农产品早报-20250821

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Corn prices will continue to oscillate with an upper limit and a lower support in the short - term, and are expected to decline under pressure in the long - term. Starch prices are expected to oscillate weakly in the short - term and remain bearish in the long - term [3] - The international sugar price is under pressure. The domestic sugar price has limited upward movement due to the approaching arrival of imported sugar. [5][6] - Cotton prices have entered an oscillatory phase, and their downward space is limited. Attention should be paid to changes in the demand side. [9] - Egg prices may trigger more old chicken culling if the rebound in late August is less than expected. [14] - Apple production in the new season is expected to be similar to last year. Consumption is in the off - season, and the inventory is at a five - year low. [22] - Pig prices are under medium - term supply pressure, with long - term policy - related expectations. Short - term spot prices are weakly oscillating. [22] Group 3: Summary by Product Corn and Starch - Price Data: From August 14 to 20, the price in Changchun remained unchanged, while prices in other regions showed various changes. The basis, trade profit, and other indicators also changed. For starch, the processing profit increased by 3 [2] - Market Analysis: This week, 395,000 tons of imported corn were auctioned, with 67,000 tons sold. In the short - term, corn prices will oscillate. In the long - term, they may decline. Starch prices are expected to oscillate weakly in the short - term and remain bearish in the long - term [3] Sugar - Price Data: From August 14 to 20, the spot prices in Liuzhou and Nanning decreased by 10, the basis decreased by 25, and the import profit decreased by 81. The number of warehouse receipts decreased by 242 [5] - Market Analysis: The international sugar price is under pressure due to Brazil's high - pressure supply. The domestic sugar price has limited upward movement due to the approaching arrival of imported sugar [5][6] Cotton and Cotton Yarn - Price Data: From August 14 to 20, the price of 3128 cotton decreased by 45, and the number of warehouse receipts + forecasts decreased by 141. The 32S spinning profit increased by 47 [9] - Market Analysis: Cotton prices have entered an oscillatory phase. If there are no major macro - risk events, the downward space is limited. Attention should be paid to the demand side [9] Eggs - Price Data: From August 14 to 20, the price in Hubei decreased by 0.09, the basis decreased by 30, the price of yellow - feather broilers decreased by 0.10, and the price of pigs decreased by 0.17 [14] - Market Analysis: Egg prices rebounded rapidly in July but declined in early August due to supply and demand factors. If the rebound in late August is less than expected, more old chickens may be culled [14] Apples - Price Data: From August 14 to 20, the price of Shandong 80 first - and second - grade apples remained unchanged, and the national inventory increased by 57,000 tons [21][22] - Market Analysis: The new - season apples are in the growth stage. The national production is expected to be similar to last year. Consumption is in the off - season, and the inventory is at a five - year low [22] Pigs - Price Data: From August 14 to 20, the price in Hubei Xiangyang increased by 0.15, and the basis increased by 125 [22] - Market Analysis: Pig prices are under medium - term supply pressure, with long - term policy - related expectations. Short - term spot prices are weakly oscillating [22]