光大期货农产品日报-20251022

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views - Corn: The corn futures price continued to rebound on Tuesday, with the forward contracts 2607 and 2609 leading the rise and the near - month contracts following. The spot price in North China was strong. Traders' willingness to store increased as the bad - grain risk decreased. The short - term outlook is a shock rebound [1]. - Soybean and Soybean Meal: The CBOT soybean closed lower on Tuesday due to profit - taking. The domestic protein meal continued to fluctuate. Although the spot supply of soybean meal was loose, the slow purchase of soybeans by oil mills from December to January provided cost support. The strategy is to maintain a shock mindset [1]. - Palm Oil and Other Oils: The BMD palm oil first rose and then fell on Tuesday. The ringgit - quoted palm oil production in Malaysia from October 1 - 20 increased. The domestic oil futures price fluctuated. The stock of domestic palm oil climbed last week, while that of soybean oil and rapeseed oil decreased slightly. The strategy is a shock mindset [1]. - Eggs: During the position - shifting process of the egg futures on Tuesday, the price rebounded from a low level. The spot price of eggs decreased slightly. The supply - side pressure was high, and the future focus is on the change in the breeding end's willingness to replenish and eliminate [1]. - Pigs: The main contract of live pigs 2601 first fell and then rose on Tuesday. The pig price in Northeast China was strong. The entry of second - fattening pigs supported the market to some extent, but the overall supply - demand situation was still oversupplied, with a shock outlook [2]. Group 3: Market Information - Palm Oil: The SPPOMA data showed that from October 1 - 20, 2025, the yield per unit, oil - extraction rate, and output of Malaysian palm oil increased compared to the same period last month. AmSpec data indicated that the export volume of Malaysian palm oil from October 1 - 20 increased by 2.5% compared to the same period last month [2][3]. - Wheat: The Ministry of Agriculture and Rural Affairs launched a 60 - day campaign on October 20 to combat autumn floods, rush to sow wheat, and promote strong seedlings. Seven working groups and scientific and technological teams were dispatched to major winter - wheat - producing provinces in the Huang - Huai - Hai region [3]. Group 4: Variety Spreads 4.1 Contract Spreads - Contracts including corn 1 - 5, corn starch 1 - 5, soybeans 1 - 5, soybean meal 1 - 5, soybean oil 1 - 5, palm oil 1 - 5, eggs 1 - 5, and live pigs 1 - 5 spreads are presented in the report [4][5][6][10][14]. 4.2 Contract Basis - Contracts including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs basis are presented in the report [12][13][16][17][22]. Group 5: Research Team Members - Wang Na, the director of the agricultural product research at Everbright Futures Research Institute, has won the "Best Agricultural Product Analyst" title multiple times and led the team to achieve many honors [26]. - Hou Xueling, an analyst of soybeans at Everbright Futures, has rich experience and has won many awards and published multiple articles [26]. - Kong Hailan, a researcher of eggs and live pigs at Everbright Futures Research Institute, has participated in many team honors and been interviewed by mainstream media [26].