Report Industry Investment Rating - All varieties (corn, soybean meal, oils, eggs, and pigs) are rated as "volatile" [2][3] Core Viewpoints - Corn: The futures price continues to rise, but the spot price is expected to be weak before the new grain is listed. The 11 - month contract shows a five - consecutive - yang pattern. It is recommended to maintain a volatile mindset before the new grain is listed [2] - Soybean Meal: The domestic two - meal futures prices rise to repair the deviation. The market has a divergence on whether there will be a shortage of soybeans in the fourth quarter and the first quarter of next year. The price is mainly volatile, and short - term long positions are recommended [2] - Oils: The domestic three major vegetable oils are volatile due to the lack of external market guidance. The basis is rising steadily. With the start of school, the market expects the demand to improve. Short - term trading is recommended [2] - Eggs: The spot price is weakly volatile, and the futures price is in a low - level shock. It is recommended to wait and see [2] - Pigs: The futures price rebounds slightly, and the spot price rises. The fundamentals and market sentiment change little, and the price is expected to be volatile [3] Market Information - The weekly soybean crushing volume of major domestic oil mills from August 22 - 29 was 2430000 tons, with a week - on - week increase of 160000 tons, a month - on - month increase of 170000 tons, and a year - on - year increase of 370000 tons, 410000 tons higher than the average of the same period in the past three years [3] - The soybean crushing volume of major domestic oil mills in August was about 10000000 tons, at a historical high. The import volume of soybeans in September is still high, and the monthly crushing volume is expected to be about 9500000 tons [4] - On August 29, the crushing profit of imported Brazilian soybeans for October - November shipments was - 111 to - 127 yuan/ton, and the spot crushing profit was - 45 to - 29 yuan/ton. The procurement of soybeans for October shipments is nearly completed, while that for November to January next year is scarce [4] - Malaysia's palm oil exports from August 1 - 31 were 1421486 metric tons, a 10.2% increase from the previous month [4] Variety Spreads Contract Spreads - The report presents contract spreads such as corn 1 - 5, corn starch 1 - 5, soybeans 1 - 5, soybean meal 1 - 5, etc [6][7] Contract Basis - The report presents contract basis such as corn, corn starch, soybeans, soybean meal, etc [14][17]
光大期货农产品日报-20250902
Guang Da Qi Huo·2025-09-02 05:03