Group 1: Soybean and Oilseed Market - CBOT soybeans showed a stable yet weak performance, with NOPA's soybean crush hitting a historical high for the same period but below expectations, while rainfall in production areas may slow down planting progress [1] - Domestic soybean meal saw an increase in positions and strong performance, driven by accelerated purchases from domestic oil mills, with September shipments at about 20% and uncertainty in long-term supply supporting futures prices [1] - BMD palm oil fell after three consecutive days of gains due to profit-taking and a decline in US soybean oil, while international crude oil remained strong amid geopolitical tensions [1] Group 2: Pork and Egg Market - September live hog futures closed with a slight gain, with prices in Henan province rising to 14.27 yuan/kg, up 0.26 yuan/kg from the previous week, indicating a stable support for futures prices [1] - The main contract for egg futures experienced a decline, with a 1.03% drop to 3545 yuan/500kg, despite a rise in national egg prices, as supply remains ample and consumption is weak [1] Group 3: Corn Market - Corn futures showed a reduction in positions with a near-weak and far-strong trend, as the main funds shifted from July to September contracts, which are fluctuating around the 2400 yuan mark [1] - The spot market saw support from rising wheat prices, with strong prices in Northeast China and stability in North China, while demand for corn remains robust as enterprises increase forward orders [1]

Report Summary 1. Investment Rating The report does not provide an overall investment rating for the industry. 2. Core View The agricultural products sector shows a mixed performance. Oils are volatile, with palm oil and soybean oil facing downward pressure due to supply - related factors, while corn has stabilized and rebounded. Sugar continues to be weak, and various other agricultural products such as livestock, cotton, eggs, etc. also have their own supply - demand and price trends [1]. 3. Summary by Variety (1) Palm Oil - Market situation: Malaysian palm oil exports are strong, with India's May imports surging 87% to 600,000 tons, but the producing area is in the production - increasing cycle, and the market expects May's Malaysian palm oil inventory to reach 2.01 million tons, a 7.74% month - on - month increase. In the domestic market, inventory increased to 364,000 tons as of May 30, a 7.47% month - on - month increase, and demand is weak [2]. - Strategy: Light - position short - term short, with support at 8048 and resistance at 8192 for the 2509 contract [2]. (2) Soybean Meal - Market situation: Domestic imported soybeans arrive in large quantities, oil mill operating rates increase, and soybean meal supply rises. As of the end of May, inventory increased to 300,000 tons, but it is still at a relatively low level compared to previous years, and the price shows resilience [3]. - Strategy: Close short positions, conduct short - term trading, with support at 2942 and resistance at 2981 for the 2509 contract [3]. (3) Soybean Oil - Market situation: A large number of imported soybeans arrive in the country, oil mill crushing volume is high, and soybean oil inventory increases significantly, reaching 754,900 tons as of May 30, a 5.77% month - on - month increase. Post - Dragon Boat Festival demand is insufficient, and the price faces downward pressure [6]. - Strategy: Light - position short at high prices, with support at 7612 and resistance at 7682 for the 2509 contract [6]. (4) Sugar - Market situation: Northern hemisphere sugar producers like India and Thailand have good production prospects, and Brazil's dry weather is favorable for sugarcane crushing. International raw sugar prices are under pressure. In the domestic market, expected imports will increase due to open import profit windows and license issuance, and the price is under pressure [7][9]. - Strategy: Light - position short at high prices, with support at 5712 and resistance at 5750 for the 2509 contract [9]. (5) Corn - Market situation: New wheat is on the market, and the substitution supply increases, but the remaining grain in the producing areas is exhausted, supply is tight, and port inventory continues to decline, supporting the price [11]. - Strategy: Light - position long, with support at 2320 and resistance at 2340 for the 2507 contract [11]. (6) Live Pigs - Market situation: The pig inventory of breeding farms is at a high level, the daily slaughter pressure increases, and the downstream demand is weak, in the seasonal off - season, resulting in downward pressure on the price [12]. - Strategy: Light - position short, with support at 13380 and resistance at 13545 for the 2509 contract [12]. (7) Cotton - Market situation: The textile industry is in the consumption off - season, orders are scarce, inventory removal is slow, and demand for cotton raw materials is weak [15]. - Strategy: Light - position short - term short, with support at 13200 and resistance at 13305 for the 2509 contract [15]. (8) Eggs - Market situation: The laying - hen inventory is high, and the production capacity reduction is slow. As of the end of May, the inventory is about 1.334 billion. After the festival, consumption declines, and the storage difficulty increases during the plum - rain and high - temperature season, leading to downward pressure on the price [16][18]. - Strategy: Light - position short, with support at 2857 and resistance at 2901 for the 2507 contract [18]. (9) Apples - Market situation: The remaining apple inventory in the producing areas is low, and the new - season apple bagging work is advancing, with some areas having a production - reduction expectation, supporting the price [19]. - Strategy: Light - position long at low prices, with support at 7680 and resistance at 7760 for the 2510 contract [22]. (10) Peanuts - Market situation: After the previous price increase, the trading atmosphere is dull, the upper - hand volume at the grass - roots level is limited, and the oil mill purchases are coming to an end. The price is in a volatile consolidation [23]. - Strategy: Short - term trading, if the 10 - day moving average is broken again, light - position short, with support at 8340 and resistance at 8426 for the 2510 contract [23].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural products sector shows a mixed performance, with most oil - related products falling, sugar being weak, while corn is stabilizing and rising. The prices of various products are affected by factors such as international market trends, domestic supply and demand, and seasonal characteristics [1]. 3. Summary by Variety (1) Palm Oil - The palm oil main contract 2509 fell sharply, dragged down by the decline of soybean oil. The Malaysian production area is in the production - increasing season, and the domestic spot trading is cold. The strategy is to close long positions and wait for an opportunity to short - sell, with support at 8000 and resistance at 8100 [2]. (2) Soybean Oil - The soybean oil main contract 2509 continued to decline and expanded its decline, driven by the continuous fall of US soybean oil futures. Domestic supply pressure increased due to large - scale imports of soybeans and high - level oil - mill压榨. The strategy is to maintain a light short position, with support at 7600 and resistance at 7700 [3]. (3) Sugar - The sugar main contract 2509 continued to fall and was weakly running. Domestic production increased and there were concerns about increased imports. The strategy is to maintain a light short position, with support at 5750 and resistance at 5800 [5]. (4) Peanut - The peanut main contract 2510 reversed and fell sharply after a sharp rise, dragged down by the overall decline of the oil sector. Although there are some factors supporting the price, the demand is limited. The strategy is to reduce long positions, with support at 8368 and resistance at 8528 [8]. (5) Soybean Meal - The soybean meal main contract 2509 oscillated at a high level. The supply increased due to the arrival of imported soybeans and the increase in oil - mill operation rate. The strategy is to close long positions, with support at 2940 and resistance at 2984 [10]. (6) Corn - The corn main contract 2507 stabilized and rose. The reduction of remaining grain in the production area and the decline of port inventory supported the price. The strategy is to hold a light long position, with support at 2330 and resistance at 2342 [11][13]. (7) Live Pig - The live pig main contract 2509 rebounded first and then declined, with limited rebound. The market is back to the influence of fundamental supply - demand. The strategy is short - term trading, with support at 13380 and resistance at 13750 [14][16]. (8) Cotton - The cotton main contract 2509 oscillated downward. The textile industry is in a seasonal demand trough, and the demand for cotton is weak. The strategy is to wait patiently for a breakthrough and conduct short - term trading, with support at 13235 and resistance at 13370 [17]. (9) Egg - The egg main contract 2507 rebounded at a low level, but the downward trend has not reversed. The supply is abundant, and the price is under pressure. The strategy is for short - sellers to take profits, with support at 2869 and resistance at 2980 [19]. (10) Apple - The apple main contract 2510 continued to rebound. The low inventory and the expected reduction in the new season supported the price. The strategy is to hold a light long position, with support at 7645 and resistance at 7710 [21].

| 油脂产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 | 2025年5月14日 | | | 王浅辉 | Z0019938 | | | 员拥 | | | | | | 5月13日 | | | 5月12日 | 张庆 | 涨跌幅 | | 8320 | 现价 江苏一级 | | 8270 | 50 | 0.60% | | Y2509 | 期价 | 7952 | 7970 | -18 | -0.23% | | Y2509 | 墓差 | 368 | 300 | ୧୫ | 22.67% | | 09+400 | 现货墓差报价 江苏5月 | | 09+390 | 10 | - | | 6370 | 仓車 | | 6370 | 0 | 0.00% | | | 棕榈油 | | | | | | 5月13日 | | | 5月12日 | 张跃 | 涨跌幅 | | 8670 | 现价 广东24度 | | 8600 | 70 | 0.81% | | P2509 | 期价 | 8324 | 8450 | -126 | - ...