光大期货农产品日报-20251016

Report Summary 1. Report Industry Investment Ratings - Corn: Oscillatory rebound [1] - Soybean Meal: Oscillatory [1] - Oils: Rising [1] - Eggs: Oscillatory [1] - Pigs: Oscillatory [2] 2. Core Views - Corn futures showed a low - level stabilization after a sharp fall, with farmers' reluctance to sell due to cooling weather, while the spot price continued to decline due to factors like concentrated supply in the production area [1]. - Soybean meal futures were oscillatory, with the domestic market being weak due to sufficient supply in the fourth quarter, despite high - than - expected September crushing volume in the US [1]. - Oils futures were rising. Although there were short - term pressures, the medium - to - long - term trend was positive, and it was recommended to buy on dips, influenced by factors such as improved export data of Malaysian palm oil [1]. - Eggs futures oscillated higher. The spot price was stable, with short - term supply pressure due to high egg - laying hen inventory [1]. - Pig futures oscillated at a low level. The spot price continued to decline, and the futures price was dragged down by the spot market [2]. 3. Summary by Relevant Catalogs Research Views - Corn: The November contract of corn futures closed with a small positive line on Wednesday. The spot price continued to fall, but farmers' willingness to store increased due to cooling weather. The price in the Northeast was weak, and the North Port faced pressure. In the North China region, the price of wet corn fell more. The price in the sales area also decreased. Technically, the pressure from the expected bumper harvest was gradually released, and the futures price showed a low - level stabilization [1]. - Soybean Meal: CBOT soybean futures closed flat to slightly higher on Wednesday. NOPA's September crushing volume reached a record high. The domestic protein meal market was weakly oscillatory, with a soft market performance due to factors like sufficient supply [1]. - Oils: BMD palm oil fell for the third consecutive day on Wednesday, but positive export data offset concerns. High - frequency data showed a 16.2% month - on - month increase in Malaysian palm oil exports from October 1 - 15. Domestic vegetable oils rebounded, following the improvement in the macro - sentiment. It was recommended to buy on dips in the medium - to - long - term [1]. - Eggs: Egg futures oscillated higher on Wednesday. The spot price was stable, with improved sales in some areas after the rainy weather ended. However, due to high egg - laying hen inventory, there was supply pressure, and it was recommended to wait and see [1]. - Pigs: Pig futures first rose and then fell on Wednesday, closing with a small negative line. The spot price continued to decline, and the futures price was dragged down by the spot market. The daily slaughter volume increased, and the average weight decreased slightly [2]. Market Information - Malaysian palm oil exports from October 1 - 15 increased by 12.3% (AmSpec data) and 16.2% (ITS data) compared to the same period last month [2][3]. - India's vegetable oil imports in September slightly decreased compared to August [3]. - Trump accused China of deliberately stopping importing US soybeans, and the Chinese Foreign Ministry responded [3]. - Indonesia plans to increase the export tax on crude palm oil from 10% to 15% to fund the transition from the B40 to B50 biodiesel program [4]. Variety Spreads - The report presents various contract spreads and contract basis charts for multiple agricultural products such as corn, soybean, oil, eggs, and pigs, including 1 - 5 spreads and related basis [5][6][7]