Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - **Protein Meal**: In the short - term, the domestic supply of soybeans has great pressure, and the temporary cancellation of export tax in Argentina drives soybean meal prices down. In the medium - term, the global soybean supply is loose, suggesting a strategy of short - selling on rebounds. However, due to the low valuation of US soybeans and uncertainties in South American planting and weather, the soybean meal market will fluctuate within a range [3][5]. - **Oils**: The low inventory of vegetable oils in India and Southeast Asian producing areas, the draft US biodiesel policy boosting soybean oil demand, and the expected decline in exportable volume of Indonesian biodiesel support the price center of oils. Oils are in a state of balanced or slightly loose current supply - demand and tight expected supply - demand, and are expected to be volatile and bullish in the medium - term. Currently, with high valuation, the strategy is to buy on dips [7][9]. - **Sugar**: Affected by factors such as high import volume in August and increased sugar production in Brazil's central - southern region, the overall trend of sugar prices is bearish. Technically, it is recommended to wait and see before the National Day holiday [11][12]. - **Cotton**: Although it is the "Golden September and Silver October" consumption peak season, the downstream industrial chain's operating rate growth is weak, and there is an expectation of increased domestic production in the far - month. Short - term Zhengzhou cotton prices are bearish, but low domestic cotton inventory and low prices may provide support, so short - term waiting and seeing is recommended [14][15]. - **Eggs**: The spot price is expected to decline. The near - month futures contract is weak, while the far - month contract is relatively strong due to the expected improvement in supply - demand and capital game. It is recommended to wait and see in the short - term and focus on buying the far - month contract after a decline [17][18]. - **Pigs**: The current spot price shows a slight accelerating downward trend. The futures market may continue to be weak in the short - term. The strategy is to short the near - month contract and conduct reverse arbitrage, while being aware of high - position risks [20][21]. 3. Summary by Category Protein Meal - **Market Information**: On Wednesday, US soybeans declined slightly. Argentina temporarily cancelled export tax, which is negative for international soybean prices. Domestic soybean meal spot prices dropped slightly by about 10 yuan/ton, with good trading volume and high pick - up volume. Last week, domestic port soybean inventory decreased by 700,000 tons, and soybean meal inventory increased by 90,000 tons. This week, the expected soybean crushing volume is 2.39 million tons. The total scale of about $7 billion for soybeans, corn, and wheat corresponds to nearly 7 - 8 million tons of soybean products (converted to soybeans). Argentina's November soybean premium is about 100 cents per bushel lower than Brazil's [3]. - **Strategy**: In the short - term, the domestic supply pressure is large, and the cancellation of Argentina's export tax drives soybean meal prices down. In the medium - term, the global soybean supply is loose, but due to low US soybean valuation and uncertainties in South American planting and weather, the market will fluctuate within a range [5]. Oils - **Market Information**: From September 1 - 10, 2025, Malaysia's palm oil exports decreased by 1.2% - 8.43%, and production decreased by 3.17% compared with the same period last month. In July, Indonesia's palm oil exports decreased, production increased, inventory increased, and domestic consumption decreased. On Wednesday, domestic three major oils rebounded. The recent decline in oils was due to weak Malaysian palm oil exports and short - term price cuts in Argentina [7]. - **Strategy**: Supported by factors such as low inventory in India and Southeast Asian producing areas and the draft US biodiesel policy, oils are expected to be volatile and bullish in the medium - term. Currently, with high valuation, the strategy is to buy on dips [9]. Sugar - **Market Information**: On Wednesday, the Zhengzhou sugar futures price rebounded. The closing price of the January contract was 5,497 yuan/ton, up 53 yuan/ton or 0.97% from the previous trading day. Spot prices in various regions remained unchanged. StoneX predicted that Brazil's central - southern region's sugar production in the 2026/27 season will reach 42.1 million tons, a year - on - year increase of 5.7% [11]. - **Strategy**: Affected by high import volume and increased production in Brazil, the overall trend of sugar prices is bearish. Technically, it is recommended to wait and see before the National Day holiday [12]. Cotton - **Market Information**: On Wednesday, the Zhengzhou cotton futures price fluctuated. The closing price of the January contract was 13,555 yuan/ton, up 15 yuan/ton or 0.11% from the previous trading day. As of September 19, the spinning mill's operating rate was 66.6%, and the weaving mill's operating rate was 37.9%. As of September 21, the US cotton good - to - excellent rate was 47% [14]. - **Strategy**: Although it is the consumption peak season, the downstream operating rate growth is weak, and there is an expectation of increased production in the far - month. Short - term prices are bearish, but low inventory and low prices may provide support, so short - term waiting and seeing is recommended [15]. Eggs - **Market Information**: Yesterday, the national egg price was mainly stable, with a few rising or falling. The average price in the main producing areas remained at 3.62 yuan/jin. Supply was stable, and downstream procurement enthusiasm weakened, with general sales. Today's egg price may be stable or decline [17]. - **Strategy**: The spot price is expected to decline. The near - month futures contract is weak, while the far - month contract is relatively strong. It is recommended to wait and see in the short - term and focus on buying the far - month contract after a decline [18]. Pigs - **Market Information**: Yesterday, domestic pig prices showed a mixed trend. The average price in Henan dropped by 0.1 yuan to 12.78 yuan/kg. With sufficient supply of standard pigs and approaching the double - festival holiday, downstream stocking enthusiasm may gradually increase. Today's pig price may be stable or decline [20]. - **Strategy**: The current spot price shows a slight accelerating downward trend. The futures market may continue to be weak in the short - term. The strategy is to short the near - month contract and conduct reverse arbitrage, while being aware of high - position risks [21].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views 2.1. Oils and Fats - Palm oil: The fundamentals are generally bullish, with limited inventory growth at the end of August and potential export growth in September. Malaysian crude palm oil futures may rise, and domestic palm oil futures may also strengthen, potentially breaking new highs if they effectively break through and hold above 9,500 yuan [1]. - Soybean oil: In the US, reduced industrial usage has less of a drag on the market, but weak demand prevents price increases. Domestically, soybean supply is sufficient, and with the postponement of Mid - Autumn Festival备货, soybean oil basis quotes will have limited fluctuations [1]. 2.2. Corn and Corn Starch - Corn is in the new - old crop transition period. The old - crop inventory is tight but trading is inactive. The market expects a new - crop increase and lower planting costs. As the new - crop harvest approaches, supply will increase, pressuring prices. Demand from deep - processing and feed enterprises is weak. The short - term market will be volatile, and the medium - term trend is bearish [2]. 2.3. Pork - The supply of pigs for slaughter has recovered, causing the spot price to decline again. The supply - demand contradiction is not severe, and the price has limited room to fall further. Demand is slowly rising, but it's uncertain if it can absorb the supply. There may be a wave of concentrated slaughter before the double festivals. Short - term supply pressure is limited, and investors are advised to operate cautiously, paying attention to support levels at 13,500 for the November contract and 13,800 for the January contract [5]. 2.4. Meal - The US soybean market is bearish due to high yield expectations, high excellent - good rates, and falling crude oil prices. Brazil's soybean prices have support. In China, concerns about future supply have eased, and spot supply is loose. However, cost support is strong, and the decline in domestic meal prices is limited. In the fourth quarter, soybean supply will not be abundant, and cost support for meal is expected to remain strong. Investors can go long after the market stabilizes [8]. 2.5. Sugar - The expected increase in supply makes it difficult for raw sugar to rise, but there is a risk of a downward revision in Brazil's sugar production, which provides some support. Raw sugar is expected to trade in the 15 - 17 cents per pound range in the short term. The spot market's trading has slowed, and sugar prices are expected to trade in a narrow range between 5,500 - 5,700 yuan for the January contract [11]. 2.6. Cotton - The situation of new - cotton procurement is yet to be verified. Before the new - cotton harvest, inventory is relatively tight. Demand has improved marginally since August, but the downstream market has not improved significantly. The market is watching for seasonal orders in September, which will support cotton prices. Cotton prices are expected to remain in a high - level range of 13,500 - 14,500 yuan per ton [12]. 2.7. Eggs - In September, the number of newly - laid hens may decrease slightly compared to August. Demand is supported by the Mid - Autumn Festival at the beginning of September but will weaken as the festival approaches and fall rapidly after the festival. Egg prices may rebound in early September, but the upside is limited, and a bearish outlook is maintained [18]. 3. Summary by Related Catalogs 3.1. Oils and Fats - **Soybean oil**: The spot price in Jiangsu on September 3 was 8,640 yuan, up 70 yuan (0.82%) from the previous day. The futures price of Y2601 was 8,454 yuan, up 32 yuan (0.38%). The basis was 186 yuan, up 38 yuan (25.68%). The warehouse receipt decreased by 700 to 15,060 [1]. - **Palm oil**: The spot price in Guangdong on September 3 was 9,400 yuan, up 70 yuan (0.75%). The futures price of P2601 was 9,346 yuan, down 34 yuan (- 0.36%). The basis was 54 yuan, up 104 yuan (208.00%). The import cost was 9,701.1 yuan, up 4.4 yuan (0.05%), and the import profit was - 355 yuan, down 38 yuan (- 12.13%) [1]. - **Rapeseed oil**: The spot price in Jiangsu on September 3 was 9,870 yuan, up 40 yuan (0.41%). The futures price of OI601 was 9,900 yuan, down 50 yuan (- 0.50%). The basis was - 30 yuan, up 90 yuan (75.00%) [1]. 3.2. Corn and Corn Starch - **Corn**: On September 3, the price of the 2511 contract was 2,193 yuan, down 7 yuan (- 0.32%). The Jinzhou Port FOB price was 2,290 yuan, up 10 yuan (0.44%). The basis was 97 yuan, up 17 yuan (21.25%). The 11 - 3 spread was - 2 yuan, down 4 yuan (- 200.00%) [2]. - **Corn starch**: The price of the 2511 contract was 2,487 yuan, down 18 yuan (- 0.72%). The Changchun spot price was 2,660 yuan, unchanged. The basis was 173 yuan, up 18 yuan (11.61%) [2]. 3.3. Pork - **Futures**: On September 3, the price of the 2511 contract was 13,550 yuan, down 45 yuan (- 0.33%); the 2601 contract was 13,915 yuan, up 55 yuan (0.40%). The 11 - 1 spread was - 365 yuan, down 100 yuan (- 37.74%) [5]. - **Spot**: The Henan price was 14,090 yuan, down 60 yuan; the Shandong price was 13,970 yuan, down 130 yuan; the Sichuan price was 13,800 yuan, unchanged; the Liaoning price was 13,590 yuan, down 60 yuan; the Guangdong price was 15,890 yuan, unchanged; the Hunan price was 13,790 yuan, down 70 yuan; the Hebei price was 13,830 yuan, down 170 yuan [5]. 3.4. Meal - **Soybean meal**: The spot price in Jiangsu was 3,050 yuan, unchanged. The futures price of M2601 was 3,066 yuan, up 16 yuan (0.52%). The basis was - 16 yuan, down 16 yuan. The import profit for US Gulf shipments was 20 yuan, and for Brazilian October shipments, it was 52 yuan, up 14 yuan (36.8%) [8]. - **Rapeseed meal**: The spot price in Jiangsu was 2,600 yuan, unchanged. The futures price of RM2601 was 2,521 yuan, up 21 yuan (0.84%). The basis was 79 yuan, down 21 yuan (- 21.00%). The import profit for Canadian November shipments was 733 yuan, down 46 yuan (- 5.91%) [8]. 3.5. Sugar - **Futures**: On September 3, the price of the 2601 contract was 5,562 yuan, down 37 yuan (- 0.66%); the 2605 contract was 5,532 yuan, down 28 yuan (- 0.50%). The ICE raw sugar主力 was 16.05 cents per pound, down 0.09 cents (- 0.56%) [11]. - **Spot**: The Guigang price was 5,900 yuan, unchanged; the Kunming price was 5,850 yuan, unchanged. The Nanning basis was 368 yuan, up 28 yuan (8.24%) [11]. 3.6. Cotton - **Futures**: On September 3, the price of the 2605 contract was 13,950 yuan, down 45 yuan (- 0.32%); the 2601 contract was 13,990 yuan, down 55 yuan (- 0.39%). The ICE US cotton主力 was 66.23 cents per pound, up 0.18 cents (0.27%) [12]. - **Spot**: The Xinjiang arrival price of 3128B was 15,373 yuan, up 49 yuan (0.32%); the CC Index of 3128B was 15,465 yuan, up 53 yuan (0.34%) [12]. 3.7. Eggs - **Futures**: On September 3, the price of the 11 - contract was 3,090 yuan, up 55 yuan (1.81%); the 10 - contract was 3,011 yuan, up 52 yuan (1.76%) [14]. - **Spot**: The egg - producing area price was 3.22 yuan per jin, up 0.01 yuan (0.28%) [14].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Palm oil: Follow macro trends and undergo a corrective adjustment [2][4] - Soybean oil: Lack of driving force from US soybeans, undergo a corrective adjustment [2][4] - Soybean meal: Overnight US soybeans closed lower, Dalian soybean meal adjusted and fluctuated [2][10] - Soybean: Weak atmosphere in the soybean sector, adjusted and fluctuated [2][10] - Corn: Run weakly [2][15] - Sugar: The import volume in July increased significantly year-on-year [2][18] - Cotton: Pay attention to the listing situation of new cotton [2][23] - Eggs: Weak long - term expectations [2][29] - Live pigs: Wait for the spot market verification at the end of the month [2][31] - Peanuts: Pay attention to the situation of new peanuts [2][37] Summary by Related Catalogs Palm Oil and Soybean Oil - **Fundamental Data**: Palm oil futures had a daily - session closing price increase of 0.57% and a night - session decrease of 1.06%. Soybean oil futures had a daily - session closing price increase of 0.07% and a night - session decrease of 1.99%. The Malaysian Palm Oil Council expects palm oil prices to stay above 4300 ringgit [4][5]. - **Trend Intensity**: The trend intensity of palm oil and soybean oil is - 1 [9]. Soybean Meal and Soybean - **Fundamental Data**: DCE soybean meal 2601 had a daily - session closing price increase of 0.44% and a night - session decrease of 1.04%. DCE soybean 2511 had a daily - session closing price decrease of 0.25% and a night - session decrease of 0.81%. CBOT soybeans 11 closed down 0.70% [10]. - **Macro and Industry News**: On August 19, CBOT soybean futures closed lower due to good soybean yield potential and long - position profit - taking. Private exporters reported selling 228,606 tons of US soybeans to Mexico for 2025/26 delivery [12]. - **Trend Intensity**: The trend intensity of soybean meal and soybean is 0 [12]. Corn - **Fundamental Data**: C2509 had a daily - session closing price decrease of 1.10% and a night - session decrease of 0.27%. C2511 had a daily - session closing price decrease of 0.60% and a night - session decrease of 0.23%. The northern corn collection port price decreased by 20 yuan/ton, and the Guangdong Shekou price decreased by 10 - 20 yuan/ton [13][14]. - **Trend Intensity**: The trend intensity of corn is 0 [16]. Sugar - **Fundamental Data**: The raw sugar price was 16.3 cents/pound, the mainstream spot price was 5990 yuan/ton, and the futures main - contract price was 5661 yuan/ton. China imported 740,000 tons of sugar in July, an increase of 320,000 tons [18]. - **Trend Intensity**: The trend intensity of sugar is 0 [21]. Cotton - **Fundamental Data**: CF2601 had a daily - session closing price decrease of 0.18% and a flat night - session. ICE cotton 12 closed down 0.46%. Cotton spot trading was average, and the cotton yarn market showed a slight recovery [23][24]. - **Trend Intensity**: The trend intensity of cotton is 0 [27]. Eggs - **Fundamental Data**: Egg 2509 closed down 4.27%, and Egg 2601 closed down 1.64%. The 9 - 1 spread was - 485, a decrease from the previous day [29]. - **Trend Intensity**: The trend intensity of eggs is 0 [29]. Live Pigs - **Fundamental Data**: The Henan spot price was 13,880 yuan/ton, and the futures prices of different contracts increased year - on - year. The trading volume and open interest of most contracts decreased [33]. - **Market Logic**: The planned slaughter volume of group farms increased in August, demand growth was limited, and the market pressure was high. The short - term support level of LH2509 is 13,000 yuan/ton, and the pressure level is 14,500 yuan/ton [35]. - **Trend Intensity**: The trend intensity of live pigs is - 1 [34]. Peanuts - **Fundamental Data**: PK510 had a daily - session closing price decrease of 0.02%, and PK511 had a decrease of 0.38%. New peanuts in some areas are gradually being listed, with limited supply [37][38]. - **Trend Intensity**: The trend intensity of peanuts is 0 [39].

1. Report Industry Investment Ratings - **Beans and Meals**: - **Soybean Meal**: Big - range oscillation ★ [1] - **Rapeseed Meal**: Big - range oscillation ★ [1] - **Oils**: - **Palm Oil**: Short - term consolidation ★ [1] - **Agricultural Products**: - **Cotton**: Cautiously bullish ★ [1] - **Jujube**: Cautiously bullish ★ [1] - **Pork**: Cautiously bullish ★★ [1] 2. Core Views of the Report - **Soybean Meal**: Under the intertwined effects of weak fundamentals and the cost support of China - US trade tariffs, it shows a big - range oscillation. This week, there was a reduction in soybean meal inventory, and the环比 decline of the good - quality rate of US soybeans was bullish. However, there is a risk of a环比 increase in the per - unit yield of US soybeans in the August USDA report next week, so the market is cautious about going long. Pay attention to the USDA monthly supply - demand report [1][4]. - **Rapeseed Meal**: Amid the intertwined long and short factors, it presents a big - range market. The recovery of global rapeseed production year - on - year, but there is a risk of a reduction in the per - unit yield of Canadian rapeseed in the new year. The reduction of rapeseed imports from August to October, the 100% import tariff on Canadian rapeseed meal, and the strength of old - crop Canadian rapeseed support the price. However, the improvement of the import profit of Canadian rapeseed exerts pressure. Pay attention to the planting weather of Canadian rapeseed and the estimated per - unit yield data this month [1][7]. - **Palm Oil**: The biodiesel policies of Indonesia and Malaysia are bullish for the consumption expectation of the palm oil market, and there is purchasing demand from China and India. The fundamental outlook is bullish, and the idea is to go long on dips. There is a possibility of inventory accumulation of Malaysian palm oil in July, which may suppress short - term prices. Pay attention to the final data around the 10th of this month [1][10]. - **Cotton**: The soil moisture in the main cotton - producing areas of the US continues to deteriorate slightly, and the improvement expectation of exports is limited. It is expected to be weak after a short - term rebound. In China, the actual sown area and per - unit yield of new cotton increase simultaneously, pushing up the guaranteed output. The commercial inventory is still being depleted rapidly, and the replenishment of downstream finished products slows down, providing short - term support. Downstream is gradually entering the stocking market, and the orders of textile enterprises have a slight rebound. It is advisable to be cautiously long on dips in the short term [1][14]. - **Jujube**: There are still differences in the market regarding the reduction range of production. At present, it is still doubtful whether there will be an over - expected reduction in production, and there is still speculation risk. The high - inventory pressure restricts the rebound height before the final production is determined. It is advisable to cautiously try long this week [1][17]. - **Pork**: The previous selling of second - fattened pigs and the acceleration of the short - term slaughter rhythm pushed down the pig price. However, considering the recovery of the price difference between standard and fat pigs, it still drives some second - fattening speculation. The near - month contracts are weak but have certain support. The medium - and long - term production capacity remains at a high level, and the gradual reduction of production capacity by leading enterprises is expected to boost the far - month contracts. It is advisable to pay attention to the reverse - spread strategy and the opportunity to establish long positions on dips [1][21]. 3. Summaries According to Related Catalogs 3.1 Soybean Meal - **Inventory Data**: As of August 1, 2025, the national port soybean inventory was 823.7 million tons, a环比 increase of 15.20 million tons; 125 oil - mill soybean inventories were 655.59 million tons, a环比 increase of 10.00 million tons, and the soybean meal inventory was 104.16 million tons, a环比 decrease of 0.15 million tons. The physical inventory days of domestic feed enterprises' soybean meal were 8.05 days, a环比 decrease of 0.14 days [3]. - **Market Transactions**: On August 5, the far - month basis trading volume soared, reaching a new high in nearly three years, mainly concentrated in the 10 - 1, 11 - 1, and 11 - 12 contracts [3]. 3.2 Rapeseed Meal - **Inventory Data**: As of August 1, the coastal main oil - mill rapeseed inventory was 11.6 million tons, a环比 decrease of 2.1 million tons; the rapeseed meal inventory was 2.7 million tons, a环比 increase of 0.8 million tons. The total rapeseed meal inventory in major regions across the country was 62.88 million tons, a环比 decrease of 3.66 million tons [7]. - **Market Situation**: Although June - August is the peak season for aquaculture, the substitution effect of soybean meal is enhanced, squeezing the market share of rapeseed meal. The reduction of rapeseed imports from August to October and the 100% import tariff on Canadian rapeseed meal support the price, but the improvement of the import profit of Canadian rapeseed exerts pressure [7]. 3.3 Palm Oil - **Inventory Data**: As of August 1, 2025, the national key - area commercial inventory of palm oil was 58.22 million tons, a环比 decrease of 3.33 million tons [9]. - **Production Data**: In July 2025, the palm oil production in Malaysia increased by 9.01% month - on - month to 1.84 billion tons. From August 1 - 5, 2025, the per - unit yield of fresh fruit bunches in Malaysia decreased by 19.32% compared with the same period last month, and the palm oil production decreased by 17.27% month - on - month [9]. 3.4 Cotton - **International Situation**: The good - quality rate of US cotton this week remained at 55%, 10% higher than the same period. The non - drought rate in the US cotton - growing areas has gradually decreased to 80%. The newly sown area of cotton in India increased by 7% year - on - year, and the sowing progress was 24%, 2% higher than the same period. The new cotton harvest progress in Brazil has reached 16.7% [12]. - **Domestic Situation**: In China, the per - unit yield of new cotton is expected to increase by 2.5% year - on - year, and the output is expected to reach 7.4 billion tons or more. The commercial inventory has decreased to 215.71 million tons, 17.43 million tons lower than the same period. The orders of textile enterprises have a slight rebound, and the gold - nine - silver - ten stocking has gradually started [13]. 3.5 Jujube - **Production Expectation**: The new - season jujube is in the critical fruit - setting period. Some institutions estimate that the new - season production will decrease by 5 - 10% compared with 2022 and 20 - 25% compared with 2024, but other institutions give a conclusion of a 35 - 40% reduction, so the production expectation should be treated with caution [16]. - **Inventory Situation**: The physical inventory of 36 sample points this week was 9784 tons, a环比 decrease of 255 tons, higher than the same period by 4379 tons, and the depletion speed has significantly accelerated compared with the previous four weeks [16]. 3.6 Pork - **Supply Situation**: In the short term, the planned slaughter volume of Steel Union sample enterprises in August is 13.2257 billion heads, a环比 increase of 5.26%. The proportion of large - pig slaughter remains high, and the enthusiasm for second - fattening is also high. In the medium term, the number of newly born piglets from January to June 2025 continued to increase, and it is expected that the slaughter volume in the second half of the year will still have room for growth [20]. - **Demand Situation**: It is currently the off - season for consumption, and the demand in scenarios such as schools has a phased weakening [20].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - For corn, in the short - term, the current price has strong support as the port corn inventory continues to decline under the tight balance sheet of the old - crop season. In the long - term, if the import profit space persists, it may increase forward import orders, and the new - crop supply may put downward pressure on prices due to lower planting costs [3]. - For starch, in the short - term, it is expected to have a weak rebound as the price follows raw material fluctuations and has strong support after a correction. In the long - term, high inventory and lower expected raw material costs lead to a bearish outlook [3]. - For sugar, the international sugar price is under pressure due to Brazil's peak crushing season, but there may be a corrective rebound due to uncertain production. The domestic sugar price follows the international trend, and the upcoming large - scale arrival of imported sugar creates upward pressure on the futures price [6]. - For cotton, with the weakening of the commodity atmosphere, the 09 contract has a strong reverse - spread market. It's advisable to reduce positions and take profits. The future depends on the recovery of downstream demand [7]. - For eggs, the price rebounded in July due to supply - demand resonance, then corrected. It is expected to rise again in mid - August due to increased demand, but high inventory may limit the rebound height [10]. - For apples, the new - crop yield may not differ much from last year. Consumption is in the off - season, with low inventory and slow de - stocking. The price is currently stable [13]. - For pigs, long - term supply pressure remains due to insufficient capacity reduction. The futures market is affected by sentiment and awaits spot verification. The short - term spot market is in a weak and volatile state [13]. 3. Summary by Commodity Corn/Starch - **Price Data**: From July 30 to August 5, the price in Changchun remained at 2230, while in Jinzhou it decreased by 20, in Weifang it increased by 10, and in Shekou it decreased by 10. The starch price in Heilongjiang and Weifang remained at 2900 and 2980 respectively [2]. - **Analysis**: Imported corn auctions aim to ease supply shortages without suppressing prices. The impact on supply is limited. In the short - term, the price is supported by tight supply, and in the long - term, new - crop supply may be a negative factor. Starch prices are divided, with high inventory and a bearish long - term outlook [3]. Sugar - **Price Data**: From July 30 to August 5, the prices in Liuzhou and Nanning remained stable, while in Kunming there was no change. The basis increased by 21, and the import profit from Thailand and Brazil increased by 44. The number of warehouse receipts decreased by 113 [6]. - **Analysis**: International sugar prices are under pressure from Brazil's supply, but there may be a rebound. Domestic prices follow the international trend, and the arrival of imported sugar creates pressure on the futures price [6]. Cotton/Cotton Yarn - **Price Data**: From July 30 to August 5, the price of 3128 cotton increased by 15, and the number of warehouse receipts + forecasts decreased by 121. The price of Vietnamese yarn decreased by 20, and the 32S spinning profit decreased by 36 [7]. - **Analysis**: The 09 cotton contract had a strong reverse - spread market. It's time to reduce positions, and the future depends on downstream demand [7]. Eggs - **Price Data**: From July 30 to August 5, the prices in Hebei, Liaoning, Shandong, and Henan remained stable, while in Hubei it decreased by 0.15. The basis increased by 184 [9]. - **Analysis**: Egg prices rebounded in July and then corrected. They are expected to rise again in mid - August, but high inventory may limit the increase [10]. Apples - **Price Data**: From July 30 to August 5, the price of Shandong 80 first - and second - grade apples remained at 7800. The national inventory decreased by 46, Shandong inventory decreased by 17, and Shaanxi inventory decreased by 33 [12][13]. - **Analysis**: The new - crop yield may be similar to last year. Consumption is in the off - season, with low inventory and slow de - stocking. The price is currently stable [13]. Pigs - **Price Data**: From July 30 to August 5, the price in Henan Kaifeng increased by 0.05, in Anhui Hefei increased by 0.10, and the basis increased by 105 [13]. - **Analysis**: Long - term supply pressure remains. The futures market awaits spot verification, and the short - term spot market is weak and volatile [13].

Report Industry Investment Ratings - No information provided in the given documents. Core Views of the Reports Palm Oil, Soybean Oil, and Rapeseed Oil - Malaysian BMD crude palm oil futures may strengthen slowly after oscillating in the 4300 - 4350 ringgit range, but may weaken after the end of the rebound. Domestic palm oil futures maintain a near - strong and far - weak pattern, and attention should be paid to whether it can stand above 9000 yuan. The US soybean oil industry's increased consumption and the expected stocking for the Indian Festival boost the palm oil and vegetable oil prices. In the short term, CBOT soybean oil may rise again. In the domestic market, the oil mills' urging for delivery may affect the spot basis quotes, but the traders' procurement cost supports the basis [1]. Sugar - Brazil's sugar production in the second half of June was lower than expected. If the sugar - to - ethanol ratio is adjusted downward, Brazil's output may not meet expectations. The short - term bottom of raw sugar prices may appear, but the overall trend is bearish. The domestic sugar market is expected to be marginally loose in supply and demand, and a bearish view is maintained after a rebound [4]. Corn - The import auction has limited impact. The supply of corn is tight, and traders are reluctant to sell. The transportation is affected by heavy rainfall, and the demand from deep - processing and feed enterprises is weak. Wheat has a substitution advantage, but the corn price decline is limited. In the medium term, the tight supply and low imports support the corn price. In the short term, the market is quiet, and the price fluctuates narrowly [7]. Meal - The US soybeans are at the bottom, and the Brazilian soybeans are firm. The domestic soybean and soybean meal inventories are rising, and the basis is low. The supply will remain high in the short term, but the continuity of soybean arrivals after October is uncertain. The market sentiment is suppressed, and it is recommended to wait and see [10]. Cotton - The downstream demand of the cotton industry is still weak, but the downstream prices are following the rise of cotton prices. The shipment of old cotton after the price increase brings some pressure, but the tight inventory problem cannot be solved before the new cotton is on the market. In the short term, the domestic cotton price may oscillate at a high level, and it will be under pressure after the new cotton is on the market [12]. Pork - The current supply and demand of the pig market are weak. The short - term pig price is not optimistic, and the spot price will maintain a bottom - oscillating pattern. The upside of the near - month contract is limited. The far - month contract is affected by policies, and short - selling is not recommended, but the impact of hedging funds should be noted [15]. Eggs - The supply of eggs is sufficient, but the high - temperature weather affects the egg production. The demand in the peak season is starting, and the prices are expected to rise slightly and then stabilize [19]. Summaries According to Related Catalogs Futures Market Conditions Palm Oil - The spot price of Jiangsu first - grade palm oil was 8360 yuan on July 24, up 0.60% from the previous day. The futures price of Y2509 was 8166 yuan, up 1.14%. The basis was 194 yuan, down 42 yuan [1]. Soybean Oil - The spot price of Guangdong 24 - degree soybean oil was 9050 yuan on July 24, up 0.56%. The futures price of P2509 was 8994 yuan, up 1.22%. The basis was - 54 yuan, down 60 yuan [1]. Rapeseed Oil - The spot price of Jiangsu fourth - grade rapeseed oil was 9570 yuan on July 24, up 0.21%. The futures price of OI509 was 9492 yuan, up 0.38%. The basis was 78 yuan, down 16 yuan [1]. Sugar - The futures price of SR2601 was 2668 yuan/ton on July 24, up 0.21%. The futures price of SR2509 was 5866 yuan/ton, up 0.55%. The ICE raw sugar main contract was 16.57 cents/pound, up 1.84% [3]. Corn - The futures price of C2509 was 2318 yuan on July 24, down 0.13%. The basis was 42 yuan, up 3 yuan. The 9 - 1 spread was 80 yuan, up 6 yuan [7]. Corn Starch - The futures price of CS2509 was 2669 yuan on July 24, down 0.22%. The basis was 11 yuan, up 6 yuan. The 9 - 1 spread was 57 yuan, up 8 yuan [7]. Cotton - The futures price of CF2509 was 14160 yuan/ton on July 24, down 0.14%. The futures price of CF2601 was 14065 yuan/ton, unchanged. The ICE US cotton main contract was 68.74 cents/pound, up 0.66% [12]. Eggs - The futures price of JD09 was 3636 yuan/500KG on July 24, down 0.03%. The futures price of JD08 was 3562 yuan/500KG, down 1.41%. The basis was - 299 yuan/500KG, up 1.97% [18]. Spot Market Conditions Sugar - The spot price in Nanning was 6050 yuan/ton, unchanged. The spot price in Kunming was 5910 yuan/ton, up 0.51%. The price difference between imported Brazilian sugar (in - quota) and Nanning's price was - 1590 yuan, down 1.40% [3]. Corn - The FOB price at Jinzhou Port was 2360 yuan/ton, unchanged. The FOB price at Shekou was 2430 yuan/ton, unchanged [7]. Cotton - The Xinjiang arrival price of 3128B cotton was 15431 yuan/ton, up 0.13%. The CC Index of 3128B was 15563 yuan/ton, up 0.13% [12]. Eggs - The egg price in the producing area was 3.34 yuan/jin, up 0.15% [18]. Industry Conditions Sugar - The cumulative national sugar production was 1116.21 million tons, up 12.03%. The cumulative national sugar sales were 811.38 million tons, up 23.07%. The cumulative sugar production in Guangxi was 646.50 million tons, up 4.59% [3]. Cotton - The commercial inventory was 254.24 million tons, down 10.2%. The industrial inventory was 88.21 million tons, down 2.3%. The import volume was 3.00 million tons, down 25.0% [12]. Eggs - The price of egg - laying chicken chicks was 3.88 yuan/feather, down 0.51%. The price of culled chickens was 4.80 yuan/jin, up 4.35%. The egg - to - feed ratio was 2.25, up 6.64% [18].

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The agricultural products sector shows a mixed performance. Soybean meal rebounds from a low level, but the upward space is limited. Oils and fats fluctuate, with palm oil under pressure. Live pigs fall, sugar continues to rise, and other products also have different market trends [1]. 3. Summary by Related Catalogs 3.1 Agricultural Products Sector Overview - Soybean meal rebounds from a low level due to short - covering before the USDA report, but the supply is abundant and the price is still under pressure. Oils and fats fluctuate, with palm oil affected by production growth and export slowdown. Live pigs decline due to weak demand. Sugar continues to rise supported by external market rebound and domestic consumption season [1]. 3.2 Variety Strategy Tracking 3.2.1 Soybean Meal - The 2509 contract rebounds from a low level as shorts cover before the USDA report. However, the domestic supply is abundant, and the futures price is still under pressure. Technically, it is weak, and a light - short position strategy is recommended, with support at 2942 and resistance at 2974 [2]. 3.2.2 Soybean Oil - The 2509 contract first declines and then rises, waiting for the US soybean planting report. Domestic supply is relatively loose, and the futures price is under pressure. Technically, it turns weak, and a light - short position strategy is recommended, with support at 7920 and resistance at 8012 [3]. 3.2.3 Palm Oil - The 2509 contract first declines and then rises, reducing the decline. Affected by factors such as crude oil and palm oil production and exports, the price is under pressure. Technically, it is weak, and a light - short position strategy is recommended, with support at 8256 and resistance at 8380 [6]. 3.2.4 Cotton - The 2509 contract rises and then falls as long - profit taking occurs. Although Xinjiang's supply is tight, the textile market is in a off - season, limiting the price increase. Technically, it is still strong, and a light - long position strategy on dips is recommended, with support at 13695 and resistance at 13920 [7][9]. 3.2.5 Sugar - The 2509 contract continues to rise, supported by the external market rebound and domestic consumption season. The inventory is low, and the import pressure is controllable. Technically, it is strong, and a long - position strategy on dips is recommended, with support at 5780 [10]. 3.2.6 Live Pigs - The 2509 contract drops significantly from a high level due to high inventory and weak demand. Technically, it turns weak, and long - positions should be closed, with support at 13750 and resistance at 13970 [12]. 3.2.7 Eggs - The 2508 contract opens low and closes high, with the market speculating on the decline in summer egg - laying rate. However, the high inventory and cautious purchasing by traders limit the rebound space. Technically, short - positions should be closed, with support at 3500 and resistance at 3574 [14]. 3.2.8 Corn - The 2509 contract fluctuates narrowly due to the lack of market news. Supply is tight, but there are also factors suppressing the price. A short - term trading strategy is recommended, with support at 2370 and resistance at 2386 [17]. 3.2.9 Red Dates - The 2509 contract falls from a high level. High - temperature weather may reduce the yield, but it is the off - season, and the inventory increases slightly. Technically, there is a callback pressure, and long - positions should be reduced, with support at 9500 and resistance at 9700 [18][20]. 3.2.10 Apples - The 2510 contract fluctuates. The previous production reduction expectation fails, and the low inventory supports the price, but the consumption is affected by substitute fruits. A short - term trading strategy is recommended, with support at 7646 and resistance at 7780 [21].

Report Industry Investment Rating No relevant content provided. Core Views - Palm oil: There are still risks in the producing areas, and it is oscillating to find the bottom [2][6]. - Soybean oil: The driving force of the soybean system is weak, and it is oscillating within a range [2][6]. - Soybean meal: The U.S. soybeans were closed overnight, and the Dalian soybean meal is oscillating [2][15]. - Soybean: The futures price is oscillating weakly [2][15]. - Corn: It is oscillating [2][18]. - Sugar: It is oscillating in a narrow range [2][22]. - Cotton: The demand fails to meet expectations, and the cotton price has dropped slightly [2][27]. - Eggs: Wait for the verification of culling after the Dragon Boat Festival [2][32]. - Pigs: Passive inventory accumulation has formed, and a trend reverse spread strategy is adopted [2][34]. - Peanuts: Focus on the spot market [2][38]. Summary by Related Catalogs Palm Oil and Soybean Oil - **Fundamental Tracking**: The closing price of the palm oil main contract was 7,954 yuan/ton during the day session, down 0.65%, and 7,982 yuan/ton during the night session, up 0.35%. The closing price of the soybean oil main contract was 7,704 yuan/ton during the day session, down 0.90%, and 7,714 yuan/ton during the night session, up 0.13% [6]. - **Macro and Industry News**: From May 1 - 25, 2025, Malaysia's palm oil production increased by 0.73%. Exports from May 1 - 25 increased by 7.3% (AmSpec) and 34.71% (SGS) compared to the same period last month. Datagro expects Brazil's 2024/25 soybean production to reach 1.72 billion tons [7][9][10]. - **Trend Intensity**: The trend intensity of palm oil and soybean oil is 0 [13]. Soybean Meal and Soybean - **Fundamental Tracking**: The closing price of DCE soybean 2507 was 4,144 yuan/ton during the day session, down 1.22%, and 4,137 yuan/ton during the night session, down 0.53%. The closing price of DCE soybean meal 2509 was 2,950 yuan/ton during the day session, unchanged, and 2,956 yuan/ton during the night session, up 0.31% [15]. - **Macro and Industry News**: The U.S. market was closed on Monday due to a public holiday. Datagro raised Brazil's soybean production forecast to a record 1.72 billion tons [17]. - **Trend Intensity**: The trend intensity of soybean meal is 0, and that of soybean is -1 (only referring to the price fluctuation of the main contract during the day session on the reporting day) [17]. Corn - **Fundamental Tracking**: The closing price of C2507 was 2,318 yuan/ton during the day session, down 0.39%, and 2,322 yuan/ton during the night session, up 0.17%. The closing price of C2509 was 2,344 yuan/ton during the day session, down 0.34%, and 2,348 yuan/ton during the night session, up 0.17% [19]. - **Macro and Industry News**: The northern corn collection price was 2,260 - 2,280 yuan/ton (new crop listing), and the price in Guangdong Shekou was 2,370 - 2,390 yuan/ton [20]. - **Trend Intensity**: The trend intensity of corn is 0 [21]. Sugar - **Fundamental Tracking**: The raw sugar price was 17.31 cents/pound, down 0.07%. The mainstream spot price was 6,140 yuan/ton, down 10 yuan [22]. - **Macro and Industry News**: The U.S. dollar index fell below 100 again. Brazil's crushing progress slowed down year - on - year. The USDA expects the global sugar production to increase by 4.73% in the 25/26 season [22]. - **Trend Intensity**: The trend intensity of sugar is -1 [25]. Cotton - **Fundamental Tracking**: The closing price of CF2509 was 13,385 yuan/ton during the day session, down 0.19%, and 13,285 yuan/ton during the night session, down 0.75%. The closing price of CY2507 was 19,580 yuan/ton during the day session, down 0.36%, and 19,465 yuan/ton during the night session, down 0.59% [27]. - **Macro and Industry News**: The cotton spot trading was light, and the mainstream basis remained firm. The cotton yarn market was gradually weakening, and the confidence of spinning enterprises was low [28]. - **Trend Intensity**: The trend intensity of cotton is 0 [31]. Eggs - **Fundamental Tracking**: The closing price of egg 2507 was 2,943 yuan/500 kg, down 1.01%. The closing price of egg 2509 was 3,766 yuan/500 kg, up 0.11% [32]. - **Trend Intensity**: The trend intensity of eggs is 0 [32]. Pigs - **Fundamental Tracking**: The spot price in Henan was 14,450 yuan/ton, in Sichuan was 14,200 yuan/ton, and in Guangdong was 15,340 yuan/ton. The closing price of pig 2507 was 13,260 yuan/ton, and that of pig 2509 was 13,600 yuan/ton [34]. - **Market Logic**: Passive inventory accumulation occurred in mid - to - late May. If the second - fattening policy is fully implemented, it will drive slow inventory reduction. Long - term reverse spread strategies for 7 - 1, 9 - 1, and 11 - 1 can be laid out [36]. - **Trend Intensity**: The trend intensity of pigs is 0 [35]. Peanuts - **Fundamental Tracking**: The price of Liaoning 308 general peanuts was 8,900 yuan/ton, down 100 yuan. The closing price of PK510 was 8,252 yuan/ton, down 0.75%, and that of PK511 was 8,164 yuan/ton, down 0.75% [38]. - **Spot Market Focus**: In Henan, the price of Baisha general peanuts in Huangludian was about 4.6 yuan/jin, and in Kaifeng, the price of large peanut general peanuts was about 4.3 yuan/jin. The supply in most producing areas was low, and the price was stable [39]. - **Trend Intensity**: The trend intensity of peanuts is 0 [40].