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1. Report Industry Investment Ratings - The overall outlook for the agricultural industry is mostly "oscillating weakly," with some exceptions like paper pulp having an "oscillating upward" outlook [7][9][10][11][13][16][18][20][22][25]. 2. Core Views of the Report - The report analyzes multiple agricultural products, including their current market conditions, supply - demand dynamics, and future outlooks. The market is influenced by factors such as seasonal changes, policy adjustments, international trade, and weather conditions. Each product has its own unique set of drivers and challenges, leading to different price trends and investment opportunities [7][9][10][13][16][18][20][21][22][25]. 3. Summary by Related Catalogs 3.1 Oils and Fats - View: Continued to run weakly yesterday. Due to concerns about the slowdown of US soybean export demand and the continuous expectation of a bumper South American soybean harvest, US soybeans and soybean oil fell on Tuesday, and domestic oils and fats continued to oscillate weakly yesterday [7]. - Logic: From a macro - environment perspective, the US November non - farm employment was better than expected, the US dollar oscillated and closed down on Tuesday but showed a pattern of first decline and then rise; crude oil prices continued to fall due to concerns about supply - demand surplus. From an industrial perspective, Brazilian soybean planting is nearing completion, and Argentine soybean planting is nearly 60% complete, with a continuous expectation of a bumper South American soybean harvest. There is uncertainty in US soybean demand. Recently, domestic soybean inventory is high, and the soybean crushing volume of oil mills is large, so the domestic soybean oil destocking speed is expected to be slow. For palm oil, the production and demand data of Malaysian palm oil in the first half of December are still bearish, but the probability of a return to the palm oil production reduction season and inventory reduction in the producing areas is high; Indonesian palm oil inventory remains low; Indian vegetable oil imports may decline seasonally. For rapeseed oil, the domestic rapeseed supply is currently tight, and the rapeseed oil inventory continues to decline, but the domestic rapeseed oil supply is expected to increase later [7]. - Outlook: Soybean oil, palm oil, and rapeseed oil are all expected to oscillate weakly. The oils and fats market is currently facing a game of multiple factors, and the market sentiment is weak recently [7]. 3.2 Protein Meal - View: With continuous state - reserve auctions, double meals (soybean meal and rapeseed meal) may oscillate weakly [9]. - Logic: Internationally, Brazilian soybean sowing is 97% complete, and Argentine soybean sowing is over half. Argentina is accelerating the sales of new crops due to the reduction of export tariffs. In the US, the November soybean crushing volume decreased month - on - month but increased year - on - year. Domestically, in the short term, the third state - reserve imported soybean auction will be held on Friday, and the spot price of soybean meal has been slightly adjusted down. In the medium term, the progress of January soybean purchases is 88%, and the uncertainty of Australian rapeseed import and crushing increases the volatility of rapeseed meal. In the long term, whether the South American weather is normal determines the price trend and amplitude of soybean meal [9]. - Outlook: US soybeans are expected to oscillate, while domestic soybean meal and rapeseed meal are expected to oscillate weakly [9]. 3.3 Corn/Starch - View: With multiple factors at play, the market is in a stalemate [10]. - Logic: Domestic corn prices showed a mixed trend today. Recently, due to news of regulatory reserve auctions and the market reaching a high - level integer mark, the market sentiment has turned, and the futures price has fallen. Affected by this, the upstream's reluctance to sell has loosened, and the market's grain supply has increased. Enterprises are mostly adopting a wait - and - see policy. In the South, the supply - demand contradiction is expected to ease in the next two weeks, and the price is expected to continue to decline in the short term. However, there may be support from inventory - building demand after the price correction [10][11]. - Outlook: Oscillating weakly. It is advisable to wait and see in the short term [10][11]. 3.4 Live Pigs - View: As stocking begins, demand drives a rebound [13]. - Logic: As the Winter Solstice approaches, downstream stocking has gradually started, driving a short - term rebound in pig prices. However, the supply pressure still exists. In the short term, the second - fattened large pigs are starting to be slaughtered in December. In the medium term, the number of commercial pigs to be slaughtered is expected to be in excess until April 2026. In the long term, the sow capacity began to decline in the third quarter of 2025, and it is expected that the supply pressure of commercial pigs will gradually ease after May 2026 [13]. - Outlook: Oscillating weakly. The near - term contracts are expected to run in a weak range, while the far - term contracts are supported by the expectation of capacity reduction [13]. 3.5 Natural Rubber - View: Pay attention to the strength of the short - term pressure level [14]. - Logic: Yesterday, natural rubber rose following the strong commodity atmosphere and the sharp rise of synthetic rubber. It is currently near the short - term high - range pressure level. The price increase was driven by geopolitical news and the overall commodity rebound, but there is no strong driving force, and it still maintains a range - bound oscillation. Fundamentally, overseas supply is increasing seasonally, and raw material prices are firm but may face a decline later. The demand side is weak [16]. - Outlook: The fundamentals have limited variables, and the rubber price is expected to continue to oscillate, with no obvious trend in the short term [16]. 3.6 Synthetic Rubber - View: Bullish sentiment remains strong [17]. - Logic: The BR futures continued to rise yesterday. The market is favored by funds due to the marginal improvement of butadiene fundamentals and the relatively low absolute price of BR. The butadiene price oscillated last week, and although there is still sufficient supply, the short - term downstream synthetic rubber spot and futures prices are strong, and the market demand has certain support [18]. - Outlook: The futures are expected to oscillate upward in the short term, and attention should be paid to the high - level resistance in late October [18]. 3.7 Cotton - View: Policy - related news boosts cotton prices [18]. - Logic: In terms of supply, the Xinjiang cotton production in the 2025/2026 season is expected to increase year - on - year, and the supply is increasing. The demand is seasonally weakening, and the downstream purchasing enthusiasm has decreased. The commercial inventory of cotton is increasing, but the inventory - building speed is lower than expected, which is beneficial to cotton prices. The market expects a significant reduction in the Xinjiang cotton planting area next year, attracting capital inflows, but the actual policy implementation is uncertain [18]. - Outlook: In the short term, prices are pushed up by sentiment, and there is a risk of correction; in the long term, the valuation is low, and it is expected to oscillate upward [18]. 3.8 Sugar - View: The increasing supply pressure puts downward pressure on sugar prices [20]. - Logic: In the medium - to - long term, the global sugar supply is expected to shift from tight to loose in the 2025/2026 season, with expected increases in production in major producing countries. The Brazilian sugar production has passed its peak, and the market's focus is shifting to the Northern Hemisphere. As the supply increases, the pressure on sugar prices is increasing [20]. - Outlook: Oscillating weakly in the medium - to - long term due to the expected supply surplus [20]. 3.9 Paper Pulp - View: Futures oscillate, and spot prices continue to fall [20]. - Logic: Recently, paper pulp futures have been oscillating at a relatively high level. There are both bullish and bearish factors. Bullish factors include the rising price of broad - leaf pulp, supply reduction expectations due to mill shutdowns, and relatively high actual demand. Bearish factors include difficulties in cost transfer for downstream paper products and seasonal demand decline [21]. - Outlook: Oscillating upward. Bullish news raises the bottom, but there is still hedging pressure from the top [22]. 3.10 Double - Glued Paper - View: The market is mainly driven by rigid demand, and paper prices run stably [22]. - Logic: The cost support from the upstream wood pulp market is general. The downstream social orders are not strong, and most dealers maintain stable prices. The market lacks upward and downward driving forces in the short term. In the future, there is a plan to resume production for some shutdown production lines in Shandong, and the supply pressure still exists [22]. - Outlook: The price of double - glued paper is expected to run weakly and stably, supported by publisher pick - up and paper mill costs but with a pessimistic medium - term demand outlook [22]. 3.11 Logs - View: The supply pressure is gradually easing, and logs are mainly running stably [25]. - Logic: The supply - side pressure is gradually alleviating. Some companies are clearing inventory at the end of the year, which has increased the port's outbound volume. The overseas shipping cost has decreased, and domestic traders are still taking normal deliveries. Some local processing plants have taken early holidays, and the spot price is expected to be stable in the short term. The futures market is under pressure, but the low - valued near - term contracts have certain support [25]. - Outlook: The log market will continue to be in a loose pattern. There is little room for near - term contracts to fluctuate. Attention should be paid to reverse - spread or low - buying opportunities for far - term contracts [25].