广发期货《农产品》日报-20250829

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Grains and Oilseeds - Domestic two - meal decline space is limited, and it's advisable to wait for stabilization and go long at low levels in the 3000 - 3050 range. The soybean meal and rapeseed meal spread may widen further [2]. Livestock (Pigs) - Pig spot prices are stabilizing with minor fluctuations. It's recommended to wait and see, and pay attention to the support around 13800 for the 01 contract [3]. Corn - Spot corn prices are weak, and the futures price has rebounded. In the medium - term, the supply pressure in the fourth quarter is significant, and the futures valuation may move down towards the new - season cost [6]. Oils - Palm oil maintains a view of near - term weakness and long - term strength. For soybean oil, the industrial consumption in the US is uncertain, and the basis quote will be boosted after the factory inventory decreases [9]. Sugar - Raw sugar is under pressure from increased supply expectations, and Zhengzhou sugar is expected to remain oscillating weakly [11]. Cotton - Short - term domestic cotton prices may oscillate within a range, and new - cotton prices will face pressure after listing [12]. Eggs - Egg prices are expected to maintain a bearish trend [15]. 3. Summaries by Related Catalogs Grains and Oilseeds - Prices: Soybean meal spot price in Jiangsu is 3040 yuan/ton, unchanged; rapeseed meal spot price in Jiangsu dropped 2.34% to 2500 yuan/ton; soybean spot price in Harbin is 3980 yuan/ton, unchanged [2]. - Spreads: The 01 - 05 spread of soybean meal increased 4.17% to 225; the 01 - 05 spread of rapeseed meal increased 36.36% to 75 [2]. Livestock (Pigs) - Futures: The main contract basis increased 42.42% to - 190; the price of the 2511 contract dropped 1.13% to 13590 yuan/ton [3]. - Spot: Spot prices in various regions showed minor fluctuations, with the sample - point daily slaughter volume increasing 0.32% to 142240 heads [3]. Corn - Futures: The price of the 2511 contract increased 0.97% to 2185; the 11 - 3 spread increased 40% to - 15 [6]. - Spot: The Pingcang price in Jinzhou Port is 2260 yuan/ton; the north - south trade profit decreased 52.63% [6]. Oils - Soybean Oil: The spot price in Jiangsu is 8740 yuan/ton, down 1.14%; the basis decreased 13.73% to 204 [9]. - Palm Oil: The spot price in Guangdong is 9470 yuan/ton, unchanged; the basis decreased 4.35% to 46 [9]. - Rapeseed Oil: The spot price in Jiangsu is 10020 yuan/ton, down 0.7%; the basis decreased 127.85% to 79 [9]. Sugar - Futures: The price of the 2601 contract dropped 0.32% to 5602 yuan/ton; the 1 - 9 spread increased 9.09% to - 10 [11]. - Spot: The spot price in Nanning dropped 0.17% to 5910 yuan/ton; the import volume increased 160% to 130,000 tons [11]. Cotton - Futures: The price of the 2509 contract dropped 0.51% to 13690 yuan/ton; the 9 - 1 spread decreased 20.63% to - 380 [12]. - Spot: The Xinjiang arrival price of 3128B dropped 0.06% to 15240 yuan/ton; the commercial inventory decreased 16.9% to 182.02 million tons [12]. Eggs - Futures: The price of the 09 contract dropped 1.83% to 2843 yuan/500KG; the 9 - 10 spread decreased 10.13% to - 87 [14]. - Spot: The egg price in the producing area dropped 0.81% to 3.26 yuan/jin; the breeding profit increased 20.84% to - 17.89 yuan/feather [14][15].