Report Industry Investment Ratings - **Beans 1**: ★☆☆ (One star indicates a bullish/bearish bias, with a driving force for price increase/decrease, but limited operability on the trading floor) [1] - **Soybean Oil**: ★★★ (Three stars represent a clearer bullish/bearish trend, with relatively appropriate investment opportunities at present) [1] - **Palm Oil**: ★★★ [1] - **Soybean Meal**: ★☆☆ [1] - **Rapeseed Meal**: ★★★ [1] - **Rapeseed Oil**: ★★★ [1] - **Corn**: ★★★ [1] - **Live Pigs**: ★☆☆ [1] - **Eggs**: ★★★ [1] Core Views - The prices of various agricultural products show different trends, affected by factors such as supply and demand, policies, and international trade relations. Investors should pay attention to relevant information and market dynamics to find investment opportunities and manage risks [2][3][4] Summary by Related Catalogs Beans 1 - The price of Beans 1 shows high - level fluctuations. The resumption of soybean auction by Sinograin cools the market sentiment. Sinograin started soybean procurement last week, with high - protein soybeans having a price advantage. The warehouse receipts of domestic soybeans increase with the rebound of imported soybeans. Short - term attention should be paid to domestic soybean policies and market sentiment [2] Soybean & Soybean Meal - The main contract of soybean meal futures continues to fluctuate. Affected by the easing of Sino - US negotiations, US soybeans enter a wide - range oscillation waiting period after a strong rise. The import tax rate of US soybeans in China is changed to 13%, but commercial imports still have no price advantage. The crushing profit is repaired with the increase of import cost. It is expected that the soybean supply will be basically sufficient in the fourth quarter, and there may be inventory reduction in the first quarter of next year. The sowing rate of Brazilian soybeans is 58.4% as of November 8th, slower than normal. The key lies in the ending inventory data in the USDA November supply - demand report. Attention should be paid to the opportunity of buying on dips after the Sino - US trade eases [3] Soybean Oil & Palm Oil - Soybean oil and palm oil follow the strength of rapeseed oil. The supply - demand situation of rapeseed oil in the medium and short term is strong, which boosts the price of soybean and palm oil. The current supply - demand situation of palm oil shows high inventory in Malaysia. The import loss of soybean in the near - term disk provides support for soybean oil. The soybean oil is stronger than soybean meal in the oil - meal ratio this week. The price of palm oil is in a horizontal oscillation, and attention should be paid to its supply - demand situation and the trend of surrounding oils [4] Rapeseed Meal & Rapeseed Oil - The trading volume and open interest of domestic rapeseed futures contracts increase, maintaining the trend of strong oil and weak meal. The shortage of rapeseed in domestic coastal areas leads to a more than expected decline in the inventory of rapeseed oil and meal, especially rapeseed oil, which supports its price reversal. Attention should be paid to the arrival time of Australian rapeseed, the data adjustment of the USDA supply - demand report, and the trend of China - Canada relations. It is recommended to wait and see in the short term [6] Corn - The Dalian corn futures 2601 contract increases by 0.93% with reduced positions. The estimated corn output this season is 300 million tons, an increase of 1.72% compared with the previous season. The spot price of corn is strong in some areas due to factors such as temperature drop and reduced supply. However, the overall supply pattern is still loose, and the rebound height is expected to be limited. The 01 contract of Dalian corn futures may continue to operate at the bottom and wait for a callback [7] Live Pigs - The spot price of live pigs decreases slightly, while the futures show a significant increase in positions, and the near - month January contract drops sharply. The high price difference between fattening pigs may slow down the overall slaughter rhythm. Seasonal demand is increasing, and the pig price may enter a seasonal rebound stage. In the long - term, the pig price may form a double - bottom pattern, and there is a high probability of a second bottom - testing in the first half of next year [8] Eggs - The far - month egg futures price rises sharply and breaks through the previous oscillation platform. The decline in chick replenishment in the second half of this year leads to the expectation of a decrease in the laying - hen inventory in the future. The near - month contracts are weak due to the stable - to - weak spot price. The price of eggs is stable in most areas with a decline in some provinces. The logic of near - and far - month contracts is different. Attention should be paid to the spot performance and old - hen culling, and it is recommended to wait and see for now [9]

Industry Investment Ratings No investment ratings for the industries are provided in the reports. Core Views Pig Industry - Current pig market is in a range - bound pattern with limited downside. The slowdown of overall November planned slaughter volume may boost pig prices. Strategy: continue to hold the 3 - 7 backwardation spread and maintain a cautiously bullish view on single - side trading [2] Oil and Fat Industry - Palm oil: Due to weak export data, the market is bearish. It will fluctuate between 4000 - 4100 ringgit in the short - term in the international market and 8500 - 8600 yuan in the domestic market, with a near - weak and far - strong pattern. - Soybean oil: EPA's decision on small refinery exemptions adds uncertainty to renewable fuels, pressuring CBOT soybean oil. Domestic factory output decreased, inventory reduced, and basis quotes are supported, but overall demand is not strong [4] Egg Industry - In November, the inventory of laying hens is expected to remain high, and egg supply pressure persists. Terminal demand is average. Egg prices are expected to fluctuate widely at the bottom [6] Sugar Industry - Brazilian sugar production increased year - on - year, and the new sugar - crushing season is expected to have a significant increase in production. Raw sugar prices are weak. The domestic market is less affected by import quotas, with delayed sugar - crushing in Guangxi expected. Sugar prices will fluctuate [9] Cotton Industry - Zhengzhou cotton faces hedging pressure but also has cost support. Downstream demand is weak, but inventory pressure is not large. Cotton prices will fluctuate in a range in the short - term [10] Corn Industry - With the release of moist corn and improved weather, farmers' selling enthusiasm is price - sensitive. Corn supply pressure remains in November, but prices are restricted by cost and storage policies. Corn prices will rebound and fluctuate in the short - term, but the subsequent selling pressure may limit the rebound [11] Meal Industry - The market is waiting for the USDA report on the 14th. Although the US - China partial agreement boosts demand confidence, the 13% tariff on US soybeans affects exports. Domestic soybean inventory is high, oil - mill operation declines, and soybean meal inventory decreases. Soybean meal prices will fluctuate widely [16] Summary by Related Catalogs Pig Industry Futures Indicators - The basis of the main contract for live pigs 2605 is 12070 yuan/ton, up 0.54% from the previous value. The price of live pigs 2601 is 11955 yuan/ton, up 0.76%. The 1 - 5 spread is - 115 yuan/ton, up 17.86%. The main contract position decreased by 3.86%, and the number of warehouse receipts remained unchanged [2] Spot Prices - Spot prices in various regions showed different changes, with prices in Henan, Shandong, etc. rising, and prices in Liaoning falling. The daily slaughter volume of sample points increased by 0.46%, the weekly price of daily strips decreased by 100%, the weekly price of piglets decreased by 15%, and the weekly price of sows remained unchanged [2] Oil and Fat Industry Palm Oil - The current price of 24 - degree palm oil in Guangdong is 8560 yuan/ton, unchanged. The price of P2601 is 8660 yuan/ton, up 0.35%. The basis decreased by 30%. The number of warehouse receipts decreased by 0.8% [4] Soybean Oil - The current price of first - grade soybean oil in Jiangsu is 8450 yuan/ton, up 0.72%. The price of Y2601 is 8228 yuan/ton, up 0.54%. The basis increased by 7.77%. The number of warehouse receipts decreased by 0.8% [4] Spreads - The 01 - 05 spreads of soybean oil, palm oil, and rapeseed oil showed different changes. The spot - futures spread of soybean - palm oil decreased by 3.12%, and the rapeseed - soybean oil spread decreased by 2.13% [4] Egg Industry Indicators - The price of the egg 12 - contract is 3176 yuan/500KG, down 1.34%. The price of the 01 - contract is 3383 yuan/500KG, down 0.24%. The price of egg - laying chicks remained unchanged, the price of culled chickens decreased by 1.95%, the egg - feed ratio increased by 1.28%, and the breeding profit increased by 6.36% [6] Sugar Industry Futures Market - The price of sugar 2601 is 5475 yuan/ton, up 0.33%. The price of sugar 2605 is 5405 yuan/ton, up 0.15%. The price of ICE raw sugar increased by 0.92%. The 1 - 5 spread increased by 16.67%. The position of the main contract increased by 0.34%, the number of warehouse receipts increased by 3.81%, and the effective forecast decreased by 17.72% [9] Spot Market - Spot prices in Nanning and Kunming remained unchanged. The basis in Nanning decreased by 2.09%, and the basis in Kunming decreased by 3.16%. The price of imported Brazilian sugar decreased, and the spreads between imported sugar and Nanning prices also decreased [9] Industry Situation - National sugar production and sales increased year - on - year. The national sales rate decreased by 2.6%, and the Guangxi sales rate increased by 4.8%. National industrial inventory decreased by 41.2%, and Guangxi industrial inventory increased by 62.9%. Sugar imports increased by 37.5% [9] Cotton Industry Futures Market - The price of cotton 2605 is 13580 yuan/ton, down 0.07%. The price of cotton 2601 remained unchanged. The price of ICE US cotton increased by 1.24%. The 5 - 1 spread decreased by 100%. The position of the main contract decreased by 1.06%, the number of warehouse receipts increased by 9.33%, and the effective forecast decreased by 10.78% [10] Spot Market - Spot prices in various regions decreased slightly. The spread between 3128B and the 01 - contract increased by 0.28%, and the spread between 3128B and the 05 - contract decreased by 0.64% [10] Industry Situation - Commercial inventory increased by 70.4%, industrial inventory increased by 9.7%, the import volume increased by 42.9%, the inventory in the bonded area increased by 8%, the yarn inventory days increased by 3.5%, and the grey cloth inventory days increased by 1.7% [10] Corn Industry Corn - The price of corn 2601 is 2164 yuan/ton, up 0.70%. The basis decreased by 45.45%. The 1 - 5 spread increased by 6.52%. The southern - northern trade profit increased by 1000%, the import profit increased by 8.77%, and the number of remaining vehicles at Shandong deep - processing plants in the morning decreased by 21.46% [11] Corn Starch - The price of corn starch 2601 is 2479 yuan/ton, up 0.69%. The basis decreased by 35.42%. The 1 - 5 spread increased by 5.10%, and the spread between starch and corn on the 01 - contract increased by 0.64% [11] Meal Industry Soybean Meal - The current price of soybean meal in Jiangsu remained unchanged. The price of M2601 is 3063 yuan/ton, up 0.16%. The basis decreased by 250%. The import crushing profit of Brazilian soybeans in February decreased by 88.4%, and the number of warehouse receipts decreased by 0.3% [16] Rapeseed Meal - The current price of rapeseed meal in Jiangsu is 2530 yuan/ton, down 0.39%. The price of RM2601 is 2527 yuan/ton, down 0.47%. The basis increased by 200%. The import crushing profit of Canadian rapeseed in January decreased by 5.42%, and the number of warehouse receipts remained unchanged [16] Spreads - The 01 - 05 spreads of soybean meal and rapeseed meal decreased. The oil - meal ratio and the soybean - rapeseed meal spread increased [16]

Group 1: Report Industry Investment Rating - The investment rating for both the粕类 (soybean meal and rapeseed meal) and corn industries is cautiously bearish [3][5] Group 2: Report's Core View - The overall supply - demand pattern of soybean meal remains unchanged, with high oil - mill operating rates but high soybean and soybean meal inventories. Downstream demand is mainly for rolling replenishment, and the supply is loose. Future attention should be paid to soybean imports, South American soybean weather, and policy changes [2] - For corn, new corn is concentrated on the market in Northeast and North China, with an overall increasing production. Deep - processing and feed enterprises have weak inventory - building intentions, and the supply is slightly loose. Attention should be paid to farmers' selling progress and traders' inventory - building intentions [4] Group 3: Summary by Related Catalogs 1. 粕类 (Soybean Meal and Rapeseed Meal) Market News and Important Data - Futures: The closing price of the soybean meal 2601 contract was 3063 yuan/ton, up 5 yuan/ton (+0.16%) from the previous day; the rapeseed meal 2601 contract was 2527 yuan/ton, down 12 yuan/ton (-0.47%) [1] - Spot: In Tianjin, the soybean meal spot price was 3050 yuan/ton, unchanged; in Jiangsu and Guangdong, it was 3000 yuan/ton, unchanged. The rapeseed meal spot price in Fujian was 2710 yuan/ton, down 10 yuan/ton [1] - Market News: As of November 5, Argentina's 2025/26 soybean planting area was 4.4% of the total expected area, nearly 4 percentage points behind last year, and the estimated planting area was 17.6 million hectares, a 4.3% year - on - year decrease [1] Market Analysis - The overall supply - demand pattern remains unchanged, with high oil - mill operating rates but high inventories. Downstream demand is for rolling replenishment, and the supply is loose. Future attention should be paid to soybean imports, South American soybean weather, and policy changes [2] Strategy - Cautiously bearish [3] 2. Corn Market News and Important Data - Futures: The closing price of the corn 2511 contract was 2164 yuan/ton, up 15 yuan/ton (+0.70%); the corn starch 2511 contract was 2479 yuan/ton, up 17 yuan/ton (+0.69%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2550 yuan/ton, unchanged [3] - Market News: Brazil exported 6.5 million tons of corn in October, a 1% year - on - year increase, with an average daily export volume of 295,000 tons, also a 1% increase [3] Market Analysis - Supply: New corn is concentrated on the market in Northeast and North China, with an overall increasing production. There will be another wave of supply in Jilin and Inner Mongolia [4] - Demand: Deep - processing and feed enterprises have weak inventory - building intentions and are mainly for rigid - demand replenishment. The supply is slightly loose, and the situation of oversupply remains unchanged. Attention should be paid to farmers' selling progress and traders' inventory - building intentions [4] Strategy - Cautiously bearish [5]

农产品日报 | 2025-11-11 需求仍显疲软，猪价维持震荡 生猪观点 市场要闻与重要数据 市场分析 10月份入场的二次育肥预计出栏时间会在冬至前后，如果价格下降或将有一定提前出栏的风险。从目前的生猪存 栏体重来看未来生猪供应仍处于过剩状态，未来叠加二次育肥的出栏会进一步增加供应压力，整体供强需弱格局 难改。 策略 谨慎偏空 期货方面，昨日收盘生猪 2601合约11955元/吨，较前交易日变动+90.00元/吨，幅度+0.76%。现货方面，河南地区 外三元生猪价格12.14元/公斤，较前交易日变动-0.05元/公斤，现货基差 LH01+185，较前交易日变动+10；江苏地 区外三元生猪价格 12.24元/公斤，较前交易日变动+0.09元/公斤，现货基差LH01+285，较前交易日变动+90；四川 地区外三元生猪价格11.53元/公斤，较前交易日变动+0.00元/公斤，现货基差LH01-425，较前交易日变动-20。 据农业农村部监测，11月10日"农产品批发价格200指数"为125.58，比上周五上升0.34个点，"菜篮子"产品批发价格 指数为127.66，比上周五上升0.39个点。全国农产品批发市场猪肉 ...

Group 1: Report Industry Investment Ratings - Corn: Bullish [1] - Soybean Meal: Sideways [1] - Oils: Sideways [1] - Eggs: Sideways [1] - Hogs: Sideways [2] Group 2: Core Views of the Report - Corn futures prices are expected to continue rebounding due to the breakthrough of the bottom pattern and the support from the spot market. The downstream feed enterprises are purchasing as needed and remaining cautious in the long - term [1]. - For soybean meal, the domestic protein meal is strong, but the sufficient supply of domestic soybeans and soybean meal limits the upside space. A strategy of long futures + selling out - of - the - money call options is recommended [1]. - Oils are experiencing a short - term rebound. The short - term long strategy can be considered, but the high inventory of the three major oils remains a factor [1]. - Egg futures prices are continuing to rebound. The expected decline in future production capacity supports the futures market. Attention should be paid to future capacity changes for trading opportunities [1]. - Hog futures show a pattern of far - month strength and near - month weakness. The short - term price is at a low level, but the long - term long position of the far - month 2609 contract is a market focus [2]. Group 3: Summary of Market Information - From November 1 - 5, 2025, Malaysia's palm oil yield, oil extraction rate, and production increased compared to the same period last month [2]. - Argentina's oilseed workers' union and the industry association reached an agreement on salary increases [3]. - On November 6, the "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket" product wholesale price index decreased. The average wholesale price of pork in the national agricultural product market decreased by 0.7% [3]. - The CNF price and import cost of US soybeans for December shipment are higher than those of Brazilian soybeans [3]. Group 4: Summary of Variety Spreads - The report presents contract spreads and contract basis charts for various agricultural products such as corn, corn starch, soybeans, soybean meal, oils, eggs, and hogs, but no specific analysis of these spreads is provided [4][5][6][10][12][13][14][16][20][24] Group 5: Introduction of the Agricultural Product Research Team - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute. She has won many awards and has rich experience [26]. - Hou Xueling is an analyst of soybeans at Everbright Futures, with over ten years of futures experience and many awards [26]. - Kong Hailan is a researcher of eggs and hogs at Everbright Futures Research Institute, with a master's degree in economics and rich experience [26].

Group 1: Investment Ratings - The investment strategy for the pig and egg industries is cautiously bearish [3][5] Group 2: Core Views - The supply of standard pigs is increasing, and pig prices are fluctuating and adjusting. The pattern of strong supply and weak demand in the pig market is difficult to change due to factors such as future supply pressure and potential over - supply at the end of the year [1][2] - For eggs, the situation of oversupply persists as new grain is concentrated on the market, and enterprises have low inventory and weak willingness to build up stocks. Attention should be paid to farmers' selling progress and traders' inventory strength [4] Group 3: Market News and Important Data Pig - Futures: The closing price of the live pig 2601 contract yesterday was 11,945 yuan/ton, a change of +260.00 yuan/ton from the previous trading day, an increase of +2.23% [1] - Spot: In Henan, the price of external ternary live pigs was 11.85 yuan/kg, a change of - 0.11 yuan/kg from the previous trading day; in Jiangsu, it was 11.96 yuan/kg, a change of - 0.19 yuan/kg; in Sichuan, it was 11.46 yuan/kg, a change of - 0.17 yuan/kg [1] - Agricultural product prices: On November 5th, the "200 - index of agricultural product wholesale prices" was 124.97, up 0.01 points from yesterday. The average wholesale price of pork in the national agricultural product wholesale market was 18.19 yuan/kg, up 0.9% from yesterday [1] Egg - Futures: The closing price of the egg 2512 contract yesterday was 3,217 yuan/500 kilograms, a change of +73.00 yuan from the previous trading day, an increase of +2.32% [3] - Spot: In Liaoning, the egg spot price was 2.69 yuan/jin, with no change from the previous trading day; in Shandong, it was 2.85 yuan/jin, with no change; in Hebei, it was 2.76 yuan/jin, a change of +0.07 yuan/jin [3] - Inventory: On November 5th, 2025, the national production - link inventory was 1.13 days, a decrease of 0.02 days from yesterday, a decrease of 1.74%. The circulation - link inventory was 1.29 days, unchanged from yesterday [3] Group 4: Market Analysis Pig - The inventory of large and medium - sized pigs over 5 months old nationwide decreased by 0.1% month - on - month, and the year - on - year decline narrowed by 2.4%. The number of newborn piglets increased by 0.3% month - on - month and 6.6% year - on - year, with a significant increase in large - scale farms, indicating obvious long - term supply pressure [2] Egg - Deep - processing and feed enterprises have relatively low inventory, weak willingness to build up stocks, and a strong wait - and - see attitude, with spot - purchasing as the main trend [4]

农产品日报 | 2025-11-06 油厂开机率下滑，豆粕偏强震荡 粕类观点 市场要闻与重要数据 政策变化 玉米观点 期货方面，昨日收盘豆粕2601合约3073元/吨，较前日变动+58元/吨，幅度+1.92%；菜粕2601合约2537元/吨，较前 日变动+40元/吨，幅度+1.60%。现货方面，天津地区豆粕现货价格3070元/吨，较前日变动+10元/吨，现货基差M01-3， 较前日变动-48；江苏地区豆粕现货3010元/吨，较前日变动+40元/吨，现货基差M01-63，较前日变动-18；广东地 区豆粕现货价格3020元/吨，较前日变动跌+40元/吨，现货基差M01-53，较前日变动-18。福建地区菜粕现货价格2720 元/吨，较前日变动+30元/吨，现货基差RM01+183，较前日变动-10。 近期市场资讯，11月3日，商品经纪公司StoneX称，就2025/26年度大豆作物而言，11月产量预估较10月的估值上调 了0.1%，预计将达到1.789亿吨。11月4日，巴拉那州农村经济部发布的数据显示，本周巴拉那州2025/26年度大豆 种植面积已达预计面积的79%，较上周上升8个百分点。去年同期大豆种植率为85% ...

农产品日报 | 2025-11-05 美豆持续上涨，豆粕宽幅震荡 粕类观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2601合约3015元/吨，较前日变动-11元/吨，幅度-0.36%；菜粕2601合约2497元/吨，较前 日变动+6元/吨，幅度+0.24%。现货方面，天津地区豆粕现货价格3060元/吨，较前日变动-10元/吨，现货基差M01+45， 较前日变动+1；江苏地区豆粕现货2970元/吨，较前日变动-20元/吨，现货基差M01-45，较前日变动-9；广东地区 豆粕现货价格2980元/吨，较前日变动跌-10元/吨，现货基差M01-35，较前日变动+1。福建地区菜粕现货价格2690 元/吨，较前日变动+10元/吨，现货基差RM01+193，较前日变动+4。 近期市场资讯，11月3日，美国农业部公布的周度出口检验报告显示，截至2025年10月30日当周，美国大豆出口检 验量为96.5万吨，此前市场预估为870-140万吨，前一周修正后为116万吨，初值为106万吨。11月3日，农业咨询机 构AgRural称，截至上周四，巴西2025/26年度大豆种植率达到预期播种面积的47%，不及去年同期的54%，前一 ...

1. Report Industry Investment Ratings - All three industries (cotton, sugar, and pulp) are rated as neutral [3][6][8] 2. Core Views of the Report - **Cotton**: In the short - term, the upside of cotton prices is limited due to factors such as potential entry of hedging positions after price increases, weak downstream demand, and concentrated new cotton listing. In the long - term, considering low initial inventory and consumption resilience, cotton prices are expected to be positive after the seasonal pressure eases [2][3] - **Sugar**: The global sugar market in the 25/26 season may be in a bear cycle with an oversupply pattern, limiting the rebound of raw sugar. For domestic sugar, there is an expectation of increased production in the new season, and the price is near the cost line. It is expected to fluctuate by the end of the year, and there may be new lows next year [5][6] - **Pulp**: The supply of pulp remains loose with high port inventories, and demand is weak both globally and domestically. The pulp price is expected to continue to oscillate at a low level, and the actual implementation of peak - season demand in the fourth quarter should be noted [7][8] 3. Summary by Related Catalogs Cotton Market News and Key Data - Futures: The closing price of the cotton 2601 contract was 13,535 yuan/ton, down 65 yuan/ton (-0.48%) from the previous day. Spot: The Xinjiang arrival price of 3128B cotton was 14,640 yuan/ton, down 16 yuan/ton; the national average price was 14,841 yuan/ton, down 18 yuan/ton. As of October 31, 2025/26 in Pakistan, the cumulative listed volume of new - season seed cotton in terms of lint was about 688,000 tons, an increase of 3.4% year - on - year [2] Market Analysis - Internationally, Sino - US negotiations have made progress, but the amount of US cotton that China will purchase is unclear. The release of key data is delayed, and there is a short - term supply pressure due to the concentrated listing of new cotton in the Northern Hemisphere. Domestically, the new - season cotton market starts with low inventory, and the supply is supplemented by new cotton. The purchase price of seed cotton has stabilized and rebounded, but there are factors such as potential hedging positions and weak downstream demand [2] Strategy - In the short - term, there is a possibility of a callback. In the long - term, cotton prices are expected to be positive after the seasonal pressure eases [3] Sugar Market News and Key Data - Futures: The closing price of the sugar 2601 contract was 5481 yuan/ton, down 18 yuan/ton (-0.33%) from the previous day. Spot: The sugar spot price in Nanning, Guangxi was 5750 yuan/ton, unchanged from the previous day; in Kunming, Yunnan, it was 5680 yuan/ton, down 15 yuan/ton. Conab estimated that the sugar production in the central - southern region of Brazil in the 2025/26 season would be 4.134 million tons, higher than the previous forecast [4] Market Analysis - Raw sugar prices are under pressure from oversupply. Although the sugar - making ratio in Brazil has declined in the short - term, the global sugar market in the 25/26 season may be in a bear cycle [5] Strategy - The downward space of Zhengzhou sugar is limited by factors such as cost and policies. It is expected to fluctuate by the end of the year, and there may be new lows next year [6] Pulp Market News and Key Data - Futures: The closing price of the pulp 2601 contract was 5288 yuan/ton, down 18 yuan/ton (-0.34%) from the previous day. Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5500 yuan/ton, up 10 yuan/ton; the price of Russian softwood pulp was 5045 yuan/ton, unchanged from the previous day. The import pulp spot market prices were mostly stable with some fluctuations [7] Market Analysis - Supply: Overseas pulp mills' production reduction and price increase plans have limited impact on the overall supply pattern, and domestic port inventories remain high. Demand: Consumption in Europe and the United States is weak, and domestic demand is the core factor suppressing prices. Even in the peak season, downstream paper mills' raw material procurement is cautious [7] Strategy - The pulp price is expected to continue to oscillate at a low level, and attention should be paid to the actual implementation of peak - season demand in the fourth quarter [8]

Report Industry Investment Ratings There is no information provided in the report regarding industry investment ratings. Core Views - Palm oil: Lack of drivers, focus on short - term support [2] - Soybean oil: Adjustment of US soybeans, low - level oscillation [2] - Soybean meal: Adjustment and oscillation [2] - Soybean: Adjustment and oscillation [2] - Corn: Oscillatory operation [2] - Sugar: Oscillatory and weakening [2] - Cotton: Affected by the overall weak trend of the commodity market [2] - Eggs: Oscillatory adjustment [2] - Pigs: Contradictions start to be released, adopt a large reverse - spread strategy [2] - Peanuts: Focus on the spot market [2] Summary by Related Catalogs Palm Oil and Soybean Oil - **Fundamental Data**: Palm oil's closing price (day session) was 8,616 yuan/ton, down 0.55%; night session was 8,654 yuan/ton, up 0.44%. Soybean oil's closing price (day session) was 8,108 yuan/ton, down 0.02%; night session was 8,116 yuan/ton, up 0.10%. [4] - **Macro and Industry News**: Malaysia's palm oil inventory in October is expected to soar 3.5% to 244 million tons. StoneX lowered the US 2025 soybean yield forecast. [5][7] - **Trend Intensity**: Palm oil and soybean oil trend intensities are both 0 [10] Soybean Meal and Soybean - **Fundamental Data**: DCE soybean 2601's closing price (day session) was 4055 yuan/ton, down 0.90%; night session was 4042 yuan/ton, down 0.83%. DCE soybean meal 2601's closing price (day session) was 3015 yuan/ton, down 0.69%; night session was 3014 yuan/ton, down 0.46%. [11] - **Macro and Industry News**: On November 4, CBOT soybeans fell from a 16 - month high due to unclear progress in Chinese purchases. [11] - **Trend Intensity**: Soybean meal and soybean trend intensities are both 0 [13] Corn - **Fundamental Data**: C2601's closing price (day session) was 2,135 yuan/ton, down 0.05%; night session was 2,140 yuan/ton, up 0.23%. [15] - **Macro and Industry News**: Northern corn port prices increased, while Guangdong Shekou prices decreased. [16] - **Trend Intensity**: Corn trend intensity is 0 [17] Sugar - **Fundamental Data**: Raw sugar price was 14.21 cents/pound, down 0.47. Mainstream spot price was 5690 yuan/ton, down 10. [18] - **Macro and Industry News**: Brazil's September sugar production increased by 11% year - on - year, but exports decreased. China's September sugar imports were 55 million tons. [18] - **Trend Intensity**: Sugar trend intensity is - 1 [21] Cotton - **Fundamental Data**: CF2601's closing price (day session) was 13,535 yuan/ton, down 0.48%; night session was 13480 yuan/ton, down 0.41%. [23] - **Macro and Industry News**: Cotton spot trading was fair, and some low - price transactions were better. Cotton yarn sales were slow, and some weaving factories may cut production in November. [24] - **Trend Intensity**: Cotton trend intensity is 0 [26] Eggs - **Fundamental Data**: Egg 2512's closing price was 3,144 yuan/500 kilograms, down 0.16%. Egg 2601's closing price was 3,492 yuan/500 kilograms, down 0.12%. [28] - **Trend Intensity**: Egg trend intensity is 0 [28] Pigs - **Fundamental Data**: Henan's spot price was 11980 yuan/ton, down 250. Sichuan's spot price was 11650 yuan/ton, down 350. [30] - **Market Information**: New delivery warehouses were added. September national feed production increased. [32] - **Trend Intensity**: Pig trend intensity is - 2 [33] Peanuts - **Fundamental Data**: PK601's closing price was 7,812 yuan/ton, down 0.13%. PK603's closing price was 7,866 yuan/ton, down 0.08%. [35] - **Spot Market Focus**: Prices in most peanut - producing areas were stable, with low supply and general inquiries. [36] - **Trend Intensity**: Peanut trend intensity is 0 [37]