Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - Corn prices will continue to fluctuate with an upper limit and lower support in the short - term, and are expected to decline under pressure in the long - term [2] - Starch prices are expected to continue to fluctuate weakly in the short - term and remain bearish in the long - term [3] - International sugar prices are under pressure, and domestic sugar prices face upward pressure on the futures market [5] - Cotton prices have limited downward space and are in a wait - and - see state for demand verification [8] - Egg prices may trigger more old - hen culling if the rebound in late August is less than expected [13] - Apple production in the new season may not differ much from last year, and consumption is in a off - season [16] - Pig prices have short - term weak fluctuations, and the medium - term supply is still under pressure, while the long - term has policy - related support [16] Group 3: Corn/Starch Price Data - From August 15 - 21, 2025, the price in Jinzhou remained at 2210, in Weifang it decreased by 8 to 2446, and in Shekou it remained at 2380. The basis increased by 4 to 44, and the trade profit changed by - 5 and import profit changed by 2 [2] Market Analysis - In the short - term, corn prices will continue to fluctuate. In the long - term, prices are expected to decline under pressure until consumption improves or there is a reluctance to sell in the production areas [2] - Starch prices will continue to fluctuate weakly in the short - term and remain bearish in the long - term due to high inventory and expected lower raw material costs [3] Group 4: Sugar Price Data - From August 15 - 21, 2025, the spot prices in Liuzhou, Nanning, and Kunming remained unchanged. The basis decreased by 12 to 342, the import profit increased by 61, and the number of warehouse receipts decreased by 493 to 15752 [5] Market Analysis - International sugar prices are under pressure due to Brazil's peak crushing season. Domestic sugar prices are affected by large - scale point - pricing of processing sugar mills and upcoming large - scale imports [5] Group 5: Cotton/Cotton Yarn Price Data - From August 15 - 21, 2025, the price of 3128 cotton decreased by 5 to 15025, the import profit had no available data for change, and the sum of warehouse receipts and forecasts decreased by 181 to 7523. The import profit of Vietnamese yarn increased by 23 to 466, and the 32S spinning profit increased by 5 to - 876 [8] Market Analysis - Cotton prices have limited downward space, and attention should be paid to demand - side changes [8] Group 6: Eggs Price Data - From August 15 - 21, 2025, the price in Hebei remained at 3.31, in Henan decreased by 0.05 to 3.05, and in Hubei decreased by 0.11 to 3.11. The basis decreased by 40 to 320 [12] Market Analysis - Egg prices rebounded from a low level in July but declined in early August due to insufficient demand. Attention should be paid to the rhythm of chicken culling and cold - storage egg release [13] Group 7: Apples Price Data - From August 15 - 21, 2025, the price of Shandong 80 first - and second - grade apples remained at 7300. The basis for January decreased by 24 to - 704, for May decreased by 14 to - 692, and for October decreased by 85 to - 803 [15][16] Market Analysis - Apple production in the new season may not differ much from last year. Consumption is in an off - season, and the market share is occupied by seasonal fruits [16] Group 8: Pigs Price Data - From August 15 - 21, 2025, the price in Henan Kaifeng decreased by 0.10 to 13.73, in Hubei Xiangyang increased by 0.10 to 14.05, in Shandong Linyi decreased by 0.10 to 13.87, in Anhui Hefei decreased by 0.05 to 14.10, and in Jiangsu Nantong decreased by 0.20 to 14.05. The basis decreased by 90 to - 35 [16] Market Analysis - Pig prices have short - term weak fluctuations, with medium - term supply pressure and long - term policy - related support. Attention should be paid to the slaughter rhythm, weather, and policies [16]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Corn prices will continue to oscillate with an upper limit and a lower support in the short - term, and are expected to decline under pressure in the long - term. Starch prices are expected to oscillate weakly in the short - term and remain bearish in the long - term [3] - The international sugar price is under pressure. The domestic sugar price has limited upward movement due to the approaching arrival of imported sugar. [5][6] - Cotton prices have entered an oscillatory phase, and their downward space is limited. Attention should be paid to changes in the demand side. [9] - Egg prices may trigger more old chicken culling if the rebound in late August is less than expected. [14] - Apple production in the new season is expected to be similar to last year. Consumption is in the off - season, and the inventory is at a five - year low. [22] - Pig prices are under medium - term supply pressure, with long - term policy - related expectations. Short - term spot prices are weakly oscillating. [22] Group 3: Summary by Product Corn and Starch - **Price Data**: From August 14 to 20, the price in Changchun remained unchanged, while prices in other regions showed various changes. The basis, trade profit, and other indicators also changed. For starch, the processing profit increased by 3 [2] - **Market Analysis**: This week, 395,000 tons of imported corn were auctioned, with 67,000 tons sold. In the short - term, corn prices will oscillate. In the long - term, they may decline. Starch prices are expected to oscillate weakly in the short - term and remain bearish in the long - term [3] Sugar - **Price Data**: From August 14 to 20, the spot prices in Liuzhou and Nanning decreased by 10, the basis decreased by 25, and the import profit decreased by 81. The number of warehouse receipts decreased by 242 [5] - **Market Analysis**: The international sugar price is under pressure due to Brazil's high - pressure supply. The domestic sugar price has limited upward movement due to the approaching arrival of imported sugar [5][6] Cotton and Cotton Yarn - **Price Data**: From August 14 to 20, the price of 3128 cotton decreased by 45, and the number of warehouse receipts + forecasts decreased by 141. The 32S spinning profit increased by 47 [9] - **Market Analysis**: Cotton prices have entered an oscillatory phase. If there are no major macro - risk events, the downward space is limited. Attention should be paid to the demand side [9] Eggs - **Price Data**: From August 14 to 20, the price in Hubei decreased by 0.09, the basis decreased by 30, the price of yellow - feather broilers decreased by 0.10, and the price of pigs decreased by 0.17 [14] - **Market Analysis**: Egg prices rebounded rapidly in July but declined in early August due to supply and demand factors. If the rebound in late August is less than expected, more old chickens may be culled [14] Apples - **Price Data**: From August 14 to 20, the price of Shandong 80 first - and second - grade apples remained unchanged, and the national inventory increased by 57,000 tons [21][22] - **Market Analysis**: The new - season apples are in the growth stage. The national production is expected to be similar to last year. Consumption is in the off - season, and the inventory is at a five - year low [22] Pigs - **Price Data**: From August 14 to 20, the price in Hubei Xiangyang increased by 0.15, and the basis increased by 125 [22] - **Market Analysis**: Pig prices are under medium - term supply pressure, with long - term policy - related expectations. Short - term spot prices are weakly oscillating [22]

Report Overview - The report is an agricultural products morning report released by the research center's agricultural products team on August 20, 2025, covering corn, starch, sugar, cotton, eggs, apples, and pigs [1][2] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - Corn prices will continue to fluctuate with an upper limit and a lower support in the short term, and are expected to decline under pressure in the medium to long term [3] - Starch prices are expected to continue to fluctuate weakly in the short term and remain bearish in the medium to long term [3] - Sugar prices are under pressure in the international market, and the domestic market is expected to face upward pressure on the futures price [6] - Cotton prices have limited downside space, and attention should be paid to changes in the demand side [9] - Egg prices may trigger more old chicken eliminations if the rebound in late August is less than expected [13] - Apple prices are expected to remain stable in the short term, and attention should be paid to the situation after bag removal [15] - Pig prices are expected to be weakly volatile in the short term, and attention should be paid to the slaughter rhythm, weather, and policies [15] Summary by Commodity Corn/Starch - **Price Data**: From August 13 - 19, 2025, corn prices in some regions remained stable, with a 7 - point increase in the basis, and a 1 - point decrease in import profit. Starch prices were stable, with a 31 - point increase in the basis and a 3 - point increase in processing profit [2] - **Market Analysis**: In the short term, corn prices will continue to fluctuate, and starch prices will continue to be weakly volatile. In the medium to long term, corn prices are expected to decline under pressure, and starch prices remain bearish [3] Sugar - **Price Data**: From August 13 - 19, 2025, sugar spot prices in some regions remained stable, with an 11 - point increase in the basis, a 16 - point decrease in import profit, and a 445 - point decrease in warehouse receipts [6] - **Market Analysis**: The international sugar market is under pressure due to the peak crushing season in Brazil. The domestic market is expected to face upward pressure on the futures price due to the large - scale arrival of imported sugar [6] Cotton - **Price Data**: From August 13 - 19, 2025, the price of 3128 cotton decreased by 5 points, the import profit of Vietnamese yarn increased by 19 points, and the 32S spinning profit increased by 106 points [9] - **Market Analysis**: Cotton prices have entered a consolidation phase, and if there are no major macro - risk events, the downside space is limited. Attention should be paid to changes in the demand side [9] Eggs - **Price Data**: From August 13 - 19, 2025, egg prices in some regions remained stable, the basis decreased by 30 points, and the price of live pigs increased by 0.01 points [13] - **Market Analysis**: Egg prices rebounded rapidly from the low level in July but declined in early August due to supply and demand factors. If the price rebound in late August is less than expected, more old chickens may be eliminated [13] Apples - **Price Data**: From August 13 - 19, 2025, the price of Shandong 80 first - and second - grade apples remained stable, the national inventory increased by 77,000 tons, and the basis for different contracts changed [14][15] - **Market Analysis**: The new - season apple production is expected to be similar to last year. The consumption is in the off - season, and the inventory is at the lowest level in the past five years. Attention should be paid to the situation after bag removal [15] Pigs - **Price Data**: From August 13 - 19, 2025, pig prices in some regions increased by 0.10 points, and the basis increased by 20 points [15] - **Market Analysis**: Pig prices are expected to be weakly volatile in the short term due to insufficient capacity reduction and supply pressure. Attention should be paid to the slaughter rhythm, weather, and policies [15]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Views - Corn: In the short - term, corn prices will continue to fluctuate with an upper limit and a lower support. In the long - term, prices are expected to decline under pressure until domestic consumption improves or there is a reluctance to sell in production areas [3]. - Starch: In the short - term, the starch market will continue to fluctuate weakly. In the long - term, a bearish view on starch prices is maintained [3]. - Sugar: Internationally, Brazilian sugar production has uncertainties. Domestically, Zheng sugar follows the trend of raw sugar, and there is significant upward pressure on the futures price due to the upcoming arrival of a large amount of imported sugar [6]. - Cotton: It has entered a consolidation phase, waiting for demand verification. If there are no major macro - risks, the price decline is limited, and attention should be paid to changes in demand [9]. - Eggs: Due to supply - demand imbalance, egg prices declined in early August. Attention should be paid to the pace of old hen culling and the release of cold - stored eggs [12]. - Apples: The new - season apple production is expected to be similar to last year. The current consumption is in the off - season, and attention should be paid to the situation after bag removal [14]. - Pigs: There is still medium - term supply pressure, and futures prices are at a premium. Short - term spot prices are weakly fluctuating, and attention should be paid to factors such as the pace of slaughter, weather, and policies [14]. 3. Summary by Commodity Corn/Starch - **Price Data**: From August 12 - 18, the price in Changchun remained unchanged, while in Jinzhou it decreased by 10 yuan/ton, and in Weifang it increased by 40 yuan/ton. For starch, the prices in Heilongjiang and Weifang remained unchanged [2]. - **Market Analysis**: In the short - term, corn prices will fluctuate, and starch prices will be weakly fluctuating. In the long - term, corn prices are expected to decline, and a bearish view on starch prices is maintained [3]. Sugar - **Price Data**: From August 12 - 18, the spot prices in Liuzhou and Nanning remained unchanged, while in Kunming it decreased by 5 yuan/ton. The import profit increased, and the number of warehouse receipts decreased by 172 [6]. - **Market Analysis**: Internationally, Brazilian sugar production has uncertainties. Domestically, there is significant upward pressure on the futures price due to the upcoming arrival of a large amount of imported sugar [6]. Cotton/Cotton Yarn - **Price Data**: From August 12 - 18, the price of 3128 cotton remained unchanged, and the price of imported M - grade US cotton decreased slightly. The spot price of Vietnamese yarn increased by 50 yuan/ton [9]. - **Market Analysis**: Cotton has entered a consolidation phase, waiting for demand verification. If there are no major macro - risks, the price decline is limited [9]. Eggs - **Price Data**: From August 12 - 18, egg prices in various production areas increased, with the largest increase of 0.22 yuan in Hebei and Liaoning. The basis decreased by 30 [12]. - **Market Analysis**: Due to supply - demand imbalance, egg prices declined in early August. Attention should be paid to the pace of old hen culling and the release of cold - stored eggs [12]. Apples - **Price Data**: From August 12 - 18, the price of Shandong 80 first - and second - grade apples remained unchanged, and the national apple inventory decreased by 76,000 tons [13][14]. - **Market Analysis**: The new - season apple production is expected to be similar to last year. The current consumption is in the off - season, and attention should be paid to the situation after bag removal [14]. Pigs - **Price Data**: From August 12 - 18, pig prices in various production areas decreased slightly, and the basis increased by 25 [14]. - **Market Analysis**: There is still medium - term supply pressure, and futures prices are at a premium. Short - term spot prices are weakly fluctuating, and attention should be paid to factors such as the pace of slaughter, weather, and policies [14].

Group 1: Report Summary - The report provides market data and analysis for various agricultural products including corn, starch, sugar, cotton, eggs, apples, and pigs on August 18, 2025 [2][3] Group 2: Corn and Starch Market Data - This week, 395,000 tons of imported corn were auctioned, with 67,000 tons sold, and the trading situation became sluggish. The price of starch was slightly reduced, and enterprises were still operating at a loss [3] Market Analysis - Short - term: Corn prices will continue to fluctuate within a certain range. Starch prices will follow the raw material price fluctuations and are expected to continue to fluctuate weakly [3] - Long - term: Corn prices are expected to decline under pressure, and the starch price outlook remains bearish [3] Group 3: Sugar Market Data - From August 11 - 15, the spot prices in Liuzhou, Nanning, and Kunming remained mostly stable, the basis decreased by 5, and the import profit increased [6] Market Analysis - Internationally, the sugar price is under pressure due to the peak crushing season in Brazil. Domestically, the Zhengzhou sugar futures price has a smaller fluctuation range, and the futures price faces upward pressure [6] Group 4: Cotton Market Data - From August 11 - 15, the price of 3128 cotton increased by 30, the import profit of M - grade US cotton was relatively stable, and the number of warehouse receipts and forecasts decreased by 117 [9] Market Analysis - The cotton market has entered a consolidation phase. If there are no major macro - risks, the low in April can be regarded as the long - term bottom, and the downside space is limited. Attention should be paid to changes in demand [9] Group 5: Eggs Market Data - From August 11 - 15, the egg prices in Hebei and Liaoning remained stable, while those in Shandong and Henan increased by 0.1. The basis increased by 50 [14] Market Analysis - In July, the egg price rebounded rapidly due to supply and demand factors. In early August, due to sufficient inventory in food factories and weak demand, the egg price declined. Attention should be paid to the chicken culling rhythm and cold - storage egg release [14] Group 6: Apples Market Data - From August 11 - 15, the price of Shandong 80 first - and second - grade apples remained at 7800 on August 11 - 13 and then dropped to 7300 on August 14 - 15. The national inventory decreased by 44 [15][16] Market Analysis - The new - season apples are in the growth stage. The yield in the western region may increase, while that in Shandong is expected to decrease by about 20%. The current - season apple consumption is in the off - season, and the inventory is at a five - year low [16] Group 7: Pigs Market Data - From August 11 - 15, the pig prices in different regions showed slight fluctuations, and the basis decreased by 95 [16] Market Analysis - The reduction of pig production capacity is insufficient, and there is still medium - term supply pressure. The futures price has a premium. The short - term spot price will fluctuate weakly, and attention should be paid to factors such as the slaughter rhythm, weather, and policies [16]

Group 1: Report Overview - Report date: August 14, 2025 [2] - Report author: Research Center's Agricultural Products Team [2] Group 2: Corn/Starch Data Summary - Corn prices in Changchun, Jinzhou, and Shekou remained stable, while prices in Weifang decreased by 6 yuan. The basis decreased by 19 yuan, trade profit decreased by 5 yuan, and import profit increased by 41 yuan [3]. - Starch prices in Heilongjiang and Weifang remained stable, the basis decreased by 6 yuan, and processing profit increased by 10 yuan [3]. Core Views - Corn: In the short term, the market atmosphere has eased due to reserve auctions, and new - season corn is about to be listed, leading to a slight increase in market circulation and a slight decline in prices. In the long term, if the import profit space persists, it may increase forward import orders, and the supply increase after the new - season corn is listed may put downward pressure on prices [4]. - Starch: In the short term, starch prices fluctuate with raw material prices, and the inventory remains high, so the market is expected to continue to fluctuate weakly. In the long term, high inventory and expected lower raw material costs lead to a bearish outlook [4]. Group 3: Sugar Data Summary - The spot prices in Liuzhou, Nanning, and Kunming increased by 20 yuan, 10 yuan, and 40 yuan respectively. The basis decreased by 29 yuan, and the import profit increased by 50 yuan. The number of warehouse receipts decreased by 324 [7]. Core Views - Internationally, Brazil is in the peak crushing season, but due to lower - than - expected yields, there may be a corrective rebound in raw sugar prices. Domestically, Zhengzhou sugar follows raw sugar, and the large - scale arrival of imported sugar will put pressure on the market [7]. Group 4: Cotton/Cotton Yarn Data Summary - The price of 3128 cotton increased by 100 yuan, and the number of warehouse receipts + forecasts decreased by 82. The price of Vietnamese yarn increased by 50 yuan, and the import profit increased by 58 yuan. The 32S spinning profit decreased by 55 yuan [8]. Core Views - Cotton has entered a consolidation phase. If there are no major macro - risks, the low in April can be regarded as the long - term bottom, and the downside space is limited. Attention should be paid to changes in demand [8]. Group 5: Eggs Data Summary - Egg prices in Hubei increased by 0.03 yuan, and the basis increased by 10 yuan. The price of white - feather broilers decreased by 0.05 yuan, the price of yellow - feather broilers increased by 0.10 yuan, and the price of pigs decreased by 0.01 yuan [9]. Core Views - Egg prices rebounded in mid - July due to supply and demand factors, then corrected. From mid - August, demand is expected to pick up, but high inventory may limit the rebound height. Attention should be paid to disease risks and vegetable price fluctuations [9]. Group 6: Apples Data Summary - The spot price of Shandong 80 first - and second - grade apples remained stable, and the national inventory decreased by 17,000 tons, with Shandong and Shaanxi inventories decreasing by 20,000 tons. The 1 - month basis decreased by 17 yuan, the 5 - month basis decreased by 20 yuan [10][11]. Core Views - The new - season apples are in the growth stage. The national output is expected to be similar to last year. Consumption is in the off - season, and the inventory is the lowest in the past five years. The spot price is stable, and attention should be paid to the situation after bag removal [11]. Group 7: Pigs Data Summary - Pig prices in Henan Kaifeng, Hubei Xiangyang, and Anhui Hefei increased by 0.05 yuan, 0.05 yuan, and 0.15 yuan respectively. The basis increased by 235 yuan [11]. Core Views - The spot price rebounded over the weekend due to reduced supply in some areas, but demand has not improved significantly. There is still medium - term supply pressure, but there are also policy expectations in the long term. The futures market is driven by sentiment, and attention should be paid to factors such as the slaughter rhythm, weather, and policies [11].

Report Industry Investment Rating - Not provided Core Viewpoints - For corn, in the short term, with continuous reserve auctions and upcoming new - season corn, the market is in a state of slight decline but with limited downside space. In the long - term, potential import increases and new - season supply increments may impact prices [3]. - For starch, it is expected to continue its weak and volatile trend in the short term and remains bearish in the long term due to high inventory and expected lower raw material costs [3]. - For sugar, the international market has potential for a rebound, while the domestic market faces pressure from upcoming large - scale imports [6]. - For cotton, it has entered a volatile phase, and its downside space is limited if there are no major macro - risks, with focus on demand changes [7]. - For eggs, prices may rise again with upcoming festival demands, but high inventory may limit the upside [7]. - For apples, the new - season production is expected to be similar to last year, and the current consumption is in a slow season [10]. - For pigs, the short - term spot market is weakly volatile, with mid - term supply pressure and long - term policy expectations [10]. Summary by Commodity Corn and Starch - **Price Data**: From 2025/08/06 - 2025/08/12, corn prices in some regions showed minor changes, with a 6 - yuan decrease in the price in潍坊. Starch prices remained stable in some regions, and the base difference decreased by 3 [2]. - **Market Analysis**: In the short term, reserve auctions and upcoming new - season corn led to a slight weakening of corn prices, but the downside is limited. Starch prices are affected by raw materials, with high inventory and expected to be weakly volatile. In the long term, potential import increases and lower new - season costs may impact prices [3]. Sugar - **Price Data**: From 2025/08/06 - 2025/08/12, sugar prices in some regions decreased, and the base difference decreased by 35. The import profit from Thailand decreased by 125, and the number of warehouse receipts decreased by 387 [6]. - **Market Analysis**: The international sugar market may rebound due to uncertain Brazilian production. The domestic market faces pressure from upcoming imports with a price range of 5750 - 5900 yuan/ton [6]. Cotton and Cotton Yarn - **Price Data**: From 2025/08/06 - 2025/08/12, the price of 3128 cotton increased by 50, and the number of warehouse receipts + forecasts decreased by 85. The import profit of Vietnamese yarn increased by 6, and the 32S spinning profit decreased by 52 [7]. - **Market Analysis**: Cotton has entered a volatile phase, and its downside space is limited if there are no major macro - risks. Attention should be paid to demand changes [7]. Eggs - **Price Data**: From 2025/08/06 - 2025/08/12, egg prices in some regions remained stable, and the base difference decreased by 2 [7]. - **Market Analysis**: Egg prices rebounded due to supply - demand resonance in July, then回调. With upcoming festival demands, prices may rise again, but high inventory may limit the upside [7]. Apples - **Price Data**: From 2025/08/06 - 2025/08/12, the price of Shandong 80 first - and second - grade apples remained at 7800 yuan [9]. - **Market Analysis**: The new - season apple production is expected to be similar to last year, and the current consumption is in a slow season with low inventory and slow de - stocking [10]. Pigs - **Price Data**: From 2025/08/06 - 2025/08/12, pig prices in some regions showed minor changes, and the base difference decreased by 90 [10]. - **Market Analysis**: The short - term spot market is weakly volatile, with mid - term supply pressure and long - term policy expectations [10].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Corn: In the short - term, with reserve auctions and new - season corn approaching, the market supply increases slightly and prices weaken, but the downside is limited. In the long - term, potential import growth and new - season supply increase may pressure prices [3]. - Starch: In the short - term, it follows raw material price fluctuations, with high inventory and is expected to be weak. In the long - term, high inventory and lower raw material costs lead to a bearish outlook [3]. - Sugar: Internationally, Brazilian supply pressure affects prices, but there may be a rebound. Domestically, large imports will put pressure on the market [6]. - Cotton: It is in a consolidation phase, and if there are no major macro - risks, the downside is limited. Attention should be paid to demand changes [7]. - Eggs: After a price rebound and correction, demand may pick up in mid - August, but high inventory may limit the upside [9]. - Apples: New - season production may be similar to last year. Consumption is in the off - season, and prices are stable [12]. - Pigs: Spot prices rebounded slightly, but demand is not improved. There is medium - term supply pressure, and futures need spot verification [12]. 3. Summary by Commodity Corn/Starch - **Price Data**: From August 5 - 11, corn prices in some regions changed slightly, with a maximum decrease of 8 yuan/ton in Weifang. Starch processing profit increased by 22 yuan [2]. - **Market Analysis**: Reserve auctions and new - season corn impact the corn market. Starch is affected by raw material prices and high inventory [3]. Sugar - **Price Data**: From August 5 - 11, sugar prices in major regions decreased, and import profit decreased significantly, with a maximum reduction of 77 yuan [6]. - **Market Analysis**: Brazilian supply and domestic imports influence the sugar market [6]. Cotton - **Price Data**: From August 5 - 11, the price of 3128 cotton increased by 40 yuan, and the number of warehouse receipts + forecasts decreased by 128 [7]. - **Market Analysis**: Cotton is in a waiting phase for demand verification, and the downside is limited under certain conditions [7]. Eggs - **Price Data**: From August 5 - 11, egg prices in major production areas increased, with a maximum increase of 0.22 yuan. The basis increased by 141 [8]. - **Market Analysis**: Egg prices rebounded due to supply - demand factors, then corrected, and may rise again with upcoming festivals, but high inventory is a constraint [9]. Apples - **Price Data**: From August 5 - 11, the price of Shandong 80 first - and second - grade apples remained stable, and the basis for different contracts changed significantly [11][12]. - **Market Analysis**: New - season apples are in the growth stage, and consumption is in the off - season [12]. Pigs - **Price Data**: From August 5 - 11, pig prices in some regions were stable or changed slightly, and the basis increased by 40 [12]. - **Market Analysis**: Spot prices rebounded slightly, but demand is weak. There is medium - term supply pressure and policy expectations [12].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views of the Report - **Corn**: In the short - term, with reserve auctions and new - season corn approaching, the market is slightly oversupplied and prices may weaken, but the downside is limited. In the long - term, import orders may increase, and new - season supply growth may pressure prices [3]. - **Starch**: In the short - term, it will continue to oscillate weakly due to high inventories and raw material price fluctuations. In the long - term, high inventories and expected lower raw material costs keep the outlook bearish [3]. - **Sugar**: Internationally, Brazilian supply pressure weighs on prices, but there may be a rebound. Domestically, with a large amount of imported sugar arriving, the futures price faces upward pressure [6]. - **Cotton**: It has entered an oscillating phase, and without major macro - risks, the price downside is limited. Attention should be paid to demand changes [9]. - **Eggs**: Egg prices rebounded due to supply - demand resonance, then回调. From mid - August, demand may drive prices up again, but high inventory may limit the increase [10]. - **Apples**: The new - season output may be similar to last year. Consumption is in the off - season, and the inventory is at a five - year low, with recent price stability [13]. - **Pigs**: The short - term spot price is weakly oscillating. There is still supply pressure in the medium - term, but there are policy expectations in the long - term. Futures prices need spot verification [13]. 3. Summary by Related Catalogs Corn/Starch - **Price Changes**: From August 4 - 8, corn prices in some regions decreased slightly, and starch prices had no significant change. The corn basis increased by 12, and the starch processing profit increased by 1 [2]. - **Market Analysis**: Reserve auctions eased the market atmosphere, and new - season corn is approaching. Starch inventories are high, and production is still loss - making [3]. Sugar - **Price Changes**: From August 4 - 8, spot prices in some regions decreased, the basis increased by 74, and the import profit decreased by 89. The number of warehouse receipts decreased by 70 [6]. - **Market Analysis**: Brazilian supply pressure affects international prices, and a large amount of imported sugar will arrive in China, pressuring the futures price [6]. Cotton/Cotton Yarn - **Price Changes**: From August 4 - 8, the cotton price decreased by 30, and the number of warehouse receipts + forecasts decreased by 95. The 32S spinning profit increased by 31 [9]. - **Market Analysis**: Cotton has entered an oscillating phase, and the price downside is limited without major macro - risks [9]. Eggs - **Price Changes**: From August 4 - 8, the egg price in some regions was stable, the basis decreased by 39, and the price of some substitutes was stable [10]. - **Market Analysis**: Egg prices rebounded and then回调. From mid - August, demand may drive prices up, but high inventory may limit the increase [10]. Apples - **Price Changes**: From August 4 - 8, the apple spot price was stable, and the basis decreased significantly [12][13]. - **Market Analysis**: The new - season output may be similar to last year. Consumption is in the off - season, and the inventory is at a five - year low, with recent price stability [13]. Pigs - **Price Changes**: From August 4 - 8, the pig price in some regions decreased, and the basis decreased by 180 [13]. - **Market Analysis**: The short - term spot price is weakly oscillating. There is still supply pressure in the medium - term, but there are policy expectations in the long - term. Futures prices need spot verification [13].

Group 1: Report Overview - The report is an agricultural product morning report released by the research center's agricultural product team on August 5, 2025 [1] Group 2: Corn and Starch Price Data - From July 29 to August 4, 2025, the price of corn in Changchun remained at 2230 (except for August 4 with no data), and in Jinzhou it was stable at 2290; the price in Weifang was stable at 2458, and in Shekou it decreased by 10 to 2410 - The basis of corn increased by 13 to 6, the trade profit decreased by 10, and the import profit increased by 39 to 376 - The price of starch in Heilongjiang and Weifang remained at 2900 and 2980 respectively; the basis increased by 4 to 191, and the processing profit remained at -71 [2] Market Analysis - For corn, the continuous auction of reserve imported corn this week had a transaction rate of 27% and 31%. The import auction aims to relieve supply tension, not to suppress domestic prices. With a low transaction rate, the increase in market supply is limited. Currently, supply mainly relies on old - crop inventory and wheat substitution. In the short term, with a tight balance sheet in the old - crop season, port corn inventory continued to decline, and the current price has strong support. In the long - term, if the import profit space persists, it may increase forward import orders. Also, the planting cost of new - season corn has decreased compared to the old crop, and the increase in supply after the large - scale listing of new grain may put downward pressure on new - season corn prices - For starch, this week, starch quotes showed differentiation, with prices in the Northeast decreasing and those in Shandong increasing. The transaction situation improved slightly, and inventory remained at a high level. In the short term, starch prices fluctuate with raw material prices, and deep - processing is still in a loss situation. After a round of correction, the downside support is relatively strong, and it is expected to have a weak rebound in the short term. In the long - term, high finished - product starch inventory restricts the enterprise's price - adjustment space, and with the expected decline in new - season raw material costs, a bearish view on starch prices is maintained [3] Group 3: Sugar Price Data - From July 29 to August 4, 2025, the spot price of sugar in Liuzhou increased by 50 to 6080, in Nanning remained unchanged at 6030, and in Kunming decreased by 15 to 5865 - The basis in Liuzhou increased by 65 to 362, the import profit from Thailand increased by 39 to 334, and from Brazil increased by 39 to 517. The number of warehouse receipts decreased by 70 to 19373 [6] Market Analysis - Internationally, Brazil is in the peak crushing season, and supply pressure is weighing on international sugar prices. The market has already priced in the expected increase in production due to a high sugar - making ratio. As of now, due to continuously low yield per unit and sugar extraction rate year - on - year, the uncertainty of Brazil's later - stage production has increased, and there may be a corrective rebound in raw sugar. It is necessary to continuously monitor the weather conditions in the producing areas and the bi - weekly report data - Domestically, the market generally follows raw sugar, but due to large - scale price fixing by processing sugar mills, the fluctuation range of Zhengzhou sugar is smaller than that of raw sugar. A large amount of imported sugar is about to arrive at ports, and the corresponding out - of - quota import cost is in the range of 5750 - 5900 yuan/ton, putting significant pressure on the upper side of the futures market [6] Group 4: Cotton and Cotton Yarn Price Data - From July 29 to August 4, 2025, the price of 3128 cotton decreased by 60 to 14845, and the import profit of imported M - grade US cotton decreased - The number of warehouse receipts + forecasts decreased by 123 to 9032 - The price of Vietnamese yarn remained at 2.49, the spot price of Vietnamese yarn decreased by 50 to 20650, the import profit of Vietnamese yarn decreased by 13 to 265, and the 32S spinning profit decreased by 113 to -937 [7] Market Analysis - For cotton, as the commodity market sentiment weakened, the long - position liquidation in the 09 contract led to a strong backwardation market. However, with the 9 - 1 spread reaching -200 and still far from delivery, it is advisable to reduce positions and take profits. In the future, the market will test the recovery of downstream demand, and if it performs well, it is expected to be reflected in mid - to late August [7] Group 5: Eggs Price Data - From July 29 to August 4, 2025, the egg prices in Hebei decreased by 0.17 to 2.87, in Liaoning decreased by 0.18 to 2.80, in Shandong decreased by 0.15 to 2.80, in Henan decreased by 0.10 to 2.85, and in Hubei decreased by 0.27 to 3.33 - The basis decreased by 54 to 175 - The price of white - feather broilers increased by 0.05 to 3.45, the price of yellow - feather broilers increased by 0.05 to 3.95, and the price of live pigs decreased by 0.27 to 20.33 [9] Market Analysis - In mid - July, high temperatures led to a decline in the egg - laying rate of laying hens, and after the plum - rain season, the concentrated replenishment demand at all levels drove the egg price to rebound rapidly from a low level. Later, due to the release of some cold - storage eggs and unfavorable weather for storage and transportation, the market sales slowed down, and the egg price corrected. It is expected that starting from mid - August, the stocking for the Mid - Autumn Festival, National Day, and school openings will gradually start, and the recovery in demand may drive the spot price up again. However, the early rebound in the spot price in mid - June delayed the process of capacity reduction, and high inventory and cold - storage egg inventory may limit the height of the subsequent seasonal rebound. In addition, attention should be paid to potential factors such as disease risks and vegetable price fluctuations that may affect the egg price [10] Group 6: Apples Price Data - From July 29 to August 4, 2025, the spot price of Shandong 80 first - and second - grade apples remained at 7800 - The national apple inventory decreased by 59, Shandong inventory decreased by 38, and Shaanxi inventory decreased by 68 - The 1 - month basis decreased to 56, the 5 - month basis decreased to -38, and the 10 - month basis decreased to -26 [12][13] Market Analysis - In the new - crop season, apple bagging in various producing areas has ended, and the apples are in the growth stage, waiting for bag removal. In the western region, the previous gale weather led to uneven fruit setting. Although the yield per unit is expected to increase compared to last year, the phenomenon of tree felling in recent years is relatively serious. In the Shandong producing area, the output in this season is expected to decrease by about 20%. Nationally, the output in the new - crop season will not differ much from last year, and subsequent situations need to be continuously monitored. On the consumption side, the apple consumption in the 2024/25 season has entered the off - season, and the apparent inventory is the lowest in the past five years. The inventory reduction in the main producing areas has slowed down recently. In terms of spot prices, the price has been stable recently, and seasonal fruits have occupied the market share of apples. Attention should be paid to the situation after bag removal [13] Group 7: Live Pigs Price Data - From July 29 to August 4, 2025, the price of live pigs in Henan Kaifeng decreased by 0.30 to 14.08, in Hubei Xiangyang decreased by 0.30 to 14.05, in Shandong Linyi decreased by 0.35 to 14.02, in Anhui Hefei decreased by 0.45 to 14.25, and in Jiangsu Nantong decreased by 0.50 to 14.30 - The basis decreased by 185 to 140 [13] Market Analysis - The reduction of live - pig production capacity is insufficient, and long - term supply pressure still exists. The futures market has frequently seen emotional rallies, trading on the expected seasonal rebound of the spot market and macro - and micro - policy expectations, which still need to be verified by the spot market. After the recent cooling of macro - sentiment, the market is trading on weak reality. In the short term, the spot market is in a weak and volatile game. There is pressure on live - pig slaughter in August, but there are also supporting factors in the later seasonal period. Continuous attention should be paid to factors such as the slaughter rhythm, weather, and policies [13]