棕榈油：短期反弹高度有限，轻仓过节豆油：美豆偏弱震荡，豆油上方空间难以打开

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Palm oil: Short - term rebound height is limited, and it is recommended to hold a light position during the holiday [2][4]. - Soybean oil: US soybeans are oscillating weakly, and the upside space for soybean oil is difficult to open [2][4]. - Soybean meal: Overnight US soybeans rose slightly, and Dalian soybean meal may rebound slightly [2][11]. - Soybean: Rebound and oscillate [2][11]. - Corn: Pay attention to the listing of new grains [2][14]. - Sugar: Range - bound oscillation [2][19]. - Cotton: The market continues to focus on the listing of new cotton [2][24]. - Eggs: The peak season is coming to an end, and it is recommended to hold a light position during the holiday [2][29]. - Pigs: The bottom of the spot market has not appeared, and short positions should be held [2][31]. - Peanuts: Oscillate weakly [2][34]. Summary by Relevant Catalogs 1. Palm oil and Soybean oil Fundamental Data - Futures: Palm oil主力 closed at 9,236 yuan/ton during the day session (+0.15%), 9,278 yuan/ton at night (+0.45%); Soybean oil主力 closed at 8,162 yuan/ton during the day session (-0.37%), 8,178 yuan/ton at night (+0.20%) [5]. - Spot: Palm oil (24 - degree, Guangdong) was 9,230 yuan/ton (+60); First - grade soybean oil (Guangdong) was 8,550 yuan/ton (+30) [5]. - Basis: Palm oil (Guangdong) basis was - 6 yuan/ton; Soybean oil (Guangdong) basis was 388 yuan/ton [5]. Macro and Industry News - Global palm oil and soybean oil prices are expected to rise by 100 - 150 dollars/ton from January to June 2026 due to supply tightening [6]. - India's edible oil imports in the 2025/26 fiscal year are expected to increase by 4.6% to a record 17.1 million tons, driven by a surge in palm oil purchases [8]. - From September 1 - 25, 2025, Malaysia's palm oil yield decreased by 3.19% month - on - month, oil extraction rate decreased by 0.18% month - on - month, and production decreased by 4.14% month - on - month [9]. - Malaysia's palm oil exports from September 1 - 25, 2025 were estimated to be 795,947 tons, a 14.73% decrease from the same period last month [9]. 2. Soybean meal and Soybean Fundamental Data - Futures: DCE soybean 2511 closed at 3935 yuan/ton during the day session (+0.13%), 3938 yuan/ton at night (-0.05%); DCE soybean meal 2601 closed at 2937 yuan/ton during the day session (-0.81%), 2936 yuan/ton at night (-0.44%) [11]. - Spot: In Shandong, the spot basis of soybean meal was M2601 + 40/+50/+70/+80, etc. [11]. Macro and Industry News - On September 26, 2025, CBOT soybeans closed slightly higher, but due to China's large - scale purchases of Argentine soybeans this week, the purchases of US supplies were insufficient, causing soybean futures to fall for the second consecutive week [11][13]. 3. Corn Fundamental Data - Futures: C2511 closed at 2178 yuan/ton during the day session (+0.55%), 2184 yuan/ton at night (+0.28%); C2601 closed at 2139 yuan/ton during the day session (+0.14%), 2144 yuan/ton at night (+0.23%) [14]. - Spot: The price in Guangdong Shekou was 2440 yuan/ton (+20) [14]. Macro and Industry News - The northern corn collection port price decreased by 20 yuan/ton in some areas; the price in Guangdong Shekou increased by 10 - 20 yuan/ton [15]. 4. Sugar Fundamental Data - Futures: The futures main price was 5478 yuan/ton (-7) [19]. - Spot: The mainstream spot price was 5840 yuan/ton (0) [19]. Macro and Industry News - Brazil's sugar production in the second half of August increased by 18% year - on - year [19]. - As of September 27, 2025, India's monsoon precipitation was 7.5% higher than the long - term average [19]. - Brazil's sugar exports decreased, raising concerns about global consumption [19]. 5. Cotton Fundamental Data - Futures: CF2601 closed at 13405 yuan/ton during the day session (-0.92%), 13490 yuan/ton at night (+0.63%) [24]. - Spot: The price of northern Xinjiang 3128 machine - picked cotton was 14677 yuan/ton (0) [24]. Macro and Industry News - The cotton spot market is mainly pre - selling new cotton for the 2025/26 season, with stable prices and slightly more concessions [25]. - The ICE cotton futures continued to fluctuate around 66 cents/pound last Friday, and the poor export sales of US cotton limited its upward momentum [26]. 6. Eggs Fundamental Data - Futures: Eggs 2510 closed at 2940 yuan/500 kg (-1.24%); Eggs 2601 closed at 3354 yuan/500 kg (-0.33%) [29]. - Spot: The Liaoning spot price was 3.40 yuan/jin (-0.10) [29]. 7. Pigs Fundamental Data - Futures: Pigs 2511 closed at 12575 yuan/ton (-110); Pigs 2601 closed at 13100 yuan/ton (-210) [31]. - Spot: The Henan spot price was 12580 yuan/ton (0) [31]. 8. Peanuts Fundamental Data - Futures: PK510 closed at 7788 yuan/ton (+0.23%); PK511 closed at 7798 yuan/ton (+0.41%) [34]. - Spot: The price of Liaoning 308 common peanuts was 8500 yuan/ton (-60) [34]. Macro and Industry News - In the Henan Zhengyang area, the price of Baisha common peanuts was 4.1 - 4.3 yuan/jin, and in most producing areas, the prices were stable [35].