维持刚需为主。总的来看，近来菜油市场继续消化加菜籽产量超预期以及澳菜籽抵港带来的利空，期价继续下跌。 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 菜籽系产业日报 2025-12-09 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9393 | -109 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2317 | -25 | | ...

投资咨询号: Z0021658 从业资格号:F03110419 2025/12/9 | 指标 | | 12月8日 | 涨跌 | | | | 豆粕主力合约基差(张家港) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | 110 | | 1600 | ここここ 18/19 ----- 22/23 | | - -- -- 19/20 - -- -- 23/24 | == - 24/25 | | ===== 21/22 - 25/26 | | | 天津 日照 | 50 -10 | | 1200 800 | | | | | | | | 43%豆粕现货基差 | | | | | | | | | | | | (对主力合约) | 张家港 | 10 | -14 | -400 | | | | | | | | | | | | 01/21 | 02/21 03/24 | 04/24 | | 05/25 06/25 07/26 08/26 09/26 10/27 11/27 12/28 | | | | | 东莞 | - ...

五矿期货农产品早报 农产品早报 2025-12-09 五矿期货农产品团队 从业资格号：F0273729 交易咨询号：Z0002942 邮箱：wangja@wkqh.cn 从业资格号：F03116327 交易咨询号：Z0019233 邮箱:yangzeyuan@wkqh.cn 从业资格号：F03114441 交易咨询号：Z0022498 电话：028-86133280 邮箱：sxwei@wkqh.cn 王俊 组长、生鲜品研究员 周一 CBOT 大豆下跌，巴西升贴水上涨，大豆到港成本小幅下跌。周一国内豆粕现货跌 10 元，华东报 3010 元/吨，豆粕成交、提货均较好。MYSTEEL 预计本周油厂大豆压榨量为 205.583 万吨，上周压榨大 豆 221.16 万吨，上周饲企库存天数为 8.49 天环比上升 0.32 天，上周国内大豆、豆粕均去库，因到港量 及压榨量环比下滑，国内豆粕表需下滑程度相对较小。 杨泽元 白糖、棉花研究员 巴西主要种植区未来两周预报降雨偏多，大豆种植率已达 94%。然而阿根廷主产区预计降雨量持续较少， 产区还未达到一帆风顺。全球大豆预测年度库销比同比仍较高，尚不足以产生 CBOT 大豆盘 ...

2025年12月第4周，共计19个工作日，巴西累计装出豆粕180.38万吨，去年12月为174.83万吨。日均装运量为9.49万吨/日，较去年12月的9.2万吨/ 日增加3.17%。 12月5日：全国主要油厂豆粕成交总量17.12万吨，较前一交易日增8.57万吨，其中现货成交4.12万吨。 巴西全国谷物出口商协会(ANEC)表示，巴西12月大豆出口量料为281万吨，去年同期为147万吨。巴西12月豆粕出口量料为133万吨，去年同期为 217万吨。 消息面 机构观点 宁证期货： 国内连粕市场表现偏弱，一方面受到美豆技术性反弹带动有限，另一方面也反映了市场对于远期国内供需的谨慎预期。市场已开始交易换月逻 辑，主力合约换至M05。国内养殖行业疲软，生猪及禽类行业多处亏损状态，或打击养殖补栏积极性限制豆粕需求增长空间。短期豆粕价格向下 阻力明显，但上行仍缺乏足够驱动，短期预计M05维持震荡偏弱运行。后续重点关注抛储政策、巴西大豆进口消息以及美豆成本支撑。 国投安信期货： 关注周三(10日)凌晨发布的12月USDA全球农产品供需报告。路透方面已公布对本期报告期末库存的数据预测，其中美国2025/26年度大豆期末库 存为 ...

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints The report comprehensively presents the overnight and spot market conditions of various futures and commodities, including palm oil, soybeans, and their related products. It also details important fundamental information such as weather conditions in major crop - growing regions, production and export data, and CFTC持仓 reports. Additionally, macro - economic news both internationally and domestically, as well as capital flows in the futures market, are covered. 3. Summary by Directory Overnight Market - The closing prices and daily/overnight percentage changes of various futures are presented, including BMD palm oil, ICE Brent, NYMEX WTI, CBOT soybeans, soybean meal, and soybean oil [1]. - The latest prices and percentage changes of major currency pairs are provided, including the US Dollar Index, CNY/USD, MYR/USD, etc. [1]. Spot Market - Spot prices, basis, and basis changes of DCE palm oil, soybean oil, and soybean meal in different regions are given. Also, CNF quotes and CNF premium/discounts for imported soybeans from different origins are presented [2]. Important Fundamental Information 产区Weather - A cold front will bring scattered showers to central Brazil, and there will be another round of rainfall on Monday and Tuesday this week. In southern Brazil, soil moisture is favorable but the rainfall frequency has decreased [5]. - Argentina's soybean - growing areas are generally dry, but soil moisture remains favorable in most regions. Long - term dry weather will be interspersed with heavy rain [5]. - In the next 15 days, heavy rain is expected in Brazil's crop - growing belt, which may disrupt early soybean sowing. Argentina's Pampas region will have less rainfall than normal, but good soil moisture will support soybean growth [6]. Production and Export Data - MPOA estimates that Malaysia's palm oil production in November decreased by 4.38%, with different decreases in different regions [7]. - ITS reports that Malaysia's palm oil exports from December 1 - 5 decreased by 20.25% compared to the same period last month [7]. - Global palm oil exports showed strong recovery in 2025. Indonesia, Malaysia, and Thailand exported 36.4 million tons in the first 10 months, 1.4 million tons more than in 2024. China increased imports while India decreased [8]. CFTC持仓 Report As of the week ending October 28, CBOT soybean long positions increased by 45,520 to 242,178, and short positions decreased by 34,057 to 84,985, etc. [9]. USDA Reports and Pre - reports - Analysts expect the USDA's December report to show that US soybean ending stocks in 2025/26 will be 302 million bushels, and global soybean ending stocks will be 122.41 million tons [9]. - Analysts expect Argentina's soybean production in 2025/26 to be 48.57 million tons and Brazil's to be 175.35 million tons [10]. - In the 2026/27 season, US farmers are expected to reduce corn and wheat planting and increase soybean planting. The estimated ending stocks of corn are 2.019 billion bushels and of soybeans are 314 million bushels [10]. - USDA's private exporters reported a sale of 462,000 tons of soybeans to China for the 2025/2026 season [10]. - Analysts expect US soybean export sales from November 6 to net increase by 450,000 - 1,600,000 tons in the 2025/26 season, etc. [11]. Other Information - As of the week ending November 29, the number of barges going downstream in the US decreased by 38.6%, and the number of barges unloading in New Orleans increased by 46.3% [12]. - In Rio Grande do Sul, Brazil, due to reduced rainfall in mid - November, the soybean sowing progress was 74% as of last Thursday, lower than the historical average [12]. - As of December 4, Argentina's soybean planting rate in the 2025/26 season was 49%, up from 39% last week but lower than 54% last year [12]. - Canada's rapeseed exports increased by 59.8% to 159,000 tons in the week ending November 30, and the commercial inventory was 132,390 tons [12]. - In 2025, Ukraine's sunflower seed production declined significantly, and domestic rapeseed and soybean processing may exceed exports. Rapeseed processing may reach a record 1.4 million tons, and soybean processing is expected to increase to 3 million tons [13]. - The Baltic Dry Index decreased by 3.1% on Friday but increased by 6.5% for the week, reaching a two - and - a - half - year high [14]. Domestic Supply and Demand - On December 5, the total trading volume of soybean oil and palm oil was 16,500 tons, a 31% decrease from the previous day [16]. - On December 5, the trading volume of soybean meal in major domestic oil mills was 171,200 tons, an increase of 85,700 tons from the previous day. The overall oil mill operating rate was 56.85%, up 0.89% [16]. - From November 29 to December 5, domestic oil mills' actual soybean crushing volume was 2.0558 million tons, a decrease of 145,000 tons from the previous week and 89,800 tons lower than the estimated volume. The actual operating rate was 56.55% [16]. - On December 5, the "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket Product Wholesale Price Index" increased. The average prices of some agricultural products such as pork, beef, etc., also changed [17]. Macro - economic News International News - The US core PCE price index in September was 2.8% year - on - year and 0.2% month - on - month [19]. - The US personal spending in September increased by 0.3% month - on - month [19]. - The US one - year inflation expectation in December was 4.1%, and the Michigan consumer confidence index was 53.3 [19]. - The Eurozone's Q3 GDP growth rate was 1.4% year - on - year, and the employment growth rate was 0.2% quarter - on - quarter [19]. Domestic News - On December 5, the USD/CNY exchange rate was 7.0749, up 16 points [21]. - On December 5, the People's Bank of China conducted 139.8 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 161.5 billion yuan. For the week, there was a net withdrawal of 848 billion yuan [21]. - China's foreign exchange reserves in November were 3.346372 trillion US dollars [21]. - China's central bank increased its gold reserves for the 13th consecutive month in November [21]. - In November, China's futures market trading volume was 770 million lots, and the trading volume was 66.61 trillion yuan, with year - on - year increases of 13.54% and 7.11% respectively [21]. Capital Flows On December 5, 2025, the futures market had a net capital inflow of 27.025 billion yuan. Commodity futures had a net inflow of 3.847 billion yuan, while agricultural product futures had a net outflow of 94 million yuan, etc. [25]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The inventory of Malaysian palm oil in November may reach a six - and - a - half - year high, which may put pressure on the benchmark Malaysian palm oil futures [9]. - The weather conditions in South America have different impacts on the growth of soybeans, corn and other crops, and the future weather trends need to be continuously monitored [5][6][7]. - The trading volume of domestic oils and meals decreased on December 3, and the开机 rate of oil mills increased [16]. - The market has high expectations for the Fed's interest rate cut in December [18]. 3. Summary by Directory 3.1 Overnight Market - The closing prices and daily/overnight percentage changes of various futures such as Malaysian palm oil, Brent crude oil, and US soybeans are presented. The US dollar index and exchange rates of multiple currencies also show corresponding changes [1]. 3.2 Spot Market - The spot prices, basis, and basis daily changes of DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are provided, as well as the CNF premiums and quotes of imported soybeans from different origins [2]. 3.3 Important Fundamental Information 3.3.1 Production Area Weather - In southern Brazil, soil moisture is still favorable, but the decrease in rainfall frequency is worthy of attention. In northern Brazil, there is a lack of rainfall. In Argentina, the soybean - growing area will be dry this week and may receive rainfall this weekend or early next week. In the future, Argentina will be cool and dry in some areas, while Brazil will have wet weather overall but drought in the south [5][6][7]. 3.3.2 International Supply and Demand - Malaysian palm oil inventory in November is expected to reach 2.66 million tons, with a 7.78% month - on - month increase. Production is estimated at 1.98 million tons, a 3% decrease from the previous month. Exports are expected to drop 14.9% to 1.44 million tons. The annual production is expected to exceed 20 million tons for the first time [9]. - Argentina's 2025/26 soybean production is expected to be 46.9 million tons, with a sowing area of 16.7 million hectares. Ukrainian rapeseed production is expected to be stable at 3.4 million tons [12][13]. - The Baltic Dry Bulk Freight Index reached a two - year high on Wednesday due to the sharp rise in Capesize ship freight rates [14]. 3.3.3 Domestic Supply and Demand - On December 3, the total trading volume of domestic oils decreased by 17% compared to the previous trading day. The trading volume of soybean meal decreased, and the oil mill opening rate increased to 55.09%. The "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket Product Wholesale Price Index" both rose [16]. 3.4 Macroeconomic News 3.4.1 International News - The probability of the Fed cutting interest rates by 25 basis points in December is 89%. The US ADP employment in November decreased by 32,000 people, and the employment growth in the second half of 2025 stagnated [18]. - Multiple US economic data such as the MBA mortgage application activity index, service industry PMI, and industrial output are released, as well as euro - zone PPI and service industry PMI data [19]. 3.4.2 Domestic News - On December 3, the US dollar/renminbi exchange rate was 7.0754, with the renminbi appreciating by 40 points. The central bank conducted 79.3 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 134 billion yuan [20]. 3.5 Capital Flow - On December 3, 2025, the futures market had a net capital inflow of 15.076 billion yuan, including 291 million yuan in commodity futures, 14.126 billion yuan in stock index futures, and 694 million yuan in treasury bond futures [23]. 3.6 Arbitrage Tracking No relevant content provided.

研究中心农产品团队 2025/12/04 | 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 | | 2025/11/27 | 2070 | 2240 | 2210 | 2440 | -3 | 50 | 260 | 2700 | 2850 | 133 | -9 | | 2025/11/28 | 2090 | 2240 | 2210 | 2440 | -4 | 45 | - | 2700 | 2850 | 139 | -29 | | 2025/12/01 | 2120 | 2240 | 2210 | 2440 | 4 | 45 | - | 2700 | 2850 | 163 | -47 | | 2025/12/02 | 2120 | 2240 | 2210 | 2430 | -3 | 35 | - | 2700 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 农产品类 蛋白粕： 周三，CBOT大豆收跌，因等待新一轮大豆销售的消息。美国农业部周四将发布截至10月30日的出口销 售报告。市场有消息称，最后期限是2月份，这引发了市场担忧。加拿大统计局将于周四发布作物报 告，预计加菜籽产量将上调至2125万吨，高于9月预估的2003万吨。国内方面，蛋白粕延续窄幅震荡走 势，菜粕弱于豆粕。市场关注下周将于发布的供需报告，预计单产和出口可能会进行调整。豆粕现货价 格偏强震荡，基差报价小幅走高，因油厂挺价意愿增加。策略上，蛋白粕震荡思路，单边区间思路，做 空波动率，月间反套。 油脂： 周三，BMD棕榈油小幅下跌，跟随周边市场弱势。周三的一项调查显示，由于出口下滑，当月产量创 纪录，马来西亚11月棕榈油库存或攀升至266万吨，六年半高位。此前，印度表示11月棕榈油进口量上 升，12月可能继续增加。现货市场上，马棕油价格持平至上涨，印尼棕榈油现货报价下跌，印尼和马来 的棕榈油价差缩小。产区降水减少，关注产区高频数据。国内方面，油脂价格分化运行，棕榈油冲高回 落，豆油延续震荡走势。现货市场成交清淡，油脂震荡偏强思路。策 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report presents a comprehensive analysis of the agricultural commodity market, including the overnight and spot market conditions of various agricultural products, important fundamental information such as weather in major production areas, supply - demand dynamics at home and abroad, macro - economic news, and details on capital flows and arbitrage tracking. This provides a basis for understanding the current state and potential trends of the agricultural commodity market [1][2][12] 3. Summary According to Relevant Catalogs Overnight Market Conditions - The closing prices, previous - day and overnight percentage changes of various futures are given. For example, the closing price of BMD's February Malaysian palm oil futures was 4170.00, with a previous - day increase of 1.56% and an overnight increase of 0.31%. There are also details on the latest prices, percentage changes, and ten - day percentage changes of currency indices [1] Spot Market Conditions - For futures such as DCE's palm oil, soybean oil, and soybean meal in 2026, the spot prices, basis, and basis changes in different regions are provided. Additionally, CNF quotes and CNF premium changes for imported soybeans from different regions are presented [2] Important Fundamental Information Production Area Weather - In Brazil, the soil moisture in the southern part is suitable, but the decreasing rainfall frequency is causing a slow drying process. In Argentina, the soybean - growing conditions are uneven due to intermittent heavy rainfall and drought. Malaysia's flood risk is expected to subside, which is beneficial for palm oil production [5][6] International Trade and Supply - Demand - Malaysia's November palm oil exports decreased by 39.21% compared to the previous month. FGV and Felda may face production decline due to an order to evacuate plantations. Indonesia's palm oil exports from January to October 2025 increased by 7.83% compared to the same period in 2024. India's November palm oil imports increased by 4.6% to 630,000 tons, while soybean oil and sunflower oil imports decreased [7][8] Domestic Supply - Demand - On December 2, the total trading volume of soybean oil and palm oil decreased by 45% compared to the previous day. The trading volume of soybean meal increased, and the national dynamic full - sample oil mill operating rate decreased by 2.90%. The national soybean oil port inventory increased by 1.2 million tons [14] Macro - Economic News International News - The probability of the Fed cutting interest rates by 25 basis points in December is 89.2%. The OECD predicts that the Fed will cut interest rates twice by the end of 2026. There are also data on API crude oil inventory in the US, CPI and unemployment rate in the Eurozone [16][17] Domestic News - On December 2, the US dollar/Chinese yuan exchange rate was 7.0794, with the yuan depreciating. The central bank conducted 156.3 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 145.8 billion yuan. In November, the central bank's net investment in public treasury bond trading was 50 billion yuan [19] Capital Flows - On December 2, 2025, the futures market had a net capital outflow of 8.115 billion yuan. Commodity futures had a net outflow of 257 million yuan, while stock index futures had a net outflow of 7.923 billion yuan and treasury bond futures had a net inflow of 86 million yuan [22] Arbitrage Tracking - No relevant information provided

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The global soybean supply has decreased compared to the 24/25 season, and the bottom of the import cost may have emerged, but the upward space requires greater production cuts. Domestic soybean and soybean meal inventories are high, and soybean meal is expected to fluctuate [3][5]. - The production of palm oil in Malaysia and Indonesia has exceeded expectations, suppressing the market performance, and the high - frequency export data has declined. The inventory situation may reverse in the fourth quarter and the first quarter of next year. It is recommended to try the idea of buying on dips [8]. - The new sugar - making season in major sugar - producing countries is expected to increase production, and the global supply - demand relationship has changed from shortage to surplus. It is recommended to sell short at high prices and close positions when the price drops [11]. - The demand for cotton after the peak season is not too bad, and the short - term capital push may not lead to a unilateral trend due to the hedging pressure [15]. - The sentiment of culling laying hens is strong, and the far - month egg futures are strong. In the short term, the futures are strong, but in the medium term, pay attention to the upper pressure, with a short - term long and medium - term short strategy [17]. - The theoretical pig slaughter volume is still large, and the demand is tepid. It is recommended to short the near - month futures or conduct reverse spreads [20]. By Relevant Catalogs Protein Meal - **行情资讯** - Last Friday, CBOT soybeans rose, the Brazilian soybean premium increased slightly, and the cost of imported soybeans rose. Over the weekend, the domestic soybean meal spot price increased by 30 yuan/ton, with the price in East China at 3020 yuan/ton. Last week, soybean meal transactions declined significantly, and the delivery was good. MYSTEEL expects the soybean crushing volume of domestic oil mills to be 2.1353 million tons this week, compared with 2.2038 million tons last week. The inventory days of feed enterprises last week were 8.17 days, a week - on - week increase of 0.19 days [2]. - The USDA predicts that the global soybean supply - demand pattern has changed from simultaneous growth in supply and demand to a decrease in supply and an increase in demand. The predicted annual inventory - to - use ratio of global soybeans has dropped from 33% in October 2024 to the current 28.94%, providing bottom support [3]. - The new global soybean production has been continuously revised downwards, and the total production is now equal to the total demand, indicating a decrease in global soybean supply compared to the 24/25 season [5]. - **策略观点** - The bottom of the import cost of soybeans may have emerged, but the upward space requires greater production cuts. Currently, domestic soybean and soybean meal inventories are at a high level, and the crushing margin is under pressure. As it gradually enters the destocking season, there is some support. Soybean meal is expected to fluctuate [5]. Fats and Oils - **行情资讯** - ITS and AMSPEC data show that Malaysia's palm oil exports in November decreased compared with the previous month. SPPOMA data shows that Malaysia's palm oil production in November first increased and then decreased compared with the previous month. On November 28, floods and landslides in Indonesia's Sumatra Island caused at least 106 deaths. Last Friday, domestic fats and oils continued to rebound, and foreign investors continued to reduce their short positions in palm oil. The domestic spot basis was stable [6]. - **策略观点** - The over - expected production of palm oil in Malaysia and Indonesia has suppressed the market performance, and the high - frequency export data has declined. The inventory situation may reverse in the fourth quarter and the first quarter of next year. If Indonesia's high production cannot be sustained, the destocking time may come earlier. It is recommended to try the idea of buying on dips [8]. Sugar - **行情资讯** - On Friday, the Zhengzhou sugar futures price continued to fluctuate. The closing price of the January contract was 5400 yuan/ton, a decrease of 3 yuan/ton or 0.06% from the previous trading day. The spot prices of new sugar from major domestic sugar - making groups were stable. As of November 27, 21 sugar - mills in Guangxi had started production in the 2025/26 season, 36 less than the same period last year. The daily sugar - cane crushing capacity was 150,000 tons, a decrease of 316,000 tons compared with the same period last year. StoneX predicts that the global sugar supply will have a surplus of 3.7 million tons in the 2025/26 season, the largest since the 2017/18 season. The sugar production in the central - southern region of Brazil in the first half of November 2025 is expected to increase by 18.9% year - on - year to 1.08 million tons [10]. - **策略观点** - The new sugar - making season in major sugar - producing countries is expected to increase production, and the global supply - demand relationship has changed from shortage to surplus. Until the first quarter of next year, international sugar prices may not improve significantly. With the continuous opening of the domestic out - of - quota import profit window, it is recommended to sell short at high prices and close positions when the price drops [11]. Cotton - **行情资讯** - On Friday, the Zhengzhou cotton futures price rose. The closing price of the January contract was 13,725 yuan/ton, an increase of 85 yuan/ton or 0.62% from the previous trading day. The spot price of cotton also increased slightly. As of November 28, the spinning mill operating rate was 65.5%, flat compared with the previous week, 1.6 percentage points lower than the same period last year, and 6.6 percentage points lower than the average of the past five years. The national commercial cotton inventory was 4.18 million tons, an increase of 270,000 tons compared with the same period last year. In October 2025, China imported 90,000 tons of cotton, a decrease of 20,000 tons compared with the same period last year. From January to October 2025, China imported 780,000 tons of cotton, a decrease of 1.61 million tons or 67.36% compared with the same period last year. The USDA's latest monthly supply - demand report predicts that the global cotton production in the 2025/26 season will increase by 520,000 tons to 26.14 million tons compared with the September forecast [13][14]. - **策略观点** - The demand for cotton after the peak season is not too bad, and the short - term capital push may not lead to a unilateral trend due to the hedging pressure [15]. Eggs - **行情资讯** - Over the weekend, domestic egg prices were mostly stable or slightly increased. The laying hen inventory remained high, the proportion of small eggs gradually decreased, and the inventory pressure was not large under the rotation method. The demand support was limited, but the short - term replenishment at the low price stage may support a slight increase in egg prices [16]. - **策略观点** - The sentiment of culling laying hens is strong, and the far - month egg futures are strong. In the short term, the futures are strong, but in the medium term, pay attention to the upper pressure, with a short - term long and medium - term short strategy [17]. Pigs - **行情资讯** - Over the weekend, domestic pig prices generally rose. The demand did not increase significantly, but the slaughter volume at the end of the month decreased, and farmers were reluctant to sell, supporting the price increase. It is expected that pig prices will continue to be strong today [19]. - **策略观点** - The theoretical pig slaughter volume is still large, and the demand is tepid. It is recommended to short the near - month futures or conduct reverse spreads [20].