Core Insights - The soybean market is experiencing a tug-of-war between declining yield expectations and weak export demand, leading to fluctuating prices [1][11] - The USDA is expected to lower U.S. soybean yield forecasts due to deteriorating growing conditions, with current estimates suggesting a range of 52.5 to 53.5 bushels per acre [3][4] - U.S. soybean exports are facing significant challenges, particularly from reduced demand from China and increased competition from South American soybeans [4][5] Yield Expectations - The U.S. soybean crop's good growth rate has dropped from 69% to 64%, with moderate and severe drought conditions increasing to 13.87% and 13.96%, respectively [2] - Historical data shows that the USDA has raised soybean yield estimates in 12 out of the last 20 years, but this year’s adverse conditions may lead to a moderate downward adjustment [3] - ProFarmer's field research indicates that while pod counts are higher than previous years, drought during the filling period may limit weight, affecting overall yield [2][3] Export Challenges - U.S. soybean exports to China are projected to decline significantly, with a forecasted drop of 8.1% for the 2024/2025 season, reducing its share of total U.S. exports from 54% to 44% [4][5] - The U.S. has lost a substantial portion of its Chinese orders, estimated at 300 to 350 million bushels, due to ongoing trade tensions, pushing China to source soybeans from Brazil [4] - Despite an overall increase in U.S. soybean exports by 11.5% for 2024/2025, this growth is primarily driven by non-China markets, which cannot compensate for the loss of Chinese demand [5] Crushing Demand - The U.S. soybean crushing industry is experiencing historical expansion, with July crushing volumes reaching 1.95699 billion bushels, a 7% increase year-on-year [7][8] - The growth in crushing is supported by favorable biofuel policies and capacity expansion, with total crushing capacity expected to rise from 2.23 billion bushels in 2023 to 2.55 billion bushels by 2025 [8] - However, the industry faces challenges related to policy uncertainties and potential changes in biofuel demand, which could impact future growth [8] South American Planting Delays - Brazil's Mato Grosso state is facing severe weather challenges that may delay soybean planting, impacting the overall supply for the 2025/2026 season [9][10] - Current soil moisture levels are below historical averages, and if effective rainfall does not occur by mid-September, planting may be significantly delayed [10][11] - The uncertainty surrounding weather conditions could lead to increased risks in soybean supply, affecting global market dynamics [11]

1. Report Industry Investment Ratings There is no information provided regarding the report industry investment ratings in the given content. 2. Core Views of the Report - A-shares had a slight rebound on low volume, with market trading volume dropping to the 2 trillion level, and market participation enthusiasm declined rapidly. It is recommended to view this market as a phased adjustment and pay attention to changes in trading volume [1][14]. - The much lower-than-expected US PPI in August led to a resurgence in interest rate cut expectations, an increase in AI capital expenditure, and an upward trend in market risk appetite. The Dow underperformed the Nasdaq and the S&P [2][16]. - Although the anti - involution policy has achieved some results, the terminal demand of residents remains weak, and the low - price phenomenon still exists. The bond market is currently in a headwind period, and it is recommended to manage risks [3][19]. - The prices of various commodities show different trends. For example, the price of palm oil has a complex situation due to factors such as production, inventory, and export; the price of iron ore is expected to be volatile in the short - term and under pressure in the long - term; the price of copper is expected to be volatile and slightly stronger in the short - term [4][5][31][62]. 3. Summary According to the Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Stock Index Futures) - Jiangxi Province issued measures to develop producer services, aiming to increase the proportion of producer service added - value in service industry to about 52% by 2030 [13]. - China's CPI in August decreased by 0.4% year - on - year, and PPI decreased by 2.9% year - on - year. A - shares had a slight rebound on low volume. It is recommended to reduce long positions in stock index futures [14]. 3.1.2 Macro Strategy (US Stock Index Futures) - OpenAI signed a $300 billion computing agreement with Oracle, which will start implementation in 2027 [15]. - The US PPI in August was much lower than expected. Interest rate cut expectations increased, but the market may be more volatile due to economic data and interest rate cut expectation swings [16]. 3.1.3 Macro Strategy (Treasury Bond Futures) - The central bank conducted 304 billion yuan of 7 - day reverse repurchase operations on September 10, with a net investment of 74.9 billion yuan. The bond market is currently in a headwind period, and it is recommended to have a bearish view in the short - term [19][20]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - Argentina's new - crop soybean planting area is expected to decrease by 4.3% to 17.6 million hectares. The market is waiting for the USDA's export sales report and monthly supply - demand report. The futures price is expected to be volatile [21][22][23]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Some senators in the US are trying to prevent Trump from changing renewable fuel obligations. Canada is discussing relaxing tariffs on Chinese electric vehicles. Malaysia's palm oil inventory increased in August, and its export in September decreased. It is recommended to be bullish in the medium - to - long - term but wait for policy stability [24][26][27]. 3.2.3 Black Metals (Coking Coal/Coke) - The price of coking coal in the Changzhi market is weak. The supply has basically returned to normal, and the demand side is under pressure. The futures price is expected to be volatile in the short - term [28][29]. 3.2.4 Black Metals (Steam Coal) - The price of steam coal in the northern port market was stable on September 10. The demand is weak, and the price is expected to be volatile in a narrow range [30]. 3.2.5 Black Metals (Iron Ore) - Japanese companies are acquiring stakes in an iron ore project in Western Australia. The price of iron ore is expected to be volatile in the short - term and under pressure in the long - term due to factors such as finished product inventory and terminal demand [31][32]. 3.2.6 Agricultural Products (Hogs) - Some pig - raising companies' production costs have decreased. It is recommended to short near - month contracts and be bullish on far - month contracts [33][34][35]. 3.2.7 Black Metals (Rebar/Hot - Rolled Coil) - Many projects started in August. The steel price is expected to be weakly volatile due to factors such as supply recovery and uncertain terminal demand [36][37][38]. 3.2.8 Agricultural Products (Corn Starch) - The inventory of corn starch is decreasing seasonally. However, the price is affected by factors such as weak supply - demand and regional price differences [40]. 3.2.9 Agricultural Products (Corn) - The spot price of corn shows a differentiated trend. It is recommended to have a bearish view in the medium - term [41]. 3.2.10 Agricultural Products (Red Dates) - The price of red dates in the market is stable. The new - season production is uncertain. It is recommended to wait and see [42][44]. 3.2.11 Non - Ferrous Metals (Lead) - The price of lead is affected by factors such as the decline in recycled lead production, high inventory, and weak demand. It is recommended to wait and see on the long side and consider positive arbitrage opportunities [45]. 3.2.12 Non - Ferrous Metals (Zinc) - The CZSPT released the purchase guidance price for imported zinc concentrates. The domestic fundamental situation is weak, and the overseas inventory is at a low level. It is recommended to wait and see on the long side and consider positive arbitrage opportunities [47][48]. 3.2.13 Non - Ferrous Metals (Polysilicon) - A company is selling a stake in its subsidiary. The production of polysilicon in September is limited, but the downstream resistance to high - priced silicon materials is strong. It is recommended to short the PS2511 contract on rallies and consider reverse arbitrage opportunities [49][50][51]. 3.2.14 Non - Ferrous Metals (Industrial Silicon) - The trading rules of industrial silicon futures have been adjusted. The production and inventory situation is complex. The price is expected to be in the range of 8200 - 9200 yuan/ton, and it is recommended to focus on range - bound trading opportunities [52][53]. 3.2.15 Non - Ferrous Metals (Nickel) - The LME nickel inventory increased on September 10. The price is expected to be volatile in the short - term, and it is recommended to conduct light - position range - bound trading [54][55]. 3.2.16 Non - Ferrous Metals (Lithium Carbonate) - Two companies are about to reach an agreement on joint lithium mining. The export of lithium spodumene in Brazil decreased in August. It is recommended to have a bearish view, be cautious in short - term shorting, and consider reverse arbitrage opportunities [57][58][59]. 3.2.17 Non - Ferrous Metals (Copper) - Some countries are promoting copper - related mining and investment projects. The price of copper is expected to be volatile and slightly stronger in the short - term. It is recommended to buy on dips and wait and see on arbitrage [60][61][63]. 3.2.18 Energy Chemicals (Liquefied Petroleum Gas) - The price of LPG is expected to be volatile and slightly stronger in the short - term due to factors such as the increase in Middle East FOB prices and the impact of sanctions on freight [64][65][66]. 3.2.19 Energy Chemicals (Crude Oil) - The US EIA crude oil inventory increased. The price of crude oil is expected to be volatile in a range in the short - term due to factors such as geopolitical risks and supply - demand [67][68][69]. 3.2.20 Energy Chemicals (PX) - The price of PX continued to rise. It is expected to be in a de - stocking pattern in the medium - to - long - term. It is recommended to adjust the position on the long side and try positive arbitrage between months [70][71][72]. 3.2.21 Energy Chemicals (PTA) - The sales of polyester filaments in Jiangsu and Zhejiang increased locally. The PTA price is expected to be volatile and adjusted in the short - term due to factors such as supply - demand and inventory [73][74][75]. 3.2.22 Energy Chemicals (Caustic Soda) - The price of caustic soda in Shandong decreased slightly. The demand is weak, and the supply is stable. It is expected that the spot price increase may end soon, and the downward space of the futures price is limited [76][77]. 3.2.23 Energy Chemicals (Pulp) - The price of imported wood pulp is mainly stable. The market is expected to be weakly volatile due to the poor fundamental situation [78][79]. 3.2.24 Energy Chemicals (PVC) - The price of PVC powder is slightly adjusted. The fundamental situation is under pressure in the short - term, but the downward space is limited [80][81]. 3.2.25 Energy Chemicals (Urea) - The inventory of urea enterprises increased slightly. The export game is fading, and it is recommended to pay attention to the downward risk [82][83][84]. 3.2.26 Energy Chemicals (Soda Ash) - The price of soda ash in the Shahe area is stable. It is recommended to short on rallies and pay attention to supply - side disturbances [85][86][87]. 3.2.27 Energy Chemicals (Styrene) - The inventory of styrene in the East China main port decreased. The short - term price is expected to be volatile, but the potential over - stocking problem in the long - term needs attention [88][89][90]. 3.2.28 Energy Chemicals (Float Glass) - The price of float glass in Hubei was stable on September 10. It is recommended to pay attention to the arbitrage opportunity of going long on glass 2601 and shorting on soda ash 2601 [91][92]. 3.2.29 Shipping Index (Container Freight Rate) - A container ship accident occurred in the US. The container freight rate is expected to decline. It is recommended to hold short positions in the October contract [93].

Report Overview - Report Name: Baocheng Futures' Morning Report on Beans and Oils (September 11, 2025) [1] 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The beans and oils market is facing a game between weak reality and strong expectations. Domestic bean futures prices are relatively resistant to the decline compared to foreign markets. The prices of various products such as soybean meal, soybean oil, and palm oil are in a state of shock, with short - term intraday views being mostly shock - biased upwards [5][8][9]. 3. Summary by Variety Soybean Meal (M) - **Price Performance**: Intraday view is shock - biased upwards, medium - term view is shock, and reference view is shock - biased upwards [5] - **Core Logic**: The beans market is in a game between weak reality and strong expectations. Domestic soybean meal futures are relatively resistant to decline. Under the background of high refinery operating rates, the inventory pressure of soybean meal continues to accumulate, and the negative basis has not improved. The differentiated trend of domestic and foreign bean futures will continue before the improvement of Sino - US trade relations [5] Soybean Oil (Y) - **Price Performance**: Intraday view is shock - biased upwards, medium - term view is shock, and reference view is shock - biased upwards [8] - **Core Logic**: There is still great uncertainty in the supply and cost fluctuations of long - term raw material soybeans, and the weak reality pressure of the industrial chain is difficult to resolve. Soybean oil futures prices are affected by US soybean oil, adjacent oil varieties, and Sino - US trade prospects, resulting in a wide - range shock [8] Palm Oil (P) - **Price Performance**: Intraday view is shock - biased upwards, medium - term view is shock, and reference view is shock - biased upwards [9] - **Core Logic**: The inventory pressure of Malaysian palm oil has been released as expected, and its price pressure has an impact on domestic palm oil futures. After the short - term market pressure is released, the driving force for further decline is not strong. Palm oil futures prices fluctuate around energy attributes and industrial changes, and the short - term price may stop falling and stabilize [9]

Group 1 - The U.S. biofuel companies' stock prices have recently plummeted due to market concerns that the Trump administration's policies may not fully offset the impact of the "refinery renewable fuel blending obligation exemptions" [1] - The Trump administration is considering a plan that would require large refineries to take on "half or less of the blending obligations originally allocated to exempt small refineries" [1] - A bill proposed by Republican Senator Mike Lee aims to prevent the EPA from mandating large refineries to fill this obligation gap, which could weaken short-term demand for crop-based and waste-based biofuels [1] Group 2 - Bunge Global SA and Archer-Daniels-Midland Co. experienced their largest single-day stock price drop since April, while Valero Energy Corp. and Green Plains Inc. saw stock declines of up to 5% [2] - The trading price of Renewable Identification Numbers (RINs), a key price indicator in the biofuel sector, has fallen to its lowest level since June [2]

Summary of Palm Oil Market Conference Call Industry Overview - The palm oil market has recently experienced a correction, but there is significant potential for mid-term price increases. The current market sentiment is weak due to a lack of news, leading to profit-taking and price volatility [1][3] - The U.S. and Brazil's biofuel policies are increasing the use of soybean oil, which is reducing soybean oil exports and raising the international price differential between soybean and palm oil, benefiting palm oil exports [1][4] - Indonesia's B40 policy and potential B50 policy are expected to support long-term demand for palm oil [1] Supply and Demand Dynamics - Supply and demand in Malaysia and Indonesia are tightening. Malaysia's production is expected to continue declining, while Indonesia's crackdown on illegal plantations poses risks to production increases. Overall inventory in both countries is decreasing, providing price support [1][5] - India's vegetable oil inventory is low, indicating a need for replenishment. Indonesia's increased export taxes are reducing its competitiveness, while Malaysia's export data remains strong, suggesting ongoing support for India's replenishment needs [1][6] - The Indonesian government's crackdown on illegal plantations has significantly impacted production, involving millions of hectares and potentially leading to a decrease in output [1][7][29] Climate Impact - Global climate change may cause delayed impacts on palm oil production in Q1 2026, further tightening supply-demand relationships and supporting prices [1][9] Production Trends - Global palm oil production growth is expected to slow significantly by 2026, with Indonesia's production increase projected to be limited to around 1 million tons [2][11] - The concentration of palm oil production is high, primarily in Indonesia and Malaysia, with both countries facing challenges such as aging plantations and limited expansion potential [1][10] Biofuel Demand - The demand for biodiesel has increased significantly, particularly in Indonesia, where policies are expected to drive domestic palm oil demand. The potential implementation of B50 could add approximately 3 million tons of demand [1][12][18] - U.S. and Brazilian biodiesel policies are also expected to increase the demand for soybean oil and indirectly support palm oil exports [1][13][14] Market Outlook - The palm oil price has fluctuated significantly since July 2025, with expectations of further increases despite recent corrections. The price is projected to remain between 9,200 and 10,000, with potential for exceeding 10,000 in the long term [1][19][22] - India's low palm oil inventory is attributed to rising domestic consumption and reduced imports, indicating a need for replenishment in the coming months [1][23] Risks and Considerations - The transition of illegal plantation management to state-owned enterprises could significantly impact supply, with potential losses in production if not managed properly [1][25][29] - If palm oil prices remain high, it may affect the willingness of the government to increase biodiesel blending rates due to economic concerns [1][21] Conclusion - The palm oil market is facing a complex interplay of supply constraints, policy impacts, and climate considerations, with a generally optimistic long-term outlook despite short-term volatility. The focus should remain on monitoring production trends, policy developments, and global market dynamics to identify potential investment opportunities and risks.

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The domestic soybean meal market is in a game between weak reality and strong expectations. Short - term soybean meal futures prices face pressure in rebound and will run with a weak and volatile trend. The trading logic will return to the weak reality of the industrial chain [6]. - The market expects that the increase in Malaysia's palm oil inventory this week may be limited due to lower production and strong exports. Short - term palm oil futures prices will fluctuate around energy attributes and industrial changes, mainly with wide - range oscillations [8]. 3. Summary by Related Catalogs Soybean Meal (M) - **Viewpoints**: Intraday view is weakly volatile, medium - term view is volatile, and the reference view is weakly volatile [6]. - **Core Logic**: The domestic market is in the game between weak reality and strong expectations. Changes in Sino - US relations affect the procurement rhythm of imported soybeans and the South American soybean premium, which are continuously transmitted to the soybean meal market [6]. Palm Oil (P) - **Viewpoints**: Intraday view is weakly volatile, medium - term view is volatile, and the reference view is weakly volatile [8]. - **Core Logic**: The market expects that the increase in Malaysia's palm oil inventory this week may be limited due to lower production and strong exports. The spill - over effect of recent international oil price fluctuations on the oil market continues to be reflected, and palm oil is still highly sensitive to crude oil futures price fluctuations [8]. Other Related Futures Contracts - **Soybean Meal 2601**: Short - term, medium - term, and intraday views are all weakly volatile. Influencing factors include import arrival rhythm, customs clearance inspection, oil mill operation rhythm, and stocking demand [7]. - **Soybean Oil 2601**: Short - term, medium - term, and intraday views are all weakly volatile. Influencing factors include US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [7]. - **Palm 2601**: Short - term, medium - term, and intraday views are all weakly volatile. Influencing factors include biodiesel attributes, Malaysian palm production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrivals, inventory, and substitution demand [7].

Report Overview - The report is the Baocheng Futures' morning report on beans and oils on August 26, 2025, covering the price trends, views, and core logics of multiple agricultural product futures varieties [1]. Investment Ratings - The report does not provide an overall investment rating for the industry. Core Views - The domestic situation of weak reality and strong expectations in the soybean market has not changed, and short - term soybean futures prices are highly volatile at high levels. Affected by the changes in the prospects of Sino - US trade negotiations, short - term funds on the futures market enter and exit frequently, which may continue to intensify market fluctuations. Short - term soybean meal futures prices will mainly fluctuate at high levels [5]. - The positive expectations of the Southeast Asian palm oil industry chain support the palm oil futures prices. Affected by emotional fluctuations, the prices will mainly fluctuate at high levels with strong support below. After a short - term continuous rise, short - term funds closing their positions cause the palm oil futures prices to fluctuate at high levels [8]. Summary by Variety Soybean Meal (M) - **Time - frame Views**: Short - term view is "oscillating", medium - term view is "oscillating", and intraday view is "oscillating weakly". The reference view is also "oscillating weakly". The core logic involves the import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand [5][7]. Palm Oil (P) - **Time - frame Views**: Short - term view is "strong", medium - term view is "oscillating", and intraday view is "oscillating weakly". The reference view is "oscillating weakly". The core logic includes the biodiesel attribute, Malaysian palm oil production and exports, Indonesian exports, the tariff policies of major producing countries, domestic arrivals and inventories, and substitution demand [7][8]. Soybean Oil - **Time - frame Views**: Short - term view is "strong", medium - term view is "oscillating", and intraday view is "oscillating weakly". The reference view is "oscillating weakly". The core logic is related to the US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [7].

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - Overnight, US soybeans closed slightly higher, and the Dalian Commodity Exchange (DCE) soybean meal may rebound and fluctuate; DCE soybeans No.1 are expected to rebound and fluctuate [1] - The rise of CBOT soybeans is mainly due to the strong rebound of Chicago soybean oil, the rumor that China may resume purchasing US soybeans, and the good performance of US soybean weekly export sales. The potential increase in demand has temporarily outweighed concerns about abundant supply [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: DCE soybeans No.1 2511 closed at 3,985 yuan/ton during the day session, down 28 yuan (-0.70%), and 3,996 yuan/ton during the night session, up 7 yuan (+0.18%); DCE soybean meal 2601 closed at 3,088 yuan/ton during the day session, down 40 yuan (-1.28%), and 3,108 yuan/ton during the night session, up 14 yuan (+0.45%); CBOT soybeans 11 rose 2.25 cents (+0.21%) to 1,058.25 cents/bushel; CBOT soybean meal 12 closed at 291 dollars/short ton, down 2.8 dollars (-0.95%) [1] - **Spot Prices**: In Shandong, the price of soybean meal (43%) was 3,060 - 3,110 yuan/ton, down 20 yuan to unchanged from the previous day; in East China, it was 2,980 - 3,080 yuan/ton; in South China, it was down 30 or 20 yuan from the previous day. Different regions had different basis prices for different months [1] - **Industrial Data**: The trading volume of soybean meal was 13.1 million tons per day, compared with 13.8 million tons per day in the previous trading day; the inventory was not available, while it was 97.4 million tons per week in the previous two trading days [1] 3.2 Macro and Industry News - On August 22, CBOT soybean futures continued to rise, with the benchmark contract up 0.2%, reaching a two - month high since June 23. The main driving forces were the strong rise of soybean oil and the rumor of Chinese buyers inquiring about US soybeans, which enhanced the market's expectation of improved demand [3] 3.3 Trend Intensity - The trend intensity of soybean meal and soybeans No.1 was 0, indicating a neutral trend for the day - session main contract futures prices on the reporting day [3]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views Oils and Fats - Palm oil futures face downward pressure due to concerns about production growth and a slowdown in export growth in the second half of the month. In the long - term, there is a risk of price decline. In the domestic market, Dalian palm oil futures are expected to seek support at around 9200 yuan [1]. - For soybean oil, the policy on small refiner exemptions in the US may affect its industrial demand. Domestically, the spot price has fallen with the market, but the basis quote is expected to rise due to increased consumption during the Mid - Autumn Festival and the start of the school term [1]. Grains and Meals - For grains and meals, the bottom range has shifted upward, and the overall trend is still upward. It is recommended to take the opportunity to lay out long - term long positions [3]. Corn - Corn is at the stage of new and old crop alternation. The market sentiment is weak due to sufficient imports and the upcoming new crop. In the short - term, the demand is hard to improve significantly, and the market is expected to remain volatile and weak. In the medium - term, the cost of new - season corn is expected to decline, and the supply pressure is obvious [6]. Pigs - The spot price of pigs has stabilized. With the start of school and cooler weather in the Northeast, consumption has increased, and the market sentiment is turning bullish. However, there may be a wave of concentrated slaughtering before the double festivals, and there is more uncertainty in the far - end market. It is recommended to wait and see [8]. Sugar - There is a risk of downward revision of Brazil's sugar production. It is difficult for raw sugar to fall sharply in the short - term. With the increase in the destocking progress in Guangxi, the domestic sugar price is expected to remain volatile, and the downward momentum has weakened [10]. Cotton - Short - term domestic cotton prices may fluctuate within a range due to tight old - crop inventory and low imports. However, with the upcoming new - crop listing and the expected increase in production, the far - end market is under pressure [11]. Eggs - Egg supply is stable, and the market is moving slowly. The inventory of laying hens is large, and the supply of cold - storage eggs may increase the supply pressure. Egg prices are expected to remain bearish [12]. 3. Summary by Categories Oils and Fats - **Palm Oil**: On August 20, the price of Jiangsu Grade 1 palm oil was 8630 yuan, down 200 yuan or 2.27% from the previous day. The basis of Y2601 decreased by 88 yuan or 31.88%. The inventory of palm oil remained unchanged at 15,310 [1]. - **Soybean Oil**: The price of Jiangsu Grade 4 soybean oil was 9900 yuan on August 20, down 130 yuan or 1.30% from the previous day. The basis of OI601 decreased by 133 yuan or 100.76% [1]. - **Rapeseed Oil**: The price of Jiangsu Grade 4 rapeseed oil was 10030 yuan on August 20, down 130 yuan or 1.30% from the previous day. The basis of OI601 decreased by 1 yuan [1]. Grains and Meals - **Soybean Meal**: The price of Jiangsu soybean meal remained unchanged at 3070 yuan. The price of M2601 decreased by 1 yuan or 0.03%. The basis increased by 1 yuan or 1.10%. The import profit of Brazilian soybeans for the October shipment decreased by 33 yuan or 36.7% [3]. - **Rapeseed Meal**: The price of Jiangsu rapeseed meal decreased by 40 yuan or 1.51% to 2610 yuan. The price of RM2601 increased by 23 yuan or 0.88%. The basis decreased by 63 yuan or 136.96% [3]. - **Soybeans**: The price of Harbin soybeans remained unchanged at 3950 yuan. The price of the main soybean contract decreased by 10 yuan or 0.25%. The basis increased by 10 yuan or 10.42% [3]. Corn - **Corn**: The price of Corn 2511 remained unchanged at 2170 yuan. The price of Jinzhou Port FOB decreased by 50 yuan or 2.16%. The basis decreased by 50 yuan or 35.71%. The import profit decreased by 20 yuan or 4.26% [6]. - **Corn Starch**: The price of Corn Starch 2511 increased by 9 yuan or 0.36% to 2489 yuan. The basis decreased by 9 yuan or 3.91% [6]. Pigs - **Futures**: The price of the main pig contract decreased by 125 yuan or 0.90% to 13775 yuan. The basis increased by 90 yuan or 25.71% [8]. - **Spot**: The price of pigs in Henan remained unchanged at 13850 yuan, while the price in Guangdong increased by 200 yuan to 15240 yuan [8]. Sugar - **Futures**: The price of Sugar 2601 decreased by 15 yuan or 0.26% to 5661 yuan. The price of Sugar 2509 increased by 11 yuan or 1.72% [10]. - **Spot**: The price of Nanning sugar decreased by 10 yuan or 0.17% to 5970 yuan. The import price of Brazilian sugar (in - quota) decreased by 43 yuan or 0.95% [10]. Cotton - **Futures**: The price of Cotton 2509 decreased by 20 yuan or 0.14% to 13800 yuan. The price of Cotton 2601 decreased by 45 yuan or 0.32% to 14055 yuan [11]. - **Spot**: The price of Xinjiang 3128B cotton remained unchanged at 15080 yuan. The CC Index: 3128B decreased by 3 yuan or 0.02% to 15240 yuan [11]. Eggs - **Futures**: The price of the Egg 09 contract decreased by 17 yuan or 0.57% to 2983 yuan. The price of the Egg 10 contract increased by 7 yuan or 0.23% to 3072 yuan [12]. - **Spot**: The price of eggs in the main production areas decreased by 0.01 yuan or 0.41% to 3.30 yuan per catty [12].

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Views - The short - term price of soybean meal futures is expected to maintain a volatile and slightly stronger trend, while the medium - term view is volatile. The price of palm oil futures shows a high - level volatility, and the short - term high - level volatility does not change the overall strong pattern [5][7]. 3. Summary by Variety Soybean Meal (M) - **Views**: Intraday view is volatile and slightly stronger, medium - term view is volatile, and the reference view is volatile and slightly stronger [5]. - **Core Logic**: The supply pressure of new US soybeans has decreased, and the support for US soybean futures prices has increased. The sowing weather of new crops in South America and the harvesting weather of US soybeans have attracted market attention. The weak domestic situation persists, with some oil mills experiencing inventory overstock and urging提货. The market's expectation of a supply gap in the fourth quarter still supports the far - month soybean meal prices [5]. Palm Oil (P) - **Views**: Short - term, medium - term, and intraday views are all volatile and slightly stronger [6][7]. - **Core Logic**: The upward trend of palm oil futures prices has slowed down, and the oil market has entered a high - level volatility. The fluctuation of international oil prices has highlighted the bio - fuel attribute of palm oil. Currently, the production growth rate of the palm oil industry chain has slowed down, exports remain strong, and the favorable supply - demand environment continues to support the international palm oil prices. The short - term high - level volatility of palm oil futures prices does not change the overall strong pattern [7].