光大期货农产品日报（2025 年9 月26日）-20250926

Group 1: Investment Ratings - There is no information about the industry investment rating in the report. Group 2: Core Views - Corn: The 11 - month contract of corn fell to the 2150 integer support level and rebounded technically on Thursday, but the medium - term weak expectation remains unchanged. New - season corn supply is abundant, and traders' low willingness to store grains intensifies supply pressure. Downstream提货节奏 is slow, and pre - festival restocking is not obvious [1]. - Soybean, Soybean Meal: CBOT soybeans rose on Thursday due to Argentina's re - imposition of tariffs. Domestic soybean and soybean meal prices were weakly volatile, with a slight rebound after hitting a six - week low. With the approaching National Day holiday, pre - festival stocking and increased logistics costs make spot prices resistant to decline. Short - term participation is recommended [1]. - Oil: BMD palm oil closed higher on Thursday, driven by the strength of soybean oil and export demand. Domestic rapeseed oil increased in position and rose, with soybean oil and palm oil following. Short - term participation is recommended [1]. - Eggs: Egg futures rebounded on Thursday. Short - term supply pressures egg prices, but the expectation of eliminating excess capacity supports the futures. It is recommended to participate with a moderately light position, and be vigilant against the adverse impact of spot price corrections on futures after the peak - season stocking ends [1]. - Pigs: On Thursday, live - hog futures fluctuated and adjusted. The supply of live - hogs is abundant, terminal demand is limited, and the short - term policy boost is limited. The futures and spot prices of live - hogs continue to be weak, but the main contract stopped falling and fluctuated. Attention should be paid to the impact of market sentiment on live - hog futures prices [2]. Group 3: Market Information Summary - Trade Policy: The US should take positive actions to cancel relevant unreasonable tariffs on soybean trade to expand bilateral trade. The EU and Indonesia have completed the negotiation of a free - trade agreement, which offers zero - tariff treatment for Indonesian palm oil exports [2][3]. - Export Data: Malaysian palm oil exports from September 1 - 25 increased by 11.3% - 12.9% compared to the previous month [1][3]. - Policy Meeting: The Ministry of Agriculture and Rural Affairs requires efforts to be made in winter wheat production, consolidating the expansion of winter rapeseed cultivation, and ensuring the supply of "vegetable basket" products [3]. Group 4: Variety Spread - Contract Spread: The report presents contract spreads such as corn 1 - 5, corn starch 1 - 5, soybean 1 - 5, etc., but no specific analysis is provided [4][5][6]. - Contract Basis: The report shows contract bases including corn, corn starch, soybean, etc., without specific analysis [12][13][16]. Group 5: Research Team Introduction - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute, with multiple honors and media exposure. Her futures trading consultation qualification number is Z0001262 [26]. - Hou Xueling is a soybean analyst at Everbright Futures, with rich experience and many awards. Her futures trading consultation qualification number is Z0013637 [26]. - Kong Hailan is a researcher for eggs and live - hogs at Everbright Futures Research Institute, with team honors and media interviews. Her futures trading consultation qualification number is Z0013544 [26].