1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Fats and Oils Industry - Malaysian palm oil futures may fall below 4000 ringgit and test 3900 ringgit due to expected inventory growth. Domestic palm oil futures are under pressure to decline further. - CBOT soybeans and soybeans may fall due to uncertainty in bio - fuel blending quotas,利空 export data, and expected record - high Brazilian soybean production. However, domestic soybean oil inventory reduction and expected reduced imports in Q1 may support the 5 - month contract [1]. 2.2 Sugar Industry - ICE raw sugar futures declined due to increased supply prospects. Indian sugar production has increased, and the price is expected to remain bearish. Domestic sugar prices are also weakening due to increased supply [3][4]. 2.3 Corn Industry - The current grain - selling progress is fast, but the effective market circulation is limited. The price is stable in the north and weak in the north. The demand from deep - processing enterprises is slow, while feed enterprises' demand is rising. The futures price decline is limited [5]. 2.4 Egg Industry - Egg prices are rising slightly, leading to farmers' reluctance to sell. The number of laying hens is expected to decline slowly, but the supply remains high. Demand is weak, and egg prices are expected to fluctuate weakly [8]. 2.5 Pig Industry - Spot prices are stable, and the southern curing demand is increasing. However, there is uncertainty in the December - January market due to the pandemic and secondary fattening. The supply is still large, and the price is hard to improve [10]. 2.6 Cotton Industry - ICE cotton futures rose due to a weak dollar and a rebound in the US stock market. US cotton is in a volatile market. Domestically, the expected decline in Xinjiang's planting area in the next year is optimistic in the long - term, but the downstream industry is weak [14]. 2.7 Meal and Soybean Industry - US soybeans are in a weak and volatile market due to lack of trading highlights and expected supply pressure from South America. Domestic soybean meal supply is loose, and the futures price is expected to be weak [17]. 2.8 Red Date Industry - The 2025/2026 Xinjiang red date production is less affected than expected, but there is pressure from new - product listing and old - stock clearance. The cost may support the price, and future consumption is to be observed [19]. 3. Summary by Relevant Catalogs 3.1 Fats and Oils Industry - **Price Changes**: On December 15, compared with December 12, soybean oil spot price in Jiangsu decreased by 0.58%, palm oil spot price in Guangdong decreased by 0.93%, and rapeseed oil spot price in Jiangsu decreased by 1.50%. - **Inventory and Basis**: Soybean oil inventory decreased by nearly 60,000 tons, and the 5 - month contract basis was supported. Palm oil and rapeseed oil had corresponding basis and inventory changes [1]. 3.2 Sugar Industry - **Price and Basis**: On December 15, compared with the previous value, sugar futures prices decreased, and spot prices in Nanning and Kunming also declined. The basis of Nanning and Kunming decreased. - **Industry Data**: National and Guangxi sugar production and sales decreased year - on - year, and the national sugar sales rate decreased [3]. 3.3 Corn Industry - **Price and Basis**: On December 15, compared with the previous value, corn futures prices decreased, and the basis increased. Corn starch futures prices decreased, and the basis increased. - **Industry Data**: The number of vehicles in Shandong deep - processing enterprises increased significantly, and the inventory of corn and corn starch decreased [5]. 3.4 Egg Industry - **Price Changes**: On December 15, compared with the previous value, egg futures prices increased, and the spot price in the production area decreased. The basis decreased significantly. - **Industry Data**: The price of egg - laying chicken seedlings decreased, and the price of culled chickens increased. The inventory in the production and circulation links changed [8]. 3.5 Pig Industry - **Price and Basis**: On December 15, compared with the previous value, pig futures prices had small changes, and the basis increased. Spot prices in different regions had different changes. - **Industry Data**: Slaughter volume decreased slightly, and the self - breeding and purchased piglet breeding profits increased [10]. 3.6 Cotton Industry - **Price and Basis**: On December 15, compared with the previous value, cotton futures prices increased, and spot prices decreased slightly. The basis decreased. - **Industry Data**: Inventory increased, import volume decreased, and textile export data had different changes [14]. 3.7 Meal and Soybean Industry - **Price and Basis**: On December 15, compared with the previous value, soybean meal, rapeseed meal, and soybean prices had corresponding changes, and the basis also changed. - **Industry Data**: The import crushing profit of Brazilian soybeans and Canadian rapeseed had different changes [17]. 3.8 Red Date Industry - **Price and Basis**: On December 15, compared with the previous value, red date futures prices increased, and spot prices remained stable. The basis decreased. - **Industry Data**: The 2025/2026 Xinjiang red date production decreased by 15% compared with normal years [19].

Group 1: Sugar Investment Rating Not provided Core View The sugar market is expected to remain weak next week due to a lack of positive factors and weak price rebound. The supply outlook is loose, which restricts the rebound of raw sugar prices. The increase in supply has led to a decline in futures prices and a subsequent drop in basis sugar prices. [2] Summary by Directory - **Futures Market**: The prices of sugar futures contracts have generally declined, while the ICE raw sugar主力 has increased slightly. The main contract's open interest has increased, and the number of warehouse receipts and effective forecasts remains unchanged. [2] - **Spot Market**: Spot prices have decreased, and the basis has changed. The price of imported Brazilian sugar has increased, and the spread between imported and domestic sugar has also changed. [2] - **Industry Situation**: The cumulative production and sales of sugar have decreased year - on - year, and the national sales rate has declined, while the sales rate in Guangxi has increased. Industrial inventories in most regions have decreased, except for an increase in Yunnan. Sugar imports have increased. [2] Group 2: Cotton Investment Rating Not provided Core View Internationally, US cotton maintains a volatile market. Domestically, the market expects a decline in Xinjiang's planting area next year, with a long - term optimistic outlook. However, the downstream industry is weak, and cotton prices face some upward pressure. [5] Summary by Directory - **Futures Market**: The price of some cotton futures contracts has declined slightly, and the open interest of the main contract has decreased. The number of warehouse receipts and effective forecasts has increased. [5] - **Spot Market**: Some spot prices have increased, and the basis has also changed. [5] - **Industry Situation**: The shortage has increased, industrial inventories have increased slightly, imports have decreased, and the inventory in bonded areas has decreased. The inventory of the textile industry has decreased year - on - year, and the inventory days of yarn and grey cloth have changed. Cotton outbound shipments have increased, while the processing profit of spinning enterprises has decreased. Retail sales and export volumes in the textile and clothing industries have increased. [5] Group 3: Corn Investment Rating Not provided Core View The current grain sales progress is relatively fast, but the effective market circulation of grain is limited. The price is relatively stable in the short term due to factors such as farmers' reluctance to sell and low terminal inventory, but the supply pressure restricts the upward space of corn prices. [7] Summary by Directory - **Corn**: The price of the corn 2601 contract at Jinzhou Port has declined slightly, and the basis has increased. The 1 - 5 spread remains unchanged. The price at Shekou Port remains stable, and the north - south trade profit remains unchanged. The arrival - at - port duty - paid price has decreased slightly, and the import profit has increased. The number of remaining vehicles at Shandong deep - processing enterprises in the morning has decreased significantly, the open interest has decreased, and the number of warehouse receipts has decreased. [7] - **Corn Starch**: The price of the corn starch 2601 contract has increased slightly, and the spot prices in Changchun and Weifang remain unchanged. The basis has decreased, the 1 - 5 spread has increased, the 01 - contract spread between starch and corn has increased, and the profit of Shandong starch has increased. The open interest has decreased, and the number of warehouse receipts remains unchanged. [7] Group 4: Oils Investment Rating Not provided Core View For palm oil, there is a risk of further decline after breaking through the 4000 - ringgit support. Dalian palm oil futures are in a weak and volatile adjustment. For soybean oil, the potential reduction in US biodiesel production is negative for CBOT soybean oil, but the rebound of BMD palm oil provides some support. The domestic supply is sufficient, and the demand is limited, but the decline in basis quotes may be limited in the short term. [10] Summary by Directory - **Palm Oil**: The price of palm oil has declined, and the basis has changed. The import cost has decreased, and the import profit has increased. The number of warehouse receipts remains unchanged. [10] - **Soybean Oil**: The price of soybean oil remains unchanged, and the basis has increased. The supply of domestic factories is sufficient, and the demand is limited. [10] - **Rapeseed Oil**: The price of rapeseed oil has increased slightly, and the basis has also changed. [10] Group 5: Pigs Investment Rating Not provided Core View The spot price of pigs is stable, and the downward support has increased with the increase in southern curing demand. However, there is great uncertainty in the December - January market due to factors such as the increase in the epidemic and the potential entry of secondary fattening, and the overall supply pressure is still large. [12] Summary by Directory - **Futures Market**: The prices of some pig futures contracts have increased, and the 3 - 5 spread has changed. The open interest of the main contract has increased, and the number of warehouse receipts remains unchanged. [12] - **Spot Market**: Spot prices in different regions have changed, and the slaughter volume of sample points has increased. The weekly prices of pork strips remain unchanged, while the prices of piglets and sows have decreased slightly. The average slaughter weight has decreased slightly, and the breeding profits of self - breeding and purchased pigs have increased. The number of fertile sows has decreased. [12] Group 6: Eggs Investment Rating Not provided Core View The egg market is expected to be in a state of oversupply this week. Egg prices are expected to fluctuate weakly, but the downward space is limited due to insufficient terminal demand. [15] Summary by Directory - **Futures Market**: The prices of egg futures contracts have declined, and the basis has increased. The 1 - 2 spread has decreased. [15] - **Spot Market**: The price of eggs in the producing areas has decreased slightly, the price of egg - laying chicken seedlings has decreased, the price of culled chickens has increased, the egg - to - feed ratio has increased, and the breeding profit has increased. [15] - **Industry Situation**: The number of culled chickens has decreased slightly, and the number of newly - laying hens is still low. The inventory of laying hens is still at a high level, and the inventories at all links in the industry chain need to be digested. The terminal consumption is lower than expected, and the downstream purchasing sentiment has declined. [15] Group 7: Meal Investment Rating Not provided Core View US soybeans lack trading highlights, and the market is not optimistic about the medium - and long - term price of US soybeans. The domestic soybean meal supply is loose, but there is a sentiment of supporting prices in the market, and attention should be paid to the performance of the 1 - 5 positive spread. [17] Summary by Directory - **Soybean Meal**: The spot price of soybean meal has increased, the futures price has increased slightly, and the basis has increased. The import crushing profit has increased, and the number of warehouse receipts remains unchanged. [17] - **Rapeseed Meal**: The spot price of rapeseed meal remains unchanged, the futures price has increased, and the basis has decreased. The import crushing profit has decreased, and the number of warehouse receipts is zero. [17] - **Soybeans**: The spot price of soybeans in Harbin remains unchanged, the futures price has decreased, and the basis has increased. The spot price of imported soybeans in Jiangsu remains unchanged, the futures price has decreased slightly, and the basis has increased. The number of warehouse receipts remains unchanged. [17]

Report Industry Investment Ratings No relevant content provided. Core Viewpoints Oils and Fats - Palm oil: As the end of the month approaches, the market focuses on export and production data, with potential downside risks. Dalian palm oil futures may continue to rise and could break through the 8,600 yuan resistance [1]. - Soybean oil: Chinese purchases of US soybeans boost CBOT soybeans, but domestic supply is ample and demand is weak, with inventory likely to increase and prices unable to rise in the short term [1]. Livestock (Pigs) - The market supply is accelerating, and although southwest curing has started, demand support is limited. Pig prices are expected to remain weak and volatile, and the strategy of inter - month reverse spreads can be continued [3]. Meal Products - The domestic soybean meal market remains in a loose pattern. With the one - price rising with the market and the basis slightly falling, the market is unlikely to see a continuous upward trend, and there is a risk of a decline after short - term chasing [6]. Corn and Corn Starch - In the short term, the market remains firm due to farmers' reluctance to sell, but there is still a large amount of grain to be sold, limiting price increases. Attention should be paid to the pace of corn supply and market sentiment [7]. Sugar - ICE raw sugar is expected to consolidate around 14 cents per pound. With new sugar from Guangxi on the market, the market is expected to remain weak and bottom - oscillating this week [11]. Cotton - ICE US cotton futures were closed for the US Thanksgiving holiday. Domestically, the high output of Xinjiang cotton in the 2025/26 season creates hedging pressure, but the firm basis and resilient demand support prices, so short - term prices may oscillate within a range [13]. Eggs - Egg prices have fallen below the feed cost line, and with reduced inventory at all levels and recovering demand, futures prices are expected to oscillate at a low level [15]. Key Points by Product Oils and Fats - **Soybean oil**: On November 27, the spot price in Jiangsu was 8,560 yuan, up 1.18% from the previous day; the futures price of Y2601 was 8,224 yuan, up 0.91%; the basis of Y2601 was 336 yuan, up 8.39%; the warehouse receipts decreased by 34.03% [1]. - **Palm oil**: The spot price in Guangdong was 8,390 yuan, up 1.21%; the futures price of P2601 was 8,558 yuan, up 1.04%; the basis of P2601 was - 138 yuan, up 8.00%; the import profit in Guangzhou Port in January increased by 14.08% [1]. - **Rapeseed oil**: The spot price in Jiangsu was 10,110 yuan, unchanged; the futures price of OI601 was 9,772 yuan, down 0.48%; the basis of OI601 was 338 yuan, up 16.15% [1]. Livestock (Pigs) - **Futures**: The basis of the main contract was - 225 yuan/ton, down 60.71%; the price of LH2605 was 11,990 yuan, down 0.58%; the price of LH2601 was 11,585 yuan, up 0.39% [3]. - **Spot**: Prices in various regions showed mixed trends, with slaughter volume increasing by 0.47% daily, and most breeding profits decreasing [3]. Meal Products - **Soybean meal**: The spot price in Jiangsu was 3,030 yuan, unchanged; the futures price of M2601 was 3,055 yuan, up 1.33%; the basis of M2601 was - 25 yuan, down 266.67% [6]. - **Rapeseed meal**: The spot price in Jiangsu was 2,470 yuan, up 1.23%; the futures price of RM2601 was 2,469 yuan, up 1.23%; the basis of RM2601 was unchanged [6]. Corn and Corn Starch - **Corn**: The price of C2601 was 2,243 yuan, up 0.36%; the basis decreased by 14.55%; the import profit increased by 0.93%; the number of trucks at Shandong deep - processing plants decreased by 32.43% [7]. - **Corn starch**: The price of CS2601 was 2,572 yuan, up 0.82%; the basis decreased by 53.85%; the starch - corn 01 spread increased by 4.11% [7]. Sugar - **Futures**: The price of SR2601 was 5,403 yuan, up 0.45%; the price of SR2605 was 5,322 yuan, up 0.30%; ICE raw sugar rose 1.48% [11]. - **Spot**: The price in Nanning was 5,450 yuan, unchanged; the basis decreased; the import volume increased by 37.50% [11]. Cotton - **Futures**: The price of CF2605 was 13,605 yuan, up 0.15%; the price of CF2601 was 13,640 yuan, up 0.11%; ICE US cotton rose 0.59% [13]. - **Spot**: The Xinjiang arrival price of 3128B grade cotton rose 0.69%; the commercial inventory increased by 24.2% [13]. Eggs - **Futures**: The price of JD12 was 2,947 yuan/500KG, up 0.96%; the price of JD01 was 3,282 yuan/500KG, up 1.77% [15]. - **Spot**: The egg - producing area price rose 1.20%; the egg - to - feed ratio decreased by 3.33%; the breeding profit decreased by 18.60% [15].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - Palm oil: In Malaysia, the BMD crude palm oil futures may gradually recover and rise after the release of risks following the MPOB report and as India returns to the market next month. The domestic Dalian palm oil futures are under pressure to decline, with an expected support level at 8200. - Soybean oil: The uncertainty of biodiesel policies and short - term soybean export data affect the CBOT soybean and soybean oil. Domestically, the increase in soybean oil production and weak downstream demand lead to an increase in inventory, but the poor oil - mill profit and weak demand for soybean meal support the price. The spot basis quotation will maintain a narrow - range oscillation [1]. 2.2 Pig Industry The market supply is recovering, and the demand support is limited. Although there are sporadic epidemics in the Northeast, large - scale outbreaks are unlikely. The pig price is expected to maintain a weak and oscillating structure, and the 3 - 7 reverse spread strategy can be continued [4]. 2.3 Meal Industry The US soybean market has a loose supply - demand pattern, and the South American new - crop soybean planting progress is good. Domestically, the soybean inventory is high, and the meal supply is loose. The meal price is expected to maintain a wide - range oscillation [6]. 2.4 Corn Industry The corn price in the Northeast is strong due to limited logistics and storage support, while the price in North China is affected by the increase in supply. The demand side has different inventory replenishment intentions. The short - term supply - demand mismatch makes the futures price strong, but attention should be paid to the pressure caused by concentrated grain sales [9]. 2.5 Sugar Industry The ICE raw sugar futures are rising. Although the sugar production in Brazil's central - southern region is expected to increase in the first half of November, the early end of the harvest and lower ethanol inventory support the price. The domestic sugar market is expected to maintain a weak bottom - oscillating pattern [13][14]. 2.6 Cotton Industry The ICE cotton futures are rising due to the US Department of Agriculture's export sales report and a weaker dollar. Domestically, the high production of Xinjiang cotton in the 2025/26 season brings hedging pressure, but the strong basis and downstream demand support the price. The cotton price is expected to oscillate within a range in the short term [15]. 2.7 Egg Industry The current egg price is below the feed cost line, and the inventory in production and circulation links has decreased. It is expected that the egg price will have limited downward space and will oscillate at a low level, with attention paid to the support at the previous low [18]. 3. Summary According to Relevant Catalogs 3.1 Oils and Fats Industry - **Soybean oil**: On November 25, the spot price in Jiangsu was 8510 yuan/ton (up 0.24% from the previous day), the futures price of Y2601 was 8144 yuan/ton (down 0.29% from the previous day), and the basis was 13.66%. The inventory of soybean oil in factories increased by 30,000 tons last weekend [1]. - **Palm oil**: On November 25, the spot price of 24 - degree palm oil in Guangdong was 8370 yuan/ton (down 0.71% from the previous day), the futures price of P2601 was 8360 yuan/ton (down 1.48% from the previous day). The盘面 import cost in Guangzhou Port in January was 8932.4 yuan/ton (down 1.08% from the previous day), and the盘面 import profit was - 543 yuan/ton (down 5.32% from the previous day) [1]. - **Rapeseed oil**: On November 25, the spot price of third - grade rapeseed oil in Jiangsu was 10190 yuan/ton (unchanged from the previous day), the futures price of OI601 was 9818 yuan/ton (up 0.41% from the previous day), and the basis was - 9.71% [1]. 3.2 Pig Industry - **Futures indicators**: The main contract price of live pigs was 11995 yuan/ton (up 0.59% from the previous day), the 1 - 5 spread was - 580 yuan/ton (down 10.48% from the previous day), and the main contract position decreased by 4.44% [4]. - **Spot prices**: The spot prices in different regions showed a downward trend, with the price in Henan dropping by 150 - 180 yuan/ton [4]. - **Spot indicators**: The sample - point slaughter volume increased by 0.04%, the white - strip price decreased by 100%, the self - breeding profit decreased by 18.37%, and the外购 breeding profit decreased by 14.10% [4]. 3.3 Meal Industry - **Soybean meal**: The spot price in Jiangsu was 3000 yuan/ton (unchanged from the previous day), the futures price of M2601 was 3013 yuan/ton (up 0.07% from the previous day), and the basis was - 18.18%. The盘面 import profit for Brazilian February shipments increased by 333.3% [6]. - **Rapeseed meal**: The spot price in Jiangsu was 2460 yuan/ton (up 0.82% from the previous day), the futures price of RM2601 was 2431 yuan/ton (down 0.61% from the previous day), and the basis was 583.33%. The盘面 import profit for Canadian January shipments increased by 9.54% [6]. - **Soybean**: The spot price in Harbin was 3940 yuan/ton (unchanged from the previous day), the futures price of the main soybean contract was 4108 yuan/ton (down 1.01% from the previous day), and the basis was 20% [6]. 3.4 Corn Industry - **Corn**: The futures price of corn 2601 was 2242 yuan/ton (up 0.99% from the previous day), the basis was - 6.67%, the 1 - 5 spread was 52.27%, the import profit increased by 8.49%, and the number of remaining vehicles in Shandong's deep - processing enterprises in the morning increased by 7.46% [9]. - **Corn starch**: The futures price of corn starch 2601 was 2556 yuan/ton (up 0.83% from the previous day), the basis decreased by 84%, the 1 - 5 spread increased by 3.13%, and the starch - corn 01盘面 spread decreased by 0.32%. The profit of Shandong's starch enterprises increased by 1000% [9]. 3.5 Sugar Industry - **Futures market**: The sugar 2601 futures price was 5387 yuan/ton (up 0.32% from the previous day), the 1 - 5 spread increased by 21.57%, and the main contract position decreased by 2.73% [13]. - **Spot market**: The spot prices in Nanning and Kunming were unchanged. The import price of Brazilian sugar (in - quota) increased by 0.59%, and the import price of Brazilian sugar (out - of - quota) increased by 0.62% [13]. - **Industry situation**: The national sugar production increased by 12.03%, the sales increased by 9.17%, the national industrial inventory decreased by 41.20%, and the sugar import increased by 37.50% [13]. 3.6 Cotton Industry - **Futures market**: The cotton 2605 futures price was 13580 yuan/ton (up 0.37% from the previous day), the cotton 2601 futures price was 13645 yuan/ton (up 0.44% from the previous day), the 5 - 1 spread decreased by 18.18%, and the main contract position increased by 0.09% [15]. - **Spot market**: The Xinjiang arrival price of 3128B cotton increased by 0.17%, the CC Index: 3128B increased by 0.26%, and the FC Index: M: 1% increased by 0.18% [15]. - **Industry situation**: The industrial inventory increased by 24.2%, the import volume decreased by 10%, the textile industry's inventory decreased by 25%, and the cotton outbound shipping volume increased by 22.6% [15]. 3.7 Egg Industry - **Futures indicators**: The egg 12 - contract price was 2950 yuan/500KG (down 1.42% from the previous day), the egg 01 - contract price was 3210 yuan/500KG (down 0.25% from the previous day), and the 12 - 01 spread decreased by 13.08% [18]. - **Spot indicators**: The egg - producing area price increased by 1.11%, the egg - chick price decreased by 3.57%, the culled - hen price decreased by 3.96%, and the egg - feed ratio decreased by 3.33%. The breeding profit decreased by 18.60% [18]. - **Inventory situation**: The production - link inventory decreased by 8.62%, and the circulation - link inventory decreased by 2.22% [18].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents the daily data of soybean, pig, and egg breeding profits, including closing prices, profit margins, and percentage changes, to reflect the current market situation of these industries [2][4][7] 3. Summary by Related Catalogs Soybean - **Index and Contract Closing Prices**: The closing price of the soybean No.2 index was 3670.63 yuan/ton, with a -0.07% daily change; the soybean meal index was 2925.02 yuan/ton (+0.14%); the soybean oil index was 8070.53 yuan/ton (-0.28%). The closing price of the soybean No.2 active contract was 3691.00 yuan/ton (-0.11%); the soybean meal active contract was 3011 yuan/ton (-0.03%); the soybean oil active contract was 8168 yuan/ton (-0.27%) [2] - **Pressing Profits**: The pressing profit of the soybean No.2 index was 23.54 yuan/ton (+5.62%); the active contract pressing profit was 89.61 yuan/ton (-1.07%). The pressing profit of Brazilian soybeans was -97.88 yuan/ton (+7.73%); the pressing profit of imported soybeans in Zhangjiagang was -222.60 yuan/ton (-1.68%) [2] - **Futures Profits**: The futures closing price (continuous) of soybean No.2 profit was 113.53 yuan/ton (-1.94%); the 1 - month delivery continuous was 89.61 yuan/ton (-1.07%); the 5 - month delivery continuous was 66.63 yuan/ton (-14.52%); the 9 - month delivery continuous was 58.76 yuan/ton (-14.58%) [2] Pig - **Index and Profit Data**: The closing price of the pig index was 11751.80 yuan/ton (+0.74%); the self - breeding and self - raising pig's on - disk profit was -273.14 yuan/head (-2.23%) [4] - **Futures and Spot Profits**: The futures closing price (continuous) of pig profit was -270.52 yuan/head (+2.03%); the 1 - month delivery continuous was -319.19 yuan/head (-0.19%); the 5 - month delivery continuous was -252.63 yuan/head (-1.70%); the 9 - month delivery continuous was -60.10 yuan/head (-33.61%). The self - breeding and self - raising pig's spot profit was -319.934896 yuan/head (+7.69%); the profit of purchasing piglets for breeding was -234.63 yuan/head (+14.10%) [5] Egg - **Index and Profit Data**: The closing price of the egg index was 3259.20 yuan/500 kg (+0.69%); the egg's on - disk profit was -0.62 yuan/jin (-1.47%) [7] - **Futures and Spot Profits**: The futures closing price (continuous) of egg profit was -1.04 yuan/jin (+1.64%); the 1 - month delivery continuous was -0.68 yuan/jin (-1.33%); the 5 - month delivery continuous was -0.37 yuan/jin (-1.59%); the 9 - month delivery continuous was -0.04 yuan/jin (-16.99%). The average wholesale price of eggs in China was 7.35 yuan/kg (+1.24%); the egg's spot profit was -0.32 yuan/jin (+1.58%) [7]

Group 1: General Information - Reported industry: Agricultural products [1] - Date: November 14, 2025 [1] - Research team: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3][4] Group 2: Fats and Oils Core Viewpoint - The trends of the three major fats and oils are differentiated. Palm oil lacks driving forces and continues to fluctuate weakly. Rapeseed oil is policy - dominated, and in the short - term, with inventory depletion and tight spot supplies, it is mainly a long - position configuration. Soybean oil fluctuates in the range of 8000 - 8400, with a bottom but limited upside due to high inventory [9] Summary by Directory 1. Market Review and Operation Suggestions - **Market review**: Palm oil is the weakest among the three major fats and oils, showing a fluctuating and weak pattern. Soybean oil futures rebounded slightly, and rapeseed oil is strong in the near - term and weak in the long - term [8][9] - **Operation suggestions**: For palm oil, wait for clearer guidance; for rapeseed oil, take a long - position configuration; for soybean oil, expect it to fluctuate in the 8000 - 8400 range [9] 2. Core Points - **Domestic spot changes**: As of November 14, 2025, the prices of East China first - grade soybean oil, East China third - grade rapeseed oil, and South China 24 - degree palm oil all increased weekly, and their basis also increased [10] - **Domestic inventory of the three major fats and oils**: As of the end of the 45th week of 2025, the total inventory of the three major edible oils decreased weekly, with soybean oil, palm oil, and rapeseed oil all showing inventory declines [22] - **Domestic supply of fats and oils and oilseeds**: The soybean opening rate of major domestic soybean oil plants decreased compared to last week, and the rapeseed opening rate of major domestic oil plants was almost at a standstill. The import volume of soybeans and rapeseed in 2025 showed different trends [25][29] - **Palm oil dynamics**: In October 2025, Malaysia's palm oil production, exports, and inventory increased, while imports decreased. From November 1 - 10, production decreased. India's palm oil imports in October decreased [32][33] - **CFTC positions**: Relevant position charts are provided, but no specific analysis content is given [44] Group 3: Live Pigs Core Viewpoint - On the supply side, in the long - term, pig slaughter may increase slightly until the first half of next year; in the short - term, the planned slaughter volume in November decreased month - on - month, but the daily average remained the same. On the demand side, secondary fattening is mainly in a wait - and - see state, and terminal consumption may gradually improve. Overall, the spot market will fluctuate, and the futures market will be weak in the medium - to - long - term [95][96] Summary by Directory 1. Market Review - **Spot market**: The average national live pig slaughter price fluctuated weakly this week, with a week - on - week decrease of 2.55%. The expected cost of pig fattening showed different trends, and the breeding profit decreased [48] - **Futures market**: As of Thursday this week, the main live pig futures contract LH2601 fluctuated and declined, with a closing price of 11860 yuan/ton, a week - on - week decrease of 0.67% [49] 2. Fundamental Overview - **Long - term supply: Breeding sow inventory**: The price of binary sows remained stable this week. As of the end of September 2025, the inventory of breeding sows decreased both month - on - month and year - on - year. Different data sources have different estimations of future pig slaughter [54][58] - **Medium - term supply: Piglet inventory**: The average market sales price of 15 - kg piglets increased this week. As of October, the inventory of piglets in sample enterprises increased both month - on - month and year - on - year, and future pig slaughter is expected to increase [71] - **Short - term supply: Large - pig inventory, hoarding, and secondary fattening**: As of October, the inventory of large pigs in sample enterprises increased month - on - month. The proportion of large pigs over 140 kg increased, and the proportion of secondary fattening sales decreased. The utilization rate of secondary fattening pens decreased [73][74] - **Current supply: Commercial pig slaughter volume and slaughter weight**: In October 2025, the actual pig sales volume exceeded the planned volume. The planned sales volume in November decreased month - on - month. The average slaughter weight of pigs increased this week [81][82] - **Import supply: Pork imports**: In September 2025, China's pork imports remained the same month - on - month and decreased year - on - year. From January to September, the cumulative import volume decreased year - on - year [84] - **Demand**: Secondary fattening is mainly in a wait - and - see state, and the slaughter enterprise's opening rate increased slightly this week. The national large - scale live pig slaughter volume from January to September 2025 increased year - on - year [90][91] 3. Future Outlook - **Viewpoint**: The spot market will fluctuate, and the futures market will be weak in the medium - to - long - term [95][96] - **Strategy**: Futures investors should wait and see, and breeding enterprises should hold hedging short positions [98] - **Important variables**: Swine fever epidemic, hoarding, and secondary fattening consensus expectations [99] Group 4: Corn Core Viewpoint - On the supply side, new - crop corn has increased production, and the supply is sufficient. Substitute products have reduced price advantages, and future imports may remain low. On the demand side, feed demand is good, but the inventory of feed enterprises is low, and the procurement of deep - processing enterprises is active, but inventory increase is difficult. Overall, the spot price will fluctuate around the cost price, and the futures price will be affected by multiple factors [141] Summary by Directory 1. Market Review - **Spot market**: This week, the corn price was strong. In the Northeast, North Port traders raised prices to stimulate arrivals; in North China, farmers were reluctant to sell, and deep - processing enterprises raised prices to purchase; in the sales area, prices increased due to cost factors [100] - **Futures market**: As of November 13, the main Dalian futures contract 2601 closed at 2186 yuan/ton, up 1.5% from last Thursday [101] 2. Fundamental Analysis - **Corn supply**: This week, the grain sales progress slowed down, and the overall progress was faster than the same period last year. The inventory of northern and southern ports increased [105][108] - **Domestic substitutes**: This week, the wheat price fluctuated weakly. The corn price was 272 yuan/ton lower than the wheat price [109] - **Import substitute grains**: In September 2025, China's import volume of grains increased both month - on - month and year - on - year. The import volume of different grains showed different trends. The import profit of Brazilian corn was high, but imports may remain low in the future [110][120] - **Feed demand**: In September 2025, the national industrial feed production increased both month - on - month and year - on - year. The proportion of corn in feed decreased. Pig slaughter is expected to increase slightly, and feed production is expected to continue to increase [121][129] - **Deep - processing demand**: Recently, the corn starch industry's production profit was good, and the opening rate increased. The processing profit of starch enterprises in different regions changed differently, and the inventory of deep - processing enterprises decreased [131][133] - **Supply - demand balance sheet**: In the 2025/26 period, China's corn planting area, yield, and consumption are expected to increase, and the inventory is expected to increase [137] 3. Future Outlook and Strategy - **Viewpoint**: The spot price will fluctuate around the cost price, and the futures price will be affected by multiple factors [141] - **Strategy**: Spot enterprises should replenish inventory appropriately, and futures investors should hold long positions and set stop - losses [142] - **Important variables**: Policies on purchasing, selling, and storing, tariff policies, geopolitical situations, and weather [143] Group 5: Soybean Meal Core Viewpoint - The external market of soybean meal is close to a short - term high, and the domestic market is cautiously bullish in the short - term. The risk lies in the possibility that China may only purchase a small amount of US soybeans in the future [146][147] Summary by Directory 1. Weekly Review and Operation Suggestions - **Spot market**: As of November 14, the coastal soybean meal price increased slightly [145] - **Futures market**: The external market of US soybeans was strong, and the domestic soybean meal rose due to cost - push factors. In the short - term, it should be treated with caution and bullishness [146][147] 2. Core Points - **Soybean planting**: In the USDA September report, the new - crop US soybean planting and harvest area decreased year - on - year, and the yield and inventory were adjusted. The Brazilian and Argentine soybean yields are expected to increase. The US soybean harvest is almost complete, and the Brazilian and Argentine soybean planting progress is different [148][150] - **US soybean exports**: As of September 25, the US soybean export volume decreased year - on - year. After the Sino - US agreement, there are uncertainties about future Chinese purchases [155] - **Domestic soybean imports and crushing**: As of November 13, the crushing profit of imported soybeans was negative. The soybean crushing volume and opening rate decreased. The soybean import volume in October decreased month - on - month and increased year - on - year. The port soybean inventory will be high in the short - term and then decrease [166][168] - **Soybean meal trading and inventory**: As of November 7, the domestic soybean meal inventory decreased week - on - week and increased year - on - year. The trading was not active in October, and the terminal demand is expected to be good [172] - **Basis and inter - month spreads**: As of November 13, the soybean meal 01 contract basis decreased, and the 1 - 5 spread was stable. The 01 contract is relatively strong, and the 1 - 5 spread may increase [175] - **Domestic registered warehouse receipts**: As of November 13, the domestic soybean meal registered warehouse receipts were at a relatively high level in the same period of history [180] Group 6: Eggs Core Viewpoint - The spot market will adjust narrowly at a low level next week. The futures market is expected to fluctuate at a low level in the short - term. Long positions in the far - month contracts can be considered at low prices, and a reverse spread between the near - and far - month contracts is appropriate [183] Summary by Directory 1. Weekly Review and Operation Suggestions - **Spot market**: The spot market weakened this week, and it is expected to adjust narrowly at a low level next week [183] - **Futures market**: The futures market declined this week, with the near - month contracts falling more. In the future, the far - month contracts may have opportunities [183] 2. Data Summary - **Inventory and replenishment**: As of the end of October 2025, the inventory of laying hens decreased month - on - month and increased year - on - year. The egg - chick replenishment momentum slowed down, and the inventory structure changed [184][186] - **Cost, income, and breeding profit**: As of November 13, the egg price decreased, the feed cost remained stable, the egg - chick price decreased, the breeding profit was at a historically low level but improved compared to last week [189]

Report Information - Report Title: Egg Monthly Report [1] - Date: October 31, 2025 [2] - Research Team: Agricultural Products Research Team [1] - Key Words: Egg Market, Supply and Demand, Price Forecast Industry Investment Rating No information provided. Core Viewpoints - Supply side: As of the end of October, the monthly inventory of laying hens in China was about 1.359 billion, with a month - on - month decrease of 0.7%, ending 9 consecutive months of growth. It is expected that the egg - laying hen inventory will remain high in the first quarter of the fourth quarter and may decline at the end of the year [6][22][38]. - Demand side: In October, egg sales were weak year - on - year and did not show a month - on - month recovery. In November, demand is unlikely to be concentrated, and overall demand is weak due to factors such as the substitution of vegetables and pork and market pessimism [6][33][38]. - Outlook: Spot prices are expected to fluctuate at a low level in November. For futures, the upside is limited, and it is recommended to use interval rolling operations with a bearish mindset. The fundamental inflection point may appear as early as the beginning of next year [6][40]. Summary by Directory 1. Market Price - Spot: In October, the spot price bottomed out and rebounded slightly. It is expected to fluctuate at a low level in November as the market waits for accelerated elimination to balance high inventory [8]. - Futures: The main contract switched to the 12 - contract. The price followed the spot trend. It is recommended to treat the current rise as a rebound and consider short - selling at high prices. The fundamental improvement may take a long time [9]. 2. Supply Side 2.1 Elimination of Laying Hens - Price: In October, the average daily price of Hy - Line Brown culled hens was 4.39 yuan/jin, continuing to decline from September and at a relatively low level in the same period of history. The price has been trending down since August [10][18]. - Quantity: As of October 30, the weekly culling volume has been stable in September - October, slightly higher than the previous three years. The culling age has advanced, and it is estimated that the culling volume will remain stable or slightly increase in November [18][20]. 2.2 Inventory and Replenishment - Inventory: As of the end of October, the inventory of laying hens was about 1.359 billion, with a month - on - month decrease of 0.7%. It is expected to remain high in the early fourth quarter and may decline at the end of the year [22]. - Replenishment: In October, the monthly output of layer chicks in sample enterprises was about 39.15 million, a decrease from September and a significant decrease compared with the same period in 2024. The replenishment enthusiasm may be affected by feed costs in the future [23]. - Laying Rate: In late October, the laying rate was about 91.94%, following the seasonal pattern [25]. 2.3 Breeding Profit - In October, the breeding profit was weak, at a very low level compared with the same period in previous years. It is expected to continue to operate at a low level in November [29][32]. 3. Demand Side - Sales Volume: In October, the weekly sales volume of eggs in representative sales areas continued to be weak year - on - year and did not show a month - on - month recovery. In November, demand is expected to remain weak [6][33][38]. - Inventory: As of October 30, the inventory in the circulation link was at a relatively high level, and the overall inventory was still high, reflecting the weak demand this year [36]. - Substitute Prices: The pig price is expected to remain stable or slightly increase in the fourth quarter, currently at a low level. Vegetable prices are expected to rise seasonally in November - December, which may support egg prices [36][37]. 4. Later Outlook and Strategy - Spot: It is expected to fluctuate at a low level in November [40]. - Futures: It is recommended to use interval rolling operations with a bearish mindset. For options, a wide - straddle double - selling strategy is recommended. The risk lies in the unexpected rise of spot prices in low - price areas [40]. - Strategy: For farmers and spot traders, the spot price may fluctuate at a low level in November. For futures speculators, it is recommended to use interval rolling short - selling operations and pay attention to the spot price in low - price areas [40].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, egg prices rebounded from a low level. The closing price of the 2512 contract was 3146 yuan per 500 kilograms, a increase of 60 yuan per 500 kilograms compared to the previous week [6]. - Egg prices are at a low level, and the breeding side has a certain sentiment of supporting prices. Coupled with the drop in temperature, which is conducive to the storage and transportation of eggs, the sales speed in low - price areas has accelerated, supporting the rebound of spot prices. Under the boost of rising spot prices, the near - month contracts have also strengthened significantly. However, the inventory of laying hens in production is still high, and old hens have not been over - culled. High production capacity is still the main concern of the market, which may limit the upside space [6]. - The egg futures price has shown a low - level rebound trend recently. However, the pressure of high production capacity still exists, which may limit the rebound space [6]. - The short - term strategy is to wait and see, and pay attention to the amount of old hen culling [6]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Performance**: The 2512 contract of eggs rebounded from a low level, with the closing price at 3146 yuan per 500 kilograms, up 60 yuan per 500 kilograms from the previous week [6]. - **Market Outlook**: Low egg prices, favorable storage conditions, and increased sales speed support the spot price rebound. But high laying - hen inventory and non - over - culled old hens may limit the upside [6]. - **Strategy**: Short - term wait - and - see, focus on old hen culling volume [6]. 3.2 Futures and Spot Market - **Futures Price and Position**: The 12 - contract of egg futures rebounded from a low level. The position was 176,581 lots, a decrease of 57,622 lots compared to last week. The net position of the top 20 was - 8860, and the net short position decreased slightly compared to last week's - 22,065 [12]. - **Futures Warehouse Receipts**: As of Friday, the number of registered egg warehouse receipts was 0 [16]. - **Spot Price and Basis**: The egg spot price was 2933 yuan per 500 kilograms, a decrease of 11 yuan per 500 kilograms compared to last week. The basis between the active 12 - contract futures price and the spot average price was - 213 yuan per ton [22]. - **Futures Inter - month Spread**: The 1 - 5 spread of eggs was - 148 yuan per 500 kilograms, generally at a low level in the same period [26]. - **Related Commodity Spot Prices**: As of October 30, 2025, the average wholesale price of pork was 17.96 yuan per kilogram, and the average wholesale price of 28 kinds of key - monitored vegetables was 5.3 yuan per kilogram [32]. 3.3 Industrial Chain Situation - **Supply Side - Inventory and Restocking**: As of September 30, 2025, the national laying - hen inventory index was 115.26, a month - on - month increase of 0.75%. The national new - chick index was 76.65, a month - on - month increase of 4.50% [38]. - **Culling Index and Age**: As of September 30, 2025, the national culling laying - hen index was 124.63, a month - on - month increase of 33.14%. The national culling - hen age was 507 days [43]. - **Feed Raw Material Prices**: As of October 30, 2025, the average spot price of corn was 2242.16 yuan per ton, and the spot price of soybean meal in Fangcheng was 2980 yuan per ton [47]. - **Feed Price and Breeding Profit**: As of October 24, 2025, the laying - hen breeding profit was - 0.45 yuan per chicken, and the average price of laying - hen compound feed was 2.76 yuan per kilogram [53]. - **Prices of Laying - Hen Chicks and Culled Hens**: As of October 24, 2025, the average price of laying - hen chicks in the main production areas was 2.65 yuan per chick, and the average price of culled hens in the main production areas was 8.58 yuan per kilogram [58]. - **Egg Monthly Exports**: In September 2025, China's egg export volume was 13,215.79 tons, an increase of 1631.15 tons compared to the same period last year (11,584.64 tons), a year - on - year increase of 14.08%, and a month - on - month increase of 94.76 tons compared to the previous month [63].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The egg market is in an off - season with supply exceeding demand. The overall supply pressure is large due to high - level operation of production capacity, slowdown in new replenishment, continuous start - up of previous replenishment, and ineffective removal of backward production capacity. Demand support is not obvious. Cost has slightly declined, but the breeding profit has returned to a loss. The market maintains a near - weak and far - strong structure, and it is recommended to hold short positions before the festival and pay attention to fund management [3]. 3. Summary by Relevant Catalogs 3.1 Futures Review - Egg futures fluctuated weakly last week, high in the front and low in the back. Affected by the spot, they maintained a near - weak and far - strong pattern. All contracts are at a premium to the spot and are constantly repairing the basis through price drops [6]. 3.2 Spot Review - Last week, the egg spot bottomed out and rebounded. After the post - holiday decline, the sales areas started to replenish stocks. With the temperature drop, the production areas were reluctant to sell. Currently, the benchmark spot price is fluctuating around 2.5 yuan per catty, at a historical low. The market is under pressure again and is constantly searching for the bottom [12]. 3.3 Supply - Newly - added production capacity: From August to November 2025, the newly - opened production corresponds to the replenishment volume from April to July 2025. The replenishment volume has a seasonal decline, and the newly - added production capacity from August to November has dropped significantly. The chick price has dropped significantly, and the enthusiasm for replenishment has decreased, affecting the newly - added supply in the fourth quarter. - Eliminated production capacity: From August to November 2025, the normal eliminated production capacity corresponds to the replenishment volume from March to June 2024. The data shows a high elimination volume, but there is an obvious delay in elimination currently. - Laying hen inventory: The inventory data continued to increase slightly but started to decrease in September. The newly - added is stable with a slight decline, and the elimination is relatively slow. The overall supply pressure still exists, but it is expected to ease in the fourth quarter [17]. 3.4 Elimination End - The price of eliminated chickens has stabilized, the elimination volume has continued to increase, and the average elimination age has shown a weakening trend. The price of eliminated chickens is 4.22 yuan per catty (- 0.08), the elimination price has stabilized with a slight rebound; the elimination volume has continued to increase, and it has entered an accelerated elimination stage; the elimination age is 498 days, a weekly decrease of 2 days, indicating a loosening in elimination [20]. 3.5 Seasonal and Consumption - Seasonally, it is an off - season, and the price has a seasonal decline and is hitting the bottom again. The production areas currently have little inventory pressure and a strong willingness to stockpile. After the festival, the stocking is over, the rigid demand support has weakened, and the price has declined [23]. 3.6 Substitute Products - Vegetables: There has been obvious low - temperature precipitation across the country, and vegetable prices are relatively strong. - Pork: The price is at a low level and searching for the bottom, which has an obvious suppressing effect on eggs. - Other meats: The prices of other meats have strengthened at this stage [25]. 3.7 Cost & Profit - Cost side: The price of corn has dropped significantly, and the spot price of soybean meal has fluctuated weakly. The overall cost has maintained a fluctuating decline. Currently, the feed cost is about 2.4 yuan per catty, and the comprehensive breeding cost is about 2.7 yuan per catty. - Breeding profit: Recently, the spot price of eggs has had a seasonal decline. Although the cost side has fluctuated downwards, the decline in the egg spot price is obvious, and the profit has turned into a loss again and returned to a weak state [27]. 3.8 Capital - After the capital reached a high level and then declined, it has entered the market again. Old long - position holders have stopped losses, and new long - position holders have entered the market, waiting for the arrival of the cycle conversion [33]. 3.9 Basis - The basis is negative, the futures price is at a premium to the spot price, and the market shows a near - weak and far - strong pattern [37]. 3.10 Spread Trend - The spot price has reached a peak and then maintained a shock. The futures market is generally in a positive market, with a near - weak and far - strong, reverse - spread structure [40].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - **General**: The report focuses on the weekly situation of soybean meal and soybean oil futures, including their mid - term trends, trading strategies, and related data [6][31]. - **Soybean Meal**: The soybean meal futures are in a stage of shock consolidation. The high domestic soybean arrival, high inventory, and weak demand suppress price increases, but the policy on port fees may affect the arrival rhythm in the fourth quarter [6]. - **Soybean Oil**: The soybean oil futures are in a horizontal shock stage. The abundant global and domestic soybean supply, slow demand recovery, and price fluctuations of competing products lead to market wait - and - see sentiment [31]. 3. Summary by Directory Soybean Meal Futures - **Mid - term Market Analysis** - **Trend**: The soybean meal main contract is in a shock consolidation stage. In the 41st week, the oil mill's soybean actual crushing volume was 1.2893 million tons, the startup rate was 35.99%, and the soybean meal inventory was 1.0791 million tons. High domestic soybean arrival, high inventory, and weak demand suppress price increases, but the policy on port fees may affect the arrival rhythm in the fourth quarter [6]. - **Strategy**: Pay attention to Sino - US trade progress and South American weather [6]. - **Variety Trading Strategy** - **Last Week's Review**: The soybean meal futures price was in a downward channel, and funds were bearish. The M2601 was expected to fluctuate between 2880 - 3050 in the short term [9]. - **This Week's Suggestion**: The soybean meal futures price is in a downward channel, and funds are slightly bearish. The M2601 is expected to continue the shock consolidation pattern, with an expected operating range of 2800 - 3000 [10]. - **Related Data Situation**: The report mentions data such as soybean meal weekly output, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio [20][23][26]. Soybean Oil Futures - **Mid - term Market Analysis** - **Trend**: The soybean oil main contract is in a horizontal shock stage. In the 41st week, the actual output of 125 oil mills was 245,000 tons, a decrease of 88,600 tons from the previous week. The commercial inventory in key national regions was 1.2651 million tons, an increase of 16,400 tons from the previous week. Abundant supply, slow demand recovery, and price fluctuations of competing products lead to market wait - and - see sentiment [31]. - **Strategy**: Pay attention to Sino - US trade trends and the progress of Indonesia's B50 policy [31]. - **Variety Trading Strategy** - **Last Week's Review**: The soybean oil futures price was in a horizontal stage, and funds were bullish. The Y2601 was expected to be in a wide - range shock pattern in the short term [34]. - **This Week's Suggestion**: The soybean oil futures price is in a horizontal stage, and funds are slightly bearish. The Y2601 is expected to be in a range - shock pattern in the short term [34]. - **Related Data Situation**: The report mentions data such as soybean oil weekly output, weekly inventory, basis, trading volume, soybean weekly arrival volume, weekly inventory, weekly crushing volume, weekly startup rate, weekly port inventory, and Brazilian premium [43][49][51].