农产品早报-20250827

Group 1: Report Summary - The report focuses on the market conditions of various agricultural products including corn, starch, sugar, cotton, eggs, apples, and pigs on August 27, 2025 [1] Group 2: Corn and Starch Market Data - Corn prices in Changchun, Jinzhou, and Shekou remained stable from August 20 - 26, while prices in Weifang decreased by 34. Starch prices in Heilongjiang remained stable, and those in Weifang decreased by 50. Corn trade profit decreased, and starch processing profit increased slightly [2] Core View - Short - term: Corn prices are expected to maintain a weak and volatile pattern. Starch prices will fluctuate with raw material prices, and high inventory will continue to pressure the price [3] - Long - term: Corn prices are expected to decline under pressure until domestic consumption improves or there is a reluctance to sell in the production areas. Starch prices are expected to remain bearish due to high inventory and lower expected raw material costs [3] Group 3: Sugar Market Data - The spot prices of sugar in Liuzhou and Nanning remained stable, and the price in Kunming increased slightly. The base difference increased, and the import profit decreased slightly. The number of warehouse receipts decreased [5] Core View - Internationally, the peak sugar - pressing season in Brazil is putting pressure on sugar prices. Domestically, Zhengzhou sugar prices follow the trend of raw sugar, and the arrival of imported sugar is putting pressure on the upper limit of the futures price [5] Group 4: Cotton Market Data - The price of 3128 cotton decreased by 20, the price of imported M - grade US cotton decreased by 1, and the import profit and the number of warehouse receipts + forecasts decreased [8] Core View - Cotton prices are in a shock phase, waiting for demand verification. If there are no major macro - risk events, the low point in April can be seen as the long - term bottom of cotton prices, and the downside space is limited [8] Group 5: Eggs Market Data - Egg prices in some production areas increased slightly, the base difference increased by 28, the price of white - feather broilers increased by 0.05, and the price of live pigs decreased by 0.10 [11] Core View - Egg prices rebounded rapidly from the low level due to supply and demand in July, but decreased in early August due to insufficient demand. If the price rebound in late August is less than expected, more old chickens may be culled [11] Group 6: Apples Market Data - The spot price of Shandong 80 first - and second - grade apples remained stable, the national inventory increased by 10, and the base differences for January, May, and October contracts changed to varying degrees [15][16] Core View - The new - season apple production is expected to be similar to last year. The current - season apple consumption is in the off - season, the inventory is the lowest in the past five years, and the spot price is stable. Attention should be paid to the final production determination [16] Group 7: Pigs Market Data - Pig prices in some production areas decreased slightly, and the base difference remained unchanged [16] Core View - There are policy - related expectations for a production capacity inflection point in the long - term, but the mid - term supply pressure still exists. There may be a short - term improvement in consumption, and attention should be paid to factors such as the slaughter rhythm, weather, and policies [16]