《农产品》日报-20250926

Group 1: Report Industry Investment Ratings - There is no information about report industry investment ratings in the provided documents. Group 2: Core Views of the Reports Oils and Fats - Malaysian BMD crude palm oil futures are expected to face resistance at 4,450 ringgit and may fall back to 4,200 ringgit. Dalian palm oil futures may follow suit and test 9,000 yuan. Argentine soybean oil exports will be taxed again, and domestic soybean supply is sufficient, so the basis of soybean oil is difficult to rise continuously [1]. Sugar - International raw sugar prices are expected to remain in a bottom - range oscillation due to oversupply. Zhengzhou sugar futures have broken through 5,500 yuan, but there is short - term rebound momentum while maintaining a bearish trend overall [2]. Cotton - The mid - term domestic cotton price may be under pressure due to weak seed cotton purchasing willingness and high hedging pressure on the supply side, as well as weak downstream demand [3]. Eggs - Egg prices are expected to remain in a bottom - range oscillation due to sufficient supply and potential demand increase during festivals [4]. Corn - The corn market will be under pressure in the short term. The price will likely decline with new grain listing, and the market will focus on the new grain acquisition rhythm and farmers' selling mentality [5]. Meal and Oilseeds - Argentine soybean exports have restarted the export tax, and US soybeans lack substantial positive factors. Domestic soybean meal supply is abundant, and the 1 - 5 spread may continue to weaken [8]. Pigs - The pig market is expected to maintain an oscillating adjustment, following the spot price with small fluctuations. Market supply is recovering, and demand is slowly picking up [10]. Group 3: Summary by Related Catalogs Oils and Fats - Price Changes: On September 25, the spot price of Jiangsu first - grade soybean oil rose by 0.96%, and the futures price of Y2601 rose by 1.14%. The basis of palm oil in Guangdong changed significantly, and the import profit decreased. The price of rapeseed oil also had corresponding changes [1]. - Spread Changes: The 01 - 05 spreads of soybean oil, palm oil, and rapeseed oil changed, and the soybean - palm oil spread and rapeseed - soybean oil spread also fluctuated [1]. Sugar - Futures Market: The prices of sugar 2601 and 2605 decreased slightly, and the 1 - 5 spread decreased by 6.06%. The positions of the main contract and the number of warehouse receipts decreased [2]. - Spot Market: The spot prices in Nanning remained unchanged, and the price in Kunming increased slightly. The basis increased, and the import price of Brazilian sugar also changed slightly [2]. - Industry Situation: The national sugar production and sales increased year - on - year, and the industrial inventory also changed [2]. Cotton - Futures Market: The prices of cotton 2605 and 2601 decreased slightly, and the 5 - 1 spread changed significantly. The positions of the main contract and the number of warehouse receipts decreased [3]. - Spot Market: The Xinjiang arrival price and CC Index of 3128B increased slightly, while the FC Index of M: 1% decreased [3]. - Industry Situation: The commercial and industrial inventories of cotton decreased, and the import volume increased. The inventory days of yarn and grey cloth decreased, and the cotton shipping volume out of Xinjiang increased [3]. Eggs - Futures Market: The prices of egg 11 and 10 contracts increased, and the 11 - 10 spread changed [4]. - Spot Market: The egg production area price decreased slightly, and the prices of egg - laying chicks remained unchanged, while the price of culled chickens increased [4]. - Industry Situation: The feed - to - egg ratio increased, and the breeding profit decreased significantly [4]. Corn - Corn: The price of corn 2511 increased slightly, and the basis and 11 - 3 spread changed. The number of vehicles at Shandong deep - processing enterprises increased significantly [5]. - Corn Starch: The price of corn starch 2511 increased slightly, and the basis and 11 - 3 spread changed [5]. Meal and Oilseeds - Price Changes: The spot and futures prices of soybean meal, rapeseed meal, and soybeans all had corresponding increases, and the basis and import crushing margins also changed [8]. - Spread Changes: The 01 - 05 spreads of soybean meal and rapeseed meal increased, and the oil - meal ratio and soybean - rapeseed meal spread changed [8]. Pigs - Futures Market: The prices of live hog 2511 and 2601 decreased slightly, and the 11 - 1 spread decreased [10]. - Spot Market: The spot prices of hogs in different regions changed, and the slaughter volume, white - strip price, and other indicators also had corresponding changes [10].