1. Report Industry Investment Ratings - No investment ratings are provided in the report. 2. Core Views - Palm oil: Oil price disturbances continue, and it operates in a high - level shock [2]. - Soybean oil: The driving force of the soybean system is not significant, and the upside space is limited [2]. - Soybean meal: The U.S. soybeans closed lower overnight, and the Dalian soybean meal may fluctuate [2]. - Soybean: The market sentiment is stable, and the futures price may fluctuate [2]. - Corn: It operates in a shock [2]. - Sugar: The raw sugar continues to gain momentum and rises in a shock [2]. - Cotton: Attention should be paid to the impact of external markets [2]. - Eggs: Weak shock [2]. - Pigs: The weight - reduction drive is approaching, and the near - term pressure increases [2]. - Peanuts: Attention should be paid to the macro - impact [2]. 3. Summary by Relevant Catalogs Palm Oil and Soybean Oil - **Fundamentals**: Palm oil's daytime closing price was 9,718 yuan/ton with a decline of 0.80%, and the night - time closing price was 9,724 yuan/ton with an increase of 0.06%. Soybean oil's daytime closing price was 8,628 yuan/ton with an increase of 0.14%, and the night - time closing price was 8,640 yuan/ton with an increase of 0.14%. The spot price of 24 - degree palm oil in Guangdong was 9,750 yuan/ton, down 120 yuan/ton; the spot price of first - grade soybean oil in Guangdong was 8,940 yuan/ton, down 50 yuan/ton [4]. - **News**: From March 1 - 20, Malaysia's palm oil exports were 1,191,962 tons, a 38.06% increase from the same period last month. In the 12th week of 2026 (March 14 - 20), the actual soybean crushing volume of domestic oil mills was 1.9905 million tons, an increase of 21,100 tons from the previous week and 61,000 tons lower than the estimated volume, with an actual startup rate of 54.81%. China's soybean imports from the U.S. from January - February decreased by 83.7% year - on - year, while imports from Brazil increased by 82.8% and from Argentina increased significantly [5][6]. - **Trend Intensity**: Palm oil trend intensity is 1, and soybean oil trend intensity is 1 [7]. Soybean Meal and Soybean - **Fundamentals**: DCE soybean 2605's daytime closing price was 4,810 yuan/ton, down 22 yuan (- 0.46%), and the night - time closing price was 4,778 yuan/ton, down 2 yuan (- 0.04%); DCE soybean meal 2605's daytime closing price was 3,029 yuan/ton, down 24 yuan (- 0.79%), and the night - time closing price was 3,012 yuan/ton, down 18 yuan (- 0.59%) [8]. - **News**: On March 20, CBOT soybean futures closed lower due to pre - weekend long - position profit - taking. The meeting between Chinese and U.S. leaders has been postponed to mid - May, making the future soybean procurement outlook uncertain. China's soybean imports from the U.S. from January - February decreased by 84% year - on - year, while imports from Brazil increased by 83%. The weather in the U.S. is warm and dry, which is ideal for spring plowing. Argentina's soybean crop excellent rate reached 38%, up 3 percentage points from the previous week [8][10]. - **Trend Intensity**: Soybean meal trend intensity is 0, and soybean trend intensity is 0 [10]. Corn - **Fundamentals**: The closing price of C2605 was 2,387 yuan/ton, up 0.13%, and the night - time closing price was 2,406 yuan/ton, up 0.80%; the closing price of C2607 was 2,392 yuan/ton, unchanged, and the night - time closing price was 2,407 yuan/ton, up 0.63%. The spot price of Jinzhou's flat - warehouse corn was 2,395 yuan/ton, down 10 yuan/ton [12]. - **News**: The price of northern corn shipped in bulk decreased by 5 yuan/ton, and the price of containerized first - class grain remained unchanged. The price of corn in Northeast China decreased by 10 - 20 yuan/ton, and the price in North China fluctuated. The state will increase the minimum purchase price of wheat to 800,000 tons on March 25 [13]. - **Trend Intensity**: Corn trend intensity is 0 [14]. Sugar - **Fundamentals**: The raw sugar price was 15.52 cents/pound, up 0.1. The mainstream spot price was 5,430 yuan/ton, unchanged. The futures main - contract price was 5,439 yuan/ton, up 22 [15]. - **News**: Crude oil fluctuates upward, and sugar is linked to crude oil through ethanol, attracting continuous capital attention. As of March 15, India's sugar production in the 25/26 season increased by 10% year - on - year. China's sugar imports from January - February increased by 440,000 tons. CAOC expects China's sugar production in the 25/26 season to be 11.7 million tons, consumption to be 15.7 million tons, and imports to be 5 million tons. ISO expects a global sugar surplus of 1.22 million tons in the 25/26 season [15][16]. - **Trend Intensity**: Sugar trend intensity is 1 [17]. Cotton - **Fundamentals**: The closing price of CF2605 was 15,215 yuan/ton, up 0.43%, and the night - time closing price was 15,305 yuan/ton, up 0.59%; the closing price of CY2605 was 21,475 yuan/ton, up 0.89%, and the night - time closing price was 21,570 yuan/ton, up 0.44%. The price of ICE U.S. cotton 5 was 67.34 cents/pound, down 0.55% [19]. - **News**: The cotton spot basis is generally stable. The cotton yarn market price is stable with a slight decline, and the overall trading is average. ICE cotton futures fell by 0.55% last Friday due to a lack of new fundamental upward drivers and concerns about global cotton consumption prospects [19][20]. - **Trend Intensity**: Cotton trend intensity is 0 [22]. Eggs - **Fundamentals**: The closing price of egg 2604 was 3,299 yuan/500 kg, up 0.55%, and the closing price of egg 2605 was 3,409 yuan/500 kg, up 0.71%. The spot price of eggs in Liaoning was 3.20 yuan/jin, in Hebei was 3.07 yuan/jin, in Shanxi was 3.25 yuan/jin, and in Hubei was 3.51 yuan/jin [23]. - **Trend Intensity**: Egg trend intensity is - 1 [24]. Pigs - **Fundamentals**: The spot price of pigs in Henan was 9,930 yuan/ton, down 50 yuan/ton; in Sichuan was 9,850 yuan/ton, down 200 yuan/ton; in Guangdong was 10,510 yuan/ton, down 350 yuan/ton. The futures price of pig 2605 was 10,220 yuan/ton, down 115 yuan/ton; pig 2607 was 11,280 yuan/ton, down 90 yuan/ton; pig 2609 was 12,575 yuan/ton, up 75 yuan/ton [27]. - **Trend Intensity**: Pig trend intensity is - 2 [28]. Peanuts - **Fundamentals**: The price of Liaoning 308 general peanuts was 9,200 yuan/ton, unchanged; Henan Baisha general peanuts was 7,500 yuan/ton, unchanged; Xingcheng small Japanese peanuts was 8,760 yuan/ton, down 20 yuan/ton; Henan Kaifeng large - grain peanuts was 8,000 yuan/ton, unchanged. The closing price of PK604 was 8,096 yuan/ton, down 0.12%, and PK605 was 8,188 yuan/ton, down 0.15% [30]. - **News**: In the spot market, the prices in most regions are stable, with limited supply and general trading [31]. - **Trend Intensity**: Peanut trend intensity is 0 [32].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Palm oil is at a high level, prone to panic, and investors should guard against the risk of a pullback [3][5]. - The driving force of the soybean system for soybean oil is limited, and attention should be paid to the progress of China - US consultations [3][5]. - Overnight US soybeans rose slightly, and Dalian soybean meal may rebound and fluctuate [3][12]. - The spot prices in the soybean - producing areas are adjusted following the futures prices, and the futures market may fluctuate [3][12]. - Corn will run in a volatile manner [3][15]. - Raw sugar is gaining strength, and sugar will be volatile and bullish [3][19]. - Attention should be paid to the fluctuations in the external market for cotton [3][23]. - Eggs will be in a weak and volatile state [3][28]. - The spot price of live pigs has weakened again, and the driving force for weight reduction is approaching [3][31]. - Attention should be paid to the macro - impact on peanuts [3][35]. Summary by Relevant Catalogs Palm Oil, Soybean Oil, and Rapeseed Oil - **Fundamental Tracking**: Palm oil's daily - closing price was 9,796 yuan/ton with a 1.07% increase, and the night - closing price was 9,738 yuan/ton with a - 0.59% decrease. Soybean oil's daily - closing price was 8,616 yuan/ton with a 0.89% increase, and the night - closing price was 8,584 yuan/ton with a - 0.37% decrease. Rapeseed oil's daily - closing price was 9,854 yuan/ton with a 0.76% increase, and the night - closing price was 9,865 yuan/ton with a 0.11% increase [6]. - **Macro and Industry News**: From March 1 - 20, 2026, Malaysia's palm oil exports were 1,166,586 tons, a 49.6% increase from the same period last month. From March 1 - 15, 2026, Malaysia's palm oil yield decreased by 2.96% month - on - month, the oil extraction rate decreased by 0.44% month - on - month, and the output decreased by 5.28% month - on - month. Indonesia's 2025/26 palm oil production is expected to be 51 million tons, Thailand's is expected to be 3.82 million tons, and Malaysia's is expected to be 19.6 million tons [7][9]. - **Trend Intensity**: Palm oil and soybean oil trend intensities are both - 1 [11]. Soybean Meal and Soybean - **Fundamental Tracking**: DCE soybean No.1 2605 closed at 4,796 yuan/ton during the day with a - 2.22% decrease and 4,780 yuan/ton at night with a - 1.08% decrease. DCE soybean meal 2605 closed at 3,042 yuan/ton during the day with a - 0.33% decrease and 3,043 yuan/ton at night with a - 0.33% decrease. CBOT soybean 05 rose 0.41% to 1,168.5 cents per bushel, and CBOT soybean meal 05 rose 3.48% to 332.9 dollars per short ton [12]. - **Macro and Industry News**: On March 19, 2026, CBOT soybeans closed higher for the third consecutive day. China rejected another batch of Brazilian soybean cargoes due to pests, which supported the US soybean market. Brazil's 2025/26 soybean production is expected to be 177.85 million tons, an increase of 730,000 tons from the previous forecast. Argentina's soybean production forecast remains unchanged at 48.5 million tons [12][14]. - **Trend Intensity**: The trend intensities of soybean meal and soybean are both 0 [14]. Corn - **Fundamental Tracking**: The price of C2605 was 2,384 yuan/ton during the day with a 0.04% increase and 2,380 yuan/ton at night with a - 0.17% decrease. The price of C2607 was 2,390 yuan/ton during the day with a - 0.04% decrease and 2,388 yuan/ton at night with a - 0.08% decrease [16]. - **Macro and Industry News**: The price of northern corn shipped in bulk to ports was 2,350 - 2,365 yuan/ton, and the price of containerized first - class corn to ports was 2,400 - 2,420 yuan/ton, unchanged from the previous day. The price of corn in Northeast China increased by 20 yuan/ton in some areas, and the price in North China fluctuated [17]. - **Trend Intensity**: The trend intensity of corn is 0 [17]. Sugar - **Fundamental Tracking**: The raw sugar price was 15.37 cents per pound, the mainstream spot price was 5,430 yuan/ton, and the futures main - contract price was 5,417 yuan/ton [19]. - **Macro and Industry News**: High - frequency information shows that due to the rise in crude oil prices, sugar, which is linked to crude oil through ethanol, has attracted continuous attention from funds. As of March 15, 2026, India's sugar production in the 2025/26 season increased by 10% year - on - year. China imported 580,000 tons of sugar in December 2025, an increase of 190,000 tons [19]. - **Trend Intensity**: The trend intensity of sugar is 1 [21]. Cotton - **Fundamental Tracking**: CF2605 closed at 15,150 yuan/ton during the day with a - 0.39% decrease and 15,055 yuan/ton at night with a - 0.63% decrease. CY2605 closed at 21,285 yuan/ton during the day with a - 0.07% decrease and 21,390 yuan/ton at night with a 0.49% increase [23]. - **Macro and Industry News**: The spot trading of cotton was weak, and textile enterprises were worried about the continued decline of cotton prices, with low purchasing willingness. ICE cotton futures fell 1.44% due to weak weekly export sales data. As of March 12, 2026, the net increase in US cotton exports for the current market year was 196,700 bales, a 22% decrease from the previous week and a 30% decrease from the four - week average [24][25]. - **Trend Intensity**: The trend intensity of cotton is 0 [27]. Eggs - **Fundamental Tracking**: Egg 2604 closed at 3,279 yuan/500 kilograms with a 0.34% increase, and Egg 2605 closed at 3,367 yuan/500 kilograms with a - 0.85% decrease [28]. - **Trend Intensity**: The trend intensity of eggs is - 1 [29]. Live Pigs - **Fundamental Tracking**: The Henan spot price was 9,980 yuan/ton, the Sichuan spot price was 10,050 yuan/ton, and the Guangdong spot price was 10,860 yuan/ton. The prices of live - pig futures contracts 2605, 2607, and 2609 were 10,335 yuan/ton, 11,370 yuan/ton, and 12,500 yuan/ton respectively [32]. - **Trend Intensity**: The trend intensity of live pigs is - 2 [33]. Peanuts - **Fundamental Tracking**: The price of PK604 was 8,080 yuan/ton with a - 0.54% decrease, and the price of PK605 was 8,188 yuan/ton with a - 0.15% decrease [35]. - **Spot Market Focus**: In Henan, the price of Nanyang Baisha peanuts was 3.8 - 4.0 yuan per catty, and the price of Kaifeng large peanuts was 3.4 - 4.1 yuan per catty. In Jilin, the price of 308 peanuts was about 4.6 yuan per catty. In Liaoning, the price of 308 peanuts was 4.5 - 4.6 yuan per catty. In Shandong, the supply from the grassroots level was limited, and the trading of finished products was average [36]. - **Trend Intensity**: The trend intensity of peanuts is 0 [37].

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - On March 4, CBOT soybean futures closed slightly lower due to concerns about China's demand prospects and the expected bumper harvest of soybeans in South America. Uncertainty over whether China will continue to buy US soybeans in the face of a Brazilian soybean harvest has curbed price increases. However, high crude oil prices due to conflicts provide some support to the agricultural product market as soybeans are used in biofuel production. The upcoming USDA 3 - month supply - demand report is unlikely to have significant changes, and traders are also watching excessive rainfall in northern Mato Grosso, Brazil, which may cause soybean mildew and rot. [3] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Prices**: DCE Bean 1 2605 closed at 4650 yuan/ton, up 48 (+1.03%) in the night - session and down 16 (-0.34%) in the day - session; DCE Bean Meal 2605 closed at 2831 yuan/ton, down 14 (-0.49%); CBOT Soybean 05 was at 1166.25 cents/bu, down 5.25 (-0.45%); CBOT Bean Meal 05 was at 309.4 dollars/short ton, down 5.8 (-1.84%) [1] - **Spot Prices**: Bean meal (43%) prices varied by region. In major producing areas, it was 3020 - 3110 yuan/ton, with a change of - 20 to + 20 compared to the previous day. Different regions had different price ranges and basis levels. For example, in Shandong, it was 2990 - 3120 yuan/ton, with a change of - 20 to - 10. In the Northeast, the soybean net - grain purchase price in Harbin and some counties was 4580 yuan/ton, unchanged from the previous day [1] - **Industry Data**: The daily trading volume of bean meal was 1.8 million tons, and the weekly inventory was 80.89 million tons [1] 3.2 Macro and Industry News - On March 4, CBOT soybean futures declined due to concerns about China's demand and the expected South American soybean harvest. High crude oil prices due to conflicts support the agricultural product market, and the upcoming USDA report is unlikely to have major changes. Traders are also watching rainfall issues in Brazil [3] 3.3 Trend Intensity - The trend intensity of bean meal was 0, and that of bean 1 was 0, indicating the day - session main - contract futures price fluctuations on the report day. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [3]

Report Industry Investment Ratings - **Bullish**: Soybean Meal, Soybean Oil, Rapeseed Meal, Rapeseed Oil, Corn, Egg [1] - **Bearish**: Live Pig [1] - **Neutral**: Soybean [1] Core Views - Multiple factors are influencing the agricultural product market, including policy, international trade, and macro - economic factors. Different agricultural products show various trends, with most being in a state of oscillation in the short - term [2][3][4][6][7][8][9] Summary by Related Catalogs Soybean - CBOT soybeans are strong due to improved export expectations. China's central policy promotes soybean yield and protects planting profits. Policy - led soybean auctions increase market supply, with a high - price transaction average of 4298 yuan/ton and a premium of 210 - 310 yuan/ton. Geopolitical and macro risks need attention [2] Soybean & Soybean Meal - Reuters predicts that Brazilian and Argentine soybean yields will increase in the 2025/26 season compared to January data, while US soybean ending stocks will decrease. After Sino - US leaders' communication, the expected purchase volume of US soybeans by China has increased. The 2 - month USDA supply - demand report will be released on February 11, 2026, and the short - term Dalian soybean meal may continue to oscillate at the bottom [3] Soybean Oil & Palm Oil - Gold and silver volatility increases, domestic soybean oil reduces positions and prices oscillate downward. Although CBOT soybeans are strong, Brazilian soybean premiums fall, and soybean meal rebounds, so domestic soybean oil is weaker than the US market. US soybean oil is strong due to favorable biomass diesel policies. The 26/27 US soybean supply - demand balance pressure may decrease year - on - year, and there is a high probability of inventory reduction, so caution is needed for the upward oscillation of US soybean oil and soybeans [4] Rapeseed Meal & Rapeseed Oil - The rapeseed market oscillates. Oilseed import expectations improve, and Sino - US, Sino - Canadian, and US - Canadian economic and trade relations are important for rapeseed trade. The US biofuel policy ensures the stability of Canadian rapeseed oil exports. A 0.7 - million - ton rapeseed oil trading event is fully transacted. Coastal mills start to crush Australian seeds, and the incremental supply eases market concerns. The short - term rapeseed trend is oscillatory [6] Corn - Northeast and North Port corn spot prices are firm, with a 5 - yuan/ton increase in Jinzhou Port's closing price. Some Shandong deep - processing enterprises reduce purchase prices. After the Spring Festival, ground - stored corn may be concentrated on the market, and the short - term Dalian corn futures will oscillate [7] Live Pig - The live pig near - month 03 contract hits a new low, other contracts decline slightly, and funds reduce positions. Spot prices stabilize slightly, and slaughter volume increases near the Spring Festival. The current industry's slaughter weight is high, and the second - fattening pen utilization rate may continue to decline. In the long - term, due to the increasing supply of sows and piglets, pig prices are expected to hit a low in the first half of next year [8] Egg - Egg futures' decline slows, funds reduce positions and shift from near - term to far - term contracts. Spot prices are stable in some provinces and decline in others. January's chick - replenishment volume shows a significant month - on - month improvement but a slight year - on - year decline. Egg prices in the first half of 2026 have upward - repair momentum. After the Spring Festival spot low, a long - position strategy for egg futures contracts in the first half of 2026 can be considered [9]

Group 1 - The core viewpoint of the articles indicates a downward trend in agricultural commodity prices, with corn, wheat, and soybean futures all experiencing declines on December 16 [1][2] - The March 2026 corn contract closed at $4.37 per bushel, down 3.25 cents or 0.74% from the previous trading day [1] - The March 2026 wheat contract closed at $5.10 per bushel, down 11.25 cents or 2.16% from the previous trading day [1] - The January 2026 soybean contract closed at $10.63 per bushel, down 9 cents or 0.84% from the previous trading day [1] Group 2 - Macroeconomic weakness is impacting the agricultural market, with the U.S. non-farm payrolls recording an increase of 64,000 jobs and the unemployment rate reaching a four-year high, putting pressure on stock and energy markets [1] - WTI crude oil prices hit a seven-month low at $55.45 per barrel, reflecting the overall negative market sentiment [1] - The agricultural market is expected to experience increased volatility for the remainder of December, with long-term risks remaining bearish unless consistent drought and high temperatures occur in Argentina and southern Brazil in January [2] - The March soybean futures are anticipated to test the range of $10.30 to $10.40 per ounce, while corn futures may test $4.25 to $4.30 per ounce [2]

Group 1: Report Investment Ratings - Apple investment strategy: Neutral to bullish [4] - Red date investment strategy: Neutral [8] Group 2: Core Views - Apple: The late Fuji apple's on - the - ground and warehousing transactions are winding down, with stable in - warehouse trading. The on - the - ground supply in Shandong is decreasing and the quality is declining. The high - quality apples in western regions are mainly for outbound sales, and their prices are stable. Affected by competing fruits like citrus, the market sales are average. In the short term, the market is expected to remain stable supported by foreign trade channels, and future focus should be on inventory digestion [2][3]. - Red dates: The red date futures price fluctuated and closed higher. The acquisition in Aksu and Alar is progressing rapidly, the price in Kashgar has dropped slightly with few transactions, and the acquisition in Ruoqiang and other areas is basically completed. In the sales areas, new products are gradually on the market, with uneven quality and large price differences. The inventory pressure is high, and the supply - demand contradiction has not been substantially alleviated. The market's future expectations are pessimistic. The quality of red dates is better than last year. The actual consumption at the consumer end will be a key focus [7]. Group 3: Market News and Important Data Apple - Futures: The closing price of the Apple 2601 contract yesterday was 9,496 yuan/ton, an increase of 121 yuan/ton or 1.29% from the previous day [1]. - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of over - 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.15 yuan/jin, unchanged from the previous day [1]. Red dates - Futures: The closing price of the Red Date 2601 contract yesterday was 9,300 yuan/ton, an increase of 10 yuan/ton or 0.11% from the previous day [5]. - Spot: The spot price of first - grade grey jujubes in Hebei was 8.80 yuan/kg, a decrease of 0.10 yuan/kg from the previous day [5]. Group 4: Market Analysis Apple - Yesterday, the apple futures price rose. The on - the - ground and warehousing transactions of late Fuji are coming to an end, with stable in - warehouse trading. The on - the - ground supply in Shandong is decreasing and the quality is declining. High - quality apples in the west are mainly for outbound sales, and their prices are stable. The market is affected by competing fruits, with average sales. In the short term, the market is supported by foreign trade channels and is expected to remain stable. Last week, the warehousing of new - season late Fuji in production areas was mostly completed, with the remaining mainly in western townships of Shandong Qixia and the paper - wrapped film production area of Shanxi Yuncheng. The warehousing volume was lower than last year, with a higher proportion of farmers' warehousing and a lower proportion of high - quality products. The outbound sales have begun, mainly for foreign - trade goods and some merchants' supplementary supplies. The sales area is in the off - season, and the sales of apples are squeezed by citrus [3]. Red dates - The red date futures price fluctuated and closed higher. The acquisition in Aksu and Alar is progressing rapidly, the price in Kashgar has dropped slightly with few transactions, and the acquisition in Ruoqiang and other areas is basically completed. The acquisition is priced according to quality, and enterprises' enthusiasm is average. In the sales areas, new products are gradually on the market, with uneven quality and large price differences. Merchants' enthusiasm for purchasing is average, and they buy according to demand. Last week, the enthusiasm for acquisition in the spot market of the sales area decreased after continuous price drops. The inventory of 36 sample points increased slightly. It is expected that new products will be listed in large quantities soon, and the inventory pressure is high. The new - season jujube trees have over - exhausted problems, and a production reduction is expected. The quality of jujubes is better than last year. The actual consumption at the consumer end will be a key focus [7].

Group 1: Apple Report Industry Investment Rating - Neutral [4] Core Viewpoints - Apple futures prices fluctuated and closed lower yesterday. The ground and warehousing transactions of late Fuji apples are gradually winding up, and the in - warehouse transactions are stable. The price of high - quality goods is firm, but the market sales are average due to the impact of citrus competitors. The short - term market is expected to be stable with support, and future attention should be paid to inventory digestion [3]. Summary by Related Catalogs Market News and Important Data - Futures: The closing price of the Apple 2601 contract yesterday was 9375 yuan/ton, a change of - 58 yuan/ton from the previous day, a decrease of 0.61%. - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day. The spot basis AP01 was - 1875, a change of + 58 from the previous day. The price of semi - commercial late Fuji above 70 in Shaanxi Luochuan was 4.15 yuan/jin, unchanged from the previous day. The spot basis AP01 was - 1075, a change of + 58 from the previous day [1]. Recent Market Information - The ground and warehousing transactions of late Fuji are gradually winding up, and the in - warehouse transactions are stable. The western outbound is still concentrated in Gansu and Shaanxi Xunyi. The market supply in Shandong is decreasing, and the quality of ground goods is declining. The price of high - quality goods is stable, and the short - term market is expected to be stable. Currently, affected by citrus and other competing fruits, the market sales are average, and future attention should be paid to the market's digestion ability of inventory goods [2]. Market Analysis - Apple futures prices fluctuated and closed lower yesterday. The warehousing volume is lower than the same period last year, and the proportion of high - quality goods in the warehousing structure has decreased. The outbound work has started, but the goods flowing to the market are limited. The sales area is in the off - season, and the sales space of apples is squeezed by citrus. The price is generally stable, and this week, attention should be paid to the completion of warehousing in Shandong and Shanxi and the outbound speed in the west [3]. Strategy - The strategy is neutral. The supply of late Fuji has increased, but the commodity rate this year is low. Merchants are cautious about ordering general goods. The warehousing work is gradually entering the later stage, and the warehousing volume is lower than the same period last year [4]. Group 2: Red Dates Report Industry Investment Rating - Neutral [8] Core Viewpoints - Red date futures prices showed a downward trend yesterday. The purchase price of red dates in some areas has been slightly reduced, and the purchase progress is fast. The new goods in the sales areas have limited arrivals, and the quality is uneven, resulting in a wide price difference. The short - term spot price is expected to be weakly stable. The new goods are expected to be concentrated on the market soon, and the inventory pressure is high. The market's future expectations are pessimistic [7]. Summary by Related Catalogs Market News and Important Data - Futures: The closing price of the Red Date 2601 contract yesterday was 9290 yuan/ton, a change of - 35 yuan/ton from the previous day, a decrease of 0.38%. - Spot: The spot price of first - grade grey dates in Hebei was 8.90 yuan/kg, unchanged from the previous day. The spot basis CJ01 was - 390, a change of + 35 from the previous day [5]. Recent Market Information - The purchase price of red dates in Aksu and Alar areas has been slightly reduced, and the purchase progress is fast. Other production areas are mostly near the end of the purchase, adhering to the principle of high - quality and high - price. The enthusiasm of enterprises for purchase is average. The new goods in the sales areas of Hebei and Guangdong have limited arrivals, and the quality is uneven, resulting in a wide price difference. The enthusiasm of merchants for purchasing is average. The new goods in the Hebei sales area are on the market in small quantities, and downstream merchants purchase on demand. The short - term spot price is expected to be weakly stable [6]. Market Analysis - Red date futures prices showed a downward trend yesterday. The purchase price of red dates in some areas has been slightly reduced, and the purchase progress is fast. The new goods in the sales areas have limited arrivals, and the quality is uneven, resulting in a wide price difference. The short - term spot price is expected to be weakly stable. The purchase enthusiasm in the sales area has decreased, and the new goods are not well - received. The inventory of 36 sample points has increased slightly. The new season's jujube trees have over - exhausted problems, and the production reduction is an expected situation. The quality of jujube fruits is better than that of the same period last year. The actual consumption at the consumer end will be another focus of the market [7]. Strategy - The strategy is neutral. Recently, red date futures have fallen significantly for four consecutive weeks, and the market game has increased. The market expectations are relatively pessimistic. According to the modification of the red date delivery rules by the Zhengzhou Commodity Exchange in 2025, old - season red dates can still participate in delivery and the cost is lower than that of new - season red dates, so the near - month contracts may still have a certain downward space [8].

Report Overview - Date: October 29, 2025 - Report Name: Guotai Junan Futures Commodity Research Morning Report - Agricultural Products Industry Investment Ratings No industry investment ratings are provided in the report. Core Views - Palm oil: Slow destocking in producing areas, focus on downside support [2] - Soybean oil: Rebound in US soybeans, decline in the oil - meal ratio [2] - Soybean meal: Strong US soybeans, Dalian soybean meal rebounds and fluctuates [2] - Soybean: Strong and fluctuating [2] - Corn: Fluctuating weakly [2] - Sugar: Weak overseas, strong domestic [2] - Cotton: Higher cost of new cotton supports cotton futures prices [2] - Eggs: Maintaining adjustment [2] - Live pigs: Spot sentiment declines, waiting for confirmation [2] - Peanuts: Focus on the spot market [2] Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: Palm oil futures prices (day session: 8,958 yuan/ton, -1.56%; night session: 8,824 yuan/ton, -1.50%); soybean oil futures prices (day session: 8,182 yuan/ton, -0.63%; night session: 8,080 yuan/ton, -1.25%). Spot prices, trading volumes, open interests, and spreads of related products are also provided [5]. - **News**: Indonesia's 2025 palm oil production is expected to increase by 10% to about 5,600 million tons, and exports are expected to be 3,000 - 3,100 million tons. In 2026, production is expected to increase by another 5%. In August 2025, Indonesia's palm oil inventory decreased slightly to 2.54 million tons [6][7]. - **Trend Intensity**: Palm oil and soybean oil trend intensities are both -1 [10]. Soybean Meal and Soybean - **Fundamentals**: DCE soybean 2601 futures price (day session: 4,115 yuan/ton, +0.66%; night session: 4,129 yuan/ton, +0.90%); DCE soybean meal 2601 futures price (day session: 2,975 yuan/ton, +1.40%; night session: 2,991 yuan/ton, +0.84%). Spot prices and industry data such as trading volume and inventory are also provided [11]. - **News**: On October 28, CBOT soybean futures hit a 15 - month high due to expectations of a Sino - US trade agreement [11]. - **Trend Intensity**: Soybean meal trend intensity is 0; soybean trend intensity is +1 [13]. Corn - **Fundamentals**: Corn futures prices (C2511: day session 2,109 yuan/ton, +0.38%; night session 2,105 yuan/ton, -0.19%; C2601: day session 2,123 yuan/ton, +0.28%; night session 2,123 yuan/ton, 0.00%). Spot prices, trading volumes, open interests, and spreads are also provided [15]. - **News**: Northern corn bulk shipping port prices decreased by 10 yuan/ton, and Guangdong Shekou prices also decreased by 10 yuan/ton [16]. - **Trend Intensity**: Corn trend intensity is 0 [17]. Sugar - **Fundamentals**: Raw sugar price is 14.37 cents/pound, -0.09; mainstream spot price is 5,730 yuan/ton, 0; futures main contract price is 5,483 yuan/ton, +38. Spreads and basis are also provided [18]. - **News**: Brazil's sugar production in the second half of September increased by 11% year - on - year, and exports decreased. China's sugar imports in September were 550,000 tons (+150,000 tons). The CAOC expects China's 25/26 sugar production to be 11.2 million tons, consumption to be 15.9 million tons, and imports to be 5 million tons [18][19]. - **Trend Intensity**: Sugar trend intensity is 1 [20]. Cotton - **Fundamentals**: CF2601 futures price (day session: 13,565 yuan/ton, 0.00%; night session: 13,575 yuan/ton, 0.07%); CY2601 futures price (day session: 19,765 yuan/ton, -0.03%; night session: 19,785 yuan/ton, 0.10%). Spot prices, trading volumes, open interests, and spreads are also provided [21]. - **News**: Cotton spot trading is mostly sluggish, with some low - basis transactions being better. ICE cotton futures rose slightly due to optimistic expectations of international economic and trade relations [22][23]. - **Trend Intensity**: Cotton trend intensity is 0 [26]. Eggs - **Fundamentals**: Egg futures prices (egg 2511: 2,866 yuan/500 kg, -1.85%; egg 2601: 3,304 yuan/500 kg, -0.12%). Spreads, spot prices, and related industry data are also provided [28]. - **Trend Intensity**: Egg trend intensity is 0 [28]. Live Pigs - **Fundamentals**: Live pig spot prices (Henan: 12,630 yuan/ton; Sichuan: 12,300 yuan/ton; Guangdong: 12,360 yuan/ton). Futures prices, trading volumes, open interests, and spreads are also provided [30]. - **Market Information**: Yuexiu and Yangxiang added delivery warehouses. The national feed output in September was 30.36 million tons, a month - on - month increase of 3.4% and a year - on - year increase of 5% [32]. - **Trend Intensity**: Live pig trend intensity is 0 [31]. Peanuts - **Fundamentals**: Peanut spot prices (Liaoning 308 general: 8,200 yuan/ton; Henan Baisha general: 6,900 yuan/ton, -100; Xingcheng Xiaoriben: 7,900 yuan/ton, +40; Sudan refined rice: 8,650 yuan/ton, 0). Futures prices, trading volumes, open interests, and spreads are also provided [33]. - **Spot Market Focus**: In Henan, peanut prices are chaotic, and supply is not fully released. In Liaoning, farmers are reluctant to sell, and trading is stalemate. In Xingcheng, the market is active [34]. - **Trend Intensity**: Peanut trend intensity is 0 [37].

Group 1 - The core viewpoint of the articles highlights the mixed performance of corn, wheat, and soybean prices in the Chicago futures market, with corn and wheat experiencing declines while soybean prices saw a slight increase [1][2] - On October 13, the most active December corn contract closed at $4.11 per bushel, down 2.25 cents (0.54%) from the previous trading day, while the December wheat contract fell to $4.97 per bushel, down 1.75 cents (0.35%). In contrast, the November soybean contract rose by 1 cent (0.1%) to $10.08 per bushel [1] - The impressive corn yield in the northern and western Midwest of the U.S. is noted, with December corn futures attempting to hold the support level of $4.105 per bushel, and the next downside target set at $4.05 [1] Group 2 - China continues to seek Brazilian soybeans, reportedly purchasing 2-4 cargo ships of Brazilian soybeans, with estimates indicating that the sowing area in Brazil has reached 14-15% of the planned area [1] - The forecast for U.S. soybean planting area is expected to increase to 87-88 million acres by 2026 due to rising fertilizer costs and crop rotation willingness, while corn planting area may decrease to 92-93 million acres, and wheat planting area is projected to drop by 1-2 million acres to 45-46 million acres [1] - The global grain market is currently characterized by three major themes: record global wheat export supply, significant U.S. corn production with insufficient Midwest inventory, and the impact of U.S.-China trade relations on agricultural markets [2]

Report Information - Report Title: Commodity Weekly Report - Report Date: September 22, 2025 - Analyst: Hu Jingyi from Guotou Futures - Investment Consulting Number: Z0019749 - Futures Practitioner Qualification Number: F03090299 [1][5] 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The commodity market rose 0.24% last week, with the black sector leading the gain at 2.27%. The Fed's 25bp rate cut and relatively stable Sino-US economic and trade negotiations create a neutral and warm macro - environment. With the support of the consumer peak season and pre - holiday restocking, the commodity market may run stably in the short term. Precious metals are likely to remain easy to rise and difficult to fall, while the short - term trend of other sectors varies [2]. 3. Summary by Directory 3.1 Market Review - **Overall Market Performance**: The commodity market rose 0.24% last week, with the black sector up 2.27%, energy and chemicals up 1.42%, and precious metals, agricultural products, and non - ferrous metals down 0.8%, 0.78%, and 0.66% respectively. The top - rising varieties were coking coal, coke, and glass, while the top - falling ones were live pigs, soybean meal, and tin. The 20 - day average volatility of the commodity market rebounded, and only the black and agricultural product sectors had net capital inflows [2][7]. - **Market Data Charts**: There are multiple charts showing the performance of different sectors and varieties, including the rise and fall of the Nanhua Index, the weekly contribution rate of each sector of the China Securities Commodity Index, the fluctuation of each variety's main contract, the performance of commodity - related sector indexes, the precipitation funds of each commodity sector, the weekly precipitation fund changes of each variety, the average trading - to - holding ratio of each variety, macro - high - frequency data, relevant ratios, and black - industry chain ratios [8][10][12] 3.2 Outlook for Different Sectors - **Precious Metals**: After the Fed's rate cut, the sector initially corrected due to profit - taking but rebounded on the dovish remarks of the new Fed governor. It is likely to remain easy to rise and difficult to fall in the short term [2]. - **Non - ferrous Metals**: After the Fed's rate cut, the previous bullish sentiment cooled, but the restart of rate cuts still provides short - term support. With the pre - holiday restocking and improving macro - sentiment, the sector may run stably in the short term [3]. - **Black Sector**: The apparent demand for rebar improved, production continued to decline, and inventory decreased slightly. Steel mills have pre - holiday restocking needs, but low profit per ton restricts further production resumption. The iron ore port inventory decreased, and the coking coal's capacity expansion is less likely. The sector fluctuates with policy expectations [3]. - **Energy Sector**: Oil prices rose and then fell last week. The Fed's 25bp rate cut did not bring unexpected benefits, and the supply - demand contradiction after the peak oil - consumption season will gradually intensify. Geopolitical factors may cause short - term supply disruptions, but the premium space is limited. Trump's statement to lower oil prices also affects market sentiment. Oil prices may fluctuate weakly in the short term [3]. - **Chemical Sector**: For polyester, the weaving load decreased slightly, and filament inventory continued to accumulate. The downstream has pre - holiday stocking expectations, but cost support is weak. Building materials such as glass and PVC still face high - supply and low - demand situations, and attention should be paid to pre - holiday restocking demand [4]. - **Agricultural Products**: The actual export demand for US soybeans was poor, and the Sino - US call did not mention agricultural product trade. The overseas palm oil export data in the first half of September was inconsistent. The short - term domestic supply of oils and fats is relatively loose, and the sector may run in a volatile manner [4]. 3.3 Commodity Fund Overview - The report provides information on various commodity ETFs, including net value, weekly return, scale, share change, trading volume, trading volume change, and underlying assets. Gold - related ETFs have different performance in terms of return and scale change, and other commodity ETFs such as energy - chemical and agricultural - product - related ones also show different trends [41]