1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The agricultural products sector shows a mixed performance. Soybean meal rebounds from a low level, but the upward space is limited. Oils and fats fluctuate, with palm oil under pressure. Live pigs fall, sugar continues to rise, and other products also have different market trends [1]. 3. Summary by Related Catalogs 3.1 Agricultural Products Sector Overview - Soybean meal rebounds from a low level due to short - covering before the USDA report, but the supply is abundant and the price is still under pressure. Oils and fats fluctuate, with palm oil affected by production growth and export slowdown. Live pigs decline due to weak demand. Sugar continues to rise supported by external market rebound and domestic consumption season [1]. 3.2 Variety Strategy Tracking 3.2.1 Soybean Meal - The 2509 contract rebounds from a low level as shorts cover before the USDA report. However, the domestic supply is abundant, and the futures price is still under pressure. Technically, it is weak, and a light - short position strategy is recommended, with support at 2942 and resistance at 2974 [2]. 3.2.2 Soybean Oil - The 2509 contract first declines and then rises, waiting for the US soybean planting report. Domestic supply is relatively loose, and the futures price is under pressure. Technically, it turns weak, and a light - short position strategy is recommended, with support at 7920 and resistance at 8012 [3]. 3.2.3 Palm Oil - The 2509 contract first declines and then rises, reducing the decline. Affected by factors such as crude oil and palm oil production and exports, the price is under pressure. Technically, it is weak, and a light - short position strategy is recommended, with support at 8256 and resistance at 8380 [6]. 3.2.4 Cotton - The 2509 contract rises and then falls as long - profit taking occurs. Although Xinjiang's supply is tight, the textile market is in a off - season, limiting the price increase. Technically, it is still strong, and a light - long position strategy on dips is recommended, with support at 13695 and resistance at 13920 [7][9]. 3.2.5 Sugar - The 2509 contract continues to rise, supported by the external market rebound and domestic consumption season. The inventory is low, and the import pressure is controllable. Technically, it is strong, and a long - position strategy on dips is recommended, with support at 5780 [10]. 3.2.6 Live Pigs - The 2509 contract drops significantly from a high level due to high inventory and weak demand. Technically, it turns weak, and long - positions should be closed, with support at 13750 and resistance at 13970 [12]. 3.2.7 Eggs - The 2508 contract opens low and closes high, with the market speculating on the decline in summer egg - laying rate. However, the high inventory and cautious purchasing by traders limit the rebound space. Technically, short - positions should be closed, with support at 3500 and resistance at 3574 [14]. 3.2.8 Corn - The 2509 contract fluctuates narrowly due to the lack of market news. Supply is tight, but there are also factors suppressing the price. A short - term trading strategy is recommended, with support at 2370 and resistance at 2386 [17]. 3.2.9 Red Dates - The 2509 contract falls from a high level. High - temperature weather may reduce the yield, but it is the off - season, and the inventory increases slightly. Technically, there is a callback pressure, and long - positions should be reduced, with support at 9500 and resistance at 9700 [18][20]. 3.2.10 Apples - The 2510 contract fluctuates. The previous production reduction expectation fails, and the low inventory supports the price, but the consumption is affected by substitute fruits. A short - term trading strategy is recommended, with support at 7646 and resistance at 7780 [21].

Report Industry Investment Rating No relevant content provided. Core Views - Palm oil: There are still risks in the producing areas, and it is oscillating to find the bottom [2][6]. - Soybean oil: The driving force of the soybean system is weak, and it is oscillating within a range [2][6]. - Soybean meal: The U.S. soybeans were closed overnight, and the Dalian soybean meal is oscillating [2][15]. - Soybean: The futures price is oscillating weakly [2][15]. - Corn: It is oscillating [2][18]. - Sugar: It is oscillating in a narrow range [2][22]. - Cotton: The demand fails to meet expectations, and the cotton price has dropped slightly [2][27]. - Eggs: Wait for the verification of culling after the Dragon Boat Festival [2][32]. - Pigs: Passive inventory accumulation has formed, and a trend reverse spread strategy is adopted [2][34]. - Peanuts: Focus on the spot market [2][38]. Summary by Related Catalogs Palm Oil and Soybean Oil - **Fundamental Tracking**: The closing price of the palm oil main contract was 7,954 yuan/ton during the day session, down 0.65%, and 7,982 yuan/ton during the night session, up 0.35%. The closing price of the soybean oil main contract was 7,704 yuan/ton during the day session, down 0.90%, and 7,714 yuan/ton during the night session, up 0.13% [6]. - **Macro and Industry News**: From May 1 - 25, 2025, Malaysia's palm oil production increased by 0.73%. Exports from May 1 - 25 increased by 7.3% (AmSpec) and 34.71% (SGS) compared to the same period last month. Datagro expects Brazil's 2024/25 soybean production to reach 1.72 billion tons [7][9][10]. - **Trend Intensity**: The trend intensity of palm oil and soybean oil is 0 [13]. Soybean Meal and Soybean - **Fundamental Tracking**: The closing price of DCE soybean 2507 was 4,144 yuan/ton during the day session, down 1.22%, and 4,137 yuan/ton during the night session, down 0.53%. The closing price of DCE soybean meal 2509 was 2,950 yuan/ton during the day session, unchanged, and 2,956 yuan/ton during the night session, up 0.31% [15]. - **Macro and Industry News**: The U.S. market was closed on Monday due to a public holiday. Datagro raised Brazil's soybean production forecast to a record 1.72 billion tons [17]. - **Trend Intensity**: The trend intensity of soybean meal is 0, and that of soybean is -1 (only referring to the price fluctuation of the main contract during the day session on the reporting day) [17]. Corn - **Fundamental Tracking**: The closing price of C2507 was 2,318 yuan/ton during the day session, down 0.39%, and 2,322 yuan/ton during the night session, up 0.17%. The closing price of C2509 was 2,344 yuan/ton during the day session, down 0.34%, and 2,348 yuan/ton during the night session, up 0.17% [19]. - **Macro and Industry News**: The northern corn collection price was 2,260 - 2,280 yuan/ton (new crop listing), and the price in Guangdong Shekou was 2,370 - 2,390 yuan/ton [20]. - **Trend Intensity**: The trend intensity of corn is 0 [21]. Sugar - **Fundamental Tracking**: The raw sugar price was 17.31 cents/pound, down 0.07%. The mainstream spot price was 6,140 yuan/ton, down 10 yuan [22]. - **Macro and Industry News**: The U.S. dollar index fell below 100 again. Brazil's crushing progress slowed down year - on - year. The USDA expects the global sugar production to increase by 4.73% in the 25/26 season [22]. - **Trend Intensity**: The trend intensity of sugar is -1 [25]. Cotton - **Fundamental Tracking**: The closing price of CF2509 was 13,385 yuan/ton during the day session, down 0.19%, and 13,285 yuan/ton during the night session, down 0.75%. The closing price of CY2507 was 19,580 yuan/ton during the day session, down 0.36%, and 19,465 yuan/ton during the night session, down 0.59% [27]. - **Macro and Industry News**: The cotton spot trading was light, and the mainstream basis remained firm. The cotton yarn market was gradually weakening, and the confidence of spinning enterprises was low [28]. - **Trend Intensity**: The trend intensity of cotton is 0 [31]. Eggs - **Fundamental Tracking**: The closing price of egg 2507 was 2,943 yuan/500 kg, down 1.01%. The closing price of egg 2509 was 3,766 yuan/500 kg, up 0.11% [32]. - **Trend Intensity**: The trend intensity of eggs is 0 [32]. Pigs - **Fundamental Tracking**: The spot price in Henan was 14,450 yuan/ton, in Sichuan was 14,200 yuan/ton, and in Guangdong was 15,340 yuan/ton. The closing price of pig 2507 was 13,260 yuan/ton, and that of pig 2509 was 13,600 yuan/ton [34]. - **Market Logic**: Passive inventory accumulation occurred in mid - to - late May. If the second - fattening policy is fully implemented, it will drive slow inventory reduction. Long - term reverse spread strategies for 7 - 1, 9 - 1, and 11 - 1 can be laid out [36]. - **Trend Intensity**: The trend intensity of pigs is 0 [35]. Peanuts - **Fundamental Tracking**: The price of Liaoning 308 general peanuts was 8,900 yuan/ton, down 100 yuan. The closing price of PK510 was 8,252 yuan/ton, down 0.75%, and that of PK511 was 8,164 yuan/ton, down 0.75% [38]. - **Spot Market Focus**: In Henan, the price of Baisha general peanuts in Huangludian was about 4.6 yuan/jin, and in Kaifeng, the price of large peanut general peanuts was about 4.3 yuan/jin. The supply in most producing areas was low, and the price was stable [39]. - **Trend Intensity**: The trend intensity of peanuts is 0 [40].