Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The U.S. biodiesel policy draft exceeding expectations, the limited production increase potential of Southeast Asian palm oil, the low inventories of vegetable oils in India and Southeast Asian producing areas, and the expectation of Indonesia's B50 policy support the central price of oils and fats [11]. - Oils and fats are currently in a state of balanced or slightly loose actual supply - demand, with a tight expectation. They are expected to fluctuate strongly in the medium - term before the inventories in consuming and producing areas are fully accumulated and the negative feedback of demand in consuming areas appears [11]. - Given the current high valuation, it is advisable to observe high - frequency data and mainly adopt the strategy of buying after a decline and stabilization [11]. Summary by Directory 1. Monthly Assessment and Strategy Recommendation - **Market Review**: In August, the three major oils and fats first rose and then fell. The market pre - traded the expectation of tight supply - demand in Indonesia, boosted by events such as Indonesia's confiscation of plantations and China's anti - dumping ruling on Canadian rapeseed. Subsequently, due to factors like commodity price corrections, high profits of major oils, and sufficient actual supply, the overall price of oils and fats declined. The net long positions of foreign capital seats that were long in August also decreased significantly [11]. - **International Oils and Fats**: The USDA August monthly report maintained that the U.S. will increase industrial demand for soybean oil by about 1.5 million tons in the 2025/2026 season. India imported about 1.6 million tons of vegetable oils in August, and its inventory is expected to continue to accumulate. New rapeseed crops show a pattern of increased production [11]. - **Domestic Oils and Fats**: In August, the trading volume of soybean oil was good, while that of palm oil was weak, and the spot basis declined. The total domestic inventory of oils and fats is about 400,000 tons higher than last year. In the next two months, the soybean crushing volume will decline slightly from a high level, the palm oil inventory will remain stable, and the total domestic inventory of oils and fats will remain high in the short - term and decline in the medium - term [11]. - **Trading Strategy**: Unilateral trading should consider the market as bullish. For now, it is advisable to observe high - frequency data and mainly adopt the strategy of buying after a decline and stabilization [13]. 2. Futures and Spot Markets - The report presents the basis and basis seasonality charts of palm oil, soybean oil, and rapeseed oil's 01 contracts, including the basis between FCPOV25.MDE and FOB palm oil (Malaysia), and the basis between domestic spot prices and futures prices [18][20][22]. 3. Supply Side - **Production and Export**: Charts show the monthly production and export of Malaysian palm oil, the monthly production and export of Indonesian palm oil and palm kernel oil, the weekly arrival and port inventory of soybeans, and the monthly import of rapeseed and rapeseed oil [27][28][29][30]. - **Weather**: Charts display the weighted precipitation in Indonesian and Malaysian palm - producing areas, the NINO 3.4 index, and the impact of La Nina on global climate [32][33]. 4. Profit and Inventory - **Inventory Charts**: There are charts showing the total inventory of three major domestic oils and fats, the inventory of imported vegetable oils in India, the inventory of palm oil, soybean oil, and rapeseed oil, and the inventory of palm oil in Malaysia and Indonesia [39][42][44][47]. - **Profit Charts**: Charts show the import profit of palm oil, the spot crushing profit of imported soybeans in Guangdong, the average crushing profit of coastal rapeseed, and the POGO and BOHO spreads related to bio - diesel profits [42][44][58]. 5. Cost Side - **Malaysian Palm Oil**: Charts show the reference price of Malaysian palm fresh fruit bunches and the import cost price of Malaysian palm oil [49][50]. - **Rapeseed and Rapeseed Oil**: Charts show the CNF import price of rapeseed oil and the import cost price of imported rapeseed in China [53]. 6. Demand Side - **Oils and Fats Trading Volume**: Charts show the cumulative trading volume of palm oil and soybean oil in the crop year [56]. - **Bio - diesel Profit**: Charts show the POGO spread (Malaysian palm oil - Singapore low - sulfur diesel) and the BOHO spread (soybean oil - heating oil) [58].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The protein meal market is expected to be range - bound. Investors are advised to buy at the lower end of the cost range and be cautious about profit margins and supply pressure at high prices [3][5]. - The outlook for the oil market is oscillating strongly. Palm oil may rise in the fourth quarter due to the expected B50 policy in Indonesia [7][9]. - The sugar market is generally bearish. The downward space depends on the Brazilian production speed from August to October [11][12]. - The cotton market may improve fundamentally. In the short - term, cotton prices are likely to oscillate at a high level [14][15]. - The egg market may be prone to rising in the short - term but needs to be cautious about the pressure after demand overdraft and position decline in the medium - term [17][18]. - The pig market is expected to be weak in September. Attention should be paid to the possibility of a low - level rebound on the futures market and the far - month reverse spread strategy [20][21]. 3. Summary by Directory Protein Meal - **Important Information**: On Thursday, US soybeans rose slightly, and the domestic soybean meal futures rebounded slightly. Last week, domestic soybean meal and soybeans were stocked up, and the downstream inventory days increased slightly. The rainfall in the US soybean - producing areas will be significantly less in the next two weeks, and the soybean good - quality rate has declined. The USDA has significantly reduced the planting area, and the US soybean production has decreased by 1.08 million tons month - on - month [3]. - **Trading Strategy**: The soybean import cost has been weakly stable recently. It is expected that the domestic soybean meal spot market may start to destock in September, supporting the oil mill's profit. It is recommended to buy at the lower end of the cost range and be cautious at high prices [5]. Oil - **Important Information**: Malaysia's palm oil exports increased in August, while production decreased. Brazil's soybean exports in September are expected to be 6.75 million tons. The international palm oil CNF quotation has declined slightly, and China's palm oil import cost has dropped. The domestic three major oils oscillated on Thursday, and foreign investors continued to reduce their long positions [7]. - **Trading Strategy**: Oils fell due to the weakening of commodity sentiment. Fundamentally, factors such as the US biodiesel policy draft, low inventory in Southeast Asia, and the expected B50 policy in Indonesia support the oil price center. Palm oil is expected to be oscillating strongly before the inventory is fully accumulated and the negative feedback from demand does not appear [9]. Sugar - **Important Information**: On Thursday, the Zhengzhou sugar futures price fell. As of the end of August, the cumulative sales - to - production ratio in Guangxi increased year - on - year, while that in Yunnan decreased year - on - year [11]. - **Trading Strategy**: The domestic sugar supply has increased significantly since July. The new sugar - making season in Guangxi is expected to have increased production. The overall view is bearish, and the downward space depends on the Brazilian production [12]. Cotton - **Important Information**: On Thursday, the Zhengzhou cotton futures price oscillated. The global cotton production and ending inventory in the 2025/26 season are expected to decrease compared with the previous month's forecast. As of August 31, 2025, the good - quality rate of US cotton was 51%, down 3 percentage points from the previous week [14]. - **Trading Strategy**: Although the downstream consumption is average, considering the upcoming consumption peak season and the low domestic cotton inventory, the fundamentals may improve. In the short - term, cotton prices are likely to oscillate at a high level [15]. Eggs - **Important Information**: The national egg price was stable with some increases. The supply was relatively stable, and the market sales were normal [17]. - **Trading Strategy**: The supply has improved marginally, and the demand has increased due to pre - festival stocking. In the short - term, egg prices are likely to rise, but attention should be paid to the medium - term pressure [18]. Pigs - **Important Information**: The domestic pig price generally fell on the previous day, with some local increases. The demand support was limited, and the sales resistance for farmers was large [20]. - **Trading Strategy**: The previous expectation of a spot price rebound has failed. The current futures price has low expectations for the future. In September, the supply may be weak, but attention should be paid to the possibility of a low - level rebound and the far - month reverse spread strategy [21].

Group 1 - The core viewpoint of the article highlights Indonesia's significant growth in palm oil exports, with a total export volume of 13.64 million tons from January to July, representing a year-on-year increase of 10.95%, and an export value of $14.02 billion, up 32.92% year-on-year [1] - Indonesia is the world's largest palm oil exporter, and there are expectations for the acceleration of the Comprehensive Economic Partnership Agreement (CEPA) with the European Union, which could greatly enhance the export trade of palm oil and other major products [1] - However, there are concerns that domestic biodiesel policies and government price controls may lead to a decline in palm oil product exports [1] Group 2 - The Indonesian Palm Oil Association projects that the country's crude palm oil production will reach 52 million tons in 2024, with domestic consumption at 23.8 million tons, and a slight increase in production to 53.6 million tons this year, while exports are expected to decrease to 27.5 million tons [1] - Driven by coal, crude palm oil, refined palm oil, and steel, Indonesia's non-oil and gas export value reached $152.2 billion from January to July, marking a year-on-year increase of 9.55%, with a trade surplus of $4.17 billion in July, maintaining a surplus for 63 consecutive months [1] - In August, the S&P Global Indonesia Manufacturing PMI index rose from 49.2 in July to 51.5, the highest level since March, indicating improved international market confidence with the fastest growth in overseas demand since September 2023 [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint of the Report Supported by biodiesel policies, oils and fats are expected to be prone to rising and difficult to fall. In the short term, the market will return to a volatile trend. For oils and fats to rise again, new drivers are needed, specifically problems on the supply side; otherwise, the upward momentum will be weak. It is recommended to look for long - position opportunities on dips [92]. 3. Summary According to the Directory 3.1 Market Review - The prices of three major oils have risen alternately. The spread between soybean oil and palm oil has fluctuated, affected by various factors such as USDA's yield and area adjustments, tariff policies, crude oil prices, and biodiesel policies [5][6]. 3.2 Soybean Oil - **USDA's Adjustment of U.S. Soybean Planting Area**: USDA unexpectedly and significantly reduced the estimated U.S. soybean planting area. The U.S. soybean balance sheet shows that the 2025 - 08 data has decreased compared to previous periods, and there is a possibility of further tightening of the balance sheet and lower inventories [9]. - **Pro Farmer Field Inspection Results**: The number of soybean pods in major producing states in 2025 shows a mixed trend compared to 2024, with some states having an increase and others a decrease. The estimated yield per acre of 53.6 bushels provides room for a downward adjustment [10]. - **Soybean Growth Indicators**: As of the week ending August 24, the U.S. soybean good - to - excellent rate was 69%, higher than expected. The pod - setting rate was 89%, and the defoliation rate was 4%. As of the week ending August 26, about 11% of the U.S. soybean planting area was affected by drought [20]. - **SRE Announcement**: On August 22, EPA announced the handling of 175 small refinery exemption (SRE) applications from 38 small refineries in the 2016 - 2024 compliance years. It is expected not to affect the demand for biofuels [22]. - **South American Exports**: Brazil's soybean exports in July were 12.2573 million tons, a year - on - year increase of 8.95%. Argentina adjusted its soybean, soybean oil, and soybean meal export tariffs [31][32]. - **Domestic Situation in China**: China's soybean imports in July were 11.666 million tons. The soybean oil mill operating rate remained high, and soybean oil was expected to continue to accumulate inventory. In late August, China exported soybean oil again, with an expected monthly average export volume of 3 - 50,000 tons from September to December [37][40]. 3.3 Palm Oil - **Malaysian Inventory and Production**: In July, Malaysia's palm oil production was slightly lower than expected, exports met expectations, and inventory was lower than expected. From August 1 - 25, 2025, production decreased by 1.21% compared to the same period last month, and exports increased by 10.9%. Malaysia plans to replant palm trees [50]. - **Indonesian Production and Policy**: In June, Indonesia's palm oil production increased by 15.96% month - on - month, contrary to rumors. The government's crackdown on illegal palm plantations may affect future production. Indonesia plans to implement the B50 policy in 2026, but it is unlikely to be implemented in the short term [53][58]. - **Indian Imports**: India imported palm oil, soybean oil, and sunflower oil in July. It is rumored that India purchased palm oil from Latin America and imported rapeseed oil from the UAE. The Indian government may reduce the import tariff on rapeseed oil [66]. - **Chinese Imports and Inventory**: China's palm oil imports in July were 180,000 tons, a year - on - year decrease of 48.57%. With the decline in imports, inventory is expected to peak and decline [76]. 3.4 Rapeseed Oil - **Canadian Rapeseed Production**: Canada's estimated rapeseed production for the 2025/26 season is expected to increase by 3.6% year - on - year, as the increase in yield per unit offsets the decline in area [86]. - **Anti - Dumping Preliminary Ruling**: On August 12, 2025, China's Ministry of Commerce announced a preliminary ruling on anti - dumping investigations into Canadian rapeseed, setting a 75.8% deposit ratio. This will increase the cost of importing Canadian rapeseed and tighten domestic rapeseed supply. China will purchase Australian rapeseed, and domestic rapeseed imports will continue to tighten before the end of this year, accelerating the pace of rapeseed oil inventory reduction [89].

Core Viewpoint - The palm oil market is currently dominated by bullish narratives, driven by Indonesia's increased storage capacity, long-term production bottlenecks, and strong demand from India, making it difficult to challenge the underlying positive fundamentals [3][18]. Group 1: Market Dynamics - Indonesia's palm oil production is facing long-term constraints, while its storage capacity has improved, leading to a seasonal peak in inventories [3][18]. - India's palm oil imports are projected to reach a new high of 18 million tons in the next planting season, indicating a significant increase in demand [11][12]. - The comparison between China's weak consumption signals and the recovery of import profits suggests that China's demand is unlikely to provide effective feedback to the market [8][19]. Group 2: Supply and Demand Factors - Malaysia's seasonal accumulation trend and unsubstantiated domestic demand could create potential downward pressure on prices, with domestic demand exceeding 450,000 tons for three months this year [4][17]. - The palm oil market is experiencing a shift in trading dynamics, with speculative attributes gaining more influence over industry fundamentals [9][19]. - The U.S. biodiesel policy changes and the potential reallocation of exemptions could impact the demand for palm oil, particularly in relation to North American soybean oil prices [5][6][7]. Group 3: Price Trends and Projections - The palm oil price is expected to find new support levels around 3,800 ringgit or 8,000 yuan in the long term, influenced by seasonal production increases and domestic demand fluctuations [4][18]. - The market is currently witnessing a divergence between palm oil pricing and commodity price indices, indicating a potential misalignment in market expectations [9][19]. - The palm oil market's reliance on speculative sentiment may lead to short-term price corrections, while long-term demand from India and Southeast Asia remains robust [19].

Report Industry Investment Ratings No relevant content found. Core Views of the Reports 1. Oils and Fats - Palm oil: Futures may have an upward trend due to limited production growth and expected lower - than - estimated month - end inventory. Long - term view is cautiously bullish for Malaysian palm oil and oscillatingly bullish for domestic palm oil [2]. - Soybean oil: Affected by US biodiesel policy with uncertainties. CBOT soybean oil shows range - bound adjustment. Domestic spot basis quotes may be supported, and there is potential for basis quotes to rise if factory inventories decrease [2]. 2. Corn and Corn Starch - Short - term: Supply and demand are both weak, with the market in a weak and oscillating state. Spring corn listing, old - grain selling, and import auctions increase supply, while demand is sluggish [4]. - Medium - term: New - season corn cost is lower, and with good growth, supply pressure in the fourth quarter is significant, and the market value may move towards the new - season cost [4]. 3. Sugar - International: Raw sugar is suppressed by expected supply increase but has a risk of production downward revision in Brazil. It is expected to trade in the 15 - 17 cents/lb range in the short term [8]. - Domestic: Zhengzhou sugar is expected to remain oscillatingly weak as the supply is becoming more abundant despite some digestion of import increase expectations [8]. 4. Live Hogs - Spot prices are stable with a slight downward trend. Suggest waiting and watching. If there is room to reduce the slaughter weight, there may be support for the far - month contract, and small - scale long positions in the far - month 01 contract can be considered below 14,000 [9]. 5. Cotton - Short - term: Domestic cotton prices may trade in a range as old - crop inventory is tight and the issuance of sliding - scale tariffs is lower than expected. - Long - term: New - season cotton production is expected to increase steadily, putting pressure on prices after new cotton hits the market [11]. 6. Eggs - Egg prices are expected to remain bearish due to sufficient supply and slow downstream digestion [14]. 7. Meal - The decline space of domestic meal is limited as the cost side provides good support. The global soybean supply in the fourth quarter is not abundant, and the cost support for domestic meal is still strong [17]. Summary by Related Catalogs 1. Oils and Fats - **Soybean oil**: On August 26, the spot price in Jiangsu was 8,740 yuan, the futures price of Y2601 was 8,536 yuan, and the basis was 204 yuan. The spot basis quote in Jiangsu in August was 01 + 220 [2]. - **Palm oil**: The spot price in Guangdong on August 26 was 9,470 yuan, down 1.56% from the previous day. The futures price of P2601 was 9,424 yuan, down 0.67%. The basis was 46 yuan, down 65.15%. The import cost and profit in Guangzhou Port in January showed a decline [2]. - **Rapeseed oil**: The spot price in Jiangsu on August 26 was 10,020 yuan, up 0.40%. The futures price of OI601 was 9,941 yuan, down 0.57%. The basis was 79 yuan, up 538.89% [2]. - **Spreads**: Soybean oil 09 - 01 spread increased by 66.67%, palm oil 09 - 01 spread increased by 19.15%, and rapeseed oil 09 - 01 spread increased by 12.15%. The spot soybean - palm oil spread increased by 17.05% [2]. 2. Corn and Corn Starch - **Corn**: On August 26, the price of corn 2511 at Jinzhou Port was 2,158 - 2,260 yuan, the basis was 102 yuan, and the 11 - 3 spread was - 24 yuan. Import cost decreased, and import profit increased slightly [4]. - **Corn starch**: The price of corn starch 2511 was 2,475 yuan, down 0.24%. The spot prices in Changchun and Weifang decreased. The basis and 11 - 3 spread both declined [4]. 3. Sugar - **Futures**: On August 26, the price of sugar 2601 was 5,632 yuan, down 0.98%, and the price of sugar 2509 was 5,678 yuan, down 0.73%. ICE raw sugar主力 was at 16.42 cents/lb, up 0.18% [8]. - **Spot**: Spot prices in Nanning and other places decreased slightly. Imported Brazilian sugar prices (both quota - in and quota - out) decreased [8]. - **Industry situation**: National sugar production and sales increased year - on - year, while industrial inventories decreased. Sugar imports increased significantly [8]. 4. Live Hogs - **Futures**: The price of the main contract of live hogs decreased slightly. The 11 - 1 spread was - 340 yuan, down 3.03% [9]. - **Spot**: Spot prices in various regions were stable with a slight decline. Slaughter volume increased slightly, and self - breeding and外购 breeding profits improved [9]. 5. Cotton - **Futures**: On August 26, the price of cotton 2509 was 13,780 yuan, down 0.14%, and the price of cotton 2601 was 14,100 yuan, down 0.14%. ICE US cotton主力 was at 66.67 cents/lb, down 1.05% [11]. - **Spot**: Xinjiang arrival price and CC Index increased, while FC Index decreased. The basis between 3128B and 01 contract increased by 11.92% [11]. - **Industry situation**: Commercial inventory decreased, import volume increased, and textile industry indicators showed mixed trends [11]. 6. Eggs - **Futures**: The price of the egg 09 contract was 2,916 yuan/500KG, down 1.19%, and the price of the egg 10 contract was 3,013 yuan/500KG, down 0.26% [13]. - **Spot**: The egg - producing area price was 3.19 yuan/jin, up 2.42%. The basis increased by 84.78% [13]. - **Related indicators**: Egg - chick prices decreased, and the egg - feed ratio increased. Breeding profits improved [13]. 7. Meal - **Soybean meal**: The spot price in Jiangsu was 3,050 yuan, down 0.33%. The futures price of M2601 was 3,081 yuan, down 1.15%. The basis was - 31 yuan, up 45.61%. Brazilian 10 - month shipping schedule's crushing profit increased by 81.7% [17]. - **Rapeseed meal**: The spot price in Jiangsu was 2,600 yuan, up 0.78%. The futures price of RM2601 was 2,526 yuan, down 0.82%. The basis was 74 yuan, up 124.24% [17]. - **Soybeans**: The spot price of Harbin soybeans was 3,980 yuan, up 0.76%. The futures price of the soybean - one main contract was 3,974 yuan, down 0.45%. The basis increased by 114.29% [17]. - **Spreads**: The 01 - 05 spread of soybean meal decreased by 10.62%, and the oil - meal ratio increased slightly [17].

Group 1 - The overall bullish sentiment in the commodity market has slightly weakened, leading to a slowdown in the recent upward momentum of the oilseed market, but the fundamental support remains strong, maintaining a long-term bullish outlook on oilseeds [1] Group 2 - Malaysia's palm oil production in July was reported at 1.8124 million tons, a month-on-month increase of 7.09%, slightly below market expectations of 1.83 million tons; exports increased by 3.82% to 1.3091 million tons, slightly exceeding expectations; ending stocks rose by 4.02% to 2.1133 million tons, marking the fifth consecutive month of increase but still below the expected 2.23 million tons [2] - High-frequency data indicates that the seasonal production increase cycle may have peaked, with palm oil production from August 1 to 20 showing only a slight month-on-month increase of 0.3%, while export figures recorded a significant month-on-month increase of 13.6% [2] Group 3 - The USDA reported a significant unexpected decrease in U.S. soybean planting area by 2.5 million acres to 80.9 million acres, a reduction of 6.2 million acres compared to last year; despite an increase in yield forecast from 52.5 bushels per acre to 53.6 bushels per acre, total production was still adjusted down by 4.3 million bushels to 4.292 billion bushels [3] - The ProFarmer annual crop tour indicated that soybean pod counts were higher than last year in most major producing states, with new crop yield estimates at 53 bushels per acre, slightly below the USDA's estimate [3] Group 4 - As the South American soybean export season ends in September, the market will shift back to U.S. soybeans; if high tariff policies persist, there may be a supply gap in the domestic soybean market [4] - The Ministry of Commerce of China announced preliminary anti-dumping measures on canola seeds from Canada, requiring importers to pay a deposit of 75.8%, which could tighten supply as Canada is the largest source of canola imports for China [4] Group 5 - The U.S. EPA's Renewable Fuel Standard (RFS) proposal sets higher blending volumes for biofuels in 2026 and 2027, which is expected to increase U.S. soybean oil demand by about 20% [5] - Indonesia's B40 policy is projected to require 1,419 million tons of palm oil, an increase of 223 million tons year-on-year, with potential future implementation of B50 further boosting domestic palm oil consumption [5]

Investment Ratings - Bean No.1: Neutral (White Star) [1] - Bean Meal: Slightly Bullish (One Red Star) [1] - Soybean Oil: Neutral (White Star) [1] - Palm Oil: Neutral (White Star) [1] - Rapeseed Meal: Neutral (White Star) [1] - Rapeseed Oil: Neutral (White Star) [1] - Corn: Slightly Bearish (One Green Star) [1] - Live Hogs: Slightly Bearish (One Green Star) [1] - Eggs: Neutral (White Star) [1] Core Views - The overall agricultural product market shows a complex situation with different trends in various varieties. Some are affected by supply - demand factors, some by policies, and others by weather and trade relations [2][3][7] - There are opportunities for long - term investment in some varieties like eggs, while others like live hogs are expected to remain weak in the medium - term [8][9] Summary by Variety Bean No.1 - The price of Bean No.1 is in a weak decline due to increased supply pressure from policy - driven soybean auctions and weak demand. The spread between Bean No.1 and Bean No.2 is in consolidation. Short - term focus should be on soybean policies and Sino - US trade relations [2] Soybean & Bean Meal - As of August 24, the US soybean good - to - excellent rate was 69%, higher than expected. Global oil strength may boost soybean crushing. China's soybean supply in Q4 is sufficient, but there may be a gap in Q1 next year. The situation of "crushing for oil" has emerged. The long - term view on domestic bean meal is cautiously bullish [3] Soybean Oil & Palm Oil - The market has positive expectations for Sino - US trade negotiations. US soybean oil is in a short - term rebound and then in a shock. Mid - term overseas palm oil is in a production - reducing cycle. Long - term, there is a development trend for US and Indonesian biodiesel. Bean and palm oils can be considered for buying at low prices with risk control [4] Rapeseed Meal & Rapeseed Oil - Rapeseed varieties' futures prices closed down today, dragged down by the weak external rapeseed market. The supply and demand of Canadian rapeseed affect global rapeseed prices. The domestic rapeseed market is in a short - term shock and the price center may shift down [6] Corn - China Grain Reserves Corporation continued to auction imported corn with a 15% transaction rate. Shandong's corn supply is stable. The US corn good - to - excellent rate was 71% as of August 24. Domestic new - season corn may have a good harvest, and the Dalian corn futures may continue to be weak at the bottom [7] Live Hogs - The live hog spot price is weak, with the average slaughter price hitting a new low. The supply is abundant. The futures price follows the spot price. The supply is expected to be high in the second half of the year, and the price is expected to remain weak in the medium - term. Policy aims at industry capacity reduction, but the inflection point has not been seen [8] Eggs - Egg futures are weak, with some contracts hitting new lows and funds increasing positions. Spot prices are rising in many places. There may be a seasonal rebound in egg prices from late August to September. In the long - term, there are signs of accelerated culling of old hens, and there is a high probability of capacity reduction in the second half of the year. It is advisable to consider buying futures contracts for the first half of next year at low prices [9]

1. Report Industry Investment Ratings - Soybean: ★☆☆ (One star, indicating a bullish bias but low operability on the trading floor) [1] - Soybean Meal: ★☆☆ (One star, indicating a bullish bias but low operability on the trading floor) [1] - Soybean Oil: ★★★ (Three stars, indicating a clear bullish trend and relatively appropriate investment opportunities) [1] - Palm Oil: ★★★ (Three stars, indicating a clear bullish trend and relatively appropriate investment opportunities) [1] - Rapeseed Meal: ★☆☆ (One star, indicating a bullish bias but low operability on the trading floor) [1] - Rapeseed Oil: ★★★ (Three stars, indicating a clear bullish trend and relatively appropriate investment opportunities) [1] - Corn: ★☆☆ (One star, indicating a bullish bias but low operability on the trading floor) [1] - Live Hogs: ★☆☆ (One star, indicating a bearish bias but low operability on the trading floor) [1] - Eggs: ★☆☆ (One star, indicating a bullish bias but low operability on the trading floor) [1] 2. Core Viewpoints of the Report - The global vegetable oil market is strengthening due to bio - diesel policies, which may drive up soybean crushing. The domestic soybean supply may face a shortage in Q1 next year. The report is cautiously bullish on the long - term trend of domestic soybean meal futures [3]. - The price of domestic soybean is weak due to increased supply pressure from policy - driven sales and weak demand. The price difference between domestic and imported soybeans is in a consolidation state. The performance of imported soybeans is strong, and the market expects a tighter supply of soybeans in Q1 next year [2]. - The prices of soybean oil and palm oil are supported by policies and market fundamentals. The domestic soybean supply expectation is changing, and attention should be paid to the US soybean export situation to China [2][4]. - The domestic rapeseed futures prices may be in a short - term shock and consolidation pattern, and may be supported by long - term import uncertainties [5]. - The domestic corn market may continue to operate weakly at the bottom due to sufficient supply and good growing conditions for new - season corn [6]. - The price of live hogs is expected to remain weak in the medium - term, and attention should be paid to the game between fundamentals and policy [7]. - The egg futures market has increased positions significantly, and the egg price may have a seasonal rebound. There are signs of capacity reduction in the egg industry, and the price cycle may turn around in the second half of this year [8]. 3. Summaries According to Related Catalogs 3.1 Soybean - The price of domestic soybean is weak because of policy - driven sales increasing supply pressure and weak demand. The price difference between domestic and imported soybeans is in consolidation. Imported soybeans are strong due to the US bio - diesel policy. The market expects a tighter supply in Q1 next year, and attention should be paid to the US soybean export to China, as well as domestic weather, policies, and imported soybean performance [2]. 3.2 Soybean & Soybean Meal - Globally, the "crushing for oil" pattern has emerged due to bio - diesel policies. Domestically, the supply in Q4 is sufficient, but there may be a shortage in Q1 next year. The growth of new - season US soybeans faces challenges. The relationship between domestic soybean meal futures and US soybeans is weakening. The report is cautiously bullish on the long - term trend of domestic soybean meal futures [3]. 3.3 Soybean Oil & Palm Oil - US soybean oil has strengthened. The US bio - diesel policy has a general upward trend in demand but with structural adjustments. Malaysian palm oil has strong exports and limited production growth, supporting its price. The market expects a tighter domestic soybean supply in Q1 next year [4]. 3.4 Rapeseed Meal & Rapeseed Oil - The domestic rapeseed futures prices have small fluctuations, and the position is gradually shifting from the 09 contract to the 01 contract. The supply of rapeseed is in a tight - balance state, and the market focus has shifted to the demand side. The prices may be in a short - term shock and consolidation pattern and may be supported by long - term import uncertainties [5]. 3.5 Corn - The Chinese government continues to auction imported corn, and the supply in Shandong is relatively sufficient. The inventory of ports and deep - processing enterprises is seasonally decreasing. The new - season corn may have a good harvest, and the Dalian corn futures may continue to operate weakly at the bottom [6]. 3.6 Live Hogs - The spot price of live hogs has reached a new low this year. The government plans to conduct central reserve frozen pork purchases to support the price. Fundamentally, the supply in the second half of the year is high. The price is expected to remain weak in the medium - term, and attention should be paid to the game between fundamentals and policy [7]. 3.7 Eggs - The egg futures market has increased positions significantly, with some contracts hitting new lows. The spot price may have a seasonal rebound. There are signs of capacity reduction in the industry, and the price cycle may turn around in the second half of this year. It is advisable to consider going long on futures contracts for the first half of next year at low prices [8].

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