农产品日报-20251107

Report Industry Investment Ratings - Buy Recommendations: None - Sell Recommendations: None - Hold Recommendations: None - Neutral Recommendations: None - Specific Ratings for Commodities: - Douyi (Soybean 1): ★★★ (Red stars, indicating a predicted upward trend) [1] - Douyou (Soybean Oil): ★★★ (Red stars, indicating a predicted upward trend) [1] - Biaowangyou (Labeled Oil): ★★★ (Red stars, indicating a predicted upward trend) [1] - Doupo (Soybean Meal): ★☆☆ (One red star, indicating a bullish bias but limited trading operability) [1] - Caipo (Rapeseed Meal): ★★★ (Red stars, indicating a predicted upward trend) [1] - Yaoyou (Medicinal Oil): ★★★ (Red stars, indicating a predicted upward trend) [1] - Yumi (Corn): ★★★ (Red stars, indicating a predicted upward trend) [1] - Shengzhu (Live Pigs): ★★★ (Red stars, indicating a predicted upward trend) [1] - Jidan (Eggs): ★☆☆ (One red star, indicating a bullish bias but limited trading operability) [1] Core Views - The report provides a comprehensive analysis of various agricultural products, including soybeans, soybean oil, palm oil, rapeseed meal, rapeseed oil, corn, live pigs, and eggs. It assesses the market trends, supply - demand dynamics, and price movements of each product, and gives investment suggestions based on these analyses [2][3][4][6][7][8]. Summary by Commodity Soybean 1 - The main contract of Douyi significantly reduced its positions, and the price declined from the high level, affected by surrounding commodities. The price of US soybeans dropped from the high due to the easing of trade optimism. CGC started soybean procurement, with a preference for high - quality soybeans. The supply of domestic high - protein soybeans is tight this year due to adverse weather, and the market has optimistic expectations for them. Short - term policy guidance should be continuously monitored [2]. Soybean and Soybean Meal - The Dalian futures contract continued to fluctuate widely and correct. The tariff for importing US soybeans in China is now 13%, and there is still no price advantage for commercial imports. As of November 6, the CNF price of US Gulf/West soybeans (December shipment) is $506/ton, and that of Brazilian soybeans (December shipment) is $500/ton. With similar CNF prices and a 10% tariff difference, commercial purchases are unlikely. As the import cost rises, the crushing margin has improved, and it is expected that there will be a destocking situation for domestic soybeans in the first quarter of next year. The USDA will release the November supply - demand report on November 14. Opportunities for buying on dips after the easing of Sino - US trade relations should be followed [3]. Soybean Oil and Palm Oil - The price of US soybeans dropped from the high due to the easing of trade optimism. After the recent rise, the spread between the near - month FOB premium of US soybeans and that of Brazil has recovered to a higher level than the same period last year. The market is expected to focus on the guidance of the USDA report. Palm oil stopped falling and rebounded, but the rebound momentum on the disk is still weak. After the recent decline, the bearish momentum of palm oil has been continuously released, and the short - selling momentum at the price stage has eased. Whether the performance at this position is sustainable should be monitored. The probability of a short - term stabilization of palm oil with a bearish near - term supply - demand situation should be followed [4]. Rapeseed Meal and Rapeseed Oil - The expected pressure on the price of overseas oilseeds has a negative impact on the domestic rapeseed futures prices, and the main contracts of rapeseed products declined slightly. Canadian farmers are less willing to sell rapeseed due to low prices, and exports have increased slightly but remain sluggish. Although the news of strengthened rapeseed trade between Canada and Pakistan has boosted the export prospects of Canadian rapeseed, the market capacity of Pakistan is limited. The price of rapeseed futures is expected to remain under pressure. Domestic coastal oil mills have shut down due to a shortage of rapeseed. The arrival of Australian rapeseed in China should be monitored. The price difference between rapeseed products and other competing products is still high, which suppresses the consumption cost - effectiveness of rapeseed products. It is recommended to change the short - term long strategy for rapeseed meal to a wait - and - see approach and focus on the marginal changes at the oilseed import end [6]. Corn - Dalian corn futures fluctuated weakly. The increase in the supply of new corn in Northeast China has decreased, and the price is stable with a slight upward trend. In Shandong, the supply has increased, and the number of remaining vehicles at deep - processing plants in the morning is 1353. Sino - US relations may ease, and after the tax reduction announced by the Tariff Commission of the State Council, the tariff for importing US corn in China is now 11% within the quota and 75% outside the quota. The signing of the latest Sino - US economic and trade agreement should be continuously monitored. The change in the enthusiasm of grain listing in the Northeast should be followed, and currently, the market is considered to be in a weak bottom - range oscillation, and the inflection point is not clear [6]. Live Pigs - The price of live pig futures fluctuated within a narrow range, and the overall position increased. The spot price also showed a narrow - range consolidation. According to Yongyi data, the inventory of breeding sows decreased month - on - month in October, continuing the de - stocking trend for two consecutive months. Fundamentally, on one hand, due to the continuous recovery of production capacity, the number of live pig slaughterings will continue to increase in the later stage. On the other hand, the rebound of pig prices after the National Day was mainly driven by the entry of second - fattening farmers. However, second - fattening will increase the later - stage slaughtering pressure, and the average slaughter weight of live pigs this year is at the highest level in the past three years. The slaughter of second - fattened pigs will further impact the spot market. The futures market has priced in the potential supply pressure in advance. Historically, the bottom of the pig cycle often shows a double - bottom "W" shape. The low pig price in October is likely the first emotional bottoming, and it is expected that pig prices will have a high probability of a second bottoming in the first half of next year under the background of continuous supply pressure and off - season demand [7]. Eggs - Egg futures first declined and then rose, with an overall reduction in positions. The spot price increased today. The in - production inventory decreased slightly month - on - month in October but is still at a historically high level. The chick replenishment data in October remained sluggish, which is beneficial for improving the long - term supply outlook. However, the far - month contracts already contain a high price premium. The number of culled laying hens in the spot market increased, and the culling age decreased, indicating that the sentiment of culling old hens has increased. The disk has maintained a strong pattern recently, and opportunities for shorting on highs in the fourth quarter should be awaited [8].