Report Industry Investment Rating - The investment rating for both the soybean meal and corn industries is cautiously bearish [3][5] Core Viewpoints - For soybean meal, the domestic supply is ample with high arrival volume and rising inventory, and the future supply may be more abundant due to positive policy expectations and a strong harvest forecast for US soybeans. The demand is weak as feed enterprises have sufficient inventory. The price was affected by macro - factors last month, and future supply may be influenced by policy and US soybean growth [2] - For corn, in the early July, the supply increased due to imported corn auctions, leading to a weak price. Later, the supply decreased with lower auction transaction rates. The demand from feed enterprises is weak. The old - crop corn fundamentals are stable, and new - crop corn has not been listed yet, so its yield and cost need attention [4] Summaries by Relevant Catalogs Market News and Important Data (Soybean Meal) - Futures: The closing price of the soybean meal 2509 contract was 3026 yuan/ton, up 3 yuan/ton or 0.10% from the previous day; the rapeseed meal 2509 contract was 2745 yuan/ton, up 21 yuan/ton or 0.77% [1] - Spot: Tianjin's soybean meal spot price was 2980 yuan/ton, down 20 yuan/ton; Jiangsu's was 2910 yuan/ton, unchanged; Guangdong's was 2910 yuan/ton, up 10 yuan/ton; Fujian's rapeseed meal spot price was 2700 yuan/ton, up 30 yuan/ton [1] - Market Information: A consulting firm expects Brazil's 2025/26 soybean planting area to increase by 2.0% to 48.6 million hectares, with a 2.5% increase in production to a record 177.2 million tons. As of July 24, the US has sold over 3 million tons of 2025/26 soybeans, a 12% year - on - year decrease [1] Market Analysis (Soybean Meal) - Supply: High arrival volume and rising inventory in the short - term, and future supply may be more abundant due to policy and US soybean production [2] - Demand: Feed enterprises have sufficient inventory and mainly purchase as needed, resulting in a supply - strong and demand - weak situation [2] Strategy (Soybean Meal) - The strategy is to be cautiously bearish [3] Market News and Important Data (Corn) - Futures: The closing price of the corn 2509 contract was 2259 yuan/ton, up 10 yuan/ton or 0.44%; the corn starch 2509 contract was 2662 yuan/ton, up 8 yuan/ton or 0.30% [3] - Spot: Liaoning's corn spot price was 2150 yuan/ton, unchanged; Jilin's corn starch spot price was 2750 yuan/ton, down 50 yuan/ton [3] - Market Information: As of August 3, the US winter wheat harvest progress was 86%, lower than the five - year average; spring wheat harvest progress was 5%, with a 48% good - to - excellent rate, down 1 percentage point week - on - week [3] Market Analysis (Corn) - Supply: In early July, the supply increased due to auctions, leading to weak prices. Later, the supply decreased with lower auction transaction rates [4] - Demand: Feed enterprises mainly replenish inventory as needed, and the demand is weak [4] Strategy (Corn) - The strategy is to be cautiously bearish [5]

Report Industry Investment Ratings - **豆一**: Not clearly defined, but the symbol indicates a certain state [1] - **豆粕**: Not clearly defined, but the symbol indicates a certain state [1] - **豆油**: Not clearly defined, but the symbol indicates a certain state [1] - **棕榈油**: Not mentioned in terms of rating symbol, but analysis is provided [4] - **菜粕**: Not clearly defined, but the symbol indicates a certain state [1] - **菜油**: Not clearly defined, but the symbol indicates a certain state [1] - **玉米**: Not clearly defined, but the symbol indicates a certain state [1] - **生猪**: One star, representing a bearish bias with limited trading operability [1] - **鸡蛋**: Not clearly defined, but the symbol indicates a certain state [1] Core Viewpoints - The overall situation of agricultural products is complex, with different factors affecting each variety. For example, weather, policy, supply - demand relationship, and trade tariffs all play important roles in the price trends of various agricultural products [2][3][4] - There is no clear - cut trend in most agricultural products at present, and most of them are in a state of shock, and trading opportunities need to be carefully judged [3][4] Summaries by Related Catalogs [豆一] - This Friday, there will be a competitive sale of domestic soybeans, with a投放 quantity of 32,000 tons. Northeast soybean is in the pod - setting stage, and the weather is favorable for growth. The price difference between domestic and imported soybeans continues to decline [2] - The decline of imported soybeans has slowed down, and they are in a low - level consolidation. Future attention should be paid to domestic soybean production area weather and policy guidance [2] [大豆&豆粕] - The excellent rate of US soybeans is at a high level in the same period of history. The weather in the next two weeks is normal, and US soybeans are oscillating weakly [3] - In China, Brazilian soybeans continue to arrive at ports, the oil mill crushing rate is stable, and the soybean meal inventory has reached the highest level this year. Before the tariff issue is clear, the soybean meal market is in a shock state [3] [豆油&棕榈油] - Domestic soybean oil continues to be strong today, stronger than palm oil. There are uncertainties in the long - term supply of soybean oil, and it is in the demand peak season in the fourth quarter [4] - The price of US soybean oil has a bottom support, and it is expected to be in a shock - neutral or shock - bullish state in the medium term. The price difference between domestic and foreign soybean oil may converge, mainly through domestic price increases [4] - Maintain the idea of buying on dips for soybean oil and palm oil. Palm oil will face a production reduction cycle in the fourth quarter [4] [菜粕&菜油] - Domestic rapeseed meal shows a slight increase, and rapeseed oil shows a slight decline. The price of Canadian rapeseed futures continues to decline due to favorable weather [6] - The inventory of domestic rapeseed continues to decline, and the import expectation has not improved. The rapeseed meal market is affected by the seasonal peak season of aquatic feed. The rapeseed market will remain in a shock state in the short term [6] [玉米] - The excellent rate of US corn is 73%, and the price continues to decline. In China, the continuous release of grain sources affects market expectations, and Dalian corn futures are running weakly at the bottom [7] - The new - season corn planting area may expand, and there is a high probability of a bumper harvest. The domestic corn market has not yet seen a structural change in supply and demand [7] [生猪] - The spot price of live pigs has a slight decline and remains weak. The far - month contracts except the 09 contract show a slight rebound. The planned slaughter volume of large - scale enterprises in August increases by 6.6% month - on - month [8] - The number of sows and new - born piglets continues to increase, and the live pig futures price is not optimistic in the long term [8] [鸡蛋] - The spot price of eggs is weak, and most provinces are still falling. The 09 contract on the futures market rebounds with a large - scale reduction of positions [9] - In the future, attention should be paid to the holiday stocking demand and the impact of cold - storage eggs on the spot market. The egg price needs to continue to decline for in - depth capacity reduction [9]

Report Industry Investment Ratings - Bean 1: Not clearly defined, but symbol may imply a certain trend [1] - Bean Meal: Not clearly defined, but symbol may imply a certain trend [1] - Bean Oil: Not clearly defined, but symbol may imply a certain trend [1] - Rapeseed Meal: Not clearly defined, but symbol may imply a certain trend [1] - Rapeseed Oil: Not clearly defined, but symbol may imply a certain trend [1] - Corn: Not clearly defined, but symbol may imply a certain trend [1] - Live Pigs: One star, representing a slightly bearish view with limited operability on the market [1] - Eggs: One star, representing a slightly bearish view with limited operability on the market [1] Core Viewpoints - For the overall agricultural products market, various factors such as policy, weather, supply - demand, and tariffs are influencing the prices of different products, and each product has its own short - to - medium - term trends and uncertainties [2][3][4] - The prices of different agricultural products are affected by different factors, and investors need to pay attention to specific factors for each product, such as weather for soybeans, tariffs for soybeans and bean meal, and seasonal demand for oils [2][3][4] Summary by Related Catalogs Bean 1 - This Friday, there will be a competitive auction of domestic soybeans with a supply of 32,000 tons. Northeast soybean is in the pod - setting stage, and the weather is favorable for growth. The price difference between Bean 1 and Bean 2 continues to decline, and Bean 1 is weaker than imported soybeans. The decline of imported soybeans has slowed down and is in a low - level consolidation. Future attention should be paid to domestic soybean weather and policy [2] Soybeans & Bean Meal - The excellent rate of US soybeans is at a high level in the same period of history. The weather in the next two weeks in the US soybean - producing areas is normal, and US soybeans are oscillating weakly. In China, Brazilian soybeans continue to arrive at ports, the oil mill crushing rate is stable, and the bean meal inventory has reached a high level this year. Before the tariff issue is clear, the bean meal market is in a state of oscillation [3] Bean Oil & Palm Oil - Domestic bean oil is strong today, stronger than palm oil. There are uncertainties in the long - term supply of bean oil due to tariffs, and it is in the demand peak season in the fourth quarter. The medium - term US bean oil is likely to be oscillating neutral or slightly strong. The price difference between foreign and domestic bean oil may converge to zero or negative values, mainly through domestic price increases. A long - position strategy on dips is maintained for bean oil and palm oil, and palm oil may face a production reduction cycle in the fourth quarter [4] Rapeseed Meal & Rapeseed Oil - Domestic rapeseed meal is oscillating, with a slight increase in rapeseed meal and a slight decline in rapeseed oil. The Canadian rapeseed futures price continues to decline due to favorable weather. The domestic rapeseed inventory is decreasing, and the import situation has not improved. The rapeseed meal benefits from the seasonal peak of aquatic feed. The short - term trend of rapeseed products is still oscillating, and attention should be paid to China - Canada economic and trade relations and domestic inventory changes [6] Corn - As of August 3, the excellent rate of US corn is 73%, and the price is still falling. In China, the auction of imported corn has been carried out 11 times since July, with a total of about 268,800 tons, and the transaction rate has been decreasing. Another auction of 19,930 tons will be held on August 8. The continuous supply of grain sources has affected market expectations, and the Dalian corn futures are weak. The new - season corn planting area may expand, and there is a high probability of a bumper harvest. The Dalian corn futures may continue to be weak at the bottom [7] Live Pigs - The spot price of live pigs has declined slightly and remains weak. Except for the 09 contract, other far - month contracts have rebounded slightly with increasing positions. The planned slaughter volume of large - scale enterprises in August has increased by 6.6% month - on - month, and the slaughter volume in the fourth quarter is expected to increase. The long - term focus is on when the industry's capacity reduction will be realized [8] Eggs - The spot price of eggs is weak, and most provinces are still experiencing price declines. The 09 contract on the futures market has rebounded with significant position reduction as short - sellers take profits. Future attention should be paid to the peak - season stocking demand before the Mid - Autumn Festival and National Day and the impact of cold - storage eggs on the spot market. The egg price needs to decline further to achieve in - depth capacity reduction. The price in the first half of next year is more supported, and the off - season contracts in the second half of this year are relatively weak, suggesting a reverse spread strategy on the futures market [9]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Sugar**: The sugar market is under pressure due to the expected increase in imported sugar arrivals and the global supply surplus. StoneX predicts a 304 - million - ton surplus in the 25/26 global sugar market. However, the low domestic industrial inventory provides some support, but the price advantage of processed sugar continues the weak trend [3]. - **Cotton**: The current decline in cotton prices is conducive to the outflow of high - premium warehouse receipts. The expectation of tight supply and demand at the end of the domestic cotton year remains unchanged, which may still strongly support cotton prices. In the short term, cotton prices may enter a volatile pattern [13]. - **Jujube**: Due to the rapid weather changes in the production areas, there are still differences in the market's view of the new - season jujube production. Jujube prices may fluctuate in the short term. With sufficient supply of old jujubes, jujube prices will face pressure if there are no major problems with the weather in the production areas [19]. - **Apple**: Affected by seasonal fruits, the sales speed of apples is limited. In Shandong, the number of apple packages is limited due to the busy farming season. In Shaanxi, the apple supply is concentrated in northern Shaanxi, and the secondary production areas are basically cleared. For new - season apples, the opening prices of Qinyang apples are the same as last year, but the prices have recently declined to varying degrees [23]. 3. Summary by Commodity Sugar - **Spot Price**: The spot price in Kunming dropped by 20 yuan to 5,800 yuan/ton [3]. - **Futures Prices**: On August 6, 2025, SR01 closed at 5,628 yuan/ton with a daily decline of 0.18% and a weekly decline of 0.67%. Other contracts also showed different degrees of decline [4]. - **Price Spreads**: The price spreads between different sugar futures contracts showed various changes. For example, SR01 - 05 was 64 yuan, up 2 yuan from the previous day and 3 yuan from the previous week [4]. - **Basis**: The basis of Nanning - SR01 was 392 yuan, down 2 yuan from the previous day but up 73 yuan from the previous week. The basis of Kunming - SR01 was 227 yuan, down 2 yuan from the previous day and up 43 yuan from the previous week [8]. - **Import Prices**: The quota - within import price of Brazilian sugar was 4,433 yuan/ton, up 3 yuan from the previous day but down 61 yuan from the previous week. The quota - above import price was 5,630 yuan/ton, up 3 yuan from the previous day and down 80 yuan from the previous week [11]. Cotton - **Futures Prices**: On August 6, 2025, cotton 01 closed at 13,850 yuan/ton, up 30 yuan with a 0.22% increase; cotton 05 closed at 13,805 yuan/ton, up 30 yuan with a 0.22% increase; cotton 09 closed at 13,690 yuan/ton, up 35 yuan with a 0.26% increase [14]. - **Price Spreads**: The cotton 01 - 05 spread was 45 yuan, unchanged from the previous day; the cotton 05 - 09 spread was 120 yuan, up 35 yuan from the previous day [15]. - **Basis**: The cotton basis was 1,514 yuan, up 36 yuan from the previous day [15]. Jujube - Market trend: The jujube price may fluctuate in the short term, and attention should be paid to the growth of grey jujubes. With sufficient supply of old jujubes, prices will face pressure if there are no major weather problems in the production areas [19]. Apple - **Futures Prices**: On August 6, 2025, AP01 closed at 7,854 yuan/ton, up 0.82% from the previous day and 0.50% from the previous week [24]. - **Spot Prices**: The price of Qixia first - and second - grade 80 apples was 3.8 yuan/jin, unchanged from the previous day and the previous week [24]. - **Price Spreads**: The AP01 - 05 spread was - 65 yuan, down 30.85% from the previous day and up 20.37% from the previous week [24].

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]