农产品早报-20250828

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Corn is expected to maintain a weak and volatile pattern in the short - term and face downward pressure in the long - term due to new season supply and cost factors [2] - Starch price is expected to remain bearish in the long - term due to high inventory and expected lower raw material costs [3] - International sugar price is under pressure from Brazilian supply, and domestic sugar has upward pressure on the futures price [4] - Cotton price is in a consolidation phase, and its downward space is limited. Attention should be paid to demand changes [6] - Egg price rebound was slow in August due to supply - demand imbalance, and attention should be paid to old chicken culling and cold - storage egg release [13] - Apple production in the new season may not differ much from last year. Consumption is in the off - season, and attention should be paid to the final production [16] - Pig price has short - term improvement expectations due to supply reduction and consumption increase, and attention should be paid to various influencing factors [16] Group 3: Summary by Commodity Corn/Starch - Price and Margin Data: In the week from August 21 - 27, corn prices in different regions remained mostly stable, with a 6 - point decrease in the basis; starch prices in Heilongjiang and Shandong decreased, and the processing margin decreased by 2 [2] - Market Analysis: In the short - term, corn auction transactions are light, new season corn is about to be listed, and the price is expected to be weakly volatile. In the long - term, it will face downward pressure. Starch price is affected by raw materials, with high inventory and a bearish outlook [2][3] Sugar - Price and Margin Data: From August 21 - 27, sugar spot prices in Liuzhou, Nanning, and Kunming decreased, the basis increased by 2, and the import margin decreased by 27. The number of warehouse receipts decreased by 409 [4] - Market Analysis: International sugar price is under pressure from Brazilian supply, and domestic sugar price is affected by imported sugar arrivals and has upward pressure on the futures price [4] Cotton/Cotton Yarn - Price and Margin Data: From August 21 - 27, the price of 3128 cotton decreased by 25, the price of imported M - grade US cotton decreased by 1, the import margin increased by 8, and the 32S spinning margin increased by 27 [6] - Market Analysis: Cotton price is in a consolidation phase, and its downward space is limited. Attention should be paid to demand changes [6] Eggs - Price and Margin Data: From August 21 - 27, egg prices in major production areas increased, and the basis increased by 116 [12] - Market Analysis: Egg price rebounded slowly in August due to supply - demand imbalance, and attention should be paid to old chicken culling and cold - storage egg release [13] Apples - Price and Inventory Data: From August 21 - 27, the price of Shandong 80 first - and second - grade apples remained stable, and the national inventory decreased by 108, with a 68 decrease in Shandong and a 154 decrease in Shaanxi [15][16] - Market Analysis: Apple production in the new season may not differ much from last year. Consumption is in the off - season, and attention should be paid to the final production [16] Pigs - Price and Margin Data: From August 21 - 27, pig prices in different regions had minor changes, and the basis increased by 165 [16] - Market Analysis: Pig price has short - term improvement expectations due to supply reduction and consumption increase, and attention should be paid to various influencing factors [16]