1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Corn is expected to be volatile and weak. On Tuesday, corn's weighted contract positions increased, and the September contract gap - down led to an accelerated price decline. Spot trading weakened. With the approaching new - grain listing, the September positions are shifting to the November and January contracts, and the January contract continues to be weak under the pressure of a bumper harvest [2]. - Soybean meal is expected to rise. CBOT soybeans fell on Tuesday due to demand concerns. Domestically, soybean meal and rapeseed meal prices rose. Although domestic supply is still abundant and inventories are rising, the market expects the inventory peak to decline and the basis to gradually return. A long - position strategy is recommended for soybean meal, and positive spreads for 11 - 1 and 1 - 5 can be considered [2]. - Oils are expected to rise. BMD palm oil rose on Tuesday, supported by bargain - hunting and improved export expectations. Domestically, the three major oils are running strongly. A long - position strategy is recommended, along with selling put options [2]. - Eggs are expected to be volatile and weak. The main 2509 egg contract continued to decline on Tuesday, with a narrowing decline. The fundamental bearish pattern remains unchanged, and the market sentiment is still pessimistic [2]. - Hogs are expected to be in a range - bound state. The main 2509 hog contract fluctuated and adjusted on Tuesday. Currently, the supply side exerts pressure on hog prices, while policies provide support. Attention should be paid to short - term low - level buying opportunities [3]. 3. Summary According to Relevant Catalogs Research Views - **Corn**: The futures price is falling, and the spot trading is weak. The price in North China is generally stable, and the price in the sales area is falling. Technically, the September contract has fallen below 2300 yuan, and the January contract is weak under the pressure of a bumper harvest [2]. - **Soybean Meal**: CBOT soybeans fell due to demand concerns. Domestically, the price of soybean meal rose, with sufficient supply and rising inventories, but the market expects the inventory peak to decline [2]. - **Oils**: BMD palm oil rose, while US soybean oil and Canadian canola fell. Domestically, the three major oils are strong, supported by a warm market atmosphere and slow procurement in the fourth quarter [2]. - **Eggs**: The main contract continued to decline, with a narrowing decline. The spot price is mostly stable in the production area and mostly falling in the sales area. The fundamental bearish pattern remains unchanged [2]. - **Hogs**: The main contract fluctuated and adjusted. The spot price is slightly adjusted, with sufficient supply and mediocre terminal demand. Policies support hog prices, and attention should be paid to short - term low - level buying opportunities [3]. Market Information - As of August 3, the EU's 2025/26 soybean imports were 970,000 tons, compared with 1.3 million tons in the same period of the previous year [3]. - US private exporters reported selling 128,000 tons of corn to unknown destinations for delivery in the 2025/2026 sales year [3]. - In July 2025, Muyuan sold 6.355 million commercial pigs, with a year - on - year change of 13.02%. The average sales price was 14.30 yuan/kg, with a year - on - year change of - 21.86%. The sales revenue was 11.639 billion yuan, with a year - on - year change of - 10.41% [4]. - EU officials stated that the 15% tariff on EU goods entering the US is all - inclusive, including the most - favored - nation tariff [4]. - Malaysia plans to increase the allocation for the palm oil replanting project to 1.4 billion ringgit (about $331 million) from 2026 to 2030 to speed up the national replanting process [4].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports 2.1. Fats and Oils - Palm oil: Malaysian palm oil production is seasonally increasing, and with declining exports, the end - of - month inventory is expected to reach around 2.23 million tons, potentially restricting price rebounds. In China, short - term attention should be paid to whether the palm oil futures can effectively stand above 9,000 yuan, and there may be pressure for high - level oscillations or sideways consolidation [1]. - Soybean oil: U.S. biodiesel policies support the long - term trend of U.S. soybean oil, but the poor performance of crude oil due to OPEC's planned production increase drags down soybean oil. In China, soybean oil inventory is expected to decrease after mid - August as demand picks up, and long - term basis is still bullish [1]. 2.2. Corn and Corn Starch - In the short term, the corn market sentiment is bearish, with the futures price oscillating weakly. The decline is limited as there is still time before the large - scale listing of new - season corn. In the long term, the cost of new - season corn is expected to decrease, and supply pressure may lead to a lower valuation of the futures price [2]. 2.3. Sugar - The price of raw sugar is under pressure due to strong production in Brazil, but it is difficult to break previous lows in the short term. The overall outlook is bearish. In the Chinese market, demand is weak, and with increasing imports, the supply - demand situation is expected to ease, and Zhengzhou sugar futures are expected to trend downwards [6][7]. 2.4. Live Pigs - The spot price of live pigs has slightly declined, and it is expected to remain in a bottom - oscillating pattern. The near - month 09 contract faces strong upward pressure. The far - month 01 contract is greatly affected by policies, and while short - selling is not recommended blindly, the impact of hedging funds should be noted [8]. 2.5. Cotton - The supply - side pressure of cotton has marginally decreased, but the downstream industry remains weak. With the decline in cotton prices, downstream sentiment has become more pessimistic. It is recommended to reduce positions and take profits on the 09 contract and hold short positions on far - month contracts [10]. 2.6. Meal - The new - season U.S. soybeans are expected to have a bumper harvest, and export concerns limit the upside of U.S. soybean prices. Brazilian premiums are rising, increasing China's import costs. China's soybean and soybean meal inventories are rising, but there are concerns about future supply after October. It is recommended to hold long positions on the 2601 contract of domestic soybean meal, but the strength of oils may limit the upside of meal prices [12]. 2.7. Eggs - The supply of eggs is expected to increase in August, while demand will enter the peak season. There is a possibility of a rebound in spot egg prices, but overall, the trading outlook is bearish due to large supply pressure [16]. 3. Summary by Related Catalogs 3.1. Fats and Oils - **Soybean Oil**: On August 5, the spot price in Jiangsu was 8,480 yuan, up 30 yuan (0.36%) from the previous day; the futures price of Y2509 was 8,344 yuan, up 94 yuan (1.14%); the basis of Y2509 was 136 yuan, down 64 yuan (- 32.00%); the warehouse receipts increased by 1,270 to 11,540, a 12.37% increase [1]. - **Palm Oil**: On August 2, the spot price in Guangdong was 8,900 yuan, up 80 yuan (0.91%) from August 4; the futures price of P2509 was 9,064 yuan, up 226 yuan (2.56%); the basis of P2509 was - 164 yuan, down 146 yuan (- 811.11%); the warehouse receipts remained unchanged at 570 [1]. - **Rapeseed Oil**: On August 2, the spot price in Jiangsu was 9,680 yuan, up 80 yuan (0.83%) from August 4; the futures price of O1509 was 9,542 yuan, up 73 yuan (0.77%); the basis of O1509 was 138 yuan, up 7 yuan (12.07%); the warehouse receipts remained unchanged at 3,487 [1]. 2.2. Corn and Corn Starch - **Corn**: On August 5, the FOB price at Jinzhou Port was 2,249 yuan, down 35 yuan (- 1.53%); the basis was 71 yuan, up 15 yuan (26.79%); the 9 - 1 spread was 55 yuan, down 17 yuan (- 23.61%) [2]. - **Corn Starch**: On August 5, the futures price of corn starch 2509 was 2,654 yuan, down 10 yuan (- 0.38%); the basis was 56 yuan, up 10 yuan (21.74%); the 9 - 1 spread was 91 yuan, up 7 yuan (8.33%) [2]. 2.3. Sugar - **Futures Market**: On August 6, the price of sugar 2601 was 5,638 yuan/ton, up 2 yuan (0.04%); the price of sugar 2509 was 5,697 yuan/ton, down 21 yuan (- 0.37%); the 1 - 9 spread was - 59 yuan, up 23 yuan (28.05%) [6]. - **Spot Market**: The price in Nanning remained at 6,030 yuan/ton; the Nanning basis was 333 yuan, up 21 yuan (6.73%); the import price of Brazilian sugar (in - quota) was 4,433 yuan/ton, up 3 yuan (0.07%) [6]. 2.4. Live Pigs - **Futures Market**: On August 6, the price of the main contract was 13,905 yuan/ton, up 55 yuan (0.40%); the 9 - 11 spread was 35 yuan, down 170 yuan (- 82.93%); the position of the main contract decreased by 2,721 to 38,250 [8]. - **Spot Market**: The price in Henan was 14,130 yuan/ton, down 300 yuan; the sample - point slaughter volume decreased by 924 to 136,211 heads, a 0.67% decrease [8]. 2.5. Cotton - **Futures Market**: On August 6, the price of cotton 2509 was 13,655 yuan/ton, down 20 yuan (- 0.15%); the price of cotton 2601 was 13,820 yuan/ton, up 15 yuan (0.11%); the 9 - 1 spread was - 165 yuan, down 32 yuan (- 26.92%) [10]. - **Spot Market**: The Xinjiang arrival price of 3128B was 12,081 yuan/ton, up 12 yuan (0.08%); the CC Index of 3128B was 15,169 yuan/ton, up 16 yuan (0.11%) [10]. 2.6. Meal - **Soybean Meal**: On August 6, the spot price in Jiangsu was 2,920 yuan/ton, up 20 yuan (0.69%); the futures price of M2509 was 3,024 yuan/ton, up 14 yuan (0.47%); the basis of M2509 was - 104 yuan, up 6 yuan (5.45%); the warehouse receipts increased by 4,275 to 5,275, a 427.5% increase [12]. - **Rapeseed Meal**: On August 6, the spot price in Jiangsu was 2,600 yuan/ton, up 10 yuan (0.39%); the futures price of RM2509 was 2,678 yuan/ton, up 3 yuan (0.11%); the basis of RM2509 was - 78 yuan, up 7 yuan (8.24%); the warehouse receipts remained unchanged at 1,200 [12]. 2.7. Eggs - **Futures Market**: On August 6, the price of the egg 09 contract was 3,330 yuan/500KG, down 30 yuan (- 0.89%); the price of the egg 10 contract was 3,252 yuan/500KG, up 9 yuan (0.28%); the 9 - 10 spread was 78 yuan, down 39 yuan (- 33.33%) [15]. - **Spot Market**: The egg - producing area price was 2.96 yuan/jin, down 0.03 yuan (- 0.89%); the basis was - 375 yuan/500KG, up 4 yuan (0.93%) [15].

Report Industry Investment Ratings - Apple: Neutral to bearish [3] - Red dates: Neutral to bullish [7] Core Views - Apple market is currently in a weak state. The off - season, impact of seasonal fruits, slow inventory reduction, and issues with early - maturing fruits all contribute to a less - than - optimistic outlook. If terminal consumption remains sluggish, the price of inventory apples is likely to remain stable but weak [1][2][3]. - The red date market shows potential for a stronger performance. Although the first - crop flower had some issues, the second and third - crop flowers have generally good fruit - setting. The market is affected by factors such as weather and the situation of the last - crop flower, and the current high inventory in the sales area and good spot transactions might drive the market up [5][7]. Summary by Relevant Catalogs Apple Market News and Important Data - Futures: The closing price of the Apple 2510 contract yesterday was 7,826 yuan/ton, up 68 yuan/ton or +0.88% from the previous day. - Spot: In Shandong Qixia, the price of 80 first - and second - grade late Fuji was 3.80 yuan/jin, unchanged from the previous day. In Shaanxi Luochuan, the price of 70 and above semi - commodity late Fuji was 4.50 yuan/jin, also unchanged. The spot basis AP10 - 226 in Shandong Qixia and AP10 + 1174 in Shaanxi Luochuan both decreased by 68 from the previous day [1]. Market Analysis - The price of apple futures rose yesterday. The off - season and the impact of seasonal fruits have led to weak demand. The early - maturing fruits in the west have some trading activity but with a high - opening and low - going price trend. The inventory reduction speed of Fuji apples in production and sales areas last week was still slow, and the price has become more polarized. The inventory is at the lowest level in the same period in the past five years. Seasonal fruits such as melons and peaches will dominate the market, and the substitution effect is strengthening. The early - maturing fruits like Fuji and paper - bag Qinyang have shown a high - opening and low - going trend, and the coloration of Gala apples is not good [2]. Strategy - Neutral to bearish. If terminal consumption remains weak, the inventory reduction of apples will be difficult, and the spot price is likely to remain stable but weak [3]. Red Dates Market News and Important Data - Futures: The closing price of the Red Dates 2601 contract yesterday was 10,860 yuan/ton, down 60 yuan/ton or - 0.55% from the previous day. - Spot: The price of first - grade grey dates in Hebei was 9.20 yuan/kg, up 0.10 yuan/kg from the previous day. The spot basis CJ01 - 1660 increased by 160 from the previous day [4]. Market Analysis - The price of red date futures fell yesterday. Due to the situation of the first - crop flower, farmers have actively managed the orchards, and the second and third - crop flowers have generally good fruit - setting. The main - producing areas' jujube trees are in the physiological fruit - dropping stage. The total inventory in the sales area is at a high level in recent years, and the transfer of goods and downstream replenishment demand support the price increase of high - quality goods [5][7]. Strategy - Neutral to bullish. The news from the production area has a great impact on the futures market. Given the expectation of reduced production and the good spot transactions, the market may perform strongly in the future, but the growth of new - season red dates needs to be closely monitored [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Corn is expected to show a weak - oscillating trend. On Monday, corn's weighted contract positions increased while the futures price was weak. Spot trading weakened with prices in Northeast China, North China, and sales areas showing a weak - stable trend. The 9 - month contract fell below 2300 yuan, and the 1 - month contract is under pressure due to expected high yields [2]. - Soybean meal is expected to oscillate. CBOT soybean futures rose on Monday, but US soybeans are restricted by large global supplies. In China, soybean meal supply is sufficient, and inventory is rising, but the market expects the inventory peak to pass and the basis to gradually return. A narrow - range oscillation is expected, and 11 - 1, 1 - 5 positive spreads can be considered [2]. - Oils are expected to oscillate. BMD palm oil fell on Monday due to concerns about increased production and inventory. In China, the market sentiment is weak, with palm oil falling and soybean oil relatively stable. The overall oils market shows an internal - strong and external - weak pattern, and an intraday trading strategy is recommended [2]. - Eggs are expected to show a weak - oscillating trend. The increase in the number of laying hens has led to a bearish sentiment. On Monday, the near - month egg contracts fell significantly, and the spot price also declined. The fundamental bearish pattern remains unchanged, and the futures price may weaken further [2]. - Pigs are expected to oscillate. The 2509 pig futures contract showed a slight decline on Monday. The supply of pigs is increasing, but terminal demand is weak. Policy support exists, so the price is expected to oscillate. The futures and spot prices are at the important 14000 - yuan/ton level [3]. 3. Summary by Relevant Catalogs 3.1 Market Information - India's palm oil imports in July decreased by 10% month - on - month to 858,000 tons, while soybean oil imports increased by 38% to 495,000 tons, and sunflower oil imports decreased by 7% to 201,000 tons. The total edible oil imports increased by 1.5% to 1.53 million tons [4]. - As of August 1, 2025 (week 31), the commercial inventory of palm oil in key Chinese regions was 582,200 tons, a decrease of 33,300 tons (5.41%) from the previous week and an increase of 3400 tons (0.59%) from the same period last year [4]. - According to SGS, Malaysia's estimated palm oil exports from July 1 - 31 were 896,362 tons, a 25.01% decrease from the same period last month [4]. - Reuters survey shows that Malaysia's estimated palm oil inventory in July 2025 was 2.25 million tons (up 10.8% from June), production was 1.83 million tons (up 8% from June), and exports were 1.3 million tons (up 3.2% from June) [4]. - In July, the concentrated arrival of imported soybeans in China led to high oil - mill operating rates. The total soybean crushing volume was 10.1 million tons, basically the same as the previous month and a 14.59% increase year - on - year [5]. 3.2 Variety Spreads - The report presents multiple charts of contract spreads, including those of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [7][9][10][13]. - The report also presents multiple charts of contract basis, including those of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [15][19][25][27].

2025 年 8 月 4 日 美豆出口需求疲软 连粕或震荡运行 豆粕周报 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jyqh.com.cn 从业资格号：F03112296 投资咨询号：Z0021040 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 王工建 敬请参阅最后一页免责声明 1 / 11 投资咨询号：Z0017785 ⚫ 上周，CBOT美豆11月合约跌33.75收于988美分/蒲式耳，跌 幅3.30%；豆粕09合约跌11收于3010元/吨，跌幅0.36%；华 南豆粕现货跌10收于2870元/吨，跌幅0.35%；菜粕09合约 收于2675元/吨，持平于上一周；广西菜粕现货跌30收于 2530元/吨，跌 ...

Report Industry Investment Rating - The investment strategy for both the bean meal and corn sectors is cautiously bearish [3] Core Viewpoints - The bean meal futures price showed a weak oscillation. The weather in the main soybean - producing areas of the United States is favorable, and the soybean growth is expected to remain good. Macro - factors are significantly disturbing, and the Sino - US trade relationship is expected to improve. Domestically, the supply of bean meal remains loose due to high soybean arrivals and rising inventory. Attention should be paid to the new - season US soybean planting, Argentine bean meal imports, and policy changes [2] - The corn futures price had a narrow - range oscillation. Domestically, on the supply side, after the digestion of negative factors, the shipments of traders have stabilized. On the demand side, the operating rate of deep - processing enterprises has declined, and feed enterprises have sufficient inventories. The impact of imported corn auctions on the market has weakened. Attention should be paid to the growth of new - season corn [5] Summary According to the Directory Bean Meal Market News and Important Data - Futures: The closing price of the bean meal 2509 contract was 3000 yuan/ton, a decrease of 10 yuan/ton (- 0.33%) from the previous day. Spot: The spot price of bean meal in Tianjin was 2950 yuan/ton, up 10 yuan/ton from the previous day; in Jiangsu, it was 2870 yuan/ton, unchanged; in Guangdong, it was 2860 yuan/ton, unchanged. Consultancy Datagro predicts that Brazil's soybean production in the 2025/26 season will reach a record 183 million tons, while USDA predicts 175 million tons [1] Market Analysis - The bean meal futures price was weakly oscillating. The good weather in the US soybean - producing areas is beneficial to soybean growth. Macro - factors are disturbing, and the Sino - US trade relationship is expected to improve. Domestically, the supply of bean meal remains loose due to high soybean arrivals and rising inventory. Future attention should be paid to the new - season US soybean planting, Argentine bean meal imports, and policy changes [2] Strategy - Cautiously bearish [3] Corn Market News and Important Data - Futures: The closing price of the corn 2509 contract was 2288 yuan/ton, a decrease of 24 yuan/ton (- 1.04%) from the previous day; the corn starch 2509 contract was 2660 yuan/ton, down 23 yuan/ton (- 0.86%). Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2720 yuan/ton, unchanged. As of July 30, 2025/26, Ukraine's grain exports were 1297000 tons, with 613000 tons of corn and 191000 tons of barley. In the 2024/25 season, Ukraine exported 40.6 million tons of grain. Brazil's corn exports in July 2025 are expected to be 4.18 million tons, and the full - year export is expected to reach 42 million tons [3][4] Market Analysis - The corn futures price had a narrow - range oscillation. On the supply side, after the digestion of negative factors, the shipments of traders have stabilized. On the demand side, the operating rate of deep - processing enterprises has declined, and feed enterprises have sufficient inventories. The impact of imported corn auctions on the market has weakened. Attention should be paid to the growth of new - season corn [5] Strategy - Cautiously bearish [3]

Report Summary 1. Investment Ratings for Different Agricultural Products - Corn: Oscillating weakly [2] - Soybean Meal: Oscillating [2] - Oils: Oscillating [2] - Eggs: Oscillating weakly [2] - Pigs: Oscillating [3] 2. Core Views - Corn: This week, the main corn contract reduced positions and adjusted. The funds of the September contract shifted to the January contract. The bearish factor of good weather during the growth period influenced market sentiment, and the corn futures price showed a weak performance. Northeast corn prices remained stable, and the impact of imported corn auctions on the market was relatively limited. In the Northeast production area, there was a small amount of supply, and the downstream trading activity was poor. In North China, corn prices generally showed a stable - to - strong trend. Technically, the September contract rebounded to the previous intensive trading area of 2320 - 2330 yuan/ton this week, but was suppressed by the technical resistance level and then declined again. Short - term attention should be paid to the effectiveness of the 2300 yuan/ton support for the September contract, and a medium - term downward trend is expected [2]. - Soybean Meal: On Thursday, CBOT soybeans closed at the lowest level since April due to favorable crop weather in the US for a bumper harvest and sufficient global supply. Domestic protein meal prices declined as domestic commodities generally fell and funds withdrew from the market. The Sino - US negotiation maintained the suspension of the 24% tariff, but did not mention soybean purchases, which led to concerns about the long - term supply of soybean meal. Strategically, soybean meal is expected to oscillate narrowly, and investors can participate in the 11 - 1 and 1 - 5 positive spreads [2]. - Oils: On Thursday, BMD palm oil prices fell, ending a two - day upward trend. High - frequency data showed that Malaysian palm oil exports in July decreased by 6.7% - 9.6% month - on - month. Indonesia raised the reference price of crude palm oil in August, leading to an increase in export tariffs. Domestically, the market sentiment was weak, and the futures prices of oils declined. The decline in the outer market led to a decrease in import costs, which also pressured the prices. The inventory of palm oil was limited, and the inventory of rapeseed oil decreased. The oils market showed a pattern of strong domestic and weak overseas, which was conducive to restoring import profits. Strategically, short - term trading is recommended [2]. - Eggs: On Thursday, influenced by surrounding commodities, the egg futures price oscillated and closed down. The spot price of eggs decreased slightly. The short - term fundamental situation was still bearish, and the market sentiment was pessimistic. In the future, as the egg market enters the peak season, demand will have a positive impact on egg prices. However, considering the high inventory and cold - stored eggs, the peak egg price is likely to be lower than that of last year [2][3]. - Pigs: On Thursday, the main pig contract 2509 oscillated during the session and finally closed flat. The spot price of pigs increased slightly. As pig prices continued to adjust, the mentality of farmers to support prices became stronger, and the slaughter volume decreased. The policy provided support for pig prices, so a short - term oscillating trend is expected. Attention should be paid to whether the short - term rebound in spot prices can continue and the impact of market sentiment changes on the futures market after the spot price rebounds [3]. 3. Market Information - Argentina reduced the export tariffs on soybean oil and soybean meal from 31% to 24.5% [4]. - As of July 23, the national average ex - factory price of pigs was 14.78 yuan/kg, a 1.20% decrease from July 16, and the pig - grain ratio was 6.16, a 1.12% decrease from July 16 [4]. - The Indian Vegetable Oil Producers Association (IVPA) stated that Indian vegetable oil importers were increasing palm oil purchases to meet the expected surge in demand during the festival season as global prices declined [4]. - According to the data of the shipping survey agency ITS, the export volume of Malaysian palm oil from July 1 - 31 was 1,289,727 tons, a 6.71% decrease compared to the same period last month [4]. - Indonesia set the reference price of crude palm oil (CPO) in August at $910.91 per metric ton, higher than $877.89 in July [4]. - The Zhengzhou Commodity Exchange decided to suspend the designated rapeseed oil delivery warehouse business of Sichuan Grain and Oil Wholesale Center Direct - affiliated Reserve Depot Co., Ltd. and Central Reserve Grain Sichuan Xinjin Direct - affiliated Depot Co., Ltd., and resume the rapeseed oil delivery warehouse business of China Grain Reserves (Hefei) Reserve Co., Ltd. It also added Chengdu Grain Group Co., Ltd. as a rapeseed oil delivery warehouse and COFCO Oils (Chengdu) Co., Ltd. as a rapeseed oil delivery factory warehouse [5]. 4. Variety Spreads - **Contract Spreads**: The report presents the 9 - 1 spreads of various agricultural products such as corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs through multiple charts [6][7][9][10][13]. - **Contract Basis**: The report shows the basis of various agricultural products including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs through multiple charts [14][15][19][25][27]. 5. Research Team Introduction - Wang Na is the director of the agricultural product research department at Everbright Futures Research Institute, the leader of the top ten research and investment teams of the Dalian Commodity Exchange. She has won the "Best Agricultural Product Analyst" title in the Futures Daily and Securities Times Best Futures Analyst Awards for many years [29]. - Hou Xueling is an analyst of soybeans at Everbright Futures, with more than ten years of futures trading experience. She has also won the "Best Agricultural Product Analyst" title in relevant awards for many years [29]. - Kong Hailan, a master of economics, is currently a researcher of the egg and pig industries at Everbright Futures Research Institute [29].

Group 1 - The core viewpoint of the article highlights the performance of agricultural futures at the Chicago Board of Trade (CBOT) on July 31, with most contracts showing an upward trend [1] Group 2 - Soybean futures decreased by 0.55%, closing at 990.25 cents per bushel [1] - Corn futures increased by 0.36%, closing at 413.75 cents per bushel [1] - Wheat futures saw a slight increase of 0.05%, closing at 524.00 cents per bushel [1]

农产品日报（2025 年 7 月 31 日） 一、研究观点 | 品种 | 点评 | 观点 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 周三，玉米主力合约减仓调整，9 | 月合约资金向 | 1 | 月转移，1 | 月是新玉米集中上 | 市期，生长期天气良好的利空因素左右市场情绪，玉米期价呈现偏弱表现。东北 | | | | | | | 玉米价格仍以平稳为主，进口玉米拍卖但对市场的影响已相对有限。东北产区目 | 前能零星上量，下游购销活跃度偏差，对市场的支撑也稍显一般。中美双方将继 | | | | | | | | | | | 续推动已暂停的美方对等关税 | 24%部分以及中方反制措施如期展期 | 90 | 天，关税 | 较前期暂无变化。华北地区玉米价格整体稳中偏强运行。山东深加工企业早间剩 | | | | | | | | 玉米 | 震荡偏弱 | 余车辆继续减少，部分企业价格窄幅上调 | 10-20 | 元/吨。河北、河南深加工企业 | 玉米价格维持稳定。基层余粮不多，但大部分人看涨预期 ...

Report Industry Investment Ratings No relevant content found. Core Views 1. Oils and Fats - Palm oil futures are likely to gradually rise, with the domestic palm oil following the upward trend of Malaysian palm oil. The key level for the domestic palm oil market is 9,000 yuan. - For soybean oil, international oil prices enhance its attractiveness in biodiesel, but CBOT soybeans may drag down CBOT soybean oil. Domestic soybean oil prices are expected to rise after August [1]. 2. Meal - US soybeans remain weak, and the domestic soybean and soybean meal inventories are rising. However, the supply after October is uncertain. It is recommended to wait and see in the short - term [2]. 3. Livestock (Pigs) - The pig market is currently in a situation of weak supply and demand. Spot prices are expected to remain at the bottom, and the near - month contract has strong upward pressure. The far - month contract is affected by policies, and short - selling is not recommended [5]. 4. Corn - In the short term, the corn market is relatively stable, and the price will fluctuate. In the medium to long term, the supply may be tight in the third quarter and relatively loose in the fourth quarter [8]. 5. Sugar - Internationally, the raw sugar price may bottom out, but a bearish view is maintained overall. Domestically, the supply - demand situation is expected to be marginally loose, and the price is expected to fluctuate at a high level [12]. 6. Cotton - In the short term, domestic cotton prices may fluctuate within a range, and the price will face pressure after the new cotton is listed [14]. 7. Eggs - The supply of eggs is sufficient, but the supply of large - sized eggs is tight. The demand may first decrease and then increase this week. Some areas may see a decline in egg prices next week, but the spot price still has some upward space [18]. Summary by Related Catalogs 1. Oils and Fats - **Soybean Oil**: On July 30, the spot price in Jiangsu was 8,420 yuan, up 0.60% from the previous day. The futures price of Y2509 was 8,240 yuan, up 0.17%. The warehouse receipts decreased by 35.07% [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong was 8,990 yuan on July 30, up 0.78%. The futures price of P2509 was 8,970 yuan, up 0.13%. The basis difference increased by 116.00% [1]. - **Rapeseed Oil**: The spot price of fourth - grade rapeseed oil in Jiangsu was 9,680 yuan on July 30, up 0.94%. The futures price of O1509 was 9,621 yuan, up 1.36% [1]. 2. Meal - **Soybean Meal**: The spot price in Jiangsu was 2,890 yuan on July 30, up 1.40%. The futures price of M2509 was 3,010 yuan, up 0.91%. The warehouse receipts decreased by 36.9% [2]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,620 yuan on July 30, up 3.56%. The futures price of RM2509 was 2,735 yuan, up 2.82% [2]. - **Soybeans**: The spot price of Harbin soybeans remained unchanged at 3,960 yuan. The futures price of the main soybean contract was 4,153 yuan, up 0.22% [2]. 3. Livestock (Pigs) - **Futures**: The price of the main contract decreased by 500.00%. The price of the 2511 contract was 14,125 yuan/ton, down 0.88%, and the 2509 contract was 14,150 yuan/ton, up 0.18% [5]. - **Spot**: The spot price in Henan was 13,880 yuan, down 200.0 yuan. The slaughter volume increased by 0.61%, and the self - breeding profit decreased by 31.61% [5]. 4. Corn - **Corn**: The futures price of the 2509 contract was 2,312 yuan/ton on July 30, up 0.43%. The basis difference decreased by 20.83%, and the 9 - 1 spread increased by 8.05% [8]. - **Corn Starch**: The futures price of the 2509 contract was 2,683 yuan/ton on July 30, up 0.64%. The basis difference decreased by 121.43%, and the 9 - 1 spread increased by 24.29% [8]. 5. Sugar - **Futures**: The price of the 2601 contract was 5,667 yuan/ton on July 30, down 1.13%. The price of the 2509 contract was 5,804 yuan/ton, down 1.07%. The ICE raw sugar price decreased by 0.60% [12]. - **Spot**: The spot price in Nanning remained at 6,050 yuan. The price of imported Brazilian sugar (in - quota) increased by 0.87%, and the price of imported Brazilian sugar (out - of - quota) increased by 0.89% [12]. 6. Cotton - **Futures**: The price of the 2509 contract was 13,755 yuan/ton on July 30, down 1.22%. The price of the 2601 contract was 13,905 yuan/ton, down 0.86%. The ICE cotton price decreased by 0.24% [14]. - **Spot**: The Xinjiang arrival price of 3128B was 15,343 yuan, down 0.57%. The commercial inventory decreased by 10.2%, and the industrial inventory decreased by 2.3% [14]. 7. Eggs - **Futures**: The price of the 09 contract was 3,570 yuan/500KG on July 30, down 0.17%. The price of the 08 contract was 3,271 yuan/500KG, down 2.33% [16]. - **Spot**: The egg - producing area price remained at 3.20 yuan/jin. The egg - to - feed ratio increased by 6.64%, and the breeding profit increased by 20.53% [16][18]