Report Industry Investment Rating No relevant information provided. Core Viewpoints - Corn prices are expected to remain weak in the short - term due to the concentrated listing of new - season corn, but may rebound in the long - term if farmers resist selling at low prices. Starch prices are likely to decline in the short - term with raw material price drops and inventory accumulation, but may be supported by increased downstream consumption in the long - term. Sugar prices face pressure both internationally and domestically. Cotton prices are in a consolidation phase, with limited downside if no major macro - risks occur. Egg prices are expected to be weak in the short - term but may be supported by accelerated chicken culling. Apple production in the new season is expected to be similar to last year, with some quality issues. Pig prices may have short - term rebounds but face medium - term supply pressure [1][2][3][4][8][11]. Summary by Commodity Corn/Starch - **Price Data**: From October 13 - 17, corn prices in different regions remained stable, with the basis dropping by 6 and import profit increasing by 1. Starch basis increased by 2 [1]. - **Analysis**: New - season corn is on the market, and short - term prices are weak due to supply. Long - term prices depend on the game between farmers and traders. Starch price adjustment is limited by high production costs, and short - term prices are expected to decline with inventory accumulation, while long - term prices depend on downstream consumption [1][2]. Sugar - **Price Data**: From October 13 - 17, sugar spot prices in some regions remained unchanged, the basis dropped by 4, and the number of warrants decreased by 20 [3]. - **Analysis**: International sugar prices are under pressure due to Brazil's peak crushing season. Brazilian production has uncertainties. Domestic sugar prices follow the international market, with import sugar arrivals and lower processing sugar quotes putting pressure on the market [3]. Cotton - **Price Data**: From October 13 - 17, the price of 3128 cotton increased by 15, and the 32S spinning profit decreased by 15 [14]. - **Analysis**: Cotton prices are in a consolidation phase. If there are no major macro - risks, the April low can be seen as the long - term bottom, and the downside is limited. Attention should be paid to demand changes [4]. Eggs - **Price Data**: From October 13 - 17, egg prices in major production areas increased, with the largest increase of 0.11 in some regions, and the basis increased by 61 [8]. - **Analysis**: Egg prices dropped during the holiday, and are expected to be weak in the short - term due to high supply and seasonal demand decline. Accelerated chicken culling may support prices [8]. Apples - **Price Data**: From October 13 - 17, the spot price of Shandong 80 first - and second - grade apples remained at 7500, and the 1 - month basis decreased by 115 [10][11]. - **Analysis**: New - season apples in the western region are about to be harvested, and those in Shandong are delayed due to rain. The national production is expected to be similar to last year, with some quality issues, and the average opening price is above 3.5 yuan per catty [11]. Pigs - **Price Data**: From October 13 - 17, pig prices in major production areas increased slightly, with the largest increase of 0.10 in some regions, and the basis increased by 335 [11]. - **Analysis**: Pig prices may have short - term rebounds due to low prices, but face medium - term supply pressure. Attention should be paid to factors such as slaughter rhythm, diseases, and policies [11].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the given reports. 2. Report Core Views - **Corn**: Short - term prices are weak due to reduced terminal demand, but the decline is limited by low inventory. In the long - term, prices are expected to decline under the pressure of increased production and lower costs until consumption improves or farmers show reluctance to sell [2]. - **Starch**: In the short - term, prices are likely to be lowered to reduce inventory. In the long - term, high inventory and expected lower raw material costs keep the outlook bearish [2]. - **Sugar**: International sugar prices are under pressure from Brazil's high - supply period. In China, imported sugar arrival and lower processing sugar prices add pressure to the market [3]. - **Cotton**: The market is in a range - bound state. Without major macro - risks, the April low could be the long - term bottom, and the downside is limited. Attention should be paid to demand changes [4]. - **Eggs**: In September, prices rebounded due to increased demand, but high inventory restricts the increase. The probability of prices falling below feed costs is low. Post - holiday chicken culling should be monitored [9]. - **Apples**: New - season production is expected to be similar to last year. Consumption is in the off - season, and prices are stable. Attention should be paid to the final production after bag - removal [11]. - **Pigs**: There are policy expectations for a production inflection point next year. In the short - term, supply pressure persists, and prices are at a low level. Attention should be paid to factors such as slaughter rhythm, diseases, and policies [15]. 3. Summary by Commodity Corn/Starch - **Price Data**: From 2025/09/23 - 2025/09/29, prices in some regions changed, e.g., the price in Jinzhou for corn decreased by 30, and the corn basis decreased by 11. Starch processing profit remained at - 31 [1]. - **Analysis**: Short - term price is weak due to reduced demand; long - term price is pressured by production and cost factors. Starch prices are expected to be adjusted downwards to reduce inventory [2]. Sugar - **Price Data**: From 2025/09/23 - 2025/09/29, the Thai import profit decreased by 34, the Brazilian import profit decreased by 35, and the number of warehouse receipts decreased by 483 [3]. - **Analysis**: International supply pressure affects prices, and in China, imported sugar and processing sugar prices impact the market [3]. Cotton - **Price Data**: From 2025/09/23 - 2025/09/29, the price of 3128 cotton decreased by 70, and the 32S spinning profit increased by 74 [4]. - **Analysis**: The market is in a range - bound state, and the downside is limited. Attention should be paid to demand changes [4]. Eggs - **Price Data**: From 2025/09/23 - 2025/09/29, the price in Hubei decreased by 0.18, the basis decreased by 58, the price of yellow - feather broilers decreased by 0.20, and the price of pigs decreased by 0.10 [9]. - **Analysis**: Prices rebounded in September, but high inventory restricts the increase. Post - holiday chicken culling should be monitored [9]. Apples - **Price Data**: From 2025/09/23 - 2025/09/29, the national inventory decreased by 85, Shandong inventory decreased by 102, and Shaanxi inventory decreased by 51. The 1 - month basis decreased by 198, the 5 - month basis decreased by 179, and the 10 - month basis decreased by 184 [10][11]. - **Analysis**: New - season production is expected to be similar to last year. Consumption is in the off - season, and prices are stable. Attention should be paid to the final production after bag - removal [11]. Pigs - **Price Data**: From 2025/09/23 - 2025/09/29, the price in Henan Kaifeng decreased by 0.15, and the basis increased by 130 [15]. - **Analysis**: There are policy expectations for a production inflection point next year. In the short - term, supply pressure persists, and prices are at a low level. Attention should be paid to factors such as slaughter rhythm, diseases, and policies [15].

Report Information - Report Date: September 29, 2025 [1] - Report Title: Agricultural Products Morning Report [21] Industry Investment Rating - Not provided in the given content Core Viewpoints - Corn is expected to maintain a weak oscillation pattern in the short - term due to reduced terminal demand and low inventory, and face downward pressure in the long - term due to increased production and lower costs [3] - Starch prices are expected to be lowered in the short - term to reduce inventory, and remain bearish in the long - term due to high inventory and lower expected raw material costs [3] - Sugar prices are under pressure due to high supply from Brazil in the international market, and the domestic market is also facing pressure with the arrival of imported sugar [4] - Cotton is in a consolidation phase, with limited downside if no major macro - risks occur, and attention should be paid to demand changes [5] - Egg prices have rebounded but are restricted by high inventory and cold - storage eggs, and the possibility of falling below feed costs is low. Post - festival chicken culling should be monitored [10] - Apple production in the new season is expected to be similar to last year, and consumption is in the off - season. Attention should be paid to the final production [11] - Pig prices are supported by policy expectations for the long - term next year, but face medium - term supply pressure. Near - term, attention should be paid to factors such as slaughter rhythm, diseases, and policies [15] Summary by Commodity Corn/Starch - **Price and Index Changes**: From September 22 - 26, the price in Shekou increased by 20, the basis decreased by 13, the trade profit increased by 20, and the import profit increased by 19 for corn. For starch, the basis decreased by 6, and the processing profit remained unchanged [2] - **Market Analysis**: Short - term, corn prices are weak due to reduced demand, and starch prices are expected to be lowered. Long - term, both are under downward pressure [3] Sugar - **Price and Index Changes**: From September 22 - 26, the basis increased by 7, the import profit from Thailand and Brazil decreased by 32 each, and the number of warehouse receipts decreased by 329 [4] - **Market Analysis**: International sugar prices are under pressure due to Brazil's high supply, and the domestic market is also affected by imported sugar [4] Cotton - **Price and Index Changes**: From September 22 - 26, the price of 3128 cotton decreased by 70, the number of warehouse receipts + forecasts decreased by 186, the import profit of Vietnamese yarn decreased by 21, and the 32S spinning profit increased by 73 [5] - **Market Analysis**: Cotton is in a consolidation phase, with limited downside and attention on demand [5] Eggs - **Price and Index Changes**: From September 22 - 26, the prices in Hebei, Liaoning, and Hubei decreased by 0.09, and the basis increased by 230 [10] - **Market Analysis**: Egg prices have rebounded but are restricted by high inventory, and the possibility of falling below feed costs is low. Monitor post - festival chicken culling [10] Apples - **Price and Index Changes**: From September 22 - 26, the national inventory increased by 45, Shandong inventory increased by 32, and Shaanxi inventory increased by 28 [11] - **Market Analysis**: New - season apple production is expected to be similar to last year, and consumption is in the off - season. Monitor final production [11] Pigs - **Price and Index Changes**: From September 22 - 26, the prices in Hubei and Anhui decreased by 0.05, and the price in Jiangsu decreased by 0.10, while the basis increased by 110 [15] - **Market Analysis**: Pig prices are supported by long - term policy expectations but face medium - term supply pressure. Monitor factors such as slaughter rhythm [15]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Corn: In the short - term, with new - season corn about to hit the market, terminal demand weakens and prices are likely to decline slightly. In the medium - to - long - term, prices are expected to face downward pressure due to increased production and lower costs [3]. - Starch: In the short - term, as the cost of raw corn drops, the price of starch is likely to be adjusted downward to reduce inventory. In the medium - to - long - term, high inventory and expected lower raw material costs keep the outlook for starch prices bearish [3]. - Sugar: Internationally, Brazil's high - pressure sugar supply weighs on prices. In China, with imported sugar arriving and processing sugar prices falling, the futures market faces pressure [4]. - Cotton: The market has entered a consolidation phase, waiting for demand verification. If there are no major macro - risks, the April low could be the long - term bottom, and the downside for cotton prices is limited [5]. - Eggs: In September, demand increased due to school openings and holiday stocking, causing a nearly 40% price rebound. High inventory and cold - storage eggs limit price increases, but the likelihood of prices falling below feed costs is low [8]. - Apples: New - season apple production is expected to be similar to last year. Consumption is in the off - season, and seasonal fruits are squeezing the market share of apples. Attention should be paid to the final production [10]. - Pigs: There are policy - related expectations for a production inflection point next year, but in the short - term, supply pressure persists, and the market focuses on factors like slaughter rhythm, diseases, and policies [14]. Summary by Related Catalogs Corn/Starch - Price and Indicator Changes: From September 18 to 24, the price in蛇口 decreased by 20, the基差 decreased by 6, the贸易利润 decreased by 20, and the加工利润 of starch increased by 20 [2]. Sugar - Price and Indicator Changes: From September 18 to 24, the柳州基差 decreased by 53, the进口利润 from Thailand decreased by 8, the进口利润 from Brazil decreased by 8, and the仓单 decreased by 168 [4]. Cotton/Cotton Yarn - Price and Indicator Changes: From September 18 to 24, the price of 3128 cotton increased by 20, the仓单 + 预报 decreased by 199, the越南纱进口利润 decreased by 6, and the 32S纺纱利润 decreased by 21 [5]. Eggs - Price and Indicator Changes: From September 18 to 24, the基差 decreased by 130, and the price of生猪 increased by 0.03 [8]. Apples - Price and Indicator Changes: From September 18 to 24, the全国库存 decreased by 48, the山东库存 decreased by 46, and the陕西库存 decreased by 62 [9][10]. Pigs - Price and Indicator Changes: From September 18 to 24, the基差 decreased by 65, and the price in江苏南通 decreased by 0.05 [14].

Report Information - Report Date: September 22, 2025 [1] - Report Title: Agricultural Products Morning Report [18] Industry Investment Rating - No industry investment rating information provided in the report Core Viewpoints - **Corn**: In the short - term, new - season corn is about to be listed, and terminal demand is weakening, so the price is weak, but the decline is limited due to low inventory. In the long - term, with increased production and lower costs, the price is expected to decline until consumption improves or there is reluctance to sell in production areas [3] - **Starch**: In September, companies start to destock for the new season, pressuring corn prices. In the short - term, as the cost of purchasing corn decreases, the price of starch is expected to be lowered to reduce inventory. In the long - term, high inventory and lower expected raw material costs keep the outlook for starch prices bearish [3] - **Sugar**: Internationally, Brazil is in the peak crushing season, pressuring international sugar prices. The uncertainty of future production increases. Domestically, the market follows the trend of raw sugar, with downward pressure on the price due to the arrival of imported sugar [4] - **Cotton**: The market is in a shock state, waiting for demand verification. Without major macro - risk events, the April low may be the long - term bottom, and the downward space is limited. Attention should be paid to demand changes [6] - **Eggs**: Since September, due to increased demand for school opening and festival stocking, the spot price has rebounded. High inventory and cold - storage eggs limit the price increase, but the price is unlikely to fall below the feed cost. Attention should be paid to the situation of chicken culling and cold - storage egg release [9] - **Apples**: The new - season apple harvest is approaching. The national production is expected to be similar to last year. The current consumption is in the off - season, and the price is temporarily stable. Attention should be paid to the final production [11] - **Pigs**: There are policy - related expectations for a production capacity inflection point next year, but in the medium - term, supply pressure still exists due to insufficient production capacity reduction. The spot price is hitting new lows, and the futures market is trading on weak reality. Attention should be paid to factors such as the slaughter rhythm, diseases, and policies [15] Summary by Commodity Corn/Starch - **Price Data**: From September 15 - 19, 2025, the prices in Changchun, Jinzhou, and other places remained mostly unchanged, with the base difference of corn changing by 9, and the base difference of starch changing by 8 [2] - **Analysis**: Short - term price of corn is weak, and long - term it is under pressure. For starch, short - term price reduction to reduce inventory, long - term bearish outlook [3] Sugar - **Price Data**: From September 15 - 19, 2025, the spot prices in Liuzhou, Nanning, and other places decreased, with the base difference changing by - 7, and the import profit changing by - 47 [4] - **Analysis**: International supply pressure affects prices, and domestic prices are under pressure due to imported sugar [4] Cotton/Cotton Yarn - **Price Data**: From September 15 - 19, 2025, the price of 3128 cotton decreased by 20, and the inventory (warehouse receipts + forecasts) decreased by 206 [6] - **Analysis**: The market is in shock, waiting for demand verification, and the downward space is limited [6] Eggs - **Price Data**: From September 15 - 19, 2025, the prices in Hebei, Liaoning, and other places decreased, with the base difference changing by - 237 [9] - **Analysis**: Spot price rebounded in September, but high inventory limits the increase, and the price is unlikely to fall below the feed cost [9] Apples - **Price Data**: From September 15 - 19, 2025, the price of Shandong 80 first - and second - grade apples remained unchanged, and the base differences in different months changed slightly [10][11] - **Analysis**: The new - season production is expected to be similar to last year, the current consumption is in the off - season, and the price is stable [11] Pigs - **Price Data**: From September 15 - 19, 2025, the prices in Henan Kaifeng, Hubei Xiangyang, and other places changed slightly, and the base difference changed by 5 [15] - **Analysis**: There are policy expectations for the future, but medium - term supply pressure exists, and the spot price is hitting new lows [15]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Corn is expected to maintain a weak oscillatory pattern in the short - term due to new season supply and low inventory, and face downward pressure in the long - term [3] - Starch prices are expected to be bearish both in the short and long - term due to high inventory and expected lower raw material costs [3] - Sugar prices are under pressure in the international market due to Brazil's high - pressure supply, and the domestic market also faces upward pressure [6] - Cotton is in a waiting state for demand verification, with limited downward space if no major macro - risks occur [9] - Egg prices are affected by supply - demand imbalance and high cold - storage inventory, and the spot price rebound is restricted [14] - Apple prices are currently stable, and the new - season production and market need further observation [15] - Hog prices are in a range - bound oscillation, with supply pressure in the short - term and policy expectations in the long - term [15] Group 3: Summaries Based on Different Products Corn - This week, 393,000 tons of imported corn were auctioned, with 124,000 tons sold. There is a plan to auction 190,000 tons tomorrow. In the short - term, new season corn is coming, so demand is weak and prices are in a weak oscillatory pattern. In the long - term, prices are expected to decline under the background of increased production and lower costs [3] Starch - In September, companies reduced inventory and pressured corn prices. In the short - term, starch prices are expected to be reduced to clear inventory. In the long - term, high inventory and lower raw material costs keep the bearish view [3] Sugar - In the international market, Brazil is in the peak - pressing season, putting pressure on sugar prices. In the domestic market, imported sugar arrivals and lower processed sugar prices also create upward pressure [6] Cotton - It has entered an oscillatory phase, waiting for demand verification. If no major macro - risks occur, the April low can be seen as the long - term bottom, and the downward space is limited [9] Egg - Due to sufficient inventory in food factories and reduced procurement, the Mid - Autumn Festival stocking demand was weak and delayed. In September, school openings and double - festival stocking led to a price rebound, but the high cold - storage inventory restricts the rebound [14] Apple - New - season apple picking is approaching. Western regions may have increased yields, while Shandong may have a 20% reduction. Consumption is in the off - season, and prices are currently stable. Attention should be paid to the final production [15] Hog - Prices are in a range - bound oscillation. There is supply pressure in September, and the market is affected by factors such as supply, demand, and policy expectations [15] Group 4: Data Summaries Corn/Starch | Product | Date | Changchun | Jinzhou | Weifang | Shekou | Basis | Trade Profit | Import Profit/Loss | Heilongjiang | Weifang | Basis | Processing Profit | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Corn | 2025/09/11 | 2230 | 2260 | 2270 | 2430 | 58 | 40 | 320 | - | - | - | - | | Corn | 2025/09/12 | 2230 | 2260 | 2270 | 2430 | 63 | 40 | 321 | - | - | - | - | | Corn | 2025/09/15 | 2230 | 2260 | 2264 | 2420 | 93 | 30 | 270 | - | - | - | - | | Corn | 2025/09/16 | - | 2260 | 2264 | 2420 | 94 | 30 | 295 | - | - | - | - | | Corn | 2025/09/17 | - | 2240 | 2264 | 2420 | 79 | 50 | - | - | - | - | - | | Change | - | - | -20 | 0 | 0 | -15 | 20 | - | - | - | - | - | | Starch | 2025/09/11 | - | - | - | - | - | - | - | 2800 | 2850 | 228 | -27 | | Starch | 2025/09/12 | - | - | - | - | - | - | - | 2800 | 2850 | 231 | -27 | | Starch | 2025/09/15 | - | - | - | - | - | - | - | 2750 | 2850 | 262 | -27 | | Starch | 2025/09/16 | - | - | - | - | - | - | - | 2750 | 2850 | 262 | -26 | | Starch | 2025/09/17 | - | - | - | - | - | - | - | 2750 | 2850 | 252 | -26 | | Change | - | - | - | - | - | - | - | 0 | 0 | -10 | 0 | [2] Sugar | Date | Liuzhou | Nanning | Kunming | Liuzhou Basis | Thailand | Brazil | Zhengzhou Warehouse Receipts | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/11 | 5970 | 5890 | 5850 | 414 | 395 | 577 | 11745 | | 2025/09/12 | 5970 | 5890 | 5855 | 430 | 400 | 581 | 11605 | | 2025/09/15 | 5970 | 5890 | 5855 | 421 | 344 | 525 | 11325 | | 2025/09/16 | 5970 | 5890 | 5865 | 423 | 376 | 557 | 11268 | | 2025/09/17 | 5970 | 5890 | 5860 | 441 | - | - | - | | Change | 0 | 0 | -5 | 18 | - | - | - | [6] Cotton/Cotton Yarn | Date | 3128 | Imported US Cotton M Grade | CotlookA(FE) | Import Profit | Warehouse Receipts + Forecast | Vietnamese Yarn | Spot | Vietnamese Yarn Import Profit | 32S Spinning Profit | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/11 | 14950 | 76.4 | 78.1 | 1256 | 5159 | 2.51 | 20880 | 483 | -817 | | 2025/09/12 | 14950 | 76.5 | 78.1 | 1258 | 5017 | 2.51 | 20870 | 461 | -827 | | 2025/09/15 | 15005 | 76.6 | 78.1 | 1303 | 4901 | 2.51 | 20870 | 471 | -885 | | 2025/09/16 | 15015 | - | - | - | 4771 | 2.51 | 20870 | 480 | -895 | | 2025/09/17 | 15010 | - | - | - | - | 2.51 | 20870 | 505 | -890 | | Change | -5 | - | - | - | - | 0 | 0 | 25 | 5 | [9] Egg | Date | Hebei | Liaoning | Shandong | Henan | Hubei | Basis | White - feather Broiler | Yellow - feather Broiler | Hog | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/11 | 3.33 | 3.27 | 3.45 | 3.50 | 3.69 | 680 | 3.40 | 3.90 | 19.93 | | 2025/09/12 | 3.44 | 3.38 | 3.45 | 3.50 | 3.80 | 571 | 3.40 | 3.90 | 19.88 | | 2025/09/15 | 3.56 | 3.49 | 3.55 | 3.60 | 4.02 | 720 | 3.40 | 4.00 | 19.88 | | 2025/09/16 | 3.67 | 3.60 | 3.65 | 3.70 | 4.13 | 651 | 3.40 | 4.00 | 19.88 | | 2025/09/17 | 3.67 | 3.60 | 3.65 | 3.70 | 4.20 | 879 | 3.40 | 4.00 | 19.73 | | Change | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 | 228.00 | 0.00 | 0.00 | -0.15 | [14] Apple | Date | Shandong 80 First/Second Grade | Shaanxi 70 General | National Inventory | Shandong Inventory | Shaanxi Inventory | January Basis | May Basis | October Basis | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/11 | 7500.00 | - | 25.58 | 18.25 | 5.84 | -752.00 | -738.00 | -828.00 | | 2025/09/12 | 7500.00 | - | - | - | - | -829.00 | -793.00 | -938.00 | | 2025/09/15 | 7500.00 | - | - | - | - | -804.00 | -761.00 | -939.00 | | 2025/09/16 | 7500.00 | - | - | - | - | -769.00 | -723.00 | -936.00 | | 2025/09/17 | 7500.00 | - | - | - | - | -772.00 | -723.00 | -912.00 | | Change | 0.00 | - | -3.00 | 0.00 | 24.00 | - | - | - | [14][15] Hog | Date | Henan Kaifeng | Hubei Xiangyang | Shandong Linyi | Anhui Hefei | Jiangsu Nantong | Basis | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/09/11 | 13.48 | 13.25 | 13.47 | 13.65 | 13.75 | 160 | | 2025/09/12 | 13.43 | 13.30 | 13.52 | 13.85 | 13.90 | 175 | | 2025/09/15 | 13.28 | 13.15 | 13.27 | 13.60 | 13.60 | 5 | | 2025/09/16 | 13.18 | 12.95 | 13.17 | 13.45 | 13.45 | 20 | | 2025/09/17 | 12.93 | 12.85 | 12.97 | 13.25 | 13.35 | -230 | | Change | -0.25 | -0.10 | -0.20 | -0.20 | -0.10 | -250.00 | [15]

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - Corn: In the short - term, new - season corn is about to be listed, demand from enterprises for old corn is decreasing, and prices are weak. But due to low inventory levels, the decline is expected to be small, maintaining a weak oscillation. In the long - term, with increased production and lower costs, prices are expected to decline until consumption improves or there is reluctance to sell in production areas [3] - Starch: In the short - term, as the cost of purchasing grain decreases, the industry is expected to lower the price of starch to reduce inventory. In the long - term, high inventory and expected lower raw material costs lead to a bearish view on starch prices [3] - Sugar: Internationally, Brazil is in the peak crushing season, pressuring international sugar prices. There is uncertainty about future production. Domestically, it follows the trend of raw sugar, with increasing imported sugar and downward - adjusted processed sugar prices, creating pressure on the market [6] - Cotton: The market has entered an oscillation phase, waiting for demand verification. If there are no major macro - risks, the April low may be the long - term bottom, and the downward space for cotton prices is limited. Attention should be paid to changes in demand [9] - Eggs: In August, due to sufficient inventory in food factories and reduced demand, egg prices declined. Since September, with school openings and holiday preparations, prices have rebounded, but the rebound is restricted by high cold - storage egg inventory, and the progress of culling laying hens has slowed down [13] - Apples: The new - season apple harvest is approaching. The national production may not differ much from last year. Consumption is in the off - season, and the market share is being squeezed by seasonal fruits. Attention should be paid to the final production [17] - Pigs: The market is in a range - bound oscillation. There are policy expectations for a production capacity inflection point next year and seasonal support factors this year, but mid - term supply pressure remains due to insufficient production capacity reduction. In September, there is large potential supply pressure, and the market is waiting for verification of spot prices [17] Group 3: Summary by Commodity Corn/Starch - **Price Data**: From 2025/09/09 to 2025/09/15, prices in some regions changed. For example, the price in潍坊 decreased by 6 yuan, and the price in蛇口 decreased by 10 yuan. The basis increased by 30, and the import profit decreased by 51 [2] - **Market Analysis**: Short - term price is weak due to approaching new - season supply and reduced demand. Long - term price is pressured by increased production and lower costs [3] Sugar - **Price Data**: From 2025/09/09 to 2025/09/15, the basis decreased by 9, and the import profit decreased by 56. The number of warehouse receipts decreased by 280 [6] - **Market Analysis**: International supply pressure from Brazil affects prices. Domestically, imported sugar arrival and price adjustment of processed sugar create market pressure [6] Cotton/Cotton Yarn - **Price Data**: From 2025/09/09 to 2025/09/15, the price of 3128 cotton increased by 55 yuan, and the number of warehouse receipts + forecasts decreased by 116. The 32S spinning profit decreased by 58 [9] - **Market Analysis**: The market is in an oscillation phase, and the downward space is limited if there are no major macro - risks. Attention should be paid to demand changes [9] Eggs - **Price Data**: From 2025/09/09 to 2025/09/15, prices in major production areas increased, with the largest increase of 0.22 yuan in Hubei. The basis increased by 149 [13] - **Market Analysis**: August price decline was due to demand reduction, and September price rebound was affected by seasonal factors but restricted by high inventory [13] Apples - **Price Data**: From 2025/09/09 to 2025/09/15, the price of Shandong 80 first - and second - grade apples remained stable. The national inventory increased by 25, and the Shandong inventory increased by 32 [16][17] - **Market Analysis**: New - season production may be similar to last year. Consumption is in the off - season, and the market share is squeezed by seasonal fruits [17] Pigs - **Price Data**: From 2025/09/09 to 2025/09/15, prices in major production areas decreased, with the largest decrease of 0.30 yuan in Jiangsu Nantong. The basis decreased by 170 [17] - **Market Analysis**: The market is in a range - bound oscillation, with mid - term supply pressure and waiting for spot price verification [17]

Group 1: Report Investment Rating - No information provided regarding the report's industry investment rating Group 2: Core Views - Corn prices are expected to maintain a weak oscillation pattern in the short - term and continue to decline in the long - term due to new season production increase and cost reduction [3] - Starch prices are expected to be reduced in the short - term to clear inventory and remain bearish in the long - term due to high inventory and expected lower raw material costs [3] - International sugar prices are under pressure due to Brazil's high - supply period, and domestic sugar prices face upward pressure with imported sugar arriving [6] - Cotton prices are in a range - bound state, and if there are no major macro - risks, the April low may be the long - term bottom, with focus on demand changes [9] - Egg prices are affected by factors such as food factory inventory, cold - storage eggs, and seasonal demand, with spot price rebounds being slow and limited [16] - Apple production in the new season may not differ significantly from last year, and consumption is in the off - season with current stable prices, with focus on final production [17] - Pig prices are in a range - bound state, with potential pressure in September, and the market is affected by factors such as supply, demand, and policy expectations [17] Group 3: Summary by Catalog Corn/Starch - **Price Data**: From September 8 - 12, 2025, corn prices in different regions showed little change, with the base difference increasing by 5, and starch base difference increasing by 3 and processing profit remaining unchanged [2] - **Market Analysis**: In the short - term, new season corn is about to be listed, and demand is weakening, but the decline is limited due to low inventory. In the long - term, prices are expected to decline under the influence of increased production and reduced costs. Starch prices are expected to be reduced to clear inventory in the short - term and remain bearish in the long - term [3] Sugar - **Price Data**: From September 8 - 12, 2025, the spot price in Kunming increased by 5, the base difference increased by 16, and the number of warehouse receipts decreased by 140 [6] - **Market Analysis**: International sugar prices are under pressure due to Brazil's high - supply period. Domestic sugar prices follow the international trend, with imported sugar arriving and downward - adjusted processed sugar prices, facing upward pressure [6] Cotton/Cotton Yarn - **Price Data**: From September 8 - 12, 2025, the price of 3128 cotton remained unchanged, the number of warehouse receipts and forecasts decreased by 142, and the spot price of cotton yarn decreased by 10 [9] - **Market Analysis**: Cotton prices are in a range - bound state. If there are no major macro - risks, the April low may be the long - term bottom, and attention should be paid to demand changes [9] Eggs - **Price Data**: From September 8 - 12, 2025, egg prices in some regions increased, and the base difference decreased by 109 [16] - **Market Analysis**: Egg prices were affected by factors such as food factory inventory and cold - storage eggs. In September, prices rebounded due to seasonal demand, but the rebound was limited by high cold - storage egg inventory [16] Apples - **Price Data**: From September 8 - 12, 2025, the spot price of Shandong 80 first - and second - grade apples remained unchanged, and the national inventory decreased by 77,000 tons [17] - **Market Analysis**: Apple production in the new season may not differ significantly from last year. Consumption is in the off - season, and prices are currently stable. Attention should be paid to the final production situation [17] Pigs - **Price Data**: From September 8 - 12, 2025, pig prices in some regions showed small changes, and the base difference increased by 15 [17] - **Market Analysis**: Pig prices are in a range - bound state. There is potential pressure in September, and the market is affected by factors such as supply, demand, and policy expectations [17]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - **Corn**: In the short - term, new - season corn is about to be listed, causing a wait - and - see attitude in the market. Spot prices at ports are weakening, pulling down the futures prices. However, due to limited supply increase, there is no expectation of a sharp decline. In the long - term, prices are expected to decline under the background of increased production and lower costs, and may turn around when domestic consumption improves or farmers are reluctant to sell [2]. - **Starch**: In the short - term, starch prices fluctuate with raw material prices. High inventory and low downstream demand pressure prices. In the long - term, high inventory and expected lower raw material costs keep the outlook bearish [2]. - **Sugar**: Internationally, Brazil is in the peak crushing season, pressuring international sugar prices. Uncertainty in Brazil's sugar production remains. Domestically, following the international trend, with imported sugar arriving and lower processing sugar prices, there is pressure on the futures [2]. - **Cotton**: The market is in a consolidation phase, waiting for demand verification. Without major macro - risks, the April low may be the long - term bottom, and the downside is limited. Attention should be paid to demand changes [3]. - **Eggs**: Reduced mid - autumn festival stocking demand, high supply, and high cold - storage egg inventory suppress egg prices. Although there is a recent spot price rebound, it is still restricted, and the progress of culling laying hens is slowed [6]. - **Apples**: New - season apple production may not differ much from last year. Consumption is in the off - season, and seasonal fruits are squeezing the market share of apples. Attention should be paid to the final production after the bag - removing season [9]. - **Pigs**: The market is in a range - bound oscillation. There are policy expectations for a production capacity inflection point next year and seasonal support this year, but mid - term supply pressure remains due to insufficient production capacity reduction. Near - term contracts are adjusting for premium, and far - term contracts still have a slight premium expectation, waiting for spot price verification [9]. 3. Summary by Commodity Corn/Starch - **Price Data**: From September 5 - 11, corn prices in some regions were stable or slightly decreased, and starch prices also showed a downward trend. The basis, trade profit, and import profit of corn changed, and the processing profit of starch was negative [2]. - **Market Analysis**: Reserve corn auctions had a slight improvement in trading volume. New - season corn listing and market sentiment affected prices. Starch producers may sell at lower prices to clear inventory [2]. Sugar - **Price Data**: From September 5 - 11, spot prices in some regions were relatively stable, and the basis and import profit changed. The number of warehouse receipts decreased [2][13]. - **Market Analysis**: International supply pressure from Brazil and domestic imported sugar arrivals affected the market [2]. Cotton/Cotton Yarn - **Price Data**: From September 5 - 11, the price of 3128 cotton decreased. The import profit of Vietnamese yarn and the 32S spinning profit changed [3]. - **Market Analysis**: The market is waiting for demand to pick up [3]. Eggs - **Price Data**: From September 5 - 11, egg prices in some production areas were stable or increased slightly, and the basis increased. The prices of substitute products changed slightly [5]. - **Market Analysis**: Reduced stocking demand and high inventory affected prices, and the recent spot price rebound was restricted [6]. Apples - **Price Data**: From September 5 - 11, the spot prices of Shandong apples were stable, and the national inventory decreased. The basis of different contracts changed [8][9]. - **Market Analysis**: Production in different regions has different situations, and consumption is in the off - season [9]. Pigs - **Price Data**: From September 5 - 11, pig prices in some production areas decreased, and the basis decreased [9]. - **Market Analysis**: Policy expectations and seasonal factors co - exist with mid - term supply pressure [9].

Group 1: Report Overview - The report is an agricultural products morning report released by the research center's agricultural products team on September 5, 2025, covering corn/starch, sugar, cotton/cotton yarn, eggs, apples, and pigs [1] Group 2: Corn/Starch Price Data - From August 29 to September 4, 2025, the price in Changchun remained at 2230, the price in Jinzhou increased by 0, the price in Weifang decreased by 18, and the price in Shekou remained unchanged. The basis decreased by 17, the trade profit remained unchanged, and the import profit and loss increased by 17. For starch, the price in Heilongjiang remained at 2850, the price in Weifang remained at 2900, the basis decreased by 11, and the processing profit remained unchanged [2] Market Analysis - Corn: In the short - term, the market is expected to remain weak and volatile. The reserve's corn auction has a light trading volume. With limited supply increase, there is no expectation of a sharp decline. In the long - term, focus on the enthusiasm of selling grain in the producing areas after the new - season corn is on the market [3] - Starch: In the short - term, the price is affected by raw material price fluctuations, with high inventory and low downstream enthusiasm. In the long - term, high inventory and expected lower raw material costs keep the outlook bearish [3] Group 3: Sugar Price Data - From August 29 to September 4, 2025, the spot price in Liuzhou decreased by 10, in Nanning decreased by 20, and in Kunming decreased by 5. The basis increased by 19, the import profit from Thailand increased by 89, from Brazil increased by 89, and the number of warehouse receipts decreased by 30 [4] Market Analysis - Internationally, Brazil is in the peak crushing season, pressuring the price. In China, the price is under pressure due to imported sugar arrivals and lower processed sugar quotes [4] Group 4: Cotton/Cotton Yarn Price Data - From August 29 to September 4, 2025, the price of 3128 cotton remained unchanged, the import profit and the number of warehouse receipts + forecasts decreased by 167, the price of Vietnamese yarn remained at 2.51, the spot price remained at 20890, the import profit of Vietnamese yarn increased by 3, and the 32S spinning profit remained unchanged [7] Market Analysis - Cotton has entered a consolidation phase, waiting for demand verification. Without major macro - risks, the April low may be the long - term bottom, and the downside is limited. Pay attention to demand changes [7] Group 5: Eggs Price Data - From August 29 to September 4, 2025, the price in Hebei and Liaoning remained unchanged, in Shandong increased by 0.15, in Henan increased by 0.10, and in Hubei increased by 0.11. The basis increased by 112, the price of white - feather broilers remained unchanged, yellow - feather broilers remained unchanged, and the price of pigs decreased by 0.19 [14] Market Analysis - High temperatures in mid - July reduced egg production, and post - plum - rain replenishment drove up prices. However, weakening and delayed Mid - Autumn Festival stocking demand led to a price decline in early August. Pay attention to the chicken culling rhythm and cold - storage egg release [14] Group 6: Apples Price Data - From August 29 to September 4, 2025, the price of Shandong 80 first - and second - grade apples remained at 7300.00. The 1 - month basis decreased by 5.00, the 5 - month basis decreased by 4.00, and the 10 - month basis decreased by 47.00 [15][16] Market Analysis - New - season apples are in the growth stage. The yield in the west may increase, but there is a 20% expected reduction in Shandong. Consumption is in the off - season, with low inventory and slow de - stocking. Pay attention to the final production [16] Group 7: Pigs Price Data - From August 29 to September 4, 2025, the price in Henan Kaifeng remained unchanged, in Hubei Xiangyang decreased by 0.15, in Shandong Linyi decreased by 0.05, in Anhui Hefei decreased by 0.10, in Jiangsu Nantong decreased by 0.05, and the basis increased by 185.00 [16] Market Analysis - The market is range - bound. There are policy expectations for a production inflection point next year and seasonal support this year, but mid - term supply pressure remains. Pay attention to the slaughter rhythm, diseases, and policies [16]