广发期货《农产品》日报-20251110

Report Overview 1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of Each Report - Fats and Oils Industry: The market has a bearish outlook on Malaysian palm oil inventory, and there is pressure for further decline in the external palm oil market. The domestic soybean oil supply is abundant, and the basis price may fluctuate within a certain range [1]. - Sugar Industry: The global sugar supply is abundant, and the raw sugar price remains weak. The domestic sugar market is affected by import quotas and may experience weak price fluctuations [3]. - Pig Industry: The pig price is expected to be moderately strong in November, and the market has entered a range - bound pattern. It is recommended to hold the 3 - 7 reverse spread and be cautiously bullish on single - side operations [5]. - Cotton Industry: The short - term cotton price may fluctuate within a range due to cost support and weak downstream demand [7]. - Corn Industry: The short - term corn supply is relatively stable, and the price may adjust in a range. It will be weak when the selling pressure emerges [8]. - Meal Industry: The domestic soybean and soybean meal inventories are at a high level, but there is strong cost support. The price is expected to fluctuate within a range [12]. - Egg Industry: The egg supply pressure remains, and the demand is average. The egg price is expected to fluctuate widely at the bottom [15]. 3. Summary by Related Catalogs Fats and Oils Industry - Price Changes: On November 7th, compared with November 6th, soybean oil prices were stable, palm oil prices had minor fluctuations, and rapeseed oil prices increased slightly [1]. - Market Situation: Malaysian palm oil production increased in October, and the market has a bearish view on its inventory. The domestic soybean oil supply is under pressure, and the demand is weak [1]. Sugar Industry - Price Changes: On November 7th, sugar futures prices increased slightly, and spot prices in some regions changed. The raw sugar price is at a five - year low [3]. - Industry Situation: The national sugar production and sales increased year - on - year, and the industrial inventory decreased [3]. Pig Industry - Price Changes: On November 7th, compared with November 6th, futures prices decreased slightly, and spot prices in some regions increased [5]. - Market Situation: The market's reluctance to sell increased, and the planned November slaughter volume will slow down, which may support the pig price [5]. Cotton Industry - Price Changes: On November 7th, compared with November 6th, cotton futures prices decreased slightly, and spot prices increased slightly [7]. - Industry Situation: Industrial and commercial inventories increased, and textile exports decreased [7]. Corn Industry - Price Changes: On November 7th, compared with November 6th, corn futures prices decreased slightly, and spot prices in some regions increased [8]. - Market Situation: The selling pressure of corn is expected to increase, and the demand side is cautious in purchasing [8]. Meal Industry - Price Changes: On November 7th, compared with November 6th, soybean meal, rapeseed meal, and soybean prices had minor fluctuations [12]. - Market Situation: The demand for US soybeans is not strong, and the domestic soybean and soybean meal inventories are high, but there is cost support [12]. Egg Industry - Price Changes: On November 7th, compared with November 6th, egg futures prices changed, and spot prices increased [15]. - Market Situation: The supply of eggs is under pressure, and the demand is average [15].