Group 1 - The core viewpoint of the articles highlights the ongoing tensions in US-China trade relations, with both sides agreeing to hold new economic consultations to avoid further tariff conflicts [1][2] - The US has threatened to impose a 100% tariff on Chinese imports if China does not lift restrictions on rare earth materials, indicating a potential escalation in trade disputes [1] - China's Ministry of Commerce expressed strong dissatisfaction with the US's recent actions, which they believe undermine the atmosphere for negotiations and harm Chinese interests [2] Group 2 - The international community, including the IMF and WTO, is closely monitoring the situation, with calls for both nations to ease tensions to prevent negative impacts on global economic growth [2] - The IMF president emphasized the need for stability in US-China relations, as uncertainty in trade can affect supply chains and overall economic performance [2] - Hong Kong's Financial Secretary noted that there is a widespread belief in the US that stable US-China relations are crucial not only for the two countries but also for the future of the global economy [3]

Report Information - Report Title: C3 Industry Chain Weekly Report [1] - Report Date: October 19, 2025 [1] - Analyst: Chen Xinchao, Zhao Shucen [1] Report Industry Investment Rating - No industry investment rating was provided in the report. Core Views LPG - This week, LPG's civil price declined due to international oil prices and a loose domestic supply - demand pattern; import costs dropped as FEI and CP decreased. The contract rebounded from previous lows. In the short - term, chemical demand is weak, and supply is affected by macro and policy uncertainties. Attention should be paid to macro factors, import costs, and international geopolitical situations [3]. Propylene - This week, domestic propylene prices declined due to changes in supply and demand. Supply decreased slightly, and demand weakened significantly. Next week, supply is expected to increase slightly, and demand will improve, but the loose pattern will continue. Propylene prices are expected to remain weak with limited downside [4]. Summary by Directory LPG - Price & Spread - LPG domestic spot prices, including those of civil gas and other types, generally declined this week. Import gas prices also showed a downward trend, and the basis of various types of LPG changed significantly [7]. - The US - Far East freight dropped sharply, and the spreads between FEI and CP showed opposite trends. Propane prices weakened significantly [14][23]. LPG - Supply - US propane shipments to Japan and South Korea increased significantly due to the substitution of cracking raw materials. Canadian propane shipments decreased slightly. Qatar, UAE, Kuwait, and other Middle Eastern countries' LPG shipments showed different trends. China's LPG imports decreased, and the total LPG commodity volume increased slightly [32][40][59]. - The total domestic LPG commodity volume was 55.0 tons (+1.3%), with civil gas at 22.2 tons (+1.8%). Propane imports decreased by 12.9 tons [62][71]. LPG - Demand & Inventory - The开工 rates of PDH and MTBE decreased slightly. In terms of inventory, LPG refinery and port inventories were at a high level year - on - year and mainly decreased month - on - month (except in Shandong) [77][86][96]. Propylene - Price & Spread - Upstream prices of the propylene industry chain generally declined, and propylene prices also decreased. The prices of downstream products in the propylene industry chain showed different trends, and the profits of some products changed significantly [107][109]. - International and domestic propylene prices both showed a downward trend, with international prices having a slight correction from high levels and domestic prices running weakly [110][118]. Propylene - Balance Sheet - The开工 rates of the propylene industry chain changed this week, with some devices having decreased开工 rates. The supply and demand of propylene in the national balance sheet showed different trends in different months, and the inventory decreased slightly [128][130][131].

Core Viewpoint - The article discusses the escalating tensions between the U.S. and China, particularly in the context of trade and technology, highlighting the impact of U.S. threats on the stock market and China's strategic responses [1][3][5]. Group 1: U.S.-China Trade Relations - Following Trump's threats of imposing tariffs on China, the U.S. stock market experienced a significant drop, with a loss of approximately 5.4 trillion RMB [1][3]. - The U.S. initially threatened to impose tariffs and restrict technology exports but later expressed a desire to negotiate with China, raising questions about the sincerity of these negotiations [1][3]. - China's Ministry of Commerce emphasized that its regulatory measures aim to protect national security and international interests, indicating a willingness to approve applications that meet certain criteria [1][5]. Group 2: China's Strategic Position - China maintains a responsible approach in handling U.S.-China relations, focusing on long-term mutual benefits, while accusing the U.S. of undermining bilateral relations [3][5]. - The Chinese government has stated it does not seek a trade war but is prepared to retaliate if U.S. actions continue to harm its interests [5]. - China's control over rare earth exports, which began on October 9, positions it advantageously in the tech sector, as these materials are crucial for modern technology [5][7]. Group 3: U.S. Economic Challenges - The U.S. faces significant internal challenges, including rising debt and fiscal deficits, which hinder its economic growth and complicate its stance in trade negotiations [3][7]. - The article suggests that continued reliance on tariffs and sanctions may ultimately harm the U.S. more than China, as China's trade foundations have become robust, with ASEAN surpassing the U.S. as China's largest export market [3][5].

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - The prices of soybean meal and palm oil futures are expected to fluctuate weakly in the short - term and show a sideways trend in the medium - term. For soybean meal, factors such as Sino - US trade relations, high near - month inventory and far - month gap expectations in the domestic market are influencing its price. For palm oil, international oil price pressure, policy uncertainties, and demand substitution are the main factors [5][7]. 3. Summary According to the Directory 3.1 Soybean Meal (M) - **Day - to - day View**: Fluctuate weakly - **Medium - term View**: Sideways - **Reference View**: Fluctuate weakly - **Core Logic**: Sino - US trade relations continue to disrupt the market. The combination of tariff increases and negotiation uncertainties, along with the contradiction of high near - month inventory and far - month gap expectations in the domestic market, leads to a divergence in soybean futures prices and a weakening of capital support. As a result, soybean meal futures prices fluctuate weakly in the short - term [5]. 3.2 Palm Oil (P) - **Day - to - day View**: Fluctuate weakly - **Medium - term View**: Sideways - **Reference View**: Fluctuate weakly - **Core Logic**: The spill - over effect of the pressure on international oil prices on the oil market persists. Additionally, policy uncertainties in various countries increase, demand substitution in the oil market emerges, and market instability rises. Affected by macro - sentiment, market funds are cautious, and bulls leave the market. Before market sentiment recovers, palm oil futures prices will fluctuate weakly [7]. 3.3 Other Factors Affecting Related Varieties - **Soybean Meal 2601**: Influenced by Sino - US relations, import arrival rhythm, oil mill start - up rhythm, and inventory pressure [6]. - **Soybean Oil 2601**: Affected by Sino - US relations, US bio - fuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6]. - **Palm 2601**: Impacted by its bio - diesel attribute, Malaysian palm oil production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrival and inventory, and substitution demand [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Palm oil: Tax increase supports B50, focus on the lower support of palm oil [2] - Soybean oil: Range-bound operation, pay attention to China-US economic and trade relations [2] - Soybean meal: Trading based on capital and technical aspects, low-level oscillation [2] - Soybean: Oscillation [2] - Corn: Rebounded [2] - Sugar: Sugar production in central and southern Brazil increased year-on-year [2] - Cotton: Slight rebound [2] - Eggs: Weak oscillation [2] - Live pigs: Supply postponed, the central price continues to decline [2] - Peanuts: Focus on the weather in the producing areas [2] 3. Summary by Relevant Catalogs 3.1 Palm Oil and Soybean Oil - **Fundamentals**: Palm oil's daily closing price was 9,312 yuan/ton with a -0.11% change, and night closing price was 9,388 yuan/ton with a 0.82% change; soybean oil's daily closing price was 8,256 yuan/ton with a 0.05% change, and night closing price was 8,308 yuan/ton with a 0.63% change [4] - **Macro and Industry News**: From October 1 - 15, 2025, Malaysia's palm oil yield increased by 5.76% month-on-month, oil extraction rate increased by 0.21% month-on-month, and production increased by 6.86% month-on-month [5] - **Trend Intensity**: Palm oil trend intensity is 1; soybean oil trend intensity is 1 [9] 3.2 Soybean Meal and Soybean - **Fundamentals**: DCE soybean 2601's daily closing price was 4018 yuan/ton with a +30 (+0.75%) change, and night closing price was 4029 yuan/ton with a +9 (+0.22%) change; DCE soybean meal 2601's daily closing price was 2907 yuan/ton with a -7 (-0.24%) change, and night closing price was 2891 yuan/ton with a -24 (-0.82%) change [10] - **Macro and Industry News**: On October 16, CBOT soybean futures closed higher due to strong domestic demand, offsetting concerns about China-US trade tensions. China has not completed most of its soybean procurement for December and January shipments due to high Brazilian soybean premiums [10][12] - **Trend Intensity**: Soybean meal trend intensity is 0; soybean trend intensity is 0 [12] 3.3 Corn - **Fundamentals**: The closing price of C2511 was 2,111 yuan/ton with a 0.67% change, and night closing price was 2,114 yuan/ton with a 0.14% change; the closing price of C2601 was 2,136 yuan/ton with a 0.80% change, and night closing price was 2,130 yuan/ton with a -0.28% change [14] - **Macro and Industry News**: Northern corn bulk shipping port prices increased, container port prices for new grain slightly increased; Guangdong Shekou bulk shipping prices were flat, container prices decreased. Northeast deep - processing corn prices were under pressure, and North China corn prices mostly declined [15] - **Trend Intensity**: Corn trend intensity is 0 [16] 3.4 Sugar - **Fundamentals**: The raw sugar price was 15.85 cents/pound with a 0.18 change; the mainstream spot price was 5770 yuan/ton with a -10 change; the futures main price was 5408 yuan/ton with a 5 change [17] - **Macro and Industry News**: Brazil's sugar production in the second half of September increased by 11% year-on-year. Brazil's exports decreased, raising concerns about global consumption. Conab lowered Brazil's 25/26 sugar production forecast [17] - **Trend Intensity**: Sugar trend intensity is -1 [20] 3.5 Cotton - **Fundamentals**: The closing price of CF2601 was 13,320 yuan/ton with a 0.38% change, and night closing price was 13340 yuan/ton with a 0.15% change; the closing price of CY2601 was 19,405 yuan/ton with a 0.41% change, and night closing price was 19420 yuan/ton [22] - **Macro and Industry News**: Domestic cotton spot trading was slightly weaker, and the cotton yarn market was weak. ICE cotton futures fluctuated, closing slightly lower [23] - **Trend Intensity**: Cotton trend intensity is 0 [26] 3.6 Eggs - **Fundamentals**: The closing price of egg 2511 was 2,818 yuan/500 kilograms with a -1.05 change, and the closing price of egg 2601 was 3,175 yuan/500 kilograms with a -1.06 change [28] - **Trend Intensity**: Egg trend intensity is -1 [28] 3.7 Live Pigs - **Fundamentals**: Henan's live pig spot price was 11280 yuan/ton with a 150 change; Sichuan's was 10800 yuan/ton with a 150 change; Guangdong's was 11460 yuan/ton with a 100 change [30] - **Market Information**: 90 lots of warehouse receipts were registered in Shennong's Yunnan and Guangxi warehouses, and 21 lots in Guizhou Zhenfeng Fuyuan [31] - **Trend Intensity**: Live pig trend intensity is -2 [32] 3.8 Peanuts - **Fundamentals**: The price of Liaoning 308 general peanuts was 8,300 yuan/ton; Henan Baisha general peanuts was 8,100 yuan/ton; Xingcheng Xiaoriben peanuts was 8,060 yuan/ton; Sudan refined peanuts was 8,700 yuan/ton [34] - **Spot Market Focus**: In the Henan Baisha area, there was little inventory trading. In Jilin, Liaoning, and other areas, due to weather and other factors, the supply volume was small, and the price was basically stable [35] - **Trend Intensity**: Peanut trend intensity is 0 [38]

Core Viewpoint - The new round of trade tensions between China and the U.S. is unlikely to fundamentally ease in the short term, but both sides have the motivation to avoid a complete economic decoupling [1] Group 1: Trade Relations and Measures - Since the Madrid economic talks in September, the U.S. has continued to introduce a series of restrictive measures against China, including adding multiple Chinese entities to export control lists, which has severely damaged the atmosphere for trade talks [1] - On October 9, China announced export control measures on rare earths and other related items, while on October 10, the U.S. threatened to impose a 100% tariff on Chinese goods starting November 1 [1][2] - The alternating threats and conciliatory remarks from the U.S. reflect a strategy to exert pressure while also attempting to calm market reactions to tariff threats [3] Group 2: Economic Impact and Strategic Considerations - China's export controls on rare earths are expected to significantly impact the U.S. military industry, indicating that U.S. attempts to suppress China will not succeed [2] - The U.S. faces political and economic obstacles in imposing high tariffs on China, as such measures would burden the U.S. economy and face opposition from the American business community [3] - The future trajectory of U.S.-China trade tensions is characterized by a coexistence of competition and cooperation, with structural contradictions remaining difficult to resolve [4] Group 3: Potential Areas for Cooperation - Non-traditional security cooperation, such as in climate change and public health, may become breakthrough areas for U.S.-China collaboration [4]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The report provides a daily morning observation of various commodity futures, including agricultural products, ferrous metals, non - ferrous metals, and energy and chemical products. It analyzes the market conditions, relevant information, logical reasoning, and trading strategies for each commodity or commodity group. Summary by Commodity Categories Agricultural Products - **Soybean Meal**: The market is generally stable with a fluctuating trend. International soybean pressure is high, and domestic soybean meal may decline under supply pressure. Suggestions include shorting at high points for the 05 contract, conducting M11 - 1 positive spreads, and selling call options at high points [15][16][17]. - **Sugar**: The international sugar price is weak, and the domestic market is expected to follow the external trend. It is recommended to short at high points, and keep an eye on arbitrage and options [18][23][24]. - **Oils and Fats**: Affected by Indonesia's tax adjustment, the short - term trend is volatile. It is advisable to go long on dips, consider OI 1 - 5 positive spreads without chasing high, and keep an eye on options [25][26][27]. - **Corn/Corn Starch**: The pressure of new grain has weakened, and the price trend is strong. Suggestions are to go long on dips for the 12 - month corn externally, hold long positions for the 01 contract, and gradually build long - term long positions for the 05 and 07 contracts [27][29][30]. - **Hogs**: The supply pressure is still high, and the price is expected to decline. A short - side approach is recommended, along with LH15 reverse spreads, and keep an eye on options [30][31]. - **Peanuts**: Affected by the weather in the producing areas, the short - term trend is strongly volatile. It is advisable to go long on dips for the 01 and 05 contracts without chasing high, and sell pk601 - P - 7600 options [31][33][35]. - **Eggs**: The demand is good, and the price has stabilized. It is recommended to close out previous short positions, and keep an eye on arbitrage and options [35][36][37]. - **Apples**: The quality of new fruits is average, and the price is supported. The short - term price is expected to be strongly volatile. It is advisable to go long on dips, and keep an eye on arbitrage and options [38][40][41]. - **Cotton - Cotton Yarn**: The fundamentals have not changed much, and the price is mainly fluctuating. It is expected that the US cotton will fluctuate, and Zhengzhou cotton will remain stable. Keep an eye on arbitrage and options [42][43][44]. Ferrous Metals - **Steel**: The supply - demand situation has improved, and the price has rebounded slightly. It is expected to fluctuate at the bottom, and it is advisable to go long on the spread between hot - rolled coils and rebar at low points, and keep an eye on options [45][46][47]. - **Coking Coal and Coke**: The spot trading is good, and there is support at the bottom. It is not advisable to chase high at present, and it is safer to go long on dips. Keep an eye on arbitrage and options [47][48][49]. - **Iron Ore**: A bearish view is taken in the medium - term. It is advisable to short in the medium - term, conduct cash - and - carry arbitrage, and keep an eye on options [50][51][53]. - **Ferroalloys**: After falling to a low level, they rebounded, but the upward drive is not strong. They are expected to fluctuate at the bottom. It is advisable to go long on short - term rebounds, and sell out - of - the - money put options [54][55]. Non - Ferrous Metals - **Precious Metals**: Due to the credit explosion of US regional banks, gold and silver prices have risen strongly. It is advisable to hold previous long positions cautiously based on the 5 - day moving average, and keep an eye on arbitrage and options [56][57][59]. - **Copper**: In the short - term, there is a need for consolidation, and the long - term trend remains unchanged. It is advisable to go long on dips, hold long positions in cross - market positive spreads, and keep an eye on options [62][63][66]. - **Alumina**: The supply - demand surplus leads to a weak trend. It is expected to fluctuate weakly, and keep an eye on arbitrage and options [66][67][68]. - **Electrolytic Aluminum**: The downstream demand shows resilience, and the medium - term trend is strong. It is advisable to go long on dips, and keep an eye on arbitrage and options [71][72][73]. - **Cast Aluminum Alloy**: The macro panic has subsided, and the price can be bought on dips. It is advisable to go long on dips, and keep an eye on arbitrage and options [73][76][77]. - **Zinc**: There are both bullish and bearish factors. It is advisable to short at high points, and keep an eye on arbitrage and options [77][78][80]. - **Lead**: The supply and demand are both weak. Be vigilant about the price falling from a high level. It is advisable to hold short positions, and sell out - of - the - money call options [81][82][84]. - **Nickel**: The inventory increase reflects an oversupply, and the price is under pressure. It is advisable to short at the upper edge of the fluctuation range, and sell a 2512 contract straddle [85][86][89]. - **Stainless Steel**: The demand is weak, testing the cost support. It is advisable to short on rebounds, and keep an eye on arbitrage [89][90][91]. Energy and Chemical Products - **Industrial Silicon**: It fluctuates within a range. It is advisable to short at high points and go long at low points. Wait for a full correction in the short - term, and keep an eye on arbitrage and options [91][92][95]. - **Polysilicon**: After an intraday correction and stabilization, continue to go long. It is advisable to go long after a correction, hold 2511 and 2512 contract reverse spreads, and adjust the previous double - buying strategy [95][96]. - **Lithium Carbonate**: Supported by demand and with uncertain supply, the price is rising in a volatile manner. It is advisable to go long in a volatile market, and sell out - of - the - money put options [97][100][101]. - **Tin**: The supply and demand are both weak. Pay attention to the resumption of production in Myanmar. The short - term price is expected to fluctuate, and keep an eye on the market [101][102].

Report Overview - Report Name: Baocheng Futures Bean and Oil Morning Report (October 17, 2025) - Publisher: Baocheng Futures - Date: October 17, 2025 Industry Investment Rating - The report does not provide an overall industry investment rating. Core Viewpoints - The prices of soybean meal and palm oil futures are expected to be weak with oscillations in the short - term and show an oscillating trend in the medium - term. This is due to multiple factors such as Sino - US trade relations, international oil prices, policy uncertainties, and inventory situations [5][7]. Summary by Variety Soybean Meal (M) - **Intraday View**: Oscillating and weakening [5]. - **Medium - term View**: Oscillating [5]. - **Reference View**: Oscillating and weakening [5]. - **Core Logic**: Sino - US trade relations, high near - term domestic inventory, far - term supply gap expectations, and reduced capital support lead to the short - term weakening with oscillations of soybean meal futures prices [5]. Palm Oil (P) - **Intraday View**: Oscillating and weakening [7]. - **Medium - term View**: Oscillating [7]. - **Reference View**: Oscillating and weakening [7]. - **Core Logic**: The continuous impact of international oil price pressure on the oil market, increased policy uncertainties in various countries, demand substitution in the oil market, and cautious market funds result in the short - term weakening with oscillations of palm oil futures prices [7]. Other Related Contracts - **Soybean Meal 2601**: Short - term, medium - term, and intraday views are all oscillating and weakening. Influencing factors include Sino - US relations, import arrival rhythm, oil mill operation rhythm, and inventory pressure [6]. - **Soybean Oil 2601**: Short - term, medium - term, and intraday views are all oscillating and weakening. Influencing factors include Sino - US relations, US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6]. - **Palm 2601**: Short - term, medium - term, and intraday views are all oscillating and weakening. Influencing factors include biodiesel attributes, Malaysian palm production and exports, Indonesian exports, main - producing country tariff policies, domestic arrival and inventory, and substitution demand [6].

Core Viewpoint - The current state of US-China trade relations is described as a "delicate and fragile balance," with the market underpricing potential risks and exhibiting overly optimistic sentiment, which is disconnected from the actual escalation of geopolitical risks [1] Market Performance - Since the escalation of tensions last Friday, the Hang Seng Index has seen a cumulative decline of less than 1%, indicating that investors generally believe both parties will return to negotiations and have not priced in potential negative scenarios [1] - Historical data shows that during previous significant escalations in US-China tensions, the MSCI China Index experienced valuation downgrades of up to 13% to 15%, suggesting that the current market calm lacks adequate risk consideration [1] Investor Strategy - Investors are advised to be cautious of potential risks and adjust their strategies by focusing on three types of companies: 1. Companies in the technology sector that achieve self-sufficiency to better cope with technology blockade risks [3] 2. Companies with strong profit fundamentals that possess greater resilience to risks [3] 3. Companies aligned with the theme of avoiding excessive competition, capable of maintaining stable development in a complex market environment [3] - Key signals to monitor for worsening situations include specific details on retaliatory measures from both sides, potential cancellations of meetings, and the inclusion of more Chinese companies on the entity list by the US [3] Downside Risks - Risk Scenario 1: Implementation of restrictions could lead to market shocks, with China's new rare earth export controls tightening approval processes, particularly affecting the chip sector, which the market has not fully absorbed [4] - Risk Scenario 2: If restrictions become permanent policies, it could result in substantial "decoupling" in key supply chains, impacting the global economy and Chinese stock markets. The US is collaborating with allies to rebuild rare earth supply chains, which, while not immediately threatening China's position, poses a long-term risk that the market has not adequately considered [4] - Execution Risk of Agreements: Even if a "narrow agreement" is reached, such as pausing additional retaliatory tariffs, the execution of such agreements faces significant political and operational risks, with a high likelihood of being fragile. The market's optimistic expectations regarding this execution risk appear overly high [4]

Report Industry Investment Ratings - **Buy (★★★)**: None - **Hold (★★☆)**: None - **Watch (★☆☆)**: Corn, Hog, Egg - **Sell (White Star)**: Soybean, Soybean Meal, Soybean Oil, Palm Oil, Rapeseed Meal, Rapeseed Oil [1] Core Views - The prices of agricultural products are affected by multiple factors such as supply and demand, policies, and trade relations. Overall, the market is complex and volatile, and investors need to pay close attention to policy and fundamental changes [2][3][4] Summary by Product Soybean - Domestic soybeans rose and then fell, with all 44,835 tons of state reserve auctions today going unsold at a reserve price of 3,900 yuan/ton, and the demand for transactions has deteriorated. The market is still worried about the export demand of US soybeans, and China has not yet purchased the new US soybean crop. US soybean prices are expected to be pressured by the demand side [2] Soybean Meal - The main contract of Dalian soybean meal, M2601, slightly increased positions and declined. Currently, the arrival volume of domestic soybeans is large, and inventories are sufficient. Overall, the supply in the fourth quarter is generally not a problem. If Sino-US trade relations continue to deteriorate and the time is prolonged, the overall supply in the first quarter of next year may tighten. The soybean meal market is currently affected by domestic and foreign policies and is fluctuating weakly. It is recommended to continue to wait and see [3] Soybean Oil & Palm Oil - Weak global crude oil prices and uncertainties in Sino-US trade are pressuring risk assets, and there is a need to be cautious about the potential drag on vegetable oils. The near-term demand for palm oil in the international market is weak, but the Indonesian market gives an expectation of a further increase in the biodiesel blending ratio in the long term. The palm oil market has resilience as it enters the production reduction cycle in the fourth quarter. Domestic soybean oil is in a state of high inventory due to supply exceeding demand. In the context of the continued growth of the global biodiesel trend and the demand risks faced by US soybeans, it is expected that oils will be more resilient, and oils will be stronger than meals. In the medium and long term, it is expected that oils will still have resilience, and investors should wait for the price to find a bottom and then go long at low prices [4] Rapeseed Meal & Rapeseed Oil - The rapeseed market fluctuated little today. Overall, the external oilseed market lacks guidance from USDA data, and there are also risks of uncertain economic and trade relations at the macro level. The Sino-Canadian agricultural product trade relationship is difficult to ease before Canada changes its tariff policy. An oil company will hold a special two-way bidding and trading session for rapeseed oil purchases and sales on October 17, involving 18,230 tons of rapeseed oil. The domestic rapeseed market is still in a state of inventory reduction, but the inventory reduction is expected to be slow. Overall, the driving force for a single side is not significant, and it is expected that the rapeseed futures price will fluctuate in the short term [6] Corn - The Dalian corn futures continued to rebound from the bottom today. The Huanghuaihai corn producing area is continuing to rush to harvest and dry the corn. The price of corn in Northeast China has declined, but the range is narrowing. The volume of corn arriving at Shandong's spot market has decreased to less than 1,000 tons, and the price is weakly stable. The opening price of corn in Northeast China has declined from a high level, but some state reserve depots in Heilongjiang have started to purchase at around 2,000 yuan/ton for 14% moisture corn, which currently has little impact on the market. The volume of new corn coming onto the market in Northeast China will continue to increase in the next two weeks. Currently, corn is still weak at the bottom, but the phased bottom is getting closer [7] Hog - Except for the November contract, other hog futures contracts hit new lows, with a total increase in positions of 15,000 lots. The spot price rebounded and exceeded 11 yuan/kg, mainly affected by factors such as second-round fattening, reluctance to sell, and increased slaughter volume. The current average spot price is in the range of 10 - 11 yuan/kg, which is at the bottom of the historical hog cycle. However, from a fundamental perspective, there are no obvious bullish factors, and the monthly output of large-scale enterprises is expected to continue to increase in October. Currently, the profits of the entire industry chain have turned negative, and the inventory of breeding sows decreased in September. In the medium term, this will support the contracts for the second half of next year [8] Egg - The spot price of eggs generally increased, with a relatively large increase in some areas. The futures generally closed down, with a total increase in positions of 20,000 lots, and the contracts for February, March, and April next year hit new lows. The short-term spot sales are relatively fast due to low prices, resulting in a short-term rebound. The egg price is at the cash flow balance or loss state, and the culling of old hens is still slow. There is a risk of further decline in the egg price in the medium term [9]