农产品日报-20250826

1. Report Industry Investment Ratings - No specific industry - wide investment rating is provided in the report. 2. Core Views - Corn: The spot price of corn is weak this week compared to last week. The futures price of the corn main contract 2511 continued to decline on Monday, with near - month contracts leading the fall. It is expected to be in a volatile state, and attention should be paid to the price performance at the 2150 integer level of the November contract [1]. - Soybean Meal: The CBOT soybean price fell from a two - month high on Monday. Domestic soybean meal stopped falling and stabilized, showing strength. The strategy is to maintain a unilateral long - term thinking and participate in the monthly positive spread [1]. - Oils and Fats: The BMD palm oil price fell on Monday. Domestic three major vegetable oils were mainly volatile, with soybean oil and rapeseed oil performing stronger than palm oil. The overall inventory pressure increased, and the demand side was still weak. If the spot demand starts later, the supply - demand situation of oils and fats is expected to improve, and the basis is expected to strengthen. The market is in a bullish trend, and the strategy is to participate in short - term long positions and sell put options [1]. - Eggs: The egg main contract 2510 oscillated and adjusted on Monday, with the near - month contract 2509 rebounding. The spot price of eggs increased slightly. In the future, egg demand will enter the peak season, but considering the supply pressure, the rebound strength is limited. The short - term market sentiment is bearish, and the futures will continue to be weak [1][2]. - Pigs: The futures price of the pig main contract 2511 continued to oscillate in the range on Monday. The spot price of pigs decreased slightly. According to seasonal rules, as the high - temperature weather subsides, demand will recover, but the abundant supply still exerts pressure on pig prices. The view on pig prices is volatile [2]. 3. Summary by Relevant Catalogs Market Information - Palm Oil Exports: Ship - surveying agencies ITS and Amspec data show that Malaysia's palm oil exports from August 1 - 25 increased by 10.9% - 16.4% compared to the same period last month [3]. - Henan Peanuts: The overall supply of spring - film peanuts in Henan is still low. Before the large - scale listing of new peanuts, prices may decline slightly. It is expected that the purchase price of Henan Dazahua peanuts from late August to early September will be between 7800 - 8500 yuan/ton [3]. - Soybean Import and Processing: The cost of importing Brazilian soybeans has risen this week, and the prices of domestic soybean oil and soybean meal have fallen slightly, resulting in a decline in the profit of importing and processing soybeans. As of August 22, the domestic main oil mills' soybean crushing volume decreased slightly last week, and it is expected to rebound to about 2.5 million tons this week [3]. Variety Spreads - Contract Spreads: The report provides charts of 1 - 5 spreads for various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [5][6][10][14]. - Contract Basis: The report provides charts of the basis for various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [13][16][18][23].