Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Corn is expected to maintain a weak oscillatory pattern in the short - term due to new season supply and low inventory, and face downward pressure in the long - term [3] - Starch prices are expected to be bearish both in the short and long - term due to high inventory and expected lower raw material costs [3] - Sugar prices are under pressure in the international market due to Brazil's high - pressure supply, and the domestic market also faces upward pressure [6] - Cotton is in a waiting state for demand verification, with limited downward space if no major macro - risks occur [9] - Egg prices are affected by supply - demand imbalance and high cold - storage inventory, and the spot price rebound is restricted [14] - Apple prices are currently stable, and the new - season production and market need further observation [15] - Hog prices are in a range - bound oscillation, with supply pressure in the short - term and policy expectations in the long - term [15] Group 3: Summaries Based on Different Products Corn - This week, 393,000 tons of imported corn were auctioned, with 124,000 tons sold. There is a plan to auction 190,000 tons tomorrow. In the short - term, new season corn is coming, so demand is weak and prices are in a weak oscillatory pattern. In the long - term, prices are expected to decline under the background of increased production and lower costs [3] Starch - In September, companies reduced inventory and pressured corn prices. In the short - term, starch prices are expected to be reduced to clear inventory. In the long - term, high inventory and lower raw material costs keep the bearish view [3] Sugar - In the international market, Brazil is in the peak - pressing season, putting pressure on sugar prices. In the domestic market, imported sugar arrivals and lower processed sugar prices also create upward pressure [6] Cotton - It has entered an oscillatory phase, waiting for demand verification. If no major macro - risks occur, the April low can be seen as the long - term bottom, and the downward space is limited [9] Egg - Due to sufficient inventory in food factories and reduced procurement, the Mid - Autumn Festival stocking demand was weak and delayed. In September, school openings and double - festival stocking led to a price rebound, but the high cold - storage inventory restricts the rebound [14] Apple - New - season apple picking is approaching. Western regions may have increased yields, while Shandong may have a 20% reduction. Consumption is in the off - season, and prices are currently stable. Attention should be paid to the final production [15] Hog - Prices are in a range - bound oscillation. There is supply pressure in September, and the market is affected by factors such as supply, demand, and policy expectations [15] Group 4: Data Summaries Corn/Starch | Product | Date | Changchun | Jinzhou | Weifang | Shekou | Basis | Trade Profit | Import Profit/Loss | Heilongjiang | Weifang | Basis | Processing Profit | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Corn | 2025/09/11 | 2230 | 2260 | 2270 | 2430 | 58 | 40 | 320 | - | - | - | - | | Corn | 2025/09/12 | 2230 | 2260 | 2270 | 2430 | 63 | 40 | 321 | - | - | - | - | | Corn | 2025/09/15 | 2230 | 2260 | 2264 | 2420 | 93 | 30 | 270 | - | - | - | - | | Corn | 2025/09/16 | - | 2260 | 2264 | 2420 | 94 | 30 | 295 | - | - | - | - | | Corn | 2025/09/17 | - | 2240 | 2264 | 2420 | 79 | 50 | - | - | - | - | - | | Change | - | - | -20 | 0 | 0 | -15 | 20 | - | - | - | - | - | | Starch | 2025/09/11 | - | - | - | - | - | - | - | 2800 | 2850 | 228 | -27 | | Starch | 2025/09/12 | - | - | - | - | - | - | - | 2800 | 2850 | 231 | -27 | | Starch | 2025/09/15 | - | - | - | - | - | - | - | 2750 | 2850 | 262 | -27 | | Starch | 2025/09/16 | - | - | - | - | - | - | - | 2750 | 2850 | 262 | -26 | | Starch | 2025/09/17 | - | - | - | - | - | - | - | 2750 | 2850 | 252 | -26 | | Change | - | - | - | - | - | - | - | 0 | 0 | -10 | 0 | [2] Sugar | Date | Liuzhou | Nanning | Kunming | Liuzhou Basis | Thailand | Brazil | Zhengzhou Warehouse Receipts | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/11 | 5970 | 5890 | 5850 | 414 | 395 | 577 | 11745 | | 2025/09/12 | 5970 | 5890 | 5855 | 430 | 400 | 581 | 11605 | | 2025/09/15 | 5970 | 5890 | 5855 | 421 | 344 | 525 | 11325 | | 2025/09/16 | 5970 | 5890 | 5865 | 423 | 376 | 557 | 11268 | | 2025/09/17 | 5970 | 5890 | 5860 | 441 | - | - | - | | Change | 0 | 0 | -5 | 18 | - | - | - | [6] Cotton/Cotton Yarn | Date | 3128 | Imported US Cotton M Grade | CotlookA(FE) | Import Profit | Warehouse Receipts + Forecast | Vietnamese Yarn | Spot | Vietnamese Yarn Import Profit | 32S Spinning Profit | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/11 | 14950 | 76.4 | 78.1 | 1256 | 5159 | 2.51 | 20880 | 483 | -817 | | 2025/09/12 | 14950 | 76.5 | 78.1 | 1258 | 5017 | 2.51 | 20870 | 461 | -827 | | 2025/09/15 | 15005 | 76.6 | 78.1 | 1303 | 4901 | 2.51 | 20870 | 471 | -885 | | 2025/09/16 | 15015 | - | - | - | 4771 | 2.51 | 20870 | 480 | -895 | | 2025/09/17 | 15010 | - | - | - | - | 2.51 | 20870 | 505 | -890 | | Change | -5 | - | - | - | - | 0 | 0 | 25 | 5 | [9] Egg | Date | Hebei | Liaoning | Shandong | Henan | Hubei | Basis | White - feather Broiler | Yellow - feather Broiler | Hog | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/11 | 3.33 | 3.27 | 3.45 | 3.50 | 3.69 | 680 | 3.40 | 3.90 | 19.93 | | 2025/09/12 | 3.44 | 3.38 | 3.45 | 3.50 | 3.80 | 571 | 3.40 | 3.90 | 19.88 | | 2025/09/15 | 3.56 | 3.49 | 3.55 | 3.60 | 4.02 | 720 | 3.40 | 4.00 | 19.88 | | 2025/09/16 | 3.67 | 3.60 | 3.65 | 3.70 | 4.13 | 651 | 3.40 | 4.00 | 19.88 | | 2025/09/17 | 3.67 | 3.60 | 3.65 | 3.70 | 4.20 | 879 | 3.40 | 4.00 | 19.73 | | Change | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 | 228.00 | 0.00 | 0.00 | -0.15 | [14] Apple | Date | Shandong 80 First/Second Grade | Shaanxi 70 General | National Inventory | Shandong Inventory | Shaanxi Inventory | January Basis | May Basis | October Basis | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/11 | 7500.00 | - | 25.58 | 18.25 | 5.84 | -752.00 | -738.00 | -828.00 | | 2025/09/12 | 7500.00 | - | - | - | - | -829.00 | -793.00 | -938.00 | | 2025/09/15 | 7500.00 | - | - | - | - | -804.00 | -761.00 | -939.00 | | 2025/09/16 | 7500.00 | - | - | - | - | -769.00 | -723.00 | -936.00 | | 2025/09/17 | 7500.00 | - | - | - | - | -772.00 | -723.00 | -912.00 | | Change | 0.00 | - | -3.00 | 0.00 | 24.00 | - | - | - | [14][15] Hog | Date | Henan Kaifeng | Hubei Xiangyang | Shandong Linyi | Anhui Hefei | Jiangsu Nantong | Basis | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/11 | 13.48 | 13.25 | 13.47 | 13.65 | 13.75 | 160 | | 2025/09/12 | 13.43 | 13.30 | 13.52 | 13.85 | 13.90 | 175 | | 2025/09/15 | 13.28 | 13.15 | 13.27 | 13.60 | 13.60 | 5 | | 2025/09/16 | 13.18 | 12.95 | 13.17 | 13.45 | 13.45 | 20 | | 2025/09/17 | 12.93 | 12.85 | 12.97 | 13.25 | 13.35 | -230 | | Change | -0.25 | -0.10 | -0.20 | -0.20 | -0.10 | -250.00 | [15]

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - Corn: In the short - term, new - season corn is about to be listed, demand from enterprises for old corn is decreasing, and prices are weak. But due to low inventory levels, the decline is expected to be small, maintaining a weak oscillation. In the long - term, with increased production and lower costs, prices are expected to decline until consumption improves or there is reluctance to sell in production areas [3] - Starch: In the short - term, as the cost of purchasing grain decreases, the industry is expected to lower the price of starch to reduce inventory. In the long - term, high inventory and expected lower raw material costs lead to a bearish view on starch prices [3] - Sugar: Internationally, Brazil is in the peak crushing season, pressuring international sugar prices. There is uncertainty about future production. Domestically, it follows the trend of raw sugar, with increasing imported sugar and downward - adjusted processed sugar prices, creating pressure on the market [6] - Cotton: The market has entered an oscillation phase, waiting for demand verification. If there are no major macro - risks, the April low may be the long - term bottom, and the downward space for cotton prices is limited. Attention should be paid to changes in demand [9] - Eggs: In August, due to sufficient inventory in food factories and reduced demand, egg prices declined. Since September, with school openings and holiday preparations, prices have rebounded, but the rebound is restricted by high cold - storage egg inventory, and the progress of culling laying hens has slowed down [13] - Apples: The new - season apple harvest is approaching. The national production may not differ much from last year. Consumption is in the off - season, and the market share is being squeezed by seasonal fruits. Attention should be paid to the final production [17] - Pigs: The market is in a range - bound oscillation. There are policy expectations for a production capacity inflection point next year and seasonal support factors this year, but mid - term supply pressure remains due to insufficient production capacity reduction. In September, there is large potential supply pressure, and the market is waiting for verification of spot prices [17] Group 3: Summary by Commodity Corn/Starch - **Price Data**: From 2025/09/09 to 2025/09/15, prices in some regions changed. For example, the price in潍坊 decreased by 6 yuan, and the price in蛇口 decreased by 10 yuan. The basis increased by 30, and the import profit decreased by 51 [2] - **Market Analysis**: Short - term price is weak due to approaching new - season supply and reduced demand. Long - term price is pressured by increased production and lower costs [3] Sugar - **Price Data**: From 2025/09/09 to 2025/09/15, the basis decreased by 9, and the import profit decreased by 56. The number of warehouse receipts decreased by 280 [6] - **Market Analysis**: International supply pressure from Brazil affects prices. Domestically, imported sugar arrival and price adjustment of processed sugar create market pressure [6] Cotton/Cotton Yarn - **Price Data**: From 2025/09/09 to 2025/09/15, the price of 3128 cotton increased by 55 yuan, and the number of warehouse receipts + forecasts decreased by 116. The 32S spinning profit decreased by 58 [9] - **Market Analysis**: The market is in an oscillation phase, and the downward space is limited if there are no major macro - risks. Attention should be paid to demand changes [9] Eggs - **Price Data**: From 2025/09/09 to 2025/09/15, prices in major production areas increased, with the largest increase of 0.22 yuan in Hubei. The basis increased by 149 [13] - **Market Analysis**: August price decline was due to demand reduction, and September price rebound was affected by seasonal factors but restricted by high inventory [13] Apples - **Price Data**: From 2025/09/09 to 2025/09/15, the price of Shandong 80 first - and second - grade apples remained stable. The national inventory increased by 25, and the Shandong inventory increased by 32 [16][17] - **Market Analysis**: New - season production may be similar to last year. Consumption is in the off - season, and the market share is squeezed by seasonal fruits [17] Pigs - **Price Data**: From 2025/09/09 to 2025/09/15, prices in major production areas decreased, with the largest decrease of 0.30 yuan in Jiangsu Nantong. The basis decreased by 170 [17] - **Market Analysis**: The market is in a range - bound oscillation, with mid - term supply pressure and waiting for spot price verification [17]

Group 1: Report Investment Rating - No information provided regarding the report's industry investment rating Group 2: Core Views - Corn prices are expected to maintain a weak oscillation pattern in the short - term and continue to decline in the long - term due to new season production increase and cost reduction [3] - Starch prices are expected to be reduced in the short - term to clear inventory and remain bearish in the long - term due to high inventory and expected lower raw material costs [3] - International sugar prices are under pressure due to Brazil's high - supply period, and domestic sugar prices face upward pressure with imported sugar arriving [6] - Cotton prices are in a range - bound state, and if there are no major macro - risks, the April low may be the long - term bottom, with focus on demand changes [9] - Egg prices are affected by factors such as food factory inventory, cold - storage eggs, and seasonal demand, with spot price rebounds being slow and limited [16] - Apple production in the new season may not differ significantly from last year, and consumption is in the off - season with current stable prices, with focus on final production [17] - Pig prices are in a range - bound state, with potential pressure in September, and the market is affected by factors such as supply, demand, and policy expectations [17] Group 3: Summary by Catalog Corn/Starch - **Price Data**: From September 8 - 12, 2025, corn prices in different regions showed little change, with the base difference increasing by 5, and starch base difference increasing by 3 and processing profit remaining unchanged [2] - **Market Analysis**: In the short - term, new season corn is about to be listed, and demand is weakening, but the decline is limited due to low inventory. In the long - term, prices are expected to decline under the influence of increased production and reduced costs. Starch prices are expected to be reduced to clear inventory in the short - term and remain bearish in the long - term [3] Sugar - **Price Data**: From September 8 - 12, 2025, the spot price in Kunming increased by 5, the base difference increased by 16, and the number of warehouse receipts decreased by 140 [6] - **Market Analysis**: International sugar prices are under pressure due to Brazil's high - supply period. Domestic sugar prices follow the international trend, with imported sugar arriving and downward - adjusted processed sugar prices, facing upward pressure [6] Cotton/Cotton Yarn - **Price Data**: From September 8 - 12, 2025, the price of 3128 cotton remained unchanged, the number of warehouse receipts and forecasts decreased by 142, and the spot price of cotton yarn decreased by 10 [9] - **Market Analysis**: Cotton prices are in a range - bound state. If there are no major macro - risks, the April low may be the long - term bottom, and attention should be paid to demand changes [9] Eggs - **Price Data**: From September 8 - 12, 2025, egg prices in some regions increased, and the base difference decreased by 109 [16] - **Market Analysis**: Egg prices were affected by factors such as food factory inventory and cold - storage eggs. In September, prices rebounded due to seasonal demand, but the rebound was limited by high cold - storage egg inventory [16] Apples - **Price Data**: From September 8 - 12, 2025, the spot price of Shandong 80 first - and second - grade apples remained unchanged, and the national inventory decreased by 77,000 tons [17] - **Market Analysis**: Apple production in the new season may not differ significantly from last year. Consumption is in the off - season, and prices are currently stable. Attention should be paid to the final production situation [17] Pigs - **Price Data**: From September 8 - 12, 2025, pig prices in some regions showed small changes, and the base difference increased by 15 [17] - **Market Analysis**: Pig prices are in a range - bound state. There is potential pressure in September, and the market is affected by factors such as supply, demand, and policy expectations [17]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - **Corn**: In the short - term, new - season corn is about to be listed, causing a wait - and - see attitude in the market. Spot prices at ports are weakening, pulling down the futures prices. However, due to limited supply increase, there is no expectation of a sharp decline. In the long - term, prices are expected to decline under the background of increased production and lower costs, and may turn around when domestic consumption improves or farmers are reluctant to sell [2]. - **Starch**: In the short - term, starch prices fluctuate with raw material prices. High inventory and low downstream demand pressure prices. In the long - term, high inventory and expected lower raw material costs keep the outlook bearish [2]. - **Sugar**: Internationally, Brazil is in the peak crushing season, pressuring international sugar prices. Uncertainty in Brazil's sugar production remains. Domestically, following the international trend, with imported sugar arriving and lower processing sugar prices, there is pressure on the futures [2]. - **Cotton**: The market is in a consolidation phase, waiting for demand verification. Without major macro - risks, the April low may be the long - term bottom, and the downside is limited. Attention should be paid to demand changes [3]. - **Eggs**: Reduced mid - autumn festival stocking demand, high supply, and high cold - storage egg inventory suppress egg prices. Although there is a recent spot price rebound, it is still restricted, and the progress of culling laying hens is slowed [6]. - **Apples**: New - season apple production may not differ much from last year. Consumption is in the off - season, and seasonal fruits are squeezing the market share of apples. Attention should be paid to the final production after the bag - removing season [9]. - **Pigs**: The market is in a range - bound oscillation. There are policy expectations for a production capacity inflection point next year and seasonal support this year, but mid - term supply pressure remains due to insufficient production capacity reduction. Near - term contracts are adjusting for premium, and far - term contracts still have a slight premium expectation, waiting for spot price verification [9]. 3. Summary by Commodity Corn/Starch - **Price Data**: From September 5 - 11, corn prices in some regions were stable or slightly decreased, and starch prices also showed a downward trend. The basis, trade profit, and import profit of corn changed, and the processing profit of starch was negative [2]. - **Market Analysis**: Reserve corn auctions had a slight improvement in trading volume. New - season corn listing and market sentiment affected prices. Starch producers may sell at lower prices to clear inventory [2]. Sugar - **Price Data**: From September 5 - 11, spot prices in some regions were relatively stable, and the basis and import profit changed. The number of warehouse receipts decreased [2][13]. - **Market Analysis**: International supply pressure from Brazil and domestic imported sugar arrivals affected the market [2]. Cotton/Cotton Yarn - **Price Data**: From September 5 - 11, the price of 3128 cotton decreased. The import profit of Vietnamese yarn and the 32S spinning profit changed [3]. - **Market Analysis**: The market is waiting for demand to pick up [3]. Eggs - **Price Data**: From September 5 - 11, egg prices in some production areas were stable or increased slightly, and the basis increased. The prices of substitute products changed slightly [5]. - **Market Analysis**: Reduced stocking demand and high inventory affected prices, and the recent spot price rebound was restricted [6]. Apples - **Price Data**: From September 5 - 11, the spot prices of Shandong apples were stable, and the national inventory decreased. The basis of different contracts changed [8][9]. - **Market Analysis**: Production in different regions has different situations, and consumption is in the off - season [9]. Pigs - **Price Data**: From September 5 - 11, pig prices in some production areas decreased, and the basis decreased [9]. - **Market Analysis**: Policy expectations and seasonal factors co - exist with mid - term supply pressure [9].

Group 1: Report Overview - The report is an agricultural products morning report released by the research center's agricultural products team on September 5, 2025, covering corn/starch, sugar, cotton/cotton yarn, eggs, apples, and pigs [1] Group 2: Corn/Starch Price Data - From August 29 to September 4, 2025, the price in Changchun remained at 2230, the price in Jinzhou increased by 0, the price in Weifang decreased by 18, and the price in Shekou remained unchanged. The basis decreased by 17, the trade profit remained unchanged, and the import profit and loss increased by 17. For starch, the price in Heilongjiang remained at 2850, the price in Weifang remained at 2900, the basis decreased by 11, and the processing profit remained unchanged [2] Market Analysis - Corn: In the short - term, the market is expected to remain weak and volatile. The reserve's corn auction has a light trading volume. With limited supply increase, there is no expectation of a sharp decline. In the long - term, focus on the enthusiasm of selling grain in the producing areas after the new - season corn is on the market [3] - Starch: In the short - term, the price is affected by raw material price fluctuations, with high inventory and low downstream enthusiasm. In the long - term, high inventory and expected lower raw material costs keep the outlook bearish [3] Group 3: Sugar Price Data - From August 29 to September 4, 2025, the spot price in Liuzhou decreased by 10, in Nanning decreased by 20, and in Kunming decreased by 5. The basis increased by 19, the import profit from Thailand increased by 89, from Brazil increased by 89, and the number of warehouse receipts decreased by 30 [4] Market Analysis - Internationally, Brazil is in the peak crushing season, pressuring the price. In China, the price is under pressure due to imported sugar arrivals and lower processed sugar quotes [4] Group 4: Cotton/Cotton Yarn Price Data - From August 29 to September 4, 2025, the price of 3128 cotton remained unchanged, the import profit and the number of warehouse receipts + forecasts decreased by 167, the price of Vietnamese yarn remained at 2.51, the spot price remained at 20890, the import profit of Vietnamese yarn increased by 3, and the 32S spinning profit remained unchanged [7] Market Analysis - Cotton has entered a consolidation phase, waiting for demand verification. Without major macro - risks, the April low may be the long - term bottom, and the downside is limited. Pay attention to demand changes [7] Group 5: Eggs Price Data - From August 29 to September 4, 2025, the price in Hebei and Liaoning remained unchanged, in Shandong increased by 0.15, in Henan increased by 0.10, and in Hubei increased by 0.11. The basis increased by 112, the price of white - feather broilers remained unchanged, yellow - feather broilers remained unchanged, and the price of pigs decreased by 0.19 [14] Market Analysis - High temperatures in mid - July reduced egg production, and post - plum - rain replenishment drove up prices. However, weakening and delayed Mid - Autumn Festival stocking demand led to a price decline in early August. Pay attention to the chicken culling rhythm and cold - storage egg release [14] Group 6: Apples Price Data - From August 29 to September 4, 2025, the price of Shandong 80 first - and second - grade apples remained at 7300.00. The 1 - month basis decreased by 5.00, the 5 - month basis decreased by 4.00, and the 10 - month basis decreased by 47.00 [15][16] Market Analysis - New - season apples are in the growth stage. The yield in the west may increase, but there is a 20% expected reduction in Shandong. Consumption is in the off - season, with low inventory and slow de - stocking. Pay attention to the final production [16] Group 7: Pigs Price Data - From August 29 to September 4, 2025, the price in Henan Kaifeng remained unchanged, in Hubei Xiangyang decreased by 0.15, in Shandong Linyi decreased by 0.05, in Anhui Hefei decreased by 0.10, in Jiangsu Nantong decreased by 0.05, and the basis increased by 185.00 [16] Market Analysis - The market is range - bound. There are policy expectations for a production inflection point next year and seasonal support this year, but mid - term supply pressure remains. Pay attention to the slaughter rhythm, diseases, and policies [16]

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the content. 2. Report's Core View - Corn: Short - term, the price is expected to be under pressure and continue the weak and volatile pattern; long - term, focus on the selling enthusiasm in the producing areas after the new season corn is launched [3]. - Starch: Short - term, the price fluctuates with the raw material price and is under pressure due to high inventory; long - term, maintain a bearish view [3]. - Sugar: The international sugar price is under pressure. The domestic sugar price is also under pressure with the arrival of imported sugar [4]. - Cotton: The price is in a shock state, and the downward space is limited. Attention should be paid to the change in demand [6]. - Eggs: The price rebounded from the low level before, then declined due to supply and demand issues. Attention should be paid to the culling rhythm and cold - storage egg出库 [12]. - Apples: The new - season output may not differ much from last year. The consumption is in the off - season, and attention should be paid to the final production [14]. - Pigs: The price is in a range - bound shock. Attention should be paid to the slaughter rhythm, diseases, and policies [14]. 3. Summary by Related Catalogs Corn/Starch - **Price Data**: From August 27 to September 2, the price in some regions changed slightly. For example, the price in Shekou increased by 10, and the starch basis decreased by 5 [2]. - **Market Analysis**: Corn supply increment is limited, and the price is expected to decline under pressure in the short - term and maintain a weak pattern; starch inventory is high, and the price is bearish in the long - term [3]. Sugar - **Price Data**: From August 27 to September 2, the spot price in some regions decreased, and the number of warehouse receipts decreased by 233 [4]. - **Market Analysis**: The international sugar price is under pressure due to supply, and the domestic sugar price is also under pressure with the arrival of imported sugar [4]. Cotton/Cotton Yarn - **Price Data**: From August 27 to September 2, the 3128 cotton price increased by 25, and the 32S spinning profit decreased by 37 [6]. - **Market Analysis**: The cotton price is in a shock state, and the downward space is limited. Attention should be paid to the demand change [6]. Eggs - **Price Data**: From August 27 to September 2, the price in some regions remained stable, and the basis increased by 11 [12]. - **Market Analysis**: The egg price rebounded from the low level before, then declined due to supply and demand issues. Attention should be paid to the culling rhythm and cold - storage egg出库 [12]. Apples - **Price Data**: From August 27 to September 2, the spot price remained stable, and the national inventory decreased by 16 [13][14]. - **Market Analysis**: The new - season output may not differ much from last year. The consumption is in the off - season, and attention should be paid to the final production [14]. Pigs - **Price Data**: From August 27 to September 2, the price in some regions changed slightly, and the basis decreased by 20 [14]. - **Market Analysis**: The pig price is in a range - bound shock. Attention should be paid to the slaughter rhythm, diseases, and policies [14].

| 农产品早报 | | --- | 研究中心农产品团队 2025/09/02 | 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 | | 2025/08/26 | 2230 | 2210 | 2400 | 2360 | 52 | 10 254 | 2850 | 2930 | 330 | 17 | | 2025/08/27 | 2230 | 2210 | 2400 | 2360 | 46 | 10 264 | 2850 | 2900 | 334 | 15 | | 2025/08/28 | 2230 | 2230 | 2400 | 2370 | 45 | 0 291 | 2850 | 2900 | 312 | 15 | | 2025/08/29 | 2230 | 2220 | 2394 | 2370 | 29 | 15 276 | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **Corn**: In the short - term, the price is expected to be under pressure and continue the weak oscillation pattern. In the long - term, focus on the selling enthusiasm of new - season corn in the production areas [4]. - **Starch**: Maintain a bearish view in both the short and long term due to high inventory and expected lower raw material costs [4]. - **Sugar**: The international sugar price is under pressure due to the peak crushing season in Brazil. The domestic sugar price is also under pressure with the arrival of imported sugar [5]. - **Cotton**: The price has entered a consolidation phase, waiting for demand verification. The downside space is limited if there are no major macro - risks [7]. - **Eggs**: The price rebounded slowly, with supply at a high level and demand insufficient. Pay attention to the chicken culling rhythm and cold - storage egg release [11]. - **Apples**: The new - season production may not differ much from last year. The current consumption is in the off - season, and the inventory is at a five - year low. Focus on the final production [15]. - **Pigs**: The price is in a range - bound oscillation. There are policy expectations for the future, but medium - term supply pressure remains. Pay attention to factors such as the slaughter rhythm, diseases, and policies [15]. 3. Summary by Commodity Corn/Starch - **Price Data**: From August 25 - 29, 2025, the price in Changchun remained 2230, while in Jinzhou it decreased by 10, and in Weifang by 6. The basis and other indicators also showed certain changes [3]. - **Market Analysis**: The corn auction had a light trading volume. In the short - term, the price is under pressure, and in the long - term, focus on the new - season supply. Starch prices are expected to be weak due to high inventory and expected lower raw material costs [4]. Sugar - **Price Data**: From August 25 - 29, 2025, the spot price in Liuzhou decreased by 10, and the basis, import profit, and other indicators changed accordingly [5]. - **Market Analysis**: The international sugar price is under pressure from Brazilian supply, and the domestic price is affected by imported sugar arrivals [5]. Cotton/Cotton Yarn - **Price Data**: From August 25 - 29, 2025, the price of 3128 cotton increased by 170, and the import profit of Vietnamese yarn increased by 46 [7]. - **Market Analysis**: The cotton price has entered a consolidation phase, and the downside space is limited if there are no major macro - risks [7]. Eggs - **Price Data**: From August 25 - 29, 2025, the egg prices in some production areas changed, and the basis decreased by 68 [11]. - **Market Analysis**: The egg price rebounded slowly due to high supply and insufficient demand. Pay attention to the chicken culling rhythm and cold - storage egg release [11]. Apples - **Price Data**: From August 25 - 29, 2025, the price of Shandong 80 first - and second - grade apples remained 7300, and the basis changed significantly [14][15]. - **Market Analysis**: The new - season production may not differ much from last year. The current consumption is in the off - season, and the inventory is at a five - year low. Focus on the final production [15]. Pigs - **Price Data**: From August 25 - 29, 2025, the prices in some production areas remained stable, and the basis increased by 35 [15]. - **Market Analysis**: The pig price is in a range - bound oscillation. There are policy expectations for the future, but medium - term supply pressure remains. Pay attention to factors such as the slaughter rhythm, diseases, and policies [15].

Group 1: Report Summary - The report focuses on the market conditions of various agricultural products including corn, starch, sugar, cotton, eggs, apples, and pigs on August 27, 2025 [1] Group 2: Corn and Starch Market Data - Corn prices in Changchun, Jinzhou, and Shekou remained stable from August 20 - 26, while prices in Weifang decreased by 34. Starch prices in Heilongjiang remained stable, and those in Weifang decreased by 50. Corn trade profit decreased, and starch processing profit increased slightly [2] Core View - Short - term: Corn prices are expected to maintain a weak and volatile pattern. Starch prices will fluctuate with raw material prices, and high inventory will continue to pressure the price [3] - Long - term: Corn prices are expected to decline under pressure until domestic consumption improves or there is a reluctance to sell in the production areas. Starch prices are expected to remain bearish due to high inventory and lower expected raw material costs [3] Group 3: Sugar Market Data - The spot prices of sugar in Liuzhou and Nanning remained stable, and the price in Kunming increased slightly. The base difference increased, and the import profit decreased slightly. The number of warehouse receipts decreased [5] Core View - Internationally, the peak sugar - pressing season in Brazil is putting pressure on sugar prices. Domestically, Zhengzhou sugar prices follow the trend of raw sugar, and the arrival of imported sugar is putting pressure on the upper limit of the futures price [5] Group 4: Cotton Market Data - The price of 3128 cotton decreased by 20, the price of imported M - grade US cotton decreased by 1, and the import profit and the number of warehouse receipts + forecasts decreased [8] Core View - Cotton prices are in a shock phase, waiting for demand verification. If there are no major macro - risk events, the low point in April can be seen as the long - term bottom of cotton prices, and the downside space is limited [8] Group 5: Eggs Market Data - Egg prices in some production areas increased slightly, the base difference increased by 28, the price of white - feather broilers increased by 0.05, and the price of live pigs decreased by 0.10 [11] Core View - Egg prices rebounded rapidly from the low level due to supply and demand in July, but decreased in early August due to insufficient demand. If the price rebound in late August is less than expected, more old chickens may be culled [11] Group 6: Apples Market Data - The spot price of Shandong 80 first - and second - grade apples remained stable, the national inventory increased by 10, and the base differences for January, May, and October contracts changed to varying degrees [15][16] Core View - The new - season apple production is expected to be similar to last year. The current - season apple consumption is in the off - season, the inventory is the lowest in the past five years, and the spot price is stable. Attention should be paid to the final production determination [16] Group 7: Pigs Market Data - Pig prices in some production areas decreased slightly, and the base difference remained unchanged [16] Core View - There are policy - related expectations for a production capacity inflection point in the long - term, but the mid - term supply pressure still exists. There may be a short - term improvement in consumption, and attention should be paid to factors such as the slaughter rhythm, weather, and policies [16]

Group 1: Report Overview - The report is from the Agricultural Products Team of the Research Center, dated August 26, 2025 [3] Group 2: Corn/Starch Price Data - From August 19 - 25, 2025, in corn, prices in Changchun remained 2230, while in other regions like Weifang and Jinzhou, there were fluctuations. The basis changed by 41, trade profit decreased by 20, and import profit decreased by 4. In starch, prices in Heilongjiang remained 2850, while in Weifang it decreased by 50. The basis increased by 17, and processing profit increased by 22 [4] Market Analysis - Short - term: New - season corn is about to be listed, market sentiment is cautious, and port spot prices are weakening, causing the futures price to decline. But due to limited supply increase, there is no expectation of a sharp drop. Starch prices follow raw material price fluctuations, with high production, low downstream demand, and rising inventory, pressuring prices. - Long - term: Corn prices are expected to decline due to increased production and lower costs. Starch prices are bearish due to high inventory and expected lower raw material costs [5] Group 3: Sugar Price Data - From August 19 - 25, 2025, the spot prices in Liuzhou, Nanning, and Kunming had little change, the basis decreased by 18, and the import profit increased by 33. The number of warehouse receipts decreased by 170 [6][24] Market Analysis - Internationally, Brazil is in the peak crushing season, putting pressure on international sugar prices. The uncertainty of Brazil's later - stage production increases. Domestically, Zhengzhou sugar follows raw sugar. Imported sugar is arriving at ports, and the processing sugar price cut is putting pressure on the futures [7][24] Group 4: Cotton/Cotton Yarn Price Data - From August 19 - 25, 2025, the price of 3128 cotton increased by 80, the price of imported M - grade US cotton increased by 1, the import profit and other data also changed. For cotton yarn, the price of Vietnamese yarn remained stable, the spot price increased by 20, the import profit of Vietnamese yarn increased by 59, and the 32S spinning profit decreased by 64 [10] Market Analysis - Cotton has entered a consolidation phase, waiting for demand verification. If there are no major macro - risk events, the April low can be seen as the long - term bottom, and the downside space is limited. Attention should be paid to demand changes [10] Group 5: Eggs Price Data - From August 19 - 25, 2025, egg prices in Hebei, Liaoning, and other regions decreased, the basis increased by 10, the price of white - feather broilers remained stable, the price of yellow - feather broilers increased by 0.20, and the price of live pigs increased by 0.01 [14] Market Analysis - In July, high temperatures reduced egg - laying rates, and post - plum - rain replenishment drove up egg prices. But due to sufficient stocks in food factories and reduced procurement, the Mid - Autumn Festival demand was weakened. In August, supply was high and demand was low, causing prices to fall. Attention should be paid to the culling of old hens and cold - storage egg release [14] Group 6: Apples Price Data - From August 19 - 25, 2025, the spot price of Shandong 80 first - and second - grade apples remained 7300.00, the national inventory decreased by 36.00, Shandong inventory decreased by 24.00, and Shaanxi inventory decreased by 47.00. The basis for different contracts also changed [21][22] Market Analysis - The new - season apples are in the growth stage. The yield in the western region may increase, while Shandong may have a 20% reduction. The current - season apple consumption is in the off - season, with the lowest apparent inventory in five years and slightly slower de - stocking. The price is stable for now. Attention should be paid to the final yield determination [22] Group 7: Live Pigs Price Data - From August 19 - 25, 2025, the prices in Henan Kaifeng, Hubei Xiangyang, and other regions had minor changes, and the basis decreased by 70 [22] Market Analysis - There are policy expectations for a production - capacity turning point in the long - term, but medium - term supply pressure remains. Seasonally, there are factors supporting demand. The spot price rebounded at the weekend. There is an expectation of reduced supply at the end of the month, and consumption may improve with school - opening replenishment. The restart of state reserves is boosting market sentiment. Attention should be paid to factors such as slaughter rhythm, weather, and policies [22]