油脂早报：鸡蛋下挫，豆油上扬-20251112

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The agricultural products sector shows mixed trends, with eggs falling sharply, oils and fats fluctuating strongly, and corn maintaining an upward trend [1]. Summary by Variety Eggs - The near - month main contracts 2512 and 2601 of eggs dropped significantly due to sufficient supply and weakening demand. The high inventory of laying hens and the slow elimination of old hens led to continuous supply pressure. After Double 11, the sales volume of e - commerce and supermarkets is expected to decline. The 2601 contract broke through the support level, and the technical indicators turned weak. A light - position short - selling strategy is recommended, with support at 3298 and resistance at 3350 [2]. Soybean Oil - The main 2601 contract of soybean oil continued to rise due to the decline in inventory. The increase in the price of CBOT soybean oil in the external market and the decline in the domestic oil mill operating rate led to a significant reduction in supply and inventory. As of the 45th weekend, the domestic soybean oil inventory was 1.37 million tons, a week - on - week decrease of 6.26%. The technical indicators showed strength. A light - position long - buying strategy is recommended, with support at 8234 and resistance at 8300 [3]. Hogs - The main 2601 contract of hogs fluctuated at a low level. The supply side had high inventory of sows, and the planned slaughter volume of large - scale pig enterprises in November was still high. The demand side had a slow start of curing and weak recovery of the catering industry. The technical indicators were weak. A light - position short - selling strategy is recommended, with support at 11580 and resistance at 12000 [5]. Soybean Meal - The main 2601 contract of soybean meal first declined and then rose, fluctuating at a high level. The improvement of Sino - US economic and trade relations may lead to the re - export of US soybeans to the Chinese market, but the import tariff is still high. The domestic supply of imported soybeans is sufficient, and downstream feed enterprises mainly purchase on a just - in - time basis. A short - term trading strategy is recommended, with support at 3044 and resistance at 3089 [7]. Corn - The main 2601 contract of corn fluctuated narrowly at a high level, maintaining an upward trend. The grain sales progress in the Northeast was better than expected, and the increase in new grain was reduced. The continuous purchase of the central grain reserve supported the price. Downstream feed and deep - processing enterprises had a demand for replenishment. The technical indicators showed strength. A light - position long - buying strategy is recommended, with support at 2166 and resistance at 2200 [10]. Red Dates - The main 2601 contract of red dates continued to fall. The new jujubes in the Xinjiang main production area were about to be listed, and the inventory increased. As of November 6, the physical inventory of 36 sample points was 9541 tons, a week - on - week increase of 2.06%, much higher than the same period last year. The technical indicators showed a downward trend. A light - position short - selling strategy is recommended, with support at 9335 and resistance at 9550 [13]. Cotton - The main 2601 contract of cotton fluctuated and declined, showing a weak trend. The supply increased as the picking and sales of Xinjiang cotton were basically completed, and the commercial inventory increased significantly. Some textile enterprises in the inland reduced their operating rates due to cost pressure. A short - term trading strategy is recommended, with support at 13435 and resistance at 13580 [14]. Apples - The main 2601 contract of apples fluctuated narrowly at a high level. The inventory level was lower than the same period last year, and the proportion of high - quality fruits was low. The technical indicators showed strength. A light - position long - buying strategy is recommended, with support at 9148 and resistance at 9250 [17]. White Sugar - The main 2601 contract of white sugar fluctuated narrowly and showed a strong trend. The peak of domestic white sugar imports has passed, and the cost of sugar production and strict syrup control policies supported the price. The start - up of sugar cane crushing in Guangxi was postponed, and the supply shortage supported the price. The technical indicators showed strength. A light - position long - buying strategy is recommended, with support at 5467 and resistance at 5490 [19].