1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - Palm oil: The Malaysian BMD crude palm oil futures are in a narrow - range oscillation due to high production and weak export data, while the Dalian palm oil futures are expected to try to break through 8900. - Soybean oil: The global crude oil supply - demand forecast in 2026 by OPEC has affected the soybean oil market. The domestic soybean oil supply is abundant, and the spot basis is likely to remain stable [1]. 2.2 Pig Industry - The spot price of pigs is weak, but there is an expectation of strengthening in the market tomorrow. The overall November pig - selling progress is slow, which may boost the pig price. The market is in a range - bound pattern, and the 3 - 7 reverse spread strategy can be held [3]. 2.3 Meal Industry - The USDA monthly report is expected to show little change in the ending stocks. The domestic soybean inventory is high, and the meal market is expected to be in a wide - range oscillation. Attention should be paid to the USDA report [7]. 2.4 Corn Industry - Corn prices in the Northeast are rising locally, and those in the North China are stable with a slight upward trend. The price increase and decrease are limited due to supply pressures and cost and policy support. The short - term corn price may rebound, but the rebound amplitude is restricted [8]. 2.5 Cotton Industry - The ICE cotton futures are falling, and the domestic cotton price is likely to be in a range - bound pattern due to hedging pressure and cost support, with weak downstream demand but rigid raw - material demand from textile enterprises [11]. 2.6 Sugar Industry - Brazilian rainfall may affect sugarcane crushing, and India's sugar export has uncertainties. The domestic sugar market is expected to be in a price - oscillation state, with the new - season sugarcane crushing in Guangxi likely to be postponed [13][14]. 2.7 Egg Industry - The supply of eggs remains under pressure as the laying - hen inventory is high in November. The consumption is weak, but the egg price is at a bottom - range, and 2512 short positions can be gradually closed at a low price below 3000 [16]. 3. Summary by Related Catalogs 3.1 Oils and Fats Industry 3.1.1 Price Changes - Soybean oil: The spot price in Jiangsu remained unchanged at 8560, the futures price of Y2601 rose 0.34% to 8316, and the basis decreased 10.29% [1]. - Palm oil: The spot price in Guangdong dropped 0.58% to 8570, the futures price of P2601 rose 0.09% to 8752, and the basis decreased 46.77% [1]. - Rapeseed oil: The spot price in Jiangsu rose 1.48% to 10260, the futures price of OI601 rose 1.37% to 9975, and the basis rose 5.56% [1]. 3.1.2 Spread Changes - The 01 - 05 spread of soybean oil decreased 0.89%, that of palm oil decreased 13.33%, and that of rapeseed oil increased 9.11% [1]. 3.2 Pig Industry 3.2.1 Futures and Spot Prices - Futures: The price of pig 2605 rose 0.82% to 12235, and that of pig 2601 rose 0.55% to 11860. - Spot: The spot prices in most regions decreased, such as in Henan, Shandong, and Sichuan [3]. 3.2.2 Industry Indicators - The sample - point slaughter volume decreased 0.74%, the white - strip price decreased 0.53%, and the piglet price decreased 15% [3]. 3.3 Meal Industry 3.3.1 Price Changes - Soybean meal: The spot price in Jiangsu remained unchanged at 3050, the futures price of M2601 rose 0.39% to 3071, and the basis decreased 133.33% [7]. - Rapeseed meal: The spot price in Jiangsu remained unchanged at 2500, the futures price of RM2601 decreased 0.08% to 2492, and the basis increased 33.33% [7]. 3.3.2 Spread Changes - The 01 - 05 spread of soybean meal increased 4.78%, and that of rapeseed meal increased 1.61% [7]. 3.4 Corn Industry 3.4.1 Price Changes - Corn: The futures price of corn 2601 rose 0.41% to 2186, the Jinzhou Port flat - hatch price rose 0.46% to 2200, and the basis rose 7.69% [8]. - Corn starch: The futures price of corn starch 2601 rose 0.68% to 2507, and the basis decreased 85% [8]. 3.4.2 Industry Indicators - The import profit of corn increased 4.66%, and the number of remaining vehicles at Shandong deep - processing plants in the morning increased 14.54% [8]. 3.5 Cotton Industry 3.5.1 Price Changes - Futures: The price of cotton 2605 decreased 0.22% to 13495, and that of cotton 2601 decreased 0.18% to 13490. - Spot: The Xinjiang arrival price of 3128B decreased 0.38% to 14614, and the CC Index of 3128B decreased 0.22% to 14819 [11]. 3.5.2 Industry Indicators - The commercial inventory increased 70.4% to 293.06 tons, and the industrial inventory increased 9.7% to 88.82 tons [11]. 3.6 Sugar Industry 3.6.1 Price Changes - Futures: The price of sugar 2601 rose 0.62% to 5512, and that of sugar 2605 rose 0.41% to 5433. - Spot: The Nanning spot price remained unchanged at 5660, and the Kunming spot price remained unchanged at 5540 [13]. 3.6.2 Industry Indicators - The national sugar production increased 12.03% to 1116.21 tons, and the national sugar sales increased 9.17% to 1048.00 tons [13]. 3.7 Egg Industry 3.7.1 Price Changes - The price of the egg 12 - contract decreased 0.75% to 3040, and the price of the egg 01 - contract decreased 1.72% to 3322. - The egg - producing area price decreased 0.25% to 2.99 yuan per catty [16]. 3.7.2 Industry Indicators - The egg - chicken feed ratio decreased 1.68% to 2.34, and the breeding profit decreased 8.51% to - 26.52 yuan per chicken [16].

Report Industry Investment Rating No relevant content was found. Core View of the Report - Soybean meal is expected to rise in the short - term following the import cost, with the profit from oil extraction recovering, which will stimulate vessel bookings. In the medium - term, the expectation of a loose global soybean supply remains unchanged, and the strategy is still to sell on rallies [4]. - For palm oil, it is recommended to view it with a sideways perspective. If there are signals of a decline in production, a bullish approach can be adopted [8]. - For sugar, it is advisable to wait for the weakening of the rebound momentum and then look for opportunities to short [10]. - Cotton prices are expected to continue to fluctuate in the short - term [13]. - Egg prices are expected to be mainly firm in the short - term, and it is recommended to wait and see or conduct short - term trading. In the medium - term, pay attention to the upper resistance and wait for opportunities to short [17]. - For live pigs, the current strategy first recommends reverse spreads, and second, wait for rallies to short [19]. Summary by Related Catalogs Soybean and Soybean Meal - **Market Conditions**: Overnight, CBOT soybeans rose slightly. The USDA has resumed data release and announced the schedule for the soybean sales report. The Brazilian soybean planting rate as of last Thursday reached 61% of the expected level, lower than 67% in the same period last year. In the next two weeks, rainfall in the southeastern part of the Brazilian soybean - producing area will be uneven and scarce, while it will be normal in other areas. The domestic soybean inventory is at the highest level in history, and the soybean meal inventory is large [2]. - **Strategy**: The import cost is mainly in a volatile state. It is expected that soybean meal will rise in the short - term following the import cost, with the profit from oil extraction recovering. In the medium - term, the strategy is still to sell on rallies as the global soybean supply is expected to be loose [4]. Oils - **Market Conditions**: From November 1 - 10, the export volume of Malaysian palm oil decreased by 9.5% - 12.28% compared with the same period last month. The production in the first 5 days of November increased by 6.8% month - on - month, and from November 1 - 10, it decreased by 2.16% compared with the same period last month. India's palm oil, soybean oil, and sunflower oil imports in October all decreased compared with September. Indonesia plans to start road tests on vehicles using biodiesel with a 50% palm oil content in early December and implement the "B50" mandatory measure in the second half of next year. Domestic oils showed a divergent trend on Thursday, with palm oil being weak and rapeseed oil being strong [6]. - **Strategy**: It is recommended to view palm oil with a sideways perspective. If there are signals of a decline in production, a bullish approach can be adopted [8]. Sugar - **Market Conditions**: On Thursday, the Zhengzhou sugar futures price rebounded. The production of sugar in the central - southern region of Brazil in the second half of October is expected to increase by 7.8% to 1.92 million tons. Datagro has lowered its forecast for the global sugar market surplus in the 2025/26 season [9]. - **Strategy**: It is advisable to wait for the weakening of the rebound momentum and then look for opportunities to short [10]. Cotton - **Market Conditions**: On Thursday, the Zhengzhou cotton futures price continued to fluctuate. As of November 7, the spinning mill operating rate was 65.4%, showing a decline. On November 12, the Xinjiang machine - picked cotton purchase index remained unchanged, while the hand - picked cotton purchase index decreased [12]. - **Strategy**: Cotton prices are expected to continue to fluctuate in the short - term [13]. Eggs - **Market Conditions**: The national egg price was generally stable with a slight decline yesterday. The supply is sufficient, and the market demand is average [15]. - **Strategy**: Egg prices are expected to be mainly firm in the short - term, and it is recommended to wait and see or conduct short - term trading. In the medium - term, pay attention to the upper resistance and wait for opportunities to short [17]. Live Pigs - **Market Conditions**: The domestic live pig price continued to decline yesterday. The demand side shows no sign of improvement, and the upstream breeding side is reluctant to sell at low prices [18]. - **Strategy**: The current strategy first recommends reverse spreads, and second, wait for rallies to short [19].

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - Corn prices are expected to rise. The corn futures and spot prices have been increasing recently due to the upward - adjusted port quotes, policy expectations, and the technical breakthrough of the main 2601 contract. It is recommended to continue participating in short - term long positions [1]. - The trend of soybean meal is expected to be oscillatory. CBOT soybeans rose on Wednesday, and the market is waiting for the USDA supply - demand report. Domestically, soybean meal continues the oscillatory and strengthening trend due to cost support. The strategy is to hold futures long positions and sell out - of - the - money call options [1]. - The trend of oils is expected to be oscillatory. BMD palm oil stopped rising on Wednesday. Domestic rapeseed oil continued to rise, while palm oil showed weak upward momentum. The strategy is to participate in short - term long positions [1]. - The trend of eggs is expected to be oscillatory. Egg futures prices continued to correct on Wednesday. In the short term, egg prices in production areas are mostly stable, and terminal demand is mediocre. The supply is expected to decline slowly, but the uncertain factor of old chicken culling remains. If the production capacity is accelerated for elimination, consider going long at low prices; otherwise, adopt an oscillatory trading idea [1]. - The trend of pigs is expected to be oscillatory. On Wednesday, the near - term pig contracts were weak, while the far - term ones were strong. The far - term 2609 contract is expected to continue the oscillatory and strengthening trend, and short - term attention should be paid to the pressure of the 40 - day moving average [2]. Summary According to Relevant Catalogs Research Views - **Corn**: On Wednesday, corn futures and spot prices increased. The main 2601 contract reduced positions and rose. North port prices increased continuously, and prices in most Northeast production areas also rose. The futures market was strong, and some farmers were reluctant to sell. Technically, the main 2601 contract broke through the bottom neckline, and it is recommended to continue participating in short - term long positions [1]. - **Soybean Meal**: CBOT soybeans rose on Wednesday, waiting for the USDA supply - demand report. Analysts predict that the US 2025/26 soybean production will be 4.266 billion bushels, with an average yield of 53.1 bushels per acre and an expected inventory of 304 million bushels. Domestically, soybean meal continued the oscillatory and strengthening trend due to cost support. The expected soybean crushing volume of oil mills this week will return to over 2.3 million tons, and the market supply is sufficient. The strategy is futures long positions + selling out - of - the - money call options [1]. - **Oils**: BMD palm oil stopped rising on Wednesday due to the strengthening of the Malaysian ringgit and the decline in crude oil prices. Malaysia's 2025 palm oil production exceeded 20 million tons. The export volume of Malaysian palm oil from November 1 - 10 decreased by 9.5% - 12.3% month - on - month. Domestically, rapeseed oil continued to rise, and palm oil showed weak upward momentum. The strategy is to participate in short - term long positions [1]. - **Eggs**: On Wednesday, egg futures prices continued to correct. The main 2512 contract fell 2.82% to 3063 yuan/500 kilograms, and the 2601 contract fell 1.51% to 3322 yuan/500 kilograms. The national egg price was 2.94 yuan/jin, down 0.01 yuan/jin. In the short term, egg prices in production areas are mostly stable, and terminal demand is mediocre. Before February next year, the new supply will continue to decline. If the production capacity is accelerated for elimination, consider going long at low prices; otherwise, adopt an oscillatory trading idea [1]. - **Pigs**: On Wednesday, the near - term pig contracts were weak, while the far - term ones were strong. The far - term 2607 and 2609 contracts rose strongly under the expectation of policy - driven production capacity reduction. The pig prices in production and sales areas decreased jointly. The 2609 contract is expected to continue the oscillatory and strengthening trend, and short - term attention should be paid to the pressure of the 40 - day moving average [2]. Market Information - Malaysia's 2025 crude palm oil production will increase by 3.4% year - on - year to a record 20 million tons [3]. - The estimated export volume of Malaysian palm oil from November 1 - 10 is 190,533 tons, a 49.53% decrease compared with the same period last month [3]. - As of the week of November 5, Argentine farmers sold 2.867 million tons of 2024/25 soybeans, with a cumulative sales volume of 38.8346 million tons. They also sold 311,000 tons of 2025/26 soybeans, with a cumulative sales volume of 4.1747 million tons. The total sales volume of all - year soybeans in that week was 322,000 tons, with a cumulative sales volume of 83.9843 million tons. As of November 5, the cumulative export sales registration volume of 2024/25 soybeans was 12.264 million tons, and that of 2025/26 soybeans was 1.867 million tons [4]. Variety Spreads - **Contract Spreads**: There are charts showing the 1 - 5 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific data analysis is provided [6][7][10][12]. - **Contract Basis**: There are charts showing the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific data analysis is provided [15][18][19][24].

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views 2.1 Oils and Fats - Malaysian BMD crude palm oil futures are in low - level volatile consolidation, with a potential upward rebound but also a risk of technical decline due to concerns about export slowdown and high seasonal production. In China, there is a possibility of a short - term breakthrough to fill the gap around 8,950 yuan. - Before the USDA monthly report, the upside of CBOT soybean oil is limited. In China, recent factory soybean oil inventory reduction boosts the basis quote, but overall market demand is limited as it is not the stocking season [1]. 2.2 Pork - Spot prices are weak, and supply is normal. The overall slaughter plan completion is fast. Based on the planned November slaughter volume, the slow progress may boost November pig prices. The market is in a range - bound pattern, and when prices fall to previous lows, second - round fattening may increase. The 3 - 7 spread reverse arbitrage can be held [3]. 2.3 Meal - The market is waiting for the USDA monthly report. There is an expectation of a decrease in soybean yield, and three US soybean importers have resumed licenses, strengthening the support for US soybeans. However, China's 13% tariff on US soybeans affects export. In China, high soybean inventory and reserve rotation expectations suppress the market. The soybean meal market is expected to be in a narrow - range shock [7]. 2.4 Corn - In the Northeast, prices rise with the increase in northern port prices and state reserve purchases. In North China, price - holding sentiment is strong, and deep - processing enterprises raise prices to purchase. Although there is selling pressure due to concentrated supply, prices are also supported by costs and policies. In the short term, the reduction in corn supply leads to a rebound in the futures market, but the rebound is limited [9]. 2.5 Sugar - After short - covering, raw sugar rebounded from around 14 cents/pound. Heavy rainfall in Brazil may affect sugarcane crushing. India plans to export 150 tons of sugar, but exports are uncertain. In China, due to import quotas, the opening of the sugar - pressing season in Guangxi may be postponed, and prices are expected to fluctuate [14][15]. 2.6 Cotton - The US cotton market is in low - level volatile consolidation. China's cancellation of additional tariffs on US agricultural products restores some confidence in US cotton purchases, but global high yields limit the market. In China, the Zhengzhou cotton market faces hedging pressure but also has cost support. The overall demand is weak, and short - term prices are expected to fluctuate within a range [16]. 2.7 Eggs - The inventory of laying hens in November is expected to remain high, and egg supply pressure persists. Consumption is weak, and the market is in an inventory digestion period. Current egg prices are at a bottom - range, supported by farmers' reluctance to sell and traders' potential bargain - hunting [18]. 3. Summary by Related Catalogs 3.1 Oils and Fats - **Soybean Oil**: On November 12, the spot price in Jiangsu was 8,560 yuan, up 0.12% from the previous day; the futures price of Y2601 was 8,288 yuan, up 0.61%; the basis was 272 yuan, down 12.82%. Warehouse receipts decreased by 1.44% [1]. - **Palm Oil**: The spot price in Guangdong was 8,620 yuan, up 0.12%; the futures price of P2601 was 8,744 yuan, down 0.30%; the basis was - 124 yuan, up 22.50%. The import cost decreased by 0.59%, and the import profit increased by 6.07% [1]. - **Rapeseed Oil**: The spot price in Jiangsu was 10,110 yuan, up 0.80%; the futures price of OI601 was 9,840 yuan, up 0.66%; the basis was 270 yuan, up 5.88% [1]. 3.2 Pork - **Futures**: The basis of the main contract decreased by 71.79%. The prices of live hog 2605 and 2601 increased by 0.58% and 0.34% respectively. The 1 - 5 spread decreased by 9.68%, and the main contract positions decreased by 4.52% [3]. - **Spot**: Spot prices in most regions decreased. The daily slaughter volume increased by 1.04%, the weekly white - striped pork price decreased by 0.53%, the weekly piglet price decreased by 15.00%, and the monthly breeding sow inventory decreased by 0.07% [3]. 3.3 Meal - **Soybean Meal**: The spot price in Jiangsu was 3,050 yuan, down 0.33%; the futures price of M2601 was 3,028 yuan, up 0.16%; the basis decreased by 250.00%. The import crushing profit from Brazil increased by 36.4% [7]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,500 yuan, down 1.19%; the futures price of RM2601 was 2,494 yuan, down 0.24%; the basis decreased by 80.00%. The import crushing profit from Canada remained unchanged [7]. - **Soybeans**: The spot price of Harbin soybeans remained unchanged, the futures price of the main soybean contract increased by 0.36%, and the basis decreased by 7.81%. The spot price of imported soybeans in Jiangsu remained unchanged, the futures price of the main soybean No. 2 contract increased by 0.16%, and the basis decreased by 3.23% [7]. 3.4 Corn - **Corn**: The price of corn 2601 remained unchanged, the Pingcang price in Jinzhou Port increased by 0.46%, the basis increased by 333.33%, the 1 - 5 spread increased by 3.90%, and the import profit increased by 3.69% [9]. - **Corn Starch**: The price of corn starch 2601 remained unchanged, and the basis remained unchanged [9]. 3.5 Sugar - **Futures**: The price of sugar 2601 decreased by 0.04%, the price of ICE raw sugar increased by 2.03%, and the 1 - 5 spread decreased by 2.90% [14]. - **Spot**: The spot price in Nanning remained unchanged, and the price in Kunming decreased by 0.27%. The national cumulative sugar production increased by 12.03%, the cumulative sales increased by 9.17%, and the industrial inventory decreased by 41.20% [14]. 3.6 Cotton - **Futures**: The price of cotton 2605 decreased by 0.26%, the price of cotton 2601 decreased by 0.33%, the price of ICE US cotton increased by 1.39%, and the 5 - 1 spread increased [16]. - **Spot**: The Xinjiang arrival price and CC Index increased slightly, and the FC Index decreased by 0.53%. The commercial inventory increased by 70.4%, the industrial inventory increased by 9.7%, and the import volume increased by 42.9% [16]. 3.7 Eggs - **Futures**: The prices of egg contracts 12 and 01 decreased by 2.82% and 1.51% respectively. The basis increased by 55.82%, and the 12 - 01 spread decreased by 17.19% [18]. - **Spot**: The egg - producing area price decreased by 0.29%, the egg - chick price remained unchanged, the culled - hen price decreased by 1.95%, and the breeding profit decreased by 8.51% [18].

（文章来源：每日经济新闻） 每经AI快讯，当地时间11月12日，芝加哥期货交易所（CBOT）农产品期货主力合约收盘全线上涨，大 豆期货涨0.60%报1134.00美分/蒲式耳，玉米期货涨0.81%报435.50美分/蒲式耳，小麦期货涨0.23%报 553.00美分/蒲式耳。 ...

Report Industry Investment Ratings - Corn: Upward [1] - Soybean Meal: Sideways [1] - Oils and Fats: Sideways [1] - Eggs: Sideways [1] - Pigs: Sideways [2] Core Views - Corn prices are rising due to port price increases and policy expectations, but there is a game between production areas and ports, and downstream feed enterprises are cautious [1] - Soybean meal is in a sideways trend, with the market waiting for the USDA supply - demand report, and domestic supply is sufficient [1] - Oils and fats are in a sideways trend, affected by weather, export data, and macro - sentiment, with high but decreasing inventory pressure [1] - Eggs are in a sideways trend, with short - term wide - range fluctuations expected, and future production capacity changes should be monitored [1] - Pig prices show a pattern of near - term weakness and long - term strength, with short - term fluctuations and long - term expectations affected by production capacity reduction policies [2] Summary by Directory Research Views - **Corn**: On Tuesday, corn futures and spot prices rose in tandem. The main 2601 contract increased in price with reduced positions. North port prices are strong, but there is selling pressure in production areas. Downstream feed enterprises are cautious. Technically, the contract has a technical upward breakthrough, and short - term long positions are recommended [1] - **Soybean Meal**: On Tuesday, CBOT soybeans fell. Analysts predict US soybean production, yield, and inventory for 2025/26. The domestic market is in a sideways - up trend, with sufficient supply. The strategy is futures long positions + selling out - of - the - money call options [1] - **Oils and Fats**: On Tuesday, BMD palm oil rose, but its increase was limited by weather concerns and weak export data. Domestic oils and fats are in a sideways trend, supported by macro - sentiment. Inventory pressure is decreasing, and short - term long positions are recommended [1] - **Eggs**: On Tuesday, the main 2512 contract of eggs continued a slight correction. Spot prices are mostly stable. Future production capacity is expected to decline slowly, and short - term wide - range fluctuations are expected. Pay attention to production capacity changes for trading strategies [1] - **Pigs**: On Tuesday, near - term pig futures were weak, and long - term futures were strong. Spot prices rebounded. The 2609 contract is expected to be in a sideways - up trend due to the planned reduction of November pig slaughter [2] Market Information - Indonesia's biodiesel consumption using palm - oil - based FAME has reached 12.25 million kiloliters as of November 10, and the government has allocated 15.6 million kiloliters for 2025 [2] - On November 11, the "Agricultural Product Wholesale Price 200 Index" decreased slightly, and the "Vegetable Basket" product wholesale price index increased slightly. The national average wholesale price of pork decreased by 0.1% [3] - The US Senate passed a temporary appropriation bill, ending the government shutdown, and it will be voted on in the House of Representatives [3] - Analysts predict that the US 2025/26 soybean production will be 4.266 billion bushels [1][3] Variety Spreads - The report presents various contract spreads and basis charts for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific analysis of these spreads is provided [4][5][6][9][11][13][14][17][18][23] Research Team Members - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute, with many honors and media exposure [27] - Hou Xueling is a soybean analyst at Everbright Futures, with rich experience and many awards [27] - Kong Hailan is a researcher on eggs and pigs at Everbright Futures, with team honors and media interviews [27]

1. Report Industry Investment Rating The report does not explicitly mention an overall industry investment rating. However, it provides individual outlooks for different agricultural products: - **Corn/Starch**: Oscillating strongly. There is still room for short - term price increase, and the regional strong trend continues. Consider short - selling opportunities around 2200 [2][7]. - **Oils and Fats**: Palm oil and rapeseed oil are expected to oscillate strongly, while soybean oil is expected to oscillate [5]. - **Protein Meal**: Soybean meal and rapeseed meal are expected to oscillate. Buy on dips, avoid chasing highs, and consider selling near - term contracts and buying far - term contracts [6]. - **Pigs**: Oscillating weakly. The near - term end has high - capacity realization and inventory pressure, while the far - term end is supported by production - reduction expectations [8]. - **Natural Rubber**: Oscillating. There may be a repair market for the RU - NR spread, and the price is expected to maintain a bottom - oscillating and highly elastic trend [10]. - **Synthetic Rubber**: Oscillating. Short - term, it is recommended to short on rallies before there is an obvious supply - demand contradiction in butadiene [13]. - **Cotton**: Short - term, the 01 contract is expected to oscillate within a range; long - term, it may oscillate strongly as the 25/26 annual balance sheet may see inventory reduction [13][14]. - **Sugar**: Medium - to long - term, it is expected to oscillate weakly; short - term, it fluctuates around 5400 - 5500 yuan/ton, and a short - on - rallies strategy is recommended [14]. - **Pulp**: Oscillating. The spot market is dominated by weak supply - demand and birch needle warehouse receipts, while the futures market is driven by funds. Adopt a wait - and - see approach [16]. - **Double - Glued Paper**: The market price stops falling and stabilizes as tenders are launched [17][19]. - **Logs**: Oscillating weakly. The fundamentals are weak, and the spot price is under pressure, with recent bottom - oscillating [20]. 2. Core Viewpoints of the Report The report analyzes the market conditions of various agricultural products. In general, the agricultural product market is affected by multiple factors such as supply and demand, weather, policies, and international trade. Different products show different trends. For example, corn prices are currently supported by downstream stocking and upstream hoarding, but there is pressure from new - grain listing in the fourth quarter; pig prices are low due to abundant supply in the short - to medium - term, but supply pressure may ease in the second half of 2026; some products like oils and fats, protein meal, and cotton are affected by factors such as international market conditions, production expectations, and inventory levels [2][6][8]. 3. Summary by Relevant Catalogs 3.1行情观点 - **Oils and Fats**: Yesterday, rapeseed oil led the rise in oils and fats. Factors such as the possible resumption of the US government, the outlook for US soybean exports, the planting progress of South American soybeans, and the supply and demand of domestic and international oils and fats affect the market. Palm oil and rapeseed oil are expected to oscillate strongly, and soybean oil is expected to oscillate [5]. - **Protein Meal**: The far - term contracts are making up for losses, and the spread between near - term and far - term contracts is narrowing. The market is affected by factors such as the upcoming USDA report, the export of Brazilian soybeans, and the supply and demand of domestic and international soybean meal. Soybean meal and rapeseed meal are expected to oscillate [6]. - **Corn/Starch**: Downstream stocking and upstream hoarding lead to a strongly oscillating market. Currently, prices are supported by supply and demand factors, but there is pressure from new - grain listing in the fourth quarter. The short - term price may continue to rise, and there may be short - selling opportunities around 2200 [2][7]. - **Pigs**: Monthly supply is abundant, and pig prices are running at a low level. The supply is high in the short - to medium - term but may ease in the second half of 2026. The demand, inventory, and market rhythm also affect the price. The market shows a pattern of "weak reality + strong expectation" [8]. - **Natural Rubber**: Narrowly oscillating, waiting for speculative opportunities. The price is affected by factors such as overseas supply, demand, and the spread between RU and NR. There may be a repair market for the RU - NR spread [10]. - **Synthetic Rubber**: Temporarily stabilizing, but the pressure from raw materials is still large. The market is affected by the price of butadiene and supply - demand fundamentals. It is recommended to short on rallies [13]. - **Cotton**: Narrowly fluctuating, pay attention to the adjustment of production expectation differences. The short - term price is affected by production expectations and supply - demand relationships, and the 01 contract is expected to oscillate within a range. Long - term, it may oscillate strongly [13][14]. - **Sugar**: The external market stabilizes, and the domestic market rebounds slightly. The international and domestic sugar supply and demand situations affect the price. Medium - to long - term, it is expected to oscillate weakly; short - term, it fluctuates around 5400 - 5500 yuan/ton [14]. - **Pulp**: The futures market is driven by funds, and a wait - and - see approach is recommended. The market is affected by factors such as the price of packaging paper, import costs, and supply - demand relationships. The price is expected to oscillate within a certain range [16]. - **Double - Glued Paper**: In the tender peak season, the spot price stabilizes and strengthens. The market may show a pattern of rising first and then falling, with price stabilization as tenders are launched [17][19]. - **Logs**: The fundamentals remain unchanged, and the price mainly oscillates narrowly. The supply and demand of logs are affected by factors such as import volume, demand from the real - estate industry, and inventory levels. The price is expected to oscillate weakly [20]. 3.2品种数据监测 The report lists the data monitoring sections for various agricultural products such as oils and fats, corn, starch, cotton, sugar, pulp, double - glued paper, and logs, but specific data content is not fully elaborated in the provided text.

农产品早报 2025-11-12 五矿期货农产品早报 五矿期货农产品团队 从业资格号：F0273729 交易咨询号：Z0002942 邮箱：wangja@wkqh.cn 白糖、棉花研究员 从业资格号：F03116327 交易咨询号：Z0019233 邮箱:yangzeyuan@wkqh.cn 油脂油料研究员 从业资格号：F03114441 交易咨询号：Z0022498 电话：028-86133280 邮箱：sxwei@wkqh.cn 王俊 组长、生鲜品研究员 【行情资讯】 隔夜 CBOT 大豆基本稳定，市场等待 USDA 月报给出指引。周二巴西升贴水小幅下跌，大豆到港成本上 升，国内豆粕现货稳定，华东报 2990 元/吨，豆粕成交较弱、提货较好。MYSTEEL 统计上周国内港口大 豆再度累库至 1000 万吨以上，因到港量偏大且开机率下滑，MYSTEEL 预计本周油厂大豆压榨量为 215.79 万吨，上周压榨大豆 180.57 万吨。 杨泽元 未来两周，巴西大豆产区东南部降雨分散不均且偏少，其他地区较为正常，据外媒报道，截至上周四， 巴西 2025/26 年度大豆播种率已经达到预期的 61%，去年同期为 67 ...

Report Industry Investment Ratings - **Beans 1**: ★☆☆ (One star indicates a bullish/bearish bias, with a driving force for price increase/decrease, but limited operability on the trading floor) [1] - **Soybean Oil**: ★★★ (Three stars represent a clearer bullish/bearish trend, with relatively appropriate investment opportunities at present) [1] - **Palm Oil**: ★★★ [1] - **Soybean Meal**: ★☆☆ [1] - **Rapeseed Meal**: ★★★ [1] - **Rapeseed Oil**: ★★★ [1] - **Corn**: ★★★ [1] - **Live Pigs**: ★☆☆ [1] - **Eggs**: ★★★ [1] Core Views - The prices of various agricultural products show different trends, affected by factors such as supply and demand, policies, and international trade relations. Investors should pay attention to relevant information and market dynamics to find investment opportunities and manage risks [2][3][4] Summary by Related Catalogs Beans 1 - The price of Beans 1 shows high - level fluctuations. The resumption of soybean auction by Sinograin cools the market sentiment. Sinograin started soybean procurement last week, with high - protein soybeans having a price advantage. The warehouse receipts of domestic soybeans increase with the rebound of imported soybeans. Short - term attention should be paid to domestic soybean policies and market sentiment [2] Soybean & Soybean Meal - The main contract of soybean meal futures continues to fluctuate. Affected by the easing of Sino - US negotiations, US soybeans enter a wide - range oscillation waiting period after a strong rise. The import tax rate of US soybeans in China is changed to 13%, but commercial imports still have no price advantage. The crushing profit is repaired with the increase of import cost. It is expected that the soybean supply will be basically sufficient in the fourth quarter, and there may be inventory reduction in the first quarter of next year. The sowing rate of Brazilian soybeans is 58.4% as of November 8th, slower than normal. The key lies in the ending inventory data in the USDA November supply - demand report. Attention should be paid to the opportunity of buying on dips after the Sino - US trade eases [3] Soybean Oil & Palm Oil - Soybean oil and palm oil follow the strength of rapeseed oil. The supply - demand situation of rapeseed oil in the medium and short term is strong, which boosts the price of soybean and palm oil. The current supply - demand situation of palm oil shows high inventory in Malaysia. The import loss of soybean in the near - term disk provides support for soybean oil. The soybean oil is stronger than soybean meal in the oil - meal ratio this week. The price of palm oil is in a horizontal oscillation, and attention should be paid to its supply - demand situation and the trend of surrounding oils [4] Rapeseed Meal & Rapeseed Oil - The trading volume and open interest of domestic rapeseed futures contracts increase, maintaining the trend of strong oil and weak meal. The shortage of rapeseed in domestic coastal areas leads to a more than expected decline in the inventory of rapeseed oil and meal, especially rapeseed oil, which supports its price reversal. Attention should be paid to the arrival time of Australian rapeseed, the data adjustment of the USDA supply - demand report, and the trend of China - Canada relations. It is recommended to wait and see in the short term [6] Corn - The Dalian corn futures 2601 contract increases by 0.93% with reduced positions. The estimated corn output this season is 300 million tons, an increase of 1.72% compared with the previous season. The spot price of corn is strong in some areas due to factors such as temperature drop and reduced supply. However, the overall supply pattern is still loose, and the rebound height is expected to be limited. The 01 contract of Dalian corn futures may continue to operate at the bottom and wait for a callback [7] Live Pigs - The spot price of live pigs decreases slightly, while the futures show a significant increase in positions, and the near - month January contract drops sharply. The high price difference between fattening pigs may slow down the overall slaughter rhythm. Seasonal demand is increasing, and the pig price may enter a seasonal rebound stage. In the long - term, the pig price may form a double - bottom pattern, and there is a high probability of a second bottom - testing in the first half of next year [8] Eggs - The far - month egg futures price rises sharply and breaks through the previous oscillation platform. The decline in chick replenishment in the second half of this year leads to the expectation of a decrease in the laying - hen inventory in the future. The near - month contracts are weak due to the stable - to - weak spot price. The price of eggs is stable in most areas with a decline in some provinces. The logic of near - and far - month contracts is different. Attention should be paid to the spot performance and old - hen culling, and it is recommended to wait and see for now [9]

Industry Investment Ratings No investment ratings for the industries are provided in the reports. Core Views Pig Industry - Current pig market is in a range - bound pattern with limited downside. The slowdown of overall November planned slaughter volume may boost pig prices. Strategy: continue to hold the 3 - 7 backwardation spread and maintain a cautiously bullish view on single - side trading [2] Oil and Fat Industry - Palm oil: Due to weak export data, the market is bearish. It will fluctuate between 4000 - 4100 ringgit in the short - term in the international market and 8500 - 8600 yuan in the domestic market, with a near - weak and far - strong pattern. - Soybean oil: EPA's decision on small refinery exemptions adds uncertainty to renewable fuels, pressuring CBOT soybean oil. Domestic factory output decreased, inventory reduced, and basis quotes are supported, but overall demand is not strong [4] Egg Industry - In November, the inventory of laying hens is expected to remain high, and egg supply pressure persists. Terminal demand is average. Egg prices are expected to fluctuate widely at the bottom [6] Sugar Industry - Brazilian sugar production increased year - on - year, and the new sugar - crushing season is expected to have a significant increase in production. Raw sugar prices are weak. The domestic market is less affected by import quotas, with delayed sugar - crushing in Guangxi expected. Sugar prices will fluctuate [9] Cotton Industry - Zhengzhou cotton faces hedging pressure but also has cost support. Downstream demand is weak, but inventory pressure is not large. Cotton prices will fluctuate in a range in the short - term [10] Corn Industry - With the release of moist corn and improved weather, farmers' selling enthusiasm is price - sensitive. Corn supply pressure remains in November, but prices are restricted by cost and storage policies. Corn prices will rebound and fluctuate in the short - term, but the subsequent selling pressure may limit the rebound [11] Meal Industry - The market is waiting for the USDA report on the 14th. Although the US - China partial agreement boosts demand confidence, the 13% tariff on US soybeans affects exports. Domestic soybean inventory is high, oil - mill operation declines, and soybean meal inventory decreases. Soybean meal prices will fluctuate widely [16] Summary by Related Catalogs Pig Industry Futures Indicators - The basis of the main contract for live pigs 2605 is 12070 yuan/ton, up 0.54% from the previous value. The price of live pigs 2601 is 11955 yuan/ton, up 0.76%. The 1 - 5 spread is - 115 yuan/ton, up 17.86%. The main contract position decreased by 3.86%, and the number of warehouse receipts remained unchanged [2] Spot Prices - Spot prices in various regions showed different changes, with prices in Henan, Shandong, etc. rising, and prices in Liaoning falling. The daily slaughter volume of sample points increased by 0.46%, the weekly price of daily strips decreased by 100%, the weekly price of piglets decreased by 15%, and the weekly price of sows remained unchanged [2] Oil and Fat Industry Palm Oil - The current price of 24 - degree palm oil in Guangdong is 8560 yuan/ton, unchanged. The price of P2601 is 8660 yuan/ton, up 0.35%. The basis decreased by 30%. The number of warehouse receipts decreased by 0.8% [4] Soybean Oil - The current price of first - grade soybean oil in Jiangsu is 8450 yuan/ton, up 0.72%. The price of Y2601 is 8228 yuan/ton, up 0.54%. The basis increased by 7.77%. The number of warehouse receipts decreased by 0.8% [4] Spreads - The 01 - 05 spreads of soybean oil, palm oil, and rapeseed oil showed different changes. The spot - futures spread of soybean - palm oil decreased by 3.12%, and the rapeseed - soybean oil spread decreased by 2.13% [4] Egg Industry Indicators - The price of the egg 12 - contract is 3176 yuan/500KG, down 1.34%. The price of the 01 - contract is 3383 yuan/500KG, down 0.24%. The price of egg - laying chicks remained unchanged, the price of culled chickens decreased by 1.95%, the egg - feed ratio increased by 1.28%, and the breeding profit increased by 6.36% [6] Sugar Industry Futures Market - The price of sugar 2601 is 5475 yuan/ton, up 0.33%. The price of sugar 2605 is 5405 yuan/ton, up 0.15%. The price of ICE raw sugar increased by 0.92%. The 1 - 5 spread increased by 16.67%. The position of the main contract increased by 0.34%, the number of warehouse receipts increased by 3.81%, and the effective forecast decreased by 17.72% [9] Spot Market - Spot prices in Nanning and Kunming remained unchanged. The basis in Nanning decreased by 2.09%, and the basis in Kunming decreased by 3.16%. The price of imported Brazilian sugar decreased, and the spreads between imported sugar and Nanning prices also decreased [9] Industry Situation - National sugar production and sales increased year - on - year. The national sales rate decreased by 2.6%, and the Guangxi sales rate increased by 4.8%. National industrial inventory decreased by 41.2%, and Guangxi industrial inventory increased by 62.9%. Sugar imports increased by 37.5% [9] Cotton Industry Futures Market - The price of cotton 2605 is 13580 yuan/ton, down 0.07%. The price of cotton 2601 remained unchanged. The price of ICE US cotton increased by 1.24%. The 5 - 1 spread decreased by 100%. The position of the main contract decreased by 1.06%, the number of warehouse receipts increased by 9.33%, and the effective forecast decreased by 10.78% [10] Spot Market - Spot prices in various regions decreased slightly. The spread between 3128B and the 01 - contract increased by 0.28%, and the spread between 3128B and the 05 - contract decreased by 0.64% [10] Industry Situation - Commercial inventory increased by 70.4%, industrial inventory increased by 9.7%, the import volume increased by 42.9%, the inventory in the bonded area increased by 8%, the yarn inventory days increased by 3.5%, and the grey cloth inventory days increased by 1.7% [10] Corn Industry Corn - The price of corn 2601 is 2164 yuan/ton, up 0.70%. The basis decreased by 45.45%. The 1 - 5 spread increased by 6.52%. The southern - northern trade profit increased by 1000%, the import profit increased by 8.77%, and the number of remaining vehicles at Shandong deep - processing plants in the morning decreased by 21.46% [11] Corn Starch - The price of corn starch 2601 is 2479 yuan/ton, up 0.69%. The basis decreased by 35.42%. The 1 - 5 spread increased by 5.10%, and the spread between starch and corn on the 01 - contract increased by 0.64% [11] Meal Industry Soybean Meal - The current price of soybean meal in Jiangsu remained unchanged. The price of M2601 is 3063 yuan/ton, up 0.16%. The basis decreased by 250%. The import crushing profit of Brazilian soybeans in February decreased by 88.4%, and the number of warehouse receipts decreased by 0.3% [16] Rapeseed Meal - The current price of rapeseed meal in Jiangsu is 2530 yuan/ton, down 0.39%. The price of RM2601 is 2527 yuan/ton, down 0.47%. The basis increased by 200%. The import crushing profit of Canadian rapeseed in January decreased by 5.42%, and the number of warehouse receipts remained unchanged [16] Spreads - The 01 - 05 spreads of soybean meal and rapeseed meal decreased. The oil - meal ratio and the soybean - rapeseed meal spread increased [16]