Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views - Corn prices have started a short - term upward trend due to tightened supply in production areas and downstream replenishment demand, with farmers' selling intention being a key factor. In the long - term, the supply - demand situation is tight, and prices are expected to rise after the release of farmers' selling pressure [2] - Starch prices fluctuate with raw material prices in the short - term. High inventory suppresses prices, and downstream consumption rhythm is crucial for long - term price trends [3] - For sugar, short - term Zhengzhou sugar is more affected by import policies, with domestic sugar cost as support. In the long - term, if the global sugar market surplus intensifies, domestic sugar cost may be broken through. A high - short strategy is maintained, but the downward space is limited [4] - Cotton production is estimated to have decreased. The positive result of the Sino - US talks is beneficial for textile exports, making long - term long positions suitable [6] - Egg prices have a slightly upward - moving price center due to supply and demand factors. The acceleration of the elimination process will drive prices up [10] - Apple prices are expected to maintain high - level oscillations in the short - term as the national cold - storage inventory has decreased compared to last year [14] - Pig prices are in a weak and volatile situation in the short - term, with mid - term supply pressure remaining. Attention should be paid to factors such as the selling rhythm, diseases, policies, and capital sentiment [14] Group 3: Summary by Commodity Corn/Starch - Corn Price Data: From 2025/11/14 to 2025/11/20, prices in different regions showed some changes. For example, the price in Changchun remained at 2070, while in other regions like Jinzhou, there were fluctuations. The basis changed from - 25 to 2, and the trade profit and import profit also changed [2] - Starch Price Data: During the same period, the price in Heilongjiang and Weifang remained at 2700 and 2800 respectively, with the basis changing from 150 to 232 and the processing profit changing from 9 to - 1 [2] Sugar - Sugar Price Data: From 2025/11/14 to 2025/11/20, the spot price in Kunming decreased by 45, and the Zhengzhou futures price decreased by 446 [4] Cotton/Cotton Yarn - Cotton Price Data: From 2025/11/14 to 2025/11/20, the 3128 cotton price increased by 20, and the import profit and other data also changed [6] - Cotton Yarn Price Data: The Vietnam yarn spot price remained stable, while the import profit decreased by 18, and the 32S spinning profit decreased by 21 [6] Eggs - Egg Price Data: From 2025/11/14 to 2025/11/20, the prices in main production areas remained relatively stable, and the basis decreased by 61. The prices of substitute products such as broilers and pigs changed little [10] Apples - Apple Price Data: The spot price of Shandong 80 first - and second - grade apples remained at 8000 from 2025/11/14 to 2025/11/20. The national cold - storage inventory decreased, with Shandong, Shaanxi, and Gansu all having lower inventory levels than last year [14] Pigs - Pig Price Data: From 2025/11/14 to 2025/11/20, the prices in different production areas fluctuated slightly, and the basis increased by 70 [14]
农产品早报-20251121
Yong An Qi Huo·2025-11-21 01:04