Report Industry Investment Rating - Apple: Neutral [4] - Red dates: Neutral [9] Core Views - Apple: The current late Fuji apples are sporadically on the market. Affected by the weather, it is difficult to organize a large number of red apples, and the acquisition period may be shortened. It is expected that the price of high - quality apples will remain stable and firm, with an obvious polarization trend. The price trend of late Fuji apples, the acquisition mentality of merchants, the selling mentality of fruit farmers, weather conditions, and terminal consumption progress should be focused on [3][4]. - Red dates: If the yield and quality are lower than expected, the upward trend of red dates may continue. Otherwise, the futures price of red dates will face a shock pattern with limited upward space and strong downward support. The acquisition progress and price changes of new - season red dates in the main producing areas should be concerned [8][9]. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the Apple 2601 contract yesterday was 8,850 yuan/ton, a change of - 15 yuan/ton from the previous day, a decrease of 0.17% [1]. - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.75 yuan/jin, with no change from the previous day. The spot basis AP01 was - 1,350, a change of + 15 from the previous day. The price of more than 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.15 yuan/jin, with no change from the previous day. The spot basis AP01 was - 550, a change of + 15 from the previous day [1]. Market Analysis - The apple futures price declined slightly yesterday. The supply of late Fuji apples in major producing areas increased, and the market polarization continued. The price of high - quality apples in western producing areas such as Gansu Jingning and Shaanxi Luochuan was stable and firm, and the ordering was in the middle and late stages. In Shandong producing areas, due to the average redness and brightness of the fruits, merchants were cautious in their acquisitions, and the opening prices were determined by quality. The price of high - quality apples is expected to remain stable and firm, while the price of general - quality apples may decline due to the increase in supply [2][3]. Strategy - Maintain a neutral view. Currently, late Fuji apples are sporadically on the market. Affected by the weather, it is difficult to organize a large number of red apples, and the acquisition period may be shortened. It is expected that the price of high - quality apples will remain stable and firm, with an obvious polarization trend [4]. Red Dates Market News and Important Data - Futures: The closing price of the Red Dates 2601 contract yesterday was 11,380 yuan/ton, a change of - 5 yuan/ton from the previous day, a decrease of 0.04% [5]. - Spot: The spot price of first - grade grey dates in Hebei was 9.60 yuan/kg, with no change from the previous day. The spot basis CJ01 was - 1,780, a change of + 5 from the previous day [5]. Market Analysis - The red dates futures price showed a volatile trend yesterday. The orchard - ordering process in the main producing areas of Xinjiang was fast. Apples in Hetian and Qiemo were being harvested, and those in Alar were sporadically harvested. The mainstream price was 6.50 - 8.00 yuan/kg. The supply of goods in the Hebei sales area increased slightly, and merchants purchased on demand. The overall inventory pressure still exists, and the supply - demand contradiction has not been substantially alleviated. The new - season jujube trees have the problem of over - overdraft, and a reduction in production is a normal expectation. It is estimated that the new - season yield is between 560,000 and 620,000 tons [7][8]. Strategy - Maintain a neutral view. If the yield and quality are lower than expected, the upward trend of red dates may continue. Otherwise, the futures price of red dates will face a shock pattern with limited upward space and strong downward support. The acquisition progress and price changes of new - season red dates in the main producing areas should be concerned [9].

Report Industry Investment Rating - The report's strategy for the market is cautiously bearish [4] Core View - The CBOT US soybean price is under pressure due to strong Brazilian exports, and the domestic supply is abundant with increasing soybean inventories, expecting a continued supply - loose pattern. Future market focus lies on policy changes, new - season US soybean harvest, and export conditions. The new - season US soybean imports will impact the market supply - demand around the Spring Festival [3] Market News and Data Summary 粕类 - **Futures**: The closing price of the soybean meal 2601 contract was 2889 yuan/ton, down 6 yuan/ton (-0.21%) from the previous day; the rapeseed meal 2601 contract was 2321 yuan/ton, down 29 yuan/ton (-1.23%) [1] - **Spot**: In Tianjin, the soybean meal spot price was 2960 yuan/ton, with a spot basis of M01 + 71, up 6 from the previous day; in Jiangsu, it was 2870 yuan/ton, with a basis of M01 - 19, up 6; in Guangdong, it was 2890 yuan/ton, with a basis of M01 + 1, up 6. In Fujian, the rapeseed meal spot price was 2530 yuan/ton, down 30 yuan/ton, with a basis of RM01 + 209, down 1 [1] - **US and Brazilian Data**: As of October 16, the US soybean export inspection volume was 147.4 million tons, exceeding market expectations. The 2025/26 US soybean export inspection volume was 553.8 million tons, a 30.9% year - on - year decrease, reaching 12.1% of the annual export target. The 2025/26 Brazilian soybean sowing progress was 24% (AgRural) or 23.27% (Brazilian Home Agricultural and Commercial Company), higher than last year [2] 玉米 - **Futures**: The closing price of the corn 2511 contract was 2144 yuan/ton, up 6 yuan/ton (+0.28%); the corn starch 2511 contract was 2429 yuan/ton, up 49 yuan/ton (+2.06%) [4] - **Spot**: In Liaoning, the corn spot price was 2150 yuan/ton, with a spot basis of C11 + 36, down 6; in Jilin, the corn starch spot price was 2550 yuan/ton, with a basis of CS11 + 121, down 49 [4] - **US and Brazilian Data**: As of October 16, the US corn export inspection volume was 131.8 million tons, within the market forecast range. Brazil exported 357.4 million tons of corn in the first three weeks of October, with an average daily export volume 6% lower than the whole of October last year [4][5] Market Analysis Summary 粕类 - Brazilian exports are strong, pressuring CBOT US soybean prices. Domestic supply is abundant with rising soybean inventories, and the supply - loose pattern is expected to continue. Future focus is on policy changes, new - season US soybean harvest, and export conditions [3] 玉米 - In the domestic market, the supply of new - season corn in Northeast and North China is increasing. Farmers in the Northeast are actively selling, and prices are falling. In North China, there is mainly wet corn. Demand from deep - processing enterprises is stable, and feed enterprises are increasing purchases. The supply exceeds demand, and new - grain prices are low. Future focus is on national policies [6] Strategy Summary - The strategy for both the soybean meal and corn markets is cautiously bearish [4]

免费声明 生猪产业期现日报 投资咨询业务资格:证监许可 【2011】1292号 2025年10月22日 朱迪 Z0015979 | 159 14 | | --- | | 10007 | | T 1000 | | 期货指标 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 现值 | 前值 | 涨跌 | 张跌幅 | 单位 | | 主力合约基在 生猪2511 | -785 11525 | -805 11410 | 20 115 | 2.48% 1.01% | | | | | | | | 元/吨 | | 生猪2601 | 12235 | 12155 | 80 | 0.66% | | | 生猪11-1价差 | -710 | -745 | 35 | 4.70% | | | 主力合约持仓 | 103162 | 102555 | 607 | 0.59% | ま | | 仓单 | 111 | 111 | 1 | - | | | 现货价格 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 当地升贴水 | 单位 | | 河南 | 11450 | 11 ...

从业资格号：F03116327 交易咨询号：Z0019233 邮箱:yangzeyuan@wkqh.cn 斯小伟 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 隔夜 CBOT 大豆下跌，美豆需求担忧影响。周二国内豆粕现货持平，华东报 2890 元/吨左右，豆粕成交 较弱、提货较好。MYSTEEL 统计上周国内饲料企业库存天数下滑 0.41 天至 7.93 天，港口大豆库存开始 下滑，油厂豆粕库存延续去库趋势。MYSTEEL 预计本周国内油厂大豆压榨量为 233.35 万吨，上周压榨 大豆 216.6 万吨。 农产品早报 2025-10-22 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 杨泽元 白糖、棉花研究员 据巴西农业部下属的国家商品供应公司 CONAB，截至 10 月 18 日，巴西大豆播种率为 21.7%，上周为 11.1%，去年同期为 17.6%，五年均值为 27.7%。总体来看，进口大豆 ...

Group 1: Report Industry Investment Ratings - Not provided in the given content Group 2: Core Views of the Report Palm Oil - In Malaysia, with export growth and production increase lower than market expectations, there is a chance for the price to rise to 4,650 ringgit. Pay close attention to export data and MPOA production data, and focus on whether the price can effectively stand above 4,500 ringgit. In China, the Dalian palm oil futures market maintains a narrow - range consolidation trend. After repeated consolidation, watch if it can break through and stand above 9,500 yuan driven by the rise of Malaysian palm oil [1]. Soybean Oil - Sino - US trade negotiations seem to be back on track after weeks of new tariff threats and export restrictions. The data from the US EPA shows that the renewable fuel blending volume in September exceeded that in August, which is positive for Chicago soybean oil futures. In China, the Dalian soybean oil futures rose following the strength of CBOT soybeans and soybean oil, but the increase was limited due to the drag of Sino - Canadian negotiations and limited downstream demand before the Spring Festival stocking. The possibility of a short - term continued rise is low [1]. Sugar - From the second half of September, the sugarcane crushing volume in the central - southern region of Brazil increased year - on - year, and the cumulative sugar production also increased. Affected by supply expectations, the upward momentum of raw sugar prices is limited. As of October, the market focuses on the production prospects of India and Thailand. The overall production is currently optimistically estimated, and the raw sugar price is expected to fluctuate between 15 - 16 cents per pound. The September sales data is neutral to weak, and the inventory has increased year - on - year. The new sugar pre - sale price is much lower than the current market price, and the spot market is expected to maintain a weak and volatile pattern [3][4]. Cotton - The purchase price of machine - picked cottonseed in Xinjiang is firm. The Zhengzhou cotton futures main contract has cost support at low levels, but there is also increasing hedging pressure above 13,500 - 13,600 yuan. The downstream terminal demand is weak, but textile enterprises' cotton inventory is not high, and they have demand for cotton at current prices. In the short term, the cotton price is expected to fluctuate within a range [5]. Eggs - The存栏量 of laying hens remains high, and the egg supply is sufficient. The downstream demand has improved, which will drive up the egg price. However, the sufficient supply at the origin may suppress the increase in egg prices. It is expected that the egg price will rise slightly this week and then stabilize, but there is still overall pressure [8][10]. Corn - In the short term, the corn price has stabilized and rebounded slightly due to the decrease in supply. However, the pattern of strong supply and weak demand remains unchanged, and the upward space of the price is limited. The demand from deep - processing and feed enterprises is cautious, but their inventory is relatively low, and the subsequent purchase intention will increase. Some regions have started purchasing and storage, but the scale is small [13]. Meal - related Products - The US soybean has improved slightly, but lacks substantial positive factors. Brazil's new - crop soybean sowing is progressing smoothly, and the domestic soybean supply in the fourth quarter is sufficient. The domestic soybean and soybean meal inventory is still at a high level, and the spot price is expected to be weak this year. However, the downward space is limited. If China continues not to purchase US soybeans, the M2601 contract has support around 2,900 yuan, and there may be opportunities for 1 - 5 positive spreads [18]. Pigs - In the short term, the supply and demand are basically balanced, and the pig price has stabilized and rebounded due to the entry of second - fattening in North and Northeast China. In the long term, the supply pressure in the fourth quarter will continue to be released, and the pig price is not optimistic. Policy - driven capacity reduction needs time to take effect, and it is expected that the spot price will still face pressure until the first half of next year. The disk operation should focus on short - selling on rallies, and hold the LH3 - 7 reverse spread [21]. Group 3: Summaries According to Relevant Catalogs Futures Market Data Oils and Fats - **Soybean Oil**: On October 20, the spot price in Jiangsu was 8,610 yuan, up 0.23% from October 17; the futures price of Y2601 was 8,298 yuan, up 0.51%; the basis of Y2601 was 312 yuan, down 6.59% [1]. - **Palm Oil**: The spot price in Guangdong was 9,300 yuan, up 0.54%; the futures price of P2601 was 9,318 yuan, up 0.11%; the basis of P2601 was - 18 yuan, up 68.97%. The import cost in Guangzhou Port in January was 9,708.1 yuan, up 0.18%, and the import profit was - 390 yuan, down 2.06%. The number of warehouse receipts was 600, up 20% [1]. - **Rapeseed Oil**: The spot price in Jiangsu was 10,120 yuan, unchanged; the futures price of OI601 was 9,918 yuan, up 0.58%; the basis of OI601 was 202 yuan, down 22.01% [1]. Sugar - On October 20, the futures price of sugar 2601 was 5,428 yuan/ton, up 0.30%; the futures price of sugar 2605 was 5,386 yuan/ton, up 0.22%; the 1 - 5 spread was 42 yuan/ton, up 11.43%. The main contract's open interest was 426,415, down 3.41% [3]. Cotton - The futures price of cotton 2605 was 13,390 yuan/ton, up 1.05%; the futures price of cotton 2601 was 13,335 yuan/ton, up 0.97%; the 5 - 1 spread was 55 yuan/ton, up 18.18%. The main contract's open interest was 586,467, up 1.11% [5]. Eggs - The price of the egg 11 - contract was 2,770 yuan/500KG, down 1.25%; the price of the egg 01 - contract was 3,166 yuan/500KG, down 0.41%. The basis was 174 yuan/500KG, down 24.47% [8]. Corn - The futures price of corn 2601 was 2,138 yuan/ton, up 0.99%; the basis was 12 yuan/ton, down 7.69%; the 1 - 3 spread was - 30 yuan/ton, down 7.14%. The open interest was 1,701,632, up 1.43%, and the number of warehouse receipts was 49,324, up 34.36% [13]. Meal - related Products - **Soybean Meal**: The spot price in Jiangsu was 2,900 yuan, down 0.68%; the futures price of M2601 was 2,895 yuan, up 0.94%; the basis of M2601 was 5 yuan, down 90.38%. The number of warehouse receipts was 42,761, down 0.3% [18]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,430 yuan, up 0.83%; the futures price of RM2601 was 2,350 yuan, up 1.91%; the basis of RM2601 was 80 yuan, down 23.08%. The number of warehouse receipts was 7,702, unchanged [18]. Pigs - The futures price of the live hog 2511 contract was 11,410 yuan/ton, up 3.26%; the futures price of the live hog 2601 contract was 12,155 yuan/ton, up 4.16%. The 11 - 1 spread was - 745 yuan/ton, down 20.16%. The main contract's open interest was 102,555, down 4.13% [21]. Spot Market Data Sugar - The spot price in Nanning was 5,770 yuan, down 0.35%; in Kunming, it was 5,740 yuan, down 0.35%. The basis in Nanning was 381 yuan, down 7.75%; in Kunming, it was 351 yuan, down 8.36%. The import price of Brazilian sugar (within quota) was 4,254 yuan/ton, down 1.53%; (out - of - quota) was 5,396 yuan/ton, down 1.59% [3]. Cotton - The Xinjiang arrival price of 3128B cotton was 14,517 yuan, up 0.05%; the CC Index of 3128B was 14,679 yuan, unchanged; the FC Index of M: 1% was 12,851 yuan, unchanged. The basis of 3128B - 01 contract was 987 yuan/ton, down 11.88%; the basis of 3128B - 05 contract was 1,052 yuan/ton, down 10.47% [5]. Eggs - The egg - producing area price was 2.94 yuan/500KG, down 3.01%; the price of laying hens was 2.60 yuan/feather, unchanged; the price of culled hens was 4.32 yuan/jin, down 3.14% [8]. Corn - The FOB price in Jinzhou Port was 2,150 yuan/ton, up 0.94%; the bulk grain price in Shekou was 2,310 yuan/ton, unchanged. The north - south trade profit was 79 yuan/ton, down 20.20%; the CIF price was 1,982 yuan/ton, up 0.04%; the import profit was 328 yuan/ton, down 0.21% [13]. Meal - related Products - **Soybean Meal**: The spot price in Jiangsu was 2,900 yuan, down 0.68%. - **Rapeseed Meal**: The spot price in Jiangsu was 2,430 yuan, up 0.83% [18]. Pigs - The spot price in Henan was 11,530 yuan/ton, up 180 yuan; in Shandong, it was 11,550 yuan/ton, up 150 yuan; in Sichuan, it was 11,010 yuan/ton, up 160 yuan; in Liaoning, it was 11,590 yuan/ton, up 140 yuan; in Guangdong, it was 11,530 yuan/ton, up 20 yuan; in Hunan, it was 10,810 yuan/ton, unchanged; in Hebei, it was 11,570 yuan/ton, up 170 yuan [21]. Industry Situation Data Sugar - The cumulative national sugar production was 1,116.21 million tons, up 12.03% year - on - year; the cumulative national sugar sales were 1,048 million tons, up 9.17% year - on - year. The cumulative sugar production in Guangxi was 646.50 million tons, up 4.59% year - on - year; the monthly sugar sales in Guangxi were 26.66 million tons, down 41.20% year - on - year [3]. Cotton - The inventory decreased by 13.1% month - on - month; the industrial inventory decreased by 1.9% month - on - month; the import volume increased by 42.9% month - on - month; the bonded area inventory increased by 1.4% month - on - month [5]. Eggs - The egg - to - feed ratio was 2.31, down 7.97%; the breeding profit was - 28.71 yuan/feather, down 69.88% [8]. Corn - The number of remaining vehicles at Shandong deep - processing enterprises in the morning was 446, down 1.11% [13]. Meal - related Products - The盘面 import profit of Canadian rapeseed meal for January shipment was 792 yuan, up 5.74% [18]. Pigs - The daily slaughter volume of sample points was 164,642, down 1.13%; the weekly white - strip price was 19.01 yuan, unchanged; the weekly piglet price was 26.00 yuan/kg, unchanged; the weekly sow price was 32.47 yuan, down 0.09%; the weekly slaughter weight was 128.25 kg, down 0.18%; the weekly self - breeding profit was - 245 yuan/head, down 60.83%; the weekly purchased - pig breeding profit was - 375 yuan/head, down 24.66%; the monthly fertile sow inventory was 4,038 million heads, down 0.10% [21].

Group 1: Report Industry Investment Rating - The investment rating for both the apple and红枣 industries is neutral [3][8] Group 2: Core Viewpoints of the Report - For apples, currently, the late Fuji apples are sporadically on the market. Affected by the weather, it's difficult to organize a large quantity of red apples. The acquisition period may be shortened. It's expected that the price of high - quality apples will remain stable and firm, with a significant price gap between high - quality and general - quality apples [3] - For red dates, if the yield and quality fall short of expectations, the upward trend of red dates may continue. Otherwise, the futures price of red dates will face a situation of limited upward movement and sufficient downward support, showing a volatile pattern [8] Group 3: Summary According to the Apple - Related Content Market News and Important Data - Futures: The closing price of the apple 2601 contract yesterday was 8865 yuan/ton, up 240 yuan/ton or 2.78% from the previous day [1] - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 3.75 yuan/jin, down 0.05 yuan/jin from the previous day. The spot basis AP01 was - 1365, down 332 from the previous day. The price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.15 yuan/jin, unchanged from the previous day. The spot basis AP01 was - 565, down 240 from the previous day [1] - Market situation: The coloring progress of late Fuji is accelerating, and the supply in the production areas is increasing. There is a polarized market, with the price of high - quality goods remaining stable and firm. Different production areas have different price ranges due to quality differences, and many merchants in Shandong are flowing to the western and Liaoning production areas [1][2] Market Analysis - Yesterday, the apple futures price rose significantly. The coloring of late Fuji in the spot production areas is accelerating, and the supply is increasing. The price of high - quality goods is stable and firm. Last week, the supply of new - season late Fuji in the western production areas increased, and the price polarization was obvious. The price of high - quality goods is strong, while the price of general - quality goods is chaotic. The Shandong production area is still waiting for coloring, and merchants are flowing to other areas. This week, the supply of late Fuji in the eastern and western regions is increasing, and the price polarization is obvious. If there is a rush to buy high - quality goods, the price will remain stable and firm, while the price of general - quality goods may fall due to increased supply [2] Strategy - The strategy for apples is neutral. It is expected that the price of high - quality apples will remain stable and firm, with obvious price polarization [3] Group 4: Summary According to the Red - Date - Related Content Market News and Important Data - Futures: The closing price of the red date 2601 contract yesterday was 11385 yuan/ton, down 35 yuan/ton or 0.31% from the previous day [4] - Spot: The price of first - grade grey dates in Hebei was 9.60 yuan/kg, unchanged from the previous day. The spot basis CJ01 was - 1785, up 35 from the previous day [4] - Market situation: The new - season red dates in the Xinjiang main production area are about to be harvested, and the harvest time may be about one week earlier than last year. Merchants from the inland areas are going to the production area for the new season. The tree - ordering in the Hotan area is coming to an end, and the orchard - ordering in the Aksu, Qiemo, and Alar areas is progressing rapidly. The new prices are not yet mainstream. The supply in the Hebei sales area has increased slightly, and downstream merchants are waiting and seeing the quality and price of the new season and making purchases as needed. It is expected that the spot price will remain stable in the short term [5][6] Market Analysis - The red date futures price showed a volatile downward trend yesterday. The new - season red dates in the Xinjiang main production area may be harvested one week earlier, and inland merchants are preparing for acquisition. The tree - ordering in Hotan is at the end, and orchard - ordering in other areas is fast. The new prices are not yet mainstream. The weather is favorable for improving the quality of red dates, which is better than last year. Last week, the trading atmosphere in the sales - area spot market was average, with downstream rigid - demand purchases as the main form. The spot price rose slightly, and the trading was a bit light. Affected by the preparation for the new season, some merchants sold their inventories to recover funds, and the inventory reduction of 36 sample points accelerated, but the overall inventory pressure still exists, and the supply - demand contradiction has not been substantially alleviated. The new - season jujube trees have the problem of over - overdraft, and a reduction in production is a normal expectation. It is estimated that the new - season yield is between 56 - 620,000 tons [7] Strategy - The strategy for red dates is neutral. If the yield and quality are lower than expected, the upward trend of red dates may continue. Otherwise, the futures price of red dates will be in a volatile pattern. The new - season red dates in the main production area have not been harvested in a concentrated manner. It is expected that the harvesting work will start after the Frost's Descent. Attention should be paid to the acquisition progress and price changes [8]

Report Industry Investment Rating - The investment strategy for both the soybean meal and corn sectors is cautiously bearish [4][7] Core Viewpoints - For the soybean meal market, the current supply is sufficient, with low - level oscillations. The high export volume from Brazil has put pressure on CBOT soybean prices and increased domestic supply, and the supply is expected to remain loose. Future market focus lies on policy changes and the import situation of new - season US soybeans [1][3] - In the corn market, the new - season corn in domestic northeast and north China regions is being concentratedly supplied. The supply exceeds demand, and the new - grain price is low. Attention should be paid to national policies [6] Summary by Related Catalogs Market News and Important Data Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2601 contract was 2895 yuan/ton, up 27 yuan/ton (+0.94%) from the previous day; the rapeseed meal 2601 contract was 2350 yuan/ton, up 44 yuan/ton (+1.91%) [1] - Spot: The spot price of soybean meal in Tianjin was 2960 yuan/ton, unchanged from the previous day; in Jiangsu, it was 2870 yuan/ton, unchanged; in Guangdong, it was 2890 yuan/ton, up 20 yuan/ton. The spot price of rapeseed meal in Fujian was 2560 yuan/ton, up 40 yuan/ton [1] - Overseas Information: As of October 17, Brazilian farmers have planted 23.27% of the expected soybean area for 2025, compared with 9.33% in the same period last year. Argentina's 2024/25 soybean planting area is estimated at 18 million hectares, an 8.4% increase from the previous year, and the production is expected to be 51.1 million tons, a 6% increase from 2023/24 [2] Corn and Corn Starch - Futures: The closing price of the corn 2511 contract was 2138 yuan/ton, up 21 yuan/ton (+0.99%); the corn starch 2511 contract was 2380 yuan/ton, up 6 yuan/ton (+0.25%) [4] - Spot: The spot price of corn in Liaoning was 2150 yuan/ton, unchanged; the spot price of corn starch in Jilin was 2550 yuan/ton, unchanged [4] - Overseas Information: As of October 13, French farmers had harvested 56% of this year's grain corn crop, up from 37% a week ago, and the excellent - good rate was 60%, down from 62% a week ago [4] Market Analysis Soybean Meal - Although the US Department of Agriculture has not released the latest data, Brazil's good export situation has put pressure on CBOT soybean prices. The domestic supply is sufficient, and the supply is expected to remain loose. Future focus is on policy changes and the import of new - season US soybeans [3] Corn - In the domestic market, the new - season corn in the northeast and north China regions is being concentratedly supplied. The supply exceeds demand, and the new - grain price is low. Attention should be paid to national policies [6] Strategy - The strategy for both the soybean meal and corn sectors is cautiously bearish [4][7]

Report Industry Investment Ratings - Douyi: ☆☆ (implies a certain upward trend but limited operability) [1] - Doupo: ★★★ (indicates a clear upward trend and relatively appropriate investment opportunities) [1] - Douyou: ☆☆☆ (suggests a clear upward trend and suitable investment opportunities) [1] - Palm Oil: ★★★ (shows a clear upward trend and good investment opportunities) [1] - Caipo: ★★★ (represents a clear upward trend and appropriate investment chances) [1] - Caiyou: ★★★ (implies a clear upward trend and suitable investment opportunities) [1] - Corn: ★☆☆ (suggests a slight upward trend but limited operability) [1] - Live Pigs: ★☆☆ (indicates a slight upward trend but limited operability) [1] - Eggs: ★☆☆ (implies a slight upward trend but limited operability) [1] Core Views - The overall supply of agricultural products shows different characteristics, with some having sufficient supply and high inventory, while others face supply bottlenecks or are affected by policy and demand factors [2][3][6] - Uncertainties in Sino - US trade relations and global economic factors such as oil prices have an impact on the prices of agricultural products [4] - Different agricultural products have different price trends and investment strategies according to their own supply - demand fundamentals and market environments [3][4][6] Summary by Related Catalogs Soybean - Domestic soybeans are strong, with the price continuing to rebound. The state - reserve auction of domestic soybeans was carried out twice this week, with the成交 changing from strong to weak. The price difference between domestic and imported soybeans is widening. US soybean prices may be pressured by demand [2] Soybean and Soybean Meal - The main contract of Dalian soybean meal M2601 continued to decline with increasing positions. New - season US soybean sales are slow, domestic soybean arrivals are sufficient, and soybean meal inventory is high. In a high - supply and high - inventory situation, if Sino - US trade does not ease, Dalian soybean meal may oscillate downward. Currently, it is recommended to wait and see [3] Soybean Oil and Palm Oil - The price difference between soybean oil and palm oil continues to expand, and oils are stronger than soybean meal. Global crude oil prices are weak, and there are uncertainties in Sino - US trade. Palm oil has demand expectations in the Indonesian market, and domestic soybean oil has high inventory. Oils are expected to be more resilient in the medium - to - long term [4] Rapeseed Meal and Rapeseed Oil - Rapeseed products declined today and were weaker than competitors. The inventory of domestic rapeseed along the coast is low, and the output of rapeseed meal and rapeseed oil is limited. However, the arrival of Australian rapeseed is approaching, which will relieve supply concerns and put pressure on prices. It is recommended to focus on cross - competitor strategies with rapeseed products as short positions [6] Corn - The main contract of Dalian corn futures C2601 rose and then fell, down - 0.66%. Northeast corn is abundant, and the spot price is weak. In the future, the supply of new corn in the Northeast will increase, and Dalian corn may continue to be weak at the bottom [7] Live Pigs - The spot price of live pigs is differentiated, and the overall average slaughter price is stable. Piglet prices are falling, and sow inventory is expected to decline faster. The futures and spot prices deviate, and the futures market is weak [8] Eggs - Eggs continued to be pressured with increasing positions, and the far - month contracts fell more. The spot price rose due to bargain - hunting. However, there is a risk of further decline in egg prices in the medium term [9]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Oils and Fats - Palm oil: Malaysian BMD crude palm oil futures showed a rebound after a decline. Dalian palm oil futures are expected to break through upwards following the Malaysian palm oil trend and have room to strengthen further [1]. - Soybean oil: Sino - US trade relations may improve, but domestic soybean oil has a pattern of narrow - range shock adjustment due to factors such as sufficient supply and potential release of reserve soybeans [1]. Corn and Corn Starch - Corn: Currently in the concentrated listing period, the futures market will maintain a weak pattern under the pressure of short - term supply [2]. Sugar - The raw sugar price has limited rebound momentum due to supply expectations. The sugar market is expected to maintain a weak and volatile pattern [6][7]. Meal and Soybeans - The supply of domestic soybeans and soybean meal is sufficient. The spot price is expected to remain weak this year, but the downward space is limited. There may be an opportunity for the 1 - 5 positive spread [9]. Cotton - The short - term cotton price will fluctuate within a range, with cost support at low levels and pressure from hedging at higher levels [12]. Live Pigs - In the short - term, the pig price has stabilized and rebounded, but in the medium - to long - term, the supply pressure will continue to be released, and the pig price is not optimistic. The spot price is expected to face pressure until the first half of next year [15]. Eggs - The egg price is expected to rise slightly this week and then stabilize, but it still faces overall pressure due to sufficient supply [18]. 3. Summaries According to Relevant Catalogs Oils and Fats - **Price Changes**: On October 17, the price of first - grade soybean oil in Jiangsu increased by 0.47% to 8,590 yuan/ton; the price of 24 - degree palm oil in Guangdong remained unchanged at 9,250 yuan/ton; the price of rapeseed oil decreased by 0.49% [1]. - **Market Trends**: Malaysian palm oil futures showed a rebound, while domestic soybean oil was in a narrow - range adjustment [1]. Corn and Corn Starch - **Price Changes**: The price of corn 2601 decreased by 0.89% to 2,117 yuan/ton; the price of corn starch 2511 decreased by 0.08% to 2,374 yuan/ton [2]. - **Market Conditions**: New - season corn is in the concentrated listing period, with weak prices due to supply pressure. Demand is cautious currently, but there may be an increase in the future [2]. Sugar - **Price Changes**: The price of sugar 2601 increased by 0.07% to 5,412 yuan/ton; the ICE raw sugar主力 decreased by 2.02% to 15.53 cents/pound [6]. - **Market Conditions**: The supply in Brazil is increasing, and the raw sugar price has limited rebound momentum. The domestic sugar market has a neutral - weak sales situation [6][7]. Meal and Soybeans - **Price Changes**: The price of soybean meal M2601 decreased by 1.34% to 2,868 yuan/ton; the price of Canadian canola meal RM2601 decreased by 2.45% to 2,306 yuan/ton [9]. - **Market Conditions**: The supply of domestic soybeans is sufficient, and the price of soybean meal is expected to remain weak [9]. Cotton - **Price Changes**: The price of cotton 2605 increased by 0.11% to 13,390 yuan/ton; the price of ICE US cotton主力 increased by 0.80% to 64.29 cents/pound [12]. - **Market Conditions**: The acquisition price of Xinjiang machine - picked seed cotton is firm. The short - term cotton price will fluctuate within a range [12]. Live Pigs - **Price Changes**: The price of live pig 2511 decreased by 1.03% to 11,050 yuan/ton; the price of live pig 2601 decreased by 1.97% to 11,670 yuan/ton [15]. - **Market Conditions**: Short - term price rebound, but long - term supply pressure persists, and the price is not optimistic [15]. Eggs - **Price Changes**: The price of the egg 11 - contract decreased by 0.46% to 2,805 yuan/500KG; the price of the egg 01 - contract increased by 0.13% to 3,179 yuan/500KG [18]. - **Market Conditions**: Sufficient egg supply, but improved demand may drive the price up slightly, with overall pressure [18].

Report Industry Investment Rating - The investment strategy for both the粕类 and corn markets is "cautiously bearish" [4][8] Core Viewpoints - The current supply in the domestic market is ample, and it is expected to remain in a state of loose supply in the future. The focus of the market will be on policy changes, the harvest and export of new-season US soybeans, and the import situation of new-season US soybeans will affect the market supply and demand around the Spring Festival. For the corn market, the current pattern of supply exceeding demand remains unchanged, and the price of new grain is generally low. Future attention should be paid to national policies [3][7] Summary by Related Catalogs 粕类 Market Futures and Spot Prices - The closing price of the bean粕 2601 contract last weekend was 2,922 yuan/ton, a week-on-week decrease of 54 yuan or 1.54%. The closing price of the rapeseed粕 2601 contract was 2,306 yuan/ton, a week-on-week decrease of 85 yuan or 3.55%. In the spot market, the prices in different regions showed varying degrees of decline or stability, and the spot basis generally increased [1] Supply and Demand Data - **South America**: As of the week ending October 8, Argentine farmers sold 1.2824 million tons of 2024/25 season soybeans, with cumulative sales reaching 37.5432 million tons. Brazil's soybean export volume in October is expected to be 7.31 million tons [1] - **Domestic**: From week 40 - 41 in 2025, the arrival of soybeans at domestic full - sample oil mills totaled about 3.4125 million tons. In week 41, the soybean inventory of national oil mills rose to 7.6576 million tons, an increase of 6.37% compared to before the holiday and 14.29% year - on - year. The bean粕 inventory was 1.0791 million tons, a decrease of 9.26% compared to the week of September 26 and an increase of 6.17% year - on - year. The total bean粕 sales volume was 896,700 tons, an increase of 54.05% compared to before the National Day holiday. The total bean粕 pick - up volume was 1.085 million tons, a week - on - week increase of 211,000 tons [2] - **Rapeseed粕**: As of October 9, the rapeseed crushing volume of coastal oil mills was 14,000 tons, a decrease of 6,000 tons from the previous period. As of October 10, the rapeseed oil production was 5,700 tons, a decrease of 2,500 tons from the previous period, and the rapeseed粕 production was 8,300 tons, a decrease of 3,500 tons from the previous period [3] Market Analysis - Although the US Department of Agriculture has not released the latest data recently, Brazil's export situation is good, significantly higher than the historical average, which puts pressure on the CBOT US soybean price. The increase in Brazil's exports has also led to a relatively sufficient domestic supply, and it is expected that the supply will remain loose in the future [3] Corn Market Futures and Spot Prices - The closing price of the corn 2601 contract last week was 2,117 yuan/ton, a week - on - week decrease of 8 yuan or 0.38%. The closing price of the starch 2601 contract was 2,384 yuan/ton, a week - on - week decrease of 46 yuan or 1.89%. In the spot market, the prices in different regions also showed varying degrees of decline or increase in the basis [5] Supply, Demand and Inventory Data - **Supply**: In August 2025, the corn import volume was 36,000 tons, a 91.56% decrease compared to the same period last year. From January to August, the total imported corn was 885,000 tons, a 92.9% decrease compared to the same period last year. The export volume of corn starch in August was 14,803.173 tons, a 7.13% decrease from the previous month and a 7996.2% increase year - on - year [5][6] - **Demand**: Last week, 126 major corn deep - processing enterprises consumed 1.1052 million tons of corn, an increase of 24,500 tons from the previous week [5] - **Inventory**: Last week, the total corn inventory in the four northern ports was 852,000 tons, a week - on - week increase of 138,000 tons. The total shipment volume from the four northern ports was 581,000 tons, a week - on - week increase of 110,000 tons. The domestic trade corn inventory in Guangdong Port was 193,000 tons, a decrease of 22,000 tons from the previous week. As of October 15, the total starch inventory of national corn starch enterprises was 1.199 million tons, a 0.67% increase from the previous week, a 5.27% increase from the previous month, and a 46.94% increase year - on - year [5][6] Market Analysis - Internationally, Brazil's corn production in the 2025/26 season is expected to be 138.6 million tons, a decrease of 2.4913 million tons year - on - year. Domestically, new - season corn in the Northeast and North China is being concentratedly supplied to the market. The quality and yield of corn in the Northeast are good, and farmers' enthusiasm for selling grain is high, leading to a price drop. In the North China region, most of the corn is wet, with only a small amount of dried corn supplied to the market. The demand from deep - processing enterprises is stable, and feed enterprises have low inventories and increased procurement enthusiasm [6][7]