Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Corn: In the short - term, the price is expected to be under pressure and continue the weak oscillation pattern. In the long - term, focus on the selling enthusiasm of new - season corn in the production areas [4]. - Starch: Maintain a bearish view in both the short and long term due to high inventory and expected lower raw material costs [4]. - Sugar: The international sugar price is under pressure due to the peak crushing season in Brazil. The domestic sugar price is also under pressure with the arrival of imported sugar [5]. - Cotton: The price has entered a consolidation phase, waiting for demand verification. The downside space is limited if there are no major macro - risks [7]. - Eggs: The price rebounded slowly, with supply at a high level and demand insufficient. Pay attention to the chicken culling rhythm and cold - storage egg release [11]. - Apples: The new - season production may not differ much from last year. The current consumption is in the off - season, and the inventory is at a five - year low. Focus on the final production [15]. - Pigs: The price is in a range - bound oscillation. There are policy expectations for the future, but medium - term supply pressure remains. Pay attention to factors such as the slaughter rhythm, diseases, and policies [15]. 3. Summary by Commodity Corn/Starch - Price Data: From August 25 - 29, 2025, the price in Changchun remained 2230, while in Jinzhou it decreased by 10, and in Weifang by 6. The basis and other indicators also showed certain changes [3]. - Market Analysis: The corn auction had a light trading volume. In the short - term, the price is under pressure, and in the long - term, focus on the new - season supply. Starch prices are expected to be weak due to high inventory and expected lower raw material costs [4]. Sugar - Price Data: From August 25 - 29, 2025, the spot price in Liuzhou decreased by 10, and the basis, import profit, and other indicators changed accordingly [5]. - Market Analysis: The international sugar price is under pressure from Brazilian supply, and the domestic price is affected by imported sugar arrivals [5]. Cotton/Cotton Yarn - Price Data: From August 25 - 29, 2025, the price of 3128 cotton increased by 170, and the import profit of Vietnamese yarn increased by 46 [7]. - Market Analysis: The cotton price has entered a consolidation phase, and the downside space is limited if there are no major macro - risks [7]. Eggs - Price Data: From August 25 - 29, 2025, the egg prices in some production areas changed, and the basis decreased by 68 [11]. - Market Analysis: The egg price rebounded slowly due to high supply and insufficient demand. Pay attention to the chicken culling rhythm and cold - storage egg release [11]. Apples - Price Data: From August 25 - 29, 2025, the price of Shandong 80 first - and second - grade apples remained 7300, and the basis changed significantly [14][15]. - Market Analysis: The new - season production may not differ much from last year. The current consumption is in the off - season, and the inventory is at a five - year low. Focus on the final production [15]. Pigs - Price Data: From August 25 - 29, 2025, the prices in some production areas remained stable, and the basis increased by 35 [15]. - Market Analysis: The pig price is in a range - bound oscillation. There are policy expectations for the future, but medium - term supply pressure remains. Pay attention to factors such as the slaughter rhythm, diseases, and policies [15].
农产品早报-20250901
Yong An Qi Huo·2025-09-01 04:21