Group 1: Report Industry Investment Ratings - Not provided in the given content Group 2: Core Views of the Report Palm Oil - In Malaysia, with export growth and production increase lower than market expectations, there is a chance for the price to rise to 4,650 ringgit. Pay close attention to export data and MPOA production data, and focus on whether the price can effectively stand above 4,500 ringgit. In China, the Dalian palm oil futures market maintains a narrow - range consolidation trend. After repeated consolidation, watch if it can break through and stand above 9,500 yuan driven by the rise of Malaysian palm oil [1]. Soybean Oil - Sino - US trade negotiations seem to be back on track after weeks of new tariff threats and export restrictions. The data from the US EPA shows that the renewable fuel blending volume in September exceeded that in August, which is positive for Chicago soybean oil futures. In China, the Dalian soybean oil futures rose following the strength of CBOT soybeans and soybean oil, but the increase was limited due to the drag of Sino - Canadian negotiations and limited downstream demand before the Spring Festival stocking. The possibility of a short - term continued rise is low [1]. Sugar - From the second half of September, the sugarcane crushing volume in the central - southern region of Brazil increased year - on - year, and the cumulative sugar production also increased. Affected by supply expectations, the upward momentum of raw sugar prices is limited. As of October, the market focuses on the production prospects of India and Thailand. The overall production is currently optimistically estimated, and the raw sugar price is expected to fluctuate between 15 - 16 cents per pound. The September sales data is neutral to weak, and the inventory has increased year - on - year. The new sugar pre - sale price is much lower than the current market price, and the spot market is expected to maintain a weak and volatile pattern [3][4]. Cotton - The purchase price of machine - picked cottonseed in Xinjiang is firm. The Zhengzhou cotton futures main contract has cost support at low levels, but there is also increasing hedging pressure above 13,500 - 13,600 yuan. The downstream terminal demand is weak, but textile enterprises' cotton inventory is not high, and they have demand for cotton at current prices. In the short term, the cotton price is expected to fluctuate within a range [5]. Eggs - The存栏量 of laying hens remains high, and the egg supply is sufficient. The downstream demand has improved, which will drive up the egg price. However, the sufficient supply at the origin may suppress the increase in egg prices. It is expected that the egg price will rise slightly this week and then stabilize, but there is still overall pressure [8][10]. Corn - In the short term, the corn price has stabilized and rebounded slightly due to the decrease in supply. However, the pattern of strong supply and weak demand remains unchanged, and the upward space of the price is limited. The demand from deep - processing and feed enterprises is cautious, but their inventory is relatively low, and the subsequent purchase intention will increase. Some regions have started purchasing and storage, but the scale is small [13]. Meal - related Products - The US soybean has improved slightly, but lacks substantial positive factors. Brazil's new - crop soybean sowing is progressing smoothly, and the domestic soybean supply in the fourth quarter is sufficient. The domestic soybean and soybean meal inventory is still at a high level, and the spot price is expected to be weak this year. However, the downward space is limited. If China continues not to purchase US soybeans, the M2601 contract has support around 2,900 yuan, and there may be opportunities for 1 - 5 positive spreads [18]. Pigs - In the short term, the supply and demand are basically balanced, and the pig price has stabilized and rebounded due to the entry of second - fattening in North and Northeast China. In the long term, the supply pressure in the fourth quarter will continue to be released, and the pig price is not optimistic. Policy - driven capacity reduction needs time to take effect, and it is expected that the spot price will still face pressure until the first half of next year. The disk operation should focus on short - selling on rallies, and hold the LH3 - 7 reverse spread [21]. Group 3: Summaries According to Relevant Catalogs Futures Market Data Oils and Fats - Soybean Oil: On October 20, the spot price in Jiangsu was 8,610 yuan, up 0.23% from October 17; the futures price of Y2601 was 8,298 yuan, up 0.51%; the basis of Y2601 was 312 yuan, down 6.59% [1]. - Palm Oil: The spot price in Guangdong was 9,300 yuan, up 0.54%; the futures price of P2601 was 9,318 yuan, up 0.11%; the basis of P2601 was - 18 yuan, up 68.97%. The import cost in Guangzhou Port in January was 9,708.1 yuan, up 0.18%, and the import profit was - 390 yuan, down 2.06%. The number of warehouse receipts was 600, up 20% [1]. - Rapeseed Oil: The spot price in Jiangsu was 10,120 yuan, unchanged; the futures price of OI601 was 9,918 yuan, up 0.58%; the basis of OI601 was 202 yuan, down 22.01% [1]. Sugar - On October 20, the futures price of sugar 2601 was 5,428 yuan/ton, up 0.30%; the futures price of sugar 2605 was 5,386 yuan/ton, up 0.22%; the 1 - 5 spread was 42 yuan/ton, up 11.43%. The main contract's open interest was 426,415, down 3.41% [3]. Cotton - The futures price of cotton 2605 was 13,390 yuan/ton, up 1.05%; the futures price of cotton 2601 was 13,335 yuan/ton, up 0.97%; the 5 - 1 spread was 55 yuan/ton, up 18.18%. The main contract's open interest was 586,467, up 1.11% [5]. Eggs - The price of the egg 11 - contract was 2,770 yuan/500KG, down 1.25%; the price of the egg 01 - contract was 3,166 yuan/500KG, down 0.41%. The basis was 174 yuan/500KG, down 24.47% [8]. Corn - The futures price of corn 2601 was 2,138 yuan/ton, up 0.99%; the basis was 12 yuan/ton, down 7.69%; the 1 - 3 spread was - 30 yuan/ton, down 7.14%. The open interest was 1,701,632, up 1.43%, and the number of warehouse receipts was 49,324, up 34.36% [13]. Meal - related Products - Soybean Meal: The spot price in Jiangsu was 2,900 yuan, down 0.68%; the futures price of M2601 was 2,895 yuan, up 0.94%; the basis of M2601 was 5 yuan, down 90.38%. The number of warehouse receipts was 42,761, down 0.3% [18]. - Rapeseed Meal: The spot price in Jiangsu was 2,430 yuan, up 0.83%; the futures price of RM2601 was 2,350 yuan, up 1.91%; the basis of RM2601 was 80 yuan, down 23.08%. The number of warehouse receipts was 7,702, unchanged [18]. Pigs - The futures price of the live hog 2511 contract was 11,410 yuan/ton, up 3.26%; the futures price of the live hog 2601 contract was 12,155 yuan/ton, up 4.16%. The 11 - 1 spread was - 745 yuan/ton, down 20.16%. The main contract's open interest was 102,555, down 4.13% [21]. Spot Market Data Sugar - The spot price in Nanning was 5,770 yuan, down 0.35%; in Kunming, it was 5,740 yuan, down 0.35%. The basis in Nanning was 381 yuan, down 7.75%; in Kunming, it was 351 yuan, down 8.36%. The import price of Brazilian sugar (within quota) was 4,254 yuan/ton, down 1.53%; (out - of - quota) was 5,396 yuan/ton, down 1.59% [3]. Cotton - The Xinjiang arrival price of 3128B cotton was 14,517 yuan, up 0.05%; the CC Index of 3128B was 14,679 yuan, unchanged; the FC Index of M: 1% was 12,851 yuan, unchanged. The basis of 3128B - 01 contract was 987 yuan/ton, down 11.88%; the basis of 3128B - 05 contract was 1,052 yuan/ton, down 10.47% [5]. Eggs - The egg - producing area price was 2.94 yuan/500KG, down 3.01%; the price of laying hens was 2.60 yuan/feather, unchanged; the price of culled hens was 4.32 yuan/jin, down 3.14% [8]. Corn - The FOB price in Jinzhou Port was 2,150 yuan/ton, up 0.94%; the bulk grain price in Shekou was 2,310 yuan/ton, unchanged. The north - south trade profit was 79 yuan/ton, down 20.20%; the CIF price was 1,982 yuan/ton, up 0.04%; the import profit was 328 yuan/ton, down 0.21% [13]. Meal - related Products - Soybean Meal: The spot price in Jiangsu was 2,900 yuan, down 0.68%. - Rapeseed Meal: The spot price in Jiangsu was 2,430 yuan, up 0.83% [18]. Pigs - The spot price in Henan was 11,530 yuan/ton, up 180 yuan; in Shandong, it was 11,550 yuan/ton, up 150 yuan; in Sichuan, it was 11,010 yuan/ton, up 160 yuan; in Liaoning, it was 11,590 yuan/ton, up 140 yuan; in Guangdong, it was 11,530 yuan/ton, up 20 yuan; in Hunan, it was 10,810 yuan/ton, unchanged; in Hebei, it was 11,570 yuan/ton, up 170 yuan [21]. Industry Situation Data Sugar - The cumulative national sugar production was 1,116.21 million tons, up 12.03% year - on - year; the cumulative national sugar sales were 1,048 million tons, up 9.17% year - on - year. The cumulative sugar production in Guangxi was 646.50 million tons, up 4.59% year - on - year; the monthly sugar sales in Guangxi were 26.66 million tons, down 41.20% year - on - year [3]. Cotton - The inventory decreased by 13.1% month - on - month; the industrial inventory decreased by 1.9% month - on - month; the import volume increased by 42.9% month - on - month; the bonded area inventory increased by 1.4% month - on - month [5]. Eggs - The egg - to - feed ratio was 2.31, down 7.97%; the breeding profit was - 28.71 yuan/feather, down 69.88% [8]. Corn - The number of remaining vehicles at Shandong deep - processing enterprises in the morning was 446, down 1.11% [13]. Meal - related Products - The盘面 import profit of Canadian rapeseed meal for January shipment was 792 yuan, up 5.74% [18]. Pigs - The daily slaughter volume of sample points was 164,642, down 1.13%; the weekly white - strip price was 19.01 yuan, unchanged; the weekly piglet price was 26.00 yuan/kg, unchanged; the weekly sow price was 32.47 yuan, down 0.09%; the weekly slaughter weight was 128.25 kg, down 0.18%; the weekly self - breeding profit was - 245 yuan/head, down 60.83%; the weekly purchased - pig breeding profit was - 375 yuan/head, down 24.66%; the monthly fertile sow inventory was 4,038 million heads, down 0.10% [21].
《农产品》日报-20251021
Guang Fa Qi Huo·2025-10-21 02:40