1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report presents a comprehensive analysis of the futures market, including overnight and spot prices, important fundamental information, macro news, fund flows, and arbitrage tracking [1][3][6][18][23][26] 3. Summary by Relevant Catalogs Overnight Market - The closing prices and percentage changes of various futures contracts such as palm oil, Brent crude, US crude, soybeans, soybean meal, and soybean oil are presented, along with the latest prices and percentage changes of currency indices [1] Spot Market - Spot prices, basis, and basis changes of DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are provided [3] Important Fundamental Information 产区天气 - The future weather outlook for US soybean - producing states from November 5th to 9th shows that temperatures will be above normal and precipitation will be near or below the median [6] - In the US Midwest, sporadic showers may disrupt early - November harvesting or other field operations, with variable weather and limited precipitation [8] - In central Brazil, showers have restarted, and more extensive rainfall is expected this week, which may affect soybean crop germination and early growth [9] 进出口及产量数据 - AmSpec reported that Malaysia's palm oil exports in October increased by 4.31% month - on - month, while ITS reported a 5.19% increase [10] - Indonesia set the reference price for crude palm oil in November slightly higher than in October, with export taxes remaining unchanged [10] - The USDA may release several major agricultural reports in November, and analysts expect US soybean crushing volume in September to reach a record high [10][11] - The amount of soybean oil used to produce biofuels in the US in August decreased compared to July [11] - The soybean planting progress in Mato Grosso state is 76.13%, slightly lower than the historical average [12] - The rapeseed harvesting progress in Canada is high, and the export volume increased in the week ending October 26th, but decreased compared to the same period last year [12] - India's soybean meal exports in the 2024/25 fiscal year decreased by 11% [13] - The Baltic Dry Index declined, with different types of ships showing varying price trends [14] 国内供需 - On October 31st, the total trading volume of soybean oil and palm oil increased by 26% compared to the previous trading day [16] - The trading volume of soybean meal in major domestic oil mills increased, and the overall oil mill operating rate decreased [16] - The actual soybean crushing volume of oil mills in the 44th week was lower than expected [16] - The pig - raising profit improved, and the "Agricultural Product Wholesale Price 200 Index" and "Vegetable Basket Product Wholesale Price Index" increased on October 31st [16][17] Macro News International News - A Fed official believes that the Fed should not cut interest rates this week or in December [19] - Analysts' forecasts for oil prices remain largely unchanged, and OPEC+ may slightly increase its oil production target or pause production increases [19][20] Domestic News - On October 31st, the US dollar/Chinese yuan exchange rate was adjusted upwards, and the central bank achieved a net investment through reverse repurchase operations [22] - The Dalian Commodity Exchange will list option contracts for soybean meal and corn futures [22] Fund Flows - On October 31st, 2025, the futures market had a net capital outflow of 9.226 billion yuan, with commodity futures having a net outflow of 2.724 billion yuan and stock index futures having a net outflow of 6.722 billion yuan, while treasury bond futures had a net inflow of 140 million yuan [25] Arbitrage Tracking - No relevant information provided

Financial Data and Key Metrics Changes - Comstock raised $34.5 million in gross proceeds from an oversubscribed equity raise, netting $31.8 million, which expanded the institutional shareholder base by over 30 new investors [6][8] - The company ended the quarter with $31.7 million in cash and equivalents, including $12.4 million at BIOLIUM, and net current assets of $21.3 million [9][52] - Comstock eliminated all debt, transitioning from $8.5 million in debt at the end of the previous year to being completely debt-free [8][9] Business Line Data and Key Metrics Changes - The solar panel recycling business is set to process approximately 100,000 tons per year, equating to over 3.3 million panels annually, with significant equipment deposits made for the first facility in Silver Springs, Nevada [7][22] - The company reported about $500,000 in billings for the third quarter, aligning with guidance of approximately $3.5 million for the year [23][66] Market Data and Key Metrics Changes - Silver demand hit record levels in 2025, driven by industrial uses, with expectations for continued growth in demand exceeding supply, positively impacting silver pricing [14][15] - The market for solar panel recycling is projected to grow significantly, with estimates of 33 million panels expected by 2030, up from 3.5 million currently [27][28] Company Strategy and Development Direction - Comstock is focused on expanding its solar panel recycling operations and positioning itself as a leader in silver production through its recycling processes [17][19] - The company aims to establish two additional facilities in the U.S. to capitalize on the growing market for solar panel recycling [29][86] - The strategic rationale includes leveraging land and energy requirements for data infrastructure, which is experiencing explosive growth [62][64] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong backlog of orders and increased engagement with customers, despite a temporary decline in revenue due to the sale of mining assets [66][68] - The company is preparing for the commissioning of its first facility in Q1 2026, with expectations to ramp up production significantly thereafter [83][87] Other Important Information - Comstock is actively working on refining processes for silver and other metals, with plans to start development as soon as the first plant is operational [90][93] - The company has signed multiple new Master Service Agreements (MSAs) with utilities and recyclers, enhancing its market position [80][81] Q&A Session Summary Question: Where does liquidity stand today? - Comstock reported $31.7 million in cash at the end of the quarter, with $12.4 million at BIOLIUM and net current assets of $21.3 million [52] Question: How long is the cash runway? - The company is fully funded for its business plans and aims for sustained profitability and growth [53] Question: Why the loss on debt extinguishment and what's left? - The $2.77 million loss reflects the payoff of certain notes, but the elimination of debt is seen as a positive step [54] Question: Should we expect any dilution now that Comstock is funded? - There are currently 51.26 million shares outstanding, and no new shares are anticipated to be issued for funding [55] Question: What will Comstock do with revenues once Plant one has funded future plants? - Revenues will be reinvested into expanding metals recycling capacity, with a focus on stabilizing cash generation [57] Question: Are there any plans to dilute to fund mining operations? - No new equity is anticipated to fund mining; funding will likely come from joint ventures or asset-level transactions [59] Question: What is the strategic rationale for continued funding of SSOF? - The properties are well-positioned for the growing data infrastructure market, requiring engagement and capital to capitalize on opportunities [61][64] Question: Why did revenue decline in Q3? - Revenue decline was attributed to the sale of mining assets, which affected lease revenue, but engagement in the market has increased [66][68] Question: What's behind the higher SG&A and R&D? - Increased SG&A is due to scaling operations, including rent and personnel costs, while R&D expenses are related to biolium and metals marketing [70][71] Question: What happened to the metals recovery business and equipment? - The focus has shifted entirely to solar panel recycling, with no ongoing metals recovery business outside of this area [74][75] Question: Why not build smaller cookie-cutter plants to cut transportation costs? - The strategy is to locate plants close to solar panel sources to minimize logistics costs, with a focus on scalability and throughput [76][78] Question: How are you monetizing all recycled materials? - The company sells clean aluminum, glass, and silver-rich tailings, with plans to refine materials for higher value in the future [79] Question: Can you elaborate on the current MSAs and the solar panel supply? - Three new significant MSAs were signed, including with a major utility and a prominent recycler, enhancing market share [80][81] Question: When will the Silver Spring site hit capacity? - The site is expected to ramp up production starting in Q2 2026, with a goal of reaching full capacity by late 2027 [83][86] Question: What about silver refining? - Plans for silver refining are in development, with a focus on maximizing value from all materials processed [90][93]

#数据 根据美国农业部报告，美国是中国废食用油（UCO）的最大出口市场，2024年进口为127万吨，较2023年增长约52%，约占中国UCO出口总量的43%。去年中国对美UCO出口额为12亿美元左右，相比之下，美国对华出口大豆126亿美元。此外，美国环境保护署提议未来两年增加生物燃料量，意味着美国一旦终止与中国UCO贸易，仍将需从其他国家采购UCO。外汇交易员 (@myfxtrader):#数据 根据中国海关数据，中国今年前8个月对美国出口相关食用油及产品数量有限，金额不足40万美元。另据Volza海关数据，2024年6月至2025年5月，中国对美国出口仅18批次精炼菜籽油，主要用于食品加工企业试单，总金额不足百万美元。 https://t.co/6mjEOYDv04 ...

【环球时报综合报道】据美国媒体报道，美国总统特朗普当地时间14日在社媒平台上称，中国"故意不 购买美国大豆，给美国豆农造成困难"，这构成"经济敌对行为"。他补充说："我们正在考虑终止与中国 在食用油及其他贸易领域的业务往来，以此作为报复。例如，我们自己可以轻松生产食用油，我们不需 要从中国购买。" 彭博社称，特朗普发表上述言论之际，美国农民们正苦于大豆滞销，美国政府曾表示要通过一揽子援助 计划缓解豆农压力，不过该计划因政府停摆而受阻。许多美国豆农也强调，他们更希望与中国达成贸易 协议，而不是接受救济。 美媒提到，废弃食用油进口去年就在美国掀起了讨论，有分析认为，其阻碍美国大豆压榨规模的扩大， 并取代大豆油成为美国生物燃料领域的主力。 美国问题专家吕祥15日接受《环球时报》记者采访时表示，生物燃料并非本届美国政府的发展重点，且 其成本高昂，整体仍属于实验性产业，无论进口量增减，对两国贸易关系的实际影响都较小。吕祥补充 说，相关数据显示，今年中国对美废弃食用油出口量较同期已大幅下降，在这一背景下仍拿此事说事， 几乎没有实际意义。（丁雅栀） 中国外交部发言人林剑15日在例行记者会上回答相关问询时表示，中方在处理中美 ...

Market Review - Palm oil futures for the main contract slightly declined by 0.86%, closing at 9406.00 CNY/ton [1] Fundamental Summary - The Malaysian government projected in its 2026 budget report that the average crude palm oil price for next year is expected to be between 3900-4100 MYR per ton due to increased global production and other vegetable oils [2] - According to shipping survey agency ITS, Malaysia's palm oil exports from October 1-10 reached 523,602 tons, a 9.86% increase compared to 476,610 tons during the same period last month [2] - The Malaysian Palm Oil Board (MPOB) reported that as of the end of September, Malaysia's palm oil inventory increased by 7.20% month-on-month, reaching 2.361 million tons [2] Institutional Perspectives - Copper Crown Jin Yuan Futures noted that macroeconomic factors, including the ongoing U.S. government shutdown, have led to a vacuum in economic data releases and a rise in the U.S. dollar index; palm oil production is entering the off-season, with supply expectations tightening and demand from Indonesia's B40 and Indian imports remaining strong, leading to a forecasted decline in Malaysian palm oil inventory [3] - Zhonghui Futures highlighted that the Indonesian government is considering setting a mandatory bioethanol content standard of 10% in gasoline to expand the use of biofuels made from palm oil and sugarcane; the B50 biodiesel policy is making progress with road trials starting, which is expected to significantly increase future demand for palm oil and support prices [3]

Report Industry Investment Rating - Palm oil and soybean oil are not recommended to be chased high, with limited upside potential; rapeseed oil can be bought on dips with small long positions [4] Core View - With the news that Indonesia's B50 R & D is accelerating and Malaysia's palm oil inventory is expected to decline, the domestic vegetable oil sector opened higher and the palm oil led the rise. However, considering the current inventory situation of various oils, it is not advisable to chase high for palm oil and soybean oil, while rapeseed oil can be bought on dips [3][4] Summary According to Related Content Indonesia's B50 Policy - During the National Day holiday on October 7, Indonesian officials said that the B50 laboratory test was completed and planned to implement the B50 biodiesel plan next year, but the specific implementation time was undetermined. If B50 is implemented, Indonesia's demand for palm - based biofuel will rise to 20.1 billion liters, compared with 15.6 billion liters required by the current B40 policy [3] Malaysia's Palm Oil Situation - The Malaysian Palm Oil Board (NPOB) will release the official monthly report on October 10. A survey shows that Malaysia's palm oil inventory in September will decline for the first time since February due to increased exports and decreased production. The export volume in September is expected to be 1.427 million tons, a 7.7% month - on - month increase, the highest since November last year. The crude palm oil production in September is expected to be 1.794 million tons, a 3.3% month - on - month decrease, the lowest since June [3] Domestic Vegetable Oil Inventory and Investment Suggestions - The domestic soybean inventory is 7.79 million tons, a five - year high, and 40 ships of zero - tariff soybeans from Argentina are on the way. The soybean oil inventory of oil mills is 1.46 million tons, also a five - year high. The palm oil inventory is 524,000 tons, which can meet the rigid demand. Due to the China - Canada trade dispute, the subsequent arrival of rapeseed is low, and the rapeseed oil inventory of oil mills is being depleted. Among the three major oils, rapeseed oil has the strongest fundamentals and high resistance to decline [4]

Report Industry Investment Ratings No information provided in the given reports. Core Views Oils and Fats - Palm oil: In September 2025, Malaysia's palm oil production was estimated at 1.81 million tons, down 2.35% month - on - month. Indonesia plans to implement B50 next year, which may lift the palm oil price after the holiday [1]. - Soybean oil: Sino - US negotiation issues have no substantial progress, and there is no news of China purchasing US soybeans. The abundant supply of US soybeans has pressured the CBOT soybean price, and US soybean oil may follow the downward trend of raw material prices [1]. Meal - During the National Day holiday, US soybeans fluctuated. China has not lifted the ban on US soybean purchases. Brazil's new soybean planting is progressing smoothly, suppressing the upside of US soybeans. In Q4 2025, China's soybean supply is sufficient, but there is a supply gap expected in Q1 2026, which may support the price of the 2601 contract. The uncertainty lies in Sino - US trade policies [2]. Sugar - Internationally, in the first half of September, sugar production in Brazil's central - southern region increased by 15.72% year - on - year. The raw sugar price has limited upward momentum due to supply pressure. Domestically, new sugar has been listed, and the sugar price is in the undervalued area, with limited room for further decline, expected to remain range - bound [4]. Corn - During the National Day, new - season corn harvest increased, and the spot price declined. With the concentrated listing of corn in mid - to - late October, the price is under pressure. The demand is weak currently, but there may be seasonal restocking needs later. Corn will maintain a weak trend [5]. Pork - During the National Day, the pig price dropped significantly, but there were signs of stabilization at the end of the holiday. In the short term, the spot price may stabilize, but in the long term, the supply pressure will continue, and the policy to reduce production capacity needs time to take effect. The futures operation is to short on rallies [9]. Cotton - US cotton is in a weak and volatile pattern. Domestically, due to the expected increase in supply and weak demand, the cotton price is weak. The purchase price of seed cotton has stabilized, and the overall cotton price is expected to be bearish [11]. Eggs - In October, the egg market will be in a pattern of relatively high supply and temporarily weak demand. The egg price will continue to decline in a volatile manner [15]. Summary by Related Catalogs Oils and Fats - **Price Changes**: On September 30, the spot price of Jiangsu first - grade soybean oil was 8380 yuan/ton, down 0.24% from the previous day; the futures price of Y2601 was 8140 yuan/ton, down 0.12%. The spot price of Guangdong 24 - degree palm oil was 9060 yuan/ton, down 0.55%, and the futures price of P2601 was 9228 yuan/ton, down 0.06%. The spot price of Jiangsu third - grade rapeseed oil was 10250 yuan/ton, up 0.49%, and the futures price of OI601 was 10044 yuan/ton, down 0.49% [1]. - **Spread Changes**: The 01 - 05 spread of soybean oil was 244, up 2.52%; the 01 - 05 spread of palm oil was 192, up 10.34%; the 01 - 05 spread of rapeseed oil was 523, up 3.98% [1]. Meal - **Price Changes**: The spot price of Jiangsu soybean meal was 2940 yuan/ton, unchanged; the futures price of M2601 was 2928 yuan/ton, down 0.17%. The spot price of Jiangsu rapeseed meal was 2500 yuan/ton, unchanged; the futures price of RM2601 was 2421 yuan/ton, up 0.21% [2]. - **Spread Changes**: The 01 - 05 spread of soybean meal was 190, unchanged; the 01 - 05 spread of rapeseed meal was 104, up 11.83% [2]. Sugar - **Futures Market**: The price of sugar 2601 was 5493 yuan/ton, up 0.26%; the price of sugar 2605 was 5458 yuan/ton, up 0.39%. The ICE raw sugar main contract was 16.32 cents/pound, down 1.92% [4]. - **Spot Market**: The spot price in Nanning was 5780 yuan/ton, unchanged; the spot price in Kunming was 5810 yuan/ton, unchanged [4]. - **Industry Data**: Nationally, the cumulative sugar production was 11.1621 million tons, up 12.03%; the cumulative sales volume was 10 million tons, up 12.87%. In Guangxi, the cumulative sugar production was 6.465 million tons, up 4.59%; the monthly sales volume was 260,200 tons, down 27.14% [4]. Corn - **Price Changes**: The price of corn 2511 was 2143 yuan/ton, down 0.74%; the Pingcang price at Jinzhou Port was 2240 yuan/ton, down 1.75%. The price of corn starch 2511 was 2468 yuan/ton, down 0.60% [5]. - **Profit and Spread**: The north - south trade profit was 124 yuan/ton, up 47.62%; the import profit was 496 yuan/ton, up 0.71%. The 11 - 3 spread of corn was - 1, down 110.00%; the 11 - 3 spread of corn starch was 7, down 66.67% [5]. Pork - **Futures Market**: The price of the main contract for live pigs was 12355 yuan/ton, up 0.49%; the price of the 2601 contract was 12825 yuan/ton, up 0.31%. The 11 - 1 spread was - 470, up 4.08% [9]. - **Spot Market**: The spot price in Henan was 12450 yuan/ton, down 100 yuan/ton; the spot price in Shandong was 12700 yuan/ton, down 150 yuan/ton [9]. Cotton - **Futures Market**: The price of cotton 2605 was 13245 yuan/ton, down 0.86%; the price of cotton 2601 was 13215 yuan/ton, down 1.01%. The ICE US cotton main contract was 64.94 cents/pound, up 0.78% [11]. - **Spot Market**: The arrival price of Xinjiang 3128B was 14860 yuan/ton, down 0.55%; the CC Index 3128B was 14759 yuan/ton, up 0.01% [11]. - **Industry Data**: The commercial inventory was 1.1759 million tons, down 20.6%; the industrial inventory was 0.8621 million tons, down 3.4%. The import volume was 70,000 tons, up 40% [11]. Eggs - **Price Changes**: The price of the 11 - contract for eggs was 3038 yuan/500KG, up 0.73%; the price of the 01 - contract was 3360 yuan/500KG, up 0.24%. The egg - laying hen chick price was 2.60 yuan/feather, unchanged; the culled hen price was 4.64 yuan/jin, down 0.64% [14]. - **Profit and Ratio**: The egg - feed ratio was 2.85, up 7.95%; the breeding profit was 3.20 yuan/feather, up 135.13% [14].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports Oils and Fats - In the palm oil market, MPOA estimates Malaysia's September 2025 palm oil production at 1.81 million tons, a 2.35% month - on - month decrease. Analysts predict an average production of 1.79 million tons, a 3.3% decrease. Exports are estimated at 1.427 million tons, a 7.7% increase, and inventory at 2.15 million tons, a 2.5% decrease. Indonesia's plan to implement B50 bio - diesel may raise the palm oil price after the holiday. In the soybean oil market, due to the lack of progress in Sino - US negotiations and sufficient US soybean supply, CBOT soybean prices are under pressure, and US soybean oil may follow suit [1]. Meal Products - During the National Day holiday, US soybeans fluctuated and strengthened slightly. Although there are expectations of negotiations, China has not resumed US soybean purchases. Brazil's new soybean planting is progressing smoothly, suppressing the upside of US soybean prices. There are gaps in China's ship orders for November and December, supporting Brazilian premiums. China's soybean supply is sufficient in Q4 2025 but may be short in Q1 2026. The uncertainty lies in Sino - US trade policies. Currently, domestic soybean and soybean meal inventories are high, and the spot price is expected to remain weak. The M2601 contract is expected to be cautiously bullish in the 2900 - 2950 range [2]. Sugar - Internationally, in the first half of September, Brazil's central - southern sugar production increased by 15.72% year - on - year to 3.62 million tons. The raw sugar price has limited upward momentum due to supply pressure. Domestically, the new sugar season has started in Inner Mongolia and Xinjiang, and after the holiday stocking, the market is quiet. Considering natural disasters, the domestic sugar price is in a relatively undervalued area, with limited room for further decline, and is expected to remain range - bound between 5400 - 5600 [4]. Corn and Corn Starch - During the National Day holiday, new - season corn harvest increased, and the spot price decreased with the supply. With the concentrated listing of corn in mid - October, the price is under pressure due to good harvest expectations and lower production costs. The demand is currently weak, but feed and processing enterprises may replenish inventory seasonally. Corn is expected to remain weak during the concentrated listing period [5]. Livestock (Pigs) - During the National Day holiday, pig prices dropped significantly, with spot prices below 6 yuan per catty. The pressure on supply will continue to be released in the fourth quarter due to increased出栏 volume and weight gain. Policy - driven capacity reduction will take time to show results. The spot price is expected to face pressure until the first half of next year. The trading strategy for the futures market is to short on rallies [9]. Cotton - US cotton prices are oscillating weakly near a six - month low due to the lack of key crop data after the US government shutdown. Domestically, the supply increase and weak demand have put downward pressure on cotton prices. During the National Day holiday, the purchase price of cottonseed stabilized, but the procurement of lint by textile enterprises almost stopped. Overall, the cotton price is expected to remain bearish [11]. Eggs - In October, the egg market is expected to have relatively high supply and weak demand. The egg price is likely to continue to decline due to high inventory levels, lack of strong demand after the holidays, and cautious market sentiment [15]. 3. Summary by Related Catalogs Oils and Fats - **Price Changes**: From September 29 to 30, the spot price of Jiangsu first - grade soybean oil dropped from 8400 to 8380 (- 0.24%), the futures price of Y2601 decreased from 8150 to 8140 (- 0.12%), and the basis of Y2601 fell from 250 to 240 (- 4.00%). For palm oil, the spot price of Guangdong 24 - degree dropped from 9110 to 9060 (- 0.55%), the futures price of P2601 decreased from 9234 to 9228 (- 0.06%), and the basis of P2601 fell from - 124 to - 168 (- 35.48%). The spot price of Jiangsu third - grade rapeseed oil rose from 10200 to 10250 (0.49%), the futures price of OI601 decreased from 10093 to 10044 (- 0.49%), and the basis of OI601 increased from 107 to 206 (92.52%) [1]. - **Inventory and Trade**: Palm oil inventory in Malaysia is expected to decrease in September. The import cost and profit of palm oil in Guangzhou Port changed, with the cost increasing by 1.09% and the profit decreasing by 23.89% [1]. Meal Products - **Price Changes**: The spot price of Jiangsu soybean meal remained at 2940, the futures price of M2601 decreased from 2933 to 2928 (- 0.17%), and the basis of M2601 increased from 7 to 12 (71.43%). The spot price of Jiangsu rapeseed meal remained at 2500, the futures price of RM2601 increased from 2416 to 2421 (0.21%), and the basis of RM2601 decreased from 84 to 79 (- 5.95%) [2]. - **Supply and Demand**: China has not resumed US soybean purchases, and Brazil's new soybean supply is expected to increase. There are gaps in China's ship orders for November and December [2]. Sugar - **Price Changes**: The futures price of SR2601 increased from 5479 to 5493 (0.26%), and SR2605 increased from 5437 to 5458 (0.39%). The ICE raw sugar futures price decreased from 16.64 to 16.32 (- 1.92%). The spot price in Nanning and Kunming remained unchanged [4]. - **Industry Data**: National sugar production and sales increased by 12.03% and 12.87% respectively. The cumulative national sugar sales rate increased by 0.74%, and the cumulative Guangxi sugar sales rate increased by 0.70%. The national industrial sugar inventory increased by 5.24%, and the Guangxi industrial sugar inventory decreased by 2.22% [4]. Corn and Corn Starch - **Price Changes**: The futures price of C2511 decreased from 2159 to 2143 (- 0.74%), the Jinzhou Port flat - hatch price decreased from 2280 to 2240 (- 1.75%), and the basis decreased from 121 to 97 (- 19.83%). The futures price of CS2511 decreased from 2483 to 2468 (- 0.60%), and the basis increased from 77 to 92 (19.48%) [5]. - **Trade and Inventory**: The north - south corn trade profit increased by 47.62%, and the import profit increased by 0.71%. The number of vehicles at Shandong deep - processing enterprises in the morning increased by 35.73% [5]. Livestock (Pigs) - **Price Changes**: The futures price of LH2511 increased from 12295 to 12355 (0.49%), and LH2601 increased from 12785 to 12825 (0.31%). The spot price in Henan decreased from 12550 to 12450, in Shandong from 12850 to 12700, and in Sichuan from 12050 to 11850 [9]. - **Industry Data**: The daily slaughter volume of sample slaughterhouses decreased by 0.79%, and the number of sows in stock decreased by 0.10% [9]. Cotton - **Price Changes**: The futures price of CF2605 decreased from 13360 to 13245 (- 0.86%), and CF2601 decreased from 13350 to 13215 (- 1.01%). The ICE US cotton futures price increased from 64.44 to 64.94 (0.78%). The Xinjiang arrival price of 3128B decreased from 14942 to 14860 (- 0.55%) [11]. - **Industry Data**: Commercial cotton inventory decreased by 20.6%, industrial inventory decreased by 3.4%, and imports increased by 40%. The inventory days of yarn and grey fabric decreased, and the export of textile yarn, fabric, and clothing showed different trends [11]. Eggs - **Price Changes**: The futures price of JD11 increased from 3016 to 3038 (0.73%), and JD01 increased from 3352 to 3360 (0.24%). The egg - producing area price decreased from 3.44 to 3.42 (- 0.64%), and the basis decreased from 425 to 381 (- 10.38%) [14]. - **Industry Data**: The price of egg - laying chicken chicks remained unchanged, the price of culled chickens decreased from 4.67 to 4.64 (- 0.64%), and the egg - feed ratio increased from 2.64 to 2.85 (7.95%). The breeding profit increased from - 9.11 to 3.20 (135.13%) [14].

Core Insights - Brazilian soybean processors are expected to invest 5.9 billion reais (approximately 1.11 billion USD) in biodiesel expansion projects over the next 12 months to meet the growing demand in the biodiesel market [1] - The number of soybean processing companies in Brazil is projected to increase from 67 in 2024 to 75, while the total number of processing plants will rise from 132 to 144 [1] - Brazil's annual soybean crushing capacity is expected to reach 80 million tons, with biodiesel production capacity increasing to 6 million tons, an 8% rise from current levels [1] - Brazil is the world's largest producer and exporter of soybeans and ranks as the third-largest oilseed processor after China and the United States [1]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The SAF (Sustainable Aviation Fuel) industry is experiencing a price increase due to reduced overseas supply and strong global demand, with EU and China SAF FOB prices rising by 46% and 33% respectively since the beginning of 2025 [5] - The domestic SAF market is expected to grow rapidly, driven by favorable demand and limited overseas supply, with the potential for Chinese SAF products to gain market share due to their low-carbon attributes [6] Summary by Sections SAF Price Trends - As of September 24, 2025, EU and China SAF FOB prices are $2,705 and $2,400 per ton respectively, marking increases of 46% and 33% since the start of 2025 [5] - The price of waste cooking oil (UCO) is 7,400 RMB per ton, reflecting a 15% increase since the beginning of 2025 [5] Supply and Demand Dynamics - Recent supply constraints include Shell's decision to halt the construction of a large biofuel plant and NESTE's scheduled maintenance for its facilities, which will reduce SAF supply [5] - Demand is bolstered by EU's financial support for SAF procurement and Singapore's plans to implement SAF tax incentives [5] Competitive Landscape - The EU's imposition of anti-dumping duties on US SAF products enhances the competitiveness of Chinese SAF products, as China has not yet established clear subsidy policies for its SAF industry [6] - The potential for more Chinese SAF companies to enter the export whitelist is anticipated, further strengthening the market position of domestic SAF products [6] Beneficiary Companies - Beneficiary companies identified include Jiaao Environmental Protection, Shanggou Environmental Energy, Zhuoyue New Energy, Haineng Science and Technology, and Pengyao Environmental Protection [7]