豆粕劲升、苹果大涨

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural products sector shows mixed performance. Soybean meal and apples are rising, while palm oil is falling, and other products have different trends based on their respective supply - demand factors [1]. 3. Summary by Related Catalogs 3.1 Agricultural Products Sector Overview - Soybean meal has a strong rise. The preliminary consensus of Sino - US economic and trade consultations improves the outlook for US soybean export demand, pushing up CBOT soybean prices and increasing domestic import costs. However, the rising domestic soybean meal inventory may limit its upward space. - Apples have a sharp rise at a high level. New apple production cuts and high prices of high - quality spot apples boost futures prices. - Oils are weak, especially palm oil which has a significant drop due to increased production in producing areas, slow export, decreased domestic import costs, concentrated arrivals, and rising inventory [1]. 3.2 Variety Strategy Tracking 3.2.1 Soybean Meal - The main 2601 contract of soybean meal is strongly rising, driven by increased import costs. Sino - US consultations ease trade tensions and improve the outlook for US soybean demand, pushing up CBOT soybean prices and domestic procurement costs. But the rising inventory may resist its upward space. Technically, it shows a strong feature, and the strategy is to go long lightly on dips. The support is 2932, and the resistance is 2986 [2][3]. 3.2.2 Apples - The main 2601 contract of apples is surging at a high level, supported by production cuts and strong spot prices. The estimated new - season apple production drops by about 8%. Spot prices in various regions are strong, driving futures prices up. The strategy is to go long lightly. The support is 9000, and the resistance is 9250 [4]. 3.2.3 Corn - The main 2601 contract of corn rebounds after a previous decline, supported by bargain - hunting. New grain harvest in domestic main producing areas speeds up, and there is demand for replenishment. However, seasonal supply pressure exists, and potential increased imports may limit its movement. Technically, it is still in a weak state, and the strategy is to go short lightly. The support is 2110, and the resistance is 2130 [6]. 3.2.4 Red Dates - The main 2601 contract of red dates fluctuates slightly after a sharp decline. New jujube listing and high inventory of old jujubes put pressure on prices. Technically, it is in a weak state, and the strategy is to sell on rallies. The support is 10300, and the resistance is 10560 [8]. 3.2.5 Eggs - The main 2512 contract of eggs adjusts downward after a continuous rebound. Cooling weather and low prices support spot prices, but high egg - laying hen inventory limits the rebound space. Technically, it is still strong, and the strategy is to hold long positions. The support is 3062, and the resistance is 3130 [10]. 3.2.6 Live Pigs - The main 2601 contract of live pigs fluctuates downward with limited rebound. Although consumer demand increases and supply pressure eases temporarily, high total inventory leads to a supply - surplus situation. The strategy is to close long positions and operate short - term. The support is 12120, and the resistance is 12430 [12]. 3.2.7 Cotton - The main 2601 contract of cotton fluctuates narrowly with an upward trend. Sino - US consultations boost market sentiment, but new cotton listing increases inventory. Spinning mills'开机意愿 remains stable. Technically, it is strong, and the strategy is to hold long positions. The support is 13550, and the resistance is 13670 [14]. 3.2.8 Palm Oil - The main 2601 contract of palm oil drops significantly due to increased production in Malaysia and slow export. Domestic inventory accumulates, suppressing prices. Technically, it is weak, and the strategy is to go short lightly. The support is 8940, and the resistance is 9080 [16]. 3.2.9 Sugar - The main 2601 contract of sugar rebounds sharply as the peak of sugar imports passes, reducing supply pressure. Sugar prices near production costs weaken the downward momentum. Technically, it turns strong, and the strategy is to go long lightly on dips. The support is 5450, and the resistance is 5502 [18].