本作物年度，美国玉米累计出口检验量为6.88亿蒲式耳，同比增长72%；小麦累计出口检验量4.72亿蒲 式耳，增长20%；大豆累计出口检验量为4.02亿蒲式耳，同比减少3.22亿蒲式耳，创17年来新低。 新华财经纽约11月24日电（记者徐静）芝加哥期货交易所玉米、小麦和大豆期价24日全线下跌。 短期来看，全球农产品市场缺乏方向。不过，随着即将进入12月，南美洲天气及其潜在威胁将成为影响 农产品价格的重要因素。目前巴西大豆播种工作已经完成，虽然巴西中部和北部即将迎来持续降雨，但 整体南美洲天气继续正常发展。市场分析机构观点认为，在南美洲没有恶劣天气的情况下，冬季期间美 国大豆销售将变得更加困难。 消息面上，美国农业部24日发布的出口检验报告显示，截至11月20日当周，美国玉米出口检验量为6400 万蒲式耳，低于前一周的8100万蒲式耳；小麦出口检验量1700万蒲式耳，高于前一周的900万蒲式耳， 创六周新高；大豆出口检验量2900万蒲式耳，低于前一周的4400万蒲式耳，创七周新低。美国玉米和小 麦出口检验量接近预期上限，而大豆出货量令人失望。 当天，芝加哥期货交易所玉米市场交投最活跃的2026年3月合约收于每蒲式 ...

Group 1: Agricultural Products Market - The national market prices for edible agricultural products remained stable from November 10 to 16, with no change compared to the previous week [1] - Wholesale prices for grains and oils were mostly stable, with rice and rapeseed oil holding steady, while soybean oil and peanut oil decreased by 0.2% and 0.1% respectively, and flour increased by 0.2% [1] - Poultry product prices showed slight fluctuations, with eggs decreasing by 0.3% and white-cut chicken increasing by 0.2% [1] - Meat wholesale prices experienced minor changes, with pork priced at 18.42 yuan per kilogram, down by 1.0%, while beef remained stable and lamb increased by 0.3% [1] - The average wholesale price of 30 types of vegetables was 5.67 yuan per kilogram, down by 0.4%, with cauliflower, rapeseed, and broccoli decreasing by 7.8%, 7.6%, and 4.9% respectively [1] - Wholesale prices for aquatic products slightly declined, with crucian carp, silver carp, and grass carp decreasing by 1.4%, 0.5%, and 0.1% respectively [1] - The average wholesale price of six types of fruits saw a slight increase, with watermelon, grapes, and pears rising by 3.7%, 1.0%, and 0.2% respectively [1] Group 2: Production Materials Market - The prices of basic chemical raw materials predominantly increased, with sulfuric acid and soda ash rising by 4.1% and 0.2% respectively, while polypropylene and methanol decreased by 0.3% and 0.2% [2] - Wholesale prices for refined oil showed a slight recovery, with 0 diesel, 92 gasoline, and 95 gasoline increasing by 1.4%, 1.1%, and 0.9% respectively [2] - Prices of non-ferrous metals experienced slight increases, with aluminum, copper, and zinc rising by 2.0%, 0.9%, and 0.8% respectively [2] - Coal prices continued to rise, with coking coal, thermal coal, and anthracite priced at 1076 yuan, 788 yuan, and 1165 yuan per ton, increasing by 1.7%, 1.2%, and 0.1% respectively [2] - Rubber prices showed a slight rebound, with synthetic rubber and natural rubber increasing by 0.3% and 0.1% respectively [2] - Fertilizer prices saw a slight increase, with compound fertilizer and urea rising by 0.2% and 0.1% respectively [2] - Steel prices remained mostly stable, with rebar and high-speed wire priced at 3320 yuan and 3516 yuan per ton, increasing by 0.2% and 0.1% respectively, while channel steel remained stable and ordinary medium plate and hot-rolled strip decreased by 0.4% [2]

食用农产品市场：30种蔬菜平均批发价格每公斤5.61元，上涨7.1%，其中菜花、菠菜、韭菜分别上涨 17.5%、17.1%和15.5%。肉类批发价格小幅上涨，其中猪肉每公斤18.70元，上涨1.2%，羊肉、牛肉分 别上涨0.7%和0.2%。6种水果平均批发价格略有上涨，其中西瓜、葡萄、香蕉分别上涨2.0%、1.2%和 0.4%。粮油批发价格基本平稳，其中菜籽油、面粉均上涨0.2%，大米、豆油、花生油均下降0.2%。禽 产品批发价格略有波动，其中鸡蛋上涨0.1%，白条鸡下降0.2%。水产品批发价格小幅下降，其中鲤 鱼、鲫鱼、草鱼分别下降2.1%、0.6%和0.6%。 生产资料市场：有色金属价格继续上涨，其中铜、锌、铝分别上涨2.7%、0.8%和0.7%。基础化学原料 价格以涨为主，其中硫酸、纯碱分别上涨1.8%和0.1%，甲醇、聚丙烯分别下降0.6%和0.1%。钢材价格 略有上涨，其中螺纹钢、高速线材、普通中板每吨3336元、3531元和3696元，分别上涨0.8%、0.4%和 0.3%。橡胶价格小幅波动，其中天然橡胶上涨1.1%，合成橡胶下降1.6%。化肥价格基本持平，其中尿 素上涨0.1%，三元复合肥下降0 ...

Group 1: Industrial Sector - Midstream production is recovering, with daily pig iron output and asphalt operating rates declining, while most chemical products see an increase in operating rates[2] - The operating rates for polyester in textiles and tire production have rebounded slightly[2] - The South China industrial price index fell by 0.7%, with black raw materials down 3.0% and non-ferrous metals down 0.1%[2] Group 2: Real Estate - New home sales in 30 major cities decreased by 38.6% year-on-year as of November 7, showing a decline compared to the previous month[2] - The second-hand housing listing price index fell by 0.81% in the last four weeks, a slight increase in the decline compared to the previous value[2] Group 3: Domestic Demand - In October, retail sales of passenger cars reached 2.387 million units, a year-on-year increase of 6%[2] - Major home appliance retail sales fell by 17% year-on-year as of October 17, a decline of 13.4 percentage points from the previous value[2] - Domestic flights increased by 2.3% year-on-year as of November 7, with the Baidu migration index up by 10.9%[2] Group 4: External Demand - Port cargo throughput increased by 1.9% year-on-year as of November 2, with container throughput up by 8.2%[2] - The export container freight index rose by 3.6% week-on-week, while Shanghai and Ningbo's export container freight rates turned from rising to falling[2] Group 5: Price Trends - The agricultural product wholesale price index rose by 2.2% week-on-week, outperforming seasonal trends, particularly in vegetables and pork[2] - Industrial product prices mostly declined, with rebar futures down 2.3% and spot prices down 1.0%[2]

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - The A - share market is in a repricing adjustment after the quarterly reports, with common short - term rebounds and limited downside risks [2]. - The bond market pricing may tilt towards fundamentals as credit data is expected to weaken in October, and the strong equity market suppresses the bond market [2]. - International gold prices will mainly show a volatile consolidation trend, with silver following gold's fluctuations [2]. - The shipping index (European line) will be volatile in the short term [2]. - The supply of iron elements in the steel market is loose, and there are various trading strategies for different steel - related products [2]. - The prices of some chemical products are affected by supply - demand and cost factors, with limited rebound space or downward pressure [2]. - Agricultural product prices are influenced by factors such as trade negotiations, supply, and production, showing different trends [2]. - Special and new energy products have their own price trends and trading logics [2]. 3. Summary by Related Catalogs Financial Futures - **Stock Index Futures**: After the market冲高兑现预期, there is a slight callback, and the technology sector recovers. A - shares are in repricing adjustment, with short - term rebounds and limited downside risks. It is recommended to wait and see [2]. - **Treasury Bond Futures**: The bond market pricing may tilt towards fundamentals, and the strong equity market suppresses the bond market. It is recommended to go long on a single - side strategy and pay attention to the positive arbitrage strategy due to the rising IRR [2]. - **Precious Metals Futures**: International gold prices will oscillate between 3900 - 4030 dollars, and silver will fluctuate between 47 - 49 dollars [2]. - **Shipping Index Futures (European Line)**: It will be volatile in the short term, and it is recommended to buy on dips for the December contract [2]. Black Metals - **Steel**: The supply of iron elements in the January contract is loose. It is recommended to hold a strategy of going long on coking coal and short on hot - rolled coils, and to go short on the iron ore contract at high prices [2]. - **Iron Ore**: After the shipping volume declines and the arrival volume increases, the port inventory rises, and the iron ore price drops after rising. It is recommended to go short at high prices and consider an arbitrage strategy of going long on coking coal and short on iron ore [2]. - **Coking Coal**: The coal price in the producing area is strong, and the Mongolian coal price is firm. It is recommended to go long on coking coal at low prices and consider an arbitrage strategy of going long on coking coal and short on coke [2]. - **Coke**: The third - round price increase of mainstream coking enterprises has been implemented, and coking coal provides cost support. It is recommended to go long on coke at low prices and consider an arbitrage strategy of going long on coking coal and short on coke [2]. Non - ferrous Metals - **Copper**: The copper price center has回调, and the downstream demand has briefly recovered. Pay attention to the support at 84000 and the pressure at 86500 [2]. - **Aluminum**: The aluminum price has increased in both volume and price, but the short - term fundamentals restrict the upward height. The main operation range is 20800 - 21600 [2]. - **Other Non - ferrous Metals**: Each metal has its own price range and trading suggestions, such as zinc oscillating at a high level between 22300 - 23000, tin maintaining a high - level oscillation, etc. [2]. Chemical Products - **PX, PTA, Short - fiber, Bottle - chip**: The supply - demand expectations are weak, and the cost - end support is limited, with limited rebound space [2]. - **Ethanol**: The supply is abundant, and there is an expectation of inventory accumulation. It is recommended to hold out - of - the - money call options and consider a reverse arbitrage strategy [2]. - **Other Chemicals**: Each chemical product has its own supply - demand situation and trading suggestions, such as PVC being recommended to go short on rebounds [2]. Agricultural Products - **Grains and Oils**: The prices of some grains and oils are affected by factors such as trade negotiations and production. For example, the price of palm oil is weak, and it is recommended to close the long positions of some contracts [2]. - **Livestock and Poultry**: The pig price is oscillating, and it is recommended to hold a 3 - 7 reverse arbitrage strategy [2]. - **Other Agricultural Products**: Each product has its own price trend and trading suggestions, such as sugar being recommended to trade short on rebounds [2]. Special and New Energy Products - **Glass**: There is support at the bottom due to the peak construction season and production line disturbances. It is recommended to pay attention to the spot market for short - term long - trading opportunities [2]. - **Rubber**: The negative factors have been gradually digested, and the rubber price has rebounded. It is recommended to wait and see [2]. - **Industrial Silicon and Polysilicon**: They are mainly oscillating, with specific price ranges [2]. - **Lithium Carbonate**: The trading logic has changed recently, and it is in a weak adjustment [2].

Core Insights - The "Agricultural Products Wholesale Price 200 Index" reached 124.97 on November 5, indicating a slight increase of 0.01 points from the previous day [1] - The "Vegetable Basket" product wholesale price index remained stable at 126.95 compared to the previous day [1] - The average wholesale price of pork across national agricultural product markets was 18.19 yuan per kilogram, reflecting a 0.9% increase from the previous day [1]

Group 1: Agricultural Products Market - The national edible agricultural product market prices increased by 1.6% from the previous week [1] - The average wholesale price of 30 types of vegetables reached 5.24 yuan per kilogram, rising by 7.4%, with bitter melon, cauliflower, and cucumber seeing increases of 21.6%, 18.5%, and 17.3% respectively [1] - The average wholesale price of six types of fruits saw a slight increase, with watermelon, citrus, and grapes rising by 5.4%, 2.7%, and 2.2% respectively [1] - Wholesale prices for grain and oil remained stable, with rice and flour holding steady, while soybean oil, peanut oil, and rapeseed oil decreased by 0.1% [1] - Wholesale prices for aquatic products slightly declined, with grass carp, crucian carp, and large yellow croaker decreasing by 0.9%, 0.3%, and 0.3% respectively [1] - Meat wholesale prices predominantly decreased, with pork priced at 18.47 yuan per kilogram, down by 0.2%, and beef also down by 0.2%, while lamb remained stable [1] - Poultry product wholesale prices saw a slight decline, with eggs and broiler chickens decreasing by 0.9% and 0.1% respectively [1] Group 2: Production Materials Market - The prices of basic chemical raw materials generally increased, with sulfuric acid rising by 3.1%, while soda ash and polypropylene remained stable, and methanol decreased by 0.1% [2] - Prices of non-ferrous metals saw slight increases, with copper, aluminum, and zinc rising by 0.9%, 0.6%, and 0.3% respectively [2] - Coal prices predominantly increased, with coking coal and thermal coal priced at 1,050 yuan and 770 yuan per ton, rising by 1.0% and 0.9% respectively, while anthracite coal decreased by 0.2% [2] - Rubber prices experienced slight increases, with natural rubber and synthetic rubber rising by 0.7% and 0.2% respectively [2] - Steel prices remained stable, with rebar and hot-rolled strip steel priced at 3,308 yuan and 3,511 yuan per ton, both increasing by 0.1%, while welded steel pipes and ordinary plates decreased by 0.5% and 0.3% respectively [2] - Wholesale prices for refined oil slightly decreased, with 92-octane gasoline, 95-octane gasoline, and 0-octane diesel all declining by 0.5% [2] - Fertilizer prices remained stable with slight declines, as compound fertilizer held steady while urea decreased by 0.6% [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For soybeans and soybean meal, the global soybean supply is expected to remain loose. With high domestic soybean and soybean meal inventories, the import of US soybeans will slow down the domestic destocking process and reduce the crushing profit margin. It is recommended to short on rebounds [2][4]. - For palm oil, the high - yield situation in Malaysia and Indonesia suppresses the market. Although there is an expectation of supply tightness in the first quarter of next year, it has been affected by the current high - yield situation. It is advisable to wait and see for a clearer production signal [5][6]. - For sugar, considering the expected increase in production in Brazil's next sugar - cane crushing season and the expected increase in production in the Northern Hemisphere's main producing countries, it is recommended to short on rallies in the fourth quarter [9][10]. - For cotton, the demand during the peak consumption season this year is weak, and there is an expectation of a bumper harvest in the new year. Although the recent increase in the new cotton purchase price has driven up Zhengzhou cotton futures, the upward space is limited [12][13]. - For eggs, the spot price has a rebound expectation but is limited by high supply. The futures market is in a bottom - building stage, and it is advisable to wait and see [15][17]. - For pigs, in the short term, the price may continue to rebound, but in the medium term, due to high supply pressure, it is advisable to gradually establish reverse spread positions on rebounds and short when approaching the pressure level [19][20]. 3. Summary by Directory Strategy Views - Import cost of soybeans fluctuates mainly. With high domestic soybean and soybean meal inventories, the crushing profit is under pressure. It is recommended to short on rebounds [4]. - For palm oil, wait for a clearer production signal due to the current high - yield suppression [6]. - For sugar, short on rallies in the fourth quarter considering the expected increase in production [10]. - For cotton, the upward space is limited due to weak fundamentals [13]. - For eggs, wait and see as the spot price rebound is limited and the futures market is in a bottom - building stage [17]. - For pigs, short - term rebound, medium - term short on rebounds and establish reverse spread positions [20]. Market Information - **Soybeans and Soybean Meal**: Overnight CBOT soybeans rose as US officials said China would buy a large amount of US soybeans. Domestic soybean and soybean meal inventories are high. Brazil's 2025/26 soybean sowing rate reached 36% as of last Thursday [2]. - **Palm Oil**: Malaysia's palm oil exports and production data showed different trends in October. High production in Malaysia and Indonesia suppressed the market, and there are rumors about suspending the implementation of B50 in Indonesia in 2026 [5]. - **Sugar**: Zhengzhou sugar futures prices fluctuated narrowly on Monday. Brazilian sugar production is expected to increase in the next season, and gasoline prices in Brazil were cut [9]. - **Cotton**: Zhengzhou cotton futures prices continued to fluctuate on Monday. Xinjiang's machine - picked cotton purchase price rose, and the spinning mill's operating rate was flat compared with the previous week [12]. - **Eggs**: The national egg price was mostly stable with a few areas having narrow adjustments. Supply was relatively stable, and market sales were average [15]. - **Pigs**: Domestic pig prices generally rose yesterday. Supply is expected to be limited, and downstream purchase enthusiasm is good [19].

Core Viewpoint - The agricultural economy in China is showing a stable and positive development trend, with expectations for a good harvest in the current year despite challenges from natural disasters [1][2]. Group 1: Grain Production - Summer grain production has remained stable, with a total output of 2,994.8 million jin, a slight decrease of 3.1 million jin or 0.1% year-on-year [2]. - Early rice production has increased to 570.3 million jin, up by 6.8 million jin or 1.2% compared to the previous year [2]. - The combined increase in summer grain and early rice production is 3.7 million jin, laying a solid foundation for a good harvest for the year [2]. Group 2: Livestock Production - The total meat production from pigs, cattle, sheep, and poultry reached 73.12 million tons, an increase of 2.68 million tons or 3.8% year-on-year [3]. - The number of pigs slaughtered increased to 52.992 million heads, up by 962,000 heads or 1.8%, marking a growth for three consecutive quarters [3]. - The production of pork reached 43.68 million tons, an increase of 128,000 tons or 3.0% year-on-year [3]. Group 3: Market Supply and Prices - The producer prices of agricultural products decreased by 3.6% year-on-year in the first three quarters [5]. - Grain prices saw a decline, with wheat down by 2.5%, rice down by 1.6%, and corn down by 5.3% [5]. - Despite the overall price decline, some livestock prices have shown an upward trend, with live cattle prices increasing for three consecutive months [5].

Summary of Agricultural Products Market - The national edible agricultural product market price decreased by 0.5% from the previous week [1] - Wholesale prices for poultry products saw a slight decline, with eggs and white strip chicken decreasing by 3.3% and 0.3% respectively [1] - The wholesale price of pork was 19.01 yuan per kilogram, down by 2.2%, while beef and lamb prices decreased by 0.3% and increased by 0.3% respectively [1] - Average wholesale prices for 30 types of vegetables were 4.77 yuan per kilogram, down by 0.4%, with cauliflower, broccoli, and spinach decreasing by 11.0%, 5.4%, and 3.5% respectively [1] - Average wholesale prices for six types of fruits showed slight fluctuations, with apples, bananas, oranges, and grapes decreasing by 0.7%, 0.5%, 0.3%, and 0.3% respectively, while watermelon increased by 6.5% [1] - Grain and oil wholesale prices remained stable, with rice and flour prices unchanged from the previous week, while prices for rapeseed oil, soybean oil, and peanut oil increased by 0.2%, 0.1%, and 0.1% respectively [1] Summary of Production Materials Market - Prices of non-ferrous metals saw a slight increase, with copper, zinc, and aluminum rising by 2.1%, 0.9%, and 0.7% respectively [2] - Coal prices continued to rise, with prices for smokeless lump coal, coking coal, and thermal coal at 1154 yuan, 1031 yuan, and 760 yuan per ton, increasing by 0.8%, 0.6%, and 0.3% respectively [2] - Rubber prices experienced a slight increase, with both synthetic and natural rubber rising by 0.1% [2] - Prices of basic chemical raw materials showed slight fluctuations, with sulfuric acid, polypropylene, and methanol decreasing by 0.3%, 0.3%, and 0.2% respectively, while soda ash increased by 0.5% [2] - Wholesale prices of finished oil products slightly decreased, with 0 diesel, 92 gasoline, and 95 gasoline all decreasing by 0.1% [2] - Fertilizer prices continued to decline, with urea and compound fertilizer decreasing by 0.4% and 0.1% respectively [2] - Steel prices showed a slight decrease, with channel steel, rebar, and ordinary medium plate priced at 3607 yuan, 3356 yuan, and 3738 yuan per ton, decreasing by 0.8%, 0.5%, and 0.3% respectively [2]