Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views - Corn prices have started a short - term upward trend due to tightened supply in production areas and downstream replenishment demand, with farmers' selling intention being a key factor. In the long - term, the supply - demand situation is tight, and prices are expected to rise after the release of farmers' selling pressure [2] - Starch prices fluctuate with raw material prices in the short - term. High inventory suppresses prices, and downstream consumption rhythm is crucial for long - term price trends [3] - For sugar, short - term Zhengzhou sugar is more affected by import policies, with domestic sugar cost as support. In the long - term, if the global sugar market surplus intensifies, domestic sugar cost may be broken through. A high - short strategy is maintained, but the downward space is limited [4] - Cotton production is estimated to have decreased. The positive result of the Sino - US talks is beneficial for textile exports, making long - term long positions suitable [6] - Egg prices have a slightly upward - moving price center due to supply and demand factors. The acceleration of the elimination process will drive prices up [10] - Apple prices are expected to maintain high - level oscillations in the short - term as the national cold - storage inventory has decreased compared to last year [14] - Pig prices are in a weak and volatile situation in the short - term, with mid - term supply pressure remaining. Attention should be paid to factors such as the selling rhythm, diseases, policies, and capital sentiment [14] Group 3: Summary by Commodity Corn/Starch - **Corn Price Data**: From 2025/11/14 to 2025/11/20, prices in different regions showed some changes. For example, the price in Changchun remained at 2070, while in other regions like Jinzhou, there were fluctuations. The basis changed from - 25 to 2, and the trade profit and import profit also changed [2] - **Starch Price Data**: During the same period, the price in Heilongjiang and Weifang remained at 2700 and 2800 respectively, with the basis changing from 150 to 232 and the processing profit changing from 9 to - 1 [2] Sugar - **Sugar Price Data**: From 2025/11/14 to 2025/11/20, the spot price in Kunming decreased by 45, and the Zhengzhou futures price decreased by 446 [4] Cotton/Cotton Yarn - **Cotton Price Data**: From 2025/11/14 to 2025/11/20, the 3128 cotton price increased by 20, and the import profit and other data also changed [6] - **Cotton Yarn Price Data**: The Vietnam yarn spot price remained stable, while the import profit decreased by 18, and the 32S spinning profit decreased by 21 [6] Eggs - **Egg Price Data**: From 2025/11/14 to 2025/11/20, the prices in main production areas remained relatively stable, and the basis decreased by 61. The prices of substitute products such as broilers and pigs changed little [10] Apples - **Apple Price Data**: The spot price of Shandong 80 first - and second - grade apples remained at 8000 from 2025/11/14 to 2025/11/20. The national cold - storage inventory decreased, with Shandong, Shaanxi, and Gansu all having lower inventory levels than last year [14] Pigs - **Pig Price Data**: From 2025/11/14 to 2025/11/20, the prices in different production areas fluctuated slightly, and the basis increased by 70 [14]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The global soybean supply has decreased compared to the 24/25 season, and the bottom of import costs may have emerged, but the upward space requires greater production cuts. Domestic soybean and soybean meal inventories are high, but the de - stocking season provides some support, and soybean meal is expected to fluctuate [2][4]. - Palm oil prices are expected to be volatile and weak in the near term due to factors such as weak exports and high inventory. However, if Indonesian production decreases, the situation may reverse, and the strategy is to view it as volatile and turn bullish if production decline signals appear [6][9]. - Zhengzhou sugar prices have rebounded due to strengthened import controls on syrup and premixed powder, but the external market is weak. With expected increases in production in the 2025/26 season, it is recommended to look for short - selling opportunities on price rallies [12][13]. - Cotton prices are expected to continue to fluctuate in the short term. Although there are negative factors such as weak downstream demand and high domestic production, some negative news has been digested [16][17]. - Egg prices are expected to be volatile in the short term, with near - term contracts focusing on premium/discount and far - term contracts reflecting de - capacity expectations. In the medium term, as demand weakens, it is advisable to wait for price rallies to short [18][19]. - Hog prices are expected to be bearish before the Spring Festival due to oversupply. The current strategy is to first use reverse spreads and then wait for price rallies to short [21][22]. 3. Summary by Directory Protein Meal - **Market Information**: On Thursday, CBOT soybeans declined due to concerns about US soybean demand. Brazilian soybean premiums were stable, and the cost of imported soybeans decreased. Domestic soybean meal spot prices were stable, with good trading and pick - up. MYSTEEL expects this week's soybean crushing volume to be 2.3492 million tons, up from 2.0776 million tons last week. Last week, soybean and soybean meal inventories decreased month - on - month but remained high year - on - year. The planting progress of Brazilian soybeans has reached 71%. The USDA monthly report lowered the global new - crop soybean production by about 4.1 million tons and the ending inventory by 2 million tons, while the US soybean production was lowered by about 1.3 million tons, but exports were also lowered by 1.36 million tons, resulting in only a 280,000 - ton reduction in US soybean inventory [2]. - **Strategy View**: The bottom of soybean import costs may have appeared, but the upward space requires greater production cuts. Domestic soybean and soybean meal inventories are high, and crushing margins are under pressure. As the de - stocking season begins, there is some support, and soybean meal is expected to fluctuate [4]. Oils - **Market Information**: From November 1 - 20, Malaysian palm oil exports decreased compared to the same period last month, and the production situation was mixed. The National Grain and Oil Information Center expects palm oil prices to be volatile and weak in the near term. On Thursday, domestic oil prices declined. Domestic spot basis prices were stable [6]. - **Strategy View**: The high production of palm oil in Malaysia and Indonesia has suppressed prices, but the recent improvement in Malaysian palm oil exports provides some support. Palm oil may reverse the current situation of high inventory in the fourth quarter and the first quarter of next year. It is recommended to view it as volatile and turn bullish if production decline signals appear [9]. Sugar - **Market Information**: On Thursday, Zhengzhou sugar futures prices were weakly volatile. Spot prices in different regions showed different trends. The International Sugar Organization predicts a 1.63 - million - ton surplus in the 2025/26 sugar season. In October 2025, China's sugar imports increased year - on - year. The production of Indian sugar mills has increased significantly compared to the same period last year [11][12]. - **Strategy View**: The strengthening of import controls on syrup and premixed powder has driven up Zhengzhou sugar prices, but the external market is weak. With expected increases in production in the new season, it is recommended to look for short - selling opportunities on price rallies [13]. Cotton - **Market Information**: On Thursday, Zhengzhou cotton futures prices were narrowly volatile. In October 2025, China's cotton imports decreased year - on - year. The USDA monthly report showed an increase in global cotton production in the 2025/26 season. As of November 14, the spinning mill operating rate was low, and the national commercial cotton inventory increased year - on - year [15][16]. - **Strategy View**: Due to weak downstream demand and high domestic production, there is selling - hedging pressure. However, some negative news has been digested, and cotton prices are expected to continue to fluctuate in the short term [17]. Eggs - **Market Information**: On the previous day, national egg prices were stable or declined. The market supply was generally sufficient, and the terminal market digestion speed was partly stable and partly slowed down. It is expected that today's egg prices will be weakly stable with a few declines [18]. - **Strategy View**: The egg futures market has rebounded in advance, but the spot price increase has not met expectations, resulting in an enlarged premium. In the short term, it is expected to be volatile, and in the medium term, it is advisable to wait for price rallies to short [19]. Hogs - **Market Information**: On the previous day, domestic hog prices mainly increased, with some areas stable or slightly decreased. The market supply was normal, but demand was limited, and slaughter enterprises' purchasing enthusiasm was not high. It is expected that today's hog prices may be stable or decreased [21]. - **Strategy View**: The current hog price rebound is driven by frozen product storage and second - fattening. The subsequent supply will lead to a bearish pattern before the Spring Festival. The current strategy is to first use reverse spreads and then wait for price rallies to short [22].

News Summary Core Viewpoint - The domestic soybean meal inventory has increased, while the EU's soybean meal imports have decreased compared to the previous year. Brazil's soybean production is expected to reach a record high despite a slight downward adjustment in forecasts. Group 1: Inventory and Production Data - As of the end of week 46 in 2025, domestic soybean meal inventory stands at 999,000 tons, an increase of 30,000 tons from the previous week, reflecting a 3.05% week-on-week rise [1] - The European Commission reported that soybean meal imports for the 2025/26 season reached 6.74 million tons, down from 7.37 million tons in the same period last year [1] - The Brazilian Soybean Industry Association (Abiove) forecasts a soybean production of 177.7 million tons in 2026, despite a downward revision of 800,000 tons from the October forecast, marking a historical record [1] Group 2: Market Analysis and Forecasts - Zhengxin Futures noted that U.S. soybean prices have fluctuated, with domestic soybean procurement for the near term nearly complete and long-term procurement gradually advancing. The short-term supply of imported soybeans is sufficient, leading to ample domestic soybean and soybean meal inventories [2] - Guodu Futures highlighted that the USDA's November supply and demand report lowered the U.S. soybean yield forecast to 53 bushels per acre, down from 53.5 bushels per acre in September, aligning with market expectations. Domestic soybean imports have consistently exceeded historical levels since May, resulting in a high inventory [3] - The report also indicated that weather conditions in the new season's South American soybean regions are stable, putting pressure on both domestic and international prices, although cost support remains, suggesting a continuation of wide-ranging fluctuations in the market [3]

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints - The global soybean supply in the 24/25 season has decreased, and the bottom of import costs may have emerged, but upward movement requires greater production cuts. Domestic soybean and soybean meal inventories are high, and soybean meal is expected to trade sideways [3][5]. - Malaysian palm oil exports decreased in November, and production showed a mixed trend. Palm oil is expected to trade sideways, and a shift to a bullish strategy can be considered if there are signs of production decline [7][9]. - Zhengzhou sugar futures prices fell. With increasing sugar production in Brazil and expected production increases in the Northern Hemisphere in the 2025/26 season, it is advisable to look for opportunities to short at high prices [11][12]. - Zhengzhou cotton futures prices continued to trade sideways. Weak downstream demand and high domestic production this year may lead to short - term sideways movement in cotton prices [14][15]. - Egg prices were mostly stable with minor fluctuations. The egg futures market is expected to trade sideways in the short term, and a short - selling strategy can be considered on rebounds in the medium term [17][18]. - Pig prices were half stable and half falling. The overall trend of the pig futures market is bearish, but there may be short - term rebounds. It is recommended to use a reverse spread strategy first and then short on rebounds [20][21]. 3. Summary by Category Soybeans and Soybean Meal - **Market Conditions**: On Monday, CBOT soybeans rose sharply, and Brazilian soybean premiums increased by 4 - 5 cents per bushel. Domestic soybean meal spot prices decreased slightly by 20 yuan/ton, and trading and pick - up were good. MYSTEEL expects this week's soybean crushing volume to be 234.92 tons, up from 207.76 tons last week. Last week, soybean and soybean meal inventories decreased month - on - month but remained high year - on - year [2]. - **Supply and Demand**: In the next two weeks, rainfall is expected to resume in the under - rained areas of the Brazilian soybean - growing region, and the planting progress has reached 71% as of last Thursday. The USDA monthly report lowered the global new - crop soybean production by about 4.1 million tons and the ending inventory by 2 million tons. US soybean production was lowered by about 1.3 million tons, but exports were lowered by 1.36 million tons, resulting in only a 280,000 - ton reduction in US soybean inventory [3]. - **Strategy**: The bottom of soybean import costs may have emerged, but upward movement requires greater production cuts. Domestic soybean and soybean meal inventories are high, and soybean meal is expected to trade sideways [5]. Palm Oil - **Market Conditions**: From November 1 - 10, Malaysian palm oil exports decreased by 9.5% - 12.28% compared to the previous month, and the first 15 days saw a 10% decrease. Production showed a mixed trend. On Monday, domestic palm oil prices traded sideways, with stable spot basis [7]. - **Strategy**: Palm oil is expected to trade sideways. A shift to a bullish strategy can be considered if there are signs of production decline [9]. Sugar - **Market Conditions**: On Monday, Zhengzhou sugar futures prices fell. Spot sugar prices also decreased. In October, sugar production in the central - southern region of Brazil increased by 16.4% year - on - year, and the number of ships waiting to load sugar at Brazilian ports decreased [11]. - **Strategy**: With increasing sugar production in Brazil and expected production increases in the Northern Hemisphere in the 2025/26 season, it is advisable to look for opportunities to short at high prices [12]. Cotton - **Market Conditions**: On Monday, Zhengzhou cotton futures prices continued to trade sideways. The global cotton production in the 2025/26 season increased compared to the September forecast. As of November 13, the cumulative cotton inspection in China increased year - on - year. The spinning mill operating rate increased slightly week - on - week but was lower than the same period last year and the five - year average. The national commercial cotton inventory increased year - on - year [14]. - **Strategy**: Weak downstream demand and high domestic production this year may lead to short - term sideways movement in cotton prices [15]. Eggs - **Market Conditions**: Yesterday, national egg prices were mostly stable with minor fluctuations. Supply was sufficient, and market trading was inactive [17]. - **Strategy**: The egg futures market is expected to trade sideways in the short term, and a short - selling strategy can be considered on rebounds in the medium term [18]. Pigs - **Market Conditions**: Yesterday, domestic pig prices were half stable and half falling. After continuous price drops, farmers were reluctant to sell, and downstream procurement enthusiasm increased [20]. - **Strategy**: The overall trend of the pig futures market is bearish, but there may be short - term rebounds. It is recommended to use a reverse spread strategy first and then short on rebounds [21].

Group 1: Report Overview - The report is dated November 18, 2025, and is from the Agricultural Products Team of the Research Center [2] Group 2: Corn and Starch Price Data - From November 11 - 17, 2025, the price in Changchun remained at 2070, while prices in Jinzhou increased by 20 and decreased by 20 in some periods; the price in Shekou increased by 10. The base difference increased by 23, and the trade profit decreased by 10 [3] Core Views - Short - term: Driven by supply tightening in production areas and downstream restocking demand, corn prices have started to rise. Farmers' reluctance to sell delays the release of selling pressure. Starch prices follow raw material prices, but high inventory suppresses starch prices due to slow downstream restocking [4] - Long - term: The corn market supply - demand pattern remains tight, and planting costs support prices. After the release of farmers' selling pressure, corn prices may start a new upward cycle. For starch, downstream consumption rhythm is the key to price trends [4] Group 3: Sugar Price Data - From November 11 - 17, 2025, the Zhengzhou futures warehouse receipt remained at 8805 [5] Core Views - Short - term: Zhengzhou sugar is more affected by import quota management and syrup pre - mixed powder import control than the foreign market. Domestic sugar cost is the key support before new quota licenses are issued [5] - Long - term: If the global sugar market surplus intensifies, domestic sugar cost may be temporarily broken through. The global and domestic sugar supply is loose, and a short - selling strategy is maintained, but the downward space is limited in the short term [5] Group 4: Cotton and Cotton Yarn Price Data - From November 11 - 17, 2025, the price of 3128 cotton decreased by 40, and the warehouse receipt + forecast increased by 174. The price of cotton yarn decreased by 10, and the 32S spinning profit increased by 32 [7] Core Views - New cotton procurement is almost completed, and the total output forecast is lowered. The positive outcome of the China - US meeting in Busan is beneficial to textile exports, and the valuation is unlikely to return to the April low, making long - term long positions suitable [7] Group 5: Eggs Price Data - From November 13 - 17, 2025, the price in some production areas remained stable, and the price difference decreased by 0.08 [13] Core Views - Supply: Orderly chicken culling and a decrease in new layer hens relieve supply pressure. Demand: Cool weather allows longer egg storage, and some traders build rolling inventories. The price center in production areas moves up slightly. Monitoring the culling rhythm is important as accelerated culling can drive prices up [13] Group 6: Apples Price Data - From November 11 - 17, 2025, the price of Shandong 80 first - and second - grade apples remained at 8000.00, and the national inventory increased by 132, with Shandong and Shaanxi inventories increasing by 177 and 95 respectively [14][15] Core Views - National apple storage is almost complete. The estimated national cold - storage inventory is about 5.5%, 10% less than last year. The average opening price is above 3.5 yuan/jin, and good - quality apples are scarce. The price is expected to maintain a high - level shock in the short term [15] Group 7: Pigs Price Data - From November 11 - 17, 2025, prices in Henan Kaifeng, Hubei Xiangyang, Shandong Linyi, Anhui Hefei, and Jiangsu Nantong decreased by 0.30, 0.20, 0.20, 0.25, and 0.30 respectively, and the base difference decreased by 220 [15] Core Views - Short - term: Northern markets are weak, and southern markets are stable. The market is in a weak shock game. Mid - term: Supply pressure remains due to un - reduced production capacity, and attention should be paid to factors such as delivery rhythm, diseases, and policies. Track capital sentiment under high open interest [15]

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - Corn prices are likely to oscillate in the short - term due to unstable grain supply and weak downstream consumption, and may rebound after the first peak of grain sales in the long - term [1] - Starch prices are pressured by high inventory in the short - term and the downstream consumption rhythm will be the key factor in the long - term [2] - For sugar, maintain a high - short strategy as the global and domestic supply is loose, but the downward space is limited in the short - term [4] - Cotton is suitable for long - term buying as the new cotton output is down and the external environment has improved [7] - Egg prices may rise if the chicken culling speed accelerates, and currently the price center has moved up slightly [13] - Apple prices will fluctuate in the short - term as the new season output is down and some areas have poor quality [15] - Pig prices will oscillate in the short - term, and the de - capacity and de - inventory path is the key driver [15] Group 3: Corn/Starch Price Data - From 2025/11/07 to 2025/11/13, corn prices in Changchun remained unchanged, increased by 10 in Jinzhou and Shekou, and remained unchanged in Weifang; starch prices in Heilongjiang and Weifang remained unchanged [1] Market Analysis - Short - term: Corn price increase is restricted by weak downstream consumption; starch price is pressured by high inventory [1][2] - Long - term: Corn price may rebound after the first peak of grain sales; starch price depends on downstream consumption [1][2] Group 4: Sugar Price Data - From 2025/11/07 to 2025/11/13, sugar prices in Liuzhou decreased, remained unchanged in Nanning, and decreased in Kunming [3] Market Analysis - Short - term: Zhengzhou sugar is more affected by domestic policies, and domestic sugar cost is the key support [4] - Long - term: If the global sugar market surplus intensifies, domestic sugar cost may be broken through [4] Group 5: Cotton/Cotton Yarn Price Data - From 2025/11/07 to 2025/11/13, cotton prices decreased [5] Market Analysis - New cotton output is down, and the external environment is favorable for textile exports, suitable for long - term buying [7] Group 6: Eggs Price Data - From 2025/11/07 to 2025/11/13, egg prices in Hebei, Liaoning, Shandong, and Henan remained unchanged, and decreased by 0.06 in Hubei [13] Market Analysis - Supply pressure is relieved, demand increases, and prices may rise if the culling speed accelerates [13] Group 7: Apples Price Data - From 2025/11/07 to 2025/11/13, apple prices in Shandong remained unchanged, and national inventory decreased [14][15] Market Analysis - New season output is down and quality is poor in some areas, prices will fluctuate in the short - term [15] Group 8: Pigs Price Data - From 2025/11/07 to 2025/11/13, pig prices in some regions changed slightly, and the basis decreased by 15 [15] Market Analysis - Prices will oscillate in the short - term, and de - capacity and de - inventory are the key drivers [15]

Group 1: Report Summary - The report is from the Agricultural Products Team of the Research Center, dated November 11, 2025 [1] Group 2: Corn/Starch Analysis Corn - Short - term: Unstable grain supply pushes up spot prices slightly, but weak downstream consumption restricts price increase. Prices will likely fluctuate. Long - term: After the first selling peak, due to increased yield and lower planting costs, prices are approaching cost. Low valuation and good grain quality may trigger farmers' reluctance to sell, leading to a price rebound [2] Starch - Short - term: Starch prices follow raw material prices. Higher procurement and开机率, but slow de - stocking due to weak downstream replenishment, and prices are under pressure. Long - term: Downstream consumption rhythm is the key factor for price trends. A significant price drop may stimulate downstream replenishment [3] Group 3: Sugar Analysis - Short - term: Zhengzhou sugar is more affected by import quota management and syrup pre - mix powder import control than the external market. Domestic sugar cost is the key support before new quota licenses are issued. Long - term: If the global sugar market surplus deepens, domestic sugar cost may be temporarily broken through. Overall, the supply is loose, maintain a short - selling strategy, but short - term downward space is limited. Monitor weather risks and policy changes [5] Group 4: Cotton/Cotton Yarn Analysis - New cotton acquisition is almost complete, with the estimated total output revised down. The positive outcome of the China - US meeting in Busan, with tariff cuts, benefits textile exports. Valuation is unlikely to return to April lows, suitable for long - term long positions [8] Group 5: Egg Analysis - Supply: Ordered chicken culling and a decrease in new layer hens relieve supply pressure. Demand: Cooler weather allows longer egg storage, and some traders build inventory. Both factors push up the price center. Currently, the culling process has not accelerated significantly. Future price trends depend on culling speed [14] Group 6: Apple Analysis - New - season late - maturing Fuji apples are on the market. Rainfall in Shandong delays harvest, and the opening price is higher than last year. Some western regions had uneven fruit setting due to wind, but there is an increase in yield per unit. Shandong is expected to have a 20% reduction. Nationally, production decreases, and quality is affected in some areas. The average opening price is above 3.5 yuan/jin, and the short - term market will fluctuate [16] Group 7: Pig Analysis - Weekend spot prices are stable. Farmers sell according to plan, and slaughter orders change little. Low - price farmers want to support prices, but demand is insufficient for price increases. Short - term market is in a tug - of - war. Mid - term supply is under pressure due to insufficient capacity reduction. The path of capacity and inventory reduction drives the market. Monitor factors such as slaughter rhythm, disease, and policy. Track capital trends under high positions [16]

Group 1: Report Investment Ratings - There is no information about the report's industry investment rating in the provided content. Group 2: Core Views - Corn prices are expected to weaken in the short - term due to concentrated grain listings but may rebound in the medium - to long - term as farmers may resist selling at low prices [2] - Starch prices are currently under pressure due to high inventory, and downstream consumption rhythm will be the key factor for future price trends [2] - Sugar prices are affected by international supply pressure and domestic cost support, and may face challenges if global surplus intensifies [5] - Cotton prices are in a consolidation phase, and the downside is limited. Attention should be paid to demand - side changes [7] - Egg prices have rebounded slightly due to supply and demand factors, and the future price trend depends on the speed of chicken culling [13] - Apple prices are expected to fluctuate upward in the short - term as the new - season output decreases and the opening price is higher than last year [15] - Pig prices are currently weak, and the key drivers of the market are the paths of production and inventory reduction, with attention to factors such as slaughter rhythm, diseases, and policies [15] Group 3: Summary by Commodity Corn/Starch - **Price Data**: From October 29 to November 4, 2025, corn prices in different regions showed various changes, with a maximum decrease of 40 in some areas, and starch processing profit remained at 32 in the end [1] - **Analysis**: Short - term pressure on corn prices due to concentrated listings; mid - to long - term depends on the game between farmers and traders. Starch prices follow raw material prices, and high inventory suppresses prices [2] Sugar - **Price Data**: The provided table shows sugar spot prices in different regions, as well as data on basis, import profit, and warehouse receipts from October 29 to November 4, 2025, with some price changes [4] - **Analysis**: International supply pressure affects sugar prices, and domestic prices are supported by production costs but may face challenges from imports [5] Cotton/Cotton Yarn - **Price Data**: From October 29 to November 4, 2025, cotton prices showed a downward trend, and cotton yarn profit improved gradually [6] - **Analysis**: Cotton prices are in a consolidation phase, and the downside is limited. Attention should be paid to demand - side changes [7] Eggs - **Price Data**: From October 29 to November 4, 2025, egg prices in different regions remained relatively stable, with a 33 decrease in basis [13] - **Analysis**: Supply pressure is relieved, and demand has increased slightly, leading to a slight price rebound. Future prices depend on the speed of chicken culling [13] Apples - **Price Data**: From October 29 to November 4, 2025, the price of Shandong 80 first - and second - grade apples remained at 8000, and the basis showed a decreasing trend [14][15] - **Analysis**: New - season output has decreased, and affected by rainfall, the quality in some areas is poor. The opening price is higher than last year, and the short - term price is expected to fluctuate upward [15] Pigs - **Price Data**: From October 29 to November 4, 2025, pig prices in different regions decreased, with a maximum decrease of 0.35, and the basis decreased by 200 [15] - **Analysis**: Spot prices are weak, and the key to the market is the paths of production and inventory reduction, with attention to slaughter rhythm, diseases, and policies [15]

Group 1: Report Investment Rating - No information provided Group 2: Core Views - In the short term, corn spot prices will be under pressure due to concentrated grain listings, but after the first peak of grain sales, prices may rebound as farmers may hold back supply. Starch prices are pressured by high inventory in the short term, and downstream consumption rhythm is the key factor in the long term. Sugar prices are affected by international supply pressure and domestic import regulations, and domestic sugar cost is a support. Cotton prices are in a range - bound state, and the downside is limited if there are no major macro - risks. Egg prices have rebounded slightly due to supply and demand factors, and the focus is on the chicken culling rhythm. Apple prices are expected to be volatile and upward in the short term due to production and quality issues. Pig prices are affected by supply and demand and inventory, and the key is the path of production and inventory reduction [2][5][7][13][15] Group 3: Corn/Starch Price Data - From 2025/10/27 to 2025/10/31, corn prices in Changchun remained unchanged, increased by 10 in Jinzhou and Weifang, and remained unchanged in Shekou. The corn basis decreased by 9, trade profit decreased by 10, and import profit remained unchanged. Starch prices in Heilongjiang and Weifang remained unchanged, the basis decreased by 21, and processing profit data was not provided [1] Market Analysis - Short - term: Corn spot prices are pressured by concentrated grain listings. Starch prices follow raw material prices, and high inventory suppresses prices. Long - term: After the first peak of grain sales, corn prices may rebound as farmers may hold back supply. For starch, downstream consumption rhythm is the key factor [2] Group 4: Sugar Price Data - From 2025/10/27 to 2025/10/30, sugar spot prices in Liuzhou and Nanning remained unchanged, decreased by 20 in Kunming, the Liuzhou basis decreased by 31, and the Zhengzhou futures price decreased by 11 [3][4] Market Analysis - Internationally, Brazilian supply pressure weighs on sugar prices, and the ethanol cost provides support. Domestically, short - term Zhengzhou sugar is stronger than the international market due to import regulations, and the domestic sugar cost is a support, but it may be broken if the global sugar surplus intensifies [5] Group 5: Cotton/Cotton Yarn Price Data - From 2025/10/27 to 2025/10/31, the price of 3128 cotton decreased by 5, the price of imported M - grade US cotton decreased by 1, the import profit decreased, the number of warehouse receipts + forecasts increased by 196, the price of Vietnamese yarn increased by 20, the Vietnamese yarn import profit decreased by 10, and the 32S spinning profit increased by 25 [6] Market Analysis - Cotton prices are in a range - bound state. If there are no major macro - risks, the downside is limited, and the focus is on demand - side changes [7] Group 6: Eggs Price Data - From 2025/10/27 to 2025/10/31, egg prices in Hebei, Liaoning, Shandong, and Henan remained unchanged, increased by 0.06 in Hubei, the basis increased by 14, the price of white - feather broilers remained unchanged, the price of yellow - feather broilers increased by 0.05, and the price of pigs decreased by 0.16 [13] Market Analysis - Supply pressure is relieved by ordered chicken culling and reduced new production. Demand is boosted by longer storage time. The price has rebounded slightly, and the focus is on the chicken culling rhythm [13] Group 7: Apples Price Data - From 2025/10/27 to 2025/10/31, the price of Shandong 80 first - and second - grade apples remained unchanged, increased by 30 in other areas, the 1 - month basis increased by 79, the 5 - month basis increased by 9, and the 10 - month basis increased [14][15] Market Analysis - New - season apples have production and quality issues. The opening price is higher than last year, and prices are expected to be volatile and upward in the short term [15] Group 8: Pigs Price Data - From 2025/10/27 to 2025/10/31, pig prices in Henan Kaifeng, Hubei Xiangyang, and Anhui Hefei increased by 0.05, remained unchanged in Shandong Linyi, and the basis increased by 115 [15] Market Analysis - Spot prices are weak on weekends. The second - fattening is weak after price increases, and slaughter volume is down. The key is the path of production and inventory reduction, and the focus is on factors like slaughter rhythm, diseases, and policies [15]

Core Insights - The Chicago futures market for corn, wheat, and soybeans showed mixed price movements on October 29, with corn and wheat prices increasing while soybean prices declined [1][2] Group 1: Price Movements - The most actively traded December corn contract closed at $4.34 per bushel, up 2 cents or 0.46% from the previous trading day [1] - The December wheat contract closed at $5.32 per bushel, up 3.25 cents or 0.61% from the previous trading day [1] - The January 2026 soybean contract closed at $10.95 per bushel, down 0.75 cents or 0.07% from the previous trading day [1] Group 2: Market Analysis - The agricultural market has already priced in positive developments regarding trade situations, leading to a decline in soybean prices due to profit-taking [1] - Analysts suggest that unless severe drought occurs in South America, there is limited upside potential for crop prices [2]