农产品早报-20251105

Group 1: Report Investment Ratings - There is no information about the report's industry investment rating in the provided content. Group 2: Core Views - Corn prices are expected to weaken in the short - term due to concentrated grain listings but may rebound in the medium - to long - term as farmers may resist selling at low prices [2] - Starch prices are currently under pressure due to high inventory, and downstream consumption rhythm will be the key factor for future price trends [2] - Sugar prices are affected by international supply pressure and domestic cost support, and may face challenges if global surplus intensifies [5] - Cotton prices are in a consolidation phase, and the downside is limited. Attention should be paid to demand - side changes [7] - Egg prices have rebounded slightly due to supply and demand factors, and the future price trend depends on the speed of chicken culling [13] - Apple prices are expected to fluctuate upward in the short - term as the new - season output decreases and the opening price is higher than last year [15] - Pig prices are currently weak, and the key drivers of the market are the paths of production and inventory reduction, with attention to factors such as slaughter rhythm, diseases, and policies [15] Group 3: Summary by Commodity Corn/Starch - Price Data: From October 29 to November 4, 2025, corn prices in different regions showed various changes, with a maximum decrease of 40 in some areas, and starch processing profit remained at 32 in the end [1] - Analysis: Short - term pressure on corn prices due to concentrated listings; mid - to long - term depends on the game between farmers and traders. Starch prices follow raw material prices, and high inventory suppresses prices [2] Sugar - Price Data: The provided table shows sugar spot prices in different regions, as well as data on basis, import profit, and warehouse receipts from October 29 to November 4, 2025, with some price changes [4] - Analysis: International supply pressure affects sugar prices, and domestic prices are supported by production costs but may face challenges from imports [5] Cotton/Cotton Yarn - Price Data: From October 29 to November 4, 2025, cotton prices showed a downward trend, and cotton yarn profit improved gradually [6] - Analysis: Cotton prices are in a consolidation phase, and the downside is limited. Attention should be paid to demand - side changes [7] Eggs - Price Data: From October 29 to November 4, 2025, egg prices in different regions remained relatively stable, with a 33 decrease in basis [13] - Analysis: Supply pressure is relieved, and demand has increased slightly, leading to a slight price rebound. Future prices depend on the speed of chicken culling [13] Apples - Price Data: From October 29 to November 4, 2025, the price of Shandong 80 first - and second - grade apples remained at 8000, and the basis showed a decreasing trend [14][15] - Analysis: New - season output has decreased, and affected by rainfall, the quality in some areas is poor. The opening price is higher than last year, and the short - term price is expected to fluctuate upward [15] Pigs - Price Data: From October 29 to November 4, 2025, pig prices in different regions decreased, with a maximum decrease of 0.35, and the basis decreased by 200 [15] - Analysis: Spot prices are weak, and the key to the market is the paths of production and inventory reduction, with attention to slaughter rhythm, diseases, and policies [15]