《农产品》日报-20251114

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - Palm oil: The Malaysian BMD crude palm oil futures are in a narrow - range oscillation due to high production and weak export data, while the Dalian palm oil futures are expected to try to break through 8900. - Soybean oil: The global crude oil supply - demand forecast in 2026 by OPEC has affected the soybean oil market. The domestic soybean oil supply is abundant, and the spot basis is likely to remain stable [1]. 2.2 Pig Industry - The spot price of pigs is weak, but there is an expectation of strengthening in the market tomorrow. The overall November pig - selling progress is slow, which may boost the pig price. The market is in a range - bound pattern, and the 3 - 7 reverse spread strategy can be held [3]. 2.3 Meal Industry - The USDA monthly report is expected to show little change in the ending stocks. The domestic soybean inventory is high, and the meal market is expected to be in a wide - range oscillation. Attention should be paid to the USDA report [7]. 2.4 Corn Industry - Corn prices in the Northeast are rising locally, and those in the North China are stable with a slight upward trend. The price increase and decrease are limited due to supply pressures and cost and policy support. The short - term corn price may rebound, but the rebound amplitude is restricted [8]. 2.5 Cotton Industry - The ICE cotton futures are falling, and the domestic cotton price is likely to be in a range - bound pattern due to hedging pressure and cost support, with weak downstream demand but rigid raw - material demand from textile enterprises [11]. 2.6 Sugar Industry - Brazilian rainfall may affect sugarcane crushing, and India's sugar export has uncertainties. The domestic sugar market is expected to be in a price - oscillation state, with the new - season sugarcane crushing in Guangxi likely to be postponed [13][14]. 2.7 Egg Industry - The supply of eggs remains under pressure as the laying - hen inventory is high in November. The consumption is weak, but the egg price is at a bottom - range, and 2512 short positions can be gradually closed at a low price below 3000 [16]. 3. Summary by Related Catalogs 3.1 Oils and Fats Industry 3.1.1 Price Changes - Soybean oil: The spot price in Jiangsu remained unchanged at 8560, the futures price of Y2601 rose 0.34% to 8316, and the basis decreased 10.29% [1]. - Palm oil: The spot price in Guangdong dropped 0.58% to 8570, the futures price of P2601 rose 0.09% to 8752, and the basis decreased 46.77% [1]. - Rapeseed oil: The spot price in Jiangsu rose 1.48% to 10260, the futures price of OI601 rose 1.37% to 9975, and the basis rose 5.56% [1]. 3.1.2 Spread Changes - The 01 - 05 spread of soybean oil decreased 0.89%, that of palm oil decreased 13.33%, and that of rapeseed oil increased 9.11% [1]. 3.2 Pig Industry 3.2.1 Futures and Spot Prices - Futures: The price of pig 2605 rose 0.82% to 12235, and that of pig 2601 rose 0.55% to 11860. - Spot: The spot prices in most regions decreased, such as in Henan, Shandong, and Sichuan [3]. 3.2.2 Industry Indicators - The sample - point slaughter volume decreased 0.74%, the white - strip price decreased 0.53%, and the piglet price decreased 15% [3]. 3.3 Meal Industry 3.3.1 Price Changes - Soybean meal: The spot price in Jiangsu remained unchanged at 3050, the futures price of M2601 rose 0.39% to 3071, and the basis decreased 133.33% [7]. - Rapeseed meal: The spot price in Jiangsu remained unchanged at 2500, the futures price of RM2601 decreased 0.08% to 2492, and the basis increased 33.33% [7]. 3.3.2 Spread Changes - The 01 - 05 spread of soybean meal increased 4.78%, and that of rapeseed meal increased 1.61% [7]. 3.4 Corn Industry 3.4.1 Price Changes - Corn: The futures price of corn 2601 rose 0.41% to 2186, the Jinzhou Port flat - hatch price rose 0.46% to 2200, and the basis rose 7.69% [8]. - Corn starch: The futures price of corn starch 2601 rose 0.68% to 2507, and the basis decreased 85% [8]. 3.4.2 Industry Indicators - The import profit of corn increased 4.66%, and the number of remaining vehicles at Shandong deep - processing plants in the morning increased 14.54% [8]. 3.5 Cotton Industry 3.5.1 Price Changes - Futures: The price of cotton 2605 decreased 0.22% to 13495, and that of cotton 2601 decreased 0.18% to 13490. - Spot: The Xinjiang arrival price of 3128B decreased 0.38% to 14614, and the CC Index of 3128B decreased 0.22% to 14819 [11]. 3.5.2 Industry Indicators - The commercial inventory increased 70.4% to 293.06 tons, and the industrial inventory increased 9.7% to 88.82 tons [11]. 3.6 Sugar Industry 3.6.1 Price Changes - Futures: The price of sugar 2601 rose 0.62% to 5512, and that of sugar 2605 rose 0.41% to 5433. - Spot: The Nanning spot price remained unchanged at 5660, and the Kunming spot price remained unchanged at 5540 [13]. 3.6.2 Industry Indicators - The national sugar production increased 12.03% to 1116.21 tons, and the national sugar sales increased 9.17% to 1048.00 tons [13]. 3.7 Egg Industry 3.7.1 Price Changes - The price of the egg 12 - contract decreased 0.75% to 3040, and the price of the egg 01 - contract decreased 1.72% to 3322. - The egg - producing area price decreased 0.25% to 2.99 yuan per catty [16]. 3.7.2 Industry Indicators - The egg - chicken feed ratio decreased 1.68% to 2.34, and the breeding profit decreased 8.51% to - 26.52 yuan per chicken [16].