【环球网报道 记者 李梓瑜】据英国路透社、香港《南华早报》报道，美国财政部长贝森特当地时间25日接受美 国消费者新闻与商业频道（CNBC）采访时援引一份协议内容称，中美大豆贸易正"按计划进行"。 《南华早报》说，贝森特在谈及美国国内通胀问题及受对华关税战影响的美国农民处境时作出上述表述。该议题 被视为特朗普政府最为关注的核心问题之一。 此前，路透社援引其看到的一份航运时间表披露，两艘货轮已于11月24日驶往美国南部路易斯安那州新奥尔良附 近的粮食港口码头，将装载自5月以来美国向中国出口的首批大豆。路透社提到，数月以来，中国未下任何订 单，损失数十亿美元的美国农民和粮食贸易商一直在等待对华出口恢复。美大豆协会主席拉格兰9月曾出镜称， 美国大豆正值收获季，中国的订购量却为"零"。他向美国总统特朗普发出紧急呼吁：我们需要的是强大的市场和 机遇，中国市场对我们的生计至关重要。 事关中美大豆贸易，中国商务部新闻发言人何亚东9月25日曾表示，美方应采取积极行动，取消相关不合理关 税，为扩大双边贸易创造条件，也为全球经济发展注入更多稳定性、确定性。中美双方10月25日至26日在马来西 亚吉隆坡举行经贸磋商，双方就扩大农产品 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - **Corn**: This week, the corn futures and spot prices increased in tandem. Affected by the rising port quotations, the corn futures price continued to rise. The main 2601 contract of corn increased with a reduction in positions, and due to favorable policy expectations, the corn futures and spot prices rebounded jointly. It is recommended to continue participating in short - term long positions [1]. - **Soybean Meal**: On Thursday, CBOT soybeans reached a 17 - month high. Analysts expect the USDA to lower the US soybean harvest forecast. The domestic soybean meal continued its oscillating and strengthening trend due to cost support. The strategy is to hold futures long positions and sell out - of - the - money call options [1]. - **Oils**: On Thursday, BMD palm oil rose. The domestic rapeseed oil continued to rise, while palm oil showed weak growth. The strategy is to participate in short - term long positions [1]. - **Eggs**: On Thursday, egg futures prices continued to correct. The spot egg prices continued to oscillate. Before February next year, the new supply will continue to decline. If the production capacity is eliminated at an accelerated pace, consider going long at low prices; otherwise, treat it with a wide - range oscillation mindset [1]. - **Pigs**: On Thursday, the near - and far - month contracts of live pigs rebounded jointly. The spot pig prices continued to be weak. The far - month 2609 contract of live pigs is expected to continue to oscillate and strengthen, and attention should be paid to the pressure of the 40 - day moving average on the weekly line [2]. 3. Summary According to Relevant Catalogs 3.1 Market Information - **Brazilian Soybeans**: The CONAB monthly report predicts that the soybean production in Brazil in the 2025/26 season will reach 177.6016 million tons, a year - on - year increase of 6.1199 million tons or 3.6%. The sown area is expected to reach 49.0634 million hectares, a year - on - year increase of 1.7169 million hectares or 3.6%. The yield per unit area is expected to be 3.62 tons per hectare, a year - on - year decrease of 2.0 kg per hectare or 0.1% [2]. - **Winter Wheat Sowing**: As of November 12, the sowing of winter wheat across the country has reached 75%. In the Huang - Huai - Hai region, it has exceeded 75%. By province, the sowing progress in Henan is nearly 70%, in Shandong it has exceeded 80%, in Anhui it is nearly 70%, in Jiangsu it is 55%, in Shaanxi it has exceeded 85%, and in Shanxi it is 85% [3]. - **Sino - US Agricultural Trade**: China will continue to maintain an open and cooperative attitude and deepen mutually beneficial cooperation with global trading partners in agricultural product trade [3]. 3.2 Variety Spreads - **Contract Spreads**: The report presents the 1 - 5 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but specific data analysis is not provided [5][6][9][11]. - **Contract Basis**: The report shows the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but specific data analysis is not provided [14][17][18][23]. 3.3 Research Team Members - **Wang Na**: The director of the agricultural product research department at Everbright Futures Research Institute, the leader of the top ten research and investment teams at DCE. She has won the "Best Agricultural Product Analyst" title in the Futures Daily and Securities Times' Best Futures Analyst selection for many years [27]. - **Hou Xueling**: A soybean analyst at Everbright Futures, with more than a decade of futures trading experience. She has also won the "Best Agricultural Product Analyst" title in relevant selections for many years [27]. - **Kong Hailan**: A researcher in the egg and live pig industries at Everbright Futures Research Institute. She has participated in many media interviews [27].

Group 1 - The core viewpoint of the article emphasizes China's commitment to maintaining an open and cooperative approach in global agricultural trade, highlighting its role as a significant participant in this sector [1] - The Ministry of Commerce has announced the outcomes of the recent China-US economic and trade consultations, which include agreements on agricultural product trade [1] - China is undertaking export control measures for rare earth elements in accordance with laws and regulations, balancing national security interests with international obligations [1]

美国谷物和生物制品协会主席Mark Wilson今天在上海举行的中国国际进口博览会上表示，首批美国高粱船货上周已发往中国。外汇交易员 (@myfxtrader):彭博：知情人士透露，在上周中美两国达成贸易休战协议后，中国正寻求购买美国小麦，为一年多以来首次。🗒️根据商务部公告，中美吉隆坡经贸磋商已就扩大农产品贸易等问题达成共识。 https://t.co/fuvH64Rphv ...

Core Viewpoint - The article discusses the recent surge in U.S. soybean prices driven by expectations of increased trade with China, following a consensus reached between the two countries to expand agricultural trade [1][2][4]. Group 1: Trade Developments - On November 5, the Chinese government announced adjustments to tariffs on U.S. imports, coinciding with a consensus on expanding agricultural trade, including a commitment from China to purchase at least 12 million tons of soybeans in the current period and a minimum of 25 million tons annually over the next three years [2][4]. - The U.S. soybean prices have reached a 15-month high, with main contracts surpassing 1100 cents per bushel, marking the most significant increase of the year [2][4]. Group 2: Market Reactions - Following the recent U.S.-China meetings, domestic soybean meal futures in China surged by 1.92%, nearing 3050 yuan per ton, the highest in a month and a half [5]. - The soybean meal ETF saw a net inflow of 42.71 million yuan, with the fund's year-to-date return reaching 8.59% [5]. Group 3: Supply and Demand Dynamics - Analysts indicate that China typically imports 20 to 30 million tons of U.S. soybeans annually, and the recent agreement could significantly reduce U.S. soybean ending stocks, shifting the market from oversupply to a tighter balance [7]. - Brazil has become the largest supplier of soybeans to China, with expectations of increased production, but there may be a supply gap for China in late 2025 to early 2026 due to seasonal export limitations from Brazil [8]. Group 4: Future Considerations - The future of U.S. soybean purchases by China will depend on whether these are policy-driven or commercial purchases, as the tariff structure will influence the competitiveness of U.S. soybeans compared to Brazilian alternatives [8].

Report Information - Report Title: "Bean Meal Weekly Report" [1][27][32] - Report Date: November 3, 2025 [3] Investment Rating - Not provided in the report Core Viewpoints - Last week, the CBOT US soybean January contract rose 54.5 to close at 1115 cents per bushel, a 5.14% increase; the bean meal 01 contract rose 88 to close at 3021 yuan per ton, a 3.00% increase; the South China bean meal spot price rose 40 to close at 2980 yuan per ton, a 1.36% increase; the rapeseed meal 01 contract rose 63 to close at 2388 yuan per ton, a 2.71% increase; the Guangxi rapeseed meal spot price rose 40 to close at 2510 yuan per ton, a 1.62% increase [5][8] - Positive signals from the China-US high-level meeting in South Korea led to the resumption of US soybean purchases by China, with optimistic export demand prospects boosting US soybean prices. The peak pressure on domestic supply has passed, and soybean and bean meal inventories have started to decline. With the strong performance of the external market, the support of import costs has increased, leading to a weekly fluctuating rise in Dalian bean meal futures [5][8] - After the China-US high-level meeting, the resumption of US soybean purchases boosted the external market. The US government shutdown continued, and relevant data such as production were still not released. Precipitation in the Brazilian producing areas was favorable for crop growth, and sowing in the Argentine producing areas began. The domestic supply peak has passed, and the inventory reduction cycle has started, with increased support from import costs. It is expected that Dalian bean meal futures will fluctuate strongly in the short term [5][12] Summary by Directory 1. Market Data - The CBOT soybean futures price rose from 1060.50 to 1115.00 cents per bushel, a 5.14% increase; the CNF import price of Brazilian soybeans rose from 487.00 to 493.00 dollars per ton, a 1.23% increase; the CNF import price of US Gulf soybeans rose from 470.00 to 493.00 dollars per ton, a 4.89% increase; the Brazilian soybean crushing profit on the futures market decreased from -204.80 to -206.51 yuan per ton [6] - The DCE bean meal futures price rose from 2933.00 to 3021.00 yuan per ton, a 3.00% increase; the CZCE rapeseed meal futures price rose from 2325.00 to 2388.00 yuan per ton, a 2.71% increase; the bean meal - rapeseed meal price difference increased from 608.00 to 633.00 yuan per ton [6] - The spot price of bean meal in East China and South China rose from 2940.00 to 2980.00 yuan per ton, a 1.36% increase; the spot - futures price difference in South China decreased from 7.00 to -41.00 yuan per ton [6] 2. Market Analysis and Outlook - As of the week of October 26, 2025, the estimated US soybean harvest rate was 84%, with an estimated range of 80% - 88%. As of the week of October 28, about 34% of US soybean growing areas were affected by drought, down from 39% the previous week and 73% in the same period last year [9] - As of the week of October 24, 2025, the US soybean crushing gross profit was 2.33 dollars per bushel, down from 2.38 dollars per bushel the previous week. The spot price of 48% protein bean meal at soybean processing plants in Illinois was 299.18 dollars per short ton, up from 288.57 dollars per short ton the previous week [9] - As of the week of October 25, 2025, the planting rate of Brazilian soybeans in the 2025/26 season was 34.4%, up from 21.7% the previous week. The Dutch Cooperative Bank predicted that the Brazilian soybean planting area in the 2025/26 season would reach 48.8 million hectares, a 2% increase from the previous year, with an expected output of 177 million tons, a 3% increase [10] - As of the week of October 24, 2025, the inventory of major oil mills' soybeans was 7.5129 million tons, a decrease of 174,100 tons from the previous week; the bean meal inventory was 1.0546 million tons, an increase of 78,400 tons from the previous week; the unexecuted contracts were 4.2125 million tons, a decrease of 794,500 tons from the previous week [11] - As of the week of October 31, 2025, the average daily trading volume of bean meal nationwide was 111,780 tons, with spot trading volume of 76,220 tons and forward trading volume of 35,560 tons. The average daily delivery volume of bean meal was 196,360 tons, and the crushing volume of major oil mills was 2.2534 million tons [12] 3. Industry News - In September, the soybean processing volume in Argentina reached 4.13 million tons, the highest in the past 11 months, and exports of soybean products to China increased significantly. The soybean export volume also increased by 42% year - on - year [13] - From October 20 - 24, the soybean crushing profit in Mato Grosso state, Brazil, was 467.42 reais per ton, up from 457.72 reais per ton the previous week [13] - As of October 26, the EU's imports of palm oil, soybeans, bean meal, and rapeseed in the 2025/26 season decreased compared with the same period last year [13] - In the period from October 21 - 27, soybean sowing in Parana state, Brazil, advanced rapidly, and the estimated output in the 2025/26 season was 21.96 million tons, slightly higher than the previous forecast [14] - The Argentine oilseed workers' union may resume strikes next week [14] - Paraguay's preliminary estimated soybean output in the 2025/26 season is 10.8 million tons, a 5.8% increase from the previous year [14] - In September 2025, Canada's rapeseed crushing volume, rapeseed oil output, and rapeseed meal output all increased compared with the previous month and the same period last year [15] 4. Relevant Charts - The report includes charts such as the trend of US soybean continuous contracts, the CNF arrival price of Brazilian soybeans, the RMB spot exchange rate trend, the crushing profit by region, the net position of managed funds in CBOT, the trend of bean meal main contracts, etc. [16][17][18]

Core Viewpoint - The recent China-U.S. trade talks in Kuala Lumpur have led to a consensus on expanding agricultural product trade, which has relieved American soybean farmers who are hopeful for renewed purchases from Chinese companies [1][3]. Group 1: Trade Agreements - Specific measures for the expansion of agricultural trade between China and the U.S. have not yet been disclosed by the Chinese side [3]. - It remains unclear whether the agricultural trade will require renegotiation or if China will resume large-scale imports of other U.S. agricultural products [3]. Group 2: Impact on U.S. Farmers - Leaders from the American Soybean Association and the American Soybean Export Council noted that while the trade agreement has not been signed and important details are still undisclosed, the news is still positive for farmers [5]. - In 2024, the total value of U.S. soybean exports is projected to be approximately $24.5 billion, with orders from China exceeding $12.5 billion [7].

Report Title - Palm Oil: Temporary Support in the Short Term, Beware of a Second Dip; Soybean Oil: Rebound in US Soybeans, Monitor the Results of China-US Negotiations [1] Report Core View - Palm oil has obtained temporary support in the short term, but there is a risk of a second decline; soybean oil has rebounded due to the rise of US soybeans, and the results of China-US negotiations need to be focused on [1] Report Industry Investment Rating - Not mentioned Key Points by Section Fundamental Tracking - **Futures Prices and Fluctuations**: The closing price of the palm oil main contract during the day session was 8,842 yuan/ton, down 1.29%, and at night session it was 8,826 yuan/ton, down 0.18%. The closing price of the soybean oil main contract during the day session was 8,132 yuan/ton, down 0.61%, and at night session it was 8,146 yuan/ton, up 0.17%. The closing price of the rapeseed oil main contract during the day session was 9,525 yuan/ton, down 2.11%, and at night session it was 9,524 yuan/ton, down 0.01%. The closing price of the Malaysian palm oil main contract during the day session was 4,252 ringgit/ton, down 1.46%, and at night session it was 4,286 ringgit/ton, up 0.80%. The closing price of the CBOT soybean oil main contract was 50.11 cents/pound, down 0.30% [2] - **Trading Volume and Open Interest**: The trading volume of the palm oil main contract was 727,306 lots, an increase of 195,613 lots, and the open interest was 388,487 lots, an increase of 20,397 lots. The trading volume of the soybean oil main contract was 438,857 lots, an increase of 181,788 lots, and the open interest was 493,147 lots, an increase of 4,050 lots. The trading volume of the rapeseed oil main contract was 356,588 lots, an increase of 219,971 lots, and the open interest was 233,065 lots, a decrease of 7,182 lots [2] - **Spot Prices and Changes**: The spot price of 24-degree palm oil in Guangdong was 8,750 yuan/ton, down 150 yuan/ton; the spot price of first-grade soybean oil in Guangdong was 8,450 yuan/ton, down 100 yuan/ton; the spot price of fourth-grade imported rapeseed oil in Guangxi was 9,900 yuan/ton, down 200 yuan/ton; the FOB price of Malaysian palm oil (continuous contract) was 1,075 US dollars/ton, down 10 US dollars/ton [2] - **Basis**: The basis of palm oil in Guangdong was -92 yuan/ton; the basis of soybean oil in Guangdong was 318 yuan/ton; the basis of rapeseed oil in Guangxi was 375 yuan/ton [2] - **Price Spreads**: The price spread between rapeseed oil and palm oil futures main contracts was 683 yuan/ton (previous two trading days: 772 yuan/ton); the price spread between soybean oil and palm oil futures main contracts was -710 yuan/ton (previous two trading days: -776 yuan/ton); the 1-5 price spread of palm oil was -48 yuan/ton (previous two trading days: -22 yuan/ton); the 1-5 price spread of soybean oil was 172 yuan/ton (previous two trading days: 180 yuan/ton); the 1-5 price spread of rapeseed oil was 349 yuan/ton (previous two trading days: 387 yuan/ton) [2] Macro and Industry News - **Pakistan's Palm Oil Imports**: Pakistan is considering increasing the import quota of Indonesian palm oil. In September 2025, Pakistan's palm oil import value reached 481 million US dollars, a significant increase from 251 million US dollars in the same period last year. The import volume was 343,162 tons, a significant increase from 266,218 tons in the same period in 2024, indicating strong demand [3] - **USDA Export Sales Report Forecast**: As of the week ending October 23, 2025, the net increase in US soybean export sales in the current market year (2025/26) is expected to be 60-160 tons; the net increase in US soybean meal export sales is expected to be 5-50 tons; the net increase in US soybean oil export sales is expected to be 0.5-2.5 tons [5] - **Brazil's Soybean Outlook**: The Netherlands Cooperative Bank expects that Brazil's soybean planting area in the 2025/26 season will reach 48.8 million hectares, a 2% increase from the previous year. The soybean output is expected to be 177 million tons, a 3% increase. The export volume is expected to be 111 million tons, basically the same as the previous year. The soybean crushing volume is expected to reach 60 million tons, a record high (58 million tons in the 2024/25 season) [5] - **Soybean Planting in Brazil's Paraná State**: From October 21-27, 2025, due to good soil moisture and ideal planting conditions, soybean sowing in Paraná State continued to progress rapidly, with balanced progress in various regions. The crop growth is good, and the overall outlook for the 2025/26 season is positive [6] - **Brazil's Soybean Exports in October**: In the first four weeks of October 2025, Brazil exported 5,415,164.62 tons of soybeans, with an average daily export volume of 300,842.48 tons, a 41% increase compared to the average daily export volume of 214,090.30 tons in October last year. The total export volume in October last year was 4,709,986.65 tons [6] - **Argentina's Labor Dispute**: The Argentine Oilseed Workers' Union (SOEA) may resume strikes next week as they are still far from reaching a salary agreement with employers [6] - **Argentine Farmers' Soybean Sales**: As of the week ending October 22, 2025, Argentine farmers sold 1.115 million tons of 2024/25 season soybeans, with a cumulative sales volume of 22.3379 million tons. They also sold 38,100 tons of 2025/26 season soybeans, with a cumulative sales volume of 214,500 tons. The total soybean sales volume for all seasons in that week was 1.1927 million tons, with a cumulative sales volume of 63.1325 million tons. The cumulative registered export sales volume of 2024/25 season soybeans was 4.818 million tons, and that of 2025/26 season soybeans was 0 tons [7] - **Paraguay's Soybean Production Forecast**: Paraguay's soybean output in the 2025/26 season is initially estimated to be 10.8 million tons (estimated range: 8.7-12.6 million tons), a 5.8% increase from the previous year, mainly due to the expected increase in yield per hectare (2.91 tons per hectare, a 6.9% increase from the previous year). Paraguayan farmers are expected to plant 3.71 million hectares of soybeans, a slight decrease of nearly 1% from the previous year and lower than the USDA's forecast of 3.8 million hectares [8] - **India's Soybean and Soybean Meal Situation**: The Indian Soybean Processors' Association (SOPA) expects the soybean carry-over stock in the 2025/26 season (starting from October) to be 466,000 tons, a 47% decrease from 894,000 tons in the same period last year. The carry-over stock of soybean meal is expected to be 68,000 tons, a 49% decrease from 133,000 tons in the same period last year. The soybean meal output in the 2024/25 season is expected to decrease to 8.956 million tons, a 7.34% decrease from 9.666 million tons in the previous year. The export volume is expected to decrease by about 10% to 2.023 million tons, and the feed industry consumption is expected to decrease by about 6% to 6.2 million tons. The domestic food industry's procurement volume remains stable at 800,000 tons throughout the year. The Indian Agricultural Statistics Bureau predicts that the soybean output in the 2025 monsoon season will be 1.05 million tons, a 16% decrease from 1.2581 million tons in the previous year, mainly due to excessive rainfall and diseases [9] Trend Intensity - The trend intensity of palm oil is 0, and the trend intensity of soybean oil is 0. The trend intensity ranges from -2 (most bearish) to 2 (most bullish), with -2, -1, 0, 1, 2 representing weak, moderately weak, neutral, moderately strong, and strong respectively [11]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For soybeans and soybean meal, the global soybean supply is expected to remain loose. Although there are signals of China potentially importing US soybeans, the increase in US soybean prices may be offset by the decline in Brazilian premiums. The import cost will mainly fluctuate. With high domestic soybean and soybean meal inventories, the profit margin for oil extraction is under pressure. It is recommended to sell on rebounds [2][4]. - For palm oil, the higher - than - expected production in Malaysia and Indonesia has suppressed the market. The current high supply may lead to inventory accumulation, but this situation may reverse in the fourth quarter and the first quarter of next year. It is advisable to wait for clearer production signals and currently stay on the sidelines [5][7]. - For sugar, short - term import controls on syrups and pre - mixed powders have driven up Zhengzhou sugar prices. However, due to negative data on sugarcane crushing and sugar production in Brazil's central - southern region since September and expected increases in production in the Northern Hemisphere in the new season, the upward space for raw sugar is limited. It is recommended to look for short - selling opportunities after the rebound weakens [9][10]. - For cotton, the demand during the peak consumption season this year is weak, and the downstream industrial chain's operating rate has declined significantly compared to the same period in previous years. With the expectation of a bumper harvest in the new season, the selling - hedging pressure is high. Although the recent increase in new cotton purchase prices has driven up Zhengzhou cotton prices, the upward space is relatively limited in the short term [12][13]. - For eggs, the spot price still has a rebound expectation, but the space is limited due to high supply. The focus of the futures market is whether the spot price increase can cover the futures premium. Currently, it is in the traditional stocking season, and the spot price has limited downward space with a small upward expectation. It is recommended to stay on the sidelines and wait [15][17]. - For pigs, in the medium term, due to the high slaughter scale and expected future supply, pig prices are likely to be more likely to fall than to rise. In the short term, there is a short - term rebound, but the market may fluctuate. It is recommended to gradually establish reverse - spread positions during the rebound and short when approaching the pressure level [19][20]. Summaries by Related Catalogs Protein Meal Market Information - Overnight, CBOT soybeans rose as US officials said China would make large - scale purchases of US soybeans. On Monday, the domestic soybean meal spot price fell slightly by 20 yuan, with the price in East China at 2,890 yuan/ton. The trading volume of soybean meal was weak, but the pick - up was good. Last week, the inventory days of domestic feed enterprises increased by 0.03 days to 7.95 days. The soybean meal inventory of oil mills increased, while the soybean inventory decreased month - on - month. The total inventory was high and showed a slight de - stocking trend. MYSTEEL estimated that the soybean crushing volume of domestic oil mills this week would be 2.3392 million tons, compared with 2.3674 million tons last week [2]. - As of last Thursday, the sowing rate of soybeans in Brazil's 2025/26 season had reached 36% of the expected level, and the rainfall in the main planting areas was at a medium level. Frequent consultations on trade issues between China and the US are expected to be beneficial to US soybeans in the short term, but the international soybean supply is abundant, and the high premium in Brazil may decline, leading to a weakening import cost. Domestically, high soybean and soybean meal inventories mean that US soybean imports will slow down the de - stocking process and reduce the profit margin for oil extraction [2]. Strategy Views - In terms of import cost, the signal of China potentially importing US soybeans may be offset by the decline in Brazilian premiums, so the import cost will mainly fluctuate. With high domestic soybean and soybean meal inventories, the profit margin for oil extraction is under pressure. Given the loose global soybean supply, it is advisable to sell on rebounds [4]. Oil Market Information - According to ITS and AMSPEC data, Malaysia's palm oil exports from October 1 - 10 increased by 9.86% - 19.37% compared to the same period last month, 12.3% - 16.2% in the first 15 days, 3.4% in the first 20 days, and decreased by 0.4% in the first 25 days. SPPOMA data showed that Malaysia's palm oil production from October 1 - 15 increased by 6.86% month - on - month, 2.71% in the first 20 days, and 1.63% in the first 25 days [5]. - Brazil's National Association of Grain Exporters (ANEC) said that Brazil's soybean exports in October are expected to reach 7 million tons, down from the previous week's estimate of 7.34 million tons [5]. - Indonesia said that due to good weather, its palm oil production in 2025 may increase by 10%. On Tuesday, domestic oils fell. High palm oil production in Malaysia and Indonesia recently has suppressed the market. Indonesia's August production data still significantly exceeded previous years, weakening the expectation of tight supply in the first quarter of next year. There are also rumors that Indonesia may suspend the implementation of B50 in 2026. The domestic spot basis is stable at a low level [5]. Strategy Views - The higher - than - expected production of palm oil in Malaysia and Indonesia has suppressed the market. The current high - supply and inventory - accumulation situation may reverse in the fourth quarter and the first quarter of next year. If Indonesia's high production does not continue, the de - stocking time may come earlier. Otherwise, palm oil will remain weak. It is recommended to wait for clearer production signals and currently stay on the sidelines [7]. Sugar Market Information - On Tuesday, the Zhengzhou sugar futures price rebounded. The closing price of the January contract was 5,483 yuan/ton, up 38 yuan/ton or 0.7% from the previous trading day. In the spot market, Guangxi sugar - making groups quoted 5,660 - 5,760 yuan/ton, unchanged from the previous day; Yunnan sugar - making groups quoted 5,600 - 5,640 yuan/ton, down 0 - 10 yuan/ton; processing sugar mills' mainstream quotes were in the range of 5,790 - 5,930 yuan/ton, down 0 - 30 yuan/ton. The basis between Guangxi spot and the Zhengzhou sugar main contract (sr2601) was 177 yuan/ton [9]. - On October 14, the General Administration of Customs announced regulations on the registration management of overseas production enterprises of imported food. The number of enterprises suspended from importing Thai syrups and pre - mixed powders has increased from 35 to 44, with only 16 being effective, and the scope of suspension has expanded from 1,702 items to 2,106 items [9]. Strategy Views - Short - term import controls on syrups and pre - mixed powders have driven up Zhengzhou sugar prices. However, due to negative data on sugarcane crushing and sugar production in Brazil's central - southern region since September and expected increases in production in the Northern Hemisphere in the new season, the upward space for raw sugar is limited, resulting in a large profit margin for out - of - quota imports. It is recommended to look for short - selling opportunities after the rebound weakens [10]. Cotton Market Information - On Tuesday, the Zhengzhou cotton futures price continued to fluctuate. The closing price of the January contract was 13,565 yuan/ton, unchanged from the previous trading day. In the spot market, the China Cotton Price Index (CCIndex) 3128B was 14,830 yuan/ton, down 3 yuan/ton from the previous day. The basis between the CCIndex 3128B and the Zhengzhou cotton main contract (CF2601) was 1,265 yuan/ton [12]. - On October 27, the purchase index of machine - picked cotton in Xinjiang was 6.30 yuan/kg, and that of hand - picked cotton was 7.06 yuan/kg, both unchanged from the previous day. As of the week of October 24, the operating rate of spinning mills was 65.6%, unchanged from the previous week, 7.4 percentage points lower than the same period last year, and 9.6 percentage points lower than the average of the past five years [12]. Strategy Views - Fundamentally, the demand during the peak consumption season this year is weak, and the downstream industrial chain's operating rate has declined significantly compared to the same period in previous years. With the expectation of a bumper harvest in the new season, the selling - hedging pressure is high. Although the recent increase in new cotton purchase prices has driven up Zhengzhou cotton prices, the upward space is relatively limited in the short term [13]. Eggs Market Information - The national egg price was mostly stable, with a few areas showing narrow - range adjustments. The average price in the main production areas dropped 0.01 yuan to 2.94 yuan/jin. The price in Heishan remained at 2.9 yuan/jin, and that in Guantao dropped 0.11 yuan to 2.67 yuan/jin. The supply was relatively stable, and farmers were actively selling. The market sales were average, and industry players generally followed the market. It is expected that the national egg price will mostly remain stable today, with a few areas showing weak adjustments [15][16]. Strategy Views - The spot price still has a rebound expectation, but the space is limited due to high supply. The focus of the futures market is whether the spot price increase can cover the futures premium. Currently, it is in the traditional stocking season, and the spot price has limited downward space with a small upward expectation. The futures market has high positions, and it is expected to remain at the bottom, but the upward space is not optimistic, and the trend may be volatile. It is recommended to stay on the sidelines [17]. Pigs Market Information - Yesterday, domestic pig prices continued to rise. The average price in Henan increased 0.23 yuan to 12.75 yuan/kg, that in Sichuan increased 0.35 yuan to 12.27 yuan/kg, and that in Guangxi increased 0.43 yuan to 12.18 yuan/kg. Some farmers in low - price areas may still have a tendency to hold back sales. Although pig prices continued to be strong, the downstream purchasing power was limited in some northern regions after the previous price increase. It is expected that prices will be stable today, with possible declines in some areas [19]. Strategy Views - Currently, the slaughter scale and the expected future supply are still high, and the decline in pig weight during the price drop was limited. In the medium term, with high supply pressure, pig prices are likely to be more likely to fall than to rise. In the short term, multiple factors have led to a rebound, and the supporting factors still exist. The futures market with high positions is prone to fluctuations. It is expected that there will be a short - term rebound. In the medium term, it is advisable to gradually establish reverse - spread positions during the rebound and short when approaching the pressure level [20].

Group 1 - The core viewpoint of the article emphasizes that both the US and China are keen to avoid escalating trade conflicts, recognizing that a prolonged standoff would be detrimental to both sides [1][10] - The meeting took place in Kuala Lumpur, a relatively neutral location, which contributed to a more relaxed atmosphere for discussions [1] - The delegation from China was led by He Lifeng, while the US team included Bessent and Greer, indicating the importance both sides placed on the talks [3] Group 2 - The agenda for the discussions included several contentious issues such as the US's "301 measures" against China's maritime logistics and shipbuilding industries, the extension of tariff suspension, fentanyl cooperation, agricultural trade, and export controls [3][5] - The atmosphere during the talks was reportedly better than expected, with both sides engaging in "candid, in-depth, and constructive exchanges" without resorting to blame [5][8] - The meeting was seen as a preparatory step for a potential meeting between the two countries' leaders, with the presence of President Trump in Kuala Lumpur adding significance to the discussions [5][7] Group 3 - Both sides are aware that continued confrontation would lead to mutual harm, and thus cooperation is viewed as the way forward, with the preliminary consensus reached during the talks providing reassurance to global markets [8][10] - The complexity of export controls remains a sticking point, with the US citing national security concerns while China perceives it as a form of technological blockade [5] - The outcome of the talks is still uncertain, as the implementation of any agreements will depend on the details and the willingness of both parties to compromise [8][10]