Group 1: Pork and Poultry Market - The average daily trading volume of pork was 8,664 heads (664.50 tons), a decrease of 3.4% compared to the previous week [1] - The average price of live pigs in Hangzhou was 16.12 yuan/kg, an increase of 0.69%, while the wholesale price of pork was 19.2 yuan/kg, up by 2.62% [1] - Retail prices for various pork cuts showed mixed results, with pork loin at 34.81 yuan/kg (up 0.4%) and pork hind leg at 28.13 yuan/kg (down 0.92%) [1] Group 2: Vegetable Market - The average daily trading volume of vegetables was 3,358 tons, an increase of 0.39% from the previous week [2] - The overall wholesale price of vegetables rose by 4.89% to an average of 3.86 yuan/kg, with 14 varieties increasing in price and 3 decreasing [2] - Significant price increases were noted for celery (up 25.08% to 4.09 yuan/kg) and cabbage (up 19.87% to 1.81 yuan/kg) [2] Group 3: Aquatic Products Market - The total wholesale trading volume of aquatic products was 3,337.95 tons, with an average daily trading volume of 476.85 tons, reflecting a 0.14% increase from the previous week [3] - The overall average price of aquatic products rose by 0.07% to 42.55 yuan/kg, with 1 variety increasing and 6 remaining stable [3] - Retail prices for certain aquatic products saw notable changes, with grass carp increasing by 18.15% to 33.85 yuan/kg, while pomfret decreased by 6.15% to 45.96 yuan/kg [3]

Core Insights - The "Agricultural Products Wholesale Price 200 Index" increased to 112.64, up by 0.34 points from the previous Friday, indicating a rise in wholesale prices of agricultural products [1] - The "Vegetable Basket" product wholesale price index rose to 112.67, up by 0.39 points from the previous Friday, reflecting a similar trend in vegetable prices [1] Price Changes - The average price of pork reached 20.66 yuan/kg, an increase of 0.4% from the previous Friday [1] - Beef prices rose to 63.6 yuan/kg, also up by 0.4% [1] - Mutton prices decreased to 59.54 yuan/kg, down by 0.4% [1] - Egg prices increased slightly to 7.06 yuan/kg, up by 0.1% [1] - The price of white-feathered chicken rose to 17.14 yuan/kg, up by 0.1% [1] Vegetable and Fruit Prices - The average price of 28 monitored vegetables was 4.36 yuan/kg, an increase of 0.5% [1] - The average price of 6 monitored fruits was 7.33 yuan/kg, up by 0.4% [1] Fish Prices - The price of crucian carp was 22.77 yuan/kg, an increase of 0.7% [1] - Carp prices rose to 15.59 yuan/kg, up by 0.5% [1] - The price of white catfish decreased to 10.26 yuan/kg, down by 0.8% [1] - Large hairtail fish prices increased to 39.55 yuan/kg, up by 1.2% [1]

Group 1: Agricultural Products Market - The national edible agricultural product market price decreased by 0.2% from the previous week [1] - Average wholesale prices of six types of fruits slightly declined, with watermelon, banana, and grape decreasing by 3.2%, 1.7%, and 1.2% respectively [1] - Average wholesale price of 30 types of vegetables was 4.13 yuan per kilogram, down by 0.2%, with cauliflower, pumpkin, and garlic decreasing by 5.6%, 4.3%, and 4.2% respectively [1] - Poultry product wholesale prices continued to decline, with eggs and white-cut chicken decreasing by 0.8% and 0.6% respectively [1] - Grain and oil wholesale prices showed slight fluctuations, with soybean oil, rapeseed oil, and peanut oil decreasing by 0.2%, 0.1%, and 0.1%, while rice increased by 0.2% [1] - Aquatic product wholesale prices slightly increased, with crucian carp, large yellow croaker, and silver carp rising by 0.9%, 0.9%, and 0.6% respectively [1] - Meat wholesale prices were mainly up, with pork at 20.30 yuan per kilogram, down by 0.1%, while beef and lamb increased by 0.4% and 0.1% respectively [1] Group 2: Production Materials Market - Wholesale prices of finished oil slightly increased, with 0 diesel, 92 gasoline, and 95 gasoline rising by 3.3%, 3.3%, and 3.0% respectively [2] - Basic chemical raw material prices were mainly up, with methanol, sulfuric acid, and polypropylene increasing by 4.0%, 0.9%, and 0.9% respectively, while soda ash decreased by 0.4% [2] - Rubber prices continued to rise, with synthetic rubber and natural rubber increasing by 0.8% and 0.4% respectively [2] - Fertilizer prices showed slight fluctuations, with urea increasing by 0.2% and compound fertilizer decreasing by 0.2% [2] - Non-ferrous metal prices remained stable, with aluminum increasing by 1.0%, while zinc and copper decreased by 1.1% and 0.4% respectively [2] - Coal prices continued to decline, with coking coal and No. 2 smokeless lump coal decreasing by 1.0% and 0.1% respectively, while thermal coal remained stable at 750 yuan per ton [2] - Steel prices slightly decreased, with welded steel pipes, ordinary medium plates, and high-speed wire rod decreasing by 0.6%, 0.5%, and 0.4% respectively [2]

Core Insights - Lemon prices have surged by 300% due to extreme weather conditions affecting major production areas, leading to a significant reduction in supply [1] - Tariff adjustments in international trade, along with increased costs and loss rates in cold chain transportation, have contributed to the historical high prices of lemons, particularly premium quality lemons [1] - In Sichuan Anju, lemon prices have increased by 3 to 5 times compared to the same period last year [1] - In beverage shops, such as those in Beijing, the cheapest lemon water is now priced at 5 yuan, while adding cucumber slices can raise the price to 20 yuan [1] - Some beverage stores are considering temporarily removing lemon water from their menus to cope with the price surge [1]

Group 1 - The "Agricultural Products Wholesale Price 200 Index" for the 24th week of 2025 is 113.04, down 0.44 points from the previous week and down 0.13 points year-on-year [1] - The "Vegetable Basket" product wholesale price index is 113.11, down 0.51 points from the previous week and up 0.24 points year-on-year [1] - Prices for pork, beef, and eggs have slightly decreased, with pork averaging 20.22 yuan per kilogram, down 1.4% week-on-week and down 17.6% year-on-year [1] Group 2 - The average price of 28 monitored vegetables is 4.35 yuan per kilogram, up 0.2% week-on-week and unchanged year-on-year [2] - Among the vegetables, 13 saw price increases, 1 remained stable, and 14 experienced price declines, with lotus root and spinach increasing by 11.3% and 5.8% respectively [2] - Prices for various aquatic products have slightly decreased, with big hairtail averaging 39.00 yuan per kilogram, down 3.0% week-on-week [2] Group 3 - The average price of 6 monitored fruits is 7.70 yuan per kilogram, down 2.3% week-on-week and up 4.8% year-on-year [2] - Specific fruits like giant peak grapes and watermelons saw declines of 5.5% and 3.2% respectively, while Fuji apples and pineapples increased by 0.5% and 0.2% [2]

Group 1: Soybean Meal Market - The soybean meal market is experiencing a supply surplus, leading to a downward price trend in 2024 due to weak demand and stable domestic supply [3] - The tightening and loosening of customs inspection times for imported soybeans, along with renewed U.S.-China tariff issues, have caused fluctuations in supply and demand [3] - The forecast for soybean imports shows a gradual decrease in arrival volumes, with expectations of 9.5 million tons in July and 8.5 million tons in August, indicating a neutral to bearish impact on prices [3] Group 2: Corn Market - Corn prices have recently rebounded, with the main futures contract reaching 2,382 yuan/ton, reflecting a maximum increase of 3.5% over the past month [1] - The overall trend for corn prices has been characterized by a narrow rebound followed by a decline, with supply tightening due to farmers' reluctance to sell at lower prices [1][2] - Despite expectations of reduced demand, there remains a fundamental support for corn prices due to ongoing needs in the market, suggesting potential for further price increases in June and July [2]

豆粕生猪：进口成本下降 豆粕小幅回落 朱皓天 zhuhaotian@jsfco.com 期货从业资格号：F03090081 投资咨询从业证书号：Z0016204 表 1：豆粕生猪期货日度数据监测 | | 第二郎 JIDGHI FITUR | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 載至 | 单位 | マ日 | 昨日 | 涨跌 | 涨跌幅 | | 期货 | DCE豆粕: 01 | 5月29日 | 元/吨 | 3004 | 3013 | -9.00 | -0.30% | | | DCE豆粕: 05 | 5月29日 | 元/吨 | 2705 | 2710 | -5.00 | -0.18% | | | DCE豆粕: 09 | 5月29日 | 元/吨 | 2962 | 2961 | 1.00 | 0.03% | | | CZCE菜籽粕: 01 | 5月29日 | 元/吨 | 2352 | 2347 | 5.00 | 0.21% | | | CZCE菜籽粕: 05 | 5月29日 ...

Report Industry Investment Ratings - **Strong Buy (★★★)**: Soybean (Domestic), Corn [1] - **Buy (★☆☆)**: Rapeseed Meal, Rapeseed Oil, Live Hogs, Eggs [1] - **Neutral**: Not specified Core Views - The prices of domestic agricultural products show various trends, with factors such as policy, supply - demand, weather, and imports influencing them. Different products have different outlooks, including oscillations, potential rises, and declines [2][3][4] Summary by Product Soybean - Domestic soybeans are in an oscillating trend after a recent price decline. The price difference between domestic and imported soybeans has narrowed. Imported soybeans have abundant supply from May to July due to large - scale arrivals from Brazil. Mid - term prices of both domestic and US soybeans are expected to be affected by weather, with a predicted oscillating and bullish trend [2] Soybean & Soybean Meal - Soybean meal prices in most domestic regions are falling, with weakening spot basis and increasing inventory. Supply has become more abundant since May, and the market lacks a driver for continuous price increases [3] Soybean Oil & Palm Oil - The domestic futures market shows a pattern of strong meal and weak oil. The domestic soybean oil and palm oil futures are expected to follow the US soybean market. Both soybean and palm oil are expected to maintain an interval - oscillating trend, affected by factors such as supply and overseas production [4] Rapeseed Meal & Rapeseed Oil - The domestic rapeseed products generally rose today, with rapeseed meal outperforming rapeseed oil. Mid - term policies may bring import bottlenecks, which will relieve supply pressure. The demand for rapeseed meal is promising, and a bullish strategy is recommended [6] Corn - Northeast corn prices are stable, while Shandong's purchase prices are weakening. North port inventories are below 4 million tons, and south port inventories are increasing. The market is expected to be oscillating and bearish in the next stage [7] Live Hogs - The live hog futures market is weakly oscillating, and spot prices are slightly rebounding. Long - term supply is expected to recover, and downward pressure on spot prices may affect the futures market [8] Eggs - Egg futures prices are falling with increased positions, while spot prices are rebounding in many areas. After the Dragon Boat Festival, supply pressure may lead to further price drops, and a short - selling strategy is recommended for the futures market [9]

Financial Data and Key Metrics Changes - For the first quarter, the company reported net income of approximately $15.1 million and net income to common shareholders of $9.1 million, or $0.25 per share [25] - Adjusted FFO was about $2 million or $0.06 per share, down from $5.1 million or $0.14 per share in the same quarter last year [25] - Fixed base cash rents decreased by about $5.7 million compared to the prior year quarter due to vacancies and structural changes in leases [26] Business Line Data and Key Metrics Changes - The company executed seven new leases or amended existing leases, primarily on permanent crops [8] - The year-over-year decline in fixed base rents is expected to total about $17 million for fiscal year 2025 compared to 2024 [27] - The company anticipates a total year-over-year decline of about $17 million in fixed base rents for fiscal year 2025 compared to 2024, with a reduction of approximately $4 million to $5 million per quarter [27] Market Data and Key Metrics Changes - The nut sector is vulnerable to tariffs, with 78% of U.S. grown almonds and pistachios exported annually, and the company is monitoring the impact of tariffs on pricing [20][21] - The company noted that almond prices have risen significantly year over year, while pistachios remained stable or slightly increased [21] - The weakening of the U.S. dollar may help mitigate some negative impacts from tariffs, as it makes U.S. exports cheaper for foreign buyers [23] Company Strategy and Development Direction - The company remains cautious with new investments due to high interest rates and costs of capital, leading to a slow acquisition activity [8][34] - The company plans to continue with the current lease structure for 2025 and may revert to traditional lease structures next year or consider selling some properties [14] - The company believes investing in farmland growing healthy crops aligns with market trends and expects inflation in the food sector to continue to rise [35][37] Management's Comments on Operating Environment and Future Outlook - Management expressed hope for a strong production year, particularly for almonds and pistachios, but acknowledged uncertainty until the fourth quarter [13][14] - The company is focused on maintaining liquidity and ensuring it can meet financial obligations without compromising cash reserves [56][58] - Management indicated that the current farming environment is challenging due to high borrowing costs, which could impact future operations [34][81] Other Important Information - The company has access to over $180 million of capital, including about $40 million in cash on hand [30] - The company declared a monthly dividend of $0.0467 per share for the second quarter of 2025, equating to an annualized yield of 5.8% [32] - The company is evaluating options for vacant farms, including potential new crops and leasing water rights [50] Q&A Session Summary Question: Clarification on $17 million lower revenues in '25 versus '24 - Management confirmed that an additional farm was added to the participation rent structure, contributing to the increased revenue loss estimate for 2025 [39] Question: Total participation rents expected in 2025 - Management expects to recover the $17 million loss and anticipates that insurance should cover that amount plus a small profit [40] Question: Details on the $2.4 million termination fee - The fee was related to three almond farms that are now vacant, and management is exploring options to generate income from those properties [42] Question: Additional sales in the second quarter and beyond - Management indicated that while some farms are listed for sale, there are currently no contracts to execute [48] Question: Status of vacant assets - Two of the vacant farms are open ground with low maintenance costs, while the three almond farms are at the end of their productive life [49] Question: Thoughts on share repurchase given cash balance - Management is prioritizing liquidity and is cautious about using cash for share repurchases, focusing instead on maintaining operational flexibility [56] Question: Financing for upcoming preferred stock maturity - Management is considering options including asset sales and refinancing, but is cautious due to high interest rates [71]

Group 1: Market Overview - The supply of vegetables, meat, and fruits in the Xinfadi market is sufficient and prices are relatively stable ahead of the "May Day" holiday [1] - The price of beef is between 58-60 yuan per kilogram, while lamb is priced at 42 yuan per kilogram [1] - Seafood supply remains stable at approximately 1,000-1,200 tons daily, with no significant increase in pre-holiday purchases [1] Group 2: Vegetable Pricing - Vegetable prices in the Xinfadi market are showing a steady decline, with a significant drop observed [1] - On April 26, the market saw a vegetable supply of 20,000 tons, with a weighted average price of 2.83 yuan per kilogram, reflecting a month-on-month decrease of 15% [1] - The decline in vegetable prices is attributed to increased supply from the Yellow River's middle and lower reaches and the recovery from previous adverse weather conditions [1] Group 3: Fruit Supply and Pricing - The daily supply of fruits in the Xinfadi market is approximately 12,000 tons, with a weighted average price of 9.75 yuan per kilogram [2] - Seasonal fruits from both northern and southern regions are entering the market, including cherries, blueberries, mangoes, loquats, grapes, and navel oranges [2] - As May approaches, fruit production is expected to peak, leading to a significant decrease in prices for stored fruits like apples and pears [2] Group 4: Market Preparedness - To ensure supply during the "May Day" holiday, the Xinfadi market is coordinating with merchants to enhance planting plans and increase harvesting efforts [2] - The market will utilize live streaming for sales during the holiday, offering same-day and next-day delivery to meet consumer demand [2]