1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views 2.1 Oil and Fat Industry - Malaysian BMD crude palm oil futures are in a volatile adjustment. There are concerns about inventory growth and weak December exports. It is oscillating around 4,100 ringgit, waiting for the MPOB supply - demand report. Domestic Dalian palm oil futures may weaken under the influence of Malaysian palm oil, with a possible decline to seek support at 8,500 yuan. - The market expects an increase in the US soybean ending inventory, which pressures CBOT soybeans and affects CBOT soybean oil. The decline of BMD palm oil also drags down CBOT soybean oil. Domestically, the decline of international related varieties has a greater impact on Dalian soybean oil. Factory开机率 has decreased, but the inventory change is not significant due to limited downstream demand [1]. 2.2 Pig Industry - Spot prices show signs of stabilizing and rebounding. Although large - scale enterprises still have significant sales pressure, the increasing demand for southern curing and the potential entry of secondary fattening may support prices. However, the overall large - scale production increase pattern remains unchanged. - The futures market is affected by a positive macro - atmosphere. Bullish funds are actively entering the market, and the futures may maintain a slightly stronger trend in the short term [3]. 2.3 Meal and Bean Industry - The US soybean price is in a correction, and China's policy - based procurement is uncertain. The domestic meal market remains in a loose pattern, and the single - side price is under pressure. The key lies in whether US soybean purchases can meet the domestic arrival volume in March. The market outlook is weak, but the basis may strengthen [6]. 2.4 Sugar Industry - ICE raw sugar futures slightly increase, but the sufficient supply and weak demand in the spot market suppress the upward movement of futures prices. Brazil's sugar exports in early December increased. India's sugar production has increased significantly, and the overall raw sugar price is in a bearish pattern. The domestic sugar price is expected to be in a volatile and weak trend [9]. 2.5 Corn and Corn Starch Industry - In the northeast region, the price is stable due to the support of inventory replenishment and policy procurement. In the north - central region, prices are firm due to the shortage of high - quality grains. On the demand side, some deep - processing enterprises are in deficit, and feed enterprises have low enthusiasm for long - term inventory building. The futures price may decline slightly in the short term, but the decline may be limited [11]. 2.6 Cotton Industry - ICE cotton futures closed lower. Traders are cautious before the USDA monthly supply - demand report. US cotton export sales increased significantly in the week ending November 6. Domestically, the hedging pressure on Zhengzhou cotton is increasing, but the rigid demand from the industrial downstream and the good profit situation of textile enterprises may limit the downward space. The cotton price may fluctuate within a range in the short term [15]. 2.7 Egg Industry - The supply side still has significant pressure, with a high inventory of laying hens and slow decline. The demand side lacks obvious positive factors, but the positive market sentiment provides some support. Egg prices are expected to be weak with limited downward space [19]. 3. Summary by Related Catalogs 3.1 Oil and Fat Industry 3.1.1 Price Changes - **Soybean Oil**: The spot price in Jiangsu remained unchanged at 8,600 yuan, the futures price (Y2601) decreased by 0.44% to 8,230 yuan, and the basis increased by 10.78% to 370 yuan. - **Palm Oil**: The spot price in Guangdong decreased by 0.57% to 8,690 yuan, the futures price (P2601) decreased by 0.73% to 8,706 yuan, and the basis increased by 46.67% to - 16 yuan. - **Rapeseed Oil**: The spot price in Jiangsu decreased by 1.00% to 8,960 yuan, the futures price (OI601) decreased by 1.21% to 9,502 yuan, and the basis increased by 4.30% to 388 yuan [1]. 3.1.2 Spread Changes - **Inter - delivery Spread**: The soybean oil 01 - 05 spread increased by 6.45% to 198 yuan, the palm oil 01 - 05 spread decreased by 50.00% to 4 yuan, and the rapeseed oil 01 - 05 spread increased by 8.06% to 228 yuan. - **Cross - variety Spread**: The spot soybean - palm oil spread increased by 35.71% to - 90 yuan, the 2601 soybean - palm oil spread increased by 1.76% to - 670 yuan, the spot rapeseed - soybean oil spread decreased by 7.19% to 1,290 yuan, and the 2601 rapeseed - soybean oil spread decreased by 5.92% to 1,272 yuan [1]. 3.2 Pig Industry 3.2.1 Futures Indicators - The price of the main contract of live pigs 2605 increased by 1.27% to 11,955 yuan/ton, and the price of 2603 increased by 2.71% to 11,385 yuan/ton. The 3 - 5 spread increased by 20.83% to - 570 yuan. The main contract positions increased by 81.80% to 151,512, and the number of warehouse receipts remained unchanged at 108 [3]. 3.2.2 Spot Indicators - Spot prices in different regions showed mixed trends. The daily slaughter volume of sample points increased by 0.07% to 217,041 heads, the weekly white - strip price remained unchanged at 18.21 yuan, the weekly piglet price remained unchanged at 17.00 yuan/kg, the weekly sow price remained unchanged at 32.47 yuan, the weekly slaughter weight increased by 0.46% to 129.82 kg, the weekly self - breeding profit decreased by 13.31% to - 168 yuan/head, the weekly purchased - pig breeding profit decreased by 4.25% to - 259 yuan/head, and the monthly fertile sow inventory decreased by 1.12% to 3,990 million heads [3]. 3.3 Meal and Bean Industry 3.3.1 Price Changes - **Soybean Meal**: The spot price in Jiangsu decreased by 0.65% to 3,040 yuan, and the futures price (M2605) decreased by 1.52% to 2,778 yuan. - **Rapeseed Meal**: The futures price (RM2605) decreased by 1.47% to 2,342 yuan. - **Soybean**: The warehouse receipt of Harbin soybeans remained unchanged at 15,766 [6]. 3.3.2 Spread Changes - The soybean meal 05 - 09 spread decreased by 2.61% to - 3 yuan, the rapeseed meal 05 - 09 spread increased by 4.35% to - 66 yuan, the spot oil - meal ratio increased by 0.66% to 2.83, and the 2605 soybean - rapeseed meal spread decreased by 1.80% to 436 yuan [6]. 3.4 Sugar Industry 3.4.1 Futures Market - The price of sugar 2601 increased by 0.64% to 5,337 yuan/ton, the price of 2605 increased by 0.21% to 5,244 yuan/ton, and the ICE raw sugar main contract increased by 0.07% to 14.83 cents/pound. The 1 - 5 spread increased by 32.86% to 93 yuan/ton. The main contract positions decreased by 8.69% to 289,716, the number of warehouse receipts increased to 181, and the effective forecast increased by 714.21% to 1,490 [9]. 3.4.2 Spot Market - Spot prices in Nanning remained unchanged at 5,360 yuan, and in Kunming decreased by 0.37% to 5,320 yuan. The basis in Nanning decreased by 8.66% to 116 yuan, and in Kunming decreased by 28.97% to 76 yuan. The import price of Brazilian sugar (within quota) decreased by 0.37% to 4,079 yuan, and (outside quota) decreased by 0.39% to 5,168 yuan [9]. 3.4.3 Industry Situation - National sugar production increased by 12.03% to 1,116.21 million tons, sales increased by 9.17% to 1,048.00 million tons, the national sales ratio decreased by 2.60% to 93.90%, and the industrial inventory decreased by 41.20% to 68.21 million tons. Sugar imports increased by 37.50% to 55.00 million tons [9]. 3.5 Corn and Corn Starch Industry 3.5.1 Corn - The price of corn 2601 decreased by 1.48% to 2,261 yuan, the basis increased by 97.14% to 69 yuan, the 1 - 5 spread decreased by 144.44% to - 4 yuan. The northern - southern trade profit decreased by 20.41% to 39 yuan, the import profit decreased by 15.13% to 314 yuan, the number of remaining vehicles in Shandong deep - processing enterprises in the morning decreased by 13.64% to 399, the positions decreased by 2.25% to 2,354,124, and the number of warehouse receipts remained unchanged at 57,705 [11]. 3.5.2 Corn Starch - The price of corn starch 2601 decreased by 1.51% to 2,549 yuan, the basis increased by 1950.00% to 41 yuan, the 1 - 5 spread decreased by 40.74% to - 38 yuan, the 01 spread between starch and corn decreased by 1.71% to 288 yuan, the Shandong starch profit decreased by 25.00% to 6 yuan, the positions decreased by 2.52% to 333,585 [11]. 3.6 Cotton Industry 3.6.1 Futures Market - The price of cotton 2605 increased by 0.04% to 13,725 yuan/ton, the price of 2601 remained unchanged at 13,750 yuan/ton, the ICE US cotton main contract decreased by 0.33% to 63.74 cents/pound. The 5 - 1 spread increased by 16.67% to - 25 yuan. The main contract positions decreased by 1.75% to 489,062 hands, the number of warehouse receipts increased by 1.62% to 2,753, and the effective forecast increased by 8.02% to 3,004 [15]. 3.6.2 Spot Market - The Xinjiang arrival price of 3128B decreased by 0.17% to 14,847 yuan, the CC Index of 3128B decreased by 0.09% to 15,009 yuan, and the FC Index of M: 1% decreased by 0.08% to 12,843 yuan [15]. 3.6.3 Industry Situation - Commercial inventory increased by 28.7% to 468.36 million tons, industrial inventory increased by 0.9% to 93.96 million tons, imports decreased by 10.0% to 9.00 million tons, and the bonded - area inventory decreased by 1.8% to 32.20 million tons [15]. 3.7 Egg Industry 3.7.1 Futures and Spot Prices - The price of the egg 01 contract increased by 1.15% to 3,153 yuan/500KG, and the price of 02 increased by 0.80% to 3,038 yuan/500KG. The egg - producing area price increased by 0.41% to 2.98 yuan/FT, the basis decreased by 15.45% to - 178 yuan/500KG, and the 1 - 2 spread increased by 11.65% to 115 yuan [19]. 3.7.2 Related Indicators - The price of laying hens increased by 5.56% to 2.85 yuan/feather, the price of culled chickens increased by 1.58% to 3.86 yuan/FT, the egg - feed ratio increased by 3.90% to 2.40, and the breeding profit increased by 20.35% to - 22.62 yuan/feather [19].

Group 1: Apple Report Industry Investment Rating - Apple: Oscillating and Bullish [3] Core View - The apple market is in a slow - moving state with regional price differentiation. In the short - to - medium term, prices are expected to be stable and slightly strong due to the approaching Christmas and New Year's Day holidays and the tight supply of high - quality goods [2][3] Summary by Related Catalogs Market News and Important Data - Futures: The closing price of the Apple 2605 contract was 9712 yuan/ton, down 18 yuan/ton (-0.18%) from the previous day. Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 4.10 yuan/jin, up 0.35 yuan/jin from the previous day; the price of more than 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.20 yuan/jin, up 0.05 yuan/jin from the previous day [1] - The inventory of late Fuji is in light trading. In the western and Shandong production areas, merchants' procurement enthusiasm is low, and the market is mainly supplied by self - stored goods or small - quantity purchases. The sales area has a slow digestion rate, and citrus fruits have a significant impact on medium - and low - grade apple supplies [1][2] Market Analysis - Yesterday, the apple futures price fluctuated and closed lower. The overall apple market trading is light, the production area's delivery rhythm is slow, and prices show regional differentiation. The market is in a slack season, and prices are expected to be stable, waiting for festival stocking [2] Strategy - The strategy is oscillating and bullish. Quality issues will be the key factor affecting the long - term apple market trend. In the short - to - medium term, prices are expected to be stable and slightly strong due to the approaching festivals and the tight supply of high - quality goods [3] Group 2: Red Dates Report Industry Investment Rating - Red dates: Neutral [7] Core View - The red date market is in a critical "new - old season transition" period. There is a strong expectation of a new - season production reduction, but the extent is undetermined. The current market has high inventory pressure and a pessimistic future outlook [6] Summary by Related Catalogs Market News and Important Data - Futures: The closing price of the Red Date 2601 contract was 9055 yuan/ton, down 55 yuan/ton (-0.60%) from the previous day. Spot: The price of first - grade gray dates in Hebei was 8.50 yuan/kg, unchanged from the previous day [4] - The acquisition of gray dates in Xinjiang's main production areas is about 80% complete. The mainstream prices in different regions vary. The sales areas' markets have different trading situations, with some price differences and weak transactions [4][5] Market Analysis - The red date futures price declined yesterday. The sales area is in a state of "new - old season transition." The new - season production reduction expectation is strong, but the extent is undetermined, and the quality is better than last year. The inventory pressure is high, and the supply - demand contradiction has not been effectively alleviated, leading to a pessimistic market outlook [6] Strategy - The strategy is neutral. If the terminal market can accept and digest the high - priced new - season spot, it will drive the futures price to approach the new - season spot price. Otherwise, the new - season spot price may continue to decline. Due to the changes in the delivery rules, the old - season red dates can still participate in delivery with lower costs, so the near - month contracts may still have some room for decline [7]

Group 1: Report Investment Ratings - The investment rating for the soybean meal sector is cautiously bearish [3] - The investment rating for the corn sector is neutral [5] Group 2: Core Views - After the China - US trade policy game, the short - term focus of the domestic soybean meal market is on China's actual procurement of US soybeans. There is still uncertainty about whether the demand side of the new - season US soybeans can meet expectations [2] - In the corn market, the rapid temperature drop in Northeast China, the low moisture content and high quality of new - season corn have increased farmers' willingness to store. With sufficient funds of traders and the entry of futures - cash companies, the competition on the acquisition side has intensified, supporting the current corn price [4] Group 3: Summary by Commodity Category Soybean Meal - **Market News and Important Data**: The closing price of the soybean meal 2601 contract was 3046 yuan/ton, up 1 yuan/ton (+0.03%) from the previous day. The spot prices in Tianjin, Jiangsu, and Guangdong remained unchanged at 3080 yuan/ton, 3020 yuan/ton, and 3010 yuan/ton respectively. As of November 29, the sowing progress of 2025/26 soybeans in Brazil was 86.0%, higher than the previous week and the five - year average but lower than last year. In September, the US used 1.053 billion pounds of soybean oil for biofuel production, up from 1.041 billion pounds in August [1] - **Market Analysis**: The focus is on China's procurement of US soybeans. The 10% additional import tariff on US soybeans and the decline in South American soybean premiums have weakened the competitiveness of US soybeans [2] - **Strategy**: Cautiously bearish [3] Corn - **Market News and Important Data**: The closing price of the corn 2601 contract was 2259 yuan/ton, up 16 yuan/ton (+0.71%) from the previous day. The corn starch 2511 contract was 2562 yuan/ton, up 16 yuan/ton (+0.63%). In December 2, UCAB reported that Ukraine's agricultural exports in November increased by 12% to about 5 million tons [3] - **Market Analysis**: The cold weather in Northeast China, high - quality new - season corn, and the entry of traders and futures - cash companies have supported the corn price [4] - **Strategy**: Neutral [5] Rapeseed Meal - **Market News and Important Data**: The closing price of the rapeseed meal 2601 contract was 2408 yuan/ton, down 15 yuan/ton (-0.62%) from the previous day. The spot price in Fujian was 2560 yuan/ton, down 40 yuan/ton [1] Corn Starch - **Market News and Important Data**: The closing price of the corn starch 2511 contract was 2562 yuan/ton, up 16 yuan/ton (+0.63%) from the previous day. The spot price in Jilin was 2600 yuan/ton, unchanged from the previous day [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Palm oil: Wait for the inflection point confirmation and conduct range trading temporarily [2] - Soybean oil: Lack of driving force from US soybeans, mainly oscillating [2] - Soybean meal: US soybeans are waiting for Chinese purchases, and Dalian soybean meal is oscillating [2] - Soybean: Stable spot prices, and the futures market is still oscillating [2] - Corn: Operating in an oscillatory manner [2] - Sugar: Operating weakly [2] - Cotton: Both supply and demand are strong [2] - Eggs: The volume of culling has increased, and the sentiment for replenishing chicks has also strengthened [2] - Pigs: An increase in supply is approaching, and the industrial logic is returning [2] - Peanuts: Focus on the spot market [2] Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: The closing prices, trading volumes, open interests, spot prices, basis, and price spreads of palm oil, soybean oil, and rapeseed oil futures were presented. For example, the palm oil main contract had a daytime closing price of 8,730 yuan/ton with a 0.11% increase, and a night - session closing price of 8,716 yuan/ton with a - 0.16% decrease [4]. - **News**: Due to the decline in exports in November, Malaysia's palm oil inventory soared to the highest level in more than six years, increasing by 10% from the previous month to 2.71 million tons, 47% higher than a year ago [5]. Soybean and Soybean Meal - **Fundamentals**: Data on the closing prices, trading volumes, open interests, spot prices, and basis of DCE soybean, DCE soybean meal, CBOT soybean, and CBOT soybean meal were provided. For instance, DCE soybean 2601 had a daytime closing price of 4139 yuan/ton with a + 0.29% increase [11]. - **News**: On December 3, CBOT soybean futures closed down as the market awaited news of new US soybean sales. The US Treasury Secretary said China would fulfill its commitment to buy 1.2 billion tons of soybeans by the end of February 2026, and some analysts worried about the impact of Brazil's record - high soybean harvest [11][13]. Corn - **Fundamentals**: Information on important spot prices, futures prices, trading volumes, open interests, and price spreads of corn was given. For example, the C2601 contract had a daytime closing price of 2,259 yuan/ton with a 0.71% increase [15]. - **News**: The northern corn bulk shipping port collection price increased by 10 yuan/ton, and the Guangdong Shekou bulk shipping price increased by 20 yuan/ton. Northeast deep - processing corn prices were strong, while some North China corn prices were under pressure [16]. Sugar - **Fundamentals**: Data on the prices, price spreads, and basis of raw sugar, mainstream spot sugar, and futures sugar were presented. For example, the raw sugar price was 14.92 cents/pound with a - 0.05% change [18]. - **News**: As of the end of November, the sugar production in the 25/26 season in India increased significantly. Brazil's sugar production in the second half of November increased by 9% year - on - year. China's sugar imports in October were 750,000 tons (+210,000 tons) [18]. Cotton - **Fundamentals**: Information on the closing prices, trading volumes, open interests, spot prices, and price spreads of cotton futures and related products was provided. For example, the CF2601 contract had a daytime closing price of 13,780 yuan/ton with a - 0.14% decrease [23]. - **News**: Cotton spot trading increased slightly, and the mainstream basis changed little. The trading of pure - cotton yarn was average, and some spinning mills producing low - count yarns reduced their operating rates [24]. Eggs - **Fundamentals**: Data on the closing prices, trading volumes, open interests, price spreads, and spot prices of egg futures were given. For example, the egg 2601 contract had a closing price of 3,138 yuan/500 kilograms with a - 2.40% decrease [29]. - **No specific news was provided other than the fundamentals.** Pigs - **Fundamentals**: Information on the spot prices, futures prices, trading volumes, open interests, and price spreads of pigs was presented. For example, the Henan spot price was 11,280 yuan/ton with a - 50 yuan/ton change [32]. - **No specific news was provided other than the fundamentals.** Peanuts - **Fundamentals**: Data on the spot prices, futures prices, trading volumes, open interests, and price spreads of peanuts were given. For example, the PK601 contract had a closing price of 8,052 yuan/ton with a - 0.89% decrease [35]. - **News**: In the spot market, the prices in most regions of Henan, Jilin, Liaoning, and Shandong were stable or slightly weak, and the trading volume was not large [36].

Group 1: Report Investment Ratings - The investment strategy for the soybean meal market is cautiously bearish [4] - The investment strategy for the corn market is neutral [6] Group 2: Core Views - After the Sino - US trade policy game, the short - term focus of the domestic soybean meal market is on China's actual procurement of US soybeans. There is still uncertainty about whether the demand side of the new - season US soybeans can meet expectations [3] - In the corn market, due to the temperature drop in Northeast China, the low moisture content and good quality of new - season corn, farmers are more likely to hold back sales when prices fall. Meanwhile, the competition among buyers is intensifying, which supports the current corn price [5] Group 3: Market News and Key Data (Soybean Meal) - Futures: The closing price of the soybean meal 2601 contract was 3045 yuan/ton, up 6 yuan/ton (+0.20%) from the previous day; the rapeseed meal 2601 contract was 2423 yuan/ton, unchanged from the previous day [1] - Spot: In Tianjin, the soybean meal spot price was 3080 yuan/ton, down 10 yuan/ton, with a spot basis of M01 + 35, down 16 from the previous day; in Jiangsu, it was 3020 yuan/ton, unchanged, with a spot basis of M01 - 25, down 6; in Guangdong, it was 3010 yuan/ton, unchanged, with a spot basis of M01 - 35, down 6. In Fujian, the rapeseed meal spot price was 2600 yuan/ton, unchanged, with a spot basis of RM01 + 177, unchanged [1] - Market Information: StoneX estimated Brazil's 2025/26 soybean production at 1.772 billion tons, a 0.9% reduction from its November forecast. As of October 23, US current - market - year soybean export sales net increased by 1449800 tons, up 31% from the previous week and 57% from the four - week average. US soybean export shipments were 1388200 tons, down 20% from the previous week but up 48% from the four - week average. As of last Thursday, Brazil's 2025/26 soybean planting area reached 89% of the expected area, up 8 percentage points from the previous week but still lower than last year's 91% [2] Group 4: Market News and Key Data (Corn) - Futures: The closing price of the corn 2601 contract was 2243 yuan/ton, up 7 yuan/ton (+0.31%) from the previous day; the corn starch 2511 contract was 2546 yuan/ton, up 4 yuan/ton (+0.16%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged, with a spot basis of C01 + 52, up 3 from the previous day; in Jilin, the corn starch spot price was 2600 yuan/ton, unchanged, with a spot basis of CS01 + 54, down 4 [4] - Market Information: StoneX estimated Brazil's 2025/26 corn production at 1.344 billion tons, a 0.6% reduction from its November forecast. As of October 23, US current - market - year corn export sales net increased by 1805300 tons, down 36% from the previous week and 7% from the four - week average. US corn export shipments were 1332500 tons, down 6% from the previous week and 8% from the four - week average [4] Group 5: Market Analysis (Soybean Meal) - After the Sino - US trade policy game, the short - term focus of the domestic soybean meal market is on China's actual procurement of US soybeans. With an additional 10% import tariff on US soybeans and the decline in South American soybean premiums, the competitiveness of US soybeans is weakened. The procurement progress of US soybeans and the price difference between North and South American soybeans need to be closely monitored [3] Group 6: Market Analysis (Corn) - In Northeast China, the rapid temperature drop, low moisture content, and good quality of new - season corn make it easier for farmers to store. When prices fall, farmers are less willing to sell. At the same time, with sufficient funds of traders and the participation of futures - cash companies in the acquisition, the competition among buyers is intensifying, which supports the current corn price [5] Group 7: Strategies - For the soybean meal market, the strategy is cautiously bearish [4] - For the corn market, the strategy is neutral [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The supply side still has an impact, and the futures market has staged a rebound [1]. - The overall situation of the international soybean market remains relatively stable, and price changes are expected to be limited. In the medium to long - term, there is still price pressure on domestic soybean meal. Rapeseed meal is expected to face significant supply - side pressure [7]. 3. Summary by Related Content 3.1 Market Quotes - **Futures and Spot Prices**: For soybean meal, the closing prices of contracts 01, 05, and 09 are 3045, 2848, and 2957 respectively, with price increases of 6, 13, and 10. For rapeseed meal, the closing prices of contracts 01, 05, and 09 are 2423, 2413, and 2479 respectively, with price increases of 0, 10, and 11. The spot basis and price differences of various varieties and regions are also presented [3]. - **Monthly Spreads**: The 15 - spread, 59 - spread, and 91 - spread of soybean meal are 197, - 109, and - 88 respectively, with changes of - 7, 3, and 4. The 15 - spread, 59 - spread, and 91 - spread of rapeseed meal are 10, - 66, and 56 respectively, with changes of - 10, - 1, and 11 [3]. - **Cross - Variety Spreads**: The current spreads of soybean - rapeseed 01 and 09 are 622 and 478 respectively, and the oil - meal ratio of 01 is 2.722 [3]. 3.2 Fundamental Analysis - **International Market**: The monthly supply - demand report is generally bullish, but the market has already fully reflected the positive factors. The U.S. soybean balance sheet can support the price, and future prices will be more affected by changes in soybean exports and crushing. South American supply - side impacts are increasing, with Brazil's new crop sowing progressing rapidly, and most institutions expect a bumper harvest. Argentina's old - crop soybean production is relatively large, and recent crushing and exports have increased significantly [4]. - **Domestic Market**: The domestic spot market is in a state of relatively loose supply and demand. The oil refinery's operating rate continues to increase, with sufficient market supply and increasing提货量. As of November 28, the actual soybean crushing volume of oil refineries was 2.2008 million tons, the operating rate was 60.54%, the soybean inventory was 7.3396 million tons, an increase of 189,700 tons (2.65%) from the previous week and 2.3661 million tons (47.57%) compared to the same period last year. The soybean meal inventory was 1.2032 million tons, an increase of 51,700 tons (4.49%) from the previous week and 368,700 tons (44.18%) compared to the same period last year. The demand for rapeseed meal has gradually weakened, the refinery's operation has basically stopped, the rapeseed supply remains low, and the supply pressure still exists [5]. 3.3 Logic Analysis - **U.S. Soybeans**: There are limited bullish factors for U.S. soybeans recently, and the market is mainly in a volatile state. If exports do not improve significantly in the future, it is expected to remain in a high - level volatile state [7]. - **Brazilian Soybeans**: The short - term dry weather in Brazil supports the market, and due to the tightening of the South American market, price support is still relatively strong [7]. - **Domestic Soybean Meal**: The current domestic soybean meal market has relatively loose supply and demand, which exerts pressure on the domestic soybean meal futures market. In the medium to long - term, price pressure still exists [7]. - **Rapeseed Meal**: Affected by rumors about Australian rapeseed, the rapeseed meal futures market has declined. The overall market demand is average, and it is expected that the supply - side pressure will still be significant [7]. 3.4 Trading Strategies - **Single - sided Trading**: Continue to make small - scale long positions [8]. - **Arbitrage**: Hold a wait - and - see attitude [8]. - **Options**: Implement a strategy of selling wide - straddles [8].

Group 1: Report Industry Investment Ratings - The investment rating for the soybean meal industry is cautiously bearish [3] - The investment rating for the corn industry is neutral [6] Group 2: Core Views of the Report - After the China - US trade policy game, the short - term focus of the domestic soybean meal market is on China's actual procurement of US soybeans. There is still uncertainty about whether the demand for new - season US soybeans can meet expectations [2] - In the corn market, due to temperature drops in Northeast China, good quality of new - season corn, and strong storage capacity of farmers, along with active participation of traders and futures - cash companies in purchasing, the current corn price is supported [4] Group 3: Summary According to the Directory 1. Soybean Meal and Rapeseed Meal Market News and Important Data - Futures: The closing price of the soybean meal 2601 contract was 3039 yuan/ton, down 5 yuan/ton (-0.16%) from the previous day; the rapeseed meal 2601 contract was 2423 yuan/ton, down 29 yuan/ton (-1.18%) [1] - Spot: In Tianjin, the soybean meal spot price was 3090 yuan/ton, up 10 yuan/ton; in Jiangsu, it was 3020 yuan/ton, up 20 yuan/ton; in Guangdong, it was 3010 yuan/ton, up 20 yuan/ton. In Fujian, the rapeseed meal spot price was 2600 yuan/ton, down 30 yuan/ton [1] - Market Information: From October 16, US soybean export sales net increased by 110.80 tons, up 41% from the previous week and 34% from the four - week average. As of November 26, Argentina's 2025/26 soybean planting progress reached 36%, higher than the previous week but 9% behind last year and 1% behind the five - year average [1] Market Analysis - After the China - US trade policy game, the focus is on China's actual procurement of US soybeans. With an additional 10% import tariff on US soybeans and a decline in South American soybean premiums, the competitiveness of US soybeans is weakened, and the demand for new - season US soybeans is uncertain [2] Strategy - Cautiously bearish [3] 2. Corn Market News and Important Data - Futures: The closing price of the corn 2601 contract was 2236 yuan/ton, down 8 yuan/ton (-0.36%); the corn starch 2511 contract was 2542 yuan/ton, down 24 yuan/ton (-0.94%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton; in Jilin, the corn starch spot price was 2600 yuan/ton [3] - Market Information: From October 16, US corn export sales net increased by 282.26 tons, up 113% from the previous week and 64% from the four - week average [3] Market Analysis - Due to temperature drops in Northeast China, good quality of new - season corn, strong storage capacity of farmers, and active participation of traders and futures - cash companies in purchasing, the current corn price is supported [4] Strategy - Neutral [6]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The international soybean market supply and demand are relatively loose, with limited upward space for the soybean price. The domestic soybean meal market is also in a state of loose supply and demand, and there is still price pressure in the medium and long - term. Rapeseed meal is affected by supply pressure and relevant rumors, and its price is expected to be under pressure [4][7]. - The monthly spread of soybean meal and rapeseed meal shows a downward trend, and it is expected that there will still be pressure in the future [3][7]. 3. Summary by Related Content 3.1 Market Quotes - **Futures and Spot Prices**: On December 1, 2025, the domestic soybean meal futures prices slightly declined, and the rapeseed meal futures prices generally fell. The spot basis of soybean meal and rapeseed meal in different regions changed to varying degrees. The soybean - rapeseed meal spread increased, and the monthly spreads of both soybean meal and rapeseed meal showed a downward trend [3]. - **Market Trends**: After the opening of the US soybean market, the market showed a volatile trend, and the domestic soybean meal market slightly declined. The rapeseed meal market generally declined, and the market was worried about supply pressure [3]. 3.2 Fundamental Analysis - **International Market**: The monthly supply - demand report of US soybeans is generally bullish, but the market has fully reflected the bullish factors, and the upward space is limited. The sowing progress of new - crop soybeans in Brazil is fast, and it is expected to be a bumper harvest, which will put pressure on the price in the medium - term. The old - crop soybeans in Brazil and Argentina have good export and crushing performance, but the future export growth space may be limited [4]. - **Domestic Market**: The domestic soybean meal market supply and demand are relatively loose, with high inventory. The demand for rapeseed meal is weakening, and the supply pressure still exists [5]. 3.3 Macro - analysis - The macro - situation is generally stable. The resumption of the soybean export qualification of three US companies to China has improved the export prospects of US soybeans, but the future import volume is still uncertain [6]. 3.4 Logic Analysis - The US soybean market is mainly in a volatile state, and the price change is expected to be limited. The short - term dry weather in Brazil supports the market. The domestic soybean meal market is under pressure due to loose supply and demand, and there is still price pressure in the medium and long - term. Rapeseed meal is affected by rumors and supply pressure, and its price is expected to be under pressure. The monthly spreads of both soybean meal and rapeseed meal are expected to continue to decline [7]. 3.5 Trading Strategies - **Single - side Trading**: Continue to lay out a small number of long positions. - **Arbitrage**: Wait and see. - **Options**: Sell a wide - straddle strategy [8].

Report Industry Investment Rating - All three industries (cotton, sugar, and pulp) are rated as neutral [2][5][8] Core Viewpoints - The short - term upside and downside of Zhengzhou cotton prices are limited, and a sideways trading pattern is expected. In the long - term, cotton prices are optimistic after the seasonal pressure, and it is recommended to pay attention to the opportunity of going long on the far - month 05 contract at low prices [2] - The short - term fundamental drivers of Zhengzhou sugar prices are still downward, but the decline space is limited, with a possibility of a weak rebound. In the long - term, the domestic supply - demand outlook is loose, and the price trend next year may not be optimistic [5] - The fundamentals of pulp have not improved significantly, and pulp prices are expected to continue to trade in a low - level sideways range [8] Cotton Market News and Key Data - Futures: The closing price of the cotton 2601 contract was 13,645 yuan/ton yesterday, up 60 yuan/ton (+0.44%) from the previous day. Spot: The Xinjiang arrival price of 3128B cotton was 14,599 yuan/ton, up 25 yuan/ton; the national average price was 14,832 yuan/ton, up 39 yuan/ton. As of November 23, the national cotton picking progress in the US was 79%, 4 percentage points behind last year and 1 percentage point behind the five - year average [1] Market Analysis - International: The November USDA report was bearish for the market. The new cotton in the Northern Hemisphere is concentrated on the market, and the global textile terminal consumption is weak, so the short - term external market is expected to be under pressure. Domestic: After the National Day, the expected new cotton yield decreased, and the seed cotton purchase price strengthened, driving the Zhengzhou cotton futures price to rebound. However, there is strong hedging pressure after the price increase, the expected yield in Xinjiang has risen again, the downstream peak season is not obvious, and the demand support is insufficient. But the spinning profit has improved, and the finished product inventory pressure is okay, so the downside space of the futures price is limited [1] Strategy - Take a neutral stance. Consider a sideways trading strategy for Zhengzhou cotton in the short - term. In the long - term, be optimistic about cotton prices after the seasonal pressure and pay attention to the opportunity of going long on the far - month 05 contract at low prices [2] Sugar Market News and Key Data - Futures: The closing price of the sugar 2601 contract was 5387 yuan/ton yesterday, up 17 yuan/ton (+0.32%) from the previous day. Spot: The sugar spot price in Kunming, Yunnan was 5500 yuan/ton, unchanged from the previous day. As of November 23, 2025/26, 154 sugar mills in India's Maharashtra state had started crushing, 34 more than the same period last season, with 15.177 million tons of sugarcane crushed and 1.1592 million tons of sugar produced, with an average sugar yield of 7.64% [3] Market Analysis - Raw sugar: Brazil's supply remained strong in the second half of October, strengthening the oversupply expectation. Indian sugar mills have started crushing, and the sugar production is expected to rebound significantly in the 2025/26 season. The long - term oversupply pattern restricts the rebound of raw sugar prices, but the short - term decline space is limited. Zhengzhou sugar: The recently announced sugar and syrup imports were higher than expected, and Guangxi sugar mills are starting to crush, so the short - term supply pressure is high, driving the Zhengzhou sugar price to a new low [4] Strategy - Take a neutral stance. The short - term fundamental drivers are downward, but the current valuation is low, and sugar mills have the intention to support prices at the beginning of the season. The short - term decline space is limited, with a possibility of a weak rebound. The long - term domestic supply - demand outlook is loose, and new lows may appear [5] Pulp Market News and Key Data - Futures: The closing price of the pulp 2601 contract was 5212 yuan/ton yesterday, down 8 yuan/ton (-0.15%) from the previous day. Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5465 yuan/ton, down 25 yuan/ton; the price of Russian softwood pulp was 4955 yuan/ton, down 10 yuan/ton. Some pulp prices in the imported wood pulp spot market showed a weakening trend [5][6] Market Analysis - Supply: The European pulp port inventory decreased in September but remained at a relatively high level. The domestic port de - stocking speed was lower than expected, and the supply pattern remained loose. Demand: The pulp consumption in Europe and the US was weak, and the global pulp mill inventory pressure was emerging. The weak domestic demand was the core factor suppressing pulp prices. Although a large amount of finished paper production capacity was put into operation this year, the terminal demand was insufficient, the paper mill operating rate declined, and the downstream paper mills' raw material procurement was cautious [7] Strategy - Take a neutral stance. The pulp fundamentals have not improved significantly, and pulp prices are expected to continue to trade in a low - level sideways range [8]

Group 1 - The main contract for late indica rice futures remains unchanged at 2535.00 CNY/ton as of the report date [1] Group 2 - In the third week of November 2025, Brazil exported a total of 3.939 million tons of corn, down from 4.7264 million tons in November last year, with an average daily shipment of 281,400 tons, representing a 13.11% increase compared to last November's 248,800 tons per day [2] - In the next 6-10 days, 20% of the major corn-producing areas in the United States are expected to experience above-normal temperatures, while 90% of the areas are likely to see precipitation above historical averages [2] - As of November 20, 2025, the U.S. corn export inspection volume was 1,632,144 tons, which is a 21% decrease from the previous week but a 62% increase year-on-year, with total export inspections for the 2025/26 season up 72% compared to the same period last year [2] - According to AgRural, as of last Thursday, the planting area for Brazil's first corn crop in the 2025/26 season has reached 93% of the planned area in the central-southern region [2]