1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - For rapeseed meal, the USDA's August supply - demand report is overall bullish, but in the domestic market, high oil - mill operating rates and soybean meal inventory accumulation suppress prices. However, uncertainties in fourth - quarter purchases, low near - month rapeseed arrivals, and peak aquaculture season support the market. Although soybean meal substitution weakens demand expectations, the market still maintains a bullish outlook despite increased volatility [2]. - For rapeseed oil, in the international market, supply - side risks in Indonesia and strong palm oil export data from Malaysia provide upward momentum. Domestically, the off - season of oil consumption and sufficient supply restrain prices. But low oil - mill operating rates reduce output pressure, fewer third - quarter rapeseed purchases ease supply pressure, and anti - dumping measures on Canadian rapeseed weaken long - term supply. The market is still recommended to be participated in with a bullish approach despite increased volatility [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures closing prices: Rapeseed oil (active contract) is 9826 yuan/ton (up 69 yuan), rapeseed meal (active contract) is 2590 yuan/ton (up 44 yuan), ICE rapeseed (active) is 660.5 Canadian dollars/ton (up 6.3 Canadian dollars), and domestic rapeseed (active contract) is 4966 yuan/ton (down 68 yuan) [2]. - Spreads: Rapeseed oil 1 - 5 month spread is 146 yuan/ton (down 19 yuan), rapeseed meal 1 - 5 month spread is 86 yuan/ton (up 27 yuan) [2]. - Positions: Rapeseed oil main - contract positions are 290,638 lots (down 5,858 lots), rapeseed meal main - contract positions are 434,330 lots (down 14,280 lots). Rapeseed oil's top 20 net long positions are 2,808 lots (up 5,092 lots), rapeseed meal's top 20 net long positions are - 5,037 lots (up 12,433 lots) [2]. - Warehouse receipts: Rapeseed oil has 3,487 receipts (unchanged), rapeseed meal has 9,821 receipts (unchanged) [2]. 3.2 Spot Market - Spot prices: Rapeseed oil in Jiangsu is 9900 yuan/ton (down 100 yuan), rapeseed meal in Nantong is 2650 yuan/ton (up 40 yuan), rapeseed in Yancheng, Jiangsu is 5700 yuan/ton (unchanged), fourth - grade soybean oil in Nanjing is 8830 yuan/ton (up 50 yuan), 24 - degree palm oil in Guangdong is 9570 yuan/ton (up 270 yuan), and soybean meal in Zhangjiagang is 3070 yuan/ton (unchanged) [2]. - Averages and others: Average rapeseed oil price is 9965 yuan/ton (down 100 yuan), import cost of rapeseed is 8306.78 yuan/ton (up 178.07 yuan), oil - meal ratio is 3.72 (down 0.06), rapeseed oil main - contract basis is 143 yuan/ton (down 17 yuan), rapeseed meal main - contract basis is 60 yuan/ton (down 4 yuan), rapeseed oil - soybean oil spot spread is 1120 yuan/ton (down 40 yuan), rapeseed oil - palm oil spot spread is 600 yuan/ton (down 20 yuan), and soybean meal - rapeseed meal spot spread is 420 yuan/ton (down 40 yuan) [2]. 3.3 Upstream Situation - Production: Global rapeseed production forecast is 89.77 million tons (up 0.21 million tons), and annual rapeseed production forecast is 12,378 thousand tons (unchanged) [2]. - Imports: Total rapeseed import volume is 18.45 tons (down 15.1 tons), import volume of rapeseed oil and mustard oil is 15 tons (up 4 tons), and rapeseed meal import volume is 27.03 tons (up 7.56 tons) [2]. - Inventory and operation: Total rapeseed inventory in oil mills is 15 tons (up 5 tons), import rapeseed weekly operating rate is 11.94% (down 4.9%), and import rapeseed crushing profit is 596 yuan/ton (down 27 yuan) [2]. 3.4 Industry Situation - Inventory: Coastal rapeseed oil inventory is 11 tons (up 0.35 tons), coastal rapeseed meal inventory is 2.55 tons (down 0.65 tons), East China rapeseed oil inventory is 54.92 tons (down 0.58 tons), East China rapeseed meal inventory is 33.25 tons (up 0.68 tons), Guangxi rapeseed oil inventory is 5.5 tons (down 0.2 tons), and South China rapeseed meal inventory is 21 tons (down 1.5 tons) [2]. -提货量: Rapeseed oil weekly提货量 is 3.47 tons (up 1.77 tons), and rapeseed meal weekly提货量 is 2.72 tons (down 0.15 tons) [2]. 3.5 Downstream Situation - Production: Feed production is 2937.7 tons (up 175.6 tons), and edible vegetable oil production is 476.9 tons (up 41.8 tons) [2]. - Consumption: Total retail sales of consumer goods in the catering industry is 4707.6 billion yuan (up 129.4 billion yuan) [2]. 3.6 Option Market - Implied volatility: Rapeseed meal at - the - money call option implied volatility is 13.22% (down 14.17%), put option implied volatility is 27.39% (down 1.71%), 20 - day historical volatility is 31.16% (up 6.81%), and 60 - day historical volatility is 21.29% (up 2.19%). Rapeseed oil at - the - money call option implied volatility is 13.52% (down 0.48%), put option implied volatility is 13.5% (down 0.53%), 20 - day historical volatility is 18.14% (up 0.46%), and 60 - day historical volatility is 14.58% (up 0.12%) [2]. 3.7 Industry News - ICE rapeseed futures closed higher on August 15, with the most actively traded November contract up 6.40 Canadian dollars to 660.90 Canadian dollars/ton, and the January contract up 5.70 Canadian dollars to 672.70 Canadian dollars/ton. The market has stabilized after a sharp decline earlier in the week [2]. - The USDA's August supply - demand report shows that the US 2025/26 soybean harvest area is estimated at 80.1 million acres (down from 82.5 million acres in July), yield is 53.6 bushels/acre (higher than expected and July's estimate), production is estimated at 4.292 billion bushels (down from 4.335 billion bushels in July), and ending stocks are estimated at 290 million bushels (down 20 million bushels, the lowest in three years) [2].

1. Report Industry Investment Rating - The report gives a cautious and bearish rating for the strategy [3][5] 2. Core View of the Report - The current growth of new - season US soybeans is good, with a strong expectation of a bumper harvest, but there is no substantial progress in Sino - US policies, causing market concerns. In China, although the soybean supply is sufficient and the soybean meal inventory is rising, the increase in Brazilian premiums and the lack of policy progress support the soybean meal price. For corn, the market supply and demand situation is complex, with low market confidence and weak demand. In the short term, the fundamentals of both are unlikely to change significantly, and policies and Brazilian premiums will be important factors affecting prices [2][4] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2509 contract was 3157 yuan/ton, down 6 yuan/ton (-0.19%) from the previous day; the rapeseed meal 2509 contract was 2686 yuan/ton, down 37 yuan/ton (-1.36%) [1] - Spot: In Tianjin, the soybean meal spot price was 3090 yuan/ton, down 10 yuan/ton; in Jiangsu, it was 2980 yuan/ton, down 20 yuan/ton; in Guangdong, it was 2970 yuan/ton, down 10 yuan/ton. In Fujian, the rapeseed meal spot price was 2660 yuan/ton, down 30 yuan/ton [1] - Brazilian Soybean Exports: It is estimated that the soybean export volume in August 2025 will be 880 million tons, a 10.3% increase from the same period last year. The export volume from August 10 - 16 was 234 million tons, and the estimated export volume from January to August 2025 will reach 8855 million tons [1] 3.1.2 Corn and Corn Starch - Futures: The closing price of the corn 2509 contract was 2281 yuan/ton, up 2 yuan/ton (+0.09%); the corn starch 2509 contract was 2648 yuan/ton, down 3 yuan/ton (-0.11%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2730 yuan/ton, unchanged [3] - Russian Wheat Planting Area: The wheat planting area will decrease from 28.506 million hectares to 26.904 million hectares, including a decrease in winter wheat from 16.134 million hectares to 15.815 million hectares and a decrease in spring wheat from 12.372 million hectares to 11.089 million hectares [3] 3.2 Market Analysis 3.2.1 Soybean Meal - The growth of new - season US soybeans is good, with a strong expectation of a bumper harvest. However, there is no substantial progress in Sino - US policies, causing market concerns. In China, the soybean supply is sufficient, the soybean meal inventory is rising, but the increase in Brazilian premiums and import costs support the soybean meal price. Future focus should be on new - season US soybeans and policy changes [2] 3.2.2 Corn - In China, the remaining grain in the market is less than the same period last year, but market confidence is low, and traders are actively selling. The upcoming listing of spring corn in North China can supplement the supply. Downstream enterprises mainly purchase on demand, and the demand is weak. Future focus should be on the output of new - season corn [4] 3.3 Strategy - The strategy for both soybean meal and corn is cautious and bearish [3][5]

1. Report Industry Investment Ratings - Cotton: Neutral [3] - Sugar: Neutral [6] - Pulp: Neutral [9] 2. Core Views - The cotton market is currently experiencing a rebound in market sentiment. However, the global cotton market in the 25/26 season is expected to remain in a state of loose supply. In the short - term, cotton prices have bottom support, but in the long - term, there is limited upward space [2][3]. - The sugar market is under downward pressure due to the expected recovery of global sugar production in the 2025/26 season and favorable weather conditions in major producing regions. At the same time, the rebound in import demand limits the overall decline of sugar prices. Short - term Zhengzhou sugar is expected to fluctuate within a range, and the long - term trend is bearish [4][6]. - The pulp market has supply pressure in the second half of the year, and the demand side is weak. The overall fundamentals of the pulp market have not improved significantly, and short - term pulp prices are difficult to break away from the bottom [8][9]. 3. Summaries by Related Catalogs Cotton Market News and Important Data - Futures: The closing price of the cotton 2601 contract yesterday was 13,980 yuan/ton, up 100 yuan/ton (+0.72%) from the previous day. - Spot: The Xinjiang arrival price of 3128B cotton was 15,052 yuan/ton, up 5 yuan/ton; the national average price was 15,177 yuan/ton, up 16 yuan/ton. - US cotton growth: As of August 10, the budding rate, boll - setting rate, and flocculation rate of US cotton were all behind the same period last year and the five - year average [1]. Market Analysis - International: Affected by the "reciprocal tariff" and weak weekly signing of US cotton, the price of ICE US cotton moved down last week. The 25/26 global cotton market may be in a loose supply pattern, and the US cotton balance sheet is difficult to improve. - Domestic: In July, the commercial cotton inventory decreased rapidly, and the import volume in the third quarter is expected to remain low. The cotton price has short - term bottom support. However, the terminal demand is weak, and the new cotton production increase expectation restricts the upward space of cotton prices. In the long - term, new cotton listing in the fourth quarter will suppress cotton prices [2]. Strategy - Maintain a neutral attitude. Cotton prices have strong support below, but the long - term upward space is limited [3]. Sugar Market News and Important Data - Futures: The closing price of the sugar 2601 contract yesterday was 5,608 yuan/ton, up 35 yuan/ton (+0.63%) from the previous day. - Spot: The spot price of sugar in Nanning, Guangxi was 5,960 yuan/ton, unchanged; in Kunming, Yunnan, it was 5,815 yuan/ton, down 10 yuan/ton. - Price index: The FAO sugar price index in July averaged 103.3 points, down 0.2 points (0.2%) from June, falling for the fifth consecutive month [4]. Market Analysis - Raw sugar: The latest bi - weekly data from Brazil is bearish. Although some institutions have lowered Brazil's production estimate, the raw sugar futures are bottom - oscillating. - Zhengzhou sugar: The sales progress of domestic sugar has slowed down, and a large amount of imported sugar has arrived at ports. The domestic spot pressure is gradually increasing, and the short - term upward pressure on Zhengzhou sugar is large [5][6]. Strategy - Take a neutral attitude. Short - term sugar prices are expected to fluctuate within a range, and the long - term trend is bearish [6]. Pulp Market News and Important Data - Futures: The closing price of the pulp 2511 contract yesterday was 5,264 yuan/ton, up 18 yuan/ton (+0.34%) from the previous day. - Spot: The spot price of Chilean silver star softwood pulp in Shandong was 5,850 yuan/ton, unchanged; the price of Russian softwood pulp was 5,200 yuan/ton, unchanged. - Market price trends: Different pulp varieties in the imported wood pulp spot market showed differentiated price trends yesterday [6][7]. Market Analysis - Supply: In the first half of 2025, the import volume of wood pulp increased year - on - year. Although the import volume is expected to decline in the second half of the year, the port inventory is high, and the supply pressure in the second half of the year still exists. - Demand: The pulp consumption in Europe and the United States is weak, and the domestic demand is also affected by the off - season. The terminal demand improvement in the second half of the year is limited [8]. Strategy - Adopt a neutral attitude. The fundamentals of the pulp market have not improved significantly, and short - term pulp prices are difficult to break away from the bottom [9].

Group 1: Report Industry Investment Rating - The investment rating for both the bean meal and corn sectors is cautiously bearish [3][5] Group 2: Core Views of the Report - For the bean meal market, the new - season US soybeans are growing well with a strong expectation of a bumper harvest, but there are concerns about the policy situation. In China, although the soybean supply is sufficient and the bean meal inventory is rising, the increase in Brazilian basis and import costs support the bean meal price. The situation of new - season US soybeans and policy changes are key factors affecting the price [2] - For the corn market, the domestic market has less remaining grain compared to the same period last year, but market confidence is low. Traders are actively selling, and the upcoming harvest of North China spring corn will supplement the supply. Downstream demand is weak, and the yield of new - season corn needs continuous attention [4] Group 3: Market News and Important Data - Bean Meal - Futures: The closing price of the bean meal 2509 contract was 3072 yuan/ton, up 27 yuan/ton (+0.89%) from the previous day; the closing price of the rapeseed meal 2509 contract was 2724 yuan/ton, down 49 yuan/ton (-1.77%) from the previous day [1] - Spot: In Tianjin, the bean meal spot price was 2990 yuan/ton, down 10 yuan/ton; in Jiangsu, it was 2920 yuan/ton, unchanged; in Guangdong, it was 2910 yuan/ton, unchanged. In Fujian, the rapeseed meal spot price was 2670 yuan/ton, down 50 yuan/ton [1] - Market news: As of the week ending July 31, Canada's rapeseed exports were 30,000 tons (60,000 tons the previous week). The total rapeseed exports in the 2024/25 season were 9.519 million tons, a year - on - year increase of 38.8% [1] Group 4: Market News and Important Data - Corn - Futures: The closing price of the corn 2509 contract was 2262 yuan/ton, up 7 yuan/ton (+0.31%) from the previous day; the closing price of the corn starch 2509 contract was 2642 yuan/ton, unchanged from the previous day [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2750 yuan/ton, unchanged [3] - Market news: As of August 6, the 2024/25 Argentine corn harvest was 4.439 million tons, with a harvest progress of 89.3% and an average yield of 7.23 tons per hectare [3]

Group 1 - Chicago futures market saw a decline in corn, wheat, and soybean prices on August 5, with December corn closing at $4.02 per bushel, down 5 cents or 1.23% from the previous trading day [1] - September wheat contract settled at $5.08 per bushel, down 8.5 cents or 1.64%, while November soybean contract closed at $9.91 per bushel, down 3.75 cents or 0.38% [1] - The soybean futures faced resistance above $10.00 per bushel due to short covering, while corn prices hit a contract low with the next support level at $3.85 per bushel [1] Group 2 - The U.S. wheat prices are under pressure due to ample feed grain supply and a decline in global wheat trade demand, particularly with a significant slowdown in Russian wheat exports [1] - The outlook for U.S. soybeans is pessimistic, as the potential for record-high yields may be overshadowed by the loss of China as a major import customer, with projected ending stocks for the 2025-2026 season potentially exceeding 600 million bushels [1] - Favorable summer weather conditions, including mild temperatures and frequent rainfall in June, have led to record corn yields in the Gulf Coast states, with yields per acre exceeding last year's figures by 15-30 bushels [1]

Report Industry Investment Rating No relevant content provided. Core Views - Palm oil: High - level gaming intensifies, waiting for a callback opportunity [2] - Soybean oil: Mainly fluctuating, focus on the China - US trade agreement [2] - Soybean meal: Concerns about trade, weak US soybeans, Dalian soybean meal fluctuates [2] - Soybean: Fluctuating [2] - Corn: Fluctuating [2] - Sugar: Brazil's sugarcane crushing progress accelerates [2] - Cotton: Sentiment cools down, Zhengzhou cotton futures callback [2] - Eggs: Weak sentiment [2] - Live pigs: End - of - month volume - shrinking rally, focus on sustainability [2] - Peanuts: Focus on weather in production areas [2] Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: Palm oil's daily - session closing price was 8,900 yuan/ton with a - 0.91% decline, and night - session closing price was 8,868 yuan/ton with a - 0.36% decline. Soybean oil's daily - session closing price was 8,192 yuan/ton with a - 0.58% decline, and night - session closing price was 8,198 yuan/ton. Malaysia's palm oil exports in July decreased compared to the previous month. Indonesia will raise the reference price and export tax of crude palm oil in August. The trend intensity of palm oil and soybean oil is 0 [4][5][6][8][12] Soybean Meal and Soybean - **Fundamentals**: DCE soybean 2509's daily - session closing price was 4,131 yuan/ton with a - 0.51% decline, and night - session closing price was 4,133 yuan/ton with a - 0.10% decline. DCE soybean meal 2509's daily - session closing price was 3,000 yuan/ton with a - 0.03% decline, and night - session closing price was 3,002 yuan/ton with a - 0.13% decline. CBOT soybeans fell due to good weather and weak demand. The trend intensity of soybean meal and soybean is 0 [13][15] Corn - **Fundamentals**: The closing price of C2509 was 2,288 yuan/ton with a - 0.95% decline in the daily session and 2,296 yuan/ton with a 0.35% increase in the night session. The closing price of C2511 was 2,230 yuan/ton with a - 0.54% decline in the daily session and 2,213 yuan/ton with a - 0.76% decline in the night session. Corn prices in different regions showed different trends. The trend intensity of corn is 0 [16][17][18] Sugar - **Fundamentals**: The raw sugar price was 16.35 cents/pound with a - 0.11 decline year - on - year. Brazil's sugarcane crushing progress in the central - southern region accelerated. The trend intensity of sugar is - 1 [20][23] Cotton - **Fundamentals**: CF2509's daily - session closing price was 13,650 yuan/ton with a - 0.76% decline, and night - session closing price was 13,655 yuan/ton with a 0.04% increase. ICE US cotton 12 fell. Cotton spot trading was good, but the cotton yarn market and fabric orders were weak. The trend intensity of cotton is 0 [25][26][29] Eggs - **Fundamentals**: The closing price of egg 2508 was 3,259 yuan/500 kg with a - 1.36% decline, and the closing price of egg 2510 was 3,298 yuan/500 kg with a - 1.96% decline. The trend intensity of eggs is 0 [30] Live Pigs - **Fundamentals**: Henan's live - pig spot price was 14,330 yuan/ton, Sichuan's was 13,600 yuan/ton, and Guangdong's was 15,640 yuan/ton. The market is in a pattern of weak reality and strong expectation. The trend intensity of live pigs is 0 [33][34][35] Peanuts - **Fundamentals**: The price of Liaoning 308 general peanuts was 8,600 yuan/ton. The closing price of PK510 was 8,082 yuan/ton with a - 0.39% decline, and the closing price of PK511 was 7,948 yuan/ton with a - 0.60% decline. The peanut market in different regions showed different trends. The trend intensity of peanuts is 0 [37][38][39]

1. Report Industry Investment Rating - The investment rating for both the bean meal and corn industries is cautiously bearish [3][6] 2. Report's Core View - The market for bean meal and corn is influenced by multiple factors including weather, trade policies, and supply - demand dynamics. For bean meal, the supply is expected to be ample, and for corn, the supply - demand balance is also under the influence of various elements such as import policies and crop conditions [2][5] 3. Summary by Related Catalogs 3.1 Bean Meal 3.1.1 Market News and Important Data - Futures: The closing price of the bean meal 2509 contract was 3010 yuan/ton yesterday, up 27 yuan/ton (+0.91%) from the previous day; the closing price of the rapeseed meal 2509 contract was 2735 yuan/ton, up 75 yuan/ton (+2.82%) [1] - Spot: In Tianjin, the bean meal spot price was 2940 yuan/ton, up 30 yuan/ton; in Jiangsu, it was 2870 yuan/ton, up 30 yuan/ton; in Guangdong, it was 2860 yuan/ton, up 20 yuan/ton. In Fujian, the rapeseed meal spot price was 2690 yuan/ton, up 90 yuan/ton [1] - Market Information: From July 1 - 25, Brazil's soybean exports reached 10.447 million tons, with a daily average of 550,000 tons, a 12.4% year - on - year increase. South American soybean exports in July are expected to increase by about 2 million tons year - on - year, with China as the main destination [1] 3.1.2 Market Analysis - The bean meal futures price showed a weak and volatile trend yesterday. The weather in the main US soybean - producing areas is good, and the soybean growth is expected to continue to improve. Macro factors are obvious, with an upcoming Sino - US meeting in August and an expected improvement in trade relations. Domestically, the supply of soybean meal remains loose, with high soybean arrivals and increasing oil mill inventories [2] 3.1.3 Strategy - The strategy for bean meal is cautiously bearish [3] 3.2 Corn 3.2.1 Market News and Important Data - Futures: The closing price of the corn 2509 contract was 2312 yuan/ton yesterday, up 10 yuan/ton (+0.43%); the closing price of the corn starch 2509 contract was 2683 yuan/ton, up 17 yuan/ton (+0.64%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2720 yuan/ton, unchanged from the previous day [3] - Market Information: As of July 27, 2025, 74% of the US national surface soil moisture was sufficient to excessive. In the main corn - producing states in the Midwest, the proportion of sufficient to excessive soil moisture in Iowa was 85%, in Illinois was 92%, and in Indiana was 77%. As of July 26, the harvest progress of Brazil's second - season corn in the 2024/25 season was 66.1%, and the expected total production was 131.97 million tons, a 14.3% increase from the previous year [4] 3.2.2 Market Analysis - The corn futures price showed a narrow - range volatile trend yesterday. Domestically, on the supply side, after the digestion of negative factors such as imported corn auctions, traders' shipments have stabilized. On the demand side, the operating rate of deep - processing enterprises has declined, and feed enterprises have sufficient corn and wheat inventories. The impact of imported corn auctions on the market has weakened [5] 3.2.3 Strategy - The strategy for corn is cautiously bearish [6]

1. Report Industry Investment Rating - The investment rating for both the bean粕 and corn industries is cautiously bearish [3][6] 2. Report's Core View - The bean粕 futures price showed a weak oscillation. The weather in the main soybean - producing areas in the US is favorable, and the soybean growth is expected to continue to improve. There are obvious macro - factor disturbances, and the trade relationship is expected to improve. Domestically, the supply of bean粕 remains loose due to high soybean arrivals and rising inventory. Attention should be paid to new - season US soybean planting, Argentine bean粕 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, traders' shipments have stabilized. On the demand side, the operating rate of deep - processing enterprises has declined, and feed enterprises have sufficient inventory. The impact of imported corn auctions on the market has weakened, but there are still risks of market fluctuations due to the approaching new - crop listing and uncertain policy - grain release [5] 3. Summary by Related Catalogs 3.1 Bean粕 Market News and Important Data - Futures: The closing price of the bean粕 2509 contract was 2990 yuan/ton, with a change of - 31 yuan/ton (- 1.03%) compared to the previous day; the closing price of the rapeseed粕 2509 contract was 2660 yuan/ton, with a change of - 15 yuan/ton (- 0.56%) [1]. - Spot: In Tianjin, the bean粕 spot price was 2910 yuan/ton, down 10 yuan/ton; in Jiangsu, it was 2840 yuan/ton, unchanged; in Guangdong, it was 2840 yuan/ton, down 10 yuan/ton. The rapeseed粕 spot price in Fujian was 2610 yuan/ton, down 20 yuan/ton [1]. - Market News: Private exporters reported selling 142,500 tons of US soybeans to Mexico for delivery in the 2025/26 season. Argentina's president announced a reduction in most agricultural product export tariffs, with the soybean export tariff dropping from 33% to 26%, and the bean粕 and soybean oil tariff from 31% to 24.5% [1] Market Analysis - The bean粕 futures price was weak. Favorable US weather, improving trade relations, high domestic soybean arrivals, and rising inventory contribute to a loose supply situation. Attention should be paid to new - season US soybean planting, Argentine bean粕 imports, and policy changes [2] Strategy - Cautiously bearish [3] 3.2 Corn Market News and Important Data - Futures: The closing price of the corn 2509 contract was 2319 yuan/ton, up 8 yuan/ton (+ 0.35%); the closing price of the corn starch 2509 contract was 2683 yuan/ton, up 18 yuan/ton (+ 0.68%) [3]. - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2740 yuan/ton, unchanged [3]. - Market News: As of July 19, the harvesting progress of Brazil's second - season corn in the 2024/25 season was 55.5%. Brazil's 2024/25 corn production is expected to reach 131.97 million tons, a 14.3% increase. The EU's 2025/26 corn production is expected to be 60.13 million tons, up 0.9% year - on - year; imports are expected to be 18.33 million tons, down 7.0% year - on - year; exports are expected to be 4.23 million tons, up 69.2% year - on - year [4] Market Analysis - The corn futures price had a narrow - range oscillation. On the supply side, traders' shipments stabilized after negative - factor digestion. On the demand side, the operating rate of deep - processing enterprises declined, and feed enterprises had sufficient inventory. The impact of imported corn auctions weakened, but market fluctuations may occur due to new - crop listing and uncertain policy - grain release [5] Strategy - Cautiously bearish [6]

Group 1: Report Industry Investment Rating - The investment rating for both the soybean meal and corn sectors is cautiously bearish [3][5] Group 2: Core Views of the Report - For soybean meal, although the sown area of new - season US soybeans has decreased, high yields are expected to lead to a bumper harvest. In China, oil mills are accumulating inventory, the breeding industry is in a seasonal consumption off - season, and the supply is relatively loose. The soybean meal futures price rose last week due to macro - sentiment, and future attention should be paid to Sino - US trade policies and new - season US soybean growth [2] - For corn, in China, after a wave of concentrated grain sales in the main producing areas, the trade inventory has decreased, the demand from feed and deep - processing enterprises is mainly based on on - demand replenishment, and the impact of imported corn auctions on prices has weakened [4] Group 3: Summary by Related Catalogs 1. Soybean Meal Market News and Important Data - Futures: The closing price of the soybean meal 2509 contract was 3095 yuan/ton, up 9 yuan/ton (+0.29%) from the previous day; the rapeseed meal 2509 contract was 2758 yuan/ton, up 22 yuan/ton (+0.80%) [1] - Spot: In Tianjin, the soybean meal spot price was 3000 yuan/ton, up 30 yuan/ton; in Jiangsu, it was 2900 yuan/ton, up 10 yuan/ton; in Guangdong, it was 2890 yuan/ton, up 10 yuan/ton; in Fujian, the rapeseed meal spot price was 2710 yuan/ton, up 30 yuan/ton [1] - Market Information: From July 1 - 18, Brazil's soybean exports reached 743.7 million tons, with a daily average of 53.1 million tons, a year - on - year increase of 8.6% [1] Market Analysis - The weather in the main US soybean - producing areas is favorable, and high yields are expected to offset the reduction in sown area. In China, the supply is loose, the demand is in a seasonal off - season, and the spot price is stable. The futures price rose due to macro - sentiment. Attention should be paid to Sino - US trade policies and new - season US soybean growth [2] Strategy - Cautiously bearish [3] 2. Corn Market News and Important Data - Futures: The closing price of the corn 2509 contract was 2321 yuan/ton, down 1 yuan/ton (-0.04%); the corn starch 2509 contract was 2675 yuan/ton, up 7 yuan/ton (+0.26%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2740 yuan/ton, unchanged [3] - Market Information: In the first three weeks of July, Brazil exported 90 million tons of corn, with a daily average of 6.4 million tons, a 58% decrease compared to the daily average in July last year. The US corn growth good - to - excellent rate was 74%, the highest since 2016 and unchanged from the previous week [3] Market Analysis - In China, after concentrated grain sales, the trade inventory has decreased. Feed and deep - processing enterprises mainly replenish inventory as needed, and the impact of imported corn auctions on prices has weakened [4] Strategy - Cautiously bearish [5]

Research Views Corn - Corn futures on the September contract first rose and then fell on Tuesday, closing with a small negative line. Last week, the main corn contract broke through support and declined rapidly, with futures significantly at a discount to spot prices. On Monday, this attracted buying, driving up the futures price. Over the weekend, corn prices in Northeast China declined, and in North China, prices continued to fall due to high arrivals at deep - processing plants and enterprises' price - cutting purchases. Traders sold actively to realize profits, and the market supply was relatively abundant. With continuous import corn auctions and poor trading results, the market's bullish sentiment weakened. Technically, the September contract should pay attention to the price pressure in the previous intensive trading area of 2320 - 2330 yuan/ton, and the recommendation is to continue shorting after the rebound ends. The view is bearish [1]. Soybean and Soybean Meal - CBOT soybeans fell on Tuesday due to good growth of US soybeans. The crop report showed that the good - to - excellent rate of US soybeans increased to 70%, 4 percentage points higher than last week and higher than the market expectation of 67%. NOPA data indicated that the US soybean crush volume in June was 185.709 million bushels, a 3.7% month - on - month decrease and a 5.8% year - on - year increase. US soybean oil inventory dropped to 1.366 billion pounds, a 0.5% month - on - month and 15.8% year - on - year decline. In the domestic market, oil mills maintained a high operating rate, but terminal demand was weak, and soybean meal inventory accumulated rapidly. Some factories either suspended spot quotes or adopted a price - supporting strategy. The market is closely watching the development of Sino - US relations and the fourth - quarter oilseed procurement. The view is oscillating weakly, and it is recommended to hold long spreads for the September - January and January - May contracts of soybean meal [1]. Fats and Oils - BMD palm oil fell 2% on Tuesday due to profit - taking and weak export data. High - frequency data showed that Malaysian palm oil exports from July 1 - 15 decreased by 5.3% - 6.2% compared with the same period last month, indicating weakening export demand. The decline in crude oil prices also exerted pressure on palm oil. India's palm oil imports in June reached an 11 - month high. In the domestic market, the fats and oils market continued to oscillate, with palm oil and soybean oil slightly rising and rapeseed oil slightly falling. The decline in overseas fats and oils prices led to profit - taking by long positions. The spot demand for soybean oil was strong, and inventory was accumulating. Palm oil inventory increased steadily due to low arrivals, and rapeseed oil inventory decreased, but the improvement in rapeseed crushing margins limited the price of rapeseed oil. It is recommended to conduct intraday trading for single - side positions and hold long spreads for the September - January contracts [1]. Eggs - On Tuesday, the main egg contract shifted from August to September. The August 2025 contract continued to oscillate, closing down 0.38%, while the September 2025 contract rebounded slightly from a low level, closing up 0.36% at 3615 yuan/500 kg. Spot prices remained flat. Terminal demand was normal, and most traders bought and sold in line with the market. After the plum - rain season, eggs will gradually enter the peak demand season, but considering supply pressure, the expected price peak will be lower than last year. With the contract roll - over, the September contract rebounded slightly from a low level, and its subsequent performance should be monitored. The view is oscillating [1][2]. Pigs - On Tuesday, the main pig contract for September 2025 first rebounded in the morning and then declined, closing down 0.25% at 14,250 yuan/ton. The average daily price of live pigs in China was 14.54 yuan/kg, down 0.04 yuan/kg from the previous day. In the benchmark delivery area of Henan, the average price increased by 0.04 yuan/kg, while prices in Guangdong remained flat, and those in Shandong, Sichuan, and Liaoning decreased slightly. Farmers' selling enthusiasm was fair, but downstream orders were weak, and slaughterhouses were operating at a loss. With supply slightly exceeding demand, pig prices continued to decline. In the short term, the fundamental situation remains unchanged, and the view is that pig prices will oscillate. Attention should be paid to the impact of feed prices and market sentiment on futures prices [2]. Market Information - The US Department of Agriculture reported that the conditions of US crops mostly improved in the past week. As of the week ending July 13, the good - to - excellent rate of corn remained at 74%, that of soybeans increased by 4 percentage points to 70%, and that of spring wheat increased by 4 percentage points to 54%. Analysts expect favorable weather conditions for crops to continue [3]. - Shipping survey agencies ITS and Amspec reported that Malaysian palm oil exports from July 1 - 15 decreased by 6.16% and 5.29% respectively compared with the same period last month [3]. - A US Bank survey of global fund managers in July showed that 47% of respondents expect the Fed to cut interest rates twice in 2025, about one - third expect one cut, 10% think the rate will remain unchanged, 8% expect three cuts, and only 1% predict more than three cuts [3]. - The Minister of Agriculture and Rural Affairs of China emphasized at a meeting on July 15 the need to achieve the annual grain output target of about 1.4 trillion catties, strengthen high - standard farmland construction, and prevent disasters [4]. - The IMEA reported that the soybean crushing profit in Mato Grosso state, Brazil, from July 7 - 11 was 443.58 reais/ton, down from 458.28 reais/ton in the previous week. The state's soybean meal price was 1482.06 reais/ton, and the soybean oil price was 5879.53 reais/ton [4]. Variety Spreads - The report presents various contract spreads and contract basis charts, including those for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific analysis of these spreads and basis is provided in the given text [5][6][8][9][12][13][14][20][24][25].