Report on the Cotton Industry 1. Investment Rating No investment rating provided in the report. 2. Core View Short - term domestic cotton prices may fluctuate in a moderately strong range, while they will face pressure after the new cotton is listed in the long - term [1]. 3. Summary by Category Futures Market - Cotton 2509 price is 14,270 yuan/ton, up 0.14%; Cotton 2601 is 13,965 yuan/ton, up 0.04%; ICE US cotton main contract is 68.76 cents/pound, down 0.12% [1]. - Cotton 9 - 1 spread is 305 yuan/ton, up 5.17%; Main contract open interest is 580,773, down 1.16%; Warehouse receipts are 9,532, down 0.55%; Valid forecasts remain unchanged at 223 [1]. Spot Market - Xinjiang arrival price of 3128B cotton is 15,424 yuan/ton, up 0.71%; CC Index: 3128B is 15,508 yuan/ton, up 1.00%; FC Index: M: 1% is 13,815 yuan/ton, up 0.25% [1]. - 3128B - 01 contract spread is 1,154 yuan/ton, up 8.26%; 3128B - 05 contract spread is 1,459 yuan/ton, up 7.60%; CC Index: 3128B - FC Index: M: 1% spread is 1,693 yuan/ton, up 7.56% [1]. Industry Situation - Northern inventory is 282.98 tons, down 9.5%; Industrial inventory is 90.30 tons, down 2.9%; Import volume is 3.00 tons, down 25.0%; Bonded area inventory is 33.60 tons, down 8.9% [1]. - Textile industry inventory year - on - year is 1.90, down 48.6%; Yarn inventory days are 27.23 days, up 14.1%; Grey cloth inventory days are 36.61 days, up 3.2%; Cotton outbound shipping volume is 53.46 tons, up 22.6% [1]. - Spinning enterprise C32s immediate processing profit is - 2,318.80 yuan/ton, down 5.9%; Retail sales of clothing, footwear, hats and knitted textiles are 127.54 billion yuan, up 4.1% [1]. - Exports of textile yarns, fabrics and products are 12.048 billion US dollars, down 4.6%; Exports of clothing and clothing accessories are 15.267 billion US dollars, up 12.4% [1]. Report on the Sugar Industry 1. Investment Rating No investment rating provided in the report. 2. Core View In the short - term, the bottom of the raw sugar price may appear, but considering the production increase pattern, it should be treated with a bearish view. The domestic sugar market is expected to be bearish after a rebound [5]. 3. Summary by Category Futures Market - Sugar 2601 price is 5,656 yuan/ton, up 0.02%; Sugar 2509 is 5,826 yuan/ton, down 0.03%; ICE raw sugar main contract is 16.79 cents/pound, up 0.24% [4]. - Sugar 1 - 9 spread is - 170 yuan/ton, up 1.73%; Main contract open interest is 329,588, up 2.43%; Warehouse receipts are 21,477, down 1.74%; Valid forecasts are 0 [4]. Spot Market - Nanning price is 6,050 yuan/ton, unchanged; Kunming price is 5,905 yuan/ton, up 0.43% [4]. - Nanning county spread is 224 yuan/ton, up 0.90%; Kunming spread is 79 yuan/ton, up 51.92% [4]. - Imported Brazilian sugar (in - quota) is 4,476 yuan/ton, up 0.02%; Imported Brazilian sugar (out - quota) is 5,687 yuan/ton, up 0.04% [4]. Industry Situation - National cumulative sugar production is 11.1621 million tons, up 12.03%; National cumulative sugar sales are 8.1138 million tons, up 23.07% [4]. - Guangxi cumulative sugar production is 6.465 million tons, up 4.59%; Guangxi monthly sugar sales are 510,000 tons, down 3.26% [4]. - National cumulative sugar sales ratio is 72.59%, up 9.70%; Guangxi cumulative sugar sales ratio is 71.85%, up 8.11% [4]. - National industrial sugar inventory is 3.0483 million tons, down 9.56%; Guangxi industrial sugar inventory is 1.8197 million tons, down 12.23% [4]. Report on the Egg Industry 1. Investment Rating No investment rating provided in the report. 2. Core View This week, egg prices are expected to rise slightly and then stabilize, as demand is the dominant factor, but sufficient supply and high - temperature weather may suppress the price increase [8]. 3. Summary by Category Futures Market - Egg 09 contract price is 3,595 yuan/500KG, unchanged; Egg 08 contract is 3,520 yuan/500KG, up 1.68% [7]. - Basis is - 594 yuan/500KG, up 19.47%; 9 - 8 spread is 75 yuan/500KG, down 43.61% [7]. Spot Market - Egg producing area price is 3.00 yuan/jin, up 5.03% [7]. Industry Situation - Egg chick price is 3.88 yuan/feather, down 0.51%; Culled chicken price is 4.60 yuan/jin, up 4.35% [7]. - Egg - feed ratio is 2.11, down 3.65%; Breeding profit is - 41.50 yuan/feather, down 13.05% [7]. Report on the Oil Industry 1. Investment Rating No investment rating provided in the report. 2. Core View Palm oil is expected to continue to rise in a volatile manner. Short - term, soybean oil still has some room to rise, and the forward basis quote is supported [11]. 3. Summary by Category Futures Market - Soybean oil: Y2509 price is 8,160 yuan/ton, up 1.09%; Basis is 190 yuan/ton, down 12.84%; Warehouse receipts are 22,118, down 0.06% [11]. - Palm oil: P2509 price is 8,964 yuan/ton, up 1.91%; Basis is 6 yuan/ton, up 123.08%; Warehouse receipts are 854, unchanged [11]. - Rapeseed oil: O1509 price is 9,440 yuan/ton, up 1.55%; Basis is 74 yuan/ton, down 38.33%; Warehouse receipts are 3,487, down 2 [11]. Spread - Soybean oil inter - period spread (09 - 01) is 42 yuan/ton, unchanged; Palm oil inter - period spread (09 - 01) is 32 yuan/ton, up 60.00%; Rapeseed oil inter - period spread (09 - 01) is 77 yuan/ton, up 16.67% [11]. - Soybean - palm oil spread (spot) is - 620 yuan/ton, down 29.17%; Soybean - palm oil spread (2509) is - 804 yuan/ton, down 11.05% [11]. - Rapeseed - soybean oil spread (spot) is 1,310 yuan/ton, up 3.15%; Rapeseed - soybean oil spread (2509) is 1,426 yuan/ton, up 4.24% [11]. Report on the Meal Industry 1. Investment Rating No investment rating provided in the report. 2. Core View The short - term may have further upward space, and cautious and bullish operations are recommended [13]. 3. Summary by Category Futures Market - Soybean meal: M2509 price is 3,056 yuan/ton, up 0.89%; Basis is - 166 yuan/ton, up 1.78%; Warehouse receipts are 41,839, down 0.0% [13]. - Rapeseed meal: RM2509 price is 2,722 yuan/ton, up 0.11%; Basis is - 101 yuan/ton, up 7.34%; Warehouse receipts are 434, down 33.02% [13]. - Soybean: Bean 1 main contract price is 4,189 yuan/ton, down 0.26%; Basis is - 229 yuan/ton, up 4.58%; Warehouse receipts are 15,274, down 0.09% [13]. - Bean 2 main contract price is 3,726 yuan/ton, up 1.11%; Basis is - 66 yuan/ton, down 164.00% [13]. Spread - Soybean meal inter - period spread (09 - 01) is - 22 yuan/ton, up 12.00%; Rapeseed meal inter - period spread (09 - 01) is 328 yuan/ton, down 1.20% [13]. - Oil - meal ratio (spot) is 2.89, down 0.32%; Oil - meal ratio (main contract) is 2.67, up 0.20% [13]. - Soybean - rapeseed meal spread (spot) is 269 yuan/ton, up 7.60%; Soybean - rapeseed meal spread (2509) is 334 yuan/ton, up 7.74% [13]. Report on the Corn Industry 1. Investment Rating No investment rating provided in the report. 2. Core View In the short - term, the market's weak sentiment is released, and the futures price is slightly stronger but with limited space. Attention should be paid to policy auctions [15][16]. 3. Summary by Category Futures Market - Corn 2509 price is 2,314 yuan/ton, up 0.78%; Basis is 36 yuan/ton, down 18.18%; 9 - 1 spread is 70 yuan/ton, up 25.00% [15]. - Long - term position is 1,747,516, up 1.71%; Warehouse receipts are 178,283, down 3.62% [15]. Spot Market - Jinzhou Port FAS price is 2,350 yuan/ton, up 0.43%; Shekou bulk grain price is 2,430 yuan/ton, unchanged [15]. - North - south trade profit is - 1 yuan/ton, down 111.11%; Import profit is 440 yuan/ton, down 16.68% [15]. Industry Situation - Shandong deep - processing early - morning remaining vehicles are 288, up 80.00% [15]. Corn Starch - Corn starch 2509 price is 2,658 yuan/ton, up 0.45%; Basis is 22 yuan/ton, down 35.29%; 9 - 1 spread is 41 yuan/ton, up 13.89% [15]. - Starch - corn futures spread is 344 yuan/ton, down 1.71%; Shandong starch profit is - 141 yuan/ton, down 2.17% [15]. - Long - term position is 344,422, down 1.60%; Warehouse receipts are 12,334, down 5.80% [15]. Report on the Pig Industry 1. Investment Rating No investment rating provided in the report. 2. Core View The short - term sentiment is still strong, but the pressure above the 09 futures contract is continuously accumulating. Attention should be paid to the pressure above 14,500 [19]. 3. Summary by Category Futures Market - Main contract basis is 265, down 32.05%; Pig 2511 price is 13,635 yuan/ton, up 0.74%; Pig 2509 is 14,135 yuan/ton, up 0.53% [18]. - 9 - 11 spread is 500 yuan/ton, down 4.76%; Main contract open interest is 63,659, down 1.78%; Warehouse receipts are 284 [18]. Spot Market - Henan price is 14,400 yuan/ton, down 50.0; Shandong price is 14,500 yuan/ton, down 100.0; Sichuan price is 13,600 yuan/ton, down 100.0 [18]. - Liaoning price is 14,150 yuan/ton, down 100.0; Guangdong price is 15,540 yuan/ton, down 300.0; Hunan price is 13,960 yuan/ton, down 100.0; Hebei price is 14,400 yuan/ton, down 100.0 [18]. Industry Situation - Sample slaughter volume per day is 131,632 heads, down 0.73%; Weekly white - strip price is 20.84 yuan/kg, unchanged [18]. - Weekly piglet price is 26.00 yuan/kg, unchanged; Weekly sow price is 32.52 yuan/kg, unchanged [18]. - Weekly slaughter weight is 128.83 kg, down 0.16%; Weekly self - breeding profit is 91 yuan/head, down 32.11%; Weekly purchased - piglet breeding profit is - 19 yuan/head, down 159.05% [18]. - Monthly fertile sow inventory is 4,042 million heads, up 0.10% [18].

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views of the Reports Oil and Fat Industry - The overall trend of the oil and fat market is complex. The prices of soybean oil, palm oil, and rapeseed oil have shown different degrees of changes. The basis of palm oil has increased significantly, and the import profit of palm oil has also improved. The market is affected by multiple factors such as supply and demand, import costs, and cross - period spreads [1]. Corn Industry - In the short term, the corn market is supported by supply tightening and the wheat purchase policy, and the futures market is running strongly. In the long term, the supply is tight, imports and substitutes are decreasing, and the breeding consumption is increasing, which supports the upward movement of corn prices. However, the downstream deep - processing industry is in a continuous loss state, which restricts the replenishment enthusiasm [4]. Sugar Industry - The global sugar supply is tending to be loose, which puts pressure on raw sugar. The domestic sugar market follows the foreign market to weaken, but the high sales rate and low inventory in the domestic market support the price. Considering the future pressure of imported sugar arrival, the sugar price is expected to maintain a volatile and weak pattern [7]. Meal Industry - The Sino - US economic and trade talks have increased the support for US soybeans, but the overall planting progress of new crops is relatively fast, and there is still uncertainty about whether the expected reduction in production can be realized. The domestic soybean arrival volume, inventory, and soybean meal inventory are increasing rapidly, and the basis is continuously weak. However, the increase in US soybeans and the rebound in Brazilian premiums support the domestic soybean meal trend. It is expected that the soybean meal will continue to be volatile and strong, but investors should be cautious about chasing up [9]. Pig Industry - The spot price of live pigs maintains a volatile structure. The supply - demand situation has not improved significantly, and the demand is still weak due to the hot weather. Although there is still a certain profit in the breeding industry, the market capacity expansion is cautious, and the upward driving force is not strong. It is expected that the market will maintain a volatile structure [11]. Cotton Industry - The downstream of the cotton industry is weak, with the finished product inventory gradually rising and the start - up rate stable but decreasing. The cotton spot is better than the downstream, and there are still concerns about the tight inventory in the near - term spot period. However, the new cotton supply is expected to be good, and the output is expected to increase steadily. The Zhengzhou cotton futures still face some pressure, and the domestic cotton price is expected to fluctuate within a range in the short term [13]. Egg Industry - In June, the inventory of laying hens will reach the highest level in the past five years, increasing the egg supply pressure. The super - strong plum rain season this year further weakens the off - season demand. The contradiction between supply and demand in the egg market is expected to reach a peak in the past five years, and the egg price is expected to have weak rebound or continue to decline [14]. 3. Summaries According to Relevant Catalogs Oil and Fat Industry - **Soybean Oil**: The spot price in Jiangsu remained unchanged at 8140 yuan/ton, the futures price of Y2509 decreased by 2 yuan to 7434 yuan/ton, and the basis increased by 2 yuan to 706 yuan/ton [1]. - **Palm Oil**: The spot price in Guangdong remained at 8600 yuan/ton, the futures price of P2509 decreased by 38 yuan to 7998 yuan/ton, the basis increased by 38 yuan to 602 yuan/ton, the import cost decreased by 73.7 yuan to 8568.4 yuan/ton, and the import profit increased by 36 yuan to - 570 yuan [1]. - **Rapeseed Oil**: The spot price in Jiangsu increased by 30 yuan to 9400 yuan/ton, the futures price of O1509 decreased by 8 yuan to 8932 yuan/ton, and the basis increased by 38 yuan to 468 yuan/ton [1]. - **Spreads**: The soybean oil cross - period spread (09 - 01) decreased by 6 yuan to 60 yuan, the palm oil cross - period spread (09 - 01) decreased by 18 yuan to 36 yuan, and the rapeseed oil cross - period spread (09 - 01) increased by 1 yuan to 142 yuan [1]. Corn Industry - **Corn**: The futures price of corn 2507 increased by 22 yuan to 2379 yuan/ton, the basis increased by 8 yuan to 1, the 7 - 9 spread increased by 3 yuan to - 25 yuan, the import profit increased by 22 yuan to 524 yuan, and the position increased by 14834 lots to 1901515 lots [4]. - **Corn Starch**: The futures price of corn starch 2507 increased by 24 yuan to 2711 yuan/ton, the basis increased by 6 yuan to 9, the 7 - 9 spread increased by 7 yuan to - 64 yuan, and the spread between starch and corn increased by 2 yuan to 332 yuan [4]. Sugar Industry - **Futures Market**: The futures price of sugar 2601 decreased by 10 yuan to 5580 yuan/ton, the futures price of sugar 2509 decreased by 17 yuan to 5734 yuan/ton, and the 1 - 9 spread increased by 7 yuan to - 137 yuan [7]. - **Spot Market**: The spot price in Nanning and Kunming remained unchanged, the basis in Nanning increased by 17 yuan to 363 yuan, and the basis in Kunming increased by 17 yuan to 183 yuan [7]. - **Industry Situation**: The cumulative sugar production in the country increased by 11.63% to 1110.72 million tons, the cumulative sales volume increased by 26.07% to 574.65 million tons, and the industrial inventory decreased by 8.20% to 420.74 million tons [7]. Meal Industry - **Soybean Meal**: The spot price in Jiangsu decreased by 20 yuan to 2880 yuan/ton, the futures price of M2509 increased by 12 yuan to 3031 yuan/ton, the basis decreased by 32 yuan to - 151 yuan, and the cross - period spread (09 - 01) increased by 4 yuan to - 37 yuan [9]. - **Rapeseed Meal**: The spot price in Jiangsu remained unchanged at 2530 yuan/ton, the futures price of RM2509 increased by 15 yuan to 2629 yuan/ton, the basis decreased by 15 yuan to - 99 yuan, and the cross - period spread (09 - 01) increased by 10 yuan to 273 yuan [9]. - **Soybean**: The spot price of domestic soybeans in Harbin remained unchanged at 3960 yuan/ton, the futures price of the main soybean contract increased by 61 yuan to 4199 yuan/ton, the basis decreased by 61 yuan to - 239 yuan; the spot price of imported soybeans in Jiangsu remained unchanged at 3640 yuan/ton, the futures price of the main soybean contract increased by 10 yuan to 3640 yuan/ton, and the basis decreased by 10 yuan to 0 [9]. Pig Industry - **Futures Market**: The futures price of the main live pig contract increased by 50 yuan to 455 yuan/ton, the futures price of live pig 2507 increased by 155 yuan to 13225 yuan/ton, the futures price of live pig 2509 increased by 120 yuan to 13595 yuan/ton, and the 7 - 9 spread decreased by 35 yuan to 370 yuan [11]. - **Spot Market**: The spot prices in various regions such as Henan, Shandong, and Sichuan increased to varying degrees, the daily slaughter volume decreased by 1388 heads to 141441 heads, the self - breeding profit decreased by 1.8 yuan to 34 yuan/head, and the purchased - pig breeding profit decreased by 36.4 yuan to - 121 yuan/head [11]. Cotton Industry - **Futures Market**: The futures price of cotton 2509 increased by 25 yuan to 13520 yuan/ton, the futures price of cotton 2601 increased by 5 yuan to 13490 yuan/ton, the 9 - 1 spread increased by 20 yuan to 30 yuan, and the position increased by 96 lots to 538557 lots [13]. - **Spot Market**: The spot price of Xinjiang 3128B increased by 159 yuan to 14644 yuan/ton, the CC Index 3128B increased by 123 yuan to 14743 yuan/ton, and the basis between 3128B and the 01 contract increased by 134 yuan to 1124 yuan [13]. - **Industry Situation**: The commercial inventory decreased by 31.86 million tons to 383.40 million tons, the industrial inventory decreased by 2.52 million tons to 92.90 million tons, and the cotton outbound shipment volume increased by 9.86 million tons to 53.46 million tons [13]. Egg Industry - **Futures Market**: The futures price of egg 09 contract decreased by 19 yuan to 3655 yuan/500KG, the futures price of egg 07 contract decreased by 4 yuan to 2837 yuan/500KG, and the 9 - 7 spread decreased by 15 yuan to 837 yuan/500KG [14]. - **Spot Market**: The egg production area price decreased by 0.01 yuan to 2.77 yuan/jin, the egg - feed ratio decreased by 0.06 to 2.33, and the breeding profit decreased by 3.59 yuan to - 27.88 yuan/feather [14].

农产品日报 | 2025-05-22 近期市场资讯，苹果库内货源整体交易较前略放缓，主流行情以稳为主，农忙阶段包装不快，多以前期包装货源 发运为主。西部产区客商货源交易稳定，现货商拿货尚可，存货商有序发市场为主；山东产区低价货源找货相对 较多，价格略硬；好货行情维持稳定，客商按需采购。销区市场市场走货尚可，下游批发商维持按需拿货，中转 库基本无积压。陕西洛川产区目前库内70#起步果农统货4.2-4.5元/斤，70#起步半商品4.5-5.0元/斤，以质论价。 山 东栖霞产区果农三级2.5-3元/斤，果农80#以上统货3-3.5元/斤，80#一二级条纹4.0-4.5元/斤，80#一二级片红3.8-4.0 元/斤。 市场分析 昨日苹果期价收跌，农忙时节，冷库包装不快，走货整体有所放缓，另外时令水果上市中，对苹果市场消费需求 有所影响，后续持续关注新果坐果情况。上周起，随着气温升高，时令水果逐渐上市，苹果终端需求略有下降， 替代果品后期或对苹果销售形成挤压。客商按需补货为主，小单车拿货减少，性价比较高的货源走货尚可。价格 方面，上周周内主产区晚富士价格整体稳定，好货价格稳定，山东部分产区次果价格略有上涨。整体来看，目 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Fats and Oils Industry - Palm oil futures are under pressure to weaken further due to expected production growth and limited export increase. In the long - term, it maintains a bearish view. In China, it will test the support at 800 - 7900 yuan, then may rebound short - term and remain bearish long - term. - For soybean oil, CBOT soybean oil is dragged by reduced export and potential negative impact from US biodiesel policy. In China, factory inventory will increase, and the basis will gradually decline after short - term support [1]. Meal Industry - US soybeans are back in the trading range. Spring sowing progress is fast, and Brazilian supply pressure is still being realized. In China, supply is recovering, and the basis is under pressure. Attention should be paid to Sino - US trade negotiations [3]. Pig Industry - Pig spot prices are stable with little change in supply - demand. Fat - standard price difference is narrowing, and the market is expected to remain volatile. The 09 contract is below 14000, with limited upside and downside potential. Attention should be paid to the performance of second - fattening pigs [6][7]. Corn Industry - Corn prices are supported in the short - term, but the upside is limited by downstream losses. In the long - term, supply tightening and increased demand will support prices. It is recommended to go long on dips [9]. Sugar Industry - Brazilian new crushing season starts well, and the production prospects of Thailand and India are optimistic, limiting the upside of sugar prices. Short - term, raw sugar is expected to fluctuate between 17 - 20 cents/lb. Chinese sugar supply is loose, but strong sales and limited imports support prices [12]. Cotton Industry - The downstream of the cotton industry is gradually weakening, and the supply is abundant. Short - term, domestic cotton prices may fluctuate in a range. Attention should be paid to macro factors [14]. Egg Industry - The supply of eggs is generally sufficient, and the demand is average. The price is expected to decline slightly and then stabilize [16]. 3. Summary by Relevant Catalogs Fats and Oils Industry - **Prices and Spreads**: On May 8, soybean oil, palm oil, and rapeseed oil prices had different changes. For example, the price of Jiangsu first - grade soybean oil increased by 0.36%. There were also changes in spreads such as inter - month spreads and cross - commodity spreads [1]. Meal Industry - **Prices and Spreads**: Bean meal, rapeseed meal, and soybean prices had various changes. For example, the M2509 bean meal futures price decreased by 0.69%. There were also changes in spreads like inter - month spreads and cross - meal spreads [3]. Pig Industry - **Futures and Spot**: Futures prices of main contracts increased slightly, and spot prices in different regions had small changes. Some indicators such as slaughter volume and breeding profit also changed [6]. Corn Industry - **Futures and Spot**: Corn and corn starch futures prices increased slightly. Spot prices in some regions remained stable, and there were changes in basis, spreads, and other indicators [9]. Sugar Industry - **Futures and Spot**: Sugar futures prices increased slightly, and ICE raw sugar also rose. Spot prices in some regions were stable. Industry data showed an increase in production and sales, and a decrease in inventory [12]. Cotton Industry - **Futures and Spot**: Cotton futures prices increased slightly, and spot prices had small changes. Industry data showed a decrease in commercial inventory and import volume, and an increase in yarn and fabric inventory [14]. Egg Industry - **Prices and Spreads**: Egg futures prices had small changes, and the basis and spreads also changed. Egg - related prices such as egg - laying chicken seedlings and culled chicken prices had different trends [16].