1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports - **Sugar**: The global sugar supply is expected to remain in surplus in the 2025/26 season. With ample supply, the raw sugar price will likely stay weak. In the Chinese market, the old - sugar stock has been mostly cleared, new - sugar pressure is increasing, and the October import volume exceeded expectations, so the overall sugar market is expected to be weak [2]. - **Soybean Meal and Related Products**: The domestic soybean inventory is high, and the soybean meal supply is abundant. The downward space of the current futures price is limited, but it is difficult to strengthen based on cost and profit logic alone. The soybean meal market is expected to fluctuate widely [3]. - **Pig**: The market supply has recovered, and the price has weakened again. Although the demand is expected to increase in the short - term due to cold weather and the start of curing in the southwest, the mid - term price is not optimistic, and the increased selling enthusiasm after price recovery is not conducive to the near - month futures market. The 3 - 7 reverse spread strategy can be held [6]. - **Cotton**: The ICE cotton futures are stable, supported by strong demand in the USDA report. In the domestic market, the short - term pressure from new cotton listing and high production, combined with weak downstream demand, may lead to a weak cotton price within a certain range, although the relatively low inventory of downstream spinning enterprises provides some support [8]. - **Corn and Corn Starch**: The supply in the Northeast is sufficient but the selling enthusiasm is low, and the market is quiet with stable prices. In North China, the number of trucks at deep - processing enterprises has decreased, and the price has slightly increased. With about 20% of the new - season corn sold, there is still selling pressure. The demand from deep - processing and feed sectors is not strong. The corn market will have intensified long - short competition and narrow - range fluctuations in the short - term [10]. - **Edible Oils**: For palm oil, the Malaysian BMD futures may stop falling and strengthen after stabilizing at 4150 ringgit. The domestic palm oil may rise to the 8900 - 9000 yuan range. The overall view is near - weak and far - strong. For soybean oil, the CBOT soybean oil is in a short - term correction. The domestic soybean oil demand is weak, but the poor crushing profit provides some support, and the support for the January contract is around 8200 yuan [13]. - **Eggs**: The laying - hen inventory remains high, and the supply is abundant. The demand is weak, and the egg price is expected to oscillate at a low level. It is recommended to stop profit on previous short positions and wait and see in the short - term [16]. 3. Summary by Relevant Catalogs Sugar - **Futures Market**: The prices of sugar 2601 and 2605 decreased, the ICE raw sugar主力 slightly increased, the 1 - 5 spread widened, the main - contract position increased, and the warehouse receipt decreased [2]. - **Spot Market**: The prices in Nanning and Kunming decreased, the Nanning basis decreased, and the Kunming basis increased. The prices of imported Brazilian sugar (both quota - within and quota - outside) decreased [2]. - **Industry Situation**: The national and Guangxi sugar production and sales increased year - on - year, the national sales rate decreased, the Guangxi sales rate increased, the national industrial inventory decreased, and the Guangxi and Yunnan industrial inventories increased. The sugar import volume increased [2]. Soybean Meal and Related Products - **Soybean Meal**: The spot and futures prices of Jiangsu soybean meal decreased, the basis decreased significantly, the import crushing profit increased, and the warehouse receipt decreased slightly [4]. - **Rapeseed Meal**: The spot price of Jiangsu rapeseed meal remained unchanged, the futures price decreased slightly, the basis increased, the import crushing profit increased, and the warehouse receipt remained unchanged [4]. - **Soybean**: The spot price of Harbin soybeans increased, the futures prices of bean one and bean two decreased, and the warehouse receipt remained unchanged [4]. - **Spreads**: The soybean meal and rapeseed meal inter - month spreads, the oil - meal ratio, and the soybean - rapeseed meal spread changed to different degrees [4]. Pig - **Futures Market**: The prices of pig 2601 and 2605 decreased, the 1 - 5 spread decreased, the main - contract position increased, and the warehouse receipt remained unchanged [6]. - **Spot Market**: The prices in most regions decreased, and the slaughter volume, white - strip price, and other indicators changed slightly [6]. - **Industry Indicators**: The sample - point daily slaughter volume increased slightly, the weekly white - strip price decreased, the weekly piglet price increased, the sow price remained unchanged, the weekly slaughter weight increased slightly, the self - breeding and purchased - piglet breeding profits decreased, and the monthly fertile sow inventory decreased slightly [6]. Cotton - **Futures Market**: The prices of cotton 2601 and 2605 decreased slightly, the ICE US cotton主力 decreased, the 5 - 1 spread widened, the main - contract position decreased, the warehouse receipt increased, and the valid forecast decreased [8]. - **Spot Market**: The Xinjiang arrival price and CC Index increased slightly, the FC Index decreased, and the basis of 3128B to 01 and 05 contracts increased [8]. - **Industry Situation**: The commercial and industrial inventories, the bonded - area inventory, and the cotton out - of - Xinjiang shipment volume increased month - on - month. The textile industry's inventory year - on - year, the yarn and fabric inventory days, and the clothing and textile exports changed to different degrees [8]. Corn and Corn Starch - **Corn**: The price of corn 2601 decreased, the basis increased, the 1 - 5 spread increased slightly, the south - north trade profit decreased, the import profit decreased, the number of trucks at Shandong deep - processing enterprises decreased, the position increased, and the warehouse receipt remained unchanged [10]. - **Corn Starch**: The price of corn starch 2601 decreased, the basis increased, the 1 - 5 spread increased slightly, the starch - corn 01 spread remained unchanged, the Shandong starch profit decreased, the position increased, and the warehouse receipt decreased [10]. Edible Oils - **Soybean Oil**: The spot and futures prices decreased, the basis increased, the warehouse receipt remained unchanged, and the inter - month spread decreased [13]. - **Palm Oil**: The spot and futures prices decreased, the basis increased significantly, the import cost decreased, the import profit decreased, and the warehouse receipt decreased [13]. - **Rapeseed Oil**: The spot and futures prices decreased, the basis decreased, the warehouse receipt decreased slightly, and the inter - month spread increased [13]. - **Spreads**: The inter - month spreads, the bean - palm spread, and the rapeseed - soybean oil spread changed to different degrees [13]. Eggs - **Futures Market**: The prices of egg 12 and 01 contracts increased, the basis decreased, and the 12 - 01 spread increased slightly [15]. - **Spot Market**: The egg - producing area price remained unchanged, the egg - chick price remained unchanged, the culled - hen price increased slightly, the egg - feed ratio increased, and the breeding profit increased [15].

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - The US corn rebounded after the November report lowered the yield, but the production remained high, and it was in a narrow - range oscillation. The import profit of foreign corn declined, and the price of Brazilian imports in December was 2138 yuan. The domestic corn spot was relatively strong in the short - term, with stable demand from the breeding industry and low inventory of downstream feed enterprises. The 01 corn futures had room to fall later. The starch spot was strong due to the corn rebound, but the 01 starch futures on the disk also had room to fall in the short - term [4][6][7]. 3. Summary by Directory 3.1 Data - **Futures Disk**: For corn futures, C2601 closed at 2175 with a 0.32% increase, C2605 at 2245 with a 0.18% increase, and C2509 at 2272 with a 0.22% increase. For starch futures, CS2601 closed at 2480 with a 0.52% increase, CS2605 at 2560 with a 0.23% increase, and CS2509 at 2612 with a 0.23% increase. The trading volume and open interest of each contract had different changes [2]. - **Spot and Basis**: The spot prices of corn in different regions such as Qinggang, Songyuan Jiji, etc., and the spot prices of starch in different enterprises such as Longfeng, COFCO, etc., were reported. The basis of corn and starch in different regions and enterprises was also provided [2]. - **Spreads**: Corn inter - delivery spreads (e.g., C01 - C05 was - 70 with a 3 increase), starch inter - delivery spreads (e.g., CS01 - CS05 was - 80 with a 7 increase), and cross - variety spreads (e.g., CS09 - C09 was 340 with a 1 increase) were presented [2]. 3.2 Market Judgment - **Corn**: The US corn was in a narrow - range oscillation. The import profit of foreign corn declined. The northern port's flat - hatch price in the north dropped, while the northeast and north China corn spots were stable. The price difference between northeast and north China corn was large. Corn had cost - effectiveness compared to wheat. The domestic breeding demand was stable, and the downstream feed enterprises' inventory was low. The 01 corn futures were strongly oscillating, and the spot basis strengthened. The market was concerned about the seasonal selling pressure of northeast corn and downstream inventory building [4][6]. - **Starch**: The number of vehicles arriving at Shandong deep - processing plants decreased, and the Shandong corn spot was stable. The starch inventory decreased this week, with the manufacturer's inventory at 110.9 million tons, a 2.4 - million - ton decrease from last week, a 1.7% monthly decrease, and a 25.6% year - on - year increase. The starch price depended on corn price and downstream stocking. The by - product price was strong, and the enterprise's profit was good. The 01 starch futures followed the corn to oscillate strongly, but the north China corn price might fall in December, and the starch spot would also decline later [7]. 3.3 Corn Options - The option strategy was a short - term cumulative put strategy with rolling operations. Information about two option contracts (C2605 - P - 2160.DCE and C2601 - P - 2080.DCE) including the underlying price, closing price, and price change was provided [11]. 3.4 Related Attachments - Six figures were provided, including the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of corn starch 01 contract, and the spread of corn starch 01 contract [13][15][19].

农产品日报 | 2025-11-04 近期市场资讯，晚富士产区入库工作继续进行。山东地面交易上量，好货价格维持稳硬，果农顺价卖货为主，栖 霞80#一二级主流参考价3.5-4元/斤，栖霞80#一二级半主流参考价3.0-3.5元/斤，统货价格2.0-3.0元/斤，以质论价。 甘肃入库工作收尾，果农入库略加快；陕西产区入库工作陆续开展，果农一般货源入库增加。目前交易价格来看， 陕西洛川产区晚富士70#以上半商品3.8-4.5元/斤附近，70#以上统货3.4-3.8元/斤，订园价格3.5-3.8元/斤主流。多以 质论价。甘肃静宁产区70#以上山地商品5-6元/斤，主流5-5.5元/斤。70#以上统货4.5元/斤附近，冰雹伤货源3.5-4.5 元/斤。地面交易陆续进入后期，预计短期内好货价格维持稳硬运行，整体行情两级分化。目前入库进度较前期略 有加快，果农货源陆续入库。重点关注入库量及入库结构。 市场分析 昨日苹果期价震荡下跌，地面交易逐步进入后期，市场呈现"两级分化"格局，预计短期内好货价格将保持稳硬运 行态势，入库量及入库结构成为影响后续行情的关键关注点。上周晚富士陆续上市交易，但年内商品率较低，客 商订购一般货源 ...

农产品周报 | 2025-10-19 国内供应宽松，豆粕价格弱势震荡 粕类市场要闻与重要数据 期货方面，上周末收盘豆粕2601合约2922元/吨，环比下跌54元，跌幅1.54%；上周末收盘菜粕2601合约2306元/吨， 环比下跌85元，跌幅3.55%。现货方面，天津地区豆粕现货价格2960元/吨，环比下跌30元/吨，现货基差M01+92 ， 环比上涨24；江苏地区豆粕现货价格2880元/吨，环比持平，现货基差M01+12，环比上涨54；广东地区豆粕现货价 格2890元/吨，环比持平，现货基差M01+22，环比上涨54。福建地区菜粕现货价格2540元/吨，环比下跌50元/吨， 现货基差M01+234，环比上涨35。 豆粕：南美方面，阿根廷农牧渔业国秘处公布的数据显示，截至10月8日当周，阿根廷农户销售128.24万吨2024/25 年度大豆，使累计销量达到3754.32万吨。当周，本土油厂采购120.62万吨，出口行业采购7.62万吨。10月14日，10 月14日，巴西全国谷物出口商协会表示，巴西10月大豆出口量料为731万吨，此前一周预估为712万吨。 国内方面，据Mysteel农产品调研显示，2025年第 ...

Report Overview - The report is a daily report on corn and corn starch on October 15, 2025, covering data, market analysis, trading strategies, option strategies, and related charts [2][3] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The U.S. corn report has lowered the yield per unit, but the production remains high, and the U.S. corn price has declined. It may continue to fall. The import profit of foreign corn is high, and the domestic corn spot price is relatively stable in the short - term. The new - season corn has been listed in large quantities, and the spot price in the Northeast has declined. It is expected that there will be selling pressure on Jilin corn at the end of October. The corn starch price is mainly affected by the corn price and downstream stocking. The inventory has increased this week, and the short - term 01 contract of the corn starch futures is expected to fluctuate weakly [5][6][7] 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures Market - **Corn Futures**: Contracts C2601, C2605, and C2509 all rose, with C2601 closing at 2127, up 16 (0.75%); C2605 at 2218, up 16 (0.72%); C2509 at 2247, up 12 (0.53%). The trading volume of most contracts decreased, while the open interest of some contracts increased [3] - **Corn Starch Futures**: Contracts CS2601, CS2605, and CS2509 also rose, with CS2601 closing at 2418, up 17 (0.70%); CS2605 at 2529, up 12 (0.47%); CS2509 at 2571, up 1 (0.04%). The trading volume and open interest of most contracts increased [3] 3.1.2 Spot and Basis - **Corn Spot**: Prices in various regions such as Qinggang, Songyuan Jiji, and others showed different trends. The basis varied from - 297 in Qinggang to 63 in Guangdong Port [3] - **Corn Starch Spot**: Prices in different factories like Longfeng, COFCO, etc., remained stable, and the basis was positive in all regions, ranging from 121 to 391 [3] 3.1.3 Spread - **Corn Inter - delivery Spread**: For example, C01 - C05 was - 91, unchanged; C05 - C09 was - 29, up 4; C09 - C01 was 120, down 4 [3] - **Corn Starch Inter - delivery Spread**: CS01 - CS05 was - 111, up 5; CS05 - CS09 was - 42, up 11; CS09 - CS01 was 153, down 16 [3] - **Cross - variety Spread**: CS09 - C09 was 324, down 11; CS01 - C01 was 291, up 1; CS05 - C05 was 311, down 4 [3] 3.2 Market Analysis 3.2.1 Corn - The U.S. corn yield per unit may be further lowered, and the price will fluctuate narrowly. China has imposed tariffs on U.S. corn and sorghum. The import profit of foreign corn is high. The spot price in the northern ports and the Northeast has declined, and the supply in North China has increased. The wheat price in North China is strong, and the substitution relationship between wheat and corn still exists. The domestic breeding demand is weak, and the downstream feed enterprise inventory is low. The new - season corn has been listed in large quantities, and it is expected that there will be selling pressure on Jilin corn at the end of October [5][6] 3.2.2 Corn Starch - The number of trucks arriving at Shandong deep - processing plants has increased, and the corn spot price in Shandong is weak. The corn starch inventory has increased this week, reaching 1199,000 tons, an increase of 8000 tons from last week, with a monthly increase of 5.27% and a year - on - year increase of 46.9%. The starch price depends on the corn price and downstream stocking. The by - product price is strong, and the enterprise is profitable. It is expected that the spot price of corn starch will decline later, and the 01 contract of the futures will fluctuate weakly in the short - term [7] 3.3 Trading Strategies - **Unilateral Trading**: It is recommended to lightly go long on the 01 or 05 corn contracts with a stop - loss set. The U.S. corn has support at 400 cents per bushel [9] - **Arbitrage Trading**: It is recommended to wait and see [10] 3.4 Option Strategies - A short - term strategy of accumulating put and call options with rolling operations is recommended [11] 3.5 Related Charts - The report includes six charts showing the spot price of corn in different regions, the basis of the corn 01 contract, the 1 - 5 spread of corn and corn starch, the basis of the corn starch 01 contract, and the spread between the corn starch and corn 01 contracts [15][17][20]

农产品日报 | 2025-10-10 市场要闻与重要数据 期货方面，昨日收盘豆粕2601合约2939元/吨，较前日变动+11元/吨，幅度+0.38%；菜粕2601合约2435元/吨，较前 日变动+14元/吨，幅度+0.58%。现货方面，天津地区豆粕现货价格2990元/吨，较前日变动+20元/吨，现货基差 M01+51，较前日变动+9；江苏地区豆粕现货2900元/吨，较前日变动+10元/吨，现货基差M01-39，较前日变动-1； 广东地区豆粕现货价格2910元/吨，较前日变动跌+10元/吨，现货基差M01-29，较前日变动-1。福建地区菜粕现货 价格2630元/吨，较前日变动+30元/吨，现货基差RM01+195，较前日变动+16。 近期市场资讯，巴西外贸秘书处数据显示，9月巴西大豆出口步伐显著高于去年同期。9月份巴西大豆出口量734.1 万吨，高于去年同期的610.6万吨；日均出口量33.4万吨，同比增长20.2%。USDA季度库存报告显示，截至2025年9 月1日，美国旧作大豆库存总量为3.16亿蒲式耳，市场预期为3.23亿蒲式耳，去年同期为3.42亿蒲式耳。美国农业部 公布的周度出口检验报告显示，截至20 ...

Group 1: Report Industry Investment Ratings - There is no information about report industry investment ratings in the provided documents. Group 2: Core Views of the Reports Oils and Fats - Malaysian BMD crude palm oil futures are expected to face resistance at 4,450 ringgit and may fall back to 4,200 ringgit. Dalian palm oil futures may follow suit and test 9,000 yuan. Argentine soybean oil exports will be taxed again, and domestic soybean supply is sufficient, so the basis of soybean oil is difficult to rise continuously [1]. Sugar - International raw sugar prices are expected to remain in a bottom - range oscillation due to oversupply. Zhengzhou sugar futures have broken through 5,500 yuan, but there is short - term rebound momentum while maintaining a bearish trend overall [2]. Cotton - The mid - term domestic cotton price may be under pressure due to weak seed cotton purchasing willingness and high hedging pressure on the supply side, as well as weak downstream demand [3]. Eggs - Egg prices are expected to remain in a bottom - range oscillation due to sufficient supply and potential demand increase during festivals [4]. Corn - The corn market will be under pressure in the short term. The price will likely decline with new grain listing, and the market will focus on the new grain acquisition rhythm and farmers' selling mentality [5]. Meal and Oilseeds - Argentine soybean exports have restarted the export tax, and US soybeans lack substantial positive factors. Domestic soybean meal supply is abundant, and the 1 - 5 spread may continue to weaken [8]. Pigs - The pig market is expected to maintain an oscillating adjustment, following the spot price with small fluctuations. Market supply is recovering, and demand is slowly picking up [10]. Group 3: Summary by Related Catalogs Oils and Fats - **Price Changes**: On September 25, the spot price of Jiangsu first - grade soybean oil rose by 0.96%, and the futures price of Y2601 rose by 1.14%. The basis of palm oil in Guangdong changed significantly, and the import profit decreased. The price of rapeseed oil also had corresponding changes [1]. - **Spread Changes**: The 01 - 05 spreads of soybean oil, palm oil, and rapeseed oil changed, and the soybean - palm oil spread and rapeseed - soybean oil spread also fluctuated [1]. Sugar - **Futures Market**: The prices of sugar 2601 and 2605 decreased slightly, and the 1 - 5 spread decreased by 6.06%. The positions of the main contract and the number of warehouse receipts decreased [2]. - **Spot Market**: The spot prices in Nanning remained unchanged, and the price in Kunming increased slightly. The basis increased, and the import price of Brazilian sugar also changed slightly [2]. - **Industry Situation**: The national sugar production and sales increased year - on - year, and the industrial inventory also changed [2]. Cotton - **Futures Market**: The prices of cotton 2605 and 2601 decreased slightly, and the 5 - 1 spread changed significantly. The positions of the main contract and the number of warehouse receipts decreased [3]. - **Spot Market**: The Xinjiang arrival price and CC Index of 3128B increased slightly, while the FC Index of M: 1% decreased [3]. - **Industry Situation**: The commercial and industrial inventories of cotton decreased, and the import volume increased. The inventory days of yarn and grey cloth decreased, and the cotton shipping volume out of Xinjiang increased [3]. Eggs - **Futures Market**: The prices of egg 11 and 10 contracts increased, and the 11 - 10 spread changed [4]. - **Spot Market**: The egg production area price decreased slightly, and the prices of egg - laying chicks remained unchanged, while the price of culled chickens increased [4]. - **Industry Situation**: The feed - to - egg ratio increased, and the breeding profit decreased significantly [4]. Corn - **Corn**: The price of corn 2511 increased slightly, and the basis and 11 - 3 spread changed. The number of vehicles at Shandong deep - processing enterprises increased significantly [5]. - **Corn Starch**: The price of corn starch 2511 increased slightly, and the basis and 11 - 3 spread changed [5]. Meal and Oilseeds - **Price Changes**: The spot and futures prices of soybean meal, rapeseed meal, and soybeans all had corresponding increases, and the basis and import crushing margins also changed [8]. - **Spread Changes**: The 01 - 05 spreads of soybean meal and rapeseed meal increased, and the oil - meal ratio and soybean - rapeseed meal spread changed [8]. Pigs - **Futures Market**: The prices of live hog 2511 and 2601 decreased slightly, and the 11 - 1 spread decreased [10]. - **Spot Market**: The spot prices of hogs in different regions changed, and the slaughter volume, white - strip price, and other indicators also had corresponding changes [10].

Group 1: Report Industry Investment Rating - The investment rating for both the apple and红枣 industries is neutral [4][8] Group 2: Report's Core View - For the apple industry, the current inventory level is low, providing bottom - price support. New - season high - quality apples have high prices, affecting the sales of inventory apples. The price is expected to remain stable in the short term [4] - For the红枣 industry, the 2024 production season had large output and high inventory but poor quality. The market is transitioning from the off - season to the peak season, with inventory pressure still present. If the subsequent assessment of yield and quality is lower than expected, the upward trend of红枣 prices may continue, and the demand for Mid - Autumn and National Day holiday stocking also needs attention [7][8] Group 3: Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2601 contract yesterday was 8288 yuan/ton, a change of - 3 yuan/ton or - 0.04% from the previous day. - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 3.80 yuan/jin, unchanged from the previous day, with a spot basis of AP01 - 688, a change of + 3 from the previous day. The price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.80 yuan/jin, unchanged from the previous day, with a spot basis of AP01 + 1312, a change of + 3 from the previous day [1] Recent Market Information - In the Shandong production area, some Red Generals are in the later stage, with small - truck customers preferring low - priced Red Generals. The sales of old stored Fuji in Shandong Qixia and Penglai have slowed down. In Shaanxi Yan'an Luochuan, different varieties of apples have different price ranges. In Liaoning Wafangdian, the prices of different varieties of early - maturing apples are also given. The late - maturing Fuji is gradually being de - bagged, and attention should be paid to its quality and the price trend of pre - harvested Fuji [2] Market Analysis - The apple futures price closed slightly lower yesterday. The spot - end prices in production areas are differentiated, with high - quality goods having a premium. The double - festival stocking in sales areas is progressing as needed. The current basis shows short - term support. Attention should be paid to the situation after the late - maturing Fuji is de - bagged and the inventory reduction progress of stored apples. The picking and bag - removing work of late Fuji is sporadic, and rainfall in the west may delay the large - scale bag - removing time. New - season apples in Shandong have a large price range for Red Generals, and the prices of pre - harvested Fuji are higher than last year. The sales of stored apples in Shandong have slowed down significantly [3] Strategy - The strategy is neutral. The current inventory level is low, and the price has bottom support. The high price of high - quality new - season apples affects the sales of stored apples, and the price is expected to remain stable in the short term [4] Red Dates Market News and Important Data - Futures: The closing price of the red date 2601 contract yesterday was 10780 yuan/ton, a change of + 45 yuan/ton or + 0.42% from the previous day. - Spot: The price of first - grade grey dates in Hebei was 9.50 yuan/kg, unchanged from the previous day, with a spot basis of CJ01 - 1280, a change of - 45 from the previous day [5] Recent Market Information - In the Aksu area, the mainstream mu - yield is 700 - 800 kg, and the jujubes are in the sugar - increasing period. In the Kashgar area, a small number of jujubes have started to wrinkle. In the Hebei Cuierzhuang market, 3 trucks of red dates have arrived, and the prices are stable. Different grades of red dates have different price ranges [6] Market Analysis - The red date futures price closed higher yesterday. The price of first - grade grey dates in Hebei in the spot market remained the same as before. The replenishment of merchants in sales areas is carried out as needed, and the double - festival stocking has not started significantly. The current basis has further narrowed. Attention should be paid to the impact of production - area weather on supply, the release of consumption - end stocking momentum, and the realization of futures long - term expectations. The 2024 production season of red dates had large output and high inventory but poor quality. The market is transitioning from the off - season to the peak season, with inventory pressure still present. The new - season jujube trees may have over - exhaustion problems, and the expected output reduction is strong [7] Strategy - The strategy is neutral. The jujubes in the Xinjiang main production area are in the sugar - increasing stage. Attention should be paid to the impact of rainfall in the main production area on the quality of new - season jujubes. If the subsequent dynamic assessment of yield and quality is lower than expected, the upward trend of red date prices may continue. The demand for Mid - Autumn and National Day holiday stocking also needs attention [8]

Group 1: Report Investment Rating - The investment rating for the industry is neutral [3] Group 2: Core View - The prices of the three major oils fluctuated yesterday. Although the drought - affected area in the US soybean - producing areas has expanded recently, the overall proportion is still small, the drought intensity is mild, and the crop growth indicators remain at a good level, so the impact is limited. The sharp decline in international crude oil prices has depressed vegetable oil prices, but the consumption during the Double Festival will provide some support to the market [2] Group 3: Market Analysis Futures - The closing price of the palm oil 2601 contract yesterday was 9414.00 yuan/ton, with a环比 change of - 86 yuan and a decline of - 0.91%. The closing price of the soybean oil 2601 contract was 8372.00 yuan/ton, with a环比 change of - 18.00 yuan and a decline of - 0.21%. The closing price of the rapeseed oil 2601 contract was 9809.00 yuan/ton, with a环比 change of - 44.00 yuan and a decline of - 0.45% [1] Spot - The spot price of palm oil in Guangdong was 9360.00 yuan/ton, with a环比 change of - 110.00 yuan and a decline of - 1.16%. The spot basis was P01 + - 54.00, with a环比 change of - 24.00 yuan. The spot price of first - grade soybean oil in Tianjin was 8510.00 yuan/ton, with a环比 change of - 40.00 yuan/ton and a decline of - 0.47%. The spot basis was Y01 + 138.00, with a环比 change of - 22.00 yuan. The spot price of fourth - grade rapeseed oil in Jiangsu was 9880.00 yuan/ton, with a环比 change of - 70.00 yuan and a decline of - 0.70%. The spot basis was OI01 + 71.00, with a环比 change of - 26.00 yuan [1] Recent Market Information - As of the week ending August 26, about 11% of the US soybean - planting area was affected by drought (9% the previous week and 11% last year). About 5% of the US corn - planting area was affected by drought (5% the previous week and 8% last year) [2] - The Rural Economy Department of Paraná State, Brazil (Deral) expects the soybean - planting area in the state in the 2025/26 season to be about 5.8 million hectares, a 1% increase from the previous season. The soybean yield in the state is expected to increase by 4% to about 22 million tons [2] - The net export sales of US soybeans in the 2024/2025 season were - 189,000 tons ( - 6,000 tons the previous week), and the net sales in the 2025/2026 season were 1.373 million tons (1.143 million tons the previous week). The net export sales of US corn in the 2024/2025 season were - 18,000 tons ( - 27,000 tons the previous week), and the net sales in the 2025/2026 season were 2.09 million tons (2.86 million tons the previous week) [2] - According to the Canadian Statistics Bureau's model - based yield forecast report, as of the end of July 2025, the estimated yield of Canadian rapeseed in 2025 is 19.9 million tons (the average estimate is 20.3 million tons, and the report in August last year was 19.5 million tons). The estimated yield of Canadian wheat in 2025 is 35.5 million tons (the average estimate is 35.9 million tons, and the report in August last year was 34.4 million tons) [2] Group 4: Strategy - The strategy is neutral [3]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of Each Report 2.1. Fats and Oils - Palm oil: Affected by production growth and export decline, the crude palm oil futures may face downward pressure after oscillating around the annual line, testing the support at 4,100 ringgit. Domestically, there is a risk of weakness for domestic palm oil futures, with attention on the support around 8,800 yuan [1]. - Soybean oil: In August, weather impacts on soybean crops increase. Although the latest US soybean good - rate is high, CBOT soybeans may fluctuate narrowly. Domestically, short - term basis quotes may be under pressure, but long - term support exists [1]. 2.2. Sugar - Brazilian sugar production in the second half of June was lower than expected. If the sugar - to - ethanol ratio is adjusted, production may not meet expectations. The short - term bottom of raw sugar prices may appear, but a bearish view is maintained considering the overall production increase. The domestic sugar market is expected to be marginally looser, with a bearish view after rebounds [3][4]. 2.3. Cotton - The demand side of the cotton industry is still weak, but the rising cotton price has led to a follow - up increase in yarn prices. The supply side faces some pressure from the sale of old cotton stocks, but the tight inventory situation is difficult to resolve before new cotton is listed. Short - term domestic cotton prices may oscillate at a high level, and face pressure after new cotton is listed [7]. 2.4. Eggs - The supply of eggs is sufficient, but high - temperature weather has reduced egg weight and laying rates, causing a shortage of large - sized eggs. With the start of the peak demand season, egg prices are expected to rise slightly this week and then stabilize [9]. 2.5. Corn - The corn auction on July 22 had a 27%成交 rate, and the market has digested the news. Supply is tightening due to factors like reduced willingness to sell and bad weather. Demand has some resilience. In the medium - term, supply is tight and demand is increasing, supporting prices. In the short - term, the market is stable, and the futures may oscillate strongly but with limited space [12][13]. 2.6. Meal - US soybeans are bottom - oscillating, and the expected August drought in the main production areas provides support. Brazilian soybeans are firm, but Chinese purchases of US soybeans may suppress Brazilian premiums. Currently, domestic soybean and soybean meal inventories are rising, and the basis is low. After October, the continuity of soybean arrivals is uncertain, and a cautious bullish operation is recommended [16]. 2.7. Pigs - The spot price of pigs is oscillating. Secondary fattening enthusiasm has declined, and market demand is weak, so prices are weak. There is no basis for a sharp decline, but the upside is limited. The futures are affected by macro funds, and caution is needed when chasing up prices in the far - month contracts [19]. 3. Summary According to Relevant Catalogs 3.1. Fats and Oils - **Price Changes**: - Soybean oil: The spot price in Jiangsu decreased by 0.24% to 8,350 yuan/ton, and the futures price (Y2509) decreased by 0.20% to 8,092 yuan/ton [1]. - Palm oil: The spot price in Guangdong increased by 0.33% to 9,000 yuan/ton, and the futures price (P2509) increased by 0.18% to 8,926 yuan/ton [1]. - Rapeseed oil: The spot price in Jiangsu decreased by 0.52% to 9,650 yuan/ton, and the futures price (01509) decreased by 0.90% to 9,477 yuan/ton [1]. 3.2. Sugar - **Price Changes**: - Futures: The price of sugar 2601 decreased by 0.30% to 5,653 yuan/ton, and the price of sugar 2509 decreased by 0.27% to 5,823 yuan/ton [3]. - Spot: The price in Nanning decreased by 0.17% to 6,050 yuan/ton, and the price in Kunming increased by 0.68% to 5,920 yuan/ton [3]. - **Industry Data**: - National sugar production increased by 12.03% to 1,116.21 million tons, and sales increased by 23.07% to 811.38 million tons [3]. 3.3. Cotton - **Price Changes**: - Futures: The price of cotton 2509 increased by 0.28% to 14,225 yuan/ton, and the price of cotton 2601 increased by 0.29% to 14,030 yuan/ton [7]. - Spot: The Xinjiang arrival price of 3128B decreased by 0.41% to 15,416 yuan/ton [7]. - **Industry Data**: - Northern inventory decreased by 10.2% to 254.24 million tons, and industrial inventory decreased by 2.3% to 88.21 million tons [7]. 3.4. Eggs - **Price Changes**: - The price of the egg 09 contract decreased by 0.41% to 3,621 yuan/500KG, and the price of the egg 08 contract decreased by 0.53% to 3,574 yuan/500KG [9]. - The egg - producing area price increased by 1.59% to 3.23 yuan/jin [9]. 3.5. Corn - **Price Changes**: - The price of corn 2509 increased by 0.09% to 2,322 yuan/ton, and the price of corn starch 2509 increased by 0.15% to 2,668 yuan/ton [12]. - **Industry Data**: - The early - morning remaining vehicles at Shandong deep - processing plants decreased by 35.29% to 132 [12]. 3.6. Meal - **Price Changes**: - The spot price of soybean meal in Jiangsu increased by 0.35% to 2,900 yuan/ton, and the futures price (M2509) increased by 0.43% to 3,069 yuan/ton [16]. - The spot price of rapeseed meal in Jiangsu increased by 0.34% to 2,630 yuan/ton, and the futures price (RM2509) increased by 0.18% to 2,727 yuan/ton [16]. 3.7. Pigs - **Price Changes**: - The price of the pig 2511 contract increased by 0.65% to 13,960 yuan/ton, and the price of the pig 2509 contract increased by 0.10% to 14,380 yuan/ton [19]. - **Industry Data**: - The daily slaughter volume of sample points decreased by 1.09% to 133,605 heads, and the monthly fertile sow inventory increased by 0.10% to 4,042 million heads [19].