下游备货上游惜售，玉米盘面持续偏强

1. Report Industry Investment Rating The report does not explicitly mention an overall industry investment rating. However, it provides individual outlooks for different agricultural products: - Corn/Starch: Oscillating strongly. There is still room for short - term price increase, and the regional strong trend continues. Consider short - selling opportunities around 2200 [2][7]. - Oils and Fats: Palm oil and rapeseed oil are expected to oscillate strongly, while soybean oil is expected to oscillate [5]. - Protein Meal: Soybean meal and rapeseed meal are expected to oscillate. Buy on dips, avoid chasing highs, and consider selling near - term contracts and buying far - term contracts [6]. - Pigs: Oscillating weakly. The near - term end has high - capacity realization and inventory pressure, while the far - term end is supported by production - reduction expectations [8]. - Natural Rubber: Oscillating. There may be a repair market for the RU - NR spread, and the price is expected to maintain a bottom - oscillating and highly elastic trend [10]. - Synthetic Rubber: Oscillating. Short - term, it is recommended to short on rallies before there is an obvious supply - demand contradiction in butadiene [13]. - Cotton: Short - term, the 01 contract is expected to oscillate within a range; long - term, it may oscillate strongly as the 25/26 annual balance sheet may see inventory reduction [13][14]. - Sugar: Medium - to long - term, it is expected to oscillate weakly; short - term, it fluctuates around 5400 - 5500 yuan/ton, and a short - on - rallies strategy is recommended [14]. - Pulp: Oscillating. The spot market is dominated by weak supply - demand and birch needle warehouse receipts, while the futures market is driven by funds. Adopt a wait - and - see approach [16]. - Double - Glued Paper: The market price stops falling and stabilizes as tenders are launched [17][19]. - Logs: Oscillating weakly. The fundamentals are weak, and the spot price is under pressure, with recent bottom - oscillating [20]. 2. Core Viewpoints of the Report The report analyzes the market conditions of various agricultural products. In general, the agricultural product market is affected by multiple factors such as supply and demand, weather, policies, and international trade. Different products show different trends. For example, corn prices are currently supported by downstream stocking and upstream hoarding, but there is pressure from new - grain listing in the fourth quarter; pig prices are low due to abundant supply in the short - to medium - term, but supply pressure may ease in the second half of 2026; some products like oils and fats, protein meal, and cotton are affected by factors such as international market conditions, production expectations, and inventory levels [2][6][8]. 3. Summary by Relevant Catalogs 3.1行情观点 - Oils and Fats: Yesterday, rapeseed oil led the rise in oils and fats. Factors such as the possible resumption of the US government, the outlook for US soybean exports, the planting progress of South American soybeans, and the supply and demand of domestic and international oils and fats affect the market. Palm oil and rapeseed oil are expected to oscillate strongly, and soybean oil is expected to oscillate [5]. - Protein Meal: The far - term contracts are making up for losses, and the spread between near - term and far - term contracts is narrowing. The market is affected by factors such as the upcoming USDA report, the export of Brazilian soybeans, and the supply and demand of domestic and international soybean meal. Soybean meal and rapeseed meal are expected to oscillate [6]. - Corn/Starch: Downstream stocking and upstream hoarding lead to a strongly oscillating market. Currently, prices are supported by supply and demand factors, but there is pressure from new - grain listing in the fourth quarter. The short - term price may continue to rise, and there may be short - selling opportunities around 2200 [2][7]. - Pigs: Monthly supply is abundant, and pig prices are running at a low level. The supply is high in the short - to medium - term but may ease in the second half of 2026. The demand, inventory, and market rhythm also affect the price. The market shows a pattern of "weak reality + strong expectation" [8]. - Natural Rubber: Narrowly oscillating, waiting for speculative opportunities. The price is affected by factors such as overseas supply, demand, and the spread between RU and NR. There may be a repair market for the RU - NR spread [10]. - Synthetic Rubber: Temporarily stabilizing, but the pressure from raw materials is still large. The market is affected by the price of butadiene and supply - demand fundamentals. It is recommended to short on rallies [13]. - Cotton: Narrowly fluctuating, pay attention to the adjustment of production expectation differences. The short - term price is affected by production expectations and supply - demand relationships, and the 01 contract is expected to oscillate within a range. Long - term, it may oscillate strongly [13][14]. - Sugar: The external market stabilizes, and the domestic market rebounds slightly. The international and domestic sugar supply and demand situations affect the price. Medium - to long - term, it is expected to oscillate weakly; short - term, it fluctuates around 5400 - 5500 yuan/ton [14]. - Pulp: The futures market is driven by funds, and a wait - and - see approach is recommended. The market is affected by factors such as the price of packaging paper, import costs, and supply - demand relationships. The price is expected to oscillate within a certain range [16]. - Double - Glued Paper: In the tender peak season, the spot price stabilizes and strengthens. The market may show a pattern of rising first and then falling, with price stabilization as tenders are launched [17][19]. - Logs: The fundamentals remain unchanged, and the price mainly oscillates narrowly. The supply and demand of logs are affected by factors such as import volume, demand from the real - estate industry, and inventory levels. The price is expected to oscillate weakly [20]. 3.2品种数据监测 The report lists the data monitoring sections for various agricultural products such as oils and fats, corn, starch, cotton, sugar, pulp, double - glued paper, and logs, but specific data content is not fully elaborated in the provided text.