Report Industry Investment Rating No relevant content provided. Core View of the Report - In the short term, the domestic soybean market may experience a decline due to high supply pressure and lack of clear cost - side benefits. In the medium term, the global soybean supply is loose, but the market will mainly fluctuate within a range [2][3]. - The oil market is currently in a state of balanced or slightly loose supply and demand in reality but is expected to be tight in the future. It should be regarded as oscillating strongly in the medium term, and the current strategy is to buy on dips [5][6][7]. - The sugar price still maintains a bearish outlook in the long - term, but there may be a short - term rebound. Caution is advised in trading [9][10]. - The cotton price is influenced by both bullish and bearish factors and is likely to continue oscillating in the short term [12][13]. - The egg price is under supply pressure in the short term but may stabilize and rise slightly with the approaching of festivals. The short - term strategy is to observe, and focus on buying the far - month contracts after a decline [15][16][17]. - The pig price may be stable in the north and decline in the south. The short - term strategy is to short the near - month contracts and conduct reverse arbitrage [18][19]. Summary by Related Catalogs Soybean and Meal Market Information - On Friday, the US soybean price dropped more than 2% from its high. The domestic soybean meal spot price fluctuated slightly over the weekend, and last week's domestic soybean meal sales were average while提货 was high. The downstream inventory days increased to 9.42 days. Last week, 2.43 million tons of soybeans were crushed, and this week, 2.39 million tons are expected to be crushed. The US soybean production area will have normal rainfall in the next two weeks. The USDA slightly adjusted the yield per acre and increased the harvest area. The Brazilian soybean premium has started to decline [2]. Strategy View - In the short term, the domestic supply pressure is high, and the cost side has no clear benefits, which may lead to a short - term decline. In the medium term, the global soybean supply is loose, so the general direction is to sell on rallies. However, due to the low valuation of US soybeans and uncertainties in South American planting and weather, the market will mainly fluctuate within a range [3]. Oil Market Information - From September 1 - 10, 2025, Malaysia's palm oil exports decreased, but from September 1 - 20, they increased month - on - month. The production from September 1 - 15 decreased month - on - month. Brazil is expected to have a record soybean harvest in the 2025/26 season. On Friday, the domestic three major oils oscillated. The domestic spot basis was stable at a low level [5]. Strategy View - Factors such as low vegetable oil inventories in India and Southeast Asia, increased demand for soybean oil due to the US biodiesel policy, limited production potential of Southeast Asian palm oil, and decreased export volume expectations of Indonesia support the oil price. The oil market is in a state of balanced or slightly loose supply and demand in reality but expected to be tight in the future. It should be regarded as oscillating strongly in the medium term. The current strategy is to buy on dips [6][7]. Sugar Market Information - On Friday, the Zhengzhou sugar futures price oscillated weakly. The spot price of sugar in various regions decreased. In August, Brazilian sugar production increased significantly year - on - year, and China's sugar imports also increased [9]. Strategy View - Affected by high domestic imports and increased Brazilian sugar production, the sugar price is bearish in the long - term, but there may be a short - term rebound. Caution is advised in trading [10]. Cotton Market Information - On Friday, the Zhengzhou cotton futures price oscillated weakly. The spot price of cotton decreased. The downstream industry's operating rate increased slightly but was still lower than the same period last year. The domestic cotton inventory was at a low level, and imports decreased [12]. Strategy View - The Fed's interest rate cut and the approaching of the peak consumption season have both positive and negative impacts on the cotton price. The short - term cotton price is likely to continue oscillating [13]. Egg Market Information - The domestic egg price was mainly stable over the weekend, with slight fluctuations in some areas. The supply pressure is still high, but there may be a short - term increase in demand with the approaching of festivals [15][16]. Strategy View - The spot egg price may decline, and the near - month futures contracts are weak. The far - month contracts may strengthen. The short - term strategy is to observe, and focus on buying the far - month contracts after a decline [17]. Pig Market Information - The domestic pig price was mainly stable over the weekend, with slight fluctuations in some areas. The supply pressure is high in some areas, and the demand is insufficient. The pig price may be stable in the north and decline in the south today [18]. Strategy View - The current spot pig price may decline slightly. The short - term strategy is to short the near - month contracts and conduct reverse arbitrage [19].

Group 1: Report Industry Investment Rating - The investment rating for both the apple and红枣 industries is neutral [3][8] Group 2: Core Views of the Report - Apple: The late Fuji bag - removing is generally postponed, and the high - quality fruit supply may be scarce. The inventory apple sales have slowed down. The short - term price is expected to remain stable due to low inventory levels [2][3] - Red dates: The market is debating the new - season reduction and inventory. The double - festival stocking is less than expected. The new - season production is expected to decrease, but there is still high inventory pressure. The price trend depends on the final production and stocking demand [7][8] Group 3: Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2601 contract was 8281 yuan/ton, up 9 yuan/ton (+0.11%) from the previous day [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.80 yuan/jin, unchanged; the price of 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.80 yuan/jin, unchanged [1] Market Analysis - The apple futures price rose slightly. The late Fuji bag - removing is postponed, and the high - quality fruit supply may be short. The inventory apple sales have slowed down. The short - term price is expected to be stable with low inventory support [2] Strategy - Maintain a neutral stance. With low inventory, the price has bottom support. The high price of new - season high - quality apples affects the inventory apple sales, and the short - term price is expected to be stable [3] Red Dates Market News and Important Data - Futures: The closing price of the red dates 2601 contract was 10620 yuan/ton, down 195 yuan/ton (-1.80%) from the previous day [4] - Spot: The price of first - grade grey jujubes in Hebei was 9.50 yuan/kg, unchanged [4] Market Analysis - The red dates futures price fell. The market is arguing about the new - season reduction and inventory. The double - festival stocking is less than expected. The new - season production is expected to decrease, but the high inventory pressure persists. The price trend depends on the final production and stocking demand [7] Strategy - Adopt a neutral strategy. The futures price may rise due to capital sentiment when the production reduction cannot be falsified. However, if the reduction is less than expected, the price may turn weak under high - inventory pressure [8]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats - Palm oil: Affected by the decline of US soybean oil futures, the crude palm oil futures have adjusted at a high level. Supported by potential positive factors such as slow - down or decline in production due to rainstorms and continuous improvement in exports, the crude palm oil futures may return above 4,500 ringgit. In the domestic market, the Dalian palm oil futures market is in high - level shock adjustment, and there is a risk of a rapid downward break in prices [1]. - Soybean oil: The biofuel blending obligation redistribution proposal of the US Environmental Protection Agency lacks a clear mechanism for small refinery exemptions, leading to short - selling of CBOT soybean oil futures. In the domestic market, soybean oil supply is sufficient, and consumption is increasing. The market is concerned about the soybean import volume in the fourth quarter [1]. 2.2 Corn and Corn Starch - In the short term, the market supply and demand are slightly loose, the futures price fluctuates weakly, but there is strong support around 2,150. In the medium term, the situation remains weak, and attention should be paid to the new grain purchase rhythm and opening price [2]. 2.3 Meal - The bio - diesel blending policy has high uncertainty, the demand prospect of US soybeans is unclear, and the pattern of strong supply and weak demand continues. The domestic concern about supply in the fourth quarter is gradually alleviated, but there are many short - term negative factors, suppressing soybean meal, yet there is a basis for subsequent rebound [5]. 2.4 Live Pigs - The slaughter of the breeding end increases, and the spot pressure is continuously realized. The demand is slowly recovering, but whether it can smoothly absorb the supply is uncertain. The Ministry of Agriculture intends to strengthen production capacity regulation, the spot price lacks support, and the near - month contracts are in weak adjustment. Attention should be paid to the 1 - 5 and 3 - 7 reverse spread opportunities [6][7]. 2.5 Sugar - The supply pressure causes the raw sugar price to drop significantly. The import volume increases, the actual transaction price of processed sugar falls below 6,000, and the domestic sales data in August is poor. It is expected that Zhengzhou sugar will maintain a weak pattern [10]. 2.6 Cotton - In the short term, the domestic cotton price may fluctuate within a range. In the long term, it will be under pressure after the new cotton is listed [11]. 2.7 Eggs - Recently, the increase in demand may drive up the egg price, which is expected to reach the annual high. However, the high inventory and cold - storage egg release may suppress the increase. After the replenishment of traders next week, the demand may weaken, and the egg price in some areas may decline slightly [16]. 3. Summary According to Relevant Catalogs 3.1 Oils and Fats - **Soybean oil**: On September 18, the spot price in Jiangsu was 8,540 yuan/ton, down 1.73% from the previous day; the futures price of Y2601 was 8,284 yuan/ton, down 0.98%. The basis of Y2601 was 256 yuan/ton, down 20.99% [1]. - **Palm oil**: On September 18, the spot price of 24 - degree palm oil in Guangdong was 9,270 yuan/ton, down 1.90%; the futures price of P2601 was 9,304 yuan/ton, down 1.27%. The basis of P2601 was - 34 yuan/ton, down 230.77% [1]. - **Rapeseed oil**: On September 18, the spot price of Grade 4 rapeseed oil in Jiangsu was 10,060 yuan/ton, down 0.49%; the futures price of Ol601 was 9,984 yuan/ton, down 0.15%. The basis of Ol601 was 76 yuan/ton, down 31.53% [1]. 3.2 Corn and Corn Starch - **Corn**: On September 18, the futures price of corn 2511 was 2,177 yuan/ton, up 0.74%; the basis was 103 yuan/ton, down 20.16% [2]. - **Corn starch**: On September 18, the futures price of corn starch 2511 was 2,471 yuan/ton, up 0.73%; the basis was 89 yuan/ton, down 16.82% [2]. 3.3 Meal - **Soybean meal**: On September 18, the spot price of soybean meal in Jiangsu was 2,950 yuan/ton, down 1.01%; the futures price of M2601 was 2,993 yuan/ton, down 0.30%. The basis of M2601 was - 43 yuan/ton, down 95.45% [5]. - **Rapeseed meal**: On September 18, the spot price of rapeseed meal in Jiangsu was 2,570 yuan/ton, unchanged; the futures price of RM2601 was 2,470 yuan/ton, up 0.41%. The basis of RM2601 was 100 yuan/ton, down 9.09% [5]. 3.4 Live Pigs - On September 18, the futures price of live pigs 2511 was 12,830 yuan/ton, down 1.31%; the spot price in Henan was 12,900 yuan/ton, down 50 yuan/ton [6]. 3.5 Sugar - On September 18, the futures price of sugar 2601 was 5,474 yuan/ton, down 0.99%; the spot price in Nanning was 5,840 yuan/ton, down 0.51% [10]. 3.6 Cotton - On September 18, the futures price of cotton 2605 was 13,725 yuan/ton, down 0.90%; the Xinjiang arrival price of 3128B was 15,249 yuan/ton, up 0.15% [11]. 3.7 Eggs - On September 18, the futures price of the egg 11 - contract was 3,132 yuan/500KG, up 0.51%; the egg - producing area price was 3.73 yuan/jin, down 0.91% [14].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean import cost has been showing a weak trend recently, and the domestic soybean meal market is expected to enter a destocking phase in September, which will support the oil mill's profit margin. The soybean meal market is expected to fluctuate within a range, waiting for a driving force to choose a direction [2][4] - The central price of oils and fats is supported by factors such as low inventories of vegetable oils in India and Southeast Asia, the draft of the US biodiesel policy boosting soybean oil demand, the limited production increase potential of Southeast Asian palm oil, and the expected decrease in exportable volume due to the growing biodiesel consumption in Indonesia. Oils and fats are in a state of balanced or slightly loose current supply and demand, with a tight expected supply. They are expected to show a moderately strong upward trend in the medium term [6][8] - Due to the high import volume in August and the significant year - on - year increase in sugar production in the central - southern region of Brazil in August, the Zhengzhou sugar futures price is expected to continue to decline in the long - term, but there may be a short - term rebound [10][11] - The Zhengzhou cotton futures price is affected by the Fed's interest rate cut and the complex fundamentals of supply and demand. In the short term, the cotton price is expected to continue to fluctuate [13][14] - The egg price is expected to mostly decline, with a few remaining stable. The supply is still large, but there are factors limiting the decline of the spot and futures prices. It is recommended to wait and see, and consider short - term long positions in the far - month contracts when there is a significant increase in positions after a decline [16][18] - The pig price is expected to be stable or decline. The supply in September is still bearish, but there are potential supporting factors. The futures market has already priced in the high supply, so it is not cost - effective to short - sell excessively. It is advisable to pay attention to the possibility of a rebound at a low level and short - sell after the rebound [20][21] Summary by Related Catalogs Protein Meal Market Information - On Thursday, the US soybean price slightly declined, maintaining a range - bound trend. The domestic soybean meal spot price dropped by 10 yuan/ton, with the East China basis remaining unchanged at 01 - 110. The domestic soybean meal trading volume was decent, and the提货 volume was at a high level. Last week, the downstream inventory days increased by 0.42 days to 9.22 days. According to MYSTEEL statistics, 2.36 million tons of soybeans were crushed last week, and 2.38 million tons are expected to be crushed this week. The domestic soybean and soybean meal inventories were almost unchanged from the previous week and were at a high level compared to the same period in recent years [2] - The rainfall in the US soybean - producing areas is normal in the next two weeks. Although the soybean good - quality rate declined in August due to drought, the USDA only lowered the yield per acre by 0.1 bushels and increased the harvest area by 200,000 acres. In Brazil, the premium has started to decline recently. Overall, the cost of imported soybeans is supported by the low valuation of US soybeans, Sino - US trade relations, and the trading during the Brazilian planting season, but it also faces pressure from the global oversupply of protein raw materials, the potential continuous expansion of the planting area in Brazil, and the short - term oversupply if Sino - US relations ease [2] Strategy Viewpoint - The cost of imported soybeans has been weak recently. It is necessary to pay attention to its performance after stabilizing. The domestic soybean meal market has a high level of提货, and it is expected that the spot market will enter a destocking phase in September, which will support the oil mill's profit margin. In the future, it is necessary to pay attention to whether the improvement of the US soybean market situation and the trading during the Brazilian planting season can marginally improve the current situation of oversupply. Regarding the profit margin, it is necessary to pay attention to whether the high level of提货 can be maintained. The soybean meal market should be operated within a range, waiting for a driving force to choose a direction [4] Oils and Fats Market Information - According to a Malaysian independent inspection agency, the export of Malaysian palm oil decreased by 1.2% - 8.43% from September 1 - 10, and increased by 2.6% in the first 15 days. SPPOMA data shows that the palm oil production in Malaysia decreased by 3.17% from September 1 - 10 compared to the same period last month and decreased by 8.05% in the first 15 days [6] - According to customs data, China imported 340,000 tons of palm oil in August, a year - on - year increase of 16.5%. From January to August, the total palm oil import was 1.59 million tons, a year - on - year decrease of 13.8%. The import of soybean oil was 100,000 tons in August, a year - on - year increase of 113.9%; from January to August, the total soybean oil import was 190,000 tons, a year - on - year decrease of 8.6%. The import of rapeseed oil and mustard oil was 140,000 tons in August, a year - on - year increase of 18.7%; from January to August, the total import was 1.45 million tons, a year - on - year increase of 24.1% [6] - On Thursday, the prices of the three major domestic oils and fats declined. The export data of Malaysian palm oil in the first 15 days of September was weak, and foreign investors reduced their long positions in oils and fats on Thursday. The domestic spot basis was stable at a low level [6] Strategy Viewpoint - The central price of oils and fats is supported by factors such as low inventories of vegetable oils in India and Southeast Asia, the draft of the US biodiesel policy boosting soybean oil demand, the limited production increase potential of Southeast Asian palm oil, and the expected decrease in exportable volume due to the growing biodiesel consumption in Indonesia. Oils and fats are in a state of balanced or slightly loose current supply and demand, with a tight expected supply. They are expected to show a moderately strong upward trend in the medium term. Currently, the valuation is relatively high. It is recommended to observe high - frequency data and adopt a buying strategy after a decline and stabilization [8] Sugar Market Information - On Thursday, the Zhengzhou sugar futures price dropped significantly with an increase in positions. The closing price of the January contract was 5,474 yuan/ton, a decrease of 55 yuan/ton or 0.99% from the previous trading day. In the spot market, the quotation of Guangxi sugar - making groups was 5,850 - 5,930 yuan/ton, a decrease of 10 - 20 yuan/ton from the previous day; the quotation of Yunnan sugar - making groups was 5,720 - 5,780 yuan/ton, a decrease of 10 yuan/ton; the mainstream quotation of processing sugar mills was in the range of 5,950 - 6,000 yuan/ton, a decrease of 10 - 20 yuan/ton. The basis between the Guangxi spot price and the main Zhengzhou sugar contract (sr2601) was 376 yuan/ton [10] - According to the latest UNICA data, in the second half of August, the total sugarcane crushing volume in the central - southern region of Brazil was 50.06 million tons, a year - on - year increase of 10.68%; the sugar production was 3.87 million tons, a year - on - year increase of 18.21%. According to customs data, in August 2025, China imported 830,000 tons of sugar, an increase of 62,700 tons compared to the same period last year. From January to August, the total sugar import was 2.612 million tons, an increase of 121,000 tons [10] Strategy Viewpoint - Affected by the record - high import volume in August and the significant year - on - year increase in sugar production in the central - southern region of Brazil in August, the Zhengzhou sugar futures price broke through the support level and declined. The long - term view on the sugar price remains bearish. However, due to the abnormal increase in positions and trading volume in the short term, there may be a short - term rebound. It is recommended to trade with caution [11] Cotton Market Information - On Thursday, the Zhengzhou cotton futures price dropped with an increase in positions. The closing price of the January contract was 13,765 yuan/ton, a decrease of 125 yuan/ton or 0.9% from the previous trading day. In the spot market, the China Cotton Price Index (CCIndex) 3128B was 15,319 yuan/ton, an increase of 19 yuan/ton from the previous day. The basis between the CCIndex 3128B and the main Zhengzhou cotton contract (CF2601) was 1,554 yuan/ton [13] - According to customs data, in August 2025, China imported 70,000 tons of cotton, a decrease of 80,000 tons compared to the same period last year. From January to August, the total cotton import was 590,000 tons, a decrease of 2.05 million tons [13] Strategy Viewpoint - The Fed cut the federal funds rate target range by 25 basis points as expected, but due to the overly dovish expectations before, the prices of commodities and stocks declined after the interest rate cut, dragging down the Zhengzhou cotton futures price. Fundamentally, the cotton market has entered the peak consumption season of "Golden September and Silver October", and the operating rate of the downstream industry chain has gradually increased, but it is still lower than the same period in previous years. On the other hand, there is no new supply at present, and the domestic cotton inventory is at a historical low level, but there is an expectation of increased production in the long term. The long and short factors are intertwined. From the perspective of the futures price, it rebounded and then dropped in the short term, facing significant selling pressure, but there is also certain support at the lower level. The cotton price is expected to continue to fluctuate in the short term [14] Eggs Market Information - The egg prices across the country were partially stable and partially declined. The average price of eggs in the main production areas dropped by 0.04 yuan to 3.71 yuan/jin. The price in Heishan dropped by 0.1 yuan to 3.5 yuan/jin, and the price in Guantao dropped by 0.11 yuan to 3.42 yuan/jin. The supply was normal, but downstream buyers were cautious about future risks and had a cautious attitude towards purchasing. The sales volume slowed down. It is expected that the egg prices will mostly decline and a few will remain stable today [16][17] Strategy Viewpoint - The supply base is still large, and there is a large accumulation of cold - stored eggs. After a short - term increase, the spot price is still expected to decline. However, after the large - scale culling of laying hens, the supply pressure has decreased marginally, and the storage conditions have improved after the temperature drop. If the spot price does not decline as expected, it may trigger reverse stocking, which will limit the decline of the spot and futures prices due to short - covering. It is recommended to wait and see. When there is a significant increase in positions after a decline, short - term long positions in the far - month contracts can be considered [18] Pigs Market Information - The domestic pig price declined more rapidly yesterday. The average price in Henan dropped by 0.19 yuan to 12.85 yuan/kg, the average price in Sichuan dropped by 0.1 yuan to 12.54 yuan/kg, and the average price in Guangxi dropped by 0.2 yuan to 12.02 yuan/kg. The demand was average, showing no obvious improvement. Some farmers in certain regions were reluctant to sell at low prices and had a strong attitude of supporting the price, which provided some support for the pig price. It is expected that the pig price will be stable or decline today [20] Strategy Viewpoint - The theoretical and planned slaughter volume is large, and the supply in September is still bearish. However, there are potential supporting factors such as consumption, weight gain, and state reserve purchases. The spot price is expected to fluctuate within a narrow range, lacking the basis for a significant increase or decrease. The futures market has already priced in the high supply, especially in the near - month contracts, which have declined continuously and are at a discount to the spot price. It is not cost - effective to short - sell excessively. It is advisable to pay attention to the possibility of a rebound at a low level due to factors such as policies and consumption, and short - sell after the rebound. The reverse spread strategy for the far - month contracts should be continued [21]

1. Report Industry Investment Rating - The investment rating for both the apple and red date industries is neutral [3][8] 2. Core Views of the Report - **Apple**: The new season's high - quality apple supply is expected to be low, and the current inventory level is low, providing price support. The price is expected to remain stable in the short - term. The new season's high - quality apple price may affect the sales of inventory apples [2][3] - **Red Dates**: The market is focused on the new season's production reduction and inventory. New season production is expected to decrease to 56 - 62 tons, but the old inventory is high. In the short - term, prices are expected to be more likely to rise than fall, but if the production reduction is less than expected, prices may decline due to high inventory [7][8] 3. Summary by Directory Apple Market News and Key Data - **Futures**: The closing price of the apple 2601 contract was 8272 yuan/ton, up 3 yuan/ton (+0.04%) from the previous day [1] - **Spot**: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.80 yuan/jin, unchanged from the previous day; the price of 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.80 yuan/jin, unchanged from the previous day [1] - **Market Information**: Western early Fuji trading is ending, and late Fuji bag - removing has just started in a few areas. In Shandong, the quality of Hongjiangjun apples is poor, and inventory apple sales are slightly slower [1] Market Analysis - The apple futures price rose slightly. The supply of high - quality apples is expected to be low, and the inventory is low, supporting the price. The consumption in the sales area is stable, and the profit of early - maturing Fuji for merchants is limited. The inventory apple destocking speed may increase this week [2] Strategy - Maintain a neutral view. The current low inventory provides price support, and the new season's high - quality apple price may affect inventory apple sales. Short - term prices are expected to remain stable [3] Red Dates Market News and Key Data - **Futures**: The closing price of the red date 2601 contract was 10815 yuan/ton, up 10 yuan/ton (+0.09%) from the previous day [4] - **Spot**: The price of first - grade grey dates in Hebei was 9.50 yuan/kg, unchanged from the previous day [4] - **Market Information**: Xinjiang grey dates are in the sugar - increasing stage. The arrival volume in Hebei and Guangdong markets is 7 trucks each, with limited transactions [5][6] Market Analysis - The red date futures price rose slightly. The market is concerned about the new season's production reduction and inventory. The old inventory is high, but the new season's production is expected to decrease. The price in the sales area has decreased, and the trading is light. In the short - term, prices are more likely to rise than fall [7] Strategy - Maintain a neutral view. The futures price may rise in the short - term due to capital sentiment, but if the production reduction is less than expected, prices may decline due to high inventory [8]

1. Report Industry Investment Ratings - Not provided in the content 2. Core Views of the Report - For soybeans/meal, the monthly supply - demand report has limited impact. The market rebounds due to full reflection of previous negatives and macro - factors. South American demand is good, and overall price support exists but with limited upside. In China, supply is ample, demand is good, and inventory pressure is relatively large, so prices are expected to fluctuate [2][4][6]. - For sugar, globally, supply is transitioning from a deficit to a surplus. International prices are expected to rebound at low levels, and in the domestic market, Zheng sugar is likely to oscillate in a range and rebound in the short - term [11]. - For the oil and fat sector, the US biodiesel has been digested, and the oil and fat market has declined. The increase in production and inventory of Malaysian palm oil is expected to slow down. Indonesian inventory is low, and the price of palm oil is supported. Domestic soybean oil is in the process of inventory accumulation, and rapeseed oil is gradually reducing inventory, so prices are expected to oscillate and provide opportunities to buy on dips [17]. - For corn/corn starch, the US corn futures have declined, and the rebound space is limited. In China, corn supply is still scarce, and spot prices are expected to fall. The 01 corn contract is in bottom - range oscillation with limited downward space [26][28]. - For live pigs, large - scale enterprises maintain high slaughter volumes, and overall supply remains stable. With relatively high inventory, there is downward pressure on prices [34]. - For peanuts, the supply of new peanuts is still limited, and the market is stable. The 01 peanut contract is in short - term bottom - range oscillation [40]. - For eggs, as restocking in each link nears completion, egg prices are expected to face pressure, and short - selling on rallies can be considered [47]. - For apples, the high - quality fruit rate of early - maturing apples is poor. The opening price of late - maturing Fuji is expected to be high, and the futures are expected to fluctuate in the short - term [54]. - For cotton - cotton yarn, new cotton is entering the acquisition period. The output of Xinjiang cotton is expected to increase, and there will be selling hedging pressure on the market. The peak season demand improvement is limited, so the market is expected to be slightly weak [65]. 3. Summary by Related Catalogs Soybeans/Meal - **Outer - market situation**: CBOT soybean index fell 0.4% to 1062.75 cents/bushel, and CBOT soybean meal index fell 0.75% to 290 dollars/short ton [2]. - **Relevant information**: USDA export sales report forecast shows expected US 2025/26 market - year soybean export net sales of 40 - 150 tons; Anec reported Brazilian soybean and meal export volumes from September 14 - 20; extreme weather may delay Brazilian soybean planting by 2 - 3 weeks; Chinese oil mills' soybean inventory increased, and meal inventory also increased [2][3]. - **Logic analysis**: The monthly supply - demand report has limited impact, and the market rebounds due to previous negatives and macro - factors. South American demand is good, and overall price support exists but with limited upside. In China, supply is ample, demand is good, and inventory pressure is relatively large, so prices are expected to fluctuate [4][6]. - **Strategy suggestions**: Unilateral: wait and see; Arbitrage: expand the MRM05 spread; Options: wait and see [7]. Sugar - **Outer - market changes**: ICE US raw sugar and London white sugar prices both fell [7]. - **Important information**: Brazilian sugar exports in the first two weeks of September decreased compared to last year; 10 - month contract delivery information; the global sugar market is transitioning from a deficit to a surplus, and Brazilian sugar production has uncertainties [8][9][10]. - **Logic analysis**: Internationally, Brazil is in the supply peak, and global inventory is increasing. The expected increase in global sugar production is high, and prices are expected to rebound at low levels. Domestically, a large amount of imported sugar has entered the market, and Zheng sugar is likely to oscillate in a range and rebound in the short - term [11]. - **Trading strategies**: Unilateral: consider buying near the previous low; Arbitrage: wait and see; Options: sell out - of - the - money put options near the previous low [12][13]. Oil and Fat Sector - **Outer - market situation**: CBOT US soybean oil and BMD Malaysian palm oil prices both decreased [15]. - **Relevant information**: Malaysian palm oil production decreased in early September; Canadian rapeseed production is expected to increase; Chinese oil and fat trading volume decreased [16]. - **Logic analysis**: US biodiesel has been digested, and the oil and fat market has declined. The increase in production and inventory of Malaysian palm oil is expected to slow down. Indonesian inventory is low, and the price of palm oil is supported. Domestic soybean oil is in the process of inventory accumulation, and rapeseed oil is gradually reducing inventory [17]. - **Trading strategies**: Unilateral: consider buying on dips; Arbitrage: wait and see; Options: wait and see [18][19][21]. Corn/Corn Starch - **Outer - market changes**: CBOT corn futures fell [23]. - **Important information**: CBOT corn futures fell due to profit - taking and a stronger dollar; Chinese port corn and related product inventories changed; corn processing and starch production increased, and starch inventory decreased; North port purchase prices were weak [24][25]. - **Logic analysis**: US corn futures have declined, and the rebound space is limited. In China, corn supply is still scarce, and spot prices are expected to fall. The 01 corn contract is in bottom - range oscillation with limited downward space [26][28]. - **Trading strategies**: Unilateral: wait for the 12 - month contract to correct and buy the 01 contract after it stabilizes; Arbitrage: wait and see; Options: wait and see [29][30][31]. Live Pigs - **Relevant information**: Pig prices are generally falling; piglet and sow prices are also falling; agricultural product wholesale price indices and pork prices decreased [33]. - **Logic analysis**: Large - scale enterprises maintain high slaughter volumes, and overall supply remains stable. With relatively high inventory, there is downward pressure on prices [34]. - **Strategy suggestions**: Unilateral: take a short - term bearish view on near - month contracts; Arbitrage: conduct LH15 reverse spreads; Options: buy long - term call options [35]. Peanuts - **Important information**: Peanut prices increased slightly; oil mills' purchase prices and arrival volumes were affected by rain; peanut oil and meal prices were stable; peanut and peanut oil inventories decreased [36][37][39]. - **Logic analysis**: The supply of new peanuts is still limited, and the market is stable. The 01 peanut contract is in short - term bottom - range oscillation [40]. - **Trading strategies**: Unilateral: the 11 and 01 contracts are in bottom - range oscillation, and try short - term long positions on the 05 contract after it corrects; Arbitrage: wait and see; Options: sell the pk601 - P - 7600 option [41][42][43]. Eggs - **Important information**: Egg prices are oscillating, with some areas stable and some falling; the number of laying hens in production increased in August; egg sales and inventories decreased [45][46]. - **Trading logic**: As restocking in each link nears completion, egg prices are expected to face pressure, and short - selling on rallies can be considered [47]. - **Trading strategies**: Unilateral: consider short - selling on rallies; Arbitrage: wait and see; Options: wait and see [48][49]. Apples - **Important information**: Apple cold - storage inventory decreased; apple exports increased, and imports decreased slightly; mid - season apple prices were firm, and new - season apple prices varied by region; storage merchants' profits decreased [51][52][53]. - **Trading logic**: The high - quality fruit rate of early - maturing apples is poor. The opening price of late - maturing Fuji is expected to be high, and the futures are expected to fluctuate in the short - term [54]. - **Trading strategies**: Unilateral: wait and see; Arbitrage: wait and see first; Options: wait and see [57][58]. Cotton - Cotton Yarn - **Outer - market impact**: ICE US cotton prices fell [60]. - **Important information**: The Fed cut interest rates; Indian cotton weekly and cumulative listings changed; Zhangjiagang bonded - area cotton inventory decreased slightly [61][62]. - **Trading logic**: New cotton is entering the acquisition period. The output of Xinjiang cotton is expected to increase, and there will be selling hedging pressure on the market. The peak season demand improvement is limited, so the market is expected to be slightly weak [65]. - **Trading strategies**: Unilateral: expect US cotton to oscillate, and Zheng cotton to be slightly weak, and trade opportunistically; Arbitrage: wait and see; Options: wait and see [66].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Oils and Fats - Palm oil: With the slight increase in export data from September 1 - 15 announced by shipping agency ITS, and due to the co - existence of long and short factors in fundamentals, the crude palm oil futures are expected to maintain a strong consolidation around 4500 ringgit. In the domestic market, the Dalian palm oil futures may follow the upward trend of Malaysian palm oil [1]. - Soybean oil: The NOPA report shows that the soybean oil inventory of member enterprises on August 31 decreased by 9.7% month - on - month, reaching an 8 - month low, which supports the US soybean oil supply. In the domestic market, due to sufficient soybean supply, factories maintain high operating rates. Last week, the operating rate rose to around 65%, increasing soybean oil production and inventory. Although the consumption during the stocking period this year is higher than the off - season, it is lower year - on - year. The speculation of limited soybean imports in the fourth quarter may lead to a possible increase in basis quotes [1]. Corn - In the supply side, the remaining grain in the Northeast is insufficient, but the new season's listing is slow, and the overall arrival volume is average, with some prices rising. In the North China region, the new season's corn is gradually listed, and the number of vehicles arriving at deep - processing plants is large, with prices running weakly and having room to fall as more new grain is listed. In the demand side, deep - processing and feed enterprises are mainly replenishing their inventories, with no obvious highlights. In the short - term, the market supply and demand are loose, the futures price fluctuates weakly, but it has strong support around 2150. In the medium - term, it will remain weak, and attention should be paid to the new grain purchase rhythm and opening price [2]. Sugar - The price of raw sugar is expected to bottom - out and rebound, with limited momentum to break below 15 cents per pound in the short - term. However, considering the oversupply of raw sugar, it is expected to maintain a bottom - oscillating pattern, with a reference range of 15 - 17 cents per pound. The import volume of sugar has increased, and processing sugar factories are fully operational. The actual transaction price of processed sugar has fallen below 6000, occupying the sales area market. The external transportation in Guangxi is blocked, and the domestic sales data in August is poor. As of the end of August, the national industrial inventory is 116.23 million tons, an increase of 6 million tons year - on - year, with still existing spot pressure. The futures price is expected to stabilize around 5500 in the short - term due to the rebound of raw sugar, but the overall rebound space is limited, and a high - selling strategy is recommended in the later stage [6][7]. Cotton - In the supply side, machine - picked seed cotton may gradually start being purchased this week, and attention should be paid to the purchase price. In the demand side, the inventory of downstream finished products is still decreasing, but the shipment has slowed down slightly, and the downstream has insufficient confidence in the traditional peak season, but the rigid demand may still provide support. In the short - term, the domestic cotton price may fluctuate within a range, and it will be under pressure after the new cotton is listed in the long - term [8]. Meal - According to the USDA September supply - demand report, the production increased month - on - month compared with last month, and the inventory - to - sales ratio increased slightly. The good - quality rate of US soybeans remains high, and the pattern of strong supply and weak demand for US soybeans continues. The Fed's 25 - basis - point interest rate cut meets market expectations, and the futures price lacks positive support, putting pressure on US soybeans. The high premium of Brazilian soybeans supports the domestic cost. In the domestic market, the concern about the supply in the fourth quarter is gradually alleviated, the spot market is loose, oil mills' soybean meal inventory continues to accumulate, and terminal users lack enthusiasm for stocking. The supply of soybeans in January - February next year is not loose, and the uncertainty mainly lies in the Sino - US negotiations. Attention should be paid to the support of the 01 contract around 3000 [10]. Pork - The increase in slaughter by farmers has continuously realized the spot pressure. Currently, the demand is slowly recovering, but there is still a large uncertainty whether the demand can smoothly absorb the clearly recovering supply. The weight of retail farmers' pigs remains high, and there may be continuous slaughter pressure before the Double Festival. The Ministry of Agriculture's meeting on September 16 revealed the intention to further strengthen production capacity regulation, and it is expected that the pressure on farmers to reduce production will increase, with the impact on slaughter mainly reflected after mid - next year. The spot price lacks support, and the futures price should be carefully speculated. The near - month contracts will maintain a weak adjustment, and attention should be paid to the 1 - 5 reverse spread opportunity [12][13]. Eggs - Recently, the increase in procurement by traders may drive up the egg price, and it is expected to rise to the annual high. However, the high inventory and the outflow of cold - stored eggs from warehouses may limit the increase. After traders finish replenishing their stocks in the second half of next week, the demand may weaken, and there is a risk of a slight decline in egg prices in some areas [18]. 3. Summary According to Relevant Catalogs Oils and Fats - **Price Changes**: - Soybean oil: The spot price in Jiangsu increased by 30 to 8690, with a 0.35% increase; the futures price of Y2601 decreased by 52 to 8366, a 0.62% decrease; the basis of Y2601 increased by 82 to 324, a 33.88% increase [1]. - Palm oil: The spot price in Guangdong increased by 50 to 9450, a 0.53% increase; the futures price of P2601 decreased by 28 to 9424, a 0.61% decrease; the basis of P2601 increased by 108 to 26, a 131.71% increase [1]. - Rapeseed oil: The spot price in Jiangsu increased by 50 to 10110, a 0.50% increase; the futures price of O1601 decreased by 54 to 9999, a 0.54% decrease; the basis of O1601 increased by 104 to 111, a 1485.71% increase [1]. - **Spread Changes**: - The 01 - 05 spread of soybean oil decreased by 28 to 268, a 9.46% decrease; the 01 - 05 spread of palm oil decreased by 18 to 212, a 7.83% decrease; the 01 - 05 spread of rapeseed oil decreased by 1 to 466, a 0.21% decrease [1]. - The spot spread between soybean oil and palm oil decreased by 20 to - 760, a 2.70% decrease; the 2601 spread between soybean oil and palm oil increased by 6 to - 1058, a 0.56% increase [1]. - The spot spread between rapeseed oil and soybean oil increased by 20 to 1420, a 1.43% increase; the 2601 spread between rapeseed oil and soybean oil decreased by 2 to 1633, a 0.12% decrease [1]. Corn - **Price Changes**: - The FOB price of corn 2511 at Jinzhou Port decreased by 5 to 2161, a 0.23% decrease; the basis decreased by 15 to 129, a 10.42% decrease; the 11 - 3 spread decreased by 3 to - 5, a 150.00% decrease [2]. - The spot price of corn starch 2511 increased by 10 to 2453, a 0.41% increase; the basis decreased by 10 to 107, an 8.55% decrease; the 11 - 3 spread remained unchanged at - 32 [2]. - **Supply and Demand**: In the Northeast, the remaining grain is insufficient, and the new season's listing is slow. In North China, the new season's corn is gradually listed, and the number of vehicles arriving at deep - processing plants is large. Deep - processing and feed enterprises are mainly replenishing their inventories [2]. Sugar - **Futures Market**: The futures price of sugar 2601 decreased by 18 to 5529, a 0.32% decrease; the 1 - 5 spread decreased by 4 to 19, a 17.39% decrease; the number of warehouse receipts decreased by 280 to 10988, a 2.48% decrease [6]. - **Spot Market**: The national average price decreased by 20 to 5870, a 0.34% decrease; the Nanning basis decreased by 6 to 360, a 1.64% decrease; the import price of Brazilian sugar (within quota) decreased by 28 to 4433, a 0.63% decrease [6]. - **Industry Situation**: The cumulative national sugar production increased by 119.89 to 1116.21, a 12.03% increase; the cumulative national sugar sales increased by 114 to 1000, a 12.87% increase; the cumulative sugar production in Guangxi increased by 28.36 to 646.50, a 4.59% increase [6]. Cotton - **Futures Market**: The futures price of cotton 2605 decreased by 10 to 13850, a 0.07% decrease; the 5 - 1 spread decreased by 2 to - 40, a 14.29% decrease; the number of warehouse receipts decreased by 144 to 4615, a 3.03% decrease [8]. - **Spot Market**: The Xinjiang arrival price of 3128B increased by 12 to 15226, a 0.08% increase; the 3128B - 01 contract spread increased by 22 to 1376, a 1.62% increase [8]. - **Industry Situation**: The commercial inventory decreased by 33.85 to 148.17, an 18.6% decrease; the industrial inventory decreased by 3.19 to 89.23, a 3.5% decrease; the cotton outbound shipment volume increased by 9.86 to 53.46, a 22.6% increase [8]. Meal - **Price Changes**: - Soybean meal: The spot price in Jiangsu decreased by 20 to 2980, a 1.65% decrease; the futures price of M2601 decreased by 30 to 3002, a 1.28% decrease; the basis of M2601 decreased by 11 to - 22, a 100.00% decrease [10]. - Rapeseed meal: The spot price in Jiangsu decreased by 50 to 2570, a 1.91% decrease; the futures price of RM2601 decreased by 58 to 2460, a 2.30% decrease; the basis of RM2601 increased by 8 to 110, a 7.84% increase [10]. - **Spread Changes**: The 01 - 05 spread of soybean meal decreased by 18 to 221, a 7.53% decrease; the 01 - 05 spread of rapeseed meal decreased by 22 to 99, an 18.18% decrease; the spot oil - meal ratio increased by 0.058 to 2.92, a 2.03% increase [10]. Pork - **Futures Market**: The futures price of live hogs 2511 decreased by 160 to 13000, a 1.22% decrease; the 11 - 1 spread increased by 10 to - 510, a 1.92% increase; the number of open positions increased by 9219 to 94076, a 10.86% increase [12]. - **Spot Market**: The spot price in Henan decreased by 250 to 12950; the daily slaughter volume of sample points decreased by 26 to 148608, a 0.40% decrease; the weekly white - striped pork price decreased by 0.1 to 19.97, a 0.65% decrease [12]. Eggs - **Futures Market**: The futures price of egg 11 contract increased by 3 to 3116, a 0.10% increase; the 11 - 10 spread increased by 34 to 57, a 147.83% increase; the basis increased by 6 to 651, a 0.89% increase [17]. - **Spot Market**: The egg - laying chicken chick price decreased by 0.4 to 2.60, a 13.33% decrease; the egg - to - feed ratio increased by 0.07 to 2.50, a 2.88% increase; the breeding profit increased by 4.71 to - 17.89, a 20.84% increase [17].

Report Overview - **Date**: September 18, 2025 - **Publisher**: Wukuang Futures Industry Investment Rating - Not provided in the report Core Views - The soybean import cost has been weak recently, and the domestic soybean meal market is expected to enter a destocking phase in September, which may support the oil mill's profit margin. The soybean meal market is expected to trade in a range, waiting for a driving force to choose a direction [2][4]. - The edible oil price, including palm oil, is expected to remain firm in 2025 and 2026 due to supply lagging behind demand growth. The domestic edible oil market is currently in a state of balanced or slightly loose supply and expected tightness, and is expected to be bullish in the medium term [6]. - The domestic and foreign sugar markets are both bearish, and the sugar price is expected to continue to decline. The downward space depends on the Brazilian sugar production from August to October [10][11]. - The cotton market is facing a combination of bullish and bearish factors. The downstream industry's operating rate is increasing, but the inventory is at a low level, and there is an expected increase in production in the long term. The cotton price is expected to continue to fluctuate in the short term [13][14]. - The egg market has a large supply base and a large amount of cold storage eggs. The spot price is expected to fall after a short - term increase, but the supply pressure will decrease after the large - scale culling of laying hens. It is recommended to wait and see, and consider going long on the far - month contract when the price falls and the position increases [16][17]. - The pig market has a large theoretical and planned supply in September, but there are also potential supporting factors such as consumption, weight gain, and state reserves. The spot price is expected to fluctuate slightly, and it is recommended to pay attention to the possibility of a rebound at a low level and short - selling opportunities after the rebound [19][20]. Summary by Directory Soybean/Meal - **Market Situation**: On Wednesday, US soybeans fell from recent highs and maintained a range - bound trend. The domestic soybean meal spot price fell by 30 yuan/ton, and the domestic soybean meal transaction was fair, with high提货 levels. The downstream inventory days increased by 0.42 days to 9.22 days last week. The domestic soybean and soybean meal inventories were almost flat week - on - week and at a high level compared to the same period in recent years [2]. - **Supply and Demand Factors**: The US soybean production area will have normal rainfall in the next two weeks. The USDA only lowered the yield per acre by 0.1 bushels, and the harvested area increased by 200,000 acres. The import soybean cost is supported by the undervalued US soybeans, Sino - US trade relations, and the Brazilian planting season trading, but it also faces the pressure of global protein raw material oversupply and potential short - term oversupply [2]. - **Trading Strategy**: The soybean import cost has been weak recently. Pay attention to its performance after stabilizing. The domestic soybean meal market is expected to enter a destocking phase in September, which may support the oil mill's profit margin. The soybean meal market is expected to trade in a range, waiting for a driving force to choose a direction [4]. Oils - **Important Information**: From September 1 - 10, 2025, Malaysia's palm oil exports decreased by 1.2% - 8.43%, and the production decreased by 3.17% compared to the same period last month. From September 1 - 15, the exports increased by 2.6% month - on - month, and the production decreased by 8.05% month - on - month. The domestic three major oils fell on Wednesday, and foreign capital reduced their long positions in oils. The domestic spot basis was stable at a low level [6]. - **Trading Strategy**: The low inventory of vegetable oils in India and Southeast Asia, the US biodiesel policy draft boosting soybean oil demand, the limited production increase potential of Southeast Asian palm oil, and the expected decrease in export volume due to the increasing biodiesel consumption in Indonesia support the central price of oils. The oils market is currently in a state of balanced or slightly loose supply and expected tightness, and is expected to be bullish in the medium term. It is recommended to buy on dips after stabilization [8]. Sugar - **Key Information**: On Wednesday, the Zhengzhou sugar futures price continued to fluctuate. The closing price of the January contract was 5,529 yuan/ton, down 18 yuan/ton or 0.32% from the previous trading day. The spot prices of sugar groups in Guangxi, Yunnan, and processing plants were flat compared to the previous trading day. A total of 260,000 tons of white sugar were delivered in the October contract, with 200,000 tons from the UAE, 37,000 tons from India, 19,000 tons from Thailand, and 5,000 tons from China. The sugar - to - ethanol ratio in Brazil is uncertain, and there may be a shift towards ethanol production in the future [10]. - **Trading Strategy**: Both the domestic and foreign sugar markets are bearish. The sugar price is expected to continue to decline, and the downward space depends on the Brazilian sugar production from August to October [11]. Cotton - **Key Information**: On Wednesday, the Zhengzhou cotton futures price continued to fluctuate. The closing price of the January contract was 13,890 yuan/ton, down 5 yuan/ton or 0.04% from the previous trading day. The spot price of Chinese cotton increased by 10 yuan/ton. As of September 12, the spinning mill's operating rate was 66.5%, up 0.5 percentage points week - on - week and down 4.3 percentage points year - on - year; the weaving mill's operating rate was 38%, up 0.6 percentage points week - on - week and down 14.4 percentage points year - on - year. The cotton commercial inventory was 1.27 million tons, 460,000 tons less than the same period last year. As of September 14, the US cotton good - to - excellent rate was 52%, down 2 percentage points from the previous week but still much higher than the same period last year; the harvest rate was 9%, up 1 percentage point from the previous week and basically the same as the same period last year [13]. - **Trading Strategy**: The cotton market is facing a combination of bullish and bearish factors. The downstream industry's operating rate is increasing, but the inventory is at a low level, and there is an expected increase in production in the long term. The cotton price is expected to continue to fluctuate in the short term [14]. Eggs - **Spot Information**: The national egg prices were mostly stable, with a few rising or falling. The average price in the main producing areas increased by 0.01 yuan to 3.75 yuan/jin. The supply was stable, and the downstream's willingness to purchase high - priced eggs was cautious, with slightly slower sales. The national egg prices are expected to be mostly stable and partially lower today [16]. - **Trading Strategy**: The egg market has a large supply base and a large amount of cold storage eggs. The spot price is expected to fall after a short - term increase, but the supply pressure will decrease after the large - scale culling of laying hens. It is recommended to wait and see, and consider going long on the far - month contract when the price falls and the position increases [17]. Pigs - **Spot Information**: The domestic pig price continued to fall yesterday. The average price in Henan decreased by 0.15 yuan to 13.04 yuan/kg, and the average price in Sichuan decreased by 0.1 yuan to 12.64 yuan/kg. The farmers' enthusiasm for slaughtering was high, and the pig price was difficult to stabilize. The pig price is expected to continue to fall today [19]. - **Trading Strategy**: The pig market has a large theoretical and planned supply in September, but there are also potential supporting factors such as consumption, weight gain, and state reserves. The spot price is expected to fluctuate slightly, and it is recommended to pay attention to the possibility of a rebound at a low level and short - selling opportunities after the rebound [20].

Report Industry Investment Ratings - The investment rating for the粕类 is neutral [3] - The investment rating for the玉米 is cautiously bearish [6] Core Views - The adjustment in this report is slightly higher than market expectations, leading to a decline in US soybean prices. Future attention should focus on changes in the new - season US soybeans. In China, the strengthening of Brazilian premiums has supported domestic soybean prices to some extent, but the domestic soybean supply remains sufficient with high downstream inventories. Attention should be paid to changes in China - US policies [2] - For corn, the supply of old grain from traders is limited and its price is firm. New grain is gradually coming onto the market, and traders are mainly buying at lower prices. The overall supply is loose. Feed enterprises are using their inventories, and deep - processing enterprises also want to buy at lower prices. Future attention should be on the listing and purchase of new - season corn [5] Summary by Related Catalogs 粕类 Market News and Important Data - Futures: The closing price of the soybean meal 2601 contract was 3041 yuan/ton, a change of - 1 yuan/ton (- 0.03%) from the previous day; the rapeseed meal 2601 contract was 2518 yuan/ton, a change of + 14 yuan/ton (+ 0.56%) [1] - Spot: In Tianjin, the soybean meal spot price was 3030 yuan/ton, up 10 yuan/ton; in Jiangsu and Guangdong, it was 2950 yuan/ton, unchanged. In Fujian, the rapeseed meal spot price was 2670 yuan/ton, up 20 yuan/ton [1] - US market: As of September 14, the US soybean good - to - excellent rate was 63%, the defoliation rate was 41%, and the harvest progress was 5% [1] Market Analysis - The report adjustment was slightly higher than expected, causing a decline in US soybean prices. In China, the strengthening of Brazilian premiums supported domestic soybean prices, but supply was sufficient and downstream inventories were high. Policy changes between China and the US should be watched [2] Strategy - Neutral [3] Corn Market News and Important Data - Futures: The closing price of the corn 2511 contract was 2166 yuan/ton, a change of - 1 yuan/ton (- 0.05%); the corn starch 2511 contract was 2443 yuan/ton, unchanged [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2600 yuan/ton, unchanged [3] - US market: As of September 11, the US corn export inspection volume was 1.5117 million tons, a week - on - week increase of 4.7% and a year - on - year increase of 165.7%. As of September 14, the good - to - excellent rate was 67%, and the harvest progress was 7% [3] Market Analysis - The supply of old grain from traders was limited and its price was firm. New grain was gradually coming onto the market. Feed enterprises were using inventories, and deep - processing enterprises wanted to buy at lower prices. The overall supply was loose [5] Strategy - Cautiously bearish [6]

Report Industry Investment Ratings No relevant information provided. Core Views Palm Oil - Malaysian crude palm oil futures may gradually rebound and return to 4,500 ringgit, and then start an upward trend. Domestic palm oil futures will remain range - bound in the short term and may follow the upward trend of Malaysian palm oil later, maintaining a view of near - term weakness and long - term strength [1]. Soybean Oil - Analysts expect the NOPA members' soybean oil inventory in August 2025 to decrease by 5.8% compared to July. Domestic soybean oil has both long and short factors, with supply being sufficient and consumption increasing, and the basis quote fluctuating narrowly [1]. Corn - Short - term market supply and demand are loose, the futures market is oscillating weakly; in the medium term, it will remain weak, and short - selling should be cautious [2]. Sugar - The international raw sugar price is expected to maintain a bottom - oscillating pattern. The domestic sugar market has spot pressure, and the futures market may stabilize around 5,500 in the short term, but the rebound space is limited, and a high - selling strategy is recommended [6]. Cotton - In the short term, domestic cotton prices may oscillate within a range, and after the new cotton is listed, prices will face pressure [7]. Eggs - Egg prices are expected to rise to the annual high, but the high inventory and cold - storage eggs may suppress the increase. After the traders' replenishment next week, demand may weaken, and local egg prices may decline slightly [9]. Meal - The domestic meal market has a weak demand pattern, but cost support is strong. It is expected that the 01 contract will operate in the 3,050 - 3,150 range [11]. Pigs - The spot price of pigs is currently weak, but the decline space is limited. Demand is slowly recovering, but whether it can absorb the supply is uncertain. The futures and spot prices are expected to continue to bottom - out [13][14]. Summary by Related Catalogs Oils and Fats Industry Price Changes - **Soybean Oil**: The spot price in Jiangsu remained unchanged at 8,610 yuan/ton; the futures price (Y2601) rose by 28 yuan to 8,076 yuan/ton, with a 0.72% increase; the basis (Y2601) decreased by 28 yuan to 534 yuan/ton, a 9.80% decline [1]. - **Palm Oil**: The spot price in Guangdong remained at 9,320 yuan/ton; the futures price (P2601) rose by 112 yuan to 9,174 yuan/ton, a 1.24% increase; the basis (P2601) decreased by 112 yuan to 146 yuan/ton, a 43.41% decline [1]. - **Rapeseed Oil**: The spot price in Jiangsu decreased by 100 yuan to 9,940 yuan/ton; the futures price (Ol601) rose by 15 yuan to 9,511 yuan/ton, a 0.16% increase; the basis (Ol601) decreased by 115 yuan to 429 yuan/ton, a 21.14% decline [1]. Spread Changes - The soybean oil inter - period spread (01 - 05) decreased by 4 yuan to 300 yuan/ton, a 1.32% decline; the palm oil inter - period spread (01 - 05) rose by 14 yuan to 248 yuan/ton, a 5.98% increase; the rapeseed oil inter - period spread (01 - 05) rose by 28 yuan to 380 yuan/ton, a 7.76% increase [1]. Corn Industry Price Changes - The futures price of corn 2511 decreased by 30 yuan to 2,167 yuan/ton, a 1.37% decline; the basis increased by 30 yuan to 143 yuan/ton, a 26.55% increase [2]. - The futures price of corn starch 2511 decreased by 31 yuan to 2,443 yuan/ton, a 1.25% decline; the basis increased by 31 yuan to 117 yuan/ton, a 36.05% increase [2]. Sugar Industry Price Changes - The futures price of sugar 2601 rose by 9 yuan to 5,520 yuan/ton, a 0.16% increase; the ICE raw sugar main contract rose by 0.15 cents to 15.96 cents/pound, a 0.95% increase [6]. Industry Data - The national sugar production and sales increased year - on - year, and the industrial inventory also increased. The sugar import volume increased by 160% [6]. Cotton Industry Price Changes - The futures price of cotton 2605 rose by 30 yuan to 13,850 yuan/ton, a 0.22% increase; the ICE U.S. cotton main contract rose by 0.06 cents to 66.82 cents/pound, a 0.09% increase [7]. Industry Data - Commercial and industrial inventories decreased month - on - month, while imports increased by 66.7%. The textile industry's inventory decreased year - on - year [7]. Egg Industry Price Changes - The futures price of the egg 11 - contract rose by 103 yuan to 3,143 yuan/500KG, a 3.39% increase; the egg producer price rose by 0.12 yuan to 3.66 yuan/jin, a 3.45% increase [9]. Industry Data - The egg - to - feed ratio rose by 0.07 to 2.50, a 2.88% increase; the breeding profit increased by 4.71 yuan to - 17.89 yuan/feather, a 20.84% increase [9]. Meal Industry Price Changes - The spot price of Jiangsu soybean meal decreased by 20 yuan to 3,030 yuan/ton, a 0.66% decline; the futures price (M2601) decreased by 37 yuan to 3,042 yuan/ton, a 1.20% decline [11]. - The spot price of Jiangsu rapeseed meal decreased by 50 yuan to 2,600 yuan/ton, a 1.89% decline; the futures price (RM2601) decreased by 27 yuan to 2,504 yuan/ton, a 1.07% decline [11]. Spread Changes - The oil - to - meal ratio of the main contract rose by 0.05 to 2.75, a 1.87% increase; the soybean - to - rapeseed meal spread in the spot market rose by 30 yuan to 430 yuan/ton, a 7.50% increase [11]. Pig Industry Price Changes - The futures price of the pig 2511 contract rose by 20 yuan to 13,275 yuan/ton, a 0.15% increase; the Henan spot price decreased by 150 yuan to 13,300 yuan/ton [13]. Industry Data - The sample slaughter volume decreased by 590 to 148,082; the self - breeding profit decreased by 35.8 yuan to 17 yuan/head, a 68.02% decline [13].