Report Industry Investment Rating No relevant content provided. Core View of the Report - For soybeans and soybean meal, the global soybean supply is expected to remain loose, and it is advisable to sell on rallies. For palm oil, it is recommended to view it as oscillating weakly before the export of Malaysian palm oil improves. For sugar, it is suggested to wait for the weakening of the rebound strength and then look for opportunities to short. For cotton, the upward space of cotton prices is expected to be relatively limited in the short term. For eggs, it is advisable to wait and see. For pigs, it is recommended to establish reverse hedging positions on rallies in the medium term and short gradually after reaching the pressure level [2][4][7][10][13][16][19]. Summary by Related Catalogs Protein Meal Market Information - Overnight, CBOT soybeans declined. The price increase triggered hedging by US farmers, and the Brazilian premium decreased slightly, with the import cost rising slightly. On Wednesday, the domestic soybean meal spot price rose slightly by 20 yuan, with the East China price reported at 2910 yuan/ton. The trading volume of soybean meal was 53,500 tons, and the提货 volume was 198,800 tons. MYSTEEL statistics show that the inventory days of domestic feed enterprises increased by 0.03 days to 7.95 days last week. The soybean meal inventory of oil mills increased, and the soybean inventory decreased month - on - month, with the total inventory being high and in a slight de - stocking trend. MYSTEEL expects the domestic soybean crushing volume of oil mills to be 2.3392 million tons this week, compared with 2.3674 million tons last week. As of last Thursday, the sowing rate of soybeans in Brazil's 2025/26 season has reached 36% of the expected level, and the rainfall in the main planting areas of Brazil is at a neutral level [2]. Strategy View - In terms of import cost, there are recent signals in the market that China may import US soybeans, but the rise in US soybeans may be offset by the decline in the Brazilian premium, and the import cost will mainly oscillate. The domestic soybean inventory is at the highest level in recent years, the soybean meal inventory is large, and the crushing profit is under pressure. The expectation of loose global soybean supply remains unchanged, and it is still advisable to sell on rallies [4]. Oils Market Information - ITS and AMSPEC data show that Malaysia's palm oil exports from October 1 - 10 increased by 9.86% - 19.37% compared with the same period last month, the exports in the first 15 days increased by 12.3% - 16.2%, the exports in the first 20 days increased by 3.4%, and the exports in the first 25 days decreased by 0.4%. SPPOMA data show that Malaysia's palm oil production from October 1 - 15 increased by 6.86% month - on - month compared with the same period last month, the production in the first 20 days increased by 2.71%, and the production in the first 25 days increased by 1.63%. Indonesia said that due to good weather, the palm oil production in 2025 may increase by 10%. On Wednesday, domestic oils declined. The recent high production of palm oil in Malaysia and Indonesia suppressed the market. Indonesia's August production data still significantly exceeded previous years, and the expectation of tight supply in the first quarter of next year has been loosened due to the current high - yield situation. There are also rumors that local Indonesia is calling for a suspension of the implementation of B50 in 2026. The domestic spot basis is stable at a low level [5]. Strategy View - The unexpected high production of palm oil in Malaysia and Indonesia suppresses the performance of the palm oil market. The current situation of large supply and inventory accumulation of palm oil may reverse in the fourth quarter and the first quarter of next year. If Indonesia's current high production cannot continue, the de - stocking time point may come earlier. However, if Indonesia maintains its recent high - yield record, palm oil will continue to be weak. Strategically, it is recommended to view it as oscillating weakly before the export of Malaysian palm oil improves [7]. Sugar Market Information - On Wednesday, the Zhengzhou sugar futures price oscillated strongly. The closing price of the January contract of Zhengzhou sugar was reported at 5494 yuan/ton, up 11 yuan/ton or 0.2% from the previous trading day. In terms of spot, the quotation of Guangxi sugar - making groups is 5660 - 5760 yuan/ton, unchanged from the previous trading day; the quotation of Yunnan sugar - making groups is 5600 - 5640 yuan/ton, unchanged from the previous trading day; the mainstream quotation range of processing sugar mills is 5790 - 5920 yuan/ton, with the quotation rising or falling differently from the previous trading day; the basis of Guangxi spot - Zhengzhou sugar main contract (sr2601) is 165 yuan/ton. The General Administration of Customs announced Order No. 280 on October 14, 2025, "Regulations on the Registration of Overseas Food Production Enterprises for Import by Customs". The new regulations change the registration of overseas food enterprises from "prior approval" to "automatic renewal + dynamic revocation", strengthen the regulatory responsibilities of overseas official agencies, and achieve "loose entry and strict management". Recently, the number of enterprises whose import of Thai syrup and premixed powder has been suspended by customs has increased from 35 to 44, and only 16 are effectively left. The scope of suspended imports has been expanded from under tariff number 170290 to under tariff number 2106906 [9]. Strategy View - In the short term, the tightening of import control on syrup and premixed powder has driven the rebound of Zhengzhou sugar prices. However, since September, the data of sugarcane crushing volume and sugar production in the central - southern region of Brazil have been bearish, and the raw sugar price has continued to decline. Moreover, entering the 2025/26 new crushing season, it is currently estimated that there will be an increase in production in the Northern Hemisphere, and the upward space of raw sugar is limited, resulting in a large profit margin for out - of - quota imports. It is recommended to wait for the weakening of the rebound strength and then look for opportunities to short [10]. Cotton Market Information - On Wednesday, the Zhengzhou cotton futures price oscillated strongly. The closing price of the January contract of Zhengzhou cotton was reported at 13620 yuan/ton, up 55 yuan/ton or 0.41% from the previous trading day. In terms of spot, the China Cotton Price Index (CCIndex) 3128B was reported at 14840 yuan/ton, up 10 yuan/ton from the previous trading day. The basis of China Cotton Price Index (CCIndex) 3128B - Zhengzhou cotton main contract (CF2601) is 1220 yuan/ton. On October 28, the purchase index of machine - picked cotton in Xinjiang was 6.30 yuan/kg, unchanged from the previous day; the purchase index of hand - picked cotton was 7.05 yuan/kg, down 0.01 yuan/kg from the previous day. According to the latest data released by Mysteel, as of the week of October 24, the operating rate of spinning mills was 65.6%, unchanged from the previous week, 7.4 percentage points lower than the same period last year, and 9.6 percentage points lower than the average of the past five years [12]. Strategy View - Fundamentally, the demand was weak during the peak consumption season this year, and the operating rate of the downstream industrial chain declined significantly compared with the same period in previous years. Moreover, there is an expectation of a bumper harvest in the new year in China, and the pressure of selling for hedging is large. Recently, the continuous small increase in the purchase price of new cotton has driven the rebound of Zhengzhou cotton, but the fundamentals are still weak, and the upward space of cotton prices is expected to be relatively limited in the short term [13]. Eggs Market Information - The national egg price was stable or declined. The average price of eggs in the main producing areas dropped 0.06 yuan to 2.88 yuan/jin. The price in Heishan remained at 2.9 yuan/jin, and the price in Guantao remained at 2.67 yuan/jin. The supply was relatively stable. Most breeding units actively sold their goods, while terminal purchases were relatively cautious, and the overall trading volume in the market decreased. The national egg price may be stable or decline today [15]. Strategy View - There is still an expectation of a rebound in the spot price, but the space may be limited due to the high supply. The focus of the futures market game is whether the increase in the spot price can cover the premium of the futures. Currently, it is the traditional stocking season for eggs, and the downward space of the spot price is limited. However, in terms of driving force, there is an expectation of a small increase but no large - scale increase. The open interest in the futures market is high, and it is judged that the market is bottoming out, but the space is not optimistic, and the rhythm may be repeated. It is advisable to wait and see [16]. Pigs Market Information - Yesterday, the domestic pig price rose and fell differently. The average price in Henan dropped 0.08 yuan to 12.67 yuan/kg, the average price in Sichuan rose 0.07 yuan to 12.34 yuan/kg, and the average price in Guangxi rose 0.3 yuan to 12.48 yuan/kg. The breeding side in the southern market may continue to reduce the supply, and the price may rise again. The purchasing enthusiasm of downstream in the northern market declined. Today, in order to ensure smooth sales, the breeding side may choose to lower the selling price [18]. Strategy View - Currently, the slaughter scale and the theoretical future slaughter volume are still high, and the decline in weight during this round of price drop is limited. In the medium term, under the relatively high supply pressure, the pig price may still be more likely to fall than to rise. In the short term, there is a resonance affected by multiple factors, and the factors supporting the rebound of the spot price still exist. In the context of high open interest, the futures market is easily affected by the change in driving force and may fluctuate repeatedly. It is judged that there will be a short - term rebound. In the medium term, it is advisable to gradually establish reverse hedging positions on rallies and short gradually after reaching the pressure level [19].

Group 1: Report Title and General Information - Report title: "Meal Daily Report - October 29, 2025" [1] - Report summary: Supply bullish factors are fully reflected, and the overall upward movement of the market is restricted [1] Group 2: Market Quotes Futures and Spot Basis - **Soybean meal**: The closing prices of contracts 01, 05, and 09 are 2969, 2803, and 2923 respectively, with changes of -6, +8, and +11. Spot basis varies by region, such as 50 in Tianjin, -20 in Dongguan, etc. [3] - **Rapeseed meal**: The closing prices of contracts 01, 05, and 09 are 2373, 2330, and 2426 respectively, with changes of -23, -8, and -7. Spot basis also varies by region, like 37 in Nantong, 127 in Guangdong, etc. [3] Monthly Spreads - **Soybean meal**: The 15 - spread is 166 (down 14 from yesterday), the 59 - spread is -120 (down 3), and the 91 - spread is -46 (up 17). [3] - **Rapeseed meal**: The 15 - spread is 43 (down 15 from yesterday), the 59 - spread is -96 (down 1), and the 91 - spread is 53 (up 16). [3] Cross - Variety Futures Spreads - The 01 spread between soybean meal and rapeseed meal is 596 (up from 579 yesterday), and the 09 spread is 497 (up from 479 yesterday). The 01 oil - meal ratio is 2.739 (down from 2.750 yesterday). [3] Spot Spreads - The spread between soybean meal and rapeseed meal is 473 (up 1 from yesterday), the spread between rapeseed meal and sunflower meal is 270 (down 10), and the spread between soybean meal and sunflower meal is 673 (up 21). [3] Group 3: Fundamental Analysis International Market - **US soybeans**: Although the recent trend is strong, the overall fundamental changes are limited. The market generally expects a slight downward adjustment in the new - crop yield per unit, which supports the price to some extent. The current price reflects the positive impact of US soybean exports, but the upward space is limited without other positive factors. [4] - **South America**: In Brazil, the new - crop sowing has started and is progressing rapidly. Institutions generally expect a bumper harvest. With limited demand growth, the export volume is expected to increase significantly. The old - crop has good export and crushing performance, but the subsequent crushing drive may be limited. In Argentina, the old - crop soybean production is relatively large, and the recent crushing and export have increased significantly, with the pressure improving. [4] Domestic Market - **Soybean meal**: The overall supply and demand are relatively loose. The oil mill operating rate has increased, the supply is sufficient, and the提货 volume has also increased, while the inventory remains high. As of October 24, the actual soybean crushing volume of oil mills is 2.3674 million tons, the operating rate is 65.13%, the soybean inventory is 7.5129 million tons (down 174,100 tons from last week, a decrease of 2.26%, and up 1.9282 million tons year - on - year, an increase of 34.53%), and the soybean meal inventory is 1.0546 million tons (up 78,400 tons from last week, an increase of 8.03%, and up 1,800 tons year - on - year, an increase of 0.17%). [5] - **Rapeseed meal**: The domestic demand has gradually weakened recently. The oil mill operating rate has decreased, the rapeseed supply is relatively low, and the granular rapeseed meal inventory remains high, with overall supply pressure. As of the week of October 24, the rapeseed inventory of major coastal oil mills is 600,000 tons (unchanged from last week), and the rapeseed meal inventory is 710,000 tons (down 70,000 tons from last week). [5] Group 4: Macro - analysis - Recent market is more affected by macro factors. The Sino - US negotiations have released positive signals, leading to a significant increase in the US soybean market. The meeting involves issues such as 301 shipping fees and possible tariff issues for agricultural products. However, the impact on the domestic long - term supply reduction is limited, and the subsequent import volume is still highly uncertain. After the short - term market reaction, the macro impact is expected to be relatively limited, and the market will focus more on fundamental changes. [6] Group 5: Logic Analysis - The market shows a volatile trend. After the previous bullish factors are fully reflected, the upward momentum has decreased. The US soybean market has fully reflected the previous bullish factors and is now in a volatile state. The overall supply in the international soybean market is still relatively loose. The smooth progress of Brazil's new - crop sowing is expected to result in a relatively high yield, with limited price support and obvious overall pressure. The domestic soybean meal supply and demand are relatively loose, and there is still inventory pressure. The rapeseed meal inventory is relatively low, but the demand is also average, and the subsequent import volume is relatively low, with limited price fluctuations. The decline in the monthly spreads of soybean meal and rapeseed meal today is mainly due to macro factors, and the subsequent decline space is expected to be limited, but there may still be pressure for rapeseed meal monthly spreads due to average demand. [7] Group 6: Trading Strategies - **Single - side trading**: It is recommended to short the 05 contract [8] - **Arbitrage**: Hold a wait - and - see attitude [8] - **Options**: Sell a wide - straddle strategy [8] Group 7: Soybean Pressing Profits - Pressing profits vary by origin, shipping date, and contract. For example, for Brazilian soybeans with a December shipping date, the CNF is 243, the CBOT is 999.25, and the contract is F. The exchange rate is 7.0228, the soybean meal price is 2969, the soybean oil price is 8132. The disk pressing profit is -190.08, the spot pressing profit is -211.58, compared with yesterday's -212.23 and -233.73, with a change of 22.15. [9]

1. Report Industry Investment Rating - The investment ratings for both the粕 (bean meal and rapeseed meal) and corn sectors are "cautiously bearish" [3][6] 2. Core Viewpoints - For the粕 market, the current domestic fundamentals have not changed significantly. The domestic arrival volume is relatively sufficient, and the inventory of soybeans and bean meal remains at a relatively high level, with overall supply being relatively loose. Key factors to watch include the Sino - US negotiation situation, policy changes, and the sowing progress of new - season Brazilian soybeans [2] - For the corn market, on the supply side, due to the previous decline in the corn price at the northern ports, farmers' enthusiasm for selling grain was relatively low, but this week, the price in the Northeast region has shown a slightly stronger trend, and farmers' enthusiasm for selling grain has slightly recovered. In the North China region, the impact of the weather has subsided, the risk of grain spoilage has significantly decreased, and the pace of selling wet grain has slowed down. On the demand side, the inventory of channels, ports, deep - processing enterprises, and feed enterprises all remains at a low level, but the willingness to stock up is low [4][5] 3. Summary by Related Catalogs 3.1 粕 Market 3.1.1 Market News and Important Data - **Futures**: The closing price of the bean meal 2601 contract was 2975 yuan/ton, up 43 yuan/ton or 1.47% from the previous day; the closing price of the rapeseed meal 2601 contract was 2396 yuan/ton, up 61 yuan/ton or 2.61% from the previous day [1] - **Spot**: In Tianjin, the spot price of bean meal was 3000 yuan/ton, up 10 yuan/ton from the previous day, with a spot basis of M01 + 25, down 33 from the previous day; in Jiangsu, it was 2930 yuan/ton, up 30 yuan/ton, with a spot basis of M01 - 45, down 13 from the previous day; in Guangdong, it was 2950 yuan/ton, up 40 yuan/ton, with a spot basis of M01 - 25, down 3 from the previous day. In Fujian, the spot price of rapeseed meal was 2600 yuan/ton, up 50 yuan/ton, with a spot basis of RM01 + 204, down 11 from the previous day [1] - **Market News**: As of last Thursday, the planting rate of Brazilian soybeans for the 2025/26 season reached 36% of the expected sown area, the same as the same period last year, and up from 24% the previous week. As of the week ending October 23, 2025, the US soybean export inspection volume was 1.061 million tons, with a previous market forecast of 1 - 1.5 million tons, and the revised figure for the previous week was 1.59 million tons [1] 3.1.2 Market Analysis The current domestic fundamentals have not changed much, with sufficient arrival volume, high inventory of soybeans and bean meal, and relatively loose overall supply. Key factors to watch are the Sino - US negotiation situation, policy changes, and the sowing progress of new - season Brazilian soybeans [2] 3.1.3 Strategy Cautiously bearish [3] 3.2 Corn Market 3.2.1 Market News and Important Data - **Futures**: The closing price of the corn 2511 contract was 2123 yuan/ton, up 11 yuan/ton or 0.52% from the previous day; the closing price of the corn starch 2511 contract was 2424 yuan/ton, down 1 yuan/ton or 0.04% from the previous day [3] - **Spot**: In Liaoning, the spot price of corn was 2150 yuan/ton, unchanged from the previous day, with a spot basis of C11 + 17, down 21 from the previous day; in Jilin, the spot price of corn starch was 2550 yuan/ton, unchanged from the previous day, with a spot basis of CS11 + 126, up 1 from the previous day [3] - **Market News**: As of October 23, the sowing progress of the first - season corn in the central and southern regions of Brazil for the 2025/26 season was 55%, up from 51% the previous week and 53% in the same period last year. As of the week ending October 23, 2025, the US corn export inspection volume was 1.187 million tons, with a previous market forecast of 1.1 - 2.05 million tons, and the revised figure for the previous week was 1.325 million tons [3] 3.2.2 Market Analysis On the supply side, farmers' enthusiasm for selling grain in the Northeast has slightly recovered, and the pace of selling wet grain in North China has slowed down. On the demand side, the inventory of various sectors is low, but the willingness to stock up is low [4][5] 3.2.3 Strategy Cautiously bearish [6]

Report Industry Investment Ratings - Corn: Downward trend with a long - term bearish outlook [1] - Soybean Meal: Sideways movement [1] - Oils: Upward trend with a sideways trading strategy [1] - Eggs: Slightly bullish with a sideways bias [1] - Hogs: Sideways movement [2] Core Viewpoints - Corn prices are pressured by increased new - grain supply in the production areas, and the futures price is expected to decline in the long term [1] - Soybean meal prices are influenced by the expectation of China's potential purchase of US soybeans and are expected to move sideways [1] - Oil prices are affected by the weakness of the surrounding market and the bearish palm oil data in the producing areas, with a sideways trading strategy [1] - Egg prices are supported by the rising spot prices and may continue to rebound in the short term, but there is pressure on the upside [1] - Hog prices are supported by the increased fattening enthusiasm in the Northeast and are expected to stop falling and rise in the fourth quarter [2] Summary by Related Catalogs Research Views - **Corn**: The corn main contract 2601 opened slightly lower on Monday and then the decline widened. New - grain supply increased in the production areas, and the price in the North Port was under pressure. The price in the Northeast adjusted slightly, and the price in North China was generally stable with some narrow - range adjustments. Technically, the price was expected to decline in the long term, with short - term support at 2100 [1] - **Soybean Meal**: CBOT soybeans rose to a six - month high on Monday due to the hope of China's resumption of US soybean purchases. Domestic protein meal mainly moved sideways. The market was waiting for the results of the super - macro week, especially whether China would resume purchasing US soybeans [1] - **Oils**: BMD palm oil fell for the second consecutive day on Monday, hitting a four - week low. High - frequency data showed a slight decrease in the export of Malaysian palm oil from October 1 - 25. Domestic oils mainly moved sideways, with soybean oil and rapeseed oil rising slightly and palm oil falling slightly. The inventory was high, and the basis was weak [1] - **Eggs**: Egg futures continued to rebound on Monday, with the main contract 2512 rising 1.56%. The spot price increased, and the futures price rebounded at a low level. There was an optimistic expectation for future supply improvement, but there was still pressure on the upside [1] - **Hogs**: The main hog contract 2601 gapped up on Monday. The spot price in the production and sales areas was strong. In the Northeast, the enthusiasm for secondary fattening was high over the weekend, and the supply of medium and large hogs was tight. The price was expected to stop falling and rise in the fourth quarter [2] Market Information - From October 1 - 25, 2025, the yield, oil extraction rate, and production of Malaysian palm oil increased compared with the same period last month according to SPPOMA data. Different institutions had different data on the export volume of Malaysian palm oil during this period, with an increase of 23.8% according to SGS and a decrease of 0.27% according to Amspec [3] - On October 27, Chinese Premier Li Qiang met with Australian Prime Minister Albanese in Kuala Lumpur, expressing the willingness to strengthen economic cooperation and explore the review and upgrade of the free - trade agreement [3] Variety Spreads - **Contract Spreads**: There are charts showing the 1 - 5 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and hogs [5][6][10][14] - **Contract Basis**: There are charts showing the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and hogs [13][16][17][22] Research Team Members - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute, with rich experience and many awards [26] - Hou Xueling is an analyst of soybeans at Everbright Futures, with more than ten years of experience in the futures industry and many honors [26] - Kong Hailan is a researcher of eggs and hogs at Everbright Futures Research Institute, with relevant research achievements [26]

Report Industry Investment Rating - The investment ratings for different agricultural product varieties are as follows: corn - oscillatory; soybean meal - oscillatory; oils - rising (with an oscillatory strategy); eggs - oscillatory; and pigs - oscillatory [1][2] Core Viewpoints - Corn prices showed mixed trends this week. The North Port prices were under pressure recently, while the prices in North China were stable to slightly stronger. Given the expected corn harvest this year, there is a possibility that corn futures prices may reach new lows [1] - CBOT soybeans rose to a one - month high on Thursday. Domestic protein meal increased with reduced positions, and the soybean meal rose by over 2%. The supply of soybean and rapeseed meal in the spot market remains ample, and the demand side is cautious in purchasing [1] - BMD palm oil closed higher on Thursday. Domestic palm oil futures prices declined following the foreign market, while soybean oil and rapeseed oil fluctuated slightly. It is necessary to closely monitor the Sino - US talks and the Fed meeting [1] - Egg futures rebounded from a low level on Thursday. Spot egg prices showed a pattern of mostly stable with a few increases in the production areas, and the purchasing costs in the sales areas were mostly stable with a few increases. The future egg price trend depends on the changes in farmers' willingness to replenish and cull the flock [1] - On Thursday, the main hog futures contract oscillated and formed a doji star. After the National Day, hog prices declined rapidly, and the expectation of a technical rebound increased. Although the expansion of the price difference between standard and fat hogs and the entry of second - fattening operations have alleviated the short - term supply pressure to some extent, the oversupply situation remains the main factor influencing prices [2] Summary by Relevant Catalogs Research Views - **Corn**: This week, corn prices showed mixed trends. The main 2601 contract on Thursday opened slightly lower and then rebounded. Affected by the adjustment of futures prices near the weekend, the North Port quotes were under pressure. In North China, the corn prices continued to be stable to slightly stronger. Considering the expected corn harvest this year, the market generally expects the corn futures prices to reach new lows [1] - **Soybean Meal**: CBOT soybeans rose to a one - month high on Thursday. Domestic protein meal increased with reduced positions, and the soybean meal rose by over 2%. The supply of soybean and rapeseed meal in the spot market is ample, and the demand side is cautious in purchasing. The slow procurement of soybeans by oil mills from December to January provides strong cost support for soybean meal [1] - **Oils**: BMD palm oil closed higher on Thursday. Domestic palm oil futures prices declined following the foreign market, while soybean oil and rapeseed oil fluctuated slightly. The improvement in the spot trading volume of soybean oil and the rigid demand for palm oil and rapeseed oil were observed. It is necessary to closely monitor the Sino - US talks and the Fed meeting [1] - **Eggs**: Egg futures rebounded from a low level on Thursday. Spot egg prices showed a pattern of mostly stable with a few increases in the production areas, and the purchasing costs in the sales areas were mostly stable with a few increases. The future egg price trend depends on the changes in farmers' willingness to replenish and cull the flock [1] - **Pigs**: On Thursday, the main hog futures contract oscillated and formed a doji star. After the National Day, hog prices declined rapidly, and the expectation of a technical rebound increased. Although the expansion of the price difference between standard and fat hogs and the entry of second - fattening operations have alleviated the short - term supply pressure to some extent, the oversupply situation remains the main factor influencing prices [2] Market Information - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held in Beijing from October 20 to 23, 2025. The session proposed to build a strong domestic market and accelerate the construction of a new development pattern [2][3] - The main economic and social development goals for the "15th Five - Year Plan" period were put forward, aiming to achieve a significant leap in China's economic, technological, national defense, and comprehensive national strength and international influence by 2035 [3] - Chinese Vice - Premier He Lifeng will lead a delegation to Malaysia from October 24 to 27 for economic and trade consultations with the US [3] - The EU agreed to impose new sanctions on Russia due to the Russia - Ukraine conflict and expanded the scope of sanctions to include 12 Chinese companies and 3 Indian companies. China strongly opposes these sanctions and has lodged solemn representations with the EU [3] Variety Spreads - **Contract Spreads**: The report presents the 1 - 5 spreads of various agricultural product contracts, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [4][5][6] - **Contract Basis**: The report shows the basis of various agricultural product contracts, such as corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [12][13][16] Research Team Members - Wang Na is the director of the agricultural product research department at Everbright Futures Research Institute. She has won the "Best Agricultural Product Analyst" title in multiple analyst selection competitions and has led her team to achieve excellent results [26] - Hou Xueling is an analyst of soybeans at Everbright Futures. She has rich experience and has won many industry awards [26] - Kong Hailan is a researcher of eggs and pigs at Everbright Futures Research Institute. She has participated in many research projects and has been interviewed by mainstream media [26]

Report Information - Report Title: Nanhua Futures Corn & Starch Industry Daily Report - Date: October 24, 2025 - Analyst: Dai Hongxu (Investment Consulting License No.: Z0021819) - Research Assistant: Kang Quangui (Qualification Certificate No.: F03148699) - Investment Consulting Business Qualification: CSRC Permit [2011] No. 1290 [1] Core Viewpoints - Northeast autumn grain harvest is over 80%, with varying selling progress in different provinces; North China and Huanghuai autumn grain harvest is nearly 80% [2] - After the spot price rebounded, farmers' selling sentiment was positive, market supply remained high, and the purchase price showed a weakening trend after rising [2] - The corn futures market rose yesterday, partly due to the sharp rise in soybeans; the spot market was weak, and the number of trucks arriving in Shandong increased significantly [2] - The starch market strengthened, with stable to rising prices in the Northeast and tight supply of small packages in North China [2] - On Thursday, CBOT corn futures continued to rise by nearly 1% [2] Market Data Corn & Starch Spot Prices and Main Contract Basis | Location | Corn Price | Change | Location | Corn Starch Price | Change | | --- | --- | --- | --- | --- | --- | | Jinzhou Port | 2180 | 0 | Shandong | 2760 | 0 | | Shekou Port | 2310 | 0 | Jilin | 2550 | 0 | | Harbin | 2000 | 0 | Heilongjiang | 2460 | 0 | | Jinzhou Port Main Contract Basis | 40 | -7 | Shandong Main Contract Basis | 310 | -24 | [2] Corn & Starch Futures Prices | Contract | 2025-10-22 | 2025-10-23 | Change | Change Rate | | --- | --- | --- | --- | --- | | Corn 11 | 2114 | 2117 | 3 | 0.14% | | Corn 01 | 2133 | 2140 | 7 | 0.33% | | Corn 03 | 2163 | 2167 | 4 | 0.18% | | Corn 05 | 2239 | 2244 | 5 | 0.22% | | Corn 07 | 2263 | 2264 | 1 | 0.04% | | Corn 09 | 2274 | 2274 | 0 | 0.00% | | Corn Starch 11 | 2410 | 2429 | 19 | 0.79% | | Corn Starch 01 | 2426 | 2450 | 24 | 0.99% | | Corn Starch 03 | 2442 | 2465 | 23 | 0.94% | | Corn Starch 05 | 2549 | 2558 | 9 | 0.35% | | Corn Starch 07 | 2563 | 2575 | 12 | 0.47% | | Corn Starch 09 | 2612 | 2618 | 6 | 0.23% | | Wheat Average Price | 2475 | 2483 | 8 | 0.32% | [3][6] US Corn Prices and Import Profits | Item | Price | Daily Change | Increase Rate | Import Profit | | --- | --- | --- | --- | --- | | CBOT Corn Main Contract | 427.75 | 4 | 0.94% | - | | COBT Soybean Main Contract | 1061.25 | 11.5 | 1.1% | - | | CBOT Wheat Main Contract | 513 | 9.25 | 1.84% | - | | US Gulf Duty-paid Price | 2120.45 | 11.14 | 0.53% | 189.55 | | US West Duty-paid Price | 1967.33 | 11.05 | 0.56% | 342.67 | [30] Factors Affecting the Market Bullish Factors - The number of state reserve grain purchase points increased, with an obvious price-supporting purpose, supporting price stability [5] - Weather disturbances in North China changed market expectations, weakening the downward momentum of forward prices and making it difficult to suppress prices during purchases [5] Bearish Factors - Weather disturbances dissipated, market focus returned to supply pressure, supply remained high, and short-term price pressure increased [2] - The pig industry is in the process of capacity regulation, which may affect the long-term feed demand for corn [5]

1. Report Industry Investment Rating - The investment strategy for apples is neutral [4]. - The investment strategy for red dates is also neutral [8]. 2. Core Views of the Report - For apples, late Fuji apples are sporadically on the market. Affected by the weather, it's difficult to organize a large quantity of red apples. The acquisition period may be shortened. It's expected that the price of high - quality apples will remain stable and firm, with a significant price gap between high - quality and ordinary apples [4]. - For red dates, if the yield and quality are lower than expected, the upward trend of red dates may continue. Otherwise, the futures price of red dates will face a situation of limited upward movement and sufficient downward support, showing a volatile pattern. The new - season red dates in the main producing areas have not been harvested in large quantities, and it's expected that the harvesting work will start after the Frost's Descent [8]. 3. Summary by Related Catalogs Apple Market News and Key Data - Futures: The closing price of the apple 2601 contract yesterday was 8,830 yuan/ton, up 36 yuan/ton or 0.41% from the previous day [1]. - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of 70 and above semi - commercial late Fuji in Shaanxi Luochuan was 4.15 yuan/jin, unchanged from the previous day. The spot basis of AP01 was - 1330 in Qixia and - 530 in Luochuan, down 36 from the previous day [1]. Market Information - The trading volume of late Fuji in production areas continues to increase, and the market remains stable and firm. In Shandong, trading has increased slightly, but the proportion of harvested apples is still low. In Gansu, the overall market is stable, and the harvesting progress is fast, with merchants mainly storing apples in warehouses. In Shaanxi, the ordering of high - quality goods is in the middle - late stage, and the price of ordinary goods is chaotic. The price of high - quality apples is expected to remain stable and firm in the short term, while the price of ordinary - quality apples may weaken slightly [2]. Market Analysis - Yesterday, the apple futures price closed slightly higher, and the national apple spot market continued to be stable and firm, with increasing trading volume. The market is characterized by a price gap between high - quality and ordinary apples. The price of high - quality apples is expected to remain stable and firm, while the price of ordinary apples may decline due to increased supply. The game between merchants' purchasing mentality and farmers' selling mentality should be closely monitored [3]. Strategy - The strategy is neutral. It's expected that the price of high - quality apples will remain stable and firm, with a significant price gap between high - quality and ordinary apples [4]. Red Dates Market News and Key Data - Futures: The closing price of the red date 2601 contract yesterday was 11,165 yuan/ton, down 100 yuan/ton or 0.89% from the previous day [5]. - Spot: The price of first - grade grey dates in Hebei was 9.60 yuan/kg, unchanged from the previous day. The spot basis of CJ01 was - 1565, up 100 from the previous day [5]. Market Information - In Xinjiang, the orchard - ordering process in main grey - date producing areas is fast, and the harvesting time is slightly earlier than last year. The mainstream price is 6.50 - 8.00 yuan/kg. In Hebei and Guangdong markets, the price is stable or slightly weak. It's expected that the spot price will remain stable in the short term [6]. Market Analysis - The red date futures price showed a volatile downward trend yesterday. The harvesting and orchard - ordering process in Xinjiang is fast, with the characteristic of "high - quality goods at high prices". The inventory in the sales areas is still under pressure, and the new - season yield is expected to be 56 - 62 tons. The quality of red dates is better than last year [7]. Strategy - The strategy is neutral. If the yield and quality are lower than expected, the upward trend of red dates may continue. Otherwise, the futures price will show a volatile pattern. The harvesting progress and price changes after the Frost's Descent should be monitored [8].

Group 1 - The main contract for late indica rice futures remains unchanged at 2535.00 yuan/ton as of the report date [1] Group 2 - According to foreign media forecasts, U.S. corn net export sales for the 2025/26 marketing year are expected to be between 800,000 to 2,000,000 tons as of the week ending October 16, 2025 [2] - The Brazilian National Association of Grain Exporters (ANEC) anticipates that Brazil's corn exports for October will reach 6.57 million tons, an increase from the previous week's estimate of 6.46 million tons [2] - As of the week ending October 17, the deliverable inventory of corn at CBOT was reported at 15.067 million bushels, a 23.80% increase from the previous week’s 12.17 million bushels, but a 37.27% decrease from the same period last year when it was 24.019 million bushels [2] - The Executive Director of the International Sugar Organization (ISO) stated that U.S. government subsidies to corn growers distort U.S. corn ethanol export prices, impacting market competition [2]

Group 1: Report Industry Investment Rating - The investment rating for both apples and dates is neutral [4][8] Group 2: Core Views of the Report - The apple market shows a significant differentiation pattern of "high - quality goods with firm prices and common goods with chaotic prices". The price of high - quality late - Fuji apples is expected to remain stable and firm, while the price of common - quality apples may decline. The acquisition period may be shortened due to weather conditions [3][4] - The date market presents a situation of "active production areas and cautious sales areas". The inventory pressure still exists, and the new - season date production is estimated to be between 56 - 62 million tons. If the production and quality are lower than expected, the upward trend may continue; otherwise, the futures price will be in a shock pattern [7][8] Group 3: Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2601 contract yesterday was 8,794 yuan/ton, a change of - 56 yuan/ton or - 0.63% from the previous day. Spot: The price of 80 first - and second - grade late - Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of 70 semi - commercial late - Fuji in Shaanxi Luochuan was 4.15 yuan/jin, unchanged from the previous day. The spot basis AP01 - 1294 in Qixia and AP01 - 494 in Luochuan both increased by 56 compared to the previous day [1] Market Analysis - The apple futures price declined slightly yesterday, while the spot market was generally stable and firm. The acquisition of high - quality goods in Shaanxi and Gansu is in the later stage and being warehoused. In Shandong, although the trading volume has increased, the fruit quality is average, leading to cautious acquisition by merchants. The price of high - quality goods is expected to remain stable and firm, while the price of common - quality goods may decline with the increase in supply [3] Strategy - Maintain a neutral stance. The late - Fuji apples are sporadically on the market. Affected by the weather, it is difficult to organize a large amount of red apples, and the acquisition period may be shortened. It is expected that the price of high - quality goods will be stable and firm, with obvious price differentiation [4] Date Market News and Important Data - Futures: The closing price of the date 2601 contract yesterday was 11,265 yuan/ton, a change of - 115 yuan/ton or - 1.01% from the previous day. Spot: The price of first - grade gray dates in Hebei was 9.60 yuan/kg, unchanged from the previous day. The spot basis CJ01 - 1665 increased by 115 compared to the previous day [5] Market Analysis - The date futures price showed a downward trend yesterday. The spot market presented a pattern of "active production areas and cautious sales areas". The picking process in Xinjiang has accelerated, while the arrival volume in major sales areas such as Hebei and Guangdong is limited. The inventory pressure still exists, and the new - season production is estimated to be between 56 - 62 million tons. The date quality is better than that of the same period last year [7] Strategy - Maintain a neutral stance. If the production and quality are lower than expected, the upward trend of dates may continue; otherwise, the futures price will be in a shock pattern. The large - scale picking of new - season dates in the main production areas has not started yet, and it is expected to begin after the Frost's Descent. Attention should be paid to the acquisition progress and price changes [8]

Report Industry Investment Rating - The investment rating for both the soybean meal and corn sectors is cautiously bearish [3][6] Core Viewpoints - For the soybean meal market, although the USDA has not released the latest data, Brazil's strong export performance is pressuring the CBOT soybean prices and leading to ample domestic supply. Future market focus will be on policy changes and the import situation of new - season US soybeans [2] - In the corn market, the new - season corn in domestic production areas is being concentratedly supplied, resulting in a supply - exceeding - demand situation. The overall price of new grain is low, and subsequent attention should be paid to national policies [5] Summary by Related Catalogs Market News and Important Data Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2601 contract was 2885 yuan/ton, down 4 yuan/ton (-0.14%) from the previous day; the rapeseed meal 2601 contract was 2307 yuan/ton, down 14 yuan/ton (-0.60%) [1] - Spot: In Tianjin, the soybean meal spot price was 2950 yuan/ton, down 10 yuan/ton; in Jiangsu, it was 2860 yuan/ton, down 10 yuan/ton; in Guangdong, it was 2880 yuan/ton, down 10 yuan/ton. In Fujian, the rapeseed meal spot price was 2520 yuan/ton, down 10 yuan/ton [1] - Brazil's exports: In October, Brazil's soybean export volume is expected to be 7.34 million tons, and the soybean meal export volume is expected to be 2.09 million tons [1] - Brazil's soybean sowing progress: As of October 18, 2025, the sowing progress of Brazil's 2025/26 soybean season was 21.7%, higher than the previous week's 11.1% and last year's 17.6%, but lower than the five - year average of 27.7% [1] Corn and Corn Starch - Futures: The closing price of the corn 2511 contract was 2133 yuan/ton, down 11 yuan/ton (-0.51%); the corn starch 2511 contract was 2426 yuan/ton, down 3 yuan/ton (-0.12%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2550 yuan/ton, unchanged [3] - Brazil's corn exports: In October, Brazil's corn export volume is expected to be 6.57 million tons [3] Market Analysis Soybean Meal - Brazil's strong exports are pressuring CBOT soybean prices, and the domestic supply is sufficient. The future market focus is on policy changes and the import of new - season US soybeans [2] Corn - Domestically, the new - season corn in the Northeast and North China is being concentratedly supplied. The supply exceeds demand, and the overall price of new grain is low. Attention should be paid to national policies [5] Strategy - For both the soybean meal and corn sectors, the strategy is to be cautiously bearish [3][6]