光大期货农产品日报-20250925

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - Corn is expected to oscillate downward. The new - season corn supply is abundant, trade merchants have low inventory - holding willingness, and the mid - term outlook remains weak despite a technical rebound of the November contract [1]. - Soybean meal is expected to oscillate. The price is affected by concerns over US soybean export demand and domestic pre - holiday stocking. Short - term participation is recommended [1]. - Oils are expected to oscillate. BMD palm oil trades in a narrow range, and domestic oils stop falling. Short - term participation is advised [1]. - Eggs are expected to oscillate. As the National Day holiday approaches, the demand peak is ending. The supply pressures the price, but the expectation of eliminating excess capacity provides some support. Light - position participation is recommended [1]. - Pigs are expected to oscillate. Pig supply is normal with some regional increases, and holiday demand has limited boosting effects. Attention should be paid to market sentiment changes [2]. Group 3: Summary of Market Information - In August 2025, the national industrial feed output was 29.36 million tons, with a month - on - month increase of 3.7% and a year - on - year increase of 3.8%. The proportion of corn in compound feed is 32.9%, and that of soybean meal in compound and concentrated feed is 14.3% [3]. - The Dalian Commodity Exchange will adjust the price limit ranges and trading margin levels of various futures contracts around the 2025 National Day and Mid - Autumn Festival holidays [3]. - The Zhengzhou Commodity Exchange will adjust the trading margin standards and price limit ranges of some futures contracts during the 2025 National Day and Mid - Autumn Festival holidays, and some contracts will return to pre - adjustment levels after the holiday [4]. Group 4: Summary of Variety Spreads - The report presents various contract spreads and basis charts, including those of corn, corn starch, soybeans, soybean meal, oils, eggs, and pigs, but no specific analysis of these spreads is provided [6][7][11][14][17][19][23]