1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Soybean Meal**: Lacks continuous bullish drivers. Brazilian rainfall is expected to be good in the next 15 days. The result of the China - US meeting shows that the issue of US soybean import tariffs has not been effectively resolved. It continued to trade in a narrow range at a high level yesterday. Due to the lack of bullish drivers, be cautious when chasing long positions. Pay attention to the planting weather of Brazilian soybeans [1]. - **Rapeseed Meal**: Be cautious when chasing long positions. High port inventories and the off - season of downstream consumption put pressure on the market. However, the unresolved China - Canada trade issue still supports far - month contracts, while near - month contracts are weak. Although rapeseed meal rose yesterday, the rebound space of the main and near - month contracts may be limited [1]. - **Palm Oil**: Short - term decline. It has entered a stage of weakening supply - demand. It is expected to continue to build inventories in October and November in Malaysia. But import may be insufficient in December and January due to negative import margins, and prices rebounded at the end of the inventory - building hype in October [1]. - **Soybean Oil**: Short - term consolidation. There is a lack of bullish support in the US soybean oil market. Domestic soybean oil inventories are higher than the five - year average, with sufficient short - term supply. Although it rose yesterday, there is no strong bullish driver for now [1]. - **Rapeseed Oil**: Short - term stop - falling consolidation. Low oil mill operating rates, the mentality of hoarding and price - holding in the market, and the consumption peak season have led to a stop - falling rebound. However, the short - term weakness has not been completely reversed [1]. - **Cotton**: Upward pressure. The increase in supply from the US and other Northern Hemisphere countries puts pressure on prices. Although Brazil is accelerating exports, the Indian MSP policy provides some support. Domestically, the new cotton harvest is almost complete, and the commercial inventory has recovered, increasing spot pressure. Downstream demand is weak, and there is resistance to upward movement [1]. - **Red Dates**: Cautiously bearish. With large - scale harvest, the new - season output is becoming more certain. High old - season inventories and limited acceptance of new products by downstream may lead to weakening prices. Be cautious when short - selling and pay attention to the purchase price and progress [1]. - **Live Pigs**: Be vigilant against rebounds. The supply pressure in Q4 remains high as the supply was postponed to December by second - fattening in October. The demand is gradually stabilizing. It is recommended to short on rebounds for near - month contracts and be vigilant against the rebound risk of the 01 contract. Consider the 03 contract and potential reverse - spread opportunities [1]. 3. Summary by Variety Soybean Meal - **Price Data**: The main contract's closing price was 3068 yuan/ton, down 5 yuan or 0.16% from the previous day. The national average spot price was 3117.43 yuan/ton, up 25.14 yuan or 0.81% [2]. - **Inventory Data**: As of October 31, 2025, national port soybean inventories were 962.9 million tons, down 10.20 million tons from last week and up 288.44 million tons from last year. 125 oil mills' soybean inventories were 710.79 million tons, down 40.50 million tons or 5.39% from last week and up 160.05 million tons or 29.06% from last year. The soybean meal inventory was 115.3 million tons, up 9.84 million tons or 9.33% from last week and up 16.89 million tons or 17.16% from last year [3]. Rapeseed Meal - **Price Data**: The main contract's closing price was 2549 yuan/ton, up 12 yuan or 0.47% from the previous day. The national average spot price remained unchanged at 2636.32 yuan/ton [4]. - **Inventory Data**: As of October 31, coastal oil mills' rapeseed inventories were 0 million tons, down 0.6 million tons from last week. Rapeseed meal inventories were 0.71 million tons, unchanged from last week, and unexecuted contracts were 0.71 million tons, down 0.3 million tons from last week [4]. Palm Oil - **Inventory Data**: As of October 31, 2025, the commercial inventory of palm oil in key regions was 59.28 million tons, down 1.43 million tons or 2.36% from last week and up 8.74 million tons or 17.29% from last year [8]. - **Production and Export Data**: From October 1 - 31, 2025, Malaysian palm oil production increased by 5.55% month - on - month, and exports increased by 5.19% - 26.54% depending on different sources [8]. Cotton - **Price Data**: The main contract's closing price was 13605 yuan/ton, down 10 yuan or 0.07% from the previous day. The CCIndex (3218B) spot price was 14820 yuan/ton, down 5 yuan or 0.03% [9]. - **Inventory Data**: The national cotton commercial inventory was 232.61 million tons, up 48 million tons from the previous value. The Xinjiang cotton commercial inventory was 183.9 million tons, up 48 million tons [9]. - **Production Data**: In the US, 73 million tons of new cotton have been inspected, with a progress of about 25%. Domestically, the new cotton picking progress is 87.1%, the ginning volume exceeds 208 million tons, and the selling progress is 14.2% [10][11]. Red Dates - **Price Data**: The main contract's closing price was 9705 yuan/ton, down 35 yuan or 0.36% from the previous day. The spot prices in different regions remained mostly stable [13]. - **Inventory Data**: The physical inventory of 36 sample enterprises was 9541 tons, up 193 tons from the previous value [13]. Live Pigs - **Price Data**: The main contract's closing price was 11940 yuan/ton, down 5 yuan or 0.04% from the previous day. The national average spot price of live pigs was 12030 yuan/ton, up 60 yuan or 0.50% [16]. - **Inventory and Output Data**: The national sample enterprise's live pig inventory was 3844.62 million tons, up 5.61 million tons or 0.15% from the previous month. The monthly output was 1196.53 million tons, up 126.77 million tons or 11.85% [16].

1. Report Industry Investment Ratings - **Short - term Oscillation**: Soybean Meal, Rapeseed Meal [1] - **Short - term Decline**: Palm Oil, Rapeseed Oil [1] - **Short - term Adjustment**: Soybean Oil [1] - **Short - term Callback**: Cotton [1] - **Cautiously Bearish**: Red Dates [1] - **Alert to Rebound**: Live Pigs [1] 2. Core Views of the Report - **Soybean Meal**: Short - term oscillation. Pay attention to Sino - US trade and Brazilian weather. Current tariffs support domestic soybean meal cost and are negative for US soybeans [1][4]. - **Rapeseed Meal**: Short - term oscillation. Trade policies and high inventory lead to mixed factors. Follow soybean meal trends and focus on Sino - Canadian trade [1][6]. - **Palm Oil**: Short - term decline. Enter a supply - demand weakening phase, with expected inventory accumulation in October and November. Hold existing short positions cautiously [1][8]. - **Soybean Oil**: Short - term adjustment. Lack of bullish support from US soybeans and biodiesel policies. High domestic inventory. Follow palm oil trends and be cautious about short - selling [1]. - **Rapeseed Oil**: Short - term decline. Low oil mill operating rates, but lack of bullish drivers in the oil market. Pay attention to Sino - Canadian trade [1]. - **Cotton**: Short - term callback. Global supply pressure, but Indian MSP provides some support. Domestic new cotton harvest is almost complete, with increasing inventory and weak demand [1][11]. - **Red Dates**: Cautiously bearish. Loose fundamentals expected. Reduce short positions as the price approaches the cost. Monitor post - harvest pricing [1][14]. - **Live Pigs**: Alert to rebound. Supply pressure in Q4, but some second - fattening opportunities. Focus on market supply - demand changes and consider short - selling on rebounds and arbitrage opportunities [1][17]. 3. Summaries by Related Catalogs 3.1 Soybean Meal - **Price and Inventory**: As of October 24, 2025, national port soybean inventory decreased by 15.3 tons week - on - week. 125 oil mills' soybean inventory decreased by 17.41 tons, while bean meal inventory increased by 7.84 tons. Feed enterprises' bean meal inventory days increased slightly [3]. - **Market Situation**: Spot prices increased, but procurement sentiment was weak. Supply remained loose, and the basis had limited upside [3]. 3.2 Rapeseed Meal - **Price and Inventory**: As of October 24, coastal oil mills' rapeseed inventory was flat, rapeseed meal inventory decreased, and unexecuted contracts increased. International rapeseed production is expected to rise [6]. - **Market Situation**: Domestic rapeseed meal is in a destocking phase, but demand is seasonally weak. It follows soybean meal trends due to lack of new drivers [6]. 3.3 Palm Oil - **Price and Inventory**: As of October 24, 2025, national commercial inventory increased by 3.14 tons week - on - week. Malaysian production and export data vary, but inventory is expected to accumulate [7][8]. - **Market Situation**: Enter a supply - demand weakening phase, with Indonesian production increase and market doubts about B50 policy negatively affecting prices [1][8]. 3.4 Cotton - **Price and Inventory**: US new cotton is being harvested, and Indian MSP implementation is delayed. Domestic new cotton harvest is almost complete, and commercial inventory is approaching the same - period level [9][10]. - **Market Situation**: Global supply pressure, but Indian MSP provides support. Domestic demand is weak, and the market has limited upward momentum [11]. 3.5 Red Dates - **Price and Inventory**: Expected large - scale harvest. Inventory increased as some merchants bought old - season dates. New jujube purchase prices are concentrated in a certain range [13]. - **Market Situation**: Loose fundamentals expected. The market is volatile, and short - term short positions should be reduced [14]. 3.6 Live Pigs - **Price and Inventory**: As of relevant data, inventory increased slightly, and the average slaughter weight was stable. Supply is expected to increase in Q4 [15][16]. - **Market Situation**: Supply pressure is postponed to December. Demand is stabilizing. Be cautious about short - term rebounds and consider trading strategies and arbitrage opportunities [17].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - This week, rapeseed oil futures continued to decline, with the 01 contract closing at 9,422 yuan/ton, down 339 yuan/ton from the previous week. The price was affected by factors such as the harvest of Canadian rapeseed, the expected increase in palm oil supply, and the anticipation of Sino - Canadian trade talks [6]. - Rapeseed meal futures fluctuated and closed higher this week, with the 01 contract closing at 2,388 yuan/ton, up 63 yuan/ton from the previous week. The market is in a situation of weak supply and demand, and the price was boosted by the optimistic sentiment of Sino - US trade [9]. 3. Summary by Directory 3.1 Week - to - Week Summary Rapeseed Oil - **Market Review**: The 01 contract of rapeseed oil futures closed at 9,422 yuan/ton, down 339 yuan/ton from the previous week [6]. - **Market Outlook**: Canadian rapeseed harvest is completed with a bumper crop, putting pressure on prices. The expected increase in Indonesian palm oil production and the uncertainty of the B50 biodiesel plan also impact the market. In China, the anti - dumping policy on Canadian rapeseed will lead to a structural tightening of imports in the fourth quarter, and rapeseed oil will continue to destock, supporting prices. However, the abundant supply of soybean oil and its substitution advantage limit the demand for rapeseed oil. The market is also affected by the anticipation of Sino - Canadian trade talks [6]. Rapeseed Meal - **Strategy Recommendation**: Short - term watch [8]. - **Market Review**: The 01 contract of rapeseed meal futures closed at 2,388 yuan/ton, up 63 yuan/ton from the previous week [9]. - **Market Outlook**: The progress of US soybean harvest exerts pressure on prices, but the Sino - US summit has boosted market sentiment. In China, the import of Canadian rapeseed and rapeseed meal will be restricted in the fourth quarter, and the supply pressure is small. However, the demand for rapeseed meal is weakening due to the decline in aquaculture demand and the substitution of soybean meal. The market is in a situation of weak supply and demand [9]. 3.2 Futures and Spot Markets Futures Market Price Trends - Rapeseed oil futures continued to decline this week, with a total open interest of 220,738 lots, down 30,322 lots from last week. Rapeseed meal futures fluctuated and rebounded, with a total open interest of 343,443 lots, down 28,052 lots from last week [15]. Top Twenty Net Positions Changes - The top twenty net positions of rapeseed oil futures were +2,459 this week, compared with +7,916 last week, showing a decrease in net long positions. The top twenty net positions of rapeseed meal futures were - 88,865 this week, compared with - 108,635 last week, showing a decrease in net short positions [21]. Futures Warehouse Receipts - The registered warehouse receipts of rapeseed oil were 7,540 lots, and those of rapeseed meal were 2,955 lots [25][28]. Spot Prices and Basis Trends - The spot price of rapeseed oil in Jiangsu was 9,780 yuan/ton, significantly lower than last week. The basis between the active contract of rapeseed oil futures and the spot price in Jiangsu was +358 yuan/ton. The spot price of rapeseed meal in Nantong, Jiangsu was 2,420 yuan/ton, slightly higher than last week. The basis between the spot price in Jiangsu and the active contract of rapeseed meal futures was +32 yuan/ton [34][40]. Futures Inter - monthly Spread Changes - The 1 - 5 spread of rapeseed oil was +281 yuan/ton, at a medium level in the same period in recent years. The 1 - 5 spread of rapeseed meal was +46 yuan/ton, also at a medium level in the same period in recent years [48]. Futures - to - Spot Ratio Changes - The ratio of the 01 contract of rapeseed oil to rapeseed meal was 3.946, and the average spot price ratio was 4.04 [51]. Rapeseed - Soybean Oil and Rapeseed - Palm Oil Spread Changes - The 01 contract spread of rapeseed - soybean oil was 1,294 yuan/ton, and the spread narrowed this week. The 01 contract spread of rapeseed - palm oil was 658 yuan/ton, with little change this week [61]. Soybean - Rapeseed Meal Spread Changes - The 01 contract spread of soybean meal - rapeseed meal was 633 yuan/ton. As of Thursday, the spot spread of soybean - rapeseed meal was 490 yuan/ton [66]. 3.3 Industry Chain Situation Rapeseed - **Supply - Side**: As of October 24, 2025, the total inventory of rapeseed in oil mills was 20,000 tons. The estimated arrivals of rapeseed in October, November, and December 2025 were 65,000 tons, 195,000 tons, and 580,000 tons respectively. As of October 30, the spot crushing profit of imported rapeseed was +1,051 yuan/ton. As of the 43rd week of 2025, the rapeseed crushing volume of major coastal oil mills was 4,000 tons, down 8,000 tons from last week, with an operating rate of 0.98%. In September 2025, the total import volume of rapeseed was 115,300 tons, a year - on - year decrease of 691,600 tons (85.71%) and a month - on - month decrease of 131,400 tons [72][76][80][84]. Rapeseed Oil - **Supply - Side**: As of the end of the 43rd week of 2025, the inventory of domestic imported and crushed rapeseed oil was 601,000 tons, a month - on - month decrease of 9,000 tons (1.44%). In September 2025, the total import volume of rapeseed oil was 156,600 tons, a year - on - year increase of 10,200 tons (6.99%) and a month - on - month increase of 19,000 tons [88]. - **Demand - Side**: As of September 30, 2025, the monthly output of edible vegetable oil was 4.95 million tons, and the monthly retail sales of catering were 450.86 billion yuan. As of the end of the 43rd week of 2025, the contract volume of domestic imported and crushed rapeseed oil was 35,000 tons, a month - on - month decrease of 4,000 tons (8.30%) [92][96]. Rapeseed Meal - **Supply - Side**: As of the end of the 43rd week of 2025, the inventory of domestic imported and crushed rapeseed meal was 8,000 tons, unchanged from last week. In September 2025, the total import volume of rapeseed meal was 157,700 tons, a year - on - year decrease of 64,700 tons (29.08%) and a month - on - month decrease of 55,700 tons [100][104]. - **Demand - Side**: As of September 30, 2025, the monthly output of feed was 3.1287 million tons [108]. 3.4 Options Market Analysis - As of October 31, rapeseed meal fluctuated slightly higher this week. The implied volatility of the corresponding options was 22.13%, up 2.8% from 19.33% last week, at a slightly higher level compared to the 20 - day, 40 - day, and 60 - day historical volatility of the underlying asset [112].

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views - **Short - term bearish consolidation**: This view applies to soybean meal, rapeseed meal. For soybean meal, rumors of the second shipment of Argentine soybean meal re - entering the Chinese market and Trump's remarks have dampened market sentiment. However, due to Sino - US trade tariffs, the spot market is conservative. Brazilian rainfall outlook supports price stabilization, but limited upside due to Sino - US negotiation uncertainties. Rapeseed meal has mixed factors due to trade policies and high inventory, and it follows the soybean meal trend [1]. - **Short - term decline**: Palm oil, soybean oil, and rapeseed oil are expected to decline in the short term. Palm oil has a high probability of inventory accumulation in October and weak post - festival demand. Soybean oil is pressured by US soybean harvest and has sufficient short - term supply. Rapeseed oil is affected by increased imports and the possible easing of Sino - Canadian relations [1]. - **Upside resistance**: Cotton faces upside resistance. International supply is pressured by new cotton harvests in the Northern Hemisphere, while Indian MSP provides some support. In China, new cotton is almost harvested, inventory is restored, but downstream demand is weak [1]. - **Rebound and short - selling**: This is applicable to jujube and live pigs. Jujube's fundamentals are expected to be loose, and short - term suggestions involve reducing short positions as the price approaches the cost. Live pigs have increasing supply pressure in Q4, and short - selling on rebounds is recommended [1]. Summary by Variety Soybean Meal - **Market situation**: As of October 24, 2025, national port soybean inventory decreased, while oil - mill soybean and soybean meal inventories changed. Spot market supply is sufficient, but oil - mill profit is in the red, leading to strong price - holding intentions and weak downstream replenishment [3]. - **Price data**: Futures price (main contract) is 2932 yuan/ton, down 0.03%. Spot prices vary, and various spreads and basis values have changed [2]. - **Outlook**: Short - term bearish consolidation, with price supported by Brazilian rainfall but limited upside due to Sino - US negotiation uncertainties [1][4]. Rapeseed Meal - **Market situation**: As of October 24, coastal oil - mill菜籽 inventory was flat, rapeseed meal inventory decreased, and unexecuted contracts increased. International supply may rise, and domestic demand is in the off - season [6]. - **Price data**: Futures price (main contract) is 2335 yuan/ton, up 0.43%. Spot prices and various spreads and basis values have changed [5]. - **Outlook**: Short - term bearish consolidation, following the soybean meal trend due to lack of new drivers [1][6]. Palm Oil - **Market situation**: As of October 24, 2025, national commercial inventory increased. October production may rise, and export performance is average, with a high probability of inventory accumulation [8]. - **Price data**: Futures price (main contract) is 9100 yuan/ton, down 0.24%. Various price indices, trading volumes, and spreads have changed [7]. - **Outlook**: Short - term decline, with a weak and volatile market due to post - festival weak demand [1][8]. Cotton - **Market situation**: In the US, new cotton harvest is over 70%. In Brazil, new cotton processing and inspection are over 70%, and exports have accelerated. In China, new cotton is almost harvested, inventory has increased, and downstream demand is weak [10][11][12]. - **Price data**: Futures prices of different contracts and spot prices have changed. Basis, spreads, and other indicators have also seen fluctuations [9]. - **Outlook**: Upside resistance, with ICE market in a weak and volatile range, and domestic market facing resistance due to weak demand [1][12]. Jujube - **Market situation**: Some jujube areas have started harvesting, and inventory has increased seasonally. New jujube purchase prices are concentrated in a certain range, and the consumer market is in a wait - and - see state [15]. - **Price data**: Futures prices of different contracts and spot prices have changed. Basis, spreads, and other indicators have also fluctuated [13]. - **Outlook**: Rebound and short - selling, with loose fundamentals and suggestions to reduce short positions as the price approaches the cost [1][16]. Live Pigs - **Market situation**: In the short term, October planned slaughter may increase, and second - fattening has increased in some areas. Mid - term, Q4 - Q1 2026 slaughter may rise. Long - term, sow inventory decline is not significant. Demand may increase with the cooling weather [19][20]. - **Price data**: Futures prices of different contracts and spot prices have changed. Various indicators such as basis, spreads, inventory, and profit have also fluctuated [17]. - **Outlook**: Rebound and short - selling, with increasing supply pressure in Q4 and a suggestion to short - sell on rebounds [1][20].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The rapeseed meal market is in a situation of weak supply and demand. Domestically, the supply of Canadian rapeseed imports in the fourth quarter is restricted, but the demand for rapeseed meal decreases as the temperature drops and soybean supply is relatively abundant. The overall trend of rapeseed meal is weak, and attention should be paid to China - Canada and China - US trade policies [2]. - The rapeseed oil market is also affected by multiple factors. The initial ruling on anti - dumping policies for Canadian rapeseed is in place, and the supply of imported rapeseed is expected to tighten structurally in the fourth quarter, supporting rapeseed oil prices. However, the abundant supply of soybean oil weakens the demand for rapeseed oil, and it is necessary to continue to follow the trend of China - Canada trade policies [2]. 3. Summary by Related Catalogs 3.1 Futures Market - Futures prices: The closing price of the active contract of rapeseed oil is 9748 yuan/ton, down 13 yuan; that of rapeseed meal is 2335 yuan/ton, up 10 yuan; the closing price of the active contract of ICE rapeseed is 632.4 Canadian dollars/ton, down 1.1 Canadian dollars; and that of rapeseed is 5344 yuan/ton, up 19 yuan [2]. - Spreads and positions: The 1 - 5 spread of rapeseed oil is 383 yuan/ton, down 1 yuan; that of rapeseed meal is 12 yuan/ton, down 13 yuan. The net long positions of the top 20 futures holders for rapeseed oil are 7501 lots, down 415 lots; for rapeseed meal are - 108969 lots, down 334 lots [2]. - Warehouse receipts: The number of rapeseed oil warehouse receipts is 7540 sheets, unchanged; that of rapeseed meal is 4050 sheets, down 210 sheets [2]. 3.2现货市场 - Spot prices: The spot price of rapeseed oil in Jiangsu is 10000 yuan/ton, down 50 yuan; that of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton; that of rapeseed meal in Nantong is 2410 yuan/ton, down 10 yuan. The average price of rapeseed oil is 10117.5 yuan/ton, down 50 yuan, and the import cost of imported rapeseed is 7529.12 yuan/ton, down 10.16 yuan [2]. - Basis: The basis of the rapeseed oil main contract is 239 yuan/ton, down 54 yuan; that of the rapeseed meal main contract is 75 yuan/ton, down 20 yuan [2]. - Substitute prices: The spot price of fourth - grade soybean oil in Nanjing is 8470 yuan/ton, up 30 yuan; that of 24 - degree palm oil in Guangdong is 9030 yuan/ton, up 30 yuan; that of soybean meal in Zhangjiagang is 2960 yuan/ton, unchanged [2]. 3.3 Upstream Situation - Production and imports: The global rapeseed production forecast is 90.96 million tons, up 1.38 million tons; the annual forecast production of rapeseed is 13446 thousand tons, up 1068 thousand tons. The total rapeseed import volume is 11.53 million tons, down 13.13 million tons; the import volume of rapeseed oil and mustard oil is 16 million tons, up 2 million tons; the import volume of rapeseed meal is 15.77 million tons, down 5.57 million tons [2]. - Inventory and operating rates: The total inventory of rapeseed in oil mills is 3 million tons, down 2 million tons. The weekly operating rate of imported rapeseed is 2.93%, down 0.27 percentage points [2]. 3.4产业情况 - Inventory: The coastal rapeseed oil inventory is 5.2 million tons, down 0.8 million tons; the coastal rapeseed meal inventory is 0.78 million tons, down 0.37 million tons. The rapeseed oil inventory in East China is 49.9 million tons, down 1 million tons; the rapeseed meal inventory in East China is 27.2 million tons, down 0.7 million tons. The rapeseed oil inventory in Guangxi is 2.9 million tons, up 0.1 million tons; the rapeseed meal inventory in South China is 22.1 million tons, down 0.4 million tons [2]. -提货量: The weekly rapeseed oil提货量 is 1.63 million tons, up 1.41 million tons; the weekly rapeseed meal提货量 is 0.97 million tons, down 0.12 million tons [2]. 3.5下游情况 - Production: The monthly production of feed is 3128.7 million tons, up 201.5 million tons; the monthly production of edible vegetable oil is 495 million tons, up 44.4 million tons [2]. - Consumption: The monthly social retail sales of catering revenue is 4508.6 billion yuan, up 12.9 billion yuan [2]. 3.6期权市场 - Implied volatility: The implied volatility of at - the - money call options for rapeseed meal is 19.43%, down 0.48 percentage points; that of at - the - money put options is 19.43%, down 0.49 percentage points. The implied volatility of at - the - money call options for rapeseed oil is 13.12%, up 0.41 percentage points; that of at - the - money put options is 13.1%, up 0.42 percentage points [2]. - Historical volatility: The 20 - day historical volatility of rapeseed meal is 23.23%, down 1.47 percentage points; the 60 - day historical volatility is 25.01%, up 0.02 percentage points. The 20 - day historical volatility of rapeseed oil is 15.58%, down 0.4 percentage points; the 60 - day historical volatility is 14.72%, down 0.03 percentage points [2]. 3.7行业消息 - ICE rapeseed futures closed lower on October 24 due to the decline in other vegetable oil prices but still recorded a weekly gain. The most actively traded January rapeseed futures contract fell 1.30 Canadian dollars to settle at 632.50 Canadian dollars per ton [2]. - The harvest in the US Midwest is progressing actively due to favorable weather conditions, and the expected high yield of US soybeans restricts its market price. China has not ordered US soybeans for the current year, and the export pressure of US soybeans remains. However, the China - US economic and trade consultations in Malaysia from the 25th to the 26th supported the US soybean market price [2]. 3.8重点关注 - The rapeseed operating rate and the rapeseed oil and meal inventory in each region announced by myagricultural.com on Monday, as well as the trends of China - Canada and China - US trade relations [2].

1. Report Industry Investment Ratings - No specific industry - wide investment ratings are provided in the report. 2. Core Views of the Report - **Overall**: The report analyzes multiple futures varieties, including soymeal, rapeseed meal, palm oil, soybean oil, rapeseed oil, cotton, jujube, and live pigs, providing short - term trends and trading strategies for each [1]. - **Soymeal**: Short - term bearish consolidation. Although weather factors support price stabilization, the upcoming Sino - US negotiations bring uncertainties, limiting the rebound space [1][4]. - **Rapeseed Meal**: Short - term bearish consolidation. It follows the trend of soymeal due to the lack of new drivers, and the Sino - Canadian trade negotiation situation is complex [1][6]. - **Palm Oil**: Short - term decline. The slowdown in export growth and significant increase in production in the first 20 days of this month have a negative impact on market sentiment [1][8]. - **Soybean Oil**: Short - term decline. The harvest of US soybeans and sufficient domestic supply put pressure on prices, and it depends on the performance of palm oil [1]. - **Rapeseed Oil**: Short - term decline. Low oil mill operating rates and consumption season factors are offset by increased imports and potential Sino - Canadian relationship improvements [1]. - **Cotton**: Upward pressure. The increase in supply from the US and other northern hemisphere countries, along with weak downstream demand, restricts price increases [1][12]. - **Jujube**: Sell on rallies. New jujube production is expected to be in a situation of both supply and demand growth, but short - term speculative risks are rising [1][14]. - **Live Pigs**: Sell on rebounds. The supply pressure in Q4 remains high, and the market is in a pattern of strong supply and weak demand [1][16]. 3. Summary by Variety Soymeal - **Price Data**: The futures price of the main contract closed at 2933 yuan/ton, down 0.17% from the previous day. The national average spot price was 3034.29 yuan/ton, up 0.75% [2]. - **Inventory**: As of October 17, 2025, the national port soybean inventory was 9.884 million tons, down 208,000 tons from last week; the 125 - oil - mill soybean inventory was 7.687 million tons, up 29,400 tons [3]. - **Supply and Demand**: Spot market supply is sufficient, but oil mill profit is in a loss state, and downstream replenishment enthusiasm is low [3]. Rapeseed Meal - **Price Data**: The futures price of the main contract closed at 2325 yuan/ton, down 0.60% from the previous day. The national average spot price was 2505.26 yuan/ton, up 0.38% [5]. - **Inventory**: As of October 17, the coastal area's main oil - mill rapeseed inventory was 0.6 million tons, down 1.2 million tons from last week; the rapeseed meal inventory was 0.78 million tons, down 0.37 million tons [6]. - **Supply and Demand**: The international market has an expected increase in Canadian rapeseed production. The domestic market is in a state of destocking, but demand is in a seasonal off - peak [6]. Palm Oil - **Price Data**: The futures price of the main contract closed at 9122 yuan/ton, down 0.11% from the previous day. The national average price was 9148 yuan/ton, up 0.55% [7]. - **Inventory**: As of October 17, 2025, the national key - area palm oil commercial inventory was 575,700 tons, up 28,100 tons from last week [8]. - **Supply and Demand**: The slowdown in export growth and significant increase in production in the first 20 days of this month, along with the approaching Indian festival reducing purchasing demand, lead to short - term fluctuations [1][8]. Cotton - **Price Data**: The futures price of the main contract (CF2601) closed at 13540 yuan/ton, down 0.26% from the previous day. The CCIndex (3218B) spot price was 14803 yuan/ton, up 0.13% [9]. - **Inventory**: The national commercial cotton inventory was 1.8416 million tons, up 410,000 tons from the previous week; the Xinjiang commercial cotton inventory was 1.3582 million tons, up 410,000 tons [9]. - **Supply and Demand**: The increase in supply from the US and other northern hemisphere countries, along with weak downstream demand, restricts price increases [1][12]. Jujube - **Price Data**: The futures price of the main contract (CJ2601) closed at 10750 yuan/ton, down 3.72% from the previous day. The spot price of Kashi general jujube was 8 yuan/kg, up 25% [13]. - **Inventory**: The physical inventory of 36 sample points was 9103 tons, up 94 tons from the previous week, higher than the same period last year [14]. - **Supply and Demand**: New jujube production is expected to decline, and demand is gradually improving, but there may not be an obvious supply - demand gap [14]. Live Pigs - **Price Data**: The futures price of the main contract (lh2601) closed at 12175 yuan/ton, down 0.20% from the previous day. The national average spot price of live pigs was 11970 yuan/ton, unchanged [15]. - **Inventory and Supply**: The national sample - enterprise live - pig inventory was 38.3901 million heads, up 1.50% from the previous month; the planned slaughter volume in October increased by 5.48% month - on - month [15]. - **Supply and Demand**: Short - term supply pressure remains high, and the market is in a pattern of strong supply and weak demand, with attention to the demand during the winter pickling season [15][16].

Report Industry Investment Ratings - Not provided in the given content Core Views of the Report - The short - term trend of soybean meal is bearish consolidation, rapeseed meal follows the trend of soybean meal and is also in short - term bearish consolidation; palm oil, soybean oil, and rapeseed oil will see a short - term decline; cotton prices face upward pressure; for red dates, it is advisable to short at high prices; and for live pigs, short on rebounds [1]. Summary According to Each Variety Soybean Meal - **Price and Market Conditions**: The futures price of the main contract closed at 2938 yuan/ton, up 53 yuan or 1.84% from the previous day. The national average spot price was 3011.71 yuan/ton, up 21.71 yuan or 0.73%. The national average soybean crushing profit was - 163.0885 yuan/ton, up 4.27 yuan. The basis of soybean meal 01 was - 38 yuan/ton, down 53 yuan [2]. - **Supply and Demand**: As of October 17, 2025, the national port soybean inventory was 988.4 million tons, a decrease of 20.8 million tons from last week. The soybean inventory of 125 oil mills was 768.7 million tons, an increase of 2.94 million tons. The domestic oil mills' profit from pressing is in a loss state, with stronger price - holding intentions. The downstream replenishment enthusiasm is low [3]. - **Outlook**: Brazil's rainfall in the next 15 days is expected to be below normal. Weather factors support the price of soybean meal to stop falling and consolidate. The Sino - US negotiation is expected to run above the recent low, but the rebound space is limited due to uncertainties [4]. Rapeseed Meal - **Price and Market Conditions**: The futures price of the main contract was 2339 yuan/ton, up 32 yuan or 1.39%. The national average spot price was 2495.79 yuan/ton, up 18.95 yuan or 0.77%. The national average rapeseed pressing profit was - 317.6005 yuan/ton, up 33.53 yuan [5]. - **Supply and Demand**: As of October 17, the coastal oil mills' rapeseed inventory was 0.6 million tons, a decrease of 1.2 million tons from last week. The rapeseed meal inventory was 0.78 million tons, a decrease of 0.37 million tons. The demand for rapeseed meal enters the off - season as the temperature drops [6]. - **Outlook**: Trade policies and high inventory lead to a mix of long and short factors. It follows the trend of soybean meal due to the lack of new drivers [1]. Palm Oil - **Price and Market Conditions**: The futures price of the main contract was 9132 yuan/ton, down 32 yuan or - 0.35%. The national average price was 9098 yuan/ton, down 140 yuan or - 1.52%. The weekly commercial inventory was 57.57 million tons, an increase of 2.81 million tons [7]. - **Supply and Demand**: From October 1 - 20, 2025, Malaysia's palm oil exports increased, but the growth rate slowed down, and the production increased significantly. The approaching Indian Festival of Lights reduces the purchase demand [8]. - **Outlook**: It is expected to continue to accumulate inventory in October, with a short - term decline and a short - term volatile market [1]. Cotton - **Price and Market Conditions**: The price of the main contract CF2601 was 13575 yuan/ton, up 40 yuan or 0.30%. The national cotton commercial inventory was 143.34 million tons, an increase of 28 million tons [9]. - **Supply and Demand**: In the US, the new cotton harvest is over half - way. In Brazil, the new cotton processing and inspection is over 70%. In China, the new cotton picking progress is nearly 70%. The downstream demand is in a seasonal weakening trend [10][11]. - **Outlook**: The international cotton price is under pressure from supply but supported by India's MSP import tariff. The domestic cotton price is under pressure from new cotton harvest and import increase. The new - year cotton cost will be fixed soon, and the price faces upward pressure [12]. Red Dates - **Price and Market Conditions**: The price of the main contract CJ2601 was 11165 yuan/ton, down 100 yuan or - 0.89%. The physical inventory of 36 sample points was 9167 tons, a decrease of 158 tons [13]. - **Supply and Demand**: The new - season red dates in Xinjiang are about to be harvested. The estimated new - season output is 56 - 62 million tons, with a confirmed reduction but no significant supply - demand gap. The demand is gradually improving as the temperature drops [15]. - **Outlook**: There is still pressure after the new fruits are on the market. Short at high prices before and after the new red dates are harvested [16]. Live Pigs - **Price and Market Conditions**: The price of the main contract Ih2601 was 12200 yuan/ton, down 20 yuan or - 0.16%. The national average spot price was 11900 yuan/ton, up 10 yuan or 0.08%. The national sample enterprise pig inventory was 3839.01 million tons, an increase of 56.61 million tons [17]. - **Supply and Demand**: In the short - term, the planned slaughter in October increased. The second - fattening entry increased in some areas. In the medium - term, the number of newborn piglets in September increased. In the long - term, the number of breeding sows decreased. The demand decreased after the holidays [18]. - **Outlook**: The supply pressure is transferred to the end of November to early December. The short - term market is a rebound, and it is advisable to short on rebounds [19].

1. Report Industry Investment Ratings - No specific industry - wide investment ratings are provided in the report. 2. Core Views of the Report - **Short - term bearish consolidation**: For soymeal, rapeseed meal, palm oil, soybean oil, rapeseed oil, cotton, and live pigs, the short - term trends are either bearish consolidation or downward pressure. For example, soymeal is expected to have short - term bearish consolidation due to potential Argentine bean meal re - entry and Trump's remarks, and the current Sino - US trade tariffs provide some support at around 2800 [1][4]. - **Rebound and short - selling**: For live pigs, the short - term market is seen as a rebound, but it is recommended to short - sell on rebounds due to increasing supply pressure in Q4 and weakening demand after the festival [1][17]. - **High - level shock**: Palm oil is in a high - level shock state with a short - term adjustment trend due to the slowdown in the month - to - month export growth rate of Malaysian palm oil in the first 20 days [1][8]. - **Range - bound shock**: ICE cotton market is expected to maintain a range - bound shock, and the domestic cotton market has short - term upward pressure [1][12]. - **Sell on rallies**: For jujubes, based on the current production forecast and inventory, there is still pressure after the new fruit is on the market. It is recommended to sell on rallies before and after the new jujubes are harvested [1][15]. 3. Summary by Variety Soymeal - **Price and profit**: The latest futures price (main contract daily close) is 2885 yuan/ton, down 0.14% from the previous day. The national average soybean crushing profit is - 167.3596 yuan/ton, a decrease of 28.02 yuan/ton from the previous day [2]. - **Inventory**: As of October 17, 2025, the national port soybean inventory is 988.4 million tons, a decrease of 20.8 million tons from the previous week. The 125 oil - mill soybean inventory is 768.7 million tons, an increase of 2.94 million tons from the previous week, and the bean meal inventory is 97.62 million tons, a decrease of 10.29 million tons from the previous week [3]. - **Market situation**: The spot market has sufficient supply, but the oil - mill profit is in a loss state, leading to an increase in the willingness to support prices. The downstream replenishment enthusiasm is low, and they mainly replenish inventory at low prices [3]. Rapeseed Meal - **Price and profit**: The latest futures price (main contract daily close) is 2307 yuan/ton, down 0.60% from the previous day. The national average rapeseed spot crushing profit is - 351.1355 yuan/ton, a decrease of 40.52 yuan/ton from the previous day [5]. - **Inventory**: As of October 17, the coastal area's main oil - mill rapeseed inventory is 0.6 million tons, a decrease of 1.2 million tons from the previous week, and the rapeseed meal inventory is 0.78 million tons, a decrease of 0.37 million tons from the previous week [6]. - **Market situation**: The international market has an expected increase in Canadian rapeseed production. The domestic market is in a de - stocking state, but the demand enters the seasonal off - season. It follows the trend of soymeal due to the lack of new driving factors [6]. Palm Oil - **Price and inventory**: The latest futures price (main contract daily close) is 9164 yuan/ton, down 1.40% from the previous day. As of October 17, 2025, the national key - area palm oil commercial inventory is 57.57 million tons, an increase of 2.81 million tons from the previous week [7][8]. - **Market situation**: The month - to - month export growth rate of Malaysian palm oil in the first 20 days has slowed down, which is bearish for the market sentiment. Considering the unchanged biodiesel policy, it is a short - term adjustment trend [1][8]. Cotton - **Price and inventory**: The latest price of the main contract CF2601 is 13535 yuan/ton, down 0.04% from the previous day. The national cotton commercial inventory has increased to 143.34 million tons, 20 million tons lower than the same period [9]. - **Market situation**: In the US, the new cotton harvest is over half - way. In Brazil, the new cotton processing and inspection is over 70%. Domestically, the new cotton picking progress is nearly 70%. The supply is under pressure, and the demand is seasonally weak. The main contract price is approaching the intensive hedging pressure level, and there is a risk of re - pricing decline [1][12]. Jujubes - **Price and inventory**: The latest price of the main contract CJ2601 is 11265 yuan/ton, down 1.01% from the previous day. The physical inventory of 36 sample points this week is 9167 tons, a decrease of 158 tons from the previous week [13][14]. - **Market situation**: The new jujubes in Xinjiang are about to be harvested, and there is a risk of short - term speculation. The demand is gradually improving, but there is no obvious inflection point. It is recommended to sell on rallies before and after the new jujubes are harvested [1][15]. Live Pigs - **Price and inventory**: The latest price of the main contract 1h2601 is 12220 yuan/ton, down 0.12% from the previous day. The national sample - enterprise pig inventory is 3839.01 million tons, an increase of 56.61 million tons from the previous month [16]. - **Market situation**: In the short term, the October planned slaughter volume of enterprises has increased. The increase in the standard - fat price difference has stimulated some secondary fattening. The supply pressure in Q4 is still high, and the demand has declined after the festival. It is recommended to short - sell on rebounds [1][17].

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - **Short - term Bearish Consolidation**: This view applies to both soybean meal and rapeseed meal. For soybean meal, factors such as the harvest and listing of US soybeans, the potential entry of Argentine soybean meal into the Chinese market, and the lack of strong bullish drivers contribute to this outlook. Rapeseed meal follows the trend of soybean meal due to the lack of new driving factors and the complexity of trade - related factors [1]. - **Short - term Fluctuation**: Palm oil and soybean oil are expected to experience short - term fluctuations. Palm oil is affected by the price competition of US soybean oil and the relatively good export data from Malaysia in the first fifteen days of the month. Soybean oil is influenced by factors like the US government shutdown, the harvest of US soybeans, and the decline in crude oil prices, as well as the high domestic inventory [1]. - **High - level Fluctuation**: Rapeseed oil is forecasted to maintain a high - level fluctuation. This is due to the low operating rate of oil mills, the market's mindset of hoarding and price - holding, and the entry into the consumption peak season, despite the lack of actual trading in the spot market [1]. - **Upward Pressure**: Cotton is under upward pressure. The increase in supply from the harvest of US cotton and other Northern Hemisphere countries, along with the high level of unpriced buy orders, restricts the upward movement of cotton prices. In the Chinese market, the continuous harvest of new cotton and the increase in imports also put pressure on the supply side [1]. - **Sell on Rally**: For both red dates and live pigs, the strategy is to sell on rally. For red dates, the expected supply pressure after the new fruit is listed, combined with the potential for short - term speculation, leads to this strategy. For live pigs, the increasing supply pressure in Q4 and the decline in post - festival demand support this approach [1]. 3. Summaries According to Related Catalogs 3.1 Soybean Meal - **Market Data**: As of October 17, 2025, the national port soybean inventory was 988.4 million tons, a decrease of 20.8 million tons from the previous week. The soybean inventory of 125 oil mills was 768.7 million tons, an increase of 2.94 million tons from the previous week. The soybean meal inventory was 97.62 million tons, a decrease of 10.29 million tons from the previous week. The average physical inventory days of domestic feed enterprises' soybean meal was 7.93 days, a decrease of 0.41 days from October 10 [3]. - **Analysis**: The supply in the spot market is sufficient, but the oil mills' profit is in a loss state, leading to a stronger willingness to hold prices. The potential entry of Argentine soybean meal into the Chinese market may further fill the supply gap. The poor outlook for Brazil in the next fifteen days has led to a small - scale rebound of soybean meal at a low level. The Sino - US trade tariff provides short - term support around 2800 yuan/ton. Due to the lack of strong bullish drivers, soybean meal is expected to remain in a weak consolidation state [4]. 3.2 Rapeseed Meal - **Market Data**: As of October 17, the coastal area's main oil mills' rapeseed inventory was 0.6 million tons, a decrease of 1.2 million tons from the previous week. The rapeseed meal inventory was 0.78 million tons, a decrease of 0.37 million tons from the previous week. The unfulfilled contracts were 0.98 million tons, a decrease of 0.67 million tons from the previous week [6]. - **Analysis**: The international market sees an expected increase in the production of Canadian rapeseed. In the Chinese market, rapeseed meal is in a state of inventory reduction, but the demand enters the seasonal off - season as the temperature drops. The extension of the anti - dumping investigation on Canadian rapeseed indicates that Sino - Canadian trade negotiations will take time, and the bullish impact is limited considering the trade flow of Australian rapeseed. Due to the lack of new driving factors, it follows the trend of soybean meal [6]. 3.3 Palm Oil - **Market Data**: As of October 17, 2025, the national key areas' palm oil commercial inventory was 57.57 million tons, an increase of 2.81 million tons from the previous week. The export data from different institutions in Malaysia in the first fifteen days of October showed an increase compared to the same period last month [9]. - **Analysis**: The price competition of US soybean oil and the good export data of Malaysian palm oil in the first fifteen days of the month create a situation of mixed bullish and bearish factors. Palm oil is expected to maintain a high - level fluctuation, and short - term long positions can be considered when the price stabilizes at a low level, but the upward space is limited [9]. 3.4 Cotton - **Market Data**: In the US, the new cotton harvest is about 40% - 50% complete. In Brazil, more than 50% of the new cotton has been processed and inspected, and the export in September accelerated significantly. In Australia, the new cotton sowing has good soil moisture, and the new - season production is expected to exceed the average level. In China, the new cotton picking progress is nearly 70%, the public inspection volume is 82.3 million tons, and the sales progress is 6.7%. The domestic cotton commercial inventory has increased to 143.34 million tons [11][12]. - **Analysis**: The increase in supply from the harvest of US cotton and other Northern Hemisphere countries, along with the support from India's MSP import tariff and the high level of unpriced buy orders, restricts the upward movement of cotton prices. In the Chinese market, the continuous harvest of new cotton and the increase in imports put pressure on the supply side. The downstream demand is in a seasonal weakening trend, and the foreign trade performance remains under pressure. The main contract price is approaching the intensive hedging pressure level, and there is a risk of price re - adjustment and decline [13]. 3.5 Red Dates - **Market Data**: The estimated new - season production of red dates is between 56 - 62 million tons, a decrease compared to previous years. The physical inventory of 36 sample enterprises this week is 9167 tons, a decrease of 158 tons from the previous week [16]. - **Analysis**: Based on the current production forecast and the carry - over inventory, there is still expected supply pressure after the new fruit is listed. In the short term, the new - season red dates in Xinjiang are about to be harvested, and there is a risk of short - term speculation. The demand is expected to gradually improve as the temperature drops, but there is no obvious inflection point yet. The strategy is to sell on rally around the time of the new jujube harvest [17]. 3.6 Live Pigs - **Market Data**: In the short term, the planned slaughter volume of enterprises in October increased by 5.48% compared to the previous month. The average slaughter weight increased by 0.01 kg this week. The number of newly - born piglets in September increased by 0.11 million heads compared to the previous month. The number of breeding sows decreased in August and September [19]. - **Analysis**: The widening of the price difference between standard and fattened pigs has led to an increase in the entry of secondary fattening in North China and Northeast China, shifting the supply pressure to the end of November to early December. In the short term, the slaughter progress in early October was slow, and the supply pressure in Q4 is expected to increase. The post - festival demand has gradually declined, and the wholesale and sales have slowed down. The short - term market rebound is recommended to be used as an opportunity to sell [20].

1. Report Industry Investment Ratings - Not provided in the content 2. Core Views of the Report 2.1 Agricultural Products - **Beans and Oilseeds**: Short - term bearish consolidation for soybean meal and rapeseed meal; short - term oscillation for palm oil, soybean oil, and rapeseed oil; high - level oscillation for rapeseed oil [1] - **Cotton**: Uptrend under pressure in the short term, with ICE market expected to maintain range - bound oscillation [1] - **Red Dates**: Sell on rallies during the new - season jujube harvest [1] - **Pork**: Sell on rallies for live pigs, with supply pressure remaining high in Q4 [1] 2.2 Market Analysis - **Soybean Meal**: Weakly sorted due to lack of strong bullish drivers, with support around 2800 yuan/ton [1][4] - **Rapeseed Meal**: Follows the trend of soybean meal, with limited upside due to seasonal demand decline [1][6] - **Palm Oil**: High - level oscillation due to mixed long and short factors, with limited upside potential [1][8] - **Soybean Oil**: Short - term oscillation, with supply sufficient and dependent on palm oil for upward momentum [1] - **Rapeseed Oil**: High - level oscillation due to low processing rates, hoarding, and seasonal demand [1] - **Cotton**: New - cotton supply pressure and weak downstream demand limit upside, with ICE market range - bound [1][12] - **Red Dates**: New - season supply pressure and potential short - term speculation risk, sell on rallies [1][15] - **Pork**: Supply pressure remains high in Q4, with short - term rebound for selling opportunities [1][17] 3. Summary by Related Catalogs 3.1 Soybean Meal - **Market Data**: As of October 17, 2025, national port soybean inventory decreased by 208,000 tons week - on - week; 125 oil mills' soybean inventory increased by 2,940 tons week - on - week; soybean meal inventory decreased by 102,900 tons week - on - week [3] - **Price and Spread**: Futures price increased by 0.94% to 2,895 yuan/ton; spot price increased slightly; various spreads showed different changes [2] - **Supply and Demand**: Supply is sufficient, but oil mills' profit is in deficit, and downstream replenishment is weak. Brazilian weather and Sino - US trade tariffs affect the market [4] 3.2 Rapeseed Meal - **Market Data**: As of October 17, coastal oil mills' rapeseed inventory decreased by 12,000 tons week - on - week; rapeseed meal inventory decreased by 3,700 tons week - on - week [6] - **Price and Spread**: Futures price increased by 1.91% to 2,350 yuan/ton; spot price increased slightly; various spreads changed [5] - **Supply and Demand**: International supply is expected to increase, domestic demand is in the off - season, and Sino - Canadian trade negotiations affect the market [6] 3.3 Palm Oil - **Market Data**: As of October 17, 2025, national key area commercial inventory increased by 28,100 tons week - on - week [8] - **Price and Spread**: Futures price increased by 0.11% to 9,318 yuan/ton; spot price increased; various spreads changed significantly [7] - **Supply and Demand**: US soybean oil competition and strong early - October Malaysian export data create mixed factors [8] 3.4 Cotton - **Market Data**: US new - cotton harvest is 40% - 50% complete; Brazilian new - cotton processing exceeds 50%; domestic new - cotton picking is 58.8% complete [10][11] - **Price and Spread**: Futures prices of different contracts increased; basis and spreads changed [9] - **Supply and Demand**: Global new - cotton supply increases, downstream demand is seasonally weak, and Sino - US trade affects the market [12] 3.5 Red Dates - **Market Data**: 36 sample enterprises' inventory decreased by 158 tons week - on - week [13] - **Price and Spread**: Futures prices decreased slightly; spot prices were stable; various spreads changed [13] - **Supply and Demand**: New - season production is expected to decrease, but supply pressure remains after considering inventory. Demand is improving [15] 3.6 Live Pigs - **Market Data**: National sample enterprises' pig inventory increased by 566,100 month - on - month; slaughter volume decreased by 479,600 month - on - month [16] - **Price and Spread**: Futures prices increased; spot prices were stable; various spreads changed [16] - **Supply and Demand**: Supply pressure remains high in Q4 due to second - fattening and slow early - October slaughter. Demand is weak after the holidays [17]