Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean meal rebounded at a low level, but the increase was limited. The arrival of imported soybeans was concentrated, and the supply of soybean meal was sufficient. The price of soybean meal was still under pressure and might continue to fluctuate at a low level [1]. - Peanuts have risen sharply recently and are showing strong momentum. Due to the impact of rainy weather in the main producing areas, the listing of new peanuts has been slow, and the bullish speculation sentiment has increased. The short - term strength is expected to continue [1]. - The rebound of hog and egg futures prices was limited. Due to the high inventory of hogs and laying hens, there was still pressure on the supply side, which restricted the rebound space of futures prices, and they might continue to operate weakly in the future [1]. Summary by Related Catalogs I. Agricultural Products Sector Overview - The soybean meal rebounded at a low level, but the supply was abundant, and the price might continue to fluctuate at a low level. Peanuts rose sharply due to the slow listing of new peanuts in the main producing areas. The rebound of hog and egg futures prices was limited due to high inventory [1]. II. Variety Strategy Tracking (1) Soybean Meal: Low - level Rebound - Focus: The rebound of soybean meal was limited by abundant supply. In September 2025, China imported 12.87 million tons of soybeans, a year - on - year increase of 13.2%. The arrival of imported soybeans in October was still sufficient, and the soybean meal inventory might continue to rise. The aquaculture of rapeseed meal entered the off - season, and the downstream pick - up basically stopped. The main 2601 contract of soybean meal was technically weak, and the strategy was to hold a small short position. The support level was 2400, and the resistance level was 2950 [2]. (2) Peanuts: Strong Rise - Focus: The main 2601 contract of peanuts rose strongly, reaching a two - and - a - half - month high. Due to the influence of rainfall in the main producing areas such as Henan, the listing of new peanuts was slow, and the supply was limited, which boosted the bullish sentiment. The main 2601 contract was technically strong, and the strategy was to hold a small long position. The support level was 8000, and the resistance level was 8100 [3]. (3) Palm Oil: Oscillating Downward - Focus: The main 2601 contract of palm oil continued to oscillate downward, but the decline was limited. India's palm oil imports in September decreased by 16.31% month - on - month, while Malaysia's palm oil exports in the first half of October increased by 12.3% month - on - month. Malaysia lowered its reference price for palm oil in November. The price of palm oil was affected by multiple factors and oscillated at a low level. The strategy was short - term trading. The support level was 9252, and the resistance level was 9396 [5]. (4) Hogs: Oscillating with a Negative Close, Rebound Limited - Focus: The main 2601 contract of hogs first rose and then fell, and the rebound was limited. The supply of hogs was abundant in October, and the pork consumption entered the off - season. The main 2601 contract was technically weak, and the strategy was to hold a small short position. The support level was 12085, and the resistance level was 12400 [7]. (5) Corn: Low - level Rebound - Focus: The main 2601 contract of corn rebounded at a low level. The new corn harvest increased the supply, but the purchase of some grain depots and the bad weather provided support. Some short - sellers took profits at a low level, and the technical buying increased to promote the rebound. The strategy was to close the short position. The support level was 2100, and the resistance level was 2140 [9]. (6) Eggs: Rebound Limited - Focus: The main 2512 contract of eggs had limited rebound. The laying hen inventory was at a historical high, and the supply was loose. The strategy was short - term trading. The support level was 3000, and the resistance level was 3050 [12]. (7) Cotton: Oscillating with a Negative Close, Low - level Fluctuation - Focus: The main 2601 contract of cotton oscillated at a low level. The supply of new cotton in Xinjiang increased, while the downstream demand was weak, and the national commercial cotton inventory rose to 115.54 million tons. The contract was technically weak, and the strategy was short - term trading. The support level was 13200, and the resistance level was 13350 [13][15]. (8) Sugar: Low - level Fluctuation - Focus: The main 2601 contract of Zhengzhou sugar fluctuated at a low level after a sharp decline. The sugar production in Brazil was at a historical high, and there were expectations of increased production in India and Thailand. The domestic sugar supply was abundant, and the consumption entered the off - season. The contract was technically weak, and the strategy was to hold a small short position. The support level was 5382, and the resistance level was 5432 [16]. (9) Apples: High - level Narrow - range Fluctuation - Focus: The main 2601 contract of apples continued to fluctuate in a narrow range at a high level. The late - maturing Fuji apples were postponed due to the weather, but the western producing areas were more active. The contract was technically strong, and the strategy was to hold a small long position. The support level was 8630, and the resistance level was 870 [18]. (10) Red Dates: Narrow - range Oscillation - Focus: The main 2601 contract of red dates continued to oscillate in a narrow range. The new dates in Xinjiang were harvested earlier than last year, and the domestic old - date inventory was still much higher than last year. The strategy was to hold a small long position. The support level was 11020, and the resistance level was 11200 [20].
豆粕反弹、花生走强
Tian Fu Qi Huo·2025-10-15 13:16