农产品早报-20251126

Report Date - The report was released on November 26, 2025 [1] Corn/Starch Price Data - Corn prices in Changchun remained stable at 2070, while prices in Jinzhou increased by 20 to 2220, and prices in Shekou rose by 30 to 2410 from November 19 to 25, 2025. Starch prices in Heilongjiang and Weifang remained unchanged at 2700 and 2850 respectively, with the basis dropping by 21 to 149 [2] Market Analysis - Short - term: Corn prices are expected to remain strong due to low supply and downstream enterprises' restocking demand. Starch prices are pressured by high inventory as downstream replenishment is slow [2][3] - Long - term: The corn market will remain tight, and prices are supported by planting costs. Starch prices depend on downstream consumption rhythm, and a significant price drop may stimulate downstream replenishment [2][3] Sugar Price Data - From November 19 to 25, 2025, the spot price in Nanning increased by 30 to 5480, the basis decreased by 17 to 228, and the import profit from Thailand and Brazil decreased by 13 each. The number of warehouse receipts remained at 7876 [6] Market Analysis - Short - term: Zhengzhou sugar prices are more affected by import quota management and syrup premix import control than the international market, and domestic sugar production cost is the key support [6] - Long - term: If the global sugar market surplus intensifies, domestic sugar prices may be impacted. Overall, the global and domestic sugar supply is loose, but short - term downward space is limited [6] Cotton/Cotton Yarn Price Data - From November 19 to 25, 2025, the price of 3128 cotton increased by 45 to 14475, the import profit increased, and the number of warehouse receipts + forecasts increased by 265 to 3799. The price of Vietnamese yarn decreased by 5 to 20935, and the import profit increased by 14 to 515 [9] Market Analysis - New cotton acquisition is almost complete, and the total output is estimated to be lower. The positive outcome of the China - US meeting in Busan is beneficial for textile exports, making long - term long positions suitable [9] Eggs Price Data - From November 19 to 25, 2025, egg prices in Hebei, Liaoning, Shandong, and Henan increased, with the largest increase of 0.10 in Henan. The basis increased by 74 to 354 [12] Market Analysis - Supply pressure is relieved by orderly chicken culling and a decrease in new laying hens. Demand increases as cooler weather allows for longer egg storage. The price center in the production area moves up slightly, and future price trends depend on the chicken culling rhythm [12] Apples Price Data - From November 19 to 25, 2025, the spot price of Shandong 80 first - and second - grade apples remained at 8000. The national inventory decreased by 112, Shandong inventory decreased by 145, and Shaanxi inventory decreased by 49 [14][15] Market Analysis - National apple storage is almost complete, with an estimated storage volume of about 5.5%, 10% lower than last year. The average opening price is above 3.5 yuan per catty, and prices are expected to remain high in the short term [15] Pigs Price Data - From November 19 to 25, 2025, pig prices in all monitored regions decreased, with the largest decrease of 0.20 in Anhui. The basis decreased by 115 to 15 [16] Market Analysis - Short - term: Weekend spot prices fluctuated slightly, with moderate slaughter and limited terminal demand improvement. Some local curing in the south has started [17] - Long - term: There are expectations of increased supply and demand before the Spring Festival, but supply and inventory pressure is still large. The improvement of far - month expectations depends on near - term production and inventory reduction [17]