1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural products sector shows a mixed performance, with significant drops in oil and fat prices, a decline in corn prices, and varied trends in other products such as eggs, apples, and others [1]. - Different factors influence each product, including supply - demand dynamics, external market news, and seasonal factors [1][2][3] 3. Summary by Related Catalogs 3.1 Agricultural Products Sector Overview - Oil and fat prices drop significantly, with palm oil leading the decline due to negative data in the Malaysian MPOB monthly report and the fall of US soybean oil. Corn prices decline further as new corn is listed, and egg price rebound lacks sustainability [1]. 3.2 Variety Strategy Tracking 3.2.1 Palm Oil - The main 2601 contract of palm oil drops significantly, affected by negative news of US soybean oil and the negative data in the Malaysian MPOB report. The inventory in Malaysia increased by 4.18% to 2.2 million tons in August. The strategy is to close long positions and lightly short - sell, with support at 9236 and resistance at 9300 [2]. 3.2.2 Soybean Oil - The main 2601 contract of soybean oil drops significantly, dragged down by the fall of US soybean oil and sufficient domestic supply. As of September 5, the inventory was 1.2388 million tons, a year - on - year increase of 14.66%. The strategy is to close long positions and lightly short - sell, with support at 8240 and resistance at 8300 [3]. 3.2.3 Eggs - The main 2511 contract of eggs drops significantly, due to high egg - laying hen inventory. The strategy is to close long positions and lightly short - sell, with support at 3000 and resistance at 3040 [5]. 3.2.4 Apples - The main 2601 contract of apples rebounds slightly after a sharp fall, supported by short - covering. The strategy is to hold short positions, with support at 8000 and resistance at 8166 [7]. 3.2.5 Red Dates - The main 2601 contract of red dates fluctuates narrowly. The strategy is to close short positions and conduct short - term trading, with support at 10910 and resistance at 11090 [9]. 3.2.6 Sugar - The main 2601 contract of Zheng sugar rebounds at a low level, driven by the rebound of the overseas market. The strategy is to hold short positions for now, with support at 5503 and resistance at 5560 [12]. 3.2.7 Corn - The main 2511 contract of corn drops continuously, pressured by the listing of new corn. The strategy is to hold light short positions, with support at 2188 and resistance at 2213 [13][15]. 3.2.8 Cotton - The main 2601 contract of cotton first declines and then rises, but the weakness remains. The strategy is to hold light short positions, with support at 13790 and resistance at 14000 [16][19]. 3.2.9 Live Pigs - The main 2511 contract of live pigs rebounds at a low level, but the weakness remains. The strategy is to hold short positions, with support at 13200 and resistance at 13400 [20]. 3.2.10 Soybean Meal - The main 2601 contract of soybean meal fluctuates downward. The strategy is short - term trading before the release of major report data, with support at 3050 and resistance at 3080 [22].

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Group 1: Report Overview - Report Date: September 5, 2025 [1] - Author: Xu Liang (Z0002220), Reviewed by Tang Yun (Z0002422) [2] Group 2: Sugar Market Core View - International raw sugar prices are suppressed by the expected increase in production in the Northern Hemisphere's new season, with a divergence in the estimated output in the central - southern region of Brazil between 39 million and 40.5 million tons, and uncertainty in the adjustment of the sugar - making ratio in the later stage of crushing. In China, Yunnan's industrial inventory at the end of August was 336,400 tons, a year - on - year increase of 26.6%, and the spot price was lowered by 10 - 20 yuan. The large year - on - year increase in imported sugar in July exacerbated the supply pressure of processed sugar. The market focuses on the game between the low inventory of domestic sugar and the potential overstock of processed sugar during the transition period between the old and new crushing seasons, as well as the impact of Northern Hemisphere weather on the start of crushing [3]. Price and Spread - On September 5, 2025, SR01 closed at 5523 yuan/ton, with a daily decline of 0.18% and a weekly decline of 1.45%. Other contracts also showed different degrees of decline [4]. - The basis of Nanning - SR01 on September 4, 2025, was 347 yuan/ton, with a daily increase of 9 yuan and a weekly increase of 39 yuan. The basis of Kunming - SR01 was 312 yuan/ton, with a daily increase of 24 yuan and a weekly increase of 84 yuan [10]. Import Price - On September 5, 2025, the in - quota price of Brazilian imported sugar was 4453 yuan/ton, with a daily decline of 25 yuan and a weekly decline of 86 yuan. The out - of - quota price was 5656 yuan/ton, with a daily decline of 33 yuan and a weekly decline of 113 yuan [13]. Group 3: Cotton Market Core View - Recently, the temperature in Xinjiang has been mild with little rainfall. The temperature has dropped this week. Xinjiang's new cotton has entered the concentrated boll - opening stage, and the growth progress is ahead of schedule. It is expected that the new cotton will be listed successively in late September. Rainfall may increase in mid - to - late September, especially in some southern Xinjiang regions, which may affect cotton quality and harvesting progress. Downstream, with the arrival of the "Golden September and Silver October", the inventory of finished products has been further reduced, but the profit has not been significantly repaired, and the overall confidence is still insufficient with a lack of orders [15]. Price and Spread - On September 5, 2025, cotton 01 closed at 14000 yuan/ton, with a decline of 10 yuan and a decline rate of 0.07%. Cotton 05 closed at 13940 yuan/ton, with a decline of 10 yuan and a decline rate of 0.07% [16]. - The cotton basis was 1441 yuan/ton, with a daily decline of 34 yuan. The spread between cotton 01 - 05 was 60 yuan/ton, with a daily increase of 20 yuan [17]. Group 4: Red Date Market Core View - On the basis of last year's bumper harvest, the output of grey dates in the new year may decline significantly year - on - year, but the decline may be smaller compared to normal years. There may still be speculation in the market before the dates are harvested. Pay attention to the weather changes in the production areas. Although the Mid - Autumn Festival peak season is approaching, the overall downstream trading volume is average. If the decline in production does not further expand, the red date price will still face downward pressure under the supply of high inventory of old dates [21]. Group 5: Apple Market Core View - Affected by seasonal fruits, the sales speed of apples is limited. In Shandong, the number of packaged apples is limited due to the busy farming season. In Shaanxi, the supply is concentrated in northern Shaanxi, and the secondary production areas are basically cleared. For the new - season apples, the harvest of paper - bag Gala is almost over, and early Fuji apples are gradually on the market, but the fruit size is still small. In the short term, the apple market still has some pressure to release [25]. Price and Spread - On September 5, 2025, AP01 closed at 8296 yuan/ton, with a daily increase of 1.1% and a weekly decline of 0.02%. Other contracts also showed different degrees of price changes [26]. - The spread between AP01 - 05 was 51 yuan/ton, with a daily increase of 2% and a weekly decline of 32%. The main contract basis was 272 yuan/ton, with a daily decline of 8.72% and a weekly increase of 13.33% [26].

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report Group 2: Core Views of the Report - The overall view of various agricultural products is mainly "oscillating." For corn, the 11 - month contract is expected to oscillate, with short - term operations focusing on whether the 2200 - yuan mark can be effectively broken through. For soybeans and related products, they are also in an oscillating state, and short - term participation is recommended. For palm oil and other oils, prices are oscillating due to factors such as high inventory and low consumption. For eggs, the short - term recommendation is to wait and see, and in the long - term, pay attention to the change in production capacity. For pigs, the price is expected to be weak in the short - term, and attention should be paid to market sentiment changes [2][3] Group 3: Summary by Related Catalogs Research Views - **Corn**: In the futures market, the 11 - month contract adjusted with position reduction this week, and the 9 - month contract rebounded due to the delayed listing of Liaoxi corn. In the spot market, before the new grain is listed, the supply is expected to increase, and the corn price shows a weak performance. Technically, the 11 - month contract encountered resistance at the 2200 - yuan mark and ended six consecutive positive days. Short - term operations should focus on whether the 2200 - yuan mark can be effectively broken through [2] - **Soybean Meal**: CBOT soybeans rebounded from a three - week low on Thursday. In the domestic market, both soybean meal and rapeseed meal continued to oscillate, with funds leaving the market and low trading volume. Oil mills have high inventories, and downstream feed enterprises have sufficient positions until the end of the month, with low purchasing willingness [2] - **Oils**: BMD palm oil oscillated narrowly on Thursday and rose on a weekly basis. An investigation shows that the inventory of Malaysian palm oil in August increased for the sixth consecutive month. In the domestic market, oil prices are oscillating and adjusting due to factors such as low consumption, high inventory, and large supply pressure [2] - **Eggs**: The egg futures price showed insufficient rebound strength after a low - level rebound at the beginning of the week. In the spot market, the terminal digestion improved near the weekend, and most egg prices in the sales areas rose. In the long - term, pay attention to the change in the number of old hens being culled and later replenishment [2][3] - **Pigs**: The main 2511 contract of live pig futures fell on Thursday. In the spot market, the average daily price of live pigs in China decreased. Affected by supply - side pressure, the pig price is weak, and the futures price may continue to be weak in the short - term [3] Market Information - The Ministry of Agriculture and Rural Affairs has deployed a fall inspection of the crop seed market nationwide, focusing on key crops such as wheat, rapeseed, and vegetables, and will send 5 working groups to key seed - using areas for supervision [4] - The bid - winning rate of CGC's rapeseed oil and sunflower oil procurement on September 4 was 100% [4] - According to MPOA data, the estimated palm oil production in Malaysia from August 1 - 31 increased by 2.07%, with an estimated total output of 1.85 million tons [5] Variety Spreads - **Contract Spreads**: The report provides charts of 1 - 5 spreads for multiple varieties including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs [7][8][12][16] - **Contract Basis**: The report provides charts of the basis for multiple varieties including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs [15][18][19][22]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The protein meal market is expected to be range - bound. Investors are advised to buy at the lower end of the cost range and be cautious about profit margins and supply pressure at high prices [3][5]. - The outlook for the oil market is oscillating strongly. Palm oil may rise in the fourth quarter due to the expected B50 policy in Indonesia [7][9]. - The sugar market is generally bearish. The downward space depends on the Brazilian production speed from August to October [11][12]. - The cotton market may improve fundamentally. In the short - term, cotton prices are likely to oscillate at a high level [14][15]. - The egg market may be prone to rising in the short - term but needs to be cautious about the pressure after demand overdraft and position decline in the medium - term [17][18]. - The pig market is expected to be weak in September. Attention should be paid to the possibility of a low - level rebound on the futures market and the far - month reverse spread strategy [20][21]. 3. Summary by Directory Protein Meal - **Important Information**: On Thursday, US soybeans rose slightly, and the domestic soybean meal futures rebounded slightly. Last week, domestic soybean meal and soybeans were stocked up, and the downstream inventory days increased slightly. The rainfall in the US soybean - producing areas will be significantly less in the next two weeks, and the soybean good - quality rate has declined. The USDA has significantly reduced the planting area, and the US soybean production has decreased by 1.08 million tons month - on - month [3]. - **Trading Strategy**: The soybean import cost has been weakly stable recently. It is expected that the domestic soybean meal spot market may start to destock in September, supporting the oil mill's profit. It is recommended to buy at the lower end of the cost range and be cautious at high prices [5]. Oil - **Important Information**: Malaysia's palm oil exports increased in August, while production decreased. Brazil's soybean exports in September are expected to be 6.75 million tons. The international palm oil CNF quotation has declined slightly, and China's palm oil import cost has dropped. The domestic three major oils oscillated on Thursday, and foreign investors continued to reduce their long positions [7]. - **Trading Strategy**: Oils fell due to the weakening of commodity sentiment. Fundamentally, factors such as the US biodiesel policy draft, low inventory in Southeast Asia, and the expected B50 policy in Indonesia support the oil price center. Palm oil is expected to be oscillating strongly before the inventory is fully accumulated and the negative feedback from demand does not appear [9]. Sugar - **Important Information**: On Thursday, the Zhengzhou sugar futures price fell. As of the end of August, the cumulative sales - to - production ratio in Guangxi increased year - on - year, while that in Yunnan decreased year - on - year [11]. - **Trading Strategy**: The domestic sugar supply has increased significantly since July. The new sugar - making season in Guangxi is expected to have increased production. The overall view is bearish, and the downward space depends on the Brazilian production [12]. Cotton - **Important Information**: On Thursday, the Zhengzhou cotton futures price oscillated. The global cotton production and ending inventory in the 2025/26 season are expected to decrease compared with the previous month's forecast. As of August 31, 2025, the good - quality rate of US cotton was 51%, down 3 percentage points from the previous week [14]. - **Trading Strategy**: Although the downstream consumption is average, considering the upcoming consumption peak season and the low domestic cotton inventory, the fundamentals may improve. In the short - term, cotton prices are likely to oscillate at a high level [15]. Eggs - **Important Information**: The national egg price was stable with some increases. The supply was relatively stable, and the market sales were normal [17]. - **Trading Strategy**: The supply has improved marginally, and the demand has increased due to pre - festival stocking. In the short - term, egg prices are likely to rise, but attention should be paid to the medium - term pressure [18]. Pigs - **Important Information**: The domestic pig price generally fell on the previous day, with some local increases. The demand support was limited, and the sales resistance for farmers was large [20]. - **Trading Strategy**: The previous expectation of a spot price rebound has failed. The current futures price has low expectations for the future. In September, the supply may be weak, but attention should be paid to the possibility of a low - level rebound and the far - month reverse spread strategy [21].

Group 1: Investment Ratings - The report suggests a neutral strategy for both the apple and红枣 industries [4][8] Group 2: Core Views - For apples, the current inventory in production areas is low, and there are no prominent contradictions in the fundamentals, so the short - term price is expected to remain stable. For red dates, under the condition that the expected reduction in production cannot be falsified, the futures price may rise in the short - term due to capital sentiment, but high old - stock pressure may lead to a price decline if the reduction in production is less than expected [4][8] Group 3: Apple Industry Market News and Key Data - Futures: The closing price of the apple 2510 contract was 8332 yuan/ton, down 57 yuan/ton or 0.68% 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 over 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.80 yuan/jin, also unchanged from the previous day [1] Recent Market Information - In Shaanxi, early - maturing Fuji is being colored on a large scale, with a small amount on the market at a higher price than last year. In Shandong, the trading volume of Cream Red General is small. The market for stored Fuji is stable but dull, with some farmers and holders offering price cuts [2] Market Analysis - The apple futures price fell yesterday. Rain in the western production areas affected the listing of early - maturing Fuji, and the trading of stored apples was light. The market is focusing on the quality of late - maturing Fuji, which has some quality problems. The early - maturing apple market shows a polarization trend, and the stored apple market is weak [3] Group 4: Red Date Industry Market News and Key Data - Futures: The closing price of the red date 2601 contract was 11325 yuan/ton, down 55 yuan/ton or 0.48% from the previous day. Spot: The price of first - grade grey jujubes in Hebei was 9.50 yuan/kg, down 0.10 yuan/kg from the previous day [5] Recent Market Information - Xinjiang grey jujubes are entering the sugar - increasing stage, and precise prevention and control against weather changes are crucial. In the Hebei Cuierzhuang market, the prices of some red date products were reduced by 0.10 - 0.20 yuan/kg. In the Guangdong Ruyifang market, the arrival of goods was stable, and the trading volume was average [5][6] Market Analysis - The red date futures price fell yesterday. The arrival of goods in the sales areas decreased, and the downstream purchasing enthusiasm was average. There may be speculation before the jujubes are harvested. The 2024 production was large with high inventory but poor quality. The new - season production is expected to decrease, and the market shows a high - level oscillation after the price increase [7]

Report Industry Investment Rating - The investment ratings for cotton, sugar, and pulp are all neutral [3][5][8] Core Viewpoints - For cotton, the short - term supply is tight, and the price may be slightly stronger before the large - scale listing of new flowers. In the medium - term, due to the strong expectation of a bumper harvest, the price may face pressure [3] - For sugar, the short - term supply pressure is large, but the low inventory of domestic sugar limits the continuous decline space [5] - For pulp, the current fundamentals have no obvious improvement, and the short - term price is expected to continue to fluctuate at a low level [8] Summary by Related Catalogs Cotton Market News and Important Data - Futures: The closing price of the cotton 2601 contract was 13,990 yuan/ton, down 55 yuan/ton (-0.39%) from the previous day [1] - Spot: The Xinjiang arrival price of 3128B cotton was 15,373 yuan/ton, up 49 yuan/ton, and the national average price was 15,465 yuan/ton, up 53 yuan/ton [1] - India: There was heavy rainfall in cotton - growing areas, and the CCI auctioned about 170,000 tons of cotton on the 2nd, with the S - 6 auction reserve price stable at 54,500 rupees/candy [1] Market Analysis - International: India extended the tariff - exemption period, and the USDA in August significantly lowered the global cotton production and ending stocks. The US cotton supply - demand is expected to improve, but the slow export sales limit the upside [2] - Domestic: The inventory reduction speed is fast, and the commercial inventory is at a low level. The late - issued and limited sliding - duty quotas did not solve the tight supply problem. The new cotton is growing well, and there is a possibility of抢购 at the beginning, but the hedging pressure during the centralized listing will limit the price [2] Strategy - Neutral. The short - term price may be slightly stronger, and there may be a decline in the medium - term if the peak season is disappointing [3] Sugar Market News and Important Data - Futures: The closing price of the sugar 2601 contract was 5,562 yuan/ton, down 37 yuan/ton (-0.66%) from the previous day [3] - Spot: The spot price in Nanning, Guangxi was 5,900 yuan/ton, and in Kunming, Yunnan was 5,850 yuan/ton [3] - India: The government allowed sugar mills and distilleries to use various raw materials to produce ethanol without restrictions in the 2025/26 season [3] Market Analysis - Raw sugar: Brazil's Conab and other institutions lowered the sugar production forecast, and Pakistan's purchase boosted the price. However, Brazil is in the peak crushing season, and the northern hemisphere's production increase expectation suppresses the price [4] - Zheng sugar: The high import profit and large import volume in July, along with the impact of processed sugar in August - September, put pressure on the price [5] Strategy - Neutral. The short - term supply pressure is large, but the low domestic sugar inventory limits the decline space. Pay attention to syrup policy changes [5] Pulp Market News and Important Data - Futures: The closing price of the pulp 2511 contract was 5,050 yuan/ton, up 8 yuan/ton (+0.16%) from the previous day [5] - Spot: The price of Chilean Silver Star softwood pulp in Shandong was 5,750 yuan/ton, and the price of Russian softwood pulp was 5,100 yuan/ton [5] - Market: The import wood pulp spot market was mostly stable, with some prices rising slightly [6] Market Analysis - Supply: There will be more pulp production capacity put into operation in the second half of the year in China, and the import volume is expected to decline. However, the slow port inventory reduction and high inventory level maintain the supply pressure [7] - Demand: The pulp consumption in Europe and the US is weak, and the domestic demand is also sluggish during the off - season, with high finished - product inventory and cautious procurement by paper mills [7] Strategy - Neutral. The current fundamentals have no obvious improvement, and the short - term price is expected to continue to fluctuate at a low level [8]

Group 1: Investment Ratings - There is no information about the industry investment rating in the report. Group 2: Core Views - Corn futures showed an adjustment performance on Wednesday, with the November contract encountering resistance and falling back. The spot market's supply is expected to increase before the new grain is on the market, and the corn price is showing a weak performance. The futures market has rebounded recently, which has a certain positive impact on market sentiment. Technically, the November contract of corn encountered resistance and fell back at the 2200 yuan integer mark on Wednesday, and the futures price returned to a volatile performance [2]. - CBOT soybeans fell to a two - week low on Wednesday due to concerns about the demand prospects of US soybeans. In the domestic market, both soybean meal and rapeseed meal continued to fluctuate, with a small increase. The strategy is to participate in the short - term [2]. - BMD palm oil fell on Wednesday, dragged down by the trends of competing vegetable oils and crude oil. The domestic oil prices oscillated and adjusted, with palm oil rising and then falling. The strategy is to participate in the short - term [2]. - The main contract of eggs on Wednesday continued to rebound, and the spot price was mostly stable with a few small increases. The egg price is expected to have a seasonal rebound according to the normal seasonal pattern, but it is affected by the supply - side pressure. In the medium - to - long - term, pay attention to the change in the number of old hens being culled. It is recommended to wait and see for now [2][3]. - The main contract of live pigs on Wednesday oscillated and adjusted. The fundamentals and market sentiment have not changed much compared with the previous period, and the live pig price is expected to remain volatile. Pay attention to whether the future demand and market sentiment can boost the market [3]. Group 3: Market Information - On September 5, 2025, Sinograin's e - commerce platform will organize a special session for the competitive sale of domestic soybeans, with 45,299 tons of domestic soybeans for sale [4]. - On September 5, Sinograin's e - commerce trading center will organize a two - way competitive trading session for sunflower oil, with 3,450 tons of grade - three sunflower oil for trading [4]. - A research institution predicts that Australia's rapeseed production in the 2025/26 season will increase to 5.9 million tons, a 3% increase from the previous forecast, due to good weather conditions [4]. - Indian palm oil imports in August increased by 16% month - on - month to 993,000 tons, reaching the highest level in 13 months, while soybean oil imports decreased by 28% month - on - month to 355,000 tons, hitting the lowest level in six months [5]. Group 4: Variety Spreads 4.1 Contract Spreads - The report presents contract spreads such as corn 1 - 5 spread, corn starch 1 - 5 spread, soybeans 1 - 5 spread, soybean meal 1 - 5 spread, soybean oil 1 - 5 spread, palm oil 1 - 5 spread, egg 1 - 5 spread, and live pig 1 - 5 spread [6][7][8][12][16]. 4.2 Contract Basis - The report shows contract basis including corn basis, corn starch basis, soybean basis, soybean meal basis, soybean oil basis, palm oil basis, egg basis, and live pig basis [14][15][18][19][22]. Group 5: Research Team Members - Wang Na is the director of the agricultural product research department at Everbright Futures Research Institute, with multiple honors and rich experience. Her futures qualification number is F0243534, and her trading consultation number is Z0001262 [27]. - Hou Xueling is an analyst of soybeans at Everbright Futures, with over a decade of futures experience and many honors. Her futures qualification number is F3048706, and her trading consultation number is Z0013637 [27]. - Kong Hailan is a researcher of eggs and live pigs at Everbright Futures Research Institute, with a master's degree in economics. Her futures qualification number is F3032578, and her trading consultation number is Z0013544 [27].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - The global protein raw material supply is in surplus, and the upward momentum of soybean import costs needs further verification. The domestic soybean meal market is expected to show a range - bound trend, and the oil price is expected to be volatile and bullish in the short - term. The domestic sugar price is generally bearish, while the cotton price may fluctuate at a high level. The egg price may rise steadily in the short - term, and the short - term trend of the hog price is weak, but there is potential support [3][5][10][13][16][18][21]. 3. Summary by Category Soybean/Meal - **Market Situation**: On Wednesday, US soybeans fell due to concerns about demand, and there was no new information on Sino - US soybean trade. The domestic soybean meal futures rebounded slightly. Last week, domestic soybean meal and soybeans both accumulated inventory, and the soybean meal inventory was still high. The soybean good rate in the US has declined, and the Brazilian premium has rebounded after a decline. The USDA has significantly reduced the planting area, and the US soybean production has decreased by 1.08 million tons month - on - month [3]. - **Trading Strategy**: The soybean import cost has been weakly stable recently. The domestic soybean meal market is expected to start destocking in September, which will support the oil mill's profit. It is recommended to buy on dips at the lower end of the cost range and pay attention to the profit and supply pressure at the upper end [5]. Oils and Fats - **Important Information**: In August 2025, Malaysia's palm oil exports increased, while production decreased. Australia's 2025/26 rapeseed production is expected to increase. Before the fourth Sino - US talks in late October or early November, the domestic soybean meal cost will gradually increase. If the US soybeans are purchased after the talks and the South American new crop has a good harvest, the domestic soybean meal price may decline. On Wednesday, the three major domestic oils and fats were weak, with large foreign capital short - selling [7]. - **Trading Strategy**: Oils and fats have fallen due to high valuations and weak commodity sentiment. Fundamentally, factors such as the US biodiesel policy, limited palm oil production potential in Southeast Asia, and low inventory support the price center. Palm oil may be bullish in the fourth quarter due to the Indonesian B50 policy [10]. Sugar - **Key Information**: On Wednesday, the Zhengzhou sugar futures price fell. As of the end of August, the cumulative sales - to - production ratio in Guangxi increased year - on - year, while that in Yunnan decreased. The industrial inventory in Guangxi decreased, while that in Yunnan increased [12]. - **Trading Strategy**: Since July, the domestic sugar import supply has increased, and there is an expectation of increased production in Guangxi in the new season. The overall view is bearish. The downward space depends on the international market [13]. Cotton - **Key Information**: On Wednesday, the Zhengzhou cotton futures price fell slightly. The global 2025/26 cotton production and ending inventory are expected to decrease compared to the previous month's forecast. As of August 31, the US cotton good rate decreased but was still at a relatively high level [15]. - **Trading Strategy**: Fundamentally, with the approaching of the peak consumption season and low domestic inventory, the situation may improve. Technically, the cotton price may fluctuate at a high level in the short - term [16]. Eggs - **Spot Information**: The national egg price was stable with some increases. The supply was relatively stable, and the market was trading normally. The egg price may continue to be stable with some increases [17]. - **Trading Strategy**: With the increase in the elimination of laying hens and the increase in demand due to pre - festival stocking, the egg price may be easy to rise and difficult to fall in the short - term, but attention should be paid to the medium - term pressure [18]. Hogs - **Spot Information**: The domestic hog price was mostly stable with some declines. The supply was abundant, and the demand was weak. The hog price may decline today, and some low - price areas may remain stable [20]. - **Trading Strategy**: After the failure of the expected rebound in the spot price, the market is trading the reality of oversupply. In September, the supply may still be weak, but there is potential support from demand and other factors. It is recommended to wait and see and pay attention to the low - level rebound [21].

1. Report Industry Investment Rating - All varieties (corn, soybean meal, oils, eggs, and hogs) are rated as "Oscillating" [2][3] 2. Core Viewpoints of the Report - The report analyzes the market conditions of various agricultural products on September 3, 2025, including price trends, supply - demand situations, and relevant influencing factors, and provides corresponding investment strategies for each variety [2][3] 3. Summary by Relevant Catalogs 3.1 Research Views - **Corn**: On Tuesday, corn prices rose with reduced positions. The 9 - month contract is approaching delivery, and the 11 - month contract's positions continue to decline. The spot market expects an increase in supply before the new grain is listed, and prices are weak. In the Northeast, prices are mainly weak. New corn may be listed in Liaoning Heishan from September 5 - 10. Rain in North China affected corn, with some enterprise prices up 10 - 20 yuan/ton. The market is waiting for new corn. Technically, the 11 - month contract had six consecutive positive days, with large price fluctuations. It is recommended to maintain an oscillating view before the new grain is listed [2] - **Soybean Meal**: On Tuesday, CBOT soybeans fell due to low demand expectations. US soybean meal followed, while US soybean oil rose. US soybean weekly export inspection was 47.2 tons, and the monthly crushing volume in July was 614 tons. The excellent - good rate was 65%. Domestically, soybean meal prices oscillated. Brazilian soybean premiums fell, and domestic inventories increased. It is recommended to participate in the short - term [2] - **Oils**: On Tuesday, BMD palm oil rose due to bargain - hunting and strong exports. Indian palm oil imports in August increased significantly. Domestically, oil prices rose, with palm oil performing the best. However, weak consumption and high inventories limited the increase. It is recommended to go long in the short - term [2] - **Eggs**: On Tuesday, the main 2510 egg contract oscillated at a low level and then rebounded. Spot prices were mostly stable, with some small increases. Seasonally, egg prices should rebound in late August, but supply pressure keeps prices weak. In the long - term, pay attention to old hen culling [2][3] - **Hogs**: On Tuesday, the main 2511 hog futures contract oscillated weakly and then rebounded. Spot prices were mostly stable, with regional differences. The supply in the north increased, and prices fell, while the south had price support. The market expects prices to oscillate, and attention should be paid to future demand and market sentiment [3] 3.2 Market Information - Ukraine will impose a 10% export tax on soybeans and rapeseeds until January 1, 2030, then it will decrease by 1% annually until it reaches 5% [4] - Malaysian palm oil exports in August increased by 30.53% (SGS data) or 15.37% (AmSpec data) compared to the previous month, and production decreased by 2.65% [4] - Indian palm oil imports in August increased by 16% to 99.3 tons, while soybean oil imports decreased by 28% to 35.5 tons [4] - As of September 1, Ukrainian farmers had sown 37.71 hectares of winter rapeseed, accounting for 33.8% of the estimated area [5] 3.3 Variety Spreads - The report presents various contract spreads (1 - 5 spreads) and contract basis for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and hogs, with data sourced from Wind and the Everbright Futures Research Institute [7][8][12][14][15][16][18][19][22][25] 3.4 Research Team Introduction - The research team includes Wang Na, the director of the agricultural product research at Everbright Futures Research Institute; Hou Xueling, a soybean analyst; and Kong Hailan, a researcher for eggs and hogs. They have rich experience and many honors [27]