in the US and geopolitical factors. However, domestic soybean oil market basis quotes are supported by potential downstream demand [1]. Sugar - Raw sugar is likely to face resistance at 17 cents per pound. Zhengzhou sugar is expected to remain oscillatory and slightly weak, with attention on the pressure around 5,700 [3]. Cotton - Short - term domestic cotton prices may oscillate within a range, while facing pressure after the new cotton is listed due to expected stable - to - increasing production [4]. Pigs - Spot pig prices have stabilized, but future prices are still not optimistic due to expected increased supply. For far - month contracts, short - selling is not recommended, but the impact of hedging funds should be noted [5]. Corn - The corn market is expected to remain oscillatory and weak due to increased supply expectations. In the medium term, the futures price may move towards the new - season cost [7]. Eggs - Egg prices are expected to maintain a bearish trend due to sufficient supply and average downstream digestion speed [12]. Meal - The bottom range of meal has shifted upwards, with an overall upward trend. It is advisable to choose the right time to go long [15]. 3. Summaries by Relevant Catalogs Oils and Fats - Futures and Spot Prices: On August 19, soybean oil spot price in Jiangsu was 8,830 yuan, unchanged from the previous day; palm oil spot price in Guangdong was 9,710 yuan, up 140 yuan from August 18; rapeseed oil spot price in Jiangsu was 10,030 yuan, unchanged [1]. - Spreads and Inventory: The soybean - palm oil spread and the rapeseed - soybean oil spread showed different changes. The inventory of soybean oil and palm oil in China had different trends [1]. Sugar - Futures and Spot Prices: On August 19, domestic sugar futures prices declined slightly, while spot prices in Nanning and Kunming remained unchanged. The import cost of Brazilian sugar decreased [3]. - Industry Data: National sugar production and sales increased year - on - year, and industrial inventory decreased [3]. Cotton - Futures and Spot Prices: On August 19, domestic cotton futures prices declined slightly, and spot prices showed minor changes. The basis between spot and futures had different fluctuations [4]. - Industry Data: Commercial and industrial inventories decreased, and the import volume increased. The inventory days of yarn and grey cloth decreased [4]. Pigs - Futures and Spot Prices: On August 19, futures prices of live pigs increased slightly, and spot prices in different regions showed different changes [5]. - Industry Data: The slaughter volume decreased slightly, and the self - breeding and purchased - piglet breeding profits decreased [5]. Corn - Futures and Spot Prices: On August 19, corn futures prices declined slightly, and spot prices remained stable. The basis increased [7]. - Industry Data: Corn starch futures prices declined, and the inventory of corn decreased [7]. Eggs - Futures and Spot Prices: On August 19, egg futures prices declined, and the egg - to - feed ratio decreased. The basis increased [11]. - Industry Data: The price of egg - laying chicken seedlings and the price of culled chickens decreased [11]. Meal - Futures and Spot Prices: On August 19, soybean meal and rapeseed meal futures prices increased slightly, and spot prices remained unchanged. The basis of some contracts decreased [15]. - Industry Data: The inventory of domestic soybeans and soybean meal continued to rise [15].