Report Industry Investment Ratings No relevant content provided. Core Views of the Reports 1. Oils and Fats - Palm oil futures may test the support at 4050 ringgit, and there is a risk of further decline. In the Chinese market, it may start a downward trend. If it effectively breaks below 8500 yuan, a new round of decline may be triggered [1]. - For soybean oil, the decrease in the US bio - fuel soybean oil consumption in October dragged down the CBOT market. In the Chinese market, the spot basis quote is supported in the short - term, but the increase in oil mill profit weakens their price - holding intention, and the basis quote will fluctuate slightly [1]. - Rapeseed oil futures are relatively resistant to decline due to inventory reduction and postponed startup plans. The market is mixed with positive and negative factors, and the spot price follows the futures, with the basis quote maintaining a high - level consolidation [1]. 2. Cotton - The cotton market lacks clear negative factors. The downstream yarn market has not fully recovered. The improvement in US cotton exports and the weakening dollar boost the price, but the supply is still loose, and global consumption is weak. The short - term cotton price will maintain a strong - side oscillation [2]. 3. Sugar - Internationally, the raw sugar price is under pressure due to the expected supply surplus, showing a weakening oscillation. In the Chinese market, the price is supported by pre - Spring Festival stocking, but the expected increase in production limits the upward movement, and it is expected to maintain a low - level weakening oscillation [3]. 4. Red Dates - The raw material acquisition of Xinjiang red dates is almost finished, with most processed inland. The market sentiment is weak, and the upward momentum of the futures is insufficient. Attention should be paid to the Spring Festival stocking and inventory reduction [4]. 5. Apples - Apple prices are polarized. The good - quality apple price is firm, while the ordinary and inferior apples have few transactions. The inventory pressure is high. The market is in a game between the scarcity of delivery fruits and the inventory pressure of ordinary fruits. If the Spring Festival consumption does not improve, the price may fall after the Spring Festival [9]. 6. Corn - During the holiday, the corn supply in the producing areas is light, and the price is stable with some fluctuations. The overall supply is average, but there is selling pressure before the Spring Festival. The demand side has some support, and the policy supplements the supply. In the short - term, the price is supported, but there may be a callback in January [13]. 7. Pigs - The spot pig price is strengthening. The seasonal demand for curing and the reduction in group supply, along with farmers' reluctance to sell, support the market. The futures may be affected by the expected increase in supply in January, with a potential for a callback [15]. 8. Meal - US soybeans are in a bottom - oscillation pattern, with weak market transactions. The domestic spot market remains loose. The cost of the 05 contract is under pressure, and the supply in the first quarter is uncertain. The soybean meal price will oscillate in the short - term [18]. 9. Eggs - In January, the laying - hen存栏 may decrease, relieving the supply pressure. The demand will gradually increase during the Spring Festival stocking period. The egg price is expected to rise gradually but will maintain a low - level oscillation due to limited supply reduction [20]. Summary by Related Catalogs 1. Oils and Fats - **Price Changes**: - Soybean oil: The spot price in Jiangsu remained at 8410 yuan on December 31, and the futures price of Y2605 decreased by 0.20% to 7862 yuan. The basis increased by 3.01% to 548 yuan [1]. - Palm oil: The spot price in Guangdong was 8590 yuan, the futures price of P2605 decreased by 0.85% to 8584 yuan, and the basis increased by 108.82% to 6 yuan. The import profit decreased by 31.17% [1]. - Rapeseed oil: The spot price in Jiangsu decreased by 0.99% to 10030 yuan, the futures price of OI605 increased by 0.01% to 9087 yuan, and the basis decreased by 9.67% [1]. - **Spread Changes**: - The soybean oil 05 - 09 spread increased by 6.56% to 130 yuan, the palm oil 05 - 09 spread decreased by 1.61% to 122 yuan, and the rapeseed oil 05 - 09 spread decreased by 11.94% [1]. 2. Cotton - **Futures Market**: - The price of cotton 2605 increased by 0.17% to 14585 yuan/ton, and the price of cotton 2609 increased by 0.20% to 14760 yuan/ton. The ICE US cotton main contract decreased by 0.45% to 64.01 cents/pound [2]. - The 5 - 9 spread decreased by 2.94% to - 175 yuan/ton. The main - contract open interest decreased by 1.81% [2]. - **Spot Market**: - The Xinjiang arrival price of 3128B increased by 0.21% to 15424 yuan/ton, and the CC Index: 3128B increased by 0.19% to 15585 yuan/ton [2]. - **Industry Situation**: - The inventory in warehouses increased by 14.2%, the industrial inventory increased by 4.7%, and the import volume increased by 33.3%. The textile industry's inventory decreased by 500.0% year - on - year [2]. 3. Sugar - **Futures Market**: - The price of sugar 2605 decreased by 0.13% to 5252 yuan/ton, and the price of sugar 2609 decreased by 0.17% to 5266 yuan/ton. The ICE raw sugar main contract decreased by 2.34% to 14.60 cents/pound [3]. - The 5 - 9 spread increased by 11.76% to - 14 yuan/ton. The main - contract open interest decreased by 2.34% [3]. - **Spot Market**: - The Nanning price remained at 5350 yuan/ton, and the Kunming price decreased by 0.29% to 5210 yuan/ton [3]. - **Industry Situation**: - The national cumulative sugar production decreased by 23.24%, and the cumulative sales decreased by 42.53%. The Guangxi cumulative production decreased by 73.87%, and the monthly sales decreased by 68.63% [3]. 4. Red Dates - **Futures Market**: - The price of red dates 2601 decreased by 2.15% to 9085 yuan/ton, the price of red dates 2605 (main contract) decreased by 0.61% to 8962 yuan/ton [4]. - The 1 - 5 spread decreased by 54.72% to 120 yuan/ton, and the 5 - 9 spread decreased by 8.16% to - 265 yuan/ton [4]. - **Spot Market**: - The Cangzhou special - grade price remained at 9520 yuan/ton, the first - grade price decreased by 1.20% to 8200 yuan/ton, and the second - grade price decreased by 2.78% to 7000 yuan/ton [4]. 5. Apples - **Futures Market**: - The price of apple 2605 (main contract) decreased by 0.87% to 9120 yuan/ton. The basis increased by 8.00% to - 920 yuan [6]. - The 1 - 5 spread increased by 81.22% to 830 yuan, and the 5 - 10 spread decreased by 2.14% to 1004 yuan [6]. - **Industry Situation**: - The arrivals at the Chalong, Jiangmen, and Xiaqiao fruit wholesale markets decreased. The national cold - storage inventory decreased by 1.41% to 733.56 tons [6]. 6. Corn - **Corn**: - The price of corn 2603 decreased by 0.18% to 2226 yuan/ton. The Jinzhou Port flat - hatch price remained at 2330 yuan/ton [13]. - The basis increased by 4.00% to 104 yuan. The 3 - 5 spread decreased by 11.54% to - 29 yuan [13]. - **Corn Starch**: - The price of corn starch 2603 decreased by 0.44% to 2515 yuan/ton [13]. - The basis increased by 25.00% to 55 yuan. The 3 - 5 spread decreased by 11.11% to - 50 yuan [13]. 7. Pigs - **Futures Market**: - The price of the main - contract pig 2605 decreased by 0.08% to 12175 yuan/ton. The 3 - 5 spread increased by 3.90% to - 370 yuan [15]. - **Spot Market**: - The spot prices in Henan, Shandong, Sichuan, and other regions increased. The sample - point slaughter volume decreased by 0.39%, and the self - breeding profit increased by 73.41% [15]. 8. Meal - **Soybean Meal**: - The Jiangsu spot price decreased by 0.64% to 3100 yuan, and the futures price of M2605 remained at 2749 yuan. The basis decreased by 5.39% to 351 yuan [18]. - The Brazilian 2 - month shipping - date crushing profit increased by 33.1% to 173 yuan [18]. - **Rapeseed Meal**: - The Jiangsu spot price remained at 2430 yuan, and the futures price of RM2605 remained at 2365 yuan [18]. - The Canadian 1 - month shipping - date crushing profit decreased by 8.61% to 573 yuan [18]. 9. Eggs - **Futures Market**: - The price of the egg 03 contract decreased by 0.37% to 2951 yuan/500KG, and the price of the egg 04 contract decreased by 0.89% to 3214 yuan/500KG [20]. - The 3 - 4 spread increased by 6.41% to - 263 yuan [20]. - **Industry Situation**: - The egg - laying chicken feed - to - egg ratio decreased by 2.08% to 2.35, and the breeding profit increased by 13.96% to - 22.70 yuan/feather [20].

Group 1: Industry Investment Rating - The investment strategy for both the soybean meal and corn sectors is neutral [3][6] Group 2: Core Views - The soybean meal market is experiencing high downstream inventory, causing the price to fluctuate. The 05 contract price is moving weakly in line with the US soybean price due to ample domestic supply, high inventory, and strong South American harvest expectations. However, high import costs and pre - and post - Spring Festival shutdown expectations provide some support. Future focus should be on soybean imports and South American soybean growth [1][2] - In the corn market, supply - side trading is sluggish with low trader enthusiasm and limited arrivals. On the demand side, feed companies are mostly in a wait - and - see mode after restocking, and deep - processing enterprises are making just - in - time purchases with stable production and sales. With farmers' reluctance to sell and downstream wait - and - see attitudes, future attention should be on alternative grain auctions, and the corn spot price is expected to adjust [4][5] Group 3: Summary by Related Catalogs Soybean Meal - **Market News and Key Data**: The closing price of the soybean meal 2605 contract was 2774 yuan/ton, down 16 yuan/ton (-0.57%) from the previous day. Tianjin, Jiangsu, and Guangdong had spot prices of 3100 yuan/ton, 3050 yuan/ton, and 3070 yuan/ton respectively. Crop expert Michael Cordonnier estimated Brazil's 2025/26 soybean production at 1.77 billion tons [1] - **Market Analysis**: Domestic supply is ample, and the 05 contract price is weak due to high inventory and South American harvest expectations, but there is some price support [2] Corn - **Market News and Key Data**: The closing price of the corn 2603 contract was 2249 yuan/ton, up 27 yuan/ton (+1.22%) from the previous day. As of December 23, 77.7% of Argentina's 2025/26 corn was planted. As of December 25, Ukraine had harvested 94% of its planned grain area [3] - **Market Analysis**: Supply - side trading is light, and demand - side players are mostly in a wait - and - see mode. Corn spot prices are expected to adjust [4][5]

1. Report Industry Investment Ratings - The investment strategy for both the粕类 (bean meal and rapeseed meal) and corn sectors is neutral [3][6] 2. Core Views - For the粕类 market, the current domestic supply - demand pattern remains unchanged, with a slight increase in soybean inventory and high bean meal inventory. The 05 contract price moves weakly in line with the US soybean price due to strong South American soybean production expectations. However, the relatively high import cost of US soybeans provides some support. Future focus should be on soybean imports and the growth of new - season South American soybeans [2] - In the corn market, farmers are still reluctant to sell, resulting in a slow grain - selling pace. Traders are cautious in purchasing, while deep - processing enterprises'开机 is stable with a slight increase in inventory and improved purchasing willingness. Feed enterprises mainly make rigid - demand purchases and mostly adopt a wait - and - see attitude. All - link inventories are gradually rising but still below historical levels. Future focus should be on alternative grain auctions, and the corn spot price is expected to adjust [4][5] 3. Summaries by Related Catalogs 3.1 粕类 Market 3.1.1 Market News and Important Data - **Futures**: The closing price of the bean meal 2605 contract was 2760 yuan/ton, up 32 yuan/ton (+1.17%) from the previous day; the rapeseed meal 2605 contract was 2352 yuan/ton, up 8 yuan/ton (+0.34%) [1] - **Spot**: In Tianjin, the bean meal spot price was 3080 yuan/ton, unchanged from the previous day, with a spot basis of M05 + 320, down 32 from the previous day; in Jiangsu, it was 3030 yuan/ton, up 20 yuan/ton, with a spot basis of M05 + 270, down 12; in Guangdong, it was 3040 yuan/ton, up 20 yuan/ton, with a spot basis of M05 + 280, down 12. In Fujian, the rapeseed meal spot price was 2590 yuan/ton, up 20 yuan/ton, with a spot basis of RM05 + 238, up 12 [1] - **Market Information**: As of December 23, the soybean planting progress in Argentina for the 2025/26 season was 75.5%, 8 percentage points higher than a week ago, with 95.2% of sown soybeans rated normal to good and 96% of soybean farmland having sufficient/optimal moisture. The estimated soybean production in Brazil for the 2025/26 season was 1.77 billion tons, higher than the previous forecast of 1.76 billion tons [1] 3.1.2 Market Analysis - The domestic supply - demand pattern remains unchanged, with soybean and bean meal inventories rising slightly. The 05 contract price moves weakly with the US soybean price due to South American production expectations, but the high US soybean import cost provides support. Future focus should be on soybean imports and South American soybean growth [2] 3.1.3 Strategy - Neutral [3] 3.2 Corn Market 3.2.1 Market News and Important Data - **Futures**: The closing price of the corn 2601 contract was 2189 yuan/ton, down 7 yuan/ton (-0.32%) from the previous day; the corn starch 2601 contract was 2484 yuan/ton, down 10 yuan/ton (-0.40%) [3] - **Spot**: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day, with a spot basis of C01 + 111, up 12 from the previous day; in Jilin, the corn starch spot price was 2620 yuan/ton, unchanged from the previous day, with a spot basis of CS01 + 136, up 10 [3] - **Market Information**: From December 1 - 19, Brazil's corn exports were 4.426 million tons, compared with 4.266 million tons in December 2024. The daily average export volume was 295,039 tons, a 45.2% year - on - year increase. The export value was 970 million US dollars, compared with 910 million US dollars in December 2024. The average export price was 218.8 US dollars/ton, a 2.2% increase from the same period last year [3] 3.2.2 Market Analysis - On the supply side, farmers are reluctant to sell, resulting in a slow grain - selling pace. On the demand side, traders' inventory rises slowly and they are cautious in purchasing. Deep - processing enterprises'开机 is stable, with a slight increase in inventory and improved purchasing willingness. Feed enterprises mainly make rigid - demand purchases and mostly wait and see. All - link inventories are rising but below historical levels. Future focus should be on alternative grain auctions, and the corn spot price is expected to adjust [4][5] 3.2.3 Strategy - Neutral [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Affected by the domestic customs meeting rumors, the soybean meal futures market showed strength today. Short - term attention should be paid to domestic relevant policy dynamics. With the expectation of a bumper harvest of Brazilian soybeans, the South American premium is expected to face selling pressure later. The M05 contract is expected to fluctuate within a range in the short term [7][8] 3. Summary by Relevant Content Spot and Basis Data - On December 25th, the basis of 43% soybean meal spot contracts in different regions (Dalian, Tianjin, etc.) decreased by 32 compared to the previous period. The basis of rapeseed meal spot in Guangdong was 108. The M1 - 5 spread was 315 with an increase of 5 [4] Spread and Price Difference Data - The RM1 - 5 spread was 84 with an increase of 13. The spot price difference between soybean meal and rapeseed meal in the factory was 300, and the price difference between soybean meal and rapeseed meal in the main contract was 547 with a decrease of 6 [5] Supply - related Data - According to CONAB, the predicted output of new Brazilian soybeans in the 25/26 season is 1.776 billion tons. As of December 5th, the Brazilian soybean sowing rate was 90.3%. As of December 3rd, the Argentine soybean sowing progress was 4.7%. There are no obvious short - term weather problems. From December to January, domestic soybeans and soybean meal are expected to seasonally reduce inventory. The rumor of a 25 - day customs clearance delay has increased concerns about the supply of soybean meal in the first quarter of next year in China. Domestic imported soybeans have started to be auctioned with a high premium [7] Demand - related Data - Livestock and poultry are expected to maintain a high inventory level in the short term, supporting feed demand. However, the current breeding profit is in the red, and national policies tend to control the inventory and weight of pigs, which may affect the supply in the far - month period. The cost - effectiveness of soybean meal has decreased. Recently, the downstream transactions of soybean meal were normal, and the提货 performance was good [8] Inventory - related Data - Domestic soybean and soybean meal inventories are at a high level compared to the same period in history. The reduction of soybean meal inventory is slow, and the pressure of spot supply is still large. It is expected that the inventory will be reduced more rapidly from December to January. The number of days of soybean meal inventory of feed enterprises increased this week [8]

Group 1: Investment Rating - The investment rating for both the soybean meal and corn sectors is neutral [3] Group 2: Core Viewpoints - The current supply - demand pattern of soybean meal has not changed, with high oil - mill operating rates and continuous inventory accumulation of soybeans and soybean meal. The overall soybean meal price is mainly in a range - bound movement. Attention should be paid to US soybean imports and the weather in the new - season South American production areas [2] - In the domestic corn market, the grain - selling progress in the Northeast is relatively fast, but the effective supply is tight due to farmers' reluctance to sell. As the price reaches a relatively high level and holidays approach, the grain - selling progress is expected to accelerate. Deep - processing and feed enterprises have low inventories and replenishment needs, and the demand from feed enterprises is rigid [4] Group 3: Market News and Key Data (Soybean Meal) - Futures: The closing price of the soybean meal 2605 contract was 2747 yuan/ton, a change of - 9 yuan/ton or - 0.33% from the previous day; the rapeseed meal 2605 contract was 2340 yuan/ton, a change of + 9 yuan/ton or + 0.39% [1] - Spot: Tianjin's soybean meal spot price was 3090 yuan/ton, unchanged from the previous day, with a spot basis of M05 + 343, a change of + 9; Jiangsu's was 3020 yuan/ton, a change of - 20 yuan/ton, with a spot basis of M05 + 273, a change of - 11; Guangdong's was 3030 yuan/ton, a change of - 10 yuan/ton, with a spot basis of M05 + 283, a change of - 1. Fujian's rapeseed meal spot price was 2560 yuan/ton, a change of + 10 yuan/ton, with a spot basis of RM05 + 220, a change of + 1 [1] - Market information: Brazil's soybean export volume in December is expected to be 3.57 million tons (previously 3.33 million tons), and the soybean meal export volume is expected to be 2 million tons (previously 1.83 million tons) [1] Group 4: Market News and Key Data (Corn) - Futures: The closing price of the corn 2601 contract was 2190 yuan/ton, a change of - 16 yuan/ton or - 0.73% from the previous day; the corn starch 2511 contract was 2499 yuan/ton, a change of - 13 yuan/ton or - 0.52% [3] - Spot: Liaoning's corn spot price was 2150 yuan/ton, unchanged from the previous day, with a spot basis of C01 + 115, a change of + 21; Jilin's corn starch spot price was 2630 yuan/ton, unchanged from the previous day, with a spot basis of CS01 + 131, a change of + 13 [3] - Market information: As of December 10, the sowing progress of corn in Argentina in the 2025/26 season was 59.2% (up from 44% a week ago), and the corn yield is expected to reach a record 61 million tons. The wheat harvest progress was 60.2%, a 15 - percentage - point increase week - on - week [3]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of Each Report Oils and Fats - Palm oil: Malaysian BMD crude palm oil futures may have a short - term rebound near 3900 ringgit, with a near - weak and far - strong pattern. Dalian palm oil futures may seek support around 8300 yuan and could fluctuate in the 8200 - 8300 range [1]. - Soybean oil: With uncertain biodiesel policies in the US and upcoming Brazilian soybean harvest, CBOT soybean oil is under pressure. In China, short - term supply is sufficient, but with the approaching Spring Festival stocking and reduced soybean imports in Q1, domestic factory soybean oil inventories may decrease, and basis quotes are expected to have limited fluctuations [1]. - Rapeseed oil: Affected by the decline in US crude oil prices and subsequent events, the domestic vegetable oil market was first dragged down and then rebounded. Attention should be paid to whether the rapeseed oil 05 contract can stop falling in the 8900 - 9000 yuan range [1]. Pork - Spot prices are stable, and with the increasing demand for southern curing, the downside support is stronger. There is high uncertainty in the December - January market due to the possible impact of the epidemic and the potential entry of secondary fattening pigs. The spot market has a sentiment of holding back sales, which supports the market. The futures market rose on the news of tariff increase on European pork imports but then fell as the actual tariff was lowered and the impact of imported pork on domestic supply is limited. The futures market will continue to adjust narrowly [3]. Sugar - ICE raw sugar futures are in a bearish pattern due to the favorable export conditions in Brazil and the expected increase in sugar production in Brazil, India, and Thailand. In China, the sugar - pressing speed in the main producing areas has accelerated, and the futures market price is weakening due to increased supply. The market is expected to remain weak [7]. Meal - The US soybean market lacks trading highlights, and the South American new - crop soybeans are expected to have a bumper harvest, which suppresses the US soybean price. The domestic soybean meal market remains in a loose pattern. Although there is speculation about delayed soybean clearance and a sentiment of supporting prices, the upward space is limited, and there is a risk of decline [9]. Corn - In the Northeast, the grass - roots have a sentiment of supporting prices, and the prices in the producing areas are stable. In the north port, the supply has increased, and the price has slightly decreased. In North China, farmers sell when the price is high and hold back when the price is low. On the demand side, deep - processing enterprises purchase on demand, and feed enterprises have a slightly lower willingness to pay for new orders. In the short term, the increase in corn supply will put pressure on the price, but the price decline is limited due to the grass - roots' price - supporting sentiment and the need for low - inventory enterprises to replenish stocks. The market will fluctuate narrowly [10]. Red Dates - After the acquisition, the sales area has more arrivals but lower - than - expected transactions. The price in the Hebei Cuierzhuang market is firm, while that in the Guangdong Ruyifang market has slightly declined. The futures price is weak, the spot price is stable, and the basis is strengthening. The market may be boosted by improved transactions during the consumption peak, and the downward momentum is insufficient. Attention should be paid to the inventory level after the Spring Festival and the planting area and early - stage weather in 2026 [17]. Cotton - ICE cotton futures rose due to short - covering. The US cotton export sales showed a decrease compared to the previous week and the four - week average. The US cotton market will remain volatile. In China, although the market expects a decline in the Xinjiang planting area next year, the downstream industry is weak, with increasing finished - product inventories and deteriorating spinning enterprise profits and cash flows. However, the rigid demand for cotton raw materials by spinning enterprises remains, so the downside space of cotton prices is limited, but there is pressure above. Attention should be paid to the resistance level around 14050 - 14100 [21]. Eggs - Egg prices are gradually rising from a low level, leading to a sentiment of holding back sales among farmers. The number of newly - laying hens is decreasing, but the overall inventory improvement is not obvious. With favorable storage conditions due to the recent cooling, egg supply remains sufficient. The market transaction is okay, with increased buying sentiment in low - price areas and high inventory pressure in high - price areas. All links are actively clearing inventory. The egg market is expected to remain in a low - level oscillation pattern [23]. 3. Summary According to Relevant Catalogs Oils and Fats - **Soybean oil**: On December 17, the spot price in Jiangsu was 8460 yuan, down 0.59% from the previous day; the futures price of Y2605 was 8096 yuan, down 0.93%; the basis of Y2605 was 364 yuan, up 7.69%. The number of warehouse receipts remained unchanged at 25964 [1]. - **Palm oil**: The spot price in Guangdong was 8380 yuan, down 0.59%; the futures price of P2605 was 8398 yuan, down 0.92%; the basis of P2605 was - 18 yuan, up 60.87%. The import cost in Guangzhou Port for May was 8848.4 yuan, down 0.77%, and the import profit was - 450 yuan, down 2.02%. The number of warehouse receipts remained unchanged at 950 [1]. - **Rapeseed oil**: The spot price in Jiangsu was 9570 yuan, down 0.83%; the futures price of O1605 was 9157 yuan, down 1.59%; the basis of O1R05 was 413 yuan, up 19.71%. The number of warehouse receipts decreased from 3386 to 3336 [1]. - **Spreads**: The soybean oil 05 - 09 spread was 68 yuan, down 15%; the palm oil 05 - 09 spread was 102 yuan, down 15%; the rapeseed oil 05 - 09 spread was 13 yuan, down 68.29%. The spot soybean - palm oil spread remained unchanged at 80 yuan; the 2601 soybean - palm oil spread was - 520 yuan, up 3.35%. The spot rapeseed - soybean oil spread was 1110 yuan, down 2.63%; the 2601 rapeseed - soybean oil spread was 1061 yuan, down 6.35% [1]. Pork - **Futures**: The main - contract basis was 315, up 215% from the previous day. The price of live - hog 2605 was 11955 yuan/ton, up 0.21%; the price of live - hog 2603 was 11435 yuan/ton, up 0.75%. The 3 - 5 spread was - 520, up 10.34%. The main - contract position was 167381, up 6.87%. The number of warehouse receipts remained unchanged at 823 [3]. - **Spot**: In Henan, the price was 11750 yuan/ton, up 300 yuan; in Shandong, it was 11700 yuan/ton, up 150 yuan; in Sichuan, it was 12100 yuan/ton, up 100 yuan; in Liaoning, it was 11200 yuan/ton, unchanged; in Guangdong, it was 12410 yuan/ton, unchanged; in Hunan, it was 11260 yuan/ton, down 50 yuan; in Hebei, it was 11650 yuan/ton, up 200 yuan [3]. - **Spot Indicators**: The daily slaughter volume of sample points was 231951, up 2.48%; the weekly strip price was 18 yuan, down 0.17%; the weekly piglet price was 16.5 yuan/kg, down 2.94%; the weekly sow price was 32.46 yuan, down 0.03%; the weekly slaughter weight was 129.63 kg, down 0.15%; the weekly cumulative breeding profit was - 163 yuan, up 2.59%; the weekly purchased - pig breeding profit was - 241 yuan, up 7.21%; the monthly number of fertile sows was 39900000, down 1.12% [3]. Sugar - **Futures**: The price of sugar 2601 was 5215 yuan/ton, up 0.06%; the price of sugar 2605 was 5139 yuan/ton, up 0.12%. The ICE raw sugar main - contract price was 14.76 cents/lb, down 0.61%. The 1 - 5 spread was 76 yuan/ton, down 3.8%. The main - contract position was 487935, up 1.35%. The number of warehouse receipts and effective forecasts remained unchanged at 611 and 1490 respectively [7]. - **Spot**: In Nanning, the price was 5320 yuan/ton, down 0.37%; in Kunming, it was 5245 yuan/ton, down 0.29%. The Nanning basis was 181 yuan, down 12.56%; the Kunming basis was 106 yuan, down 16.54%. The import price of Brazilian sugar within the quota was 4094 yuan/ton, down 0.8%; outside the quota was 5188 yuan/ton, down 0.82% [7]. - **Industry Situation**: The cumulative national sugar production was 1050000 tons, down 23.24%; the cumulative national sugar sales was 350000 tons, down 42.53%. The cumulative sugar production in Guangxi was 133900 tons, down 73.87%; the monthly sugar sales in Guangxi was 89400 tons, down 68.63%. The national cumulative sugar - sales rate was 33.5%, down 24.75%; the cumulative sugar - sales rate in Guangxi was 66.77%, up 20.05%. The national industrial inventory was 700000 tons, down 7.4%; the industrial inventory in Guangxi was 44500 tons, down 80.43%; the industrial inventory in Yunnan was 12600 tons, up 110%. The sugar import volume was 750000 tons, up 38.89% [7]. Meal - **Soybean Meal**: In Jiangsu, the spot price was 3100 yuan, down 0.32%; the futures price of M2605 was 2756 yuan, down 0.76%; the basis of M2605 was 344 yuan, up 3.3%. The spot basis quote was m2605 + 280. The import crushing profit for Brazilian soybeans in February was 38, up 140.7%. The number of warehouse receipts remained unchanged at 23830 [9]. - **Rapeseed Meal**: In Jiangsu, the spot price was 2410 yuan, up 0.42%; the futures price of RM2605 was 2331 yuan, down 1.19%; the basis of RM2605 was 79 yuan, up 92.68%. The import crushing profit for Canadian rapeseed in January was 476, down 7.57%. The number of warehouse receipts was 0 [9]. - **Soybeans**: The spot price of Harbin soybeans was 3940 yuan, unchanged; the futures price of the main soybean - one contract was 4090 yuan, unchanged; the basis was - 150 yuan, unchanged. The spot price of imported soybeans in Jiangsu was 3950 yuan, unchanged; the futures price of the main soybean - two contract was 3739 yuan, down 1.16%; the basis was 211 yuan, up 26.35%. The number of warehouse receipts remained unchanged at 17034 [9]. - **Spreads**: The soybean meal 05 - 09 spread was - 110 yuan, down 10%; the rapeseed meal 05 - 09 spread was - 69 yuan, down 25.45%. The spot oil - meal ratio was 2.73, down 0.27%; the main - contract oil - meal ratio was 2.84, up 0.12%. The spot soybean - rapeseed meal spread was 690 yuan, down 2.82%; the 2605 soybean - rapeseed meal spread was 425 yuan, up 1.67% [9]. Corn - **Corn**: The price of corn 2601 was 2206 yuan, down 0.63%; the Pingcang price in Jinzhou Port was 2280 yuan, down 0.44%; the basis was 74 yuan, up 5.71%. The 1 - 5 spread was - 33 yuan, down 83.33%. The bulk grain price in Shekou was 2410 yuan, down 0.41%. The north - south trade profit was 30 yuan, unchanged. The CIF price was 2120 yuan, down 0.1%; the import profit was 290 yuan, down 2.65%. The number of remaining vehicles in Shandong deep - processing enterprises in the morning was 421, down 59.48%. The number of warehouses decreased from 2146100 to 2098833, down 2.2%. The number of warehouse receipts was 54440, down 0.87% [10]. - **Corn Starch**: The price of corn starch 2601 was 2512 yuan, up 0.4%. The spot price in Changchun was 2590 yuan, unchanged; the spot price in Weifang was 2800 yuan, unchanged. The basis was 78 yuan, down 11.36%. The 1 - 5 spread was - 35 yuan, up 18.6%. The 01 - contract spread between starch and corn was 306 yuan, up 8.51%. The profit of Shandong starch enterprises was - 8 yuan, down 233.33%. The number of warehouses decreased from 287376 to 286198, down 0.41%. The number of warehouse receipts remained unchanged at 2500 [10]. Red Dates - **Futures**: The price of red dates 2601 was 8830 yuan, unchanged; the price of red dates 2605 (main contract) was 8915 yuan, down 0.56%; the price of red dates 2609 was 9235 yuan, down 0.48%. The 1 - 5 spread was - 85 yuan, up 37.04%; the 5 - 9 spread was - 320 yuan, down 1.59%. The position was 175737, up 1.68%. The number of warehouse receipts was 982, up 11.21%; the effective forecast was 1145, up 0.97%; the sum of warehouse receipts and effective forecasts was 2127, up 5.45% [14]. - **Spot**: The price of top - grade red dates in Cangzhou was 9650 yuan, down 0.21%; the price of first - grade red dates was 8600 yuan, unchanged; the price of second - grade red dates was 7200 yuan, unchanged. The basis of top - grade red dates to the main contract was 135 yuan, up 28.57%; the basis of first - grade red dates to the main contract was 885 yuan, up 5.99% [14]. Cotton - **Futures**: The price of cotton 2605 was 13925 yuan/ton, down 0.14%; the price of cotton 2601 was 13930 yuan/ton, down 0.07%. The ICE US cotton main - contract price was 63.46 cents/lb, up 0.52%. The 5 - 1 spread was - 5 yuan/ton, down 200%. The main - contract position was 731267, up 2.48%. The number of warehouse receipts was 3482, up 8.85%; the effective forecast was 3898, down 3.08% [21]. - **Spot**: The arrival price of 3128B cotton in Xinjiang was 1

Report Summary 1. Report Industry Investment Rating - The investment rating for both the soybean meal and corn sectors is neutral [4][7] 2. Report's Core View - The overall price of soybean meal is mainly in a state of oscillatory operation due to the unchanged supply - demand pattern, high oil - mill operating rates, continuous inventory accumulation of soybeans and soybean meal, and the lack of sudden news stimuli after policy stabilization. Attention should be paid to the import situation of US soybeans and the weather in the new - season South American production areas [3] - For corn, the supply in the domestic market is temporarily tight due to farmers' reluctance to sell, while demand from deep - processing and feed enterprises is strong. The market situation also needs to focus on the new - season corn acquisition situation [6] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data - **Soybean Meal and Rapeseed Meal** - Futures: The closing price of the soybean meal 2605 contract was 2777 yuan/ton, up 19 yuan/ton or 0.69% from the previous day; the rapeseed meal 2605 contract was 2359 yuan/ton, up 18 yuan/ton or 0.77% [1] - Spot: In Tianjin, the soybean meal spot price was 3090 yuan/ton; in Jiangsu, it was 3050 yuan/ton; in Guangdong, it was 3060 yuan/ton. The rapeseed meal spot price in Fujian was 2570 yuan/ton [1] - **Corn and Corn Starch** - Futures: The closing price of the corn 2601 contract was 2220 yuan/ton, down 8 yuan/ton or 0.36% from the previous day; the corn starch 2511 contract was 2502 yuan/ton, down 11 yuan/ton or 0.44% [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton; in Jilin, the corn starch spot price was 2650 yuan/ton [4] 3.2 Recent Market News - **Soybean** - US soybean export inspection volume in the week ending December 11, 2025, was 79.6 tons, lower than the market forecast of 100 - 125 tons [2] - As of last Thursday, the sown area of soybeans in Brazil's 2025/26 season reached 97% of the expected area, a 3 - percentage - point increase from the previous week [2] - Brazil exported 165 tons of soybeans in the first two weeks of December 2025, with a daily average export volume of 16.5 tons, a 73% increase from the daily average export volume in December 2024 [2] - **Corn** - US corn export inspection volume in the week ending December 11, 2025, was 158.3 tons, within the market forecast range of 100 - 160 tons [4] - Brazil exported 290.9 tons of corn in the first two weeks of December 2025, with a daily average export volume of 29.1 tons, a significant increase compared to December 2024 [4] 3.3 Market Analysis - **Soybean Meal** - The supply - demand pattern remains unchanged, with high oil - mill operating rates and continuous inventory accumulation of soybeans and soybean meal. The soybean meal price is mainly oscillating. Attention should be paid to the import of US soybeans and the weather in South American production areas [3] - **Corn** - In the domestic market, the supply is temporarily tight due to farmers' reluctance to sell, while the demand from deep - processing and feed enterprises is strong. The new - season corn acquisition situation needs attention [6] 3.4 Strategy - The strategy for both soybean meal and corn is neutral [4][7]

1. Report's Industry Investment Rating - The investment strategy for both the soybean meal and corn sectors is neutral [3][5] 2. Report's Core View - The current supply - demand pattern of soybean meal remains unchanged. With high oil mill operating rates and continuous inventory accumulation of soybeans and soybean meal, and no sudden news to stimulate the market after policy stabilization, the overall soybean meal price is mainly in a volatile state. Attention should be paid to US soybean imports and the weather in the new - season South American production areas [2] - In the domestic corn market, the grain sales progress in the Northeast is relatively fast, but the effective supply is tight due to farmers' reluctance to sell. As the price reaches a relatively high level and holidays approach, the sales progress may accelerate. On the demand side, deep - processing and feed enterprises have low inventories and replenishment needs, and feed enterprises' demand is rigid while traders are eager to store high - quality grain [4] 3. Summary by Relevant Catalogs 3.1 Soybean Meal and Rapeseed Meal 3.1.1 Market News and Important Data - Futures: The soybean meal 2605 contract closed at 2758 yuan/ton yesterday, down 12 yuan/ton (- 0.43%) from the previous day. The rapeseed meal 2605 contract closed at 2341 yuan/ton, down 6 yuan/ton (- 0.26%) from the previous day [1] - Spot: In Tianjin, the soybean meal spot price was 3090 yuan/ton, down 20 yuan/ton, and the spot basis was M05 + 332, down 8. In Jiangsu, it was 3050 yuan/ton, down 10 yuan/ton, and the basis was M05 + 292, up 2. In Guangdong, it was 3060 yuan/ton, unchanged, and the basis was M05 + 302, up 12. In Fujian, the rapeseed meal spot price was 2560 yuan/ton, unchanged, and the basis was RM05 + 219, up 6 [1] - Market Information: As of December 11, the planting rate of the 2025/26 - season soybeans in Argentina was 58%, up from 49% last week and lower than 66% in the same period last year [1] 3.1.2 Market Analysis - The current supply - demand situation has not changed. High oil mill operating rates and inventory accumulation, along with stable policies and no sudden news, lead to a volatile soybean meal price. High US soybean import costs require attention to US soybean imports and South American weather [2] 3.1.3 Strategy - The strategy for soybean meal is neutral [3] 3.2 Corn 3.2.1 Market News and Important Data - Futures: The corn 2601 contract closed at 2228 yuan/ton yesterday, down 14 yuan/ton (- 0.62%) from the previous day. The corn starch 2511 contract closed at 2513 yuan/ton, down 13 yuan/ton (- 0.51%) from the previous day [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged, and the spot basis was C01 + 97, up 24. In Jilin, the corn starch spot price was 2650 yuan/ton, unchanged, and the basis was CS01 + 137, up 13 [3] - Market Information: As of December 10, the sowing progress of the 2025/26 - season corn in Argentina was 59.2%, up from 44% a week ago, and the expected output may reach a record 61 million tons. The wheat harvest progress in Argentina was 60.2%, up 15 percentage points week - on - week [3] 3.2.2 Market Analysis - In the domestic market, the grain sales progress in the Northeast is relatively fast, but farmers' reluctance to sell makes the effective supply tight. As prices rise and holidays approach, sales may speed up. Deep - processing and feed enterprises have low inventories and replenishment needs, and feed demand is rigid while traders want to store high - quality grain [4] 3.2.3 Strategy - The strategy for corn is neutral [5]

Industry Investment Ratings No information about industry investment ratings is provided in the reports. Core Views Oils and Fats - Palm oil may face downward pressure if it fails to hold above 4,100 ringgit, with support at 4,000 ringgit. In China, there is a risk of downward break - out for palm oil futures, with support around 8,000 yuan. - For soybean oil, the EIA has lowered its forecasts for renewable diesel production in 2025 and 2026. However, Fed rate cuts and the rebound of BMD palm oil support CBOT soybean oil. In China, the spot basis is shifting to the May contract, and the factory's soybean oil inventory is high but may decrease in Q1 2026. The basis of the January contract may decline slightly, while that of the May contract is supported [1]. Meal and Grains - U.S. soybeans lack trading highlights, with slow - growing Chinese demand and strong South American crop expectations. The market is not optimistic about medium - to - long - term U.S. soybean prices. - In China, the soybean meal supply is loose, but the market is speculating on longer soybean clearance times. The 1 - 5 positive spread has strengthened, and attention should be paid to its performance [2]. Livestock (Pigs) - There is some reluctance to sell in the market, and the spot price is stable. The southern pickling demand is increasing, but there are uncertainties in the December - January market due to potential pandemic impacts and secondary fattening. The overall supply pressure is large, and the price is hard to improve. The futures market is struggling to rise and has fallen in the past two days. Monitor the pandemic situation [4]. Sugar - ICE raw sugar futures are under pressure below 15 cents per pound. India's sugar production in Maharashtra is increasing. The overall raw sugar price is bearish. In China, the sugar - making process in Guangxi and Yunnan is accelerating, new sugar supply is increasing, and the market is weak. Domestic sugar prices are expected to fluctuate weakly [8][9]. Corn and Corn Starch - The price of corn in the northern port is rising slightly due to insufficient supply, while prices in the Northeast and North China are stable or weak. The demand side is cautious, with deep - processing and feed enterprises mainly making rigid purchases. The corn futures market is expected to fluctuate, and attention should be paid to the continuity of supply [10]. Eggs - The supply of eggs is relatively sufficient, with a slight decrease in the number of laying hens in November but still at a high level. The market is moving goods at a normal pace, but demand is weak. Egg prices are expected to fluctuate weakly with limited downside [14]. Cotton - ICE cotton futures fell due to weak U.S. export demand. In China, Zhengzhou cotton futures face increasing hedging pressure, and the spot basis is weakening, putting downward pressure on prices. However, the downstream demand for cotton is strong, limiting the downside. Attention should be paid to the 14,000 resistance level [16]. Summary by Related Catalogs Oils and Fats - **Soybean Oil**: On December 11, the spot price in Jiangsu was 8,600 yuan, up 0.58% from the previous day. The futures price of Y2605 was 8,268 yuan, up 0.56%. The basis was 328 yuan, and the warehouse receipts remained unchanged at 25,964 [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong was 8,680 yuan on December 11, up 0.46%. The futures price of P2605 was 8,656 yuan, up 1.33%. The basis was - 75.51%. The import cost was 9,102.8 yuan, and the import profit was - 447 yuan [1]. - **Rapeseed Oil**: The spot price of third - grade rapeseed oil in Jiangsu was 10,000 yuan on December 11, up 3.09%. The futures price of OI601 was 9,443 yuan, up 1.65%. The basis was 401 yuan, and the warehouse receipts were 3,490 [1]. Meal and Grains - **Soybean Meal**: The spot price in Jiangsu was 3,060 yuan on December 11, up 0.66%. The futures price of M2605 was 2,750 yuan, down 0.15%. The basis was 310 yuan, and the warehouse receipts were 23,830 [2]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,410 yuan on December 11, up 1.26%. The futures price of RM2605 was 2,323 yuan, down 0.26%. The basis was 87 yuan, and the warehouse receipts were 0 [2]. - **Soybeans**: The spot price of Harbin soybeans was 3,940 yuan, unchanged. The futures price of the main soybean contract was 4,173 yuan, up 0.29%. The basis was - 233 yuan [2]. Livestock (Pigs) - **Futures Market**: On December 11, the price of the main contract of live pigs (2605) was 11,820 yuan/ton, down 0.17%. The price of the 2603 contract was 11,220 yuan/ton, down 0.80%. The 3 - 5 spread was - 600 yuan, down 13.21%. The main contract's open interest was 154,716, up 3.54%, and the warehouse receipts were 523, up 40.21% [4]. - **Spot Market**: The spot prices in different regions were stable or slightly increased. For example, the price in Henan was 11,360 yuan/ton, up 60 yuan. The slaughter volume of sample slaughterhouses increased by 0.61%, and the white - strip price decreased by 0.99%. The number of fertile sows decreased by 1.12% month - on - month [4]. Sugar - **Futures Market**: On December 11, the price of the sugar 2601 contract was 5,358 yuan/ton, up 0.56%. The price of the 2605 contract was 5,245 yuan/ton, up 0.38%. The ICE raw sugar main contract was 14.86 cents per pound, down 0.27%. The 1 - 5 spread was 113 yuan/ton, up 9.71%. The main contract's open interest was 391,467, up 62.10%, and the warehouse receipts were 611, up 54.29% [8]. - **Spot Market**: The spot price in Kunming and Nanning was stable. The Nanning basis was 115 yuan, down 14.81%, and the Kunming basis was 75 yuan, down 21.05%. The imported sugar price from Brazil (in - quota) was 4,100 yuan/ton, up 2.07%, and (out - of - quota) was 5,195 yuan/ton, up 2.12% [8]. - **Industry Data**: The national sugar production increased by 12.03% year - on - year, sales increased by 9.17%, the national sales ratio decreased by 2.60%, and the industrial inventory decreased by 41.20%. The sugar import volume increased by 38.89% [8]. Corn and Corn Starch - **Corn**: On December 11, the price of the corn 2601 contract was 2,243 yuan/ton, up 0.09%. The basis was 57 yuan, up 16.33%. The 1 - 5 spread was - 24 yuan, unchanged. The import profit was 287 yuan, down 3.43%. The number of trucks at Shandong deep - processing enterprises in the morning increased by 11.10%, and the open interest was 2,216,177, up 0.38% [10]. - **Corn Starch**: The price of the corn starch 2601 contract was 2,523 yuan/ton, down 0.36%. The basis was 67 yuan, up 15.52%. The 1 - 5 spread was - 53 yuan, down 1.92%. The starch - corn 01 spread was 280 yuan, down 3.78%. The Shandong starch profit was 19 yuan, down 26.92%, and the open interest was 297,821, down 0.43% [10]. Eggs - **Futures Market**: On December 11, the price of the egg 01 contract was 3,144 yuan/500KG, down 0.29%. The price of the 02 contract was 2,968 yuan/500KG, down 0.40%. The 1 - 2 spread was 176 yuan, up 1.73%. The basis was - 57 yuan/500KG, up 33.37% [14]. - **Spot Market**: The egg - producing area price was 3.09 yuan per catty, up 0.64%. The price of egg - laying chicks was 2.85 yuan per chick, up 5.56%. The price of culled chickens was 3.86 yuan per catty, up 1.58%. The egg - feed ratio was 2.40, up 3.90%, and the breeding profit was - 22.62 yuan per chick, up 20.35% [14]. Cotton - **Futures Market**: On December 11, the price of the cotton 2605 contract was 13,850 yuan/ton, up 0.65%. The price of the 2601 contract was 13,860 yuan/ton, up 0.58%. The ICE cotton main contract was 64.00 cents per pound, down 0.19%. The 5 - 1 spread was - 10 yuan/ton, up 50.00%. The main contract's open interest was 460,016, down 3.02%, and the warehouse receipts were 2,967, down 0.10% [16]. - **Spot Market**: The Xinjiang arrival price of 3128B cotton was 14,835 yuan/ton, up 0.03%. The CC Index: 3128B was 15,013 yuan/ton, up 0.06%. The FC Index:M: 1% was 12,898 yuan/ton, up 0.40%. The 3128B - 01 contract spread was 1,070 yuan/ton, down 7.94%, and the 3128B - 05 contract spread was 975 yuan/ton, down 7.14% [16]. - **Industry Data**: The inventory in Xinjiang increased by 28.7%, the industrial inventory increased by 0.9%, the import volume decreased by 10.0%, and the cotton shipment volume out of Xinjiang increased by 22.6%. The textile and clothing retail and export data showed growth [16].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The palm oil market is bearish due to high inventory and low exports, while the soybean market is bullish but with limited upside potential. The hog market is weak due to high supply, and the egg market is pressured by high egg - laying hen inventory. The sugar market is weak due to high supply, and the cotton market is supported by high sales rates but with increasing inventory [1][2][7][8][11][12][15] Summary by Relevant Catalogs I. Agricultural Products Sector Overview - Palm oil is accelerating its decline due to the strongly bearish MPOB monthly supply - demand report. Domestic soybeans (Dou Er) are rising strongly due to unconfirmed news of import soybean clearance, but the upside may be limited. Hog price rebounds are blocked by increased supply, and the market may enter a low - level operation again [1] II. Variety Strategy Tracking (1) Palm Oil: Continuous Decline - The palm oil 2605 contract is continuously falling, pressured by the bearish MPOB supply - demand monthly report. In November, Malaysian palm oil inventory increased by 13.04% to 284 tons, much higher than expected; production decreased by 5.3% to 194 tons, lower than expected; exports decreased by 28.13% to 121 tons, lower than expected. The technical indicators are weak, and the strategy is to go short with a light position on rallies [2][5] (2) Dou Er and Soybean Meal: Sharp Rise - The Dou Er 2601 contract is rising sharply, and the soybean meal January contract is also rising. The unconfirmed news of extended import soybean clearance has boosted the market sentiment. The USDA's December soybean supply - demand report has little impact on the soybean market. The strategy for Dou Er is to go long short - term with a stop - loss, and for soybean meal 2605, hold short positions [7] (3) Hogs: Rebound Blocked, Weak and Volatile - The hog 2603 contract's rebound is blocked, and it turns weak again. Although terminal consumption has increased, high pig inventory, high planned slaughter volume of large pig farms, and pig diseases have increased supply and suppressed pig prices. The strategy is to close long positions and trade short - term [8] (4) Eggs: Forward Contracts are Weak - The egg 2603 contract is weakly declining, pressured by high egg - laying hen inventory. Although market demand has increased at the end of the year, the latest data shows a decline in old hen slaughter, and the reduction of production capacity is still uncertain. The strategy is to go short with a light position [11] (5) Sugar: Declining in Volatility - The Zhengzhou sugar 2605 contract is declining in a weak operation, affected by the supply pressure of new sugar listing. The seasonal supply pressure of sugar is still large, and downstream demand is average. The strategy is to go short with a light position, with a resistance at 5242 [12][14] (6) Cotton: Closing Up in Volatility - The cotton 2605 contract is rising in volatility and running at a high level. The high sales rate of cotton in Xinjiang supports the price, but commercial inventory is increasing. The strategy is to go long with a light position, with a stop - loss reference to the 10 - day moving average [15]