天富期货：菜粕偏强、?猪下挫

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The rapeseed meal market is strong due to concerns about supply shortages after China imposed high margins on Canadian rapeseed imports. The pork market is weak as group pig enterprises increase sales and high - temperature weather suppresses demand. The soybean oil market is in adjustment with high output and rising inventory [1]. 3. Summary by Related Catalogs 3.1 Agricultural Product Sector Overview - Rapeseed meal is strong and is expected to remain at a high level. Pork prices are falling and may continue to decline. Soybean oil prices are in adjustment and the correction may continue [1]. 3.2 Variety Strategy Tracking 3.2.1 Rapeseed Meal and Soybean Meal - The main rapeseed meal 2601 contract and soybean meal 2601 contract are both in an upward trend. High import costs and low domestic inventories support rapeseed meal prices, while uncertain Sino - US economic and trade relations and high import costs support soybean meal prices. Technically, they are strong, and the strategy is to hold light - position long positions [2]. 3.2.2 Pork - The main pork 2511 contract is in a downward trend. Supply is abundant as group pig enterprises and散户猪场 increase sales, and demand is weak due to high - temperature weather. Technically, it is weak, and the strategy is to hold light - position short positions [3][5]. 3.2.3 Corn - The main corn 2511 contract first declined and then rebounded, but the decline was only narrowed. Supply is abundant due to continuous auctions and upcoming new corn, and demand is weak. Technically, it is weak, and the strategy is to hold light - position short positions [6]. 3.2.4 Eggs - The main egg 2510 contract first declined and then rebounded, but the downward trend remains. High egg - laying hen inventory, continuous cold - storage egg release, and weak demand lead to a supply - pressure situation. Technically, it is weak, and the strategy is to hold light - position short positions [8]. 3.2.5 Palm Oil - The main palm oil 2601 contract is slightly adjusted but remains at a high level. Strong exports from Malaysia and concerns about future supply support prices. Technically, it is strong, and the strategy is to hold light - position long positions [10]. 3.2.6 Soybean Oil - The main soybean oil 2601 contract has a significant adjustment. High soybean imports and rising inventory lead to a decline in prices. Technically, it turns weak, and the strategy is to close long positions [12]. 3.2.7 Cotton - The main cotton 2601 contract is in a falling and oscillating state. Old - crop supply is tight, but new - crop supply is expected to increase. Downstream demand shows some improvement but is still weak overall. The strategy is short - term trading [14]. 3.2.8 Red Dates - The main red date 2601 contract first declined and then rebounded, remaining at a high level. Concerns about reduced production in Xinjiang and expected consumption recovery support prices. Technically, it is strong, and the strategy is to hold long positions [16]. 3.2.9 White Sugar - The main white sugar 2601 contract first declined and then rebounded, showing an upward trend. The domestic market atmosphere is warming up, but increasing imports bring supply pressure. Technically, it is strong, and the strategy is to hold long positions [18]. 3.2.10 Apples - The main apple 2510 contract breaks down. The increase in early - maturing apple supply and low inventory lead to price declines. Technically, it turns weak, and the strategy is to close long positions [20].