光大期货农产品日报-20251107

Group 1: Report Industry Investment Ratings - Corn: Bullish [1] - Soybean Meal: Sideways [1] - Oils: Sideways [1] - Eggs: Sideways [1] - Hogs: Sideways [2] Group 2: Core Views of the Report - Corn futures prices are expected to continue rebounding due to the breakthrough of the bottom pattern and the support from the spot market. The downstream feed enterprises are purchasing as needed and remaining cautious in the long - term [1]. - For soybean meal, the domestic protein meal is strong, but the sufficient supply of domestic soybeans and soybean meal limits the upside space. A strategy of long futures + selling out - of - the - money call options is recommended [1]. - Oils are experiencing a short - term rebound. The short - term long strategy can be considered, but the high inventory of the three major oils remains a factor [1]. - Egg futures prices are continuing to rebound. The expected decline in future production capacity supports the futures market. Attention should be paid to future capacity changes for trading opportunities [1]. - Hog futures show a pattern of far - month strength and near - month weakness. The short - term price is at a low level, but the long - term long position of the far - month 2609 contract is a market focus [2]. Group 3: Summary of Market Information - From November 1 - 5, 2025, Malaysia's palm oil yield, oil extraction rate, and production increased compared to the same period last month [2]. - Argentina's oilseed workers' union and the industry association reached an agreement on salary increases [3]. - On November 6, the "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket" product wholesale price index decreased. The average wholesale price of pork in the national agricultural product market decreased by 0.7% [3]. - The CNF price and import cost of US soybeans for December shipment are higher than those of Brazilian soybeans [3]. Group 4: Summary of Variety Spreads - The report presents contract spreads and contract basis charts for various agricultural products such as corn, corn starch, soybeans, soybean meal, oils, eggs, and hogs, but no specific analysis of these spreads is provided [4][5][6][10][12][13][14][16][20][24] Group 5: Introduction of the Agricultural Product Research Team - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute. She has won many awards and has rich experience [26]. - Hou Xueling is an analyst of soybeans at Everbright Futures, with over ten years of futures experience and many awards [26]. - Kong Hailan is a researcher of eggs and hogs at Everbright Futures Research Institute, with a master's degree in economics and rich experience [26].