Sugar Industry Report Industry Investment Rating Not provided Core View The raw sugar price declined slightly due to strong production signs. It's difficult for the raw sugar price to fall below the previous low in the short term, but it should be treated with a bearish view considering the increasing production pattern. Zheng sugar rebounded due to the strong commodity market, but the increasing imports will put pressure on the price. The terminal market demand is average, and the procurement is mainly on a need - to - use basis, with weak inventory - stocking willingness. It is expected that Zheng sugar will remain bearish after the rebound [2][3] Summary by Directory - **Futures Market**: The price of "White Sugar 2601" was 5657 yuan/ton, up 0.87%; "White Sugar 2509" was 5722 yuan/ton, up 0.28%; ICE raw sugar主力 was 16.83 cents/pound, down 0.71%. The 1 - 9 spread of white sugar was - 65 yuan/ton, up 33.67%. The main contract's open interest increased by 1.22%, and the number of warehouse receipts decreased by 1.81% [2] - **Spot Market**: The price in Nanning was 5970 yuan/ton, up 0.17%; in Kunming, it was 5855 yuan/ton, up 0.69%. The Nanning basis decreased by 2.36%, while the Kunming basis increased by 22.02%. The price of imported Brazilian sugar (within quota) increased by 1.24%, and (out - of - quota) increased by 1.28% [2] - **Industry Situation**: The cumulative national sugar production increased by 12.03% year - on - year, and the cumulative sales increased by 23.07%. The cumulative sugar sales rate in the whole country increased by 9.70%, and in Guangxi, it increased by 8.11%. The national industrial inventory decreased by 9.56%, and in Guangxi, it decreased by 12.23%. The sugar imports increased by 160%. ISMA predicted that India's sugar production in the 2025/26 crushing season would be 34.9 million tons, a year - on - year increase of 18% [2] Corn Industry Report Industry Investment Rating Not provided Core View Driven by the anti - dumping of Canadian rapeseed and the bullish USDA August report, the corn futures rebounded. However, the corn's fundamental situation changed little, with continuous auctions of imported corn and the upcoming new grain harvest in some areas, which will gradually ease the supply. The market sentiment is weak, the arrival volume of deep - processing enterprises has increased slightly, and the spot price is weak but the decline has slowed down. The demand of deep - processing and feed enterprises is mainly for rigid needs, and the consumption has not been significantly boosted. Wheat has a price advantage, squeezing the demand for corn. In the short term, the futures may rebound, but the overall sentiment is still weak, and the upside is limited. In the long term, the cost of new - season corn may decrease, and the supply pressure may remain, with the futures valuation likely to decline [4] Summary by Directory - **Corn Futures**: The price of "Corn 2509" at Jinzhou Port's flat - hatch price was 2279 yuan/ton, up 0.84%. The basis decreased by 47.50%, and the 9 - 1 spread increased by 11.94%. The south - north trade profit decreased by 26.32%, and the import profit increased by 0.61%. The number of early - morning remaining vehicles at Shandong's deep - processing enterprises increased by 25.81%, the trading volume decreased by 1.92%, and the number of warehouse receipts decreased by 2.87% [4] - **Corn Starch**: The price of "Corn Starch 2509" was 2651 yuan/ton, up 0.23%. The basis decreased by 9.23%, the 9 - 1 spread decreased by 21.69%, and the starch - corn spread decreased by 3.38%. The profit of Shandong's starch enterprises increased by 10.75%, the open interest decreased by 4.69%, and the number of warehouse receipts remained unchanged [4] Cotton Industry Report Industry Investment Rating Not provided Core View The domestic cotton industry has short - term rigid demand support but also has relatively pessimistic long - term expectations. The inventory of downstream finished products is not high, and the pressure is not large, but the peak season is not as good as previous years. The market lacks confidence in the future improvement. The short - term domestic cotton price may move in a range, and attention should be paid to macro - level trends [7] Summary by Directory - **Futures Market**: The price of "Cotton 2505" was 14090 yuan/ton, up 1.29%; "Cotton 2509" was 13830 yuan/ton, up 0.69%. ICE US cotton主力 was 67.70 cents/pound, down 1.08%. The 5 - 9 spread of cotton decreased by 48.57%. The main contract's open interest increased by 10.41%, the number of warehouse receipts decreased by 1.00%, and the number of effective forecasts decreased by 0.35% [7] - **Spot Market**: The Xinjiang arrival price of 3128B was 15057 yuan/ton, up 0.03%; the CC Index: 3128B was 15188 yuan/ton, up 0.07%. The 3128B - 01 contract decreased by 15.32%, and the 3128B - 05 contract decreased by 6.83%. The difference between CC Index: 3128B and FC Index: M: 1% decreased by 16.00% [7] - **Industry Situation**: The commercial inventory decreased by 13.9%, the industrial inventory increased by 1.8%, the import volume decreased by 25%, the bonded area inventory decreased by 8%, the textile industry's inventory decreased by 57.9% year - on - year, the yarn inventory days decreased by 2.4%, the grey fabric inventory days decreased by 3.0%, the cotton outbound shipping volume increased by 22.6%, the spinning enterprise's C32s immediate processing profit increased by 1.8%, the retail sales of clothing, footwear, hats, and textiles increased by 4.1%, and the year - on - year growth rate decreased by 52.5% [7] Meal Industry Report Industry Investment Rating Not provided Core View The inventory of meals continues to rise, and the short - term supply maintains a high arrival volume and high operating rate, suppressing the spot price. The Ministry of Commerce announced the preliminary anti - dumping ruling on Canadian rapeseed, and USDA's August report lowered the US soybean planting area and ending stocks, causing a sharp rise in US soybeans. Brazil's premium has been strong recently, supporting the domestic import cost. However, the improved expectation of US soybean imports may suppress the price increase. The supply of domestic rapeseed meal is tightening, and the support from US soybeans is strengthening. The previous long positions in the 01 contract should be held [9] Summary by Directory - **Soybean Meal**: The price in Jiangsu was 3090 yuan/ton, up 5.10%; the futures price of M2601 was 3163 yuan/ton, up 2.33%. The basis increased by 51.66%. The Brazilian 10 - month shipment's crushing profit decreased by 125.6%, and the number of warehouse receipts decreased by 17.7% [9] - **Rapeseed Meal**: The price in Jiangsu was 2660 yuan/ton, up 3.83%; the futures price of RM2601 was 2688 yuan/ton, up 4.92%. The basis was - 28 yuan/ton. The crushing profit of Canadian 11 - month shipment remained unchanged, and the number of warehouse receipts remained unchanged [9] - **Soybeans**: The price of Harbin soybeans remained unchanged at 3960 yuan/ton; the futures price of the main soybean contract was 4107 yuan/ton, up 1.81%. The price of imported soybeans in Jiangsu was 3700 yuan/ton, up 1.09%; the futures price of the main soybean - 2 contract was 3829 yuan/ton, up 2.00% [9] - **Spreads**: The 09 - 01 spread of soybean meal decreased by 7.55%, the 09 - 01 spread of rapeseed meal decreased by 61.54%, the spot oil - meal ratio decreased by 2.99%, the main contract's oil - meal ratio decreased by 1.12%, the soybean - rapeseed meal spread increased by 13.76%, and the 2509 spread decreased by 10.21% [9] Pig Industry Report Industry Investment Rating Not provided Core View The spot price of pigs has stabilized, and the downstream procurement is smooth. However, the farmers' reluctance to sell at low prices supports the pig price. Currently, both supply and demand are weak. The monthly output of large - scale farms is expected to continue to recover in August, and the large pigs previously held by small farmers also need to be sold. The future pig price is still not optimistic. The far - month 01 contract is greatly affected by policies, and the growth rate of production capacity has slowed down, with strong support at the bottom. Blind short - selling is not recommended, but the impact of hedging funds should be noted when the futures have given good hedging profits [11] Summary by Directory - **Futures Market**: The basis of the main contract increased by 31.30%. The price of "Pig 2511" was 14045 yuan/ton, down 1.30%; "Pig 2601" was 14295 yuan/ton, down 0.90%. The 11 - 1 spread decreased by 28.21%. The main contract's open interest increased by 8.78%, and the number of warehouse receipts increased [11] - **Spot Market**: The price in Henan was 13900 yuan/ton, up 50 yuan; in Shandong, it was 13800 yuan/ton; in Sichuan, it was 13500 yuan/ton, up 50 yuan; in Liaoning, it was 13350 yuan/ton, up 50 yuan; in Guangdong, it was 15340 yuan/ton; in Hunan, it was 13800 yuan/ton, up 50 yuan; in Hebei, it was 13860 yuan/ton, up 100 yuan [11] - **Industry Indicators**: The daily slaughter volume of sample points increased by 0.50%, the weekly white - striped pig price decreased by 0.25%, the weekly piglet price decreased by 3.70%, the weekly sow price remained unchanged, the weekly slaughter weight decreased by 0.14%. The weekly self - breeding profit increased by 2.92%, the weekly purchased - pig breeding profit decreased by 14.87%, and the monthly number of fertile sows increased by 0.02% [11][14] Oil Industry Report Industry Investment Rating Not provided Core View For palm oil, the Malaysian BMD crude palm oil futures are expected to continue to rise and may approach 4500 ringgit, and there is a possibility of breaking through 10,000 yuan in the domestic palm oil futures. For soybean oil, the US Department of Agriculture's report shows that the supply data of soybean oil in the 2025/26 season has been increased. However, the reduction of US soybean production and ending stocks has boosted the short - term rise of CBOT soybeans and soybean oil. In the domestic market, the spot price rose with the market, and the basis quotation fluctuated slightly. Traders expect the Mid - Autumn Festival stocking and school demand to increase [15] Summary by Directory - **Soybean Oil**: The price of first - grade soybean oil in Jiangsu was 8840 yuan/ton, up 1.96%; the futures price of Y2601 was 8592 yuan/ton, up 1.23%. The basis increased by 36.26%, and the number of warehouse receipts increased by 0.98% [15] - **Palm Oil**: The price of 24 - degree palm oil in Guangdong was 9380 yuan/ton, up 1.30%; the futures price of P2601 was 9424 yuan/ton, up 0.66%. The basis increased by 56.86%. The import cost of the September contract in Guangzhou Port increased by 0.89%, and the import profit increased by 8.28%. The number of warehouse receipts remained unchanged [15] - **Rapeseed Oil**: The price of fourth - grade rapeseed oil in Jiangsu was 10260 yuan/ton, up 5.12%; the futures price of OI601 was 10069 yuan/ton, up 2.72%. The basis increased by 554.76%. The number of warehouse receipts remained unchanged [15] - **Spreads**: The 09 - 01 spread of the three oils increased by 33.33%, the 09 - 01 spread of palm oil decreased by 94.12%, the 09 - 01 spread of rapeseed oil increased by 162.50%. The soybean - palm oil spread increased by 4.81%, and the rapeseed - soybean oil spread increased by 30.28% [15] Egg Industry Report Industry Investment Rating Not provided Core View The egg price has reached a phased low. Traders and food factories may replenish stocks at low prices, increasing the demand and supporting the price. However, the high inventory level, sufficient supply, and the impact of cold - stored eggs may suppress the price increase. Overall, the egg futures trend is still bearish, and the disturbance of low - level funds should be guarded against [18] Summary by Directory - **Futures Market**: The price of the egg 09 contract was 3277 yuan/500KG, down 1.03%; the 10 contract was 3185 yuan/500KG, down 0.38%. The basis increased by 19.19%, and the 9 - 10 spread decreased by 19.30% [17] - **Industry Indicators**: The price of egg - laying chicks remained unchanged at 3.85 yuan/chick; the price of culled chickens was 5.67 yuan/jin, down 3.57%. The egg - feed ratio decreased by 7.20%, and the breeding profit decreased by 111.23% [17]

油脂油料：上周外盘美豆仍然继续创新高，周度美豆优良率延续下滑态势。同时，由于之前中西部部分 地区干旱，机构下调美豆单产预测，令市场继续走强。同时，中国仍然在快速采购美豆，周度出口销售 报告超出市场预期。油脂市场继续走高，豆油和棕榈油继续创出新高，市场对于国内豆油收储对油脂带 来的提振呈现乐观预期。棕榈油方面，产地和国内棕榈油库存都处于较低水平，但是8月以来产地棕榈 油出口环比放缓，产量环比微增。当前，市场预估8月底马来西亚棕榈油库存将增至180万吨左右，上月 为170万吨。国内方面，油厂延续高压榨，周度压榨仍维持在200万吨左右水平，国内油厂豆粕库存继续 积累，当前豆粕库存已增至历史偏高水平，但是豆粕成本端受美盘提振，期价延续振荡偏强格局。 玉米：玉米期价在高位振荡，目前市场多空均有相应空间和炒作题材。多头方面，台风"美莎克"导致吉 林东部受灾严重，第15次临储的当日利空指导效应已经消失，释放多头空间;空头方面，市场流传3条消 息，分别是"中粮获得1000万吨配额外进口额度""国粮局定向3000万吨饲用水稻、小麦拍卖将于近两周 内展开"以及"国家决定轮换粮不再轮回"。从大逻辑上看，在经济缓慢恢复中，控制CPI ...

| | | | | 操作评级 | 2025年08月13日 | | --- | --- | --- | | 显一 | ★☆☆ | 杨蕊霞 农产品组长 | | | | F0285733 Z0011333 | | 豆粕 | ★☆☆ | 吴小明 首席分析师 | | 豆油 | ★☆☆ | F3078401 Z0015853 | | 棕櫚油 | ★☆★ | 董甜甜 高级分析师 | | 薬粕 | ★★★ | F0302203 Z0012037 | | 菜油 | ★★★ | 宋腾 高级分析师 | | 五米 | ★☆☆ | F03135787 Z0021166 | | 生猎 | ★☆☆ | | | 鸡蛋 | な☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 豆一主力合约减仓,价格大幅反弹。美国农业部供需报告显示美豆面积下调，单产上调创历史记录,期末库存 同比下降,美豆供需报告利多,同时短期美豆部分产区面临温度偏高的风险。莱籽反倾销政策初裁结果推动了菜 系价格大幅上涨。国产大豆也跟随外围市场走强。短期关注仓量的变化以及反弹力度。 【大豆&豆粕】 USDA ...

Research Views Overall Opinions - Corn is expected to fluctuate. The September contract continued to fluctuate on Tuesday, with the forward contract prices showing strength. The 2603 contract led the increase, and the prices stabilized and rebounded. Northeast corn prices were slightly weak, while those in North China remained stable with limited adjustments. The prices in the sales areas were generally stable, with a slight rebound in some ports. Technically, the corn futures prices are in a consolidation period after a short - term rapid decline [1]. - Soybean meal is expected to rise. The CBOT soybeans rose on Tuesday due to the bullish supply - demand report. The USDA August supply - demand report adjusted down the global sunflower seed production, U.S. soybean planting area, and global oilseed production. In China, concerns about fourth - quarter supply, the result of the anti - dumping investigation on Canadian rapeseed, and higher import costs all pushed up the protein meal futures prices. The strategy is a long - only mindset and month - to - month positive spread participation [1]. - Oils are expected to rise. The BMD palm oil rose on Tuesday due to favorable export data. The estimated export volume of Malaysian palm oil from August 1 - 10 increased by 65.25% compared to the same period last month. The MPOB report showed that the palm oil inventory was lower than expected. In China, the three major oils were strong, and the anti - dumping investigation on Canadian rapeseed also had a positive impact on the market. The strategy is to hold long positions and sell put options [1]. - Eggs are expected to fluctuate weakly. The main 2509 contract of eggs stopped falling and rebounded on Tuesday. The terminal digestion was stable, and most traders purchased as needed. The egg prices in most sales areas were stable. In the short term, the fundamentals remained weak due to high chicken inventory and weak demand. In the future, there may be a seasonal rebound in egg prices, but the high is likely to be lower than last year. It is recommended to stop losses on previous short positions and wait and see [1][2]. - Pigs are expected to fluctuate. The main 2511 contract of pig futures fluctuated upward on Tuesday and then declined slightly at the end of the session. The spot price of pigs decreased slightly. After continuous price cuts, the breeding side showed resistance to price cuts, but due to weak demand, prices in many northern regions decreased, leading to a slight decline in the national average price. In the future, as the weather cools down, demand is expected to recover, which will support pig prices [2]. Specific Data and Events - The USDA August supply - demand report adjusted down the 2025/26 global sunflower seed production by 1.2 million tons to 55.1 million tons, the U.S. soybean planting area by 2.5 million acres, and the global oilseed production by 3.3 million tons to 690.1 million tons. The U.S. soybean single - yield was adjusted up by 1.1 bushels per acre to 53.6 bushels per acre, the export volume was adjusted down by 40 million bushels, and the ending inventory was adjusted down by 20 million bushels to 290 million bushels [1]. - The preliminary result of China's anti - dumping investigation on Canadian rapeseed showed that there was an anti - dumping nature, and a 75.8% margin needed to be levied, which would limit the import of Canadian rapeseed [1]. - The estimated export volume of Malaysian palm oil from August 1 - 10 was 339,143 tons, a 65.25% increase compared to the same period last month. The MPOB report showed that the Malaysian palm oil inventory was 2.11 million tons, lower than the market expectation of 2.25 million tons [1]. Market Information - Since August 12, 2025, at 12:01, the additional tariff measures on U.S. imports have been adjusted. The 24% additional tariff rate on U.S. imports will continue to be suspended for 90 days, while the 10% additional tariff rate will be retained [3]. - The preliminary result of the anti - dumping investigation on Canadian rapeseed showed that there was an anti - dumping nature, and starting from August 14, 2025, importers need to pay a 75.8% margin when importing Canadian rapeseed [3]. - The USDA August supply - demand report showed that the expected U.S. soybean production in 2025/2026 was 4.292 billion bushels, the ending inventory was 290 million bushels, and the single - yield was 53.6 bushels per acre, all different from market expectations [4]. Variety Spreads Contract Spreads - The report presents contract spread charts for various agricultural products, including corn 9 - 1, corn starch 9 - 1, soybean 9 - 1, soybean meal 9 - 1, soybean oil 9 - 1, palm oil 9 - 1, egg 9 - 1, and pig 9 - 1 [6][8][9][12]. Contract Basis - The report presents contract basis charts for various agricultural products, including corn, corn starch, soybean, soybean meal, soybean oil, palm oil, egg, and pig [14][18][24][26]. Research Team Members - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute. She has won the "Best Agricultural Product Analyst" title multiple times and has rich experience in leading research teams [28]. - Hou Xueling is a soybean analyst at Everbright Futures. She has also won the "Best Agricultural Product Analyst" title and has published many articles in industry journals [28]. - Kong Hailan is a researcher for eggs and pigs at Everbright Futures. She has participated in many research projects and has been interviewed by mainstream media [28].

| 品种 | 核心观点 | 主要逻辑及投机支撑阻力 | | --- | --- | --- | | | | 气候中性预期，美豆种植天气基本顺利。国内大豆及豆粕累库阶段，8 月累库速度 | | 豆粕 | 警惕数据调整 | 较 7 月预计有所放缓。中美贸易关税成为豆粕下档关键成本支撑。在基本面偏弱及 | | | | 中美贸易关税成本支撑的多空因素交织作用下，大区间行情对待。昨日受中国公布 | | ★ | 风险 | 对加籽反倾销调查结果提振，跟随菜粕价格上涨。关注本周三凌晨 8 月 USDA 报告 | | | | 美豆单产情况，市场预计环比趋向调增风险，追多谨慎对待。主力【3030，3090】 | | | | 全球菜籽产量同比恢复，但加籽新年单产存在调减风险。国内油厂菜籽环比去库菜 | | | | 粕环比累库，商业库存去库，但同比依然维持较高水平。8 月至 10 月菜籽进口同比 | | 菜粕 | | 大幅偏低，叠加 100%加菜粕进口关税，以及旧作加籽的强势。对菜粕价格构成较 | | ★★ | 短线偏多 | 强支持。现货市场方面，豆粕对菜粕消费替代较大。昨日中国发布对加籽反倾销调 | | | | 查结果，叠加报告公 ...

Report Industry Investment Rating - Apple: Neutral [4] - Red dates: Neutral to bullish [9] Core Views - Apple's fundamentals have no prominent contradictions, and its short - term price is expected to remain stable. The new - season Gala apple's supply delay and low inventory support the price of inventory apples, but the overall market is in a light state. The quality of early - ripe apples is poor, and the arrival of red Gala apples may impact inventory fruits [3][4]. - Red dates' market is trading on the new - season production reduction expectations. The temperature in the production area is high, and the quality of new - season dates needs verification. The trading atmosphere in the sales area has improved, and the price of high - quality goods is strong. However, if the production reduction expectation is not fulfilled, the high inventory may put pressure on prices [8][9]. Market News and Important Data Apple - Futures: The closing price of the apple 2510 contract yesterday was 8127 yuan/ton, up 50 yuan/ton or 0.62% from the previous day [1]. - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 3.80 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 and above semi - commodity late Fuji was 4.50 yuan/jin, unchanged from the previous day [1]. Red dates - Futures: The closing price of the red dates 2601 contract yesterday was 11685 yuan/ton, up 145 yuan/ton or 1.26% from the previous day [5]. - Spot: The price of Hebei first - grade gray dates was 9.50 yuan/kg, up 0.20 yuan/kg from the previous day [5]. Market Analysis Apple - The apple futures price rose yesterday. The new - season Gala's supply delay and low inventory supported the price. The overall apple spot market was light, with low inventory supporting the price of inventory apples. The poor quality of early - ripe apples led to slow sales. The arrival of early - ripe fruits may impact inventory apples [3]. Red dates - The red dates futures price rose yesterday. The market is trading on new - season production reduction expectations. The temperature in the production area is high, and the quality of new - season dates needs verification. The trading atmosphere in the sales area has improved, and the inventory of sample points has decreased [8]. Strategy Apple - Maintain a neutral stance. The apple price is expected to remain stable in the short term [4]. Red dates - Adopt a neutral - to - bullish strategy. The short - term trend of the red dates market may be volatile and bullish, but high inventory may put pressure on prices if the production reduction expectation is not fulfilled [9].

农产品日报 | 2025-08-12 供应仍显宽松，猪价震荡调整 生猪观点 市场要闻与重要数据 市场分析 综合来看，预计未来生猪的供应会继续增加，现货价格预计将会继续承压。消费端的改善存在不确定性，受到现 货供应增加影响导致近期价格快速下跌，市场解读生猪库存去化明显，对远期合约的预期有所改善。但从能繁的 去化程度来看现阶段生猪产能整体的去化并不明显，未来仍需持续关注。 策略 中性 风险 无 鸡蛋观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2509合约14140元/吨，较前交易日变动-40.00元/吨，幅度-0.28%。现货方面，河南地区 外三元生猪价格13.66元/公斤，较前交易日变动+0.00元/公斤，现货基差 LH09+-480，较前交易日变动+70；江苏地 区外三元生猪价格 13.87元/公斤，较前交易日变动-0.12元/公斤，现货基差LH09+-270，较前交易日变动-10；四川 地区外三元生猪价格13.34元/公斤，较前交易日变动+0.00元/公斤，现货基差LH09-800，较前交易日变动+140。 据农业农村部监测，8月11日"农产品批发价格200指数"为114.15，比上周五上升0.21个 ...

本周二（8月12日），粳稻期货主力合约保持不变，截止发稿，粳稻主力报2758.00元/吨。 据外媒报道，农业咨询公司AgRural周一表示，截至上周四，巴西中南部农民已收获2025年第二茬玉米 的88%，比前一周增加7个百分点，但低于去年同期的97%。 巴西2025年8月第1周，共计6个工作日，累计装出玉米176.35万吨，去年8月为606.32万吨。日均装运量 为29.39万吨/日，较去年8月的27.56万吨/日增加6.65%。 美国农业部（USDA）周二凌晨公布的每周作物生长报告显示，截至8月10日当周，美国玉米优良率为 72%，一如市场预期，前一周为73%，上年同期为67%；吐丝率为94%，上一周为88%，上年同期为 93%，五年均值为95%；蜡熟率为58%，上一周为42%，上年同期为58%，五年均值为58%；凹损率为 14%，上一周为6%，上年同期为16%，五年均值为13%。 市场资讯： 韩国媒体11日报道，该国即将进入新米收获期，而市场供应趋紧引发米价上涨。韩国政府决定首次 以"出借"方式向市场投放储备米，以平抑米价。一项最新统计数据显示，截至8月，韩国一袋20公斤装 大米平均零售价为5.8万韩元（ ...

1. Report Industry Investment Ratings No relevant content was found in the provided reports. 2. Core Views of the Reports 2.1 Pig Industry - The current pig spot price is weak, with smooth downstream procurement and normal slaughterhouse deliveries. Local epidemics continue to suppress the market. The market is currently experiencing weak supply and demand. In August, the slaughter volume of large pig farms is expected to recover, and there is also a need to sell the large pigs previously held back by small farmers. Therefore, the short - term pig price is still not optimistic. The spot price is expected to remain in a bottom - oscillating pattern, and the near - month 09 contract faces strong upward pressure. The far - month 01 contract is greatly affected by policies, and blind short - selling is not recommended. However, when the futures market offers good hedging profits, the impact of hedging funds also needs to be considered [2]. 2.2 Meal Industry - Trump's statement that he hopes China will significantly increase its imports of US soybeans has improved the export outlook for US soybeans, leading to a sharp increase in US soybean prices. The recent continuous increase in Brazilian soybean premiums has supported domestic import costs, but the improved outlook for US soybean imports may suppress price increases. Currently, domestic soybean and soybean meal inventories are continuously rising, and short - term supply remains at a high level, keeping the spot price under pressure. In terms of operations, the strengthening support from US soybeans limits the downward space for domestic soybean meal on a single - side basis. However, if domestic supply increases, it may affect the trend of the 2601 contract on the futures market. Considering the relatively strong performance of oils, investors holding long positions should be cautious [7]. 2.3 Oil Industry No clear overall core view was found in the oil industry report, but price changes and related data for various oils such as soybean oil, palm oil, and rapeseed oil are presented. 2.4 Corn Industry - The current channel inventory of corn is relatively tight, and some traders are willing to support prices. The number of trucks arriving at the market remains low, but the spot price is running weakly due to weak market sentiment and the upcoming new grain harvest in some areas. On the demand side, deep - processing enterprises and feed companies mainly purchase based on rigid demand, with inventory continuously decreasing and no obvious boost in consumption, resulting in general purchasing enthusiasm. In the substitution market, wheat prices are strongly supported by the government's minimum purchase price policy. The price difference between corn and wheat is within the substitution range, squeezing the demand for corn. In summary, the tight supply of remaining grain supports the price, but the weak market sentiment persists, and the futures price remains in a low - level oscillation. In the long term, the cost of new - season corn is expected to decrease, and the output may increase steadily, resulting in supply pressure and a potential decline in the futures price. Attention should be paid to the growth of new - season corn [17]. 2.5 Sugar Industry - ISMA predicts that India's sugar production in the 2025/26 crushing season will reach 34.9 million tons, a year - on - year increase of 18%. The strong production signs have caused the raw sugar price to decline slightly. However, it is worth noting that although Brazil's sugarcane crushing is in full swing and the sugar - making ratio is high, the total sugar production has not increased year - on - year. The expectations of high yields in India and Thailand are high, and attention should be paid to the later weather conditions. It is expected that the raw sugar price will have difficulty falling below the previous low in the short term, but considering the overall production increase pattern, a bearish view should be maintained. The increase in imports and the entry of processed sugar into the market have put pressure on prices. The terminal market demand is average, with most purchases being made as needed, and the willingness to stockpile is low. Therefore, the Zhengzhou sugar futures price is expected to remain bearish [22]. 2.6 Cotton Industry - On the supply side, the spot basis is currently firm. There has been a marginal improvement in the downstream industry this week, but the improvement is not significant. There has been a slight increase in sample orders for grey fabrics in some areas, and the sales of cotton yarn have improved slightly after the cotton price stabilized. The inventory of finished products has stopped accumulating, and the operating rate has temporarily stabilized, providing some support for the cotton price. However, the overall confidence in the downstream industry is still insufficient, and expectations are not high. As the new cotton harvest season approaches, the expected increase in the output of new - season cotton will bring some pressure on the long - term supply. In summary, the domestic cotton price may oscillate within a range in the short term and face pressure after the new cotton is listed [23]. 2.7 Egg Industry - Egg prices have reached a phased low, and downstream traders and food factories may replenish their stocks at low prices, increasing the demand for eggs and supporting price increases. However, the high inventory of laying hens ensures sufficient egg supply, and the impact of cold - stored eggs may suppress the price increase. Overall, the egg futures market remains bearish, and attention should be paid to the potential impact of low - level capital fluctuations [26]. 3. Summary According to Related Catalogs 3.1 Pig Industry 3.1.1 Futures Market - The basis of the main contract decreased by 120 yuan/ton to - 565 yuan/ton, a decrease of 26.97%. The price of the main contract increased by 80 yuan/ton to 14,180 yuan/ton, an increase of 0.57%. The position of the main contract increased by 59,598 lots to 59,600 lots, an increase of 1.00% [1]. 3.1.2 Spot Market - Spot prices in various regions showed a downward trend, with price decreases ranging from 50 to 200 yuan/ton [1]. 3.1.3 Slaughter Volume - The daily slaughter volume of sample points increased by 866 to 138,986, an increase of 0.63% [1]. 3.2 Meal Industry 3.2.1 Soybean Meal - The spot price in Jiangsu increased by 20 yuan/ton to 2,940 yuan/ton, an increase of 0.68%. The futures price of M2601 increased by 16 yuan/ton to 3,094 yuan/ton, an increase of 0.52%. The basis of M2601 increased by 4 to - 154, an increase of 2.53%. The spot basis quote in Jiangsu changed from m2509 - 110 to m2509 - 130. The import crushing profit for US Gulf shipments remained unchanged, while that for Brazilian October shipments decreased by 12 to 92, a decrease of 11.5%. The number of warehouse receipts remained unchanged at 10,950 [7]. 3.2.2 Rapeseed Meal - The spot price in Jiangsu increased by 30 yuan/ton to 2,660 yuan/ton, an increase of 1.14%. The futures price of RM2601 increased by 37 yuan/ton to 2,506 yuan/ton, an increase of 1.50%. The basis of RM2601 decreased by 7 to 154, a decrease of 4.35%. The spot basis quote in Guangdong changed from rm09 - 140 to rm09 - 150. The import crushing profit for Canadian November shipments increased by 30 to 369, an increase of 8.85%. The number of warehouse receipts increased by 5,110 to 9,063, an increase of 129.27% [7]. 3.2.3 Soybeans - The spot price of Harbin soybeans remained unchanged at 3,960 yuan/ton. The futures price of the main soybean contract decreased by 42 yuan/ton to 4,067 yuan/ton, a decrease of 1.02%. The basis of the main soybean contract increased by 42 to - 107, an increase of 28.19%. The spot price of imported soybeans in Jiangsu remained unchanged at 3,660 yuan/ton. The futures price of the main soybean - 2 contract decreased by 23 yuan/ton to 3,726 yuan/ton, a decrease of 0.61%. The basis of the main soybean - 2 contract increased by 23 to - 66, an increase of 25.84%. The number of warehouse receipts decreased by 450 to 13,123, a decrease of 3.32% [7]. 3.2.4 Spreads - The soybean meal inter - delivery spread (09 - 01) decreased by 2 to - 49, a decrease of 4.26%. The rapeseed meal inter - delivery spread (09 - 01) decreased by 3 to 267, a decrease of 1.11%. The oil - meal ratio in the spot market decreased by 0.02 to 2.93, a decrease of 0.68%. The oil - meal ratio of the main contract decreased by 0.007 to 2.75, a decrease of 0.26%. The soybean - rapeseed meal spread in the spot market decreased by 10 to 280, a decrease of 3.45%. The soybean - rapeseed meal spread of 2509 decreased by 21 to 588, a decrease of 3.45% [7]. 3.3 Oil Industry 3.3.1 Soybean Oil - The spot price of first - grade soybean oil in Jiangsu remained unchanged at 8,610 yuan/ton. The futures price of Y2601 increased by 56 yuan/ton to 8,456 yuan/ton, an increase of 0.67%. The basis of Y2601 decreased by 56 to 154, a decrease of 26.67%. The spot basis quote in Jiangsu changed from 09 + 180 to 09 + 190. The number of warehouse receipts increased by 1,584 to 21,954, an increase of 7.78% [10]. 3.3.2 Palm Oil - The spot price of 24 - degree palm oil in Guangdong decreased by 50 yuan/ton to 8,980 yuan/ton, a decrease of 0.55%. The futures price of P2509 increased by 238 yuan/ton to 9,218 yuan/ton, an increase of 2.65%. The basis of P2509 decreased by 288 to - 238, a decrease of 576.00%. The spot basis quote in Guangdong remained unchanged at 09 + 100. The import cost for Guangzhou Port in September decreased by 60.1 to 9,297.8, a decrease of 0.64%. The import profit for Guangzhou Port in September increased by 298 to - 80, an increase of 78.89%. The number of warehouse receipts increased by 850 to 1,420, an increase of 149.12% [11]. 3.3.3 Rapeseed Oil - The spot price of fourth - grade rapeseed oil in Jiangsu decreased by 30 yuan/ton to 9,640 yuan/ton, a decrease of 0.31%. The futures price of 01509 increased by 14 yuan/ton to 9,588 yuan/ton, an increase of 0.15%. The basis of 01509 decreased by 44 to 52, a decrease of 45.83%. The spot basis quote in Jiangsu changed from 09 + 80 to 09 + 90. The number of warehouse receipts remained unchanged at 3,487 [12]. 3.3.4 Spreads - The soybean oil inter - delivery spread (09 - 01) increased by 4 to 16, an increase of 33.33%. The palm oil inter - delivery spread (09 - 01) remained unchanged at - 20. The rapeseed oil inter - delivery spread (09 - 01) decreased by 18 to - 5, a decrease of 138.46%. The soybean - palm oil spread in the spot market increased by 50 to - 370, an increase of 11.90%. The soybean - palm oil spread of 2509 decreased by 182 to - 762, a decrease of 31.38%. The rapeseed - soybean oil spread in the spot market decreased by 30 to 1,030, a decrease of 2.83%. The rapeseed - soybean oil spread of 2509 decreased by 42 to 1,132, a decrease of 3.58% [13]. 3.4 Corn Industry 3.4.1 Corn - The price of corn 2509 increased by 7 yuan/ton to 2,262 yuan/ton, an increase of 0.31%. The semi - cabin price in Jinzhou Port remained unchanged at 2,300 yuan/ton. The basis decreased by 7 to 38, a decrease of 15.56%. The 9 - 1 spread of corn increased by 3 to 74, an increase of 4.23%. The bulk grain price in Shekou remained unchanged at 2,390 yuan/ton. The north - south trade profit remained unchanged at 19. The CIF price increased by 2 to 1,928, an increase of 0.11%. The import profit decreased by 2 to 462, a decrease of 0.48%. The number of remaining vehicles at Shandong deep - processing enterprises in the morning increased by 48 to 198, an increase of 32.00%. The position decreased by 4,383 to 1,706,905, a decrease of 0.26%. The number of warehouse receipts decreased by 1,000 to 143,037, a decrease of 0.69% [17]. 3.4.2 Corn Starch - The price of corn starch 2509 remained unchanged at 2,642 yuan/ton. The spot price in Changchun remained unchanged at 2,710 yuan/ton. The spot price in Weifang remained unchanged at 2,950 yuan/ton. The basis remained unchanged at 68. The 9 - 1 spread of corn starch decreased by 8 to 82, a decrease of 8.89%. The spread between the starch and corn futures decreased by 7 to 380, a decrease of 1.81%. The starch production profit in Shandong increased by 5 to - 103, an increase of 4.63%. The position increased by 3,282 to 299,462, an increase of 1.11%. The number of warehouse receipts remained unchanged at 7,450 [17]. 3.5 Sugar Industry 3.5.1 Futures Market - The price of sugar 2601 remained unchanged at 5,573 yuan/ton. The price of sugar 2509 decreased by 2 yuan/ton to 5,678 yuan/ton, a decrease of 0.04%. The price of ICE raw sugar's main contract increased by 0.27 cents/pound to 16.54 cents/pound, an increase of 1.66%. The 1 - 9 spread of sugar increased by 2 to - 105, an increase of 1.87%. The position of the main contract increased by 6,182 to 307,158, an increase of 2.05%. The number of warehouse receipts decreased by 305 to 18,240, a decrease of 1.64%. The number of valid forecasts remained unchanged at 0 [22]. 3.5.2 Spot Market - The spot price in Nanning decreased by 70 yuan/ton to 6,000 yuan/ton, a decrease of 1.16%. The spot price in Kunming remained unchanged at 5,825 yuan/ton. The basis in Nanning decreased by 68 to 282, a decrease of 19.43%. The basis in Kunming increased by 2 to 147, an increase of 1.38%. The import price of Brazilian sugar within the quota decreased by 35 yuan/ton to 4,398 yuan/ton, a decrease of 0.79%. The import price of Brazilian sugar outside the quota decreased by 46 yuan/ton to 5,584 yuan/ton, a decrease of 0.82%. The price difference between imported Brazilian sugar within the quota and the Nanning spot price increased by 35 to - 1,562, an increase of 2.19%. The price difference between imported Brazilian sugar outside the quota and the Nanning spot price increased by 24 to - 376, an increase of 6.00% [22]. 3.5.3 Industry Situation - The cumulative national sugar production increased by 119.89 million tons to 1,1

Group 1: Report Industry Investment Ratings - The investment rating for the apple industry is neutral [4] - The investment rating for the red date industry is neutral to bullish [9] Group 2: Core Views of the Report - For the apple market, the spot market is dull, the出库 of old - stored Fuji apples is average, and the substitution effect of competing fruits is strengthening. The price of early - maturing apples is chaotic, and the overall sales in the distribution area are slow. The inventory of apples is at a low level in the same period in the past five years, and the de - stocking speed has slowed down compared with the same period last year [2][3] - For the red date market, there are differences in the views on the new - season jujube production. The inventory in the distribution area is at a high level in recent years, and the price of high - quality goods has risen due to the transfer of goods and downstream restocking demand [8] Group 3: Summary by Related Catalogs Apple Market Market News and Important Data - Futures: The closing price of the apple 2510 contract yesterday was 7,940 yuan/ton, up 25 yuan/ton or 0.32% from the previous day [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.80 yuan/jin, unchanged from the previous day; the price of more than 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.50 yuan/jin, unchanged from the previous day [1] Recent Market Information - The spot market is dull, the出库 of old - stored Fuji is average, with many deals at negotiated prices. The supply in the western producing areas is limited, and spot merchants mainly ship their own inventory. In Shandong, the number of merchants is small, and they are cautious in purchasing, mainly picking and bargaining. The overall出库 speed is slow, and the low - priced striped red apples are the main ones for sales. The demand in the distribution area is poor, and the impact of seasonal fruits is still obvious [2] Market Analysis - The apple futures price rose yesterday. The trading volume of early - maturing apples increased, but the price was a bit chaotic. The overall sales speed in the distribution area was slow, and the sales of different grades were differentiated. The trading of stored apples was still concentrated in Shandong. The de - stocking speed of stored Fuji apples in the production and distribution areas last week was still slow, and the price was gradually polarized. The substitution effect of competing fruits has strengthened, and the sales of early - maturing apples showed a trend of high opening and low closing [3] Strategy - A neutral strategy is recommended. If the terminal consumption remains weak and early - maturing Gala apples are listed, it is not conducive to the de - stocking of stored apples, and the spot price is likely to remain stable and weak [4] Red Date Market Market News and Important Data - Futures: The closing price of the red date 2601 contract yesterday was 11,115 yuan/ton, up 135 yuan/ton or 1.23% from the previous day [5] - Spot: The spot price of first - grade grey jujubes in Hebei was 9.20 yuan/kg, unchanged from the previous day [5] Recent Market Information - In the main producing areas of Xinjiang grey jujubes, the jujube trees are in the growth period, and jujube farmers are actively managing the orchards. The fruit - setting of the first - crop flowers in some orchards was average. In the Hebei Cuierzhuang market, 8 trucks of jujubes arrived, and the merchants purchased according to their needs, with a transaction volume of 20% - 30%. In the Guangdong Ruyifang market, 2 trucks of jujubes arrived, and the price was stable, but the number of merchants was small due to the weather [6][7] Market Analysis - The red date futures rose yesterday and reached the contract high during the session. The reduction in production in the producing areas was less than expected, and there were differences in the views on the new - season jujube production. The jujube trees in the main producing areas are in the physiological fruit - dropping stage. The inventory in the distribution area is at a high level in recent years, and the price of high - quality goods has risen due to the transfer of goods and downstream restocking demand [8] Strategy - A neutral - to - bullish strategy is recommended. The news from the producing areas has a great impact on the futures market. Given the expectation of production decline and the improvement in spot transactions, the market may run strongly in the future, and the growth of new - season red dates needs to be closely monitored [9]