Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report Core Views - Corn: In the short - term, the spot is expected to remain strong before the channel inventory accumulates. In the long - term, if downstream demand weakens seasonally and middlemen release stocks, prices may decline [3]. - Starch: In the short - term, prices are expected to be stable due to seasonal consumption and raw material supply constraints. In the long - term, downstream consumption rhythm is the key factor for price trends [3]. - Cotton: Low initial inventory offsets yield increases. With expanding textile production, good profits, and favorable tariff policies, long - term demand is expected to improve, making it suitable for long - term long positions [8]. - Eggs: The inflection point of inventory has emerged. If older hens are culled before Laba, it will benefit egg prices in the second quarter [12]. - Apples: National cold - storage inventory is lower than last year. The market has a shortage of high - quality goods. The futures market may show a near - strong and far - weak pattern [16]. - Pigs: Spot prices are strong on weekends. There is an expectation of increased supply and demand before the Spring Festival. Pay attention to the sustainability of the price rebound and factors that may cause expectation differences [16]. - Sugar: Domestic new sugar supply is increasing, and spot weakness drives the futures down. In the long - term, if the global sugar market surplus intensifies, prices may decline [5]. 3. Content Summaries by Commodity Corn/Starch - **Price Data**: From December 9 - 15, 2025, the price in Changchun remained unchanged at 2160, while that in Jinzhou increased by 20 to 2270. The starch processing profit increased by 2 to - 21 [2]. - **Market Analysis**: Corn spot shows a differentiated trend. In the short - term, the supply is expected to be strong; in the long - term, prices may decline if demand weakens and stocks are released. Starch prices are expected to be stable in the short - term and depend on downstream consumption in the long - term [3]. Sugar - **Price Data**: From December 9 - 15, 2025, the spot price in Liuzhou decreased by 10 to 5450, and the import profit from Thailand increased by 38 [5]. - **Market Analysis**: Domestic new sugar supply is increasing, causing spot and futures prices to decline. In the long - term, global market conditions will affect prices [5]. Cotton/Cotton Yarn - **Price Data**: From December 9 - 15, 2025, the price of 3128 cotton increased by 60 to 14690, and the 32S spinning profit decreased by 63 to - 434 [8]. - **Market Analysis**: Low initial inventory and positive factors such as production expansion and tariff reduction are expected to improve demand next year [8]. Eggs - **Price Data**: From December 9 - 15, 2025, the price in Hebei remained at 3.02, and the base difference decreased by 20 to 490 [12]. - **Market Analysis**: The inflection point of inventory has appeared. Culling older hens before Laba may benefit second - quarter prices [12]. Apples - **Price Data**: From December 9 - 15, 2025, the price of Shandong 80 first - and second - grade apples remained at 8900 [15][16]. - **Market Analysis**: National cold - storage inventory is lower than last year. The futures market may show a near - strong and far - weak pattern [16]. Pigs - **Price Data**: From December 9 - 15, 2025, the price in Henan Kaifeng increased by 0.05 to 11.43, and the base difference increased by 70 to 125 [16]. - **Market Analysis**: Spot prices are strong on weekends. Pay attention to the sustainability of the rebound and factors that may cause expectation differences [16].

| 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/12/08 | 2170 | 2280 | 2220 | 2460 | 19 | 30 | 272 | 2700 | 2820 | 156 | -104 | | 2025/12/09 | 2170 | 2260 | 2230 | 2450 | 24 | 40 | 262 | 2750 | 2820 | 183 | -55 | | 2025/12/10 | 2170 | 2240 | 2224 | 2440 | -1 | 50 | 252 | 2750 | 2820 | 173 | -33 | | 2025/12/11 | 2160 | 2250 | 2224 | 2430 | 7 | 30 | 244 | 2750 | 2820 | 182 ...

农产品早报 | | | | | | | | | | 研究中心农产品团队 2025/12/08 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/12/01 | 2120 | 2240 | 2210 | 2440 | 4 | 45 | 252 | 2700 | 2850 | 163 | -47 | | 2025/12/02 | 2120 | 2240 | 2210 | 2430 | -3 | 35 | 249 | 2700 | 2850 | 159 | -47 | | 2025/12/03 | 2120 | 2250 | 2210 | 2450 | -9 | 50 | 247 | 2700 | 2820 | 143 | -67 | | 2025/12/04 | 2120 | 22 ...

淀粉：短期看，淀粉报价跟随原料价格波动。新季玉米上市后，深加工采购积极性增加，开机率也逐步上调，不过由于下游补货依旧平缓，造 成产业去库缓慢，在高库存的压制下，淀粉价格依旧承压。中长期需重点关注下游消费节奏变化，这将成为价格走势的关键支撑因素，若淀粉 报价出现大幅回落，届时会刺激下游补货积极性提升，带动价格走强。 | 农产品早报 | | --- | | 白糖 | | 现货价格 | | 基差 | | 进口利润 | 仓单 | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 柳州 | 南宁 | 昆明 | 柳州基差 | 泰国 | 巴西 | 郑盘 | | 2025/11/20 | - | 5760 | 5555 | - | - | - | 8165 | | 2025/11/21 | 5675 | 5760 | 5560 | 322 | 410 | 591 | 8154 | | 2025/11/24 | 5615 | 5450 | 5500 | 245 | 340 | 521 | 7876 | | 2025/11/25 | 5615 | 5480 | 55 ...

Report Date - The report was released on November 26, 2025 [1] Corn/Starch Price Data - Corn prices in Changchun remained stable at 2070, while prices in Jinzhou increased by 20 to 2220, and prices in Shekou rose by 30 to 2410 from November 19 to 25, 2025. Starch prices in Heilongjiang and Weifang remained unchanged at 2700 and 2850 respectively, with the basis dropping by 21 to 149 [2] Market Analysis - **Short - term**: Corn prices are expected to remain strong due to low supply and downstream enterprises' restocking demand. Starch prices are pressured by high inventory as downstream replenishment is slow [2][3] - **Long - term**: The corn market will remain tight, and prices are supported by planting costs. Starch prices depend on downstream consumption rhythm, and a significant price drop may stimulate downstream replenishment [2][3] Sugar Price Data - From November 19 to 25, 2025, the spot price in Nanning increased by 30 to 5480, the basis decreased by 17 to 228, and the import profit from Thailand and Brazil decreased by 13 each. The number of warehouse receipts remained at 7876 [6] Market Analysis - **Short - term**: Zhengzhou sugar prices are more affected by import quota management and syrup premix import control than the international market, and domestic sugar production cost is the key support [6] - **Long - term**: If the global sugar market surplus intensifies, domestic sugar prices may be impacted. Overall, the global and domestic sugar supply is loose, but short - term downward space is limited [6] Cotton/Cotton Yarn Price Data - From November 19 to 25, 2025, the price of 3128 cotton increased by 45 to 14475, the import profit increased, and the number of warehouse receipts + forecasts increased by 265 to 3799. The price of Vietnamese yarn decreased by 5 to 20935, and the import profit increased by 14 to 515 [9] Market Analysis - New cotton acquisition is almost complete, and the total output is estimated to be lower. The positive outcome of the China - US meeting in Busan is beneficial for textile exports, making long - term long positions suitable [9] Eggs Price Data - From November 19 to 25, 2025, egg prices in Hebei, Liaoning, Shandong, and Henan increased, with the largest increase of 0.10 in Henan. The basis increased by 74 to 354 [12] Market Analysis - Supply pressure is relieved by orderly chicken culling and a decrease in new laying hens. Demand increases as cooler weather allows for longer egg storage. The price center in the production area moves up slightly, and future price trends depend on the chicken culling rhythm [12] Apples Price Data - From November 19 to 25, 2025, the spot price of Shandong 80 first - and second - grade apples remained at 8000. The national inventory decreased by 112, Shandong inventory decreased by 145, and Shaanxi inventory decreased by 49 [14][15] Market Analysis - National apple storage is almost complete, with an estimated storage volume of about 5.5%, 10% lower than last year. The average opening price is above 3.5 yuan per catty, and prices are expected to remain high in the short term [15] Pigs Price Data - From November 19 to 25, 2025, pig prices in all monitored regions decreased, with the largest decrease of 0.20 in Anhui. The basis decreased by 115 to 15 [16] Market Analysis - **Short - term**: Weekend spot prices fluctuated slightly, with moderate slaughter and limited terminal demand improvement. Some local curing in the south has started [17] - **Long - term**: There are expectations of increased supply and demand before the Spring Festival, but supply and inventory pressure is still large. The improvement of far - month expectations depends on near - term production and inventory reduction [17]

Group 1: Report General Information - Report Date: November 20, 2025 [2] - Report Name: Agricultural Products Morning Report [18] Group 2: Corn/Starch Market Price Data | Date | Changchun | Jinzhou | Weifang | Shekou | Basis | Trade Profit | Import Profit/Loss | Heilongjiang | Weifang | Basis | Processing Profit | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/13 | 2070 | 2150 | 2150 | 2320 | -36 | 20 | 145 | 2700 | 2800 | 148 | -12 | | 2025/11/14 | 2070 | 2160 | 2150 | 2330 | -25 | 20 | 156 | 2700 | 2800 | 150 | 9 | | 2025/11/17 | 2070 | 2180 | 2130 | 2340 | -2 | 10 | - | 2700 | 2800 | 166 | -10 | | 2025/11/18 | 2070 | 2180 | 2130 | 2360 | 12 | 30 | - | 2700 | 2800 | 188 | -10 | | 2025/11/19 | 2070 | 2170 | 2130 | 2360 | -5 | 40 | - | 2700 | 2800 | 225 | -1 | | Change | 0 | -10 | 0 | 0 | -17 | 10 | - | 0 | 0 | 37 | 9 | [3] Market Analysis - Short - term: Corn spot prices have started an upward trend driven by tightened supply in production areas and downstream enterprises' restocking demand. Farmers' reluctance to sell has delayed the concentrated release of selling pressure. - Medium - long term: The supply - demand pattern of the corn market remains tight this year, and planting costs will strongly support prices. After the selling pressure eases, prices may start a new upward cycle [3] - Short - term: Starch prices fluctuate with raw material prices. After the new - season corn is on the market, deep - processing procurement and开机率 increase, but slow downstream replenishment and high inventory suppress starch prices. - Medium - long term: The key factor for starch price trends is downstream consumption rhythm. A significant price drop may stimulate downstream replenishment and drive prices up [4] Group 3: Sugar Market Price Data | Date | Liuzhou | Nanning | Kunming | Liuzhou Basis | Thailand | Brazil | Zhengzhou Futures | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/13 | - | 5760 | 5630 | - | - | - | 8904 | | 2025/11/14 | - | 5760 | 5635 | - | - | - | 8805 | | 2025/11/17 | - | 5760 | 5630 | - | - | - | 8805 | | 2025/11/18 | - | 5760 | 5600 | - | - | - | 8794 | | 2025/11/19 | - | - | 5600 | - | - | - | 8611 | | Change | - | - | 0 | - | - | - | -183 | [5] Market Analysis - Short - term: Zhengzhou sugar is more affected by import quota management and syrup premix import control than the overseas market. Before new quota licenses are issued, domestic sugar production costs are a key support. - Medium - long term: If the global sugar market surplus intensifies, imported sugar may impact domestic sugar costs. Overall, the global and domestic sugar supply is loose, maintaining a short - selling strategy, but short - term low valuation limits the downward space [5] Group 4: Cotton/Cotton Yarn Market Price Data | Date | 3128 | Imported M - grade US Cotton | CotlookA(F E) | Import Profit | Warehouse Receipts + Forecast | Vietnamese Yarn | Spot | Vietnamese Yarn Import Profit | 32S Spinning Profit | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/13 | 14380 | 73.8 | 75.0 | 1272 | 5058 | 2.52 | 20970 | 438 | -129 | | 2025/11/14 | 14355 | - | 74.7 | 1281 | 5044 | 2.52 | 20970 | 493 | -102 | | 2025/11/17 | 14315 | - | 74.4 | 1286 | 5218 | 2.52 | 20960 | 451 | -70 | | 2025/11/18 | 14280 | - | - | - | 5314 | 2.52 | 20955 | 429 | -39 | | 2025/11/19 | 14320 | - | - | - | 4636 | 2.52 | 20950 | - | -86 | | Change | 40 | - | - | - | -678 | 0 | -5 | - | -47 | [7] Market Analysis - New cotton procurement is basically completed, with the total output estimate revised down. The positive outcome of the China - US meeting in Busan and tariff cuts are beneficial to China's textile and clothing exports. The external environment has improved compared to April, so the valuation is unlikely to return to the April low, making long - term long positions suitable [7] Group 5: Egg Market Price Data | Date | Hebei | Liaoning | Shandong | Henan | Hubei | Basis | White - feather Broiler | Yellow - feather Broiler | Pig | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/13 | 2.84 | 2.78 | 2.85 | 2.90 | 3.18 | 420 | 3.52 | 3.60 | 18.12 | | 2025/11/14 | 2.84 | 2.78 | 2.85 | 2.90 | 3.18 | 503 | 3.52 | 3.60 | 18.06 | | 2025/11/17 | 2.84 | 2.78 | 2.85 | 2.90 | 3.11 | 380 | 3.52 | 3.60 | 17.98 | | 2025/11/18 | 2.78 | 2.71 | 2.75 | 2.80 | 3.02 | 301 | 3.52 | 3.60 | 17.89 | | 2025/11/19 | 2.71 | 2.64 | 2.75 | 2.80 | 2.96 | 281 | 3.52 | 3.60 | 17.92 | | Change | -0.07 | -0.07 | 0.00 | 0.00 | -0.06 | -20.00 | 0.00 | 0.00 | 0.03 | [13] Market Analysis - Supply side: Ordered chicken culling and a decrease in new - layer chickens have alleviated some supply pressure. - Demand side: Cooler weather allows for longer egg storage, and some traders are building rolling inventories. The interaction of supply and demand has slightly pushed up the price center in production areas. Currently, the culling process has not accelerated significantly, and there are no signs of over - culling in the short term. Future price trends depend on the culling rhythm, and faster culling may drive prices up [13] Group 6: Apple Market Price and Inventory Data | Date | Shandong 80 First - and Second - grade | Shaanxi 70 Common | National Inventory | Shandong Inventory | Shaanxi Inventory | January Basis | May Basis | October Basis | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/13 | 8000.00 | 4.00 | 735.77 | 270.88 | 207.60 | -1504.00 | -1442.00 | -408.00 | | 2025/11/14 | 8000.00 | 4.00 | - | - | - | -1570.00 | -1495.00 | -450.00 | | 2025/11/17 | 8000.00 | 4.00 | - | - | - | -1438.00 | -1318.00 | -355.00 | | 2025/11/18 | 8000.00 | - | - | - | - | -1433.00 | -1356.00 | -382.00 | | 2025/11/19 | 8000.00 | - | - | - | - | -1375.00 | -1296.00 | -347.00 | | Change | 0.00 | - | 58.00 | 60.00 | 35.00 | | | | [16][17] Market Analysis - National apple storage is basically completed. This year's national cold - storage estimated storage volume is about 5.5%, 10% less than last year, with an estimated volume of 700 - 780 million tons. Shaanxi's storage is 5 - 5.5%, 10 - 15% less than last year; Gansu's is 70%, 20 - 30% less; Shandong's is 50%, 10% less. The average opening price is above 3.5 yuan/jin, good - quality apples are scarce, and the price difference between good and bad apples is widening. The futures price has risen significantly recently and is expected to maintain high - level volatility in the short term [17] Group 7: Pig Market Price Data | Date | Henan Kaifeng | Hubei Xiangyang | Shandong Linyi | Anhui Hefei | Jiangsu Nantong | Basis | | --- | --- | --- | --- | --- | --- | --- | | 2025/11/13 | 11.88 | 11.50 | 12.02 | 12.10 | 12.15 | 20 | | 2025/11/14 | 11.93 | 11.55 | 11.97 | 12.10 | 12.15 | 155 | | 2025/11/17 | 11.63 | 11.35 | 11.77 | 11.85 | 11.85 | -65 | | 2025/11/18 | 11.68 | 11.45 | 11.72 | 11.90 | 11.85 | 145 | | 2025/11/19 | 11.78 | 11.50 | 11.77 | 11.95 | 12.05 | 220 | | Change | 0.10 | 0.05 | 0.05 | 0.05 | 0.20 | 75.00 | [17] Market Analysis - Over the weekend, the northern pig spot market was weak while the southern market was stable. Northern farmers were more willing to sell, and there was limited second - fattening support and downstream follow - up. Some southern farmers were holding out for higher prices, but price increases faced limited demand. The market is in a weak, volatile game in the short term. Mid - term supply pressure remains due to unchanged production capacity, and there is still pressure from fourth - quarter base supply and weight reduction. Near - term inventory accumulation shifts pressure to later periods. Attention should be paid to selling rhythm, diseases, policies, and capital sentiment in the high - position futures market [17]

| 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/11/10 | 2050 | 2120 | 2140 | 2270 | -44 | 0 | 142 2700 | 2800 | 176 | 8 | | 2025/11/11 | 2070 | 2130 | 2150 | 2300 | -47 | 20 | 164 2700 | 2800 | 165 | 8 | | 2025/11/12 | 2070 | 2140 | 2150 | 2310 | -37 | 20 | 151 2700 | 2800 | 165 | -12 | | 2025/11/13 | 2070 | 2150 | 2150 | 2320 | -36 | 20 | 145 2700 | 2800 | 148 | -12 | | 2025/11/ ...

Group 1: Report Information - Report date: November 12, 2025 [1] - Report team: Agricultural Products Team of the Research Center [1] Group 2: Corn and Starch Price Data - Corn prices in different regions (Changchun, Jinzhou, Weifang, Shekou) increased by 20, 10, 10, and 30 respectively from November 5 - 11, 2025; the base difference decreased by 3, and trade profit and import profit increased by 20 and 22 respectively [2] - Starch prices in Heilongjiang and Weifang remained unchanged, the base difference decreased by 11, and processing profit remained stable [2] Market Analysis - Short - term: Corn prices are pushed up slightly by unstable grain supply but limited by weak downstream consumption; starch prices follow raw material prices, and high inventory suppresses prices [3] - Medium - to - long - term: Corn prices may rebound after the first selling peak; starch price trends depend on downstream consumption rhythm [3] Group 3: Sugar Price Data - Sugar spot prices in Liuzhou, Nanning, and Kunming had a change of 30; the base difference increased by 25, import profit decreased by 17, and the number of warehouse receipts decreased by 64 from November 5 - 6, 2025 [4][5] Market Analysis - Short - term: Zhengzhou sugar is more affected by import quota management and syrup pre - mixed powder import control than the external market; domestic sugar cost is the key support [5] - Medium - to - long - term: If the global sugar market surplus intensifies, domestic sugar cost may be broken through; maintain a short - selling strategy, but the downward space is limited [5] Group 4: Cotton and Cotton Yarn Price Data - Cotton prices (3128 and imported M - grade US cotton) and related data had certain changes from November 5 - 11, 2025; the import profit of imported M - grade US cotton increased by 88 [6][17] Market Analysis - Short - to - medium - term: New cotton production is estimated to be lower; the good result of the Sino - US meeting in Busan is beneficial to textile exports, and it is suitable for long - term long positions [8] Group 5: Eggs Price Data - Egg prices in different production areas (Hebei, Liaoning, Shandong, Henan, Hubei) had small changes from November 5 - 11, 2025; the base difference increased by 82 [14] Market Analysis - Short - term: Supply pressure is relieved, and demand increases, pushing up the price center; there is no obvious over - elimination signal [14] - Medium - to - long - term: Focus on the change of elimination rhythm, which may drive prices up [14] Group 6: Apples Price Data - Apple spot prices in Shandong remained at 8000; the national inventory decreased by 70, Shandong and Shaanxi inventories decreased by 29; the base difference in different months changed [15][16] Market Analysis - Short - term: The price of new - season apples is affected by weather, and the market is volatile [16] - Medium - to - long - term: The national production may decrease, and the quality in some areas is affected by rain [16] Group 7: Pigs Price Data - Pig prices in different production areas (Henan Kaifeng, Hubei Xiangyang, Shandong Linyi, Anhui Hefei, Jiangsu Nantong) decreased slightly from November 5 - 11, 2025; the base difference increased by 100 [16] Market Analysis - Short - term: The market is in a volatile game, with farmers' price - holding mentality and insufficient demand [16] - Medium - to - long - term: The supply pressure remains, and the key is the path of capacity and inventory reduction; pay attention to various influencing factors [16]

【行情分析】： | 农产品早报 | | --- | | | | | | | | | | | 研究中心农产品团队 2025/11/10 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/11/03 | 2010 | 2100 | 2180 | 2240 | -41 | -10 | 88 | 2700 | 2800 | 202 | 32 | | 2025/11/04 | 2030 | 2100 | 2140 | 2240 | -35 | -10 | 88 | 2700 | 2800 | 211 | 32 | | 2025/11/05 | 2030 | 2100 | 2140 | 2240 | -34 | -10 | 103 | 2700 | 2800 | 204 | 28 | | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Corn prices are expected to remain weak in the short - term due to the concentrated listing of new - season corn. In the long - term, the game between farmers and traders will be crucial. A significant price drop may trigger farmers' resistance and lead to a price rebound [3]. - Starch prices are likely to decline in the short - term as raw material prices fall. In the long - term, if prices drop significantly, downstream consumption may increase and support prices [4]. - International sugar prices are under pressure due to Brazil's high - pressure supply during the peak crushing season. In China, the arrival of imported sugar and lower processing sugar quotes put pressure on the market [5]. - Cotton prices are in a range - bound state. If there are no major macro - risks, the April low can be seen as a long - term bottom, and the downside space is limited. Attention should be paid to demand changes [7]. - Egg prices have rebounded slightly due to the easing of supply pressure and the increase in storage by traders. Future price trends depend on the chicken culling rhythm [11]. - Apple prices are expected to oscillate upward in the short - term as the new - season late - maturing Fuji apples are listed. The overall production has decreased, and some areas have quality issues [15]. - Pig prices have rebounded slightly recently. However, mid - term supply pressure remains due to insufficient capacity reduction. Attention should be paid to the slaughter rhythm and capital trends in the futures market [15]. 3. Summary by Commodity Corn/Starch - **Price Data**: From October 24 to October 30, the price in Changchun decreased by 20 yuan, and the price in Shekou decreased by 20 yuan. The basis increased by 5, the trade profit decreased by 20, and the import profit decreased by 29 [3]. - **Analysis**: Short - term weakness due to new - season corn listing; long - term price depends on the game between farmers and traders [3]. Sugar - **Price Data**: From October 24 to October 30, the spot prices in Liuzhou, Nanning, and Kunming remained unchanged, the basis increased by 22, and the number of warehouse receipts decreased by 84 [5]. - **Analysis**: International supply pressure from Brazil affects prices, and in China, imported sugar and processing sugar quotes impact the market [5]. Cotton/Cotton Yarn - **Price Data**: From October 24 to October 30, the price of 3128 cotton increased by 10, the number of warehouse receipts + forecasts increased by 126, the price of spot cotton yarn increased by 70, the import profit of Vietnamese yarn increased by 78, and the spinning profit increased by 59 [7]. - **Analysis**: Cotton prices are in a range - bound state, and the downside space is limited. Attention should be paid to demand changes [7]. Eggs - **Price Data**: From October 24 to October 30, the prices in major production areas remained stable, the basis increased by 16, and the price of live pigs decreased by 0.07 [11]. - **Analysis**: Supply pressure has eased, and demand has increased slightly. Future price trends depend on the chicken culling rhythm [11]. Apples - **Price Data**: From October 24 to October 30, the price of Shandong 80 first - and second - grade apples remained at 7500 yuan, the 1 - month basis decreased by 70, the 5 - month basis increased by 20, and the 10 - month basis increased by 57 [14][15]. - **Analysis**: The new - season apples are listed, with a decrease in overall production and quality issues in some areas. Prices are expected to oscillate upward in the short - term [15]. Pigs - **Price Data**: From October 24 to October 30, the prices in some production areas changed slightly, and the basis increased by 205 [15]. - **Analysis**: Short - term price rebound, but mid - term supply pressure remains due to insufficient capacity reduction. Attention should be paid to the slaughter rhythm and capital trends [15].