Report Summary Investment Rating No investment rating for the industry is provided in the report. Core View - The poor quality rate of early - maturing apples implies a potentially poor quality rate for Fuji apples. Considering the current high prices, the apple market is expected to fluctuate in the short term [8][9]. Summary by Section Market Information - Spot Prices: The Fuji apple price index was 109.43, up 0.07 from the previous trading day. Prices of various apple varieties such as those from different regions remained stable. The average wholesale price of 6 fruits was 6.75, up 0.02 [3]. - Futures Prices: AP01 closed at 8291, up 18; AP05 at 8219, down 7; AP10 at 8452, up 11. The spreads between different contracts also changed [3]. - Basis: The basis of Qixia first - and second - grade 80 - AP01 was - 673, down 18; Qixia first - and second - grade 80 - AP10 was - 855.0, down 11; Qixia first - and second - grade 80 - AP05 was - 619, up 7 [3]. Market News and Views - Inventory: As of September 3, 2025, the cold - storage inventory of apples in major producing areas was 27.35 tons, a decrease of 6.62 tons from the previous week. The inventory turnover rate slightly accelerated [6]. - Trade Data: In July 2025, the export volume of fresh apples was about 5.36 tons, a 44.95% increase from the previous month. The import volume was 1.77 tons, a 5.73% decrease from the previous month but an 8.47% increase year - on - year. The cumulative import volume from January to July was 8.66 tons, a 29.76% increase year - on - year [6]. - Market Conditions: The transaction price of cold - storage apples in the origin was stable last week, with an increase in packaging quantity and smooth shipments. The supply of Hongjiangjun apples was sufficient, but the supply of high - quality goods was limited. The purchase enthusiasm of wholesalers was fair. The high - price transactions of pre - harvested Fuji apples in the northwest region were reported [6]. - Profit: The profit of apple storage merchants for 80 first - and second - grade apples in Qixia during the 2024 - 2025 production season was 0.4 yuan per catty, a decrease of 0.1 yuan per catty from the previous week [7]. - Spot Price Details: The mainstream price of apples in Qixia, Shandong was stable. The price of 80 first - and second - grade apples varied according to different sources and colors. The price of Hongjiangjun apples was 1.5 - 1.6 yuan per catty [7]. - Trading Logic: Due to the poor quality rate of early - maturing apples and the expected impact of continuous rainfall in the western region on quality, but considering the current high prices, the market is expected to fluctuate in the short term [8]. - Trading Strategy: For unilateral trading, new - season apples may have a poor quality rate, and the market is expected to fluctuate in the short term. For arbitrage and options, it is recommended to wait and see [9]. Related Attachments - The report includes multiple figures showing the price trends of different apple varieties, basis, spreads between contracts, apple arrivals at wholesale markets, and the prices of 6 kinds of fruits over different time periods from 2019 - 2025 [13][15][21]
银河期货农产品日报-20250922
Yin He Qi Huo·2025-09-22 11:09