国泰君安期货商品研究晨报：农产品-20251105

Report Industry Investment Ratings There is no information provided in the report regarding industry investment ratings. Core Views - Palm oil: Lack of drivers, focus on short - term support [2] - Soybean oil: Adjustment of US soybeans, low - level oscillation [2] - Soybean meal: Adjustment and oscillation [2] - Soybean: Adjustment and oscillation [2] - Corn: Oscillatory operation [2] - Sugar: Oscillatory and weakening [2] - Cotton: Affected by the overall weak trend of the commodity market [2] - Eggs: Oscillatory adjustment [2] - Pigs: Contradictions start to be released, adopt a large reverse - spread strategy [2] - Peanuts: Focus on the spot market [2] Summary by Related Catalogs Palm Oil and Soybean Oil - Fundamental Data: Palm oil's closing price (day session) was 8,616 yuan/ton, down 0.55%; night session was 8,654 yuan/ton, up 0.44%. Soybean oil's closing price (day session) was 8,108 yuan/ton, down 0.02%; night session was 8,116 yuan/ton, up 0.10%. [4] - Macro and Industry News: Malaysia's palm oil inventory in October is expected to soar 3.5% to 244 million tons. StoneX lowered the US 2025 soybean yield forecast. [5][7] - Trend Intensity: Palm oil and soybean oil trend intensities are both 0 [10] Soybean Meal and Soybean - Fundamental Data: DCE soybean 2601's closing price (day session) was 4055 yuan/ton, down 0.90%; night session was 4042 yuan/ton, down 0.83%. DCE soybean meal 2601's closing price (day session) was 3015 yuan/ton, down 0.69%; night session was 3014 yuan/ton, down 0.46%. [11] - Macro and Industry News: On November 4, CBOT soybeans fell from a 16 - month high due to unclear progress in Chinese purchases. [11] - Trend Intensity: Soybean meal and soybean trend intensities are both 0 [13] Corn - Fundamental Data: C2601's closing price (day session) was 2,135 yuan/ton, down 0.05%; night session was 2,140 yuan/ton, up 0.23%. [15] - Macro and Industry News: Northern corn port prices increased, while Guangdong Shekou prices decreased. [16] - Trend Intensity: Corn trend intensity is 0 [17] Sugar - Fundamental Data: Raw sugar price was 14.21 cents/pound, down 0.47. Mainstream spot price was 5690 yuan/ton, down 10. [18] - Macro and Industry News: Brazil's September sugar production increased by 11% year - on - year, but exports decreased. China's September sugar imports were 55 million tons. [18] - Trend Intensity: Sugar trend intensity is - 1 [21] Cotton - Fundamental Data: CF2601's closing price (day session) was 13,535 yuan/ton, down 0.48%; night session was 13480 yuan/ton, down 0.41%. [23] - Macro and Industry News: Cotton spot trading was fair, and some low - price transactions were better. Cotton yarn sales were slow, and some weaving factories may cut production in November. [24] - Trend Intensity: Cotton trend intensity is 0 [26] Eggs - Fundamental Data: Egg 2512's closing price was 3,144 yuan/500 kilograms, down 0.16%. Egg 2601's closing price was 3,492 yuan/500 kilograms, down 0.12%. [28] - Trend Intensity: Egg trend intensity is 0 [28] Pigs - Fundamental Data: Henan's spot price was 11980 yuan/ton, down 250. Sichuan's spot price was 11650 yuan/ton, down 350. [30] - Market Information: New delivery warehouses were added. September national feed production increased. [32] - Trend Intensity: Pig trend intensity is - 2 [33] Peanuts - Fundamental Data: PK601's closing price was 7,812 yuan/ton, down 0.13%. PK603's closing price was 7,866 yuan/ton, down 0.08%. [35] - Spot Market Focus: Prices in most peanut - producing areas were stable, with low supply and general inquiries. [36] - Trend Intensity: Peanut trend intensity is 0 [37]