Sugar Industry Report Industry Investment Rating Not provided Core View The raw sugar price declined slightly due to strong production signs. It's difficult for the raw sugar price to fall below the previous low in the short term, but it should be treated with a bearish view considering the increasing production pattern. Zheng sugar rebounded due to the strong commodity market, but the increasing imports will put pressure on the price. The terminal market demand is average, and the procurement is mainly on a need - to - use basis, with weak inventory - stocking willingness. It is expected that Zheng sugar will remain bearish after the rebound [2][3] Summary by Directory - **Futures Market**: The price of "White Sugar 2601" was 5657 yuan/ton, up 0.87%; "White Sugar 2509" was 5722 yuan/ton, up 0.28%; ICE raw sugar主力 was 16.83 cents/pound, down 0.71%. The 1 - 9 spread of white sugar was - 65 yuan/ton, up 33.67%. The main contract's open interest increased by 1.22%, and the number of warehouse receipts decreased by 1.81% [2] - **Spot Market**: The price in Nanning was 5970 yuan/ton, up 0.17%; in Kunming, it was 5855 yuan/ton, up 0.69%. The Nanning basis decreased by 2.36%, while the Kunming basis increased by 22.02%. The price of imported Brazilian sugar (within quota) increased by 1.24%, and (out - of - quota) increased by 1.28% [2] - **Industry Situation**: The cumulative national sugar production increased by 12.03% year - on - year, and the cumulative sales increased by 23.07%. The cumulative sugar sales rate in the whole country increased by 9.70%, and in Guangxi, it increased by 8.11%. The national industrial inventory decreased by 9.56%, and in Guangxi, it decreased by 12.23%. The sugar imports increased by 160%. ISMA predicted that India's sugar production in the 2025/26 crushing season would be 34.9 million tons, a year - on - year increase of 18% [2] Corn Industry Report Industry Investment Rating Not provided Core View Driven by the anti - dumping of Canadian rapeseed and the bullish USDA August report, the corn futures rebounded. However, the corn's fundamental situation changed little, with continuous auctions of imported corn and the upcoming new grain harvest in some areas, which will gradually ease the supply. The market sentiment is weak, the arrival volume of deep - processing enterprises has increased slightly, and the spot price is weak but the decline has slowed down. The demand of deep - processing and feed enterprises is mainly for rigid needs, and the consumption has not been significantly boosted. Wheat has a price advantage, squeezing the demand for corn. In the short term, the futures may rebound, but the overall sentiment is still weak, and the upside is limited. In the long term, the cost of new - season corn may decrease, and the supply pressure may remain, with the futures valuation likely to decline [4] Summary by Directory - **Corn Futures**: The price of "Corn 2509" at Jinzhou Port's flat - hatch price was 2279 yuan/ton, up 0.84%. The basis decreased by 47.50%, and the 9 - 1 spread increased by 11.94%. The south - north trade profit decreased by 26.32%, and the import profit increased by 0.61%. The number of early - morning remaining vehicles at Shandong's deep - processing enterprises increased by 25.81%, the trading volume decreased by 1.92%, and the number of warehouse receipts decreased by 2.87% [4] - **Corn Starch**: The price of "Corn Starch 2509" was 2651 yuan/ton, up 0.23%. The basis decreased by 9.23%, the 9 - 1 spread decreased by 21.69%, and the starch - corn spread decreased by 3.38%. The profit of Shandong's starch enterprises increased by 10.75%, the open interest decreased by 4.69%, and the number of warehouse receipts remained unchanged [4] Cotton Industry Report Industry Investment Rating Not provided Core View The domestic cotton industry has short - term rigid demand support but also has relatively pessimistic long - term expectations. The inventory of downstream finished products is not high, and the pressure is not large, but the peak season is not as good as previous years. The market lacks confidence in the future improvement. The short - term domestic cotton price may move in a range, and attention should be paid to macro - level trends [7] Summary by Directory - **Futures Market**: The price of "Cotton 2505" was 14090 yuan/ton, up 1.29%; "Cotton 2509" was 13830 yuan/ton, up 0.69%. ICE US cotton主力 was 67.70 cents/pound, down 1.08%. The 5 - 9 spread of cotton decreased by 48.57%. The main contract's open interest increased by 10.41%, the number of warehouse receipts decreased by 1.00%, and the number of effective forecasts decreased by 0.35% [7] - **Spot Market**: The Xinjiang arrival price of 3128B was 15057 yuan/ton, up 0.03%; the CC Index: 3128B was 15188 yuan/ton, up 0.07%. The 3128B - 01 contract decreased by 15.32%, and the 3128B - 05 contract decreased by 6.83%. The difference between CC Index: 3128B and FC Index: M: 1% decreased by 16.00% [7] - **Industry Situation**: The commercial inventory decreased by 13.9%, the industrial inventory increased by 1.8%, the import volume decreased by 25%, the bonded area inventory decreased by 8%, the textile industry's inventory decreased by 57.9% year - on - year, the yarn inventory days decreased by 2.4%, the grey fabric inventory days decreased by 3.0%, the cotton outbound shipping volume increased by 22.6%, the spinning enterprise's C32s immediate processing profit increased by 1.8%, the retail sales of clothing, footwear, hats, and textiles increased by 4.1%, and the year - on - year growth rate decreased by 52.5% [7] Meal Industry Report Industry Investment Rating Not provided Core View The inventory of meals continues to rise, and the short - term supply maintains a high arrival volume and high operating rate, suppressing the spot price. The Ministry of Commerce announced the preliminary anti - dumping ruling on Canadian rapeseed, and USDA's August report lowered the US soybean planting area and ending stocks, causing a sharp rise in US soybeans. Brazil's premium has been strong recently, supporting the domestic import cost. However, the improved expectation of US soybean imports may suppress the price increase. The supply of domestic rapeseed meal is tightening, and the support from US soybeans is strengthening. The previous long positions in the 01 contract should be held [9] Summary by Directory - **Soybean Meal**: The price in Jiangsu was 3090 yuan/ton, up 5.10%; the futures price of M2601 was 3163 yuan/ton, up 2.33%. The basis increased by 51.66%. The Brazilian 10 - month shipment's crushing profit decreased by 125.6%, and the number of warehouse receipts decreased by 17.7% [9] - **Rapeseed Meal**: The price in Jiangsu was 2660 yuan/ton, up 3.83%; the futures price of RM2601 was 2688 yuan/ton, up 4.92%. The basis was - 28 yuan/ton. The crushing profit of Canadian 11 - month shipment remained unchanged, and the number of warehouse receipts remained unchanged [9] - **Soybeans**: The price of Harbin soybeans remained unchanged at 3960 yuan/ton; the futures price of the main soybean contract was 4107 yuan/ton, up 1.81%. The price of imported soybeans in Jiangsu was 3700 yuan/ton, up 1.09%; the futures price of the main soybean - 2 contract was 3829 yuan/ton, up 2.00% [9] - **Spreads**: The 09 - 01 spread of soybean meal decreased by 7.55%, the 09 - 01 spread of rapeseed meal decreased by 61.54%, the spot oil - meal ratio decreased by 2.99%, the main contract's oil - meal ratio decreased by 1.12%, the soybean - rapeseed meal spread increased by 13.76%, and the 2509 spread decreased by 10.21% [9] Pig Industry Report Industry Investment Rating Not provided Core View The spot price of pigs has stabilized, and the downstream procurement is smooth. However, the farmers' reluctance to sell at low prices supports the pig price. Currently, both supply and demand are weak. The monthly output of large - scale farms is expected to continue to recover in August, and the large pigs previously held by small farmers also need to be sold. The future pig price is still not optimistic. The far - month 01 contract is greatly affected by policies, and the growth rate of production capacity has slowed down, with strong support at the bottom. Blind short - selling is not recommended, but the impact of hedging funds should be noted when the futures have given good hedging profits [11] Summary by Directory - **Futures Market**: The basis of the main contract increased by 31.30%. The price of "Pig 2511" was 14045 yuan/ton, down 1.30%; "Pig 2601" was 14295 yuan/ton, down 0.90%. The 11 - 1 spread decreased by 28.21%. The main contract's open interest increased by 8.78%, and the number of warehouse receipts increased [11] - **Spot Market**: The price in Henan was 13900 yuan/ton, up 50 yuan; in Shandong, it was 13800 yuan/ton; in Sichuan, it was 13500 yuan/ton, up 50 yuan; in Liaoning, it was 13350 yuan/ton, up 50 yuan; in Guangdong, it was 15340 yuan/ton; in Hunan, it was 13800 yuan/ton, up 50 yuan; in Hebei, it was 13860 yuan/ton, up 100 yuan [11] - **Industry Indicators**: The daily slaughter volume of sample points increased by 0.50%, the weekly white - striped pig price decreased by 0.25%, the weekly piglet price decreased by 3.70%, the weekly sow price remained unchanged, the weekly slaughter weight decreased by 0.14%. The weekly self - breeding profit increased by 2.92%, the weekly purchased - pig breeding profit decreased by 14.87%, and the monthly number of fertile sows increased by 0.02% [11][14] Oil Industry Report Industry Investment Rating Not provided Core View For palm oil, the Malaysian BMD crude palm oil futures are expected to continue to rise and may approach 4500 ringgit, and there is a possibility of breaking through 10,000 yuan in the domestic palm oil futures. For soybean oil, the US Department of Agriculture's report shows that the supply data of soybean oil in the 2025/26 season has been increased. However, the reduction of US soybean production and ending stocks has boosted the short - term rise of CBOT soybeans and soybean oil. In the domestic market, the spot price rose with the market, and the basis quotation fluctuated slightly. Traders expect the Mid - Autumn Festival stocking and school demand to increase [15] Summary by Directory - **Soybean Oil**: The price of first - grade soybean oil in Jiangsu was 8840 yuan/ton, up 1.96%; the futures price of Y2601 was 8592 yuan/ton, up 1.23%. The basis increased by 36.26%, and the number of warehouse receipts increased by 0.98% [15] - **Palm Oil**: The price of 24 - degree palm oil in Guangdong was 9380 yuan/ton, up 1.30%; the futures price of P2601 was 9424 yuan/ton, up 0.66%. The basis increased by 56.86%. The import cost of the September contract in Guangzhou Port increased by 0.89%, and the import profit increased by 8.28%. The number of warehouse receipts remained unchanged [15] - **Rapeseed Oil**: The price of fourth - grade rapeseed oil in Jiangsu was 10260 yuan/ton, up 5.12%; the futures price of OI601 was 10069 yuan/ton, up 2.72%. The basis increased by 554.76%. The number of warehouse receipts remained unchanged [15] - **Spreads**: The 09 - 01 spread of the three oils increased by 33.33%, the 09 - 01 spread of palm oil decreased by 94.12%, the 09 - 01 spread of rapeseed oil increased by 162.50%. The soybean - palm oil spread increased by 4.81%, and the rapeseed - soybean oil spread increased by 30.28% [15] Egg Industry Report Industry Investment Rating Not provided Core View The egg price has reached a phased low. Traders and food factories may replenish stocks at low prices, increasing the demand and supporting the price. However, the high inventory level, sufficient supply, and the impact of cold - stored eggs may suppress the price increase. Overall, the egg futures trend is still bearish, and the disturbance of low - level funds should be guarded against [18] Summary by Directory - **Futures Market**: The price of the egg 09 contract was 3277 yuan/500KG, down 1.03%; the 10 contract was 3185 yuan/500KG, down 0.38%. The basis increased by 19.19%, and the 9 - 10 spread decreased by 19.30% [17] - **Industry Indicators**: The price of egg - laying chicks remained unchanged at 3.85 yuan/chick; the price of culled chickens was 5.67 yuan/jin, down 3.57%. The egg - feed ratio decreased by 7.20%, and the breeding profit decreased by 111.23% [17]

| | | | | 操作评级 | 2025年08月13日 | | --- | --- | --- | | 显一 | ★☆☆ | 杨蕊霞 农产品组长 | | | | F0285733 Z0011333 | | 豆粕 | ★☆☆ | 吴小明 首席分析师 | | 豆油 | ★☆☆ | F3078401 Z0015853 | | 棕櫚油 | ★☆★ | 董甜甜 高级分析师 | | 薬粕 | ★★★ | F0302203 Z0012037 | | 菜油 | ★★★ | 宋腾 高级分析师 | | 五米 | ★☆☆ | F03135787 Z0021166 | | 生猎 | ★☆☆ | | | 鸡蛋 | な☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 豆一主力合约减仓,价格大幅反弹。美国农业部供需报告显示美豆面积下调，单产上调创历史记录,期末库存 同比下降,美豆供需报告利多,同时短期美豆部分产区面临温度偏高的风险。莱籽反倾销政策初裁结果推动了菜 系价格大幅上涨。国产大豆也跟随外围市场走强。短期关注仓量的变化以及反弹力度。 【大豆&豆粕】 USDA ...

Research Views Overall Opinions - Corn is expected to fluctuate. The September contract continued to fluctuate on Tuesday, with the forward contract prices showing strength. The 2603 contract led the increase, and the prices stabilized and rebounded. Northeast corn prices were slightly weak, while those in North China remained stable with limited adjustments. The prices in the sales areas were generally stable, with a slight rebound in some ports. Technically, the corn futures prices are in a consolidation period after a short - term rapid decline [1]. - Soybean meal is expected to rise. The CBOT soybeans rose on Tuesday due to the bullish supply - demand report. The USDA August supply - demand report adjusted down the global sunflower seed production, U.S. soybean planting area, and global oilseed production. In China, concerns about fourth - quarter supply, the result of the anti - dumping investigation on Canadian rapeseed, and higher import costs all pushed up the protein meal futures prices. The strategy is a long - only mindset and month - to - month positive spread participation [1]. - Oils are expected to rise. The BMD palm oil rose on Tuesday due to favorable export data. The estimated export volume of Malaysian palm oil from August 1 - 10 increased by 65.25% compared to the same period last month. The MPOB report showed that the palm oil inventory was lower than expected. In China, the three major oils were strong, and the anti - dumping investigation on Canadian rapeseed also had a positive impact on the market. The strategy is to hold long positions and sell put options [1]. - Eggs are expected to fluctuate weakly. The main 2509 contract of eggs stopped falling and rebounded on Tuesday. The terminal digestion was stable, and most traders purchased as needed. The egg prices in most sales areas were stable. In the short term, the fundamentals remained weak due to high chicken inventory and weak demand. In the future, there may be a seasonal rebound in egg prices, but the high is likely to be lower than last year. It is recommended to stop losses on previous short positions and wait and see [1][2]. - Pigs are expected to fluctuate. The main 2511 contract of pig futures fluctuated upward on Tuesday and then declined slightly at the end of the session. The spot price of pigs decreased slightly. After continuous price cuts, the breeding side showed resistance to price cuts, but due to weak demand, prices in many northern regions decreased, leading to a slight decline in the national average price. In the future, as the weather cools down, demand is expected to recover, which will support pig prices [2]. Specific Data and Events - The USDA August supply - demand report adjusted down the 2025/26 global sunflower seed production by 1.2 million tons to 55.1 million tons, the U.S. soybean planting area by 2.5 million acres, and the global oilseed production by 3.3 million tons to 690.1 million tons. The U.S. soybean single - yield was adjusted up by 1.1 bushels per acre to 53.6 bushels per acre, the export volume was adjusted down by 40 million bushels, and the ending inventory was adjusted down by 20 million bushels to 290 million bushels [1]. - The preliminary result of China's anti - dumping investigation on Canadian rapeseed showed that there was an anti - dumping nature, and a 75.8% margin needed to be levied, which would limit the import of Canadian rapeseed [1]. - The estimated export volume of Malaysian palm oil from August 1 - 10 was 339,143 tons, a 65.25% increase compared to the same period last month. The MPOB report showed that the Malaysian palm oil inventory was 2.11 million tons, lower than the market expectation of 2.25 million tons [1]. Market Information - Since August 12, 2025, at 12:01, the additional tariff measures on U.S. imports have been adjusted. The 24% additional tariff rate on U.S. imports will continue to be suspended for 90 days, while the 10% additional tariff rate will be retained [3]. - The preliminary result of the anti - dumping investigation on Canadian rapeseed showed that there was an anti - dumping nature, and starting from August 14, 2025, importers need to pay a 75.8% margin when importing Canadian rapeseed [3]. - The USDA August supply - demand report showed that the expected U.S. soybean production in 2025/2026 was 4.292 billion bushels, the ending inventory was 290 million bushels, and the single - yield was 53.6 bushels per acre, all different from market expectations [4]. Variety Spreads Contract Spreads - The report presents contract spread charts for various agricultural products, including corn 9 - 1, corn starch 9 - 1, soybean 9 - 1, soybean meal 9 - 1, soybean oil 9 - 1, palm oil 9 - 1, egg 9 - 1, and pig 9 - 1 [6][8][9][12]. Contract Basis - The report presents contract basis charts for various agricultural products, including corn, corn starch, soybean, soybean meal, soybean oil, palm oil, egg, and pig [14][18][24][26]. Research Team Members - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute. She has won the "Best Agricultural Product Analyst" title multiple times and has rich experience in leading research teams [28]. - Hou Xueling is a soybean analyst at Everbright Futures. She has also won the "Best Agricultural Product Analyst" title and has published many articles in industry journals [28]. - Kong Hailan is a researcher for eggs and pigs at Everbright Futures. She has participated in many research projects and has been interviewed by mainstream media [28].

| 品种 | 核心观点 | 主要逻辑及投机支撑阻力 | | --- | --- | --- | | | | 气候中性预期，美豆种植天气基本顺利。国内大豆及豆粕累库阶段，8 月累库速度 | | 豆粕 | 警惕数据调整 | 较 7 月预计有所放缓。中美贸易关税成为豆粕下档关键成本支撑。在基本面偏弱及 | | | | 中美贸易关税成本支撑的多空因素交织作用下，大区间行情对待。昨日受中国公布 | | ★ | 风险 | 对加籽反倾销调查结果提振，跟随菜粕价格上涨。关注本周三凌晨 8 月 USDA 报告 | | | | 美豆单产情况，市场预计环比趋向调增风险，追多谨慎对待。主力【3030，3090】 | | | | 全球菜籽产量同比恢复，但加籽新年单产存在调减风险。国内油厂菜籽环比去库菜 | | | | 粕环比累库，商业库存去库，但同比依然维持较高水平。8 月至 10 月菜籽进口同比 | | 菜粕 | | 大幅偏低，叠加 100%加菜粕进口关税，以及旧作加籽的强势。对菜粕价格构成较 | | ★★ | 短线偏多 | 强支持。现货市场方面，豆粕对菜粕消费替代较大。昨日中国发布对加籽反倾销调 | | | | 查结果，叠加报告公 ...

Report Industry Investment Rating - Apple: Neutral [4] - Red dates: Neutral to bullish [9] Core Views - Apple's fundamentals have no prominent contradictions, and its short - term price is expected to remain stable. The new - season Gala apple's supply delay and low inventory support the price of inventory apples, but the overall market is in a light state. The quality of early - ripe apples is poor, and the arrival of red Gala apples may impact inventory fruits [3][4]. - Red dates' market is trading on the new - season production reduction expectations. The temperature in the production area is high, and the quality of new - season dates needs verification. The trading atmosphere in the sales area has improved, and the price of high - quality goods is strong. However, if the production reduction expectation is not fulfilled, the high inventory may put pressure on prices [8][9]. Market News and Important Data Apple - Futures: The closing price of the apple 2510 contract yesterday was 8127 yuan/ton, up 50 yuan/ton or 0.62% from the previous day [1]. - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 3.80 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 and above semi - commodity late Fuji was 4.50 yuan/jin, unchanged from the previous day [1]. Red dates - Futures: The closing price of the red dates 2601 contract yesterday was 11685 yuan/ton, up 145 yuan/ton or 1.26% from the previous day [5]. - Spot: The price of Hebei first - grade gray dates was 9.50 yuan/kg, up 0.20 yuan/kg from the previous day [5]. Market Analysis Apple - The apple futures price rose yesterday. The new - season Gala's supply delay and low inventory supported the price. The overall apple spot market was light, with low inventory supporting the price of inventory apples. The poor quality of early - ripe apples led to slow sales. The arrival of early - ripe fruits may impact inventory apples [3]. Red dates - The red dates futures price rose yesterday. The market is trading on new - season production reduction expectations. The temperature in the production area is high, and the quality of new - season dates needs verification. The trading atmosphere in the sales area has improved, and the inventory of sample points has decreased [8]. Strategy Apple - Maintain a neutral stance. The apple price is expected to remain stable in the short term [4]. Red dates - Adopt a neutral - to - bullish strategy. The short - term trend of the red dates market may be volatile and bullish, but high inventory may put pressure on prices if the production reduction expectation is not fulfilled [9].

农产品日报 | 2025-08-12 供应仍显宽松，猪价震荡调整 生猪观点 市场要闻与重要数据 市场分析 综合来看，预计未来生猪的供应会继续增加，现货价格预计将会继续承压。消费端的改善存在不确定性，受到现 货供应增加影响导致近期价格快速下跌，市场解读生猪库存去化明显，对远期合约的预期有所改善。但从能繁的 去化程度来看现阶段生猪产能整体的去化并不明显，未来仍需持续关注。 策略 中性 风险 无 鸡蛋观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2509合约14140元/吨，较前交易日变动-40.00元/吨，幅度-0.28%。现货方面，河南地区 外三元生猪价格13.66元/公斤，较前交易日变动+0.00元/公斤，现货基差 LH09+-480，较前交易日变动+70；江苏地 区外三元生猪价格 13.87元/公斤，较前交易日变动-0.12元/公斤，现货基差LH09+-270，较前交易日变动-10；四川 地区外三元生猪价格13.34元/公斤，较前交易日变动+0.00元/公斤，现货基差LH09-800，较前交易日变动+140。 据农业农村部监测，8月11日"农产品批发价格200指数"为114.15，比上周五上升0.21个 ...

1. Report Industry Investment Ratings No relevant content was found in the provided reports. 2. Core Views of the Reports 2.1 Pig Industry - The current pig spot price is weak, with smooth downstream procurement and normal slaughterhouse deliveries. Local epidemics continue to suppress the market. The market is currently experiencing weak supply and demand. In August, the slaughter volume of large pig farms is expected to recover, and there is also a need to sell the large pigs previously held back by small farmers. Therefore, the short - term pig price is still not optimistic. The spot price is expected to remain in a bottom - oscillating pattern, and the near - month 09 contract faces strong upward pressure. The far - month 01 contract is greatly affected by policies, and blind short - selling is not recommended. However, when the futures market offers good hedging profits, the impact of hedging funds also needs to be considered [2]. 2.2 Meal Industry - Trump's statement that he hopes China will significantly increase its imports of US soybeans has improved the export outlook for US soybeans, leading to a sharp increase in US soybean prices. The recent continuous increase in Brazilian soybean premiums has supported domestic import costs, but the improved outlook for US soybean imports may suppress price increases. Currently, domestic soybean and soybean meal inventories are continuously rising, and short - term supply remains at a high level, keeping the spot price under pressure. In terms of operations, the strengthening support from US soybeans limits the downward space for domestic soybean meal on a single - side basis. However, if domestic supply increases, it may affect the trend of the 2601 contract on the futures market. Considering the relatively strong performance of oils, investors holding long positions should be cautious [7]. 2.3 Oil Industry No clear overall core view was found in the oil industry report, but price changes and related data for various oils such as soybean oil, palm oil, and rapeseed oil are presented. 2.4 Corn Industry - The current channel inventory of corn is relatively tight, and some traders are willing to support prices. The number of trucks arriving at the market remains low, but the spot price is running weakly due to weak market sentiment and the upcoming new grain harvest in some areas. On the demand side, deep - processing enterprises and feed companies mainly purchase based on rigid demand, with inventory continuously decreasing and no obvious boost in consumption, resulting in general purchasing enthusiasm. In the substitution market, wheat prices are strongly supported by the government's minimum purchase price policy. The price difference between corn and wheat is within the substitution range, squeezing the demand for corn. In summary, the tight supply of remaining grain supports the price, but the weak market sentiment persists, and the futures price remains in a low - level oscillation. In the long term, the cost of new - season corn is expected to decrease, and the output may increase steadily, resulting in supply pressure and a potential decline in the futures price. Attention should be paid to the growth of new - season corn [17]. 2.5 Sugar Industry - ISMA predicts that India's sugar production in the 2025/26 crushing season will reach 34.9 million tons, a year - on - year increase of 18%. The strong production signs have caused the raw sugar price to decline slightly. However, it is worth noting that although Brazil's sugarcane crushing is in full swing and the sugar - making ratio is high, the total sugar production has not increased year - on - year. The expectations of high yields in India and Thailand are high, and attention should be paid to the later weather conditions. It is expected that the raw sugar price will have difficulty falling below the previous low in the short term, but considering the overall production increase pattern, a bearish view should be maintained. The increase in imports and the entry of processed sugar into the market have put pressure on prices. The terminal market demand is average, with most purchases being made as needed, and the willingness to stockpile is low. Therefore, the Zhengzhou sugar futures price is expected to remain bearish [22]. 2.6 Cotton Industry - On the supply side, the spot basis is currently firm. There has been a marginal improvement in the downstream industry this week, but the improvement is not significant. There has been a slight increase in sample orders for grey fabrics in some areas, and the sales of cotton yarn have improved slightly after the cotton price stabilized. The inventory of finished products has stopped accumulating, and the operating rate has temporarily stabilized, providing some support for the cotton price. However, the overall confidence in the downstream industry is still insufficient, and expectations are not high. As the new cotton harvest season approaches, the expected increase in the output of new - season cotton will bring some pressure on the long - term supply. In summary, the domestic cotton price may oscillate within a range in the short term and face pressure after the new cotton is listed [23]. 2.7 Egg Industry - Egg prices have reached a phased low, and downstream traders and food factories may replenish their stocks at low prices, increasing the demand for eggs and supporting price increases. However, the high inventory of laying hens ensures sufficient egg supply, and the impact of cold - stored eggs may suppress the price increase. Overall, the egg futures market remains bearish, and attention should be paid to the potential impact of low - level capital fluctuations [26]. 3. Summary According to Related Catalogs 3.1 Pig Industry 3.1.1 Futures Market - The basis of the main contract decreased by 120 yuan/ton to - 565 yuan/ton, a decrease of 26.97%. The price of the main contract increased by 80 yuan/ton to 14,180 yuan/ton, an increase of 0.57%. The position of the main contract increased by 59,598 lots to 59,600 lots, an increase of 1.00% [1]. 3.1.2 Spot Market - Spot prices in various regions showed a downward trend, with price decreases ranging from 50 to 200 yuan/ton [1]. 3.1.3 Slaughter Volume - The daily slaughter volume of sample points increased by 866 to 138,986, an increase of 0.63% [1]. 3.2 Meal Industry 3.2.1 Soybean Meal - The spot price in Jiangsu increased by 20 yuan/ton to 2,940 yuan/ton, an increase of 0.68%. The futures price of M2601 increased by 16 yuan/ton to 3,094 yuan/ton, an increase of 0.52%. The basis of M2601 increased by 4 to - 154, an increase of 2.53%. The spot basis quote in Jiangsu changed from m2509 - 110 to m2509 - 130. The import crushing profit for US Gulf shipments remained unchanged, while that for Brazilian October shipments decreased by 12 to 92, a decrease of 11.5%. The number of warehouse receipts remained unchanged at 10,950 [7]. 3.2.2 Rapeseed Meal - The spot price in Jiangsu increased by 30 yuan/ton to 2,660 yuan/ton, an increase of 1.14%. The futures price of RM2601 increased by 37 yuan/ton to 2,506 yuan/ton, an increase of 1.50%. The basis of RM2601 decreased by 7 to 154, a decrease of 4.35%. The spot basis quote in Guangdong changed from rm09 - 140 to rm09 - 150. The import crushing profit for Canadian November shipments increased by 30 to 369, an increase of 8.85%. The number of warehouse receipts increased by 5,110 to 9,063, an increase of 129.27% [7]. 3.2.3 Soybeans - The spot price of Harbin soybeans remained unchanged at 3,960 yuan/ton. The futures price of the main soybean contract decreased by 42 yuan/ton to 4,067 yuan/ton, a decrease of 1.02%. The basis of the main soybean contract increased by 42 to - 107, an increase of 28.19%. The spot price of imported soybeans in Jiangsu remained unchanged at 3,660 yuan/ton. The futures price of the main soybean - 2 contract decreased by 23 yuan/ton to 3,726 yuan/ton, a decrease of 0.61%. The basis of the main soybean - 2 contract increased by 23 to - 66, an increase of 25.84%. The number of warehouse receipts decreased by 450 to 13,123, a decrease of 3.32% [7]. 3.2.4 Spreads - The soybean meal inter - delivery spread (09 - 01) decreased by 2 to - 49, a decrease of 4.26%. The rapeseed meal inter - delivery spread (09 - 01) decreased by 3 to 267, a decrease of 1.11%. The oil - meal ratio in the spot market decreased by 0.02 to 2.93, a decrease of 0.68%. The oil - meal ratio of the main contract decreased by 0.007 to 2.75, a decrease of 0.26%. The soybean - rapeseed meal spread in the spot market decreased by 10 to 280, a decrease of 3.45%. The soybean - rapeseed meal spread of 2509 decreased by 21 to 588, a decrease of 3.45% [7]. 3.3 Oil Industry 3.3.1 Soybean Oil - The spot price of first - grade soybean oil in Jiangsu remained unchanged at 8,610 yuan/ton. The futures price of Y2601 increased by 56 yuan/ton to 8,456 yuan/ton, an increase of 0.67%. The basis of Y2601 decreased by 56 to 154, a decrease of 26.67%. The spot basis quote in Jiangsu changed from 09 + 180 to 09 + 190. The number of warehouse receipts increased by 1,584 to 21,954, an increase of 7.78% [10]. 3.3.2 Palm Oil - The spot price of 24 - degree palm oil in Guangdong decreased by 50 yuan/ton to 8,980 yuan/ton, a decrease of 0.55%. The futures price of P2509 increased by 238 yuan/ton to 9,218 yuan/ton, an increase of 2.65%. The basis of P2509 decreased by 288 to - 238, a decrease of 576.00%. The spot basis quote in Guangdong remained unchanged at 09 + 100. The import cost for Guangzhou Port in September decreased by 60.1 to 9,297.8, a decrease of 0.64%. The import profit for Guangzhou Port in September increased by 298 to - 80, an increase of 78.89%. The number of warehouse receipts increased by 850 to 1,420, an increase of 149.12% [11]. 3.3.3 Rapeseed Oil - The spot price of fourth - grade rapeseed oil in Jiangsu decreased by 30 yuan/ton to 9,640 yuan/ton, a decrease of 0.31%. The futures price of 01509 increased by 14 yuan/ton to 9,588 yuan/ton, an increase of 0.15%. The basis of 01509 decreased by 44 to 52, a decrease of 45.83%. The spot basis quote in Jiangsu changed from 09 + 80 to 09 + 90. The number of warehouse receipts remained unchanged at 3,487 [12]. 3.3.4 Spreads - The soybean oil inter - delivery spread (09 - 01) increased by 4 to 16, an increase of 33.33%. The palm oil inter - delivery spread (09 - 01) remained unchanged at - 20. The rapeseed oil inter - delivery spread (09 - 01) decreased by 18 to - 5, a decrease of 138.46%. The soybean - palm oil spread in the spot market increased by 50 to - 370, an increase of 11.90%. The soybean - palm oil spread of 2509 decreased by 182 to - 762, a decrease of 31.38%. The rapeseed - soybean oil spread in the spot market decreased by 30 to 1,030, a decrease of 2.83%. The rapeseed - soybean oil spread of 2509 decreased by 42 to 1,132, a decrease of 3.58% [13]. 3.4 Corn Industry 3.4.1 Corn - The price of corn 2509 increased by 7 yuan/ton to 2,262 yuan/ton, an increase of 0.31%. The semi - cabin price in Jinzhou Port remained unchanged at 2,300 yuan/ton. The basis decreased by 7 to 38, a decrease of 15.56%. The 9 - 1 spread of corn increased by 3 to 74, an increase of 4.23%. The bulk grain price in Shekou remained unchanged at 2,390 yuan/ton. The north - south trade profit remained unchanged at 19. The CIF price increased by 2 to 1,928, an increase of 0.11%. The import profit decreased by 2 to 462, a decrease of 0.48%. The number of remaining vehicles at Shandong deep - processing enterprises in the morning increased by 48 to 198, an increase of 32.00%. The position decreased by 4,383 to 1,706,905, a decrease of 0.26%. The number of warehouse receipts decreased by 1,000 to 143,037, a decrease of 0.69% [17]. 3.4.2 Corn Starch - The price of corn starch 2509 remained unchanged at 2,642 yuan/ton. The spot price in Changchun remained unchanged at 2,710 yuan/ton. The spot price in Weifang remained unchanged at 2,950 yuan/ton. The basis remained unchanged at 68. The 9 - 1 spread of corn starch decreased by 8 to 82, a decrease of 8.89%. The spread between the starch and corn futures decreased by 7 to 380, a decrease of 1.81%. The starch production profit in Shandong increased by 5 to - 103, an increase of 4.63%. The position increased by 3,282 to 299,462, an increase of 1.11%. The number of warehouse receipts remained unchanged at 7,450 [17]. 3.5 Sugar Industry 3.5.1 Futures Market - The price of sugar 2601 remained unchanged at 5,573 yuan/ton. The price of sugar 2509 decreased by 2 yuan/ton to 5,678 yuan/ton, a decrease of 0.04%. The price of ICE raw sugar's main contract increased by 0.27 cents/pound to 16.54 cents/pound, an increase of 1.66%. The 1 - 9 spread of sugar increased by 2 to - 105, an increase of 1.87%. The position of the main contract increased by 6,182 to 307,158, an increase of 2.05%. The number of warehouse receipts decreased by 305 to 18,240, a decrease of 1.64%. The number of valid forecasts remained unchanged at 0 [22]. 3.5.2 Spot Market - The spot price in Nanning decreased by 70 yuan/ton to 6,000 yuan/ton, a decrease of 1.16%. The spot price in Kunming remained unchanged at 5,825 yuan/ton. The basis in Nanning decreased by 68 to 282, a decrease of 19.43%. The basis in Kunming increased by 2 to 147, an increase of 1.38%. The import price of Brazilian sugar within the quota decreased by 35 yuan/ton to 4,398 yuan/ton, a decrease of 0.79%. The import price of Brazilian sugar outside the quota decreased by 46 yuan/ton to 5,584 yuan/ton, a decrease of 0.82%. The price difference between imported Brazilian sugar within the quota and the Nanning spot price increased by 35 to - 1,562, an increase of 2.19%. The price difference between imported Brazilian sugar outside the quota and the Nanning spot price increased by 24 to - 376, an increase of 6.00% [22]. 3.5.3 Industry Situation - The cumulative national sugar production increased by 119.89 million tons to 1,1

Group 1: Report Industry Investment Ratings - The investment rating for the apple industry is neutral [4] - The investment rating for the red date industry is neutral to bullish [9] Group 2: Core Views of the Report - For the apple market, the spot market is dull, the出库 of old - stored Fuji apples is average, and the substitution effect of competing fruits is strengthening. The price of early - maturing apples is chaotic, and the overall sales in the distribution area are slow. The inventory of apples is at a low level in the same period in the past five years, and the de - stocking speed has slowed down compared with the same period last year [2][3] - For the red date market, there are differences in the views on the new - season jujube production. The inventory in the distribution area is at a high level in recent years, and the price of high - quality goods has risen due to the transfer of goods and downstream restocking demand [8] Group 3: Summary by Related Catalogs Apple Market Market News and Important Data - Futures: The closing price of the apple 2510 contract yesterday was 7,940 yuan/ton, up 25 yuan/ton or 0.32% 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 more than 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.50 yuan/jin, unchanged from the previous day [1] Recent Market Information - The spot market is dull, the出库 of old - stored Fuji is average, with many deals at negotiated prices. The supply in the western producing areas is limited, and spot merchants mainly ship their own inventory. In Shandong, the number of merchants is small, and they are cautious in purchasing, mainly picking and bargaining. The overall出库 speed is slow, and the low - priced striped red apples are the main ones for sales. The demand in the distribution area is poor, and the impact of seasonal fruits is still obvious [2] Market Analysis - The apple futures price rose yesterday. The trading volume of early - maturing apples increased, but the price was a bit chaotic. The overall sales speed in the distribution area was slow, and the sales of different grades were differentiated. The trading of stored apples was still concentrated in Shandong. The de - stocking speed of stored Fuji apples in the production and distribution areas last week was still slow, and the price was gradually polarized. The substitution effect of competing fruits has strengthened, and the sales of early - maturing apples showed a trend of high opening and low closing [3] Strategy - A neutral strategy is recommended. If the terminal consumption remains weak and early - maturing Gala apples are listed, it is not conducive to the de - stocking of stored apples, and the spot price is likely to remain stable and weak [4] Red Date Market Market News and Important Data - Futures: The closing price of the red date 2601 contract yesterday was 11,115 yuan/ton, up 135 yuan/ton or 1.23% from the previous day [5] - Spot: The spot price of first - grade grey jujubes in Hebei was 9.20 yuan/kg, unchanged from the previous day [5] Recent Market Information - In the main producing areas of Xinjiang grey jujubes, the jujube trees are in the growth period, and jujube farmers are actively managing the orchards. The fruit - setting of the first - crop flowers in some orchards was average. In the Hebei Cuierzhuang market, 8 trucks of jujubes arrived, and the merchants purchased according to their needs, with a transaction volume of 20% - 30%. In the Guangdong Ruyifang market, 2 trucks of jujubes arrived, and the price was stable, but the number of merchants was small due to the weather [6][7] Market Analysis - The red date futures rose yesterday and reached the contract high during the session. The reduction in production in the producing areas was less than expected, and there were differences in the views on the new - season jujube production. The jujube trees in the main producing areas are in the physiological fruit - dropping stage. The inventory in the distribution area is at a high level in recent years, and the price of high - quality goods has risen due to the transfer of goods and downstream restocking demand [8] Strategy - A neutral - to - bullish strategy is recommended. The news from the producing areas has a great impact on the futures market. Given the expectation of production decline and the improvement in spot transactions, the market may run strongly in the future, and the growth of new - season red dates needs to be closely monitored [9]

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of Each Report Oils and Fats Industry - Concerns over increasing production and inventory in the palm oil market may lead to price weakness. In the short - term, it is necessary to monitor whether palm oil futures can break below the support level of 4,250 ringgit. Domestically, palm oil futures are expected to fluctuate between 8,900 - 9,000 yuan. If the support at 8,900 yuan cannot be maintained, there may be a downward adjustment to seek support in the 8,600 - 8,700 yuan range. - CBOT soybean oil is in a stage of stagnant growth and correction. The expected high yield of US soybeans and possible reduction in demand may suppress the performance of US soybeans, affecting the cost of CBOT soybean oil. Domestically, due to the weak performance of the catering industry this year, the consumption of oils and fats is poor. Traders are waiting for the start of school and Mid - Autumn Festival stocking in the second half of the month. The short - term basis quote has limited fluctuation, and there is a possibility of an increase in the medium - to - long - term [2]. Pig Industry - The spot price of pigs is weakly declining. The current supply and demand are both weak. In August, the supply from large - scale farms is expected to continue to recover, and there is also a need for small - scale farmers to sell their previously hoarded large pigs. The short - term pig price is still not optimistic, and the spot price is expected to remain in a bottom - oscillating pattern. The near - month 09 contract faces strong upward pressure. The far - month 01 contract is greatly affected by policies, and blind short - selling is not recommended. However, when the futures market offers good hedging profits, the impact of hedging funds should also be noted [4]. Meal Industry - The overall trend of US soybeans is weak. Demand is restricted by US foreign trade policies, while production continues to perform well. The rising Brazilian soybean premium and the approaching US soybean listing time support the domestic import cost. Currently, the domestic soybean and soybean meal inventories are continuously increasing, and the short - term supply maintains a high arrival volume and high operating rate. After October, the arrival of soybeans will decline continuously. - The strength of oils may limit the increase in meal prices. US soybeans are expected to have strong support around 970 - 980 cents, and the downward space for domestic soybean meal is relatively limited. Long positions in the 2601 contract on the futures market can be held, but attention should be paid to the fact that the strength of oils may limit the increase in meal prices [7]. Corn Industry - In the corn market, there are differences in the willingness to sell in different regions, with prices rising in some areas and falling in others. The demand side is weak, and wheat is squeezing the demand for corn. In the short - term, the futures price may rebound slightly due to the reduction in sales volume, but the market sentiment remains weak, and the futures price will remain in a low - level oscillation. In the medium - to - long - term, the cost of new - season corn is expected to decrease, and the supply pressure is still significant, so the futures price may decline. Attention should be paid to the growth of new - season corn [9]. Sugar Industry - In the international market, the production of sugar in the central - southern region of Brazil in the first half of July increased year - on - year, but the cumulative production decreased year - on - year. India and Thailand have full expectations of a bumper harvest, and attention should be paid to the later weather. It is expected that the international raw sugar price will have difficulty breaking through the previous low in the short - term, but considering the increasing production pattern, a bearish view should be maintained, and attention should be paid to the pressure at 17 - 17.5 cents per pound. - In the domestic market, the demand is weak, and the low inventory supports the spot price in Guangxi. Processed sugar is gradually entering the market, and the price is under pressure. Considering the expected increase in imports in the later period, the domestic supply - demand situation will gradually ease, and the Zhengzhou sugar futures price is expected to show a bearish trend [14][15]. Cotton Industry - Last week, the supply - side pressure of cotton decreased marginally, but the downstream of the industry is still weak. After the decline in cotton prices, the downstream is more cautious and pessimistic. The yarn price has followed the decline in cotton prices, and the finished - product inventory of textile enterprises has increased again. Some weaving factories have increased their holiday time, indicating that the industry performance remains weak. Considering the significant decline in the price of the 09 contract recently, positions can be gradually reduced and profits can be taken. Short positions in the far - month contracts can be held [16]. Egg Industry - In August, the theoretical estimated number of laying hens is expected to be 1.363 billion, with a month - on - month increase of 0.52%. Although the egg - laying rate is lower than normal due to high - temperature weather, the overall egg supply is still increasing due to the release of cold - storage eggs. In August, the Mid - Autumn Festival stocking is gradually starting, and the tourism season boosts the catering consumption. The centralized replenishment at the end of the month when schools start will further stimulate demand, and the market demand will enter the peak season of the year. There is a possibility of a rebound in the spot egg price, but considering the large overall supply pressure, a bearish trading strategy should be adopted, and attention should be paid to the disturbance of low - level funds [21]. 3. Summary According to Relevant Catalogs Oils and Fats Industry - **Soybean Oil** - Spot price in Jiangsu (Grade 1): 8,630 yuan on August 7, up 50 yuan or 0.58% from August 6. - Futures price (Y2601): 8,406 yuan, unchanged. - Basis (Y2601): 224 yuan, up 50 yuan or 28.74% from August 6. - Warehouse receipts: 15,370, up 3,830 or 33.19% from August 6 [2]. - **Palm Oil** - Spot price in Guangdong (24 - degree): 9,000 yuan on August 7, up 50 yuan or 0.56% from August 6. - Futures price (P2509): 8,950 yuan, down 20 yuan or - 0.22% from August 6. - Basis (P2509): 50 yuan, up 70 yuan or 350% from August 6. - Warehouse receipts: 570, unchanged [2]. - **Rapeseed Oil** - Spot price in Jiangsu (Grade 4): 9,630 yuan on August 7, down 70 yuan or - 0.72% from August 6. - Futures price (01509): 9,496 yuan, down 66 yuan or - 0.69% from August 6. - Basis (01509): 134 yuan, down 4 yuan or - 2.90% from August 6. - Warehouse receipts: 3,487, unchanged [2]. - **Spreads** - Soybean oil inter - period spread (09 - 01): 28 yuan, up 2 yuan or 7.69% from August 6. - Palm oil inter - period spread (09 - 01): - 16 yuan, unchanged. - Rapeseed oil inter - period spread (09 - 01): 6 yuan, down 41 yuan or - 87.23% from August 6. - Soybean - palm oil spread (spot): - 370 yuan, unchanged. - Soybean - palm oil spread (2509): - 544 yuan, up 20 yuan or 3.55% from August 6. - Rapeseed - soybean oil spread (spot): 1,000 yuan, down 120 yuan or - 10.71% from August 6. - Rapeseed - soybean oil spread (2509): 1,090 yuan, down 66 yuan or - 5.71% from August 6 [2]. Pig Industry - **Futures Indicators** - Main contract basic: - 445, down 185 or - 71.15% from the previous value. - Live hog 2511: 14,100 yuan/ton, up 90 yuan or 0.64% from the previous value. - Live hog 2601: 14,395 yuan/ton, up 82 yuan or 0.59% from the previous value. - Live hog 11 - 1 spread: - 295, up 5 or 1.67% from the previous value. - Main contract positions: 20,598, up 626 or 1.06% from the previous value. - Warehouse receipts: 380, unchanged [4]. - **Spot Prices** - Henan: 13,950 yuan/ton, down 100 yuan from the previous value. - Shandong: 13,900 yuan/ton, down 100 yuan from the previous value. - Sichuan: 13,300 yuan/ton, down 100 yuan from the previous value. - Liaoning: 13,500 yuan/ton, down 150 yuan from the previous value. - Guangdong: 15,340 yuan/ton, down 250 yuan from the previous value. - Hunan: 13,860 yuan/ton, down 100 yuan from the previous value. - Hebei: 13,800 yuan/ton, down 150 yuan from the previous value [4]. - **Spot Indicators** - Sample slaughter volume per day: 139,287, up 3,770 or 2.78% from the previous value. - Weekly white - striped pig price: 20.36 yuan, down 0.2 yuan or - 0.83% from the previous value. - Weekly piglet price: 27 yuan/kg, up 1 yuan or 3.85% from the previous value. - Weekly sow price: 32.52 yuan/kg, unchanged. - Weekly slaughter weight: 127.8 kg, down 0.2 kg or - 0.14% from the previous value. - Weekly self - breeding profit: 44 yuan/head, down 18.3 yuan or - 29.46% from the previous value. - Weekly purchased - pig breeding profit: - 117 yuan/head, down 45.4 yuan or - 63.58% from the previous value. - Monthly fertile sow inventory: 4,0430,000 heads, up 10,000 heads or 0.02% from the previous value [4]. Meal Industry - **Soybean Meal** - Spot price in Jiangsu: 2,920 yuan, unchanged. - Futures price (M2509): 3,031 yuan, up 5 yuan or 0.17% from the previous value. - Basis (M2509): - 111 yuan, down 5 yuan or - 4.72% from the previous value. - Warehouse receipts: 10,950, unchanged [7]. - **Rapeseed Meal** - Spot price in Jiangsu: 2,630 yuan, down 60 yuan or - 2.23% from the previous value. - Futures price (RM2509): 2,739 yuan, down 6 yuan or - 0.22% from the previous value. - Basis (RM2509): - 109 yuan, down 54 yuan or - 98.18% from the previous value. - Warehouse receipts: 3,953, up 2,753 or 229.42% from the previous value [7]. - **Soybeans** - Spot price in Harbin: 3,960 yuan, unchanged. - Futures price (Soybean No.1 main contract): 4,134 yuan, up 16 yuan or 0.39% from the previous value. - Basis (Soybean No.1 main contract): - 174 yuan, down 16 yuan or - 10.13% from the previous value. - Spot price of imported soybeans in Jiangsu: 3,660 yuan, unchanged. - Futures price (Soybean No.2 main contract): 3,741 yuan, up 12 yuan or 0.32% from the previous value. - Basis (Soybean No.2 main contract): - 81 yuan, down 12 yuan or - 17.39% from the previous value. - Warehouse receipts: 13,573, down 48 or - 0.35% from the previous value [7]. - **Spreads** - Soybean meal inter - period spread (09 - 01): - 47 yuan, down 1 yuan or - 2.17% from the previous value. - Rapeseed meal inter - period spread (09 - 01): 270 yuan, down 12 yuan or - 4.26% from the previous value. - Oil - meal ratio (spot): 2.96, up 0.017 or 0.58% from the previous value. - Oil - meal ratio (main contract): 2.77, down 0.005 or - 0.16% from the previous value. - Soybean - rapeseed meal spread (spot): 290 yuan, up 60 yuan or 26.09% from the previous value. - Soybean - rapeseed meal spread (2509): 292 yuan, up 11 yuan or 3.91% from the previous value [7]. Corn Industry - **Corn** - Corn 2509 (Jingzhou Port FOB price): 2,267 yuan/ton, up 8 yuan or 0.35% from the previous value. - Basis: 33 yuan, down 28 yuan or - 45.90% from the previous value. - Corn 9 - 1 spread: 72 yuan, up 7 yuan or 10.77% from the previous value. - Shekou bulk grain price: 2,390 yuan/ton, unchanged. - North - South trade profit: 19 yuan, up 20 yuan or 2000% from the previous value. - CIF price: 1,927 yuan/ton, down 1 yuan or - 0.05% from the previous value. - Import profit: 463 yuan/ton, up 1 yuan or 0.23% from the previous value. - Number of remaining vehicles in Shandong deep - processing plants in the morning: 163, down 48 or - 22.75% from the previous value. - Output: 1,692,629, down 9,414 or - 0.55% from the previous value. - Warehouse receipts: 145,795, down 630 or - 0.43% from the previous value [9]. - **Corn Starch** - Corn starch 2509: 2,660 yuan/ton, down 2 yuan or - 0.08% from the previous value. - Spot price in Changchun: 2,710 yuan/ton, unchanged. - Spot price in Weifang: 2,950 yuan/ton, unchanged. - Basis: 50 yuan/ton, up 2 yuan or 4.17% from the previous value. - Corn starch 9 - 1 spread: 94 yuan, down 3 yuan or - 3.09% from the previous value. - Starch - corn futures spread: 393 yuan/ton, down 10 yuan or - 2.48% from the previous value. - Shandong starch profit: - 118 yuan/ton, up 3 yuan or 2.48% from the previous value. - Positions: 281,327, up 1,298 or 0.46% from the previous value. - Warehouse receipts: 7,450, unchanged [9]. Sugar Industry - **Futures Market** - White sugar 2601: 5,585 yuan/ton, down 43 yuan or - 0.76% from the previous value. - White sugar 2509: 5,667 yuan/ton,

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of Each Report 2.1. Fats and Oils Industry - Palm oil: Concerns about production growth and inventory increases in the fundamentals. In the short - term, focus on whether palm oil futures can effectively break below the support of 4,250 ringgit. In the domestic market, it will likely fluctuate between 8,900 - 9,000 yuan. If it fails to gain support at 8,900 yuan, there may be downward pressure to seek support between 8,600 - 8,700 yuan [2]. - Soybean oil: CBOT soybean oil is in a stage of stagnant growth and correction. The expected high - yield of US soybeans and possible decrease in demand may suppress the performance of US soybeans, affecting CBOT soybean oil from the cost side. In the domestic market, the catering industry is weak, and fat consumption is poor. Traders expect demand to pick up in the second half of the month. Short - term basis quotes have limited fluctuation, and there is a possibility of long - term increase [2]. 2.2. Pig Industry - The spot price of pigs is weakly declining. The current supply - demand situation is weak. In August, the supply from large farms is expected to recover, and there is also an need to sell large pigs that were previously held back by small farmers. The short - term pig price is not optimistic. The spot price is expected to remain in a bottom - oscillating pattern, with strong resistance for the near - term 09 contract. The far - term 01 contract is greatly affected by policies, and blind short - selling is not recommended. Attention should be paid to the impact of hedging funds [4]. 2.3. Meal Industry - The overall trend of US soybeans is weak, with demand restricted by US foreign trade policies and good production performance. The rising Brazilian premium supports domestic import costs. Domestic soybean and soybean meal inventories are rising, with high arrivals and high operating rates in the short - term. After October, soybean arrivals may decline. The US soybeans are expected to have strong support around 970 - 980 cents, and the downward space for domestic soybean meal is relatively limited. Long positions in the 2601 contract can be held [7]. 2.4. Corn Industry - The sentiment in the Northeast region is poor, with increased willingness to sell and weakening spot prices. In North China, traders' inventories are relatively tight, and the willingness to sell at low prices is low. The short - term futures price rebounds slightly due to reduced selling volume, but the market sentiment remains weak, and the futures price will remain in a low - level oscillation. In the long - term, the cost of new - season corn is decreasing, and production may increase steadily, with supply pressure remaining, and the futures price valuation may decline [9]. 2.5. Sugar Industry - In the international market, the strong production in Brazil has pressured the raw sugar price to decline slightly. India and Thailand have full expectations of high yields, and attention should be paid to the weather. The raw sugar price is unlikely to break the previous low in the short - term, but a bearish view should be maintained overall, with attention to the pressure at 17 - 17.5 cents per pound. In the domestic market, demand is weak, and low inventory supports the spot price in Guangxi. With the entry of processed sugar into the market and expected increase in imports, the domestic sugar price is expected to be bearish [14][15]. 2.6. Cotton Industry - Last week, the supply - side pressure of low - basis lint decreased marginally, but the downstream industry is still weak. After the cotton price decline, downstream观望 sentiment and pessimism increased, yarn prices followed the decline, and textile enterprises' finished - product inventories increased again. Some weaving factories have more holidays. Considering the large decline in the 09 - contract cotton price recently, positions can be gradually liquidated for profit - taking, and short positions in the far - term contracts can be held [16]. 2.7. Egg Industry - The estimated laying - hen inventory in August is expected to increase to 1.363 billion, with a month - on - month increase of 0.52%. Although the egg - laying rate is lower due to high - temperature weather, the overall egg supply is increasing as cold - storage eggs are being released. In August, the market demand will enter the peak season due to Mid - Autumn Festival备货, tourism, and school - opening. The spot egg price may rebound, but overall, a bearish trading strategy should be adopted, and attention should be paid to the disturbance of low - level funds [21]. 3. Summary by Related Catalogs 3.1. Fats and Oils Industry - **Soybean oil**: The current price in Jiangsu is 8,630 yuan, up 0.58% from the previous day; the futures price of Y2601 is 8,406 yuan, unchanged; the basis is 224 yuan, up 28.74%; the warehouse receipt is 15,370, up 33.19% [2]. - **Palm oil**: The current price of 24 - degree palm oil in Guangdong is 9,000 yuan, up 0.56%; the futures price of P2509 is 8,950 yuan, down 0.22%; the basis is 50 yuan, up 350%; the warehouse receipt is 570, unchanged [2]. - **Rapeseed oil**: The current price of Grade 4 rapeseed oil in Jiangsu is 9,630 yuan, down 0.72%; the futures price of 01509 is 8,496 yuan, down 0.69%; the basis is 134 yuan, down 2.9%; the warehouse receipt is 3,487, unchanged [2]. 3.2. Pig Industry - **Futures indicators**: The main - contract basis is - 445, down 71.15%; the price of the 2511 contract is 14,100 yuan/ton, up 0.64%; the price of the 2601 contract is 14,395 yuan/ton, up 0.59%; the 11 - 1 spread is - 295, up 1.67%; the main - contract position is 20,598, up 1.06%; the warehouse receipt is 380, unchanged [4]. - **Spot prices**: The spot prices in Henan, Shandong, Sichuan, Liaoning, Guangdong, Hunan, and Hebei are all declining, with a range of 100 - 250 yuan/ton [4]. - **Spot indicators**: The daily slaughter volume of sample points is 139,287, up 2.78%; the weekly white - strip price is 20.36 yuan, down 0.83%; the weekly piglet price is 27 yuan/kg, up 3.85%; the weekly sow price is 32.52 yuan/kg, unchanged; the weekly slaughter weight is 127.8 kg, down 0.14%; the weekly self - breeding profit is 44 yuan/head, down 29.46%; the weekly purchased - pig breeding profit is - 117 yuan/head, down 63.58%; the monthly breeding - sow inventory is 4,043 million heads, up 0.02% [4]. 3.3. Meal Industry - **Soybean meal**: The current price in Jiangsu is 2,920 yuan, unchanged; the futures price of M2509 is 3,031 yuan, up 0.17%; the basis is - 111 yuan, down 4.72%; the warehouse receipt is 10,950, unchanged [7]. - **Rapeseed meal**: The current price in Jiangsu is 2,630 yuan, down 2.23%; the futures price of RM2509 is 2,739 yuan, down 0.22%; the basis is - 109 yuan, down 98.18%; the warehouse receipt is 3,953, up 229.42% [7]. - **Soybeans**: The current price of soybeans in Harbin is 3,960 yuan, unchanged; the futures price of the main - contract of soybean No. 1 is 4,134 yuan, up 0.39%; the basis is - 174 yuan, down 10.13%; the current price of imported soybeans in Jiangsu is 3,660 yuan, unchanged; the futures price of the main - contract of soybean No. 2 is 3,741 yuan, up 0.32%; the basis is - 81 yuan, down 17.39%; the warehouse receipt is 13,573, down 0.35% [7]. 3.4. Corn Industry - **Corn**: The price of the 2509 contract at Jinzhou Port is 2,267 yuan, up 0.35%; the basis is 33 yuan, down 45.9%; the 9 - 1 spread is 72 yuan, up 10.77%; the price of bulk grain at Shekou is 2,390 yuan, unchanged; the north - south trade profit is 19 yuan, up 2000%; the CIF price is 1,927 yuan, down 0.05%; the import profit is 463 yuan, up 0.23%; the number of remaining vehicles in Shandong deep - processing enterprises in the morning is 163, down 22.75%; the trading volume is 1,692,629, down 0.55%; the warehouse receipt is 145,795, down 0.43% [9]. - **Corn starch**: The price of the 2509 contract is 2,660 yuan, down 0.08%; the spot price in Changchun is 2,710 yuan, unchanged; the spot price in Weifang is 2,950 yuan, unchanged; the basis is 50 yuan, up 4.17%; the 9 - 1 spread is 94 yuan, down 3.09%; the starch - corn futures spread is 393 yuan, down 2.48%; the profit of Shandong starch enterprises is - 118 yuan, up 2.48%; the position is 281,327, up 0.46%; the warehouse receipt is 7,450, unchanged [9]. 3.5. Sugar Industry - **Futures market**: The price of the 2601 contract is 5,585 yuan/ton, down 0.76%; the price of the 2509 contract is 5,667 yuan, down 0.28%; the price of the ICE raw - sugar main - contract is 16.03 cents/pound, down 0.06%; the 1 - 9 spread is - 82 yuan/ton, down 49.09%; the main - contract position is 161,306, down 6.5%; the warehouse receipt is 18,812, down 0.99%; the valid forecast is 0 [14]. - **Spot market**: The price in Nanning is 5,970 yuan, down 1.00%; the price in Kunming is 5,830 yuan, down 0.17%; the Nanning basis is 303 yuan, down 12.68%; the Kunming basis is 163 yuan, up 3.82%; the price of imported Brazilian sugar (within quota) is 4,398 yuan/ton, down 0.79%; the price of imported Brazilian sugar (outside quota) is 5,584 yuan/ton, down 0.82%; the price difference between imported Brazilian sugar (within quota) and Nanning is - 1,572 yuan, up 1.57%; the price difference between imported Brazilian sugar (outside quota) and Nanning is - 386 yuan, up 3.50% [14]. 3.6. Cotton Industry - **Futures market**: The price of the 2509 contract is 13,670 yuan/ton, down 0.15%; the price of the 2601 contract is 13,832 yuan/ton, down 0.11%; the price of the ICE US - cotton main - contract is 66.36 cents/pound, down 0.84%; the 9 - 1 spread is - 165 yuan/ton, down 3.13%; the main - contract position is 272,133, down 3.32%; the warehouse receipt is 8,329, down 1.59%; the valid forecast is 348, unchanged [16]. - **Spot market**: The Xinjiang arrival price of 3128B is 15,089 yuan, up 0.04%; the CC Index of 3128B is 15,191 yuan, up 0.09%; the FC Index of M: 1% is 13,420 yuan, down 0.45%; the price difference between 3128B and the 01 contract is 1,419 yuan, up 1.87%; the price difference between 3128B and the 05 contract is 1,254 yuan, up 1.70%; the price difference between CC Index of 3128B and FC Index of M: 1% is 1,771 yuan, up 4.30% [16]. - **Industry situation**: The inventory is 254.24 million tons, down 10.2%; the industrial inventory is 88.21 million tons, down 2.3%; the import volume is 3 million tons, down 25%; the bonded - area inventory is 32.7 million tons, down 2.7%; the year - on - year inventory of the textile industry is 0.80%, down 57.9%; the yarn inventory days are 28.36 days, up 4.1%; the grey - cloth inventory days are 37.24 days, up 1.7%; the cotton outbound shipment volume is 53.46 million tons, up 22.6%; the immediate processing profit of spinning enterprises for C32s is - 2,090.10 yuan/ton, down 1.7%; the retail sales of clothing, footwear, and knitted goods are 1,275.40 billion yuan, up 4.1%; the year - on - year monthly retail sales of clothing, footwear, and knitted goods are 1.90%, down 52.5%; the export value of textile yarns, fabrics, and products is 116.04 billion US dollars, down 3.7%; the year - on - year monthly export value of textile yarns, fabrics, and products is 0.52%, up 131.7%; the export value of clothing and clothing accessories is 151.62 billion US dollars, down 0.7%; the year - on - year export value of clothing and clothing accessories is - 0.61%, down 176.8% [16]. 3.7. Egg Industry - **Futures market**: The price of the 09 contract is 3,391 yuan/500KG, up 0.38%; the price of the 10 contract is 3,292 yuan/500KG, up 0.21%; the 9 - 10 spread is 99 yuan/500KG, up 6.45% [19]. - **Spot market**: The egg - producing area price is 2.92 yuan/jin, unchanged; the basis is - 475 yuan/500KG, down 2.81% [19]. - **Industry indicators**: The price of egg - laying chicks is 3.85 yuan/feather, down 0.77%; the price of culled hens is 5.88 yuan/jin, up 4.26%; the egg - feed ratio is 2.64, up 1.54%; the breeding profit is - 10.15 yuan/feather, up 17.68% [19].