1. Report Industry Investment Rating - The report does not provide an overall industry investment rating. 2. Report's Core View - The overall trend of the agricultural products futures in the commodity market is weak, with most varieties showing a weak - oscillatory pattern. The market situation of each variety is affected by multiple factors, and the future market trend is uncertain, lacking a clear direction [5][6][7][8]. 3. Summary According to Related Catalogs 3.1. Bean Meal (M) - **Price Trend**: Short - term, medium - term, and intraday views are all oscillatory and weak. The future trend will depend on Sino - US relations, import arrival rhythm, oil mill start - up rhythm, and inventory pressure [5][6]. - **Core Logic**: Driven by the expectation of China resuming soybean purchases from the US, the far - month US soybean contract rose to the $11 mark and then fell back. Before the market direction is determined by details of the Sino - US trade agreement, South American weather, and China's actual purchase rhythm, the market is in a game state. In the short term, the cost - driven logic of the bean meal market replaces the supply logic, and the bean meal futures price faces a risk of decline after approaching the upper limit of the oscillatory range [5]. 3.2. Soybean Oil (Y) - **Price Trend**: Short - term, medium - term, and intraday views are all oscillatory and weak. The future trend is affected by Sino - US relations, US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6][7]. - **Core Logic**: The weakness in the oil market continues, with soybean oil being relatively resistant to decline. The spot price is also falling. The arrival volume of raw soybeans remains high, the oil mill start - up rate continues to increase, and the soybean oil inventory has reached 1.2503 million tons, a year - on - year increase of 10.26%, hitting a new high in the same period in the past five years. On the demand side, catering consumption is weak and downstream procurement is cautious, resulting in a sluggish market. In the process of supply - demand re - balance, the pattern of strong meal and weak oil continues, and the soybean oil futures price will continue to oscillate weakly [7]. 3.3. Palm Oil (P) - **Price Trend**: Short - term view is weak, medium - term view is oscillatory, and intraday view is oscillatory and weak. The future trend is influenced by biodiesel attributes, Malaysian palm oil production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrival and inventory, and substitution demand [6][8]. - **Core Logic**: The main pressure on the palm oil market comes from the expected 10% year - on - year increase in Indonesia's palm oil production in 2025 to about 56 - 57 million tons, and the weak exports of Malaysian palm oil also drag down the international palm oil futures price. The domestic market is focused on the possible meetings between Chinese, US, and Canadian leaders during the APEC Summit. The palm oil futures price has fallen below the lower limit of the previous oscillatory range and will continue to be weak [8].

Report Summary 1. Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views - **Fats and Oils Industry**: Malaysian palm oil futures are under pressure due to concerns about increased production, slower exports, and potential inventory growth. Domestic palm oil futures are in a volatile adjustment, with the price breaking below 9,000 yuan and potentially finding support at 8,900 yuan. For soybean oil, the market is optimistic about a potential Sino - US trade agreement, which may support prices from the cost side. However, overall demand is weak, and the basis quote is expected to remain stable [1]. - **Meal Industry**: Sino - US relations are warming, increasing the expectation of Chinese purchases of US soybeans. Brazilian soybean exports to China remain high, and the cost of domestic soybean imports is supported. Although domestic soybean and soybean meal inventories are high, the cost support is strengthening, and the domestic soybean meal trend is expected to be strong [2]. - **Pig Industry**: The recent rebound in pig prices is mainly due to secondary fattening. Market demand has improved, and the supply - demand game has tightened in the short term. However, in the medium term, the slaughter volume will continue to increase in November and December, and there may be a new round of pressure around the Winter Solstice. It is advisable to wait for the spot price to stabilize before entering the reverse spread [5]. - **Corn Industry**: In the Northeast, supply is sufficient, and prices are stable. In North China, farmers' selling enthusiasm decreases as prices fall, and prices have rebounded locally. Overall, due to a bumper harvest, there is still selling pressure on corn, and prices will remain weak. Demand is mainly for rigid needs, and the futures market is also weak [8]. - **Sugar Industry**: Brazil's gasoline price cut dashed the expectation of a lower sugar - making ratio, and the sugar supply outlook is loose. As the Northern Hemisphere's sugar - crushing season begins, the market is focusing on India and Thailand. Domestic sugar prices are relatively low, and the current bottom - shock pattern may continue [12]. - **Cotton Industry**: The downstream textile enterprises' profits and cash flows have improved, and the demand for cotton raw materials is resilient. The rising cost of new cotton provides strong support, but there is also hedging pressure. In the short term, cotton prices may fluctuate within a range [13]. - **Egg Industry**: The supply of eggs is sufficient due to high laying - hen inventories, high egg - laying rates, and increased egg weights. Demand may increase first and then decrease this week. Egg prices may rise slightly in the short term but may decline slightly in the second half of the week due to strong supply and weak demand [16]. 3. Summary by Directory Fats and Oils Industry - **Soybean Oil**: The price of Jiangsu Grade - 1 soybean oil on October 28 was 8,450 yuan, down 30 yuan from the previous day, a decrease of 0.35%. The basis of Y2601 was 268 yuan, up 22 yuan or 8.94% [1]. - **Palm Oil**: The price of 24 - degree palm oil in Guangdong on October 28 was 8,900 yuan, down 130 yuan from the previous day, a decrease of 1.44%. The basis of P2601 was - 58 yuan, up 12 yuan or 17.14% [1]. - **Rapeseed Oil**: The price of Jiangsu Grade - 3 rapeseed oil on October 28 was 10,000 yuan, down 50 yuan from the previous day, a decrease of 0.50%. The basis of OI601 was 270 yuan, down 32 yuan or 10.60% [1]. Meal Industry - **Soybean Meal**: The price of Jiangsu soybean meal on October 29 was 2,970 yuan, up 10 yuan or 0.34%. The basis of M2601 was - 117.86% [2]. - **Rapeseed Meal**: The price of Jiangsu rapeseed meal on October 29 was 2,440 yuan, up 30 yuan or 1.24%. The basis of RM2601 was - 41.33% [2]. - **Soybean**: The price of Harbin soybeans on October 29 was 3,900 yuan, unchanged from the previous day. The basis of the main soybean - 1 contract was - 215 yuan, a decrease of 21.47% [2]. Pig Industry - **Futures**: On October 29, the price of the main pig contract was 12,160 yuan/ton, down 170 yuan or 1.38%. The basis of the main contract was 520 yuan, up 400 yuan or 333.33% [5]. - **Spot**: The average price of live pigs in Henan on October 29 was 12,680 yuan/ton, up 230 yuan from the previous day [5]. Corn Industry - **Corn**: On October 29, the price of Corn 2601 was 2,123 yuan, up 11 yuan or 0.52%. The basis was 17 yuan, down 11 yuan or 39.29% [8]. - **Corn Starch**: The price of Corn Starch 2601 on October 29 was 2,424 yuan, down 1 yuan or - 0.04%. The basis was 86 yuan, up 1 yuan or 1.18% [8]. Sugar Industry - **Futures**: On October 29, the price of Sugar 2601 was 5,483 yuan/ton, up 38 yuan or 0.70%. The price of ICE raw sugar was 14.39 cents/pound, down 0.08 cents or - 0.55% [12]. - **Spot**: The price of sugar in Nanning on October 29 was 5,750 yuan/ton, unchanged from the previous day. The basis of Nanning was 332 yuan, down 19 yuan or - 5.41% [12]. Cotton Industry - **Futures**: On October 29, the price of Cotton 2605 was 13,570 yuan/ton, down 5 yuan or - 0.04%. The price of ICE US cotton was 65.05 cents/pound, up 0.40 cents or 0.62% [13]. - **Spot**: The price of Xinjiang 3128B cotton on October 29 was 14,651 yuan/ton, down 39 yuan or - 0.27%. The basis of 3128B - 01 contract was 1,081 yuan, down 34 yuan or - 3.05% [13]. Egg Industry - **Futures**: On October 29, the price of the Egg 11 contract was 2,866 yuan/500KG, down 22 yuan or - 1.78%. The price of the Egg 01 contract was 3,304 yuan/500KG, down 23 yuan or - 0.69% [16]. - **Spot**: The price of eggs in the production area on October 29 was 3.00 yuan/jin, down 0.01 yuan or - 0.43%. The basis was - 118 yuan/500KG, up 22 yuan or 18.60% [16].

Group 1 - The core viewpoint of the news is that the recent decline in gold prices is attributed to improved market sentiment and progress in US-China trade talks, which have reduced the demand for gold as a safe-haven asset [2][4] - On October 27, gold prices fell significantly, closing down $131.28, or 3.19%, at $3981.37 per ounce, with a low of $3971.63 per ounce, marking a three-week low [2][4] - The International Monetary Fund (IMF) forecasts that Asian economies will show resilience, with expected growth rates of 4.5% and 4.1% in 2025 and 2026, respectively, contributing around 60% to global economic growth [2][3] Group 2 - The IMF emphasizes the importance of emerging economies like China, Indonesia, and India in stimulating consumption and stabilizing real estate to unlock growth potential [3] - The IMF suggests that regional cooperation mechanisms such as APEC and RCEP are crucial for enhancing economic stability and resilience in Asia [3] - Technical analysis indicates that gold prices are currently below key moving averages, with the 20-period SMA at $4085 per ounce and the 100-period SMA at $4109 per ounce, suggesting a bearish outlook unless these levels are breached [4][6]

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core Views - The overall view for the agricultural commodity futures sector is a mix of weak - side oscillations and no clear trends in the short - to - medium term for most of the main varieties [5][6][7]. - For the short - to - medium term, the market trends of these varieties will be affected by factors such as Sino - US relations, import and supply rhythms, policies, and inventory levels [6]. 3) Summary by Variety **Soybean Meal (M)** - **Views**: Short - term: oscillatory; Medium - term: oscillatory; Intraday: oscillatory and weak. The reference view is oscillatory and weak [5][6]. - **Core Logic**: Driven by the expectation of China resuming US soybean purchases, the far - month contracts of US soybeans fell after hitting the $11 mark. The future market trend depends on details of the Sino - US trade agreement, South American weather, and China's actual purchase rhythm. The cost - driven logic has replaced the supply logic in the short - term soybean meal market, and there is a risk of decline after the futures price rebounds close to the upper limit of the oscillation range [5]. **Palm Oil (P)** - **Views**: Short - term: weak; Medium - term: oscillatory; Intraday: oscillatory and weak. The reference view is oscillatory and weak [6][7]. - **Core Logic**: The overall weakness in the oil market is due to high inventory pressure and weak demand. Malaysian palm oil futures have fallen for three consecutive days, hitting a near - four - week low. The core contradiction in the palm oil market is the significant inventory pressure in Malaysia and weak domestic demand. The macro - level positive of eased Sino - US economic and trade relations cannot reverse the weak fundamentals. The short - term market shows a pattern of strong meal and weak oil, and palm oil futures prices remain under pressure [7]. **Soybean Oil (Y)** - **Views**: Short - term: oscillatory; Medium - term: oscillatory; Intraday: oscillatory and weak. The reference view is oscillatory and weak [6]. - **Core Logic**: Influenced by Sino - US relations, US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [6].

Group 1 - The core viewpoint of the article indicates that the easing of tensions in the US-China trade war has led to improved risk appetite, resulting in gold prices dropping below $4000 per ounce for the first time since mid-October, reaching a low of $3971 per ounce [1] - The US Treasury Secretary stated that a "very substantial framework agreement" was reached during the two-day talks in Kuala Lumpur, and the US is "no longer considering" imposing a 100% tariff on China [1] - Market expectations suggest a 97% probability of a 25 basis point rate cut by the Federal Reserve this week, which typically benefits gold as it does not yield interest [2] Group 2 - FPG analyst Felix noted that aside from technical selling, gold is declining further due to the fading trade tensions that previously drove prices from $3800 to $4400 per ounce in the first three weeks of October [3] - The Relative Strength Index (RSI) remains bullish but is about to turn bearish, with gold prices likely to consolidate in the $3900-$4000 per ounce range [3] - The discussions in Malaysia led to preliminary agreements on issues such as export controls and fentanyl, renewing market optimism regarding a US-China trade agreement, which may have contributed to the recent drop in gold prices [3] Group 3 - FPG analyst Chad pointed out that with gold closing below $4000 per ounce, short sellers may target the October 9 low of $3944 per ounce, and if that level is breached, the next target would be the October low of $3899 per ounce [4] - If gold rebounds and stays above $4000 per ounce, the next resistance level would be $4100, followed by the October 22 high of $4161 per ounce [4] Group 4 - Current market indicators for gold (XAUUSD) show a bearish daily direction with resistance levels at $4025, $4046, and $4060, while support levels are at $3998, $3978, and $3948 [5]

Core Viewpoint - US stocks experienced a rise due to easing trade tensions between the United States and China, which improved investor sentiment and led to a broad market rally [1] Group 1: Market Reaction - The easing of trade tensions has positively influenced investor sentiment, contributing to the upward movement in US stock markets [1] - Progress toward a potential trade agreement between the US and China has been indicated by officials from both nations, which is expected to further support market performance [1] Group 2: Upcoming Events - A significant meeting is anticipated between President Donald Trump and Chinese President Xi Jinping later this week, which could be pivotal for future trade relations [1]

Core Viewpoint - Dow futures increased by approximately 260 points, or about 0.5%, due to rising optimism regarding a potential US-China trade deal, following weekend discussions that led to a preliminary agreement to ease trade tensions [1] Group 1 - The increase in Dow futures is attributed to positive sentiment surrounding US-China trade negotiations [1] - The preliminary agreement includes measures such as suspending tariffs and export restrictions [1]

Core Viewpoint - The USD/CAD pair is under pressure, testing the support level at 1.3975, influenced by hopes for a US-China trade agreement and expectations of a Federal Reserve rate cut this week [1][3]. Group 1: Market Sentiment - Hopes for a US-China trade agreement have boosted risk appetite in the market, leading to a weaker USD against CAD [1]. - Positive remarks from US and Chinese negotiators during their meeting in Malaysia have increased optimism for a trade deal, contributing to a mild risk-on sentiment [1]. - Oil prices have stabilized above $61.00, supporting the commodity-sensitive CAD [1]. Group 2: Technical Analysis - The USD/CAD pair is facing increasing pressure, with shorts testing the bottom of the three-week trading range at the 1.3975 level [3]. - The 4-hour Relative Strength Index (RSI) has crossed below 50, and the Moving Average Convergence Divergence (MACD) has fallen below its signal line, indicating potential further declines [3]. - A confirmed break below 1.3975 could lead to a focus on the 38.2% Fibonacci retracement level at 1.3943 and the October 8 low at 1.3335, with further targets at the September 29 and 30 lows around 1.3885 [3].

Core Insights - The potential U.S.-China trade deal, perceived more as a truce extension, has led to a rally in stock markets, impacting gold prices and boosting commodity prices like copper [1][2]. Market Reactions - U.S. and Chinese officials have outlined a framework for a trade deal, which may lead to a pause in U.S. tariffs on Chinese goods and Chinese export controls on rare earths, easing investor concerns [2]. - Stock markets in Japan, Taiwan, and South Korea have reached record highs, with gains of around 2%, while Chinese stocks increased by 0.86% and Nasdaq futures rose by 1% [3]. Economic Indicators - The U.S. Federal Reserve is expected to lower its policy interest rate by 25 basis points, with market focus shifting to future economic cues amid a government shutdown [4]. - The European Central Bank is anticipated to maintain its policy rate, directing investor attention to the ongoing earnings season, particularly for mega-cap companies [4]. Key Developments - Upcoming key developments include the Ifo German business sentiment data for October, which could influence market sentiment [5].

Group 1 - The upcoming APEC summit in 2025 is anticipated to be a platform for the U.S. and China to reach a "fantastic deal" on trade, as stated by U.S. President Trump [1] - Sean Stein, President of the U.S.-China Business Council, indicated that the trade war initiated by Trump has led to the current situation, and for a favorable agreement, the U.S. needs to revert to conditions prior to the trade war [2] - Stein believes that the 90-day tariff suspension period between the U.S. and China will likely be extended, with Trump focusing on three main issues: fentanyl, soybean purchases, and rare earth supply [2] Group 2 - The negotiation strategies of China have evolved compared to Trump's first term, with China now demonstrating a degree of initiative in the discussions [2] - Recent talks between Chinese and U.S. officials have been constructive, addressing key economic issues such as maritime logistics, shipbuilding, and agricultural trade, leading to a basic consensus on resolving mutual concerns [3] - Following the discussions, U.S. Trade Representative Greer noted that the talks have progressed to a stage conducive for a productive meeting between the leaders of both nations [5]