| 农产品早报 | | --- | 白糖 现货价格 基差 进口利润 仓单 日期 柳州 南宁 昆明 柳州基差 泰国 巴西 郑盘 2025/06/09 6170 6080 5900 436 303 485 29443 2025/06/10 6170 6080 5900 453 352 535 29443 2025/06/11 6150 6050 5875 482 347 530 29216 2025/06/12 6130 6035 5855 483 384 567 29116 2025/06/13 6130 6020 5835 466 417 600 28736 变化 0 -15 -20 -17 33 33 -380 【行情分析】： 白糖：国际市场方面，受2024年干旱天气影响，巴西25/26榨季第一个月出现了单产和吨甘蔗出糖量下降的情况，不过5月上半月制糖比拉升较 快，同比增加2.9%至51.1%，市场提前交易高制糖比和增产预期，原糖承压，后续关注天气风险和产量预期差。国内跟随外盘为主，但在糖浆 预拌粉进口限制、高基差背景下，下方有支撑。 研究中心农产品团队 2025/06/16 | 玉米/淀粉 | | | | ...

淀粉：短期看，原料减少且价格较高使得企业采购意愿降低，开机回落且加工亏损短期会支撑成品淀粉报价反弹。从中长期视角来看，下游仍 然处于淡季消费期，消费提货未有好转迹象，使得产业库存趋缓缓慢，仍旧制约淀粉价格上行空间，等待利润小幅修复后继续空配远月合约。 白糖 现货价格 基差 进口利润 仓单 日期 柳州 南宁 昆明 柳州基差 泰国 巴西 郑盘 2025/06/05 6190 6090 5910 460 353 536 29893 2025/06/06 6190 6090 5915 455 365 548 29443 2025/06/09 6170 6080 5900 436 303 485 29443 2025/06/10 6170 6080 5900 453 352 535 29443 2025/06/11 6150 6050 5875 482 347 530 29216 变化 -20 -30 -25 29 -5 -5 -227 【行情分析】： 白糖：国际市场方面，受2024年干旱天气影响，巴西25/26榨季第一个月出现了单产和吨甘蔗出糖量下降的情况，不过5月上半月制糖比拉升较 快，同比增加2.9%至51.1% ...

研究中心农产品团队 2025/06/09 | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/05/30 | - | 2280 | 2380 | 2410 | -56 | -5 | 317 | 2800 | 2950 | 117 | -109 | | 2025/06/03 | - | 2280 | 2390 | 2420 | -45 | 5 | 350 | 2800 | 2950 | 144 | -107 | | 2025/06/04 | - | 2280 | 2390 | 2410 | -53 | -5 | 347 | 2800 | 2950 | 131 | -100 | | 2025/06/05 | - | 2280 | 2374 | 2430 | -55 | 15 | 368 | 28 ...

农产品早报 研究中心农产品团队 2025/06/06 | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/05/29 | - | 2270 | 2380 | 2400 | -62 | -5 297 | 2800 | 2950 | 119 | -109 | | 2025/05/30 | - | 2280 | 2380 | 2410 | -56 | -5 317 | 2800 | 2950 | 117 | -109 | | 2025/06/03 | - | 2280 | 2390 | 2420 | -45 | 5 350 | 2800 | 2950 | 144 | -107 | | 2025/06/04 | - | 2280 | 2390 | 2410 | -53 | -5 347 | 2800 | 2950 | ...

农产品早报 研究中心农产品团队 2025/06/05 | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/05/28 | - | 2270 | 2380 | 2410 | -55 | 5 | 276 | 2800 | 2950 | 132 | -109 | | 2025/05/29 | - | 2270 | 2380 | 2400 | -62 | -5 | 297 | 2800 | 2950 | 119 | -109 | | 2025/05/30 | - | 2280 | 2380 | 2410 | -56 | -5 | 317 | 2800 | 2950 | 117 | -109 | | 2025/06/03 | - | 2280 | 2390 | 2420 | -45 | 5 | 350 ...

农产品早报 研究中心农产品团队 2025/06/04 | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/05/27 | - | 2270 | 2370 | 2390 | -54 | -15 256 | 2800 | 2950 | 143 | -113 | | 2025/05/28 | - | 2270 | 2380 | 2410 | -55 | 5 276 | 2800 | 2950 | 132 | -109 | | 2025/05/29 | - | 2270 | 2380 | 2400 | -62 | -5 297 | 2800 | 2950 | 119 | -109 | | 2025/05/30 | - | 2280 | 2380 | 2410 | -56 | -5 317 | 2800 | 2950 | ...

| 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/05/26 | - | 2270 | 2380 | 2390 | -48 | -15 | 258 | 2800 | 2950 | 142 | -111 | | 2025/05/27 | - | 2270 | 2370 | 2390 | -54 | -15 | 256 | 2800 | 2950 | 143 | -113 | | 2025/05/28 | - | 2270 | 2380 | 2410 | -55 | 5 | 276 | 2800 | 2950 | 132 | -109 | | 2025/05/29 | - | 2270 | 2380 | 2400 | -62 | -5 | 297 | 2800 | 2950 | 119 | - ...

农产品早报 研究中心农产品团队 2025/05/30 | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/05/23 | 2180 | 2270 | 2370 | 2390 | -57 | -15 | 263 | 2800 | 2950 | 132 | -111 | | 2025/05/26 | - | 2270 | 2380 | 2390 | -48 | -15 | 258 | 2800 | 2950 | 142 | -111 | | 2025/05/27 | - | 2270 | 2370 | 2390 | -54 | -15 | 256 | 2800 | 2950 | 143 | -113 | | 2025/05/28 | - | 2270 | 2380 | 2410 | -55 | ...

Report Overview - Report Date: May 29, 2025 [2] - Report Team: Research Center's Agricultural Products Team Industry Investment Ratings - No investment ratings provided in the report Core Views - Corn: In the short term, the market supply has increased, leading to a decline in spot prices and a repair of the basis. In the long term, the insufficient supply of imported and domestic grains gives corn strong upward potential. Attention should be paid to supply supplements, new - season planting, and warehouse receipt changes [4]. - Starch: In the short term, the increase in raw material costs has led to an expansion of processing losses and slow inventory reduction. In the long term, due to weak consumption and high inventory, price adjustment space is limited, and short - selling of far - month contracts can be considered [4]. - Sugar: Internationally, the Brazilian new - season sugarcane crushing has begun, and the market is trading on the expected increase in production, putting pressure on raw sugar. Domestically, there is support below, and imports are expected to increase after July. In the long term, raw sugar will weaken with the increase in Brazilian supply [7]. - Cotton: Xinjiang has achieved a significant increase in production. The demand side is weak due to a poor international trade environment and limited domestic demand recovery. Attention should be paid to domestic favorable policies, trade war developments, and macro risks [9]. - Eggs: Due to unfavorable weather, weak downstream demand, and price declines of substitutes, egg prices have fallen. However, the decline space is limited, and prices will fluctuate around feed costs. Attention should be paid to the impact of low egg prices on the sentiment of culling laying hens during the rainy season [15]. - Apples: There is a certain expectation of production reduction in the new season, and attention should be paid to the bagging situation. Currently, consumption is good, but seasonal fruits may affect apple sales. Attention should be paid to the actual fruit - setting situation in the western regions [23]. - Pigs: Spot prices continue to weaken, and the market supply rhythm is accelerating. The futures price has also declined, and short - term downward pressure remains. In the long term, opportunities for long - positions after selling should be noted [23]. Data Summaries Corn/Starch | Variety | Location | Price on May 22 | Price on May 28 | Change | | --- | --- | --- | --- | --- | | Corn | Changchun | 2180 | - | 0 | | | Jinzhou | 2270 | 2270 | 0 | | | Weifang | 2370 | 2380 | 10 | | | Shekou | 2370 | 2410 | 20 | | | Basis | -59 | -55 | -1 | | | Trade Profit | -35 | 5 | 20 | | | Import Profit and Loss | 251 | 276 | 20 | | Starch | Heilongjiang | 2800 | 2800 | 0 | | | Weifang | 2950 | 2950 | 0 | | | Basis | 139 | 132 | -11 | | | Processing Profit | -111 | -109 | 4 | [3] Sugar | Location | Price on May 22 | Price on May 28 | Change | | --- | --- | --- | --- | | Liuzhou | 6210 | 6200 | 0 | | Nanning | 6160 | 6155 | 0 | | Kunming | 5980 | 5960 | 0 | | Liuzhou Basis | 355 | 405 | 46 | | Warehouse Receipts | 32304 | 31581 | -300 | [6] Cotton/Cotton Yarn | Variety | Index | Value on May 22 | Value on May 28 | Change | | --- | --- | --- | --- | --- | | Cotton | 3128 | 14455 | 14390 | -15 | | | Imported M - grade US Cotton | 76.7 | 76.8 | 0 | | | Import Profit | 573 | - | - | | | Warehouse Receipts + Forecast | 11757 | 11560 | -48 | | Cotton Yarn | Vietnam Yarn | 2.49 | 2.48 | 0 | | | Spot | 20450 | 20370 | -40 | | | Vietnam Yarn Import Profit | 156 | 158 | 2 | | | 32S Spinning Profit | -727 | -739 | -56 | [9] Eggs | Location | Price on May 22 | Price on May 28 | Change | | --- | --- | --- | --- | | Hebei | 3.00 | 2.80 | -0.20 | | Liaoning | 3.09 | 2.98 | -0.11 | | Shandong | 2.90 | 2.90 | 0 | | Henan | 3.05 | 3.05 | 0 | | Hubei | 3.02 | 2.96 | -0.06 | | Basis | 460 | 518 | 58 | | Substitute - White - feather Broiler | 3.70 | 3.70 | 0 | | Substitute - Yellow - feather Broiler | 3.30 | 3.30 | 0 | | Substitute - Pig | 20.67 | 20.84 | 0.17 | [14] Apples | Location | Price on May 22 | Price on May 28 | Change | | --- | --- | --- | --- | | Shandong 80 First - and Second - grade | 8500.00 | 8500.00 | 0 | | Shaanxi 70 Common | 4.60 | 4.60 | 0 | | National Inventory | 148.24 | - | - | | Shandong Inventory | 86.41 | - | - | | Shaanxi Inventory | 40.14 | - | - | | 1 - month Basis | 1031.00 | 983.00 | -48 | | 5 - month Basis | 864.00 | 833.00 | -31 | | 10 - month Basis | 948.00 | 858.00 | -90 | [22] Pigs | Location | Price on May 22 | Price on May 28 | Change | | --- | --- | --- | --- | | Henan Kaifeng | 14.40 | 14.50 | 0.10 | | Hubei Xiangyang | 14.15 | 14.40 | 0.25 | | Shandong Linyi | 14.57 | 14.67 | 0.10 | | Anhui Hefei | 14.45 | 14.77 | 0.32 | | Jiangsu Nantong | 14.75 | 14.92 | 0.17 | | Basis | 820 | 940 | 120 | [23]

| 农产品早报 | | --- | | 白糖 | | 现货价格 | | 基差 | | 进口利润 | 仓单 | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 柳州 | 南宁 | 昆明 | 柳州基差 | 泰国 | 巴西 | 郑盘 | | 2025/05/16 | 6220 | 6145 | 5985 | 365 | 78 | 261 | 32930 | | 2025/05/19 | 6220 | 6145 | 5985 | 367 | 98 | 281 | 32927 | | 2025/05/20 | 6220 | 6145 | 5985 | 371 | 127 | 311 | 32927 | | 2025/05/21 | 6200 | 6150 | 5970 | 337 | 15 | 198 | 32575 | | 2025/05/22 | 6210 | 6160 | 5980 | 355 | 109 | 292 | 32304 | | 变化 | 10 | 10 | 10 | 18 | 94 | 94 | -271 | 研究中心农产品团队 20 ...