Report Industry Investment Ratings No relevant information provided. Core Views of the Report Oils and Fats - Palm oil: The MPOB report shows an inventory increase to 2.2 million tons, and the unexpected decline in the first 10 - day export data is bearish. There is a risk of the futures price falling below 4,400 ringgit and continuing to weaken. In the domestic market, it will first test the support at 9,000 yuan. If Malaysian palm oil continues to decline, domestic palm oil may follow suit [1]. - Soybean oil: Analysts expect the USDA report to lower the U.S. soybean yield forecast, but the high - quality rate of U.S. soybeans is high, so the expectation of a bumper harvest remains. In the absence of Chinese purchases, the USDA may lower the U.S. soybean export forecast. The approaching harvest and concentrated supply pressure will weigh on the market. In the domestic market, although the demand season is coming, the current supply is excessive, and the basis quotation will fluctuate slightly [1]. Meal - The high - quality rate of U.S. soybeans is still high, suppressing market bullish sentiment. The U.S. soybean supply is strong and demand is weak, while Brazil's premium is strong, supporting domestic costs. Recently, domestic concerns about future supply have eased, and with soybean auctions, the spot market is loose. Oil mills' soybean meal inventory has risen to a high level, and weak terminal purchasing enthusiasm suppresses the basis. However, the cost provides good support, and the decline space of domestic meal is limited. The supply of soybeans in the fourth quarter is not expected to be loose [3]. Pork - The slaughter volume of farmers has stabilized, and the reluctance to sell at low prices has increased. Some areas have seen secondary fattening, which supports the spot price. Although the spot pressure has been realized, the price has reached a low level, and the room for further decline is limited. The demand is slowly recovering, but whether it can absorb the supply is uncertain. There may be a wave of concentrated slaughter before the double festivals. The market strengthened today due to the Ministry of Agriculture's meeting on capacity regulation, but there is still potential for decline after the short - term rebound, and the overall supply - demand pressure is large [6]. Corn - In the Northeast, the purchase and sale are dull, and the new season corn has not been massively listed, so the price is firm; in North China, the supply is relatively sufficient, and the price is slightly weak. As corn transitions to the new season, the old - season inventory is tight, and the new - season corn has not been massively listed, which slightly supports the price. However, the concentrated listing of corn in mid - to late September, the expected increase in production, and the decline in planting costs will put pressure on the price. On the demand side, the purchasing enthusiasm of deep - processing and feed enterprises is weak. In the short term, the corn market has weak supply and demand, and the futures price is under pressure. In the medium term, it will maintain a weak pattern [8]. Sugar - In the first half of August, the sugar production in the central - southern region of Brazil increased by 15.96% year - on - year, and the sugar - making ratio reached a new high, resulting in large supply pressure and the price falling below 16 cents per pound. The overall supply pressure of raw sugar remains large, and it is expected to maintain a weak pattern. However, as the sugar price approaches the含税 ethanol price, the future increase in the sugar - alcohol ratio in Brazil is limited. With the new sugar to be listed in less than a month and the pre - sale price lower than the current market price, the sales time for old sugar is limited. The futures price is weak, the market sentiment is bearish, and the sugar price is expected to fluctuate at the bottom [12]. Cotton - Some cotton ginning factories have started purchasing this week, but the pricing methods for wadding cotton and spinning cotton are different, and the new - cotton purchase driver is still unclear. In the short term, the price has limited upward and downward space, and the downstream demand improvement is insufficient, and the confidence in the traditional peak season is low. In the short term, the domestic cotton price may fluctuate within a range, and it will face pressure after the new cotton is listed [13]. Eggs - In recent days, the increase in traders' purchases may drive up the egg price. However, the high inventory and the impact of cold - storage eggs on the market will limit the price increase. After the second and third rounds of replenishment in the second half of the week, the demand may weaken, and the risk of price decline increases. Overall, the egg price may rebound in early September, but the increase is limited, and a bearish view is maintained [16]. Summary by Related Catalogs Oils and Fats - **Price Changes**: The prices of various oils such as soybean oil, palm oil, and rapeseed oil have changed. For example, the price of Jiangsu first - grade soybean oil decreased by 1.15%, and the price of Guangdong 24 - degree palm oil decreased by 1.59% [1]. - **Basis and Spread**: The basis and spread of different oil varieties have also changed. For example, the soybean - palm oil spread in the spot market increased by 6.67%, and the rapeseed - soybean oil spread in the 2509 contract increased by 9.76% [1]. - **Inventory and Import Profit**: The inventory of palm oil and soybean oil in China and the import profit of palm oil are also presented in the report [1]. Meal - **Price and Basis**: The prices and basis of soybean meal, rapeseed meal, and soybeans have changed. For example, the price of Jiangsu soybean meal remained unchanged, and the basis of the M2601 contract increased by 20% [3]. - **Import Profit and Spread**: The import profit of different origins and the spread between different meal varieties are shown. For example, the import profit of Brazilian soybeans in October decreased by 42.9%, and the spread between soybean meal and rapeseed meal in the 2601 contract increased by 1.52% [3]. Pork - **Futures and Spot Prices**: The prices of futures contracts such as the main contract, the 2511 contract, and the 2601 contract of pork have changed, and the spot prices in different regions are also provided, along with indicators such as slaughter volume, white - strip price, and breeding profit [6]. Corn - **Futures and Spot Prices**: The prices of corn futures contracts such as the 2511 contract and the spot prices in different regions (such as Jinzhou Port and Shekou) have changed. The report also includes information on import profit, processing enterprise vehicle volume, and inventory [8]. - **Corn Starch**: The prices of corn starch futures contracts and spot prices in different regions (such as Changchun and Weifang) have changed, along with information on basis, spread, and processing profit [8]. Sugar - **Futures and Spot Prices**: The prices of sugar futures contracts such as the 2601 and 2605 contracts and the spot prices in different regions (such as Kunming and Nanning) have changed. The report also includes information on import sugar prices, basis, and industry indicators such as production, sales, and inventory [12]. Cotton - **Futures and Spot Prices**: The prices of cotton futures contracts such as the 2601 and 2605 contracts and the spot prices in different regions (such as Xinjiang) have changed. The report also includes information on basis, spread, and industry indicators such as inventory, export volume, and processing profit [13]. Eggs - **Futures and Spot Prices**: The prices of egg futures contracts such as the 10 and 11 contracts and the spot prices in different regions have changed. The report also includes information on basis, spread, and industry indicators such as egg - chicken chick price, culled - chicken price, and breeding profit [15][16].

Group 1: Investment Ratings - There is no information about the industry investment rating in the report. Group 2: Core Views - Corn: The corn market shows different trends in different regions. In the Northeast, prices are rising, while in North China, prices are falling. Technically, the short - term price is adjusted, and the medium - term is expected to be weak due to high yield and lower costs [1]. - Soybean and Bean Meal: CBOT soybeans fell as investors adjusted positions before the supply - demand report, which is expected to show a slight decline in US soybean yield but still high production. Domestic bean meal prices are mainly oscillating, and short - term participation is recommended [1]. - Palm Oil and Other Oils: BMD palm oil declined due to the strengthening of the Malaysian ringgit. Domestic oil futures prices are narrowly oscillating, and strategies such as increasing volatility or selling put options are recommended [1]. - Eggs: Egg futures rebounded, and spot prices are stable. The supply will affect egg prices in the future, and it is recommended to wait and see [1]. - Pigs: Pig futures are weakly oscillating, and spot prices are also weak. The anti - dumping measures have limited impact, and the market sentiment should be monitored [2]. Group 3: Market Information Summary - Canadian Agricultural Production: As of July 31, Canada's wheat production was 35.94 million tons, and the ending inventory was 4.11 million tons; rapeseed production was 19.24 million tons, and the ending inventory was 1.60 million tons [3]. - Domestic Inventory: As of the end of the 36th week of 2025, domestic soybean oil inventory increased by 1.60% week - on - week, bean meal inventory increased by 9.09% week - on - week, and imported rapeseed oil inventory decreased by 4.01% week - on - week [3]. - Trading Arrangement: On September 11, 2025, a domestic soybean auction will be held, selling 22,500 tons of domestic soybeans [3]. - US Crop Forecast: Analysts expect US soybean production in the 2025/26 season to be 4.271 billion bushels, lower than the August estimate [3]. Group 4: Variety Spread - Contract Spread: The report shows various contract spreads such as corn 1 - 5, corn starch 1 - 5, etc., but no specific data analysis is provided [4][5][6] - Contract Basis: The report shows various contract bases such as corn basis, soybean basis, etc., but no specific data analysis is provided [12][13][16] Group 5: Research Team Introduction - The research team includes Wang Na, the director of the agricultural product research at Everbright Futures Research Institute; Hou Xueling, a soybean analyst; and Kong Hailan, a researcher on eggs and pigs [27]

Group 1: Investment Ratings - The investment strategy for the粕类 (bean meal and rapeseed meal) market is neutral [4] - The investment strategy for the corn market is cautiously bearish [6] Group 2: Core Views - In the domestic bean meal market, the current inventory continues to increase, and future soybean arrivals are expected to remain high, so the supply is relatively loose. The decline in import costs has led to a corresponding drop in domestic bean meal prices. Attention should be paid to Sino - US trade policy negotiations [3] - In the domestic corn market, the supply is expected to increase as new grains in North China and Northeast China are approaching the listing time. The demand from deep - processing enterprises and feed enterprises is weak, and more attention should be paid to the output of new - season corn [5] Group 3: Summary by Related Catalogs 1. Market News and Important Data for Bean Meal and Rapeseed Meal - Futures: The closing price of the bean meal 2601 contract was 3066 yuan/ton, up 16 yuan/ton (+0.52%) from the previous day; the rapeseed meal 2601 contract was 2521 yuan/ton, up 21 yuan/ton (+0.84%) [1] - Spot: In Tianjin, the bean meal spot price was 3060 yuan/ton, down 10 yuan/ton; in Jiangsu, it was 2990 yuan/ton, unchanged; in Guangdong, it was 2960 yuan/ton, up 10 yuan/ton. In Fujian, the rapeseed meal spot price was 2640 yuan/ton, up 20 yuan/ton [1] - US market information: As of August 31, 2025, the US soybean good - to - excellent rate was 65%, lower than the expected 68%. The export inspection volume for the week ending August 28, 2025, was 472,914 tons. The US soybean crush in July 2025 was 204.7 million bushels [2] 2. Market News and Important Data for Corn - Futures: The closing price of the corn 2511 contract was 2193 yuan/ton, down 7 yuan/ton (-0.32%); the corn starch 2511 contract was 2487 yuan/ton, down 18 yuan/ton (-0.72%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2620 yuan/ton, unchanged [4] - US market information: As of August 31, the US corn good - to - excellent rate was 69%. The export inspection volume for the week ending August 28, 2025, was 1,407,050 tons [4] 3. Market Analysis - Bean meal: The current domestic bean meal inventory is increasing, and future soybean arrivals are high, so the supply is loose. The decline in import costs has affected the price, and Sino - US trade policy is a key factor [3] - Corn: The supply is expected to increase as new grains are about to be listed. The demand from deep - processing and feed enterprises is weak, and the output of new - season corn is crucial [5] 4. Strategies - Bean meal: Neutral [4] - Corn: Cautiously bearish [6]

1. Report Industry Investment Ratings - The investment rating for the soybean meal industry is neutral [3] - The investment rating for the corn industry is cautiously bearish [5] 2. Core Views of the Report - The domestic soybean meal market currently has increasing inventory and ample supply, and the price has declined due to lower import costs. Future price trends depend on Sino - US trade policy negotiations [2] - In the domestic corn market, the supply is expected to increase with the approaching new grain listing, while demand is weak. Attention should be paid to the yield of new - season corn [4] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2601 contract was 3050 yuan/ton, down 4 yuan/ton (-0.13%) from the previous day; the rapeseed meal 2601 contract was 2500 yuan/ton, down 13 yuan/ton (-0.52%) [1] - Spot: In Tianjin, the soybean meal spot price was 3070 yuan/ton, down 10 yuan/ton; in Jiangsu, it was 2990 yuan/ton, unchanged; in Guangdong, it was 2950 yuan/ton, down 10 yuan/ton. In Fujian, the rapeseed meal spot price was 2620 yuan/ton, down 10 yuan/ton [1] - Market news: In June, the US used 1.045 billion pounds of soybean oil for biofuel production, up 1.95% from May. Brazil's 2025/26 soybean production forecast remains at 178.2 million tons [1] 3.1.2 Corn and Corn Starch - Futures: The closing price of the corn 2511 contract was 2200 yuan/ton, up 7 yuan/ton (+0.32%); the corn starch 2511 contract was 2505 yuan/ton, up 5 yuan/ton (+0.20%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2620 yuan/ton, down 30 yuan/ton [3] - Market news: In Ukraine, due to drought, the corn yield in the southern part of Poltava decreased by 17% year - on - year, while the northern part had good growth. The far - month FOB price of new - crop corn in the Black Sea was about 214 US dollars/ton, up 8% year - on - year. Australia is expected to produce 33.8 million tons of wheat in the 2025/26 season, up 10.5% from the previous forecast [3] 3.2 Market Analysis 3.2.1 Soybean Meal Market - Supply: Domestic soybean meal inventory is increasing and there is room for further growth due to high future soybean arrivals [2] - Price: The price has declined due to lower import costs caused by positive Sino - US negotiation expectations and weaker Brazilian premiums [2] 3.2.2 Corn Market - Supply: New grain in North China and Northeast China is about to be listed, increasing the supply. Traders have limited remaining grain [4] - Demand: Deep - processing enterprises and feed enterprises have low inventory and demand, and wheat substitution is common [4] 3.3 Strategies - The strategy for the soybean meal market is neutral [3] - The strategy for the corn market is cautiously bearish [5]

Report Industry Investment Ratings - The investment rating for the soybean meal market is neutral [4] - The investment rating for the corn market is cautiously bearish [6] Core Views - The domestic soybean meal market currently has increasing inventory and relatively loose supply, and the price has declined due to factors such as the expected improvement in Sino - US negotiations and the weakening of Brazilian premiums. Future attention should be paid to Sino - US trade policy negotiations [3] - In the domestic corn market, the supply is expected to increase as new grains in North China and Northeast China are approaching the market, while the demand from deep - processing and feed enterprises is weak. Attention should be paid to the new - season corn production this week [5] Summary by Related Catalogs Market News and Important Data - Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2601 contract was 3054 yuan/ton, a change of - 1 yuan/ton (- 0.03%) from the previous day; the rapeseed meal 2601 contract was 2513 yuan/ton, a change of + 0 yuan/ton (0.00%) [1] - Spot: In Tianjin, the soybean meal spot price was 3080 yuan/ton, up 10 yuan/ton from the previous day; in Jiangsu, it was 2990 yuan/ton, up 10 yuan/ton; in Guangdong, it was 2960 yuan/ton, up 30 yuan/ton. The rapeseed meal spot price in Fujian was 2630 yuan/ton, up 20 yuan/ton [1] - Canadian rapeseed exports in the 2025/26 season slowed down. As of the week of August 24, the export volume was 79,000 tons, compared with 91,000 tons last week and 255,000 tons two weeks ago. The cumulative export volume since the 2025/26 season was 435,000 tons, a year - on - year decrease of 47.6% [2] - The EU Commission's August report predicted that the 2025/26 EU rapeseed production would be 18.84 million tons, higher than last month's forecast and the previous year; the sunflower seed production was 8.77 million tons, a 5.3 - percentage - point reduction from last month's forecast but still higher than the previous year [2] Market News and Important Data - Corn - Futures: The closing price of the corn 2511 contract was 2193 yuan/ton, a change of + 2 yuan/ton (+ 0.09%) from the previous day; the corn starch 2511 contract was 2500 yuan/ton, a change of - 1 yuan/ton (- 0.04%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2650 yuan/ton, unchanged from the previous day [4] - As of August 27, the 2024/25 Argentine corn harvest progress was 97.2%, with an average national yield of 7.21 tons per hectare, a 7.9 - percentage - point increase from the previous year. The BAGE maintained the Argentine corn production forecast at 49 million tons, a 5% decrease from the previous year due to a reduction in the planting area [4] Market Analysis - Soybean Meal - The domestic soybean meal inventory continues to increase. Although it is lower than the same period last year, the inventory of over 1 million tons makes the current supply relatively loose. The future domestic soybean arrivals are still high, and the soybean meal inventory has room to further increase [3] - Frequent market news, positive expectations for Sino - US negotiations, and the weakening of Brazilian premiums have led to a decline in import costs and domestic soybean meal prices. Future attention should be paid to Sino - US trade policy negotiations [3] Market Analysis - Corn - Supply: The new grains in North China and Northeast China are approaching the market, and the market supply is expected to increase. Currently, the remaining grains in the hands of traders are tight [5] - Demand: The inventory and operating rate of deep - processing enterprises are seasonally declining, mainly dealing with existing contracts. The inventory of feed enterprises continues to decline, and they mainly purchase corn out of rigid demand, waiting for the new grains. Wheat substitution is more common [5] Strategy - For soybean meal, the strategy is neutral [4] - For corn, the strategy is cautiously bearish [6]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Grains and Oilseeds - Domestic two - meal decline space is limited, and it's advisable to wait for stabilization and go long at low levels in the 3000 - 3050 range. The soybean meal and rapeseed meal spread may widen further [2]. Livestock (Pigs) - Pig spot prices are stabilizing with minor fluctuations. It's recommended to wait and see, and pay attention to the support around 13800 for the 01 contract [3]. Corn - Spot corn prices are weak, and the futures price has rebounded. In the medium - term, the supply pressure in the fourth quarter is significant, and the futures valuation may move down towards the new - season cost [6]. Oils - Palm oil maintains a view of near - term weakness and long - term strength. For soybean oil, the industrial consumption in the US is uncertain, and the basis quote will be boosted after the factory inventory decreases [9]. Sugar - Raw sugar is under pressure from increased supply expectations, and Zhengzhou sugar is expected to remain oscillating weakly [11]. Cotton - Short - term domestic cotton prices may oscillate within a range, and new - cotton prices will face pressure after listing [12]. Eggs - Egg prices are expected to maintain a bearish trend [15]. 3. Summaries by Related Catalogs Grains and Oilseeds - **Prices**: Soybean meal spot price in Jiangsu is 3040 yuan/ton, unchanged; rapeseed meal spot price in Jiangsu dropped 2.34% to 2500 yuan/ton; soybean spot price in Harbin is 3980 yuan/ton, unchanged [2]. - **Spreads**: The 01 - 05 spread of soybean meal increased 4.17% to 225; the 01 - 05 spread of rapeseed meal increased 36.36% to 75 [2]. Livestock (Pigs) - **Futures**: The main contract basis increased 42.42% to - 190; the price of the 2511 contract dropped 1.13% to 13590 yuan/ton [3]. - **Spot**: Spot prices in various regions showed minor fluctuations, with the sample - point daily slaughter volume increasing 0.32% to 142240 heads [3]. Corn - **Futures**: The price of the 2511 contract increased 0.97% to 2185; the 11 - 3 spread increased 40% to - 15 [6]. - **Spot**: The Pingcang price in Jinzhou Port is 2260 yuan/ton; the north - south trade profit decreased 52.63% [6]. Oils - **Soybean Oil**: The spot price in Jiangsu is 8740 yuan/ton, down 1.14%; the basis decreased 13.73% to 204 [9]. - **Palm Oil**: The spot price in Guangdong is 9470 yuan/ton, unchanged; the basis decreased 4.35% to 46 [9]. - **Rapeseed Oil**: The spot price in Jiangsu is 10020 yuan/ton, down 0.7%; the basis decreased 127.85% to 79 [9]. Sugar - **Futures**: The price of the 2601 contract dropped 0.32% to 5602 yuan/ton; the 1 - 9 spread increased 9.09% to - 10 [11]. - **Spot**: The spot price in Nanning dropped 0.17% to 5910 yuan/ton; the import volume increased 160% to 130,000 tons [11]. Cotton - **Futures**: The price of the 2509 contract dropped 0.51% to 13690 yuan/ton; the 9 - 1 spread decreased 20.63% to - 380 [12]. - **Spot**: The Xinjiang arrival price of 3128B dropped 0.06% to 15240 yuan/ton; the commercial inventory decreased 16.9% to 182.02 million tons [12]. Eggs - **Futures**: The price of the 09 contract dropped 1.83% to 2843 yuan/500KG; the 9 - 10 spread decreased 10.13% to - 87 [14]. - **Spot**: The egg price in the producing area dropped 0.81% to 3.26 yuan/jin; the breeding profit increased 20.84% to - 17.89 yuan/feather [14][15].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The prices of various agricultural products show different trends. Corn is expected to be volatile, with the 11 - month contract under supply pressure but potentially rebounding around the 2200 - 2220 line. Soybean meal is also volatile, affected by factors such as weak US soybean prices, Sino - US talks, and state reserve auctions. Oils are volatile, with prices approaching important support levels. Eggs are in a weakly volatile state, with futures continuing to decline and the spot price affected by supply - side pressure. Pigs are volatile, with the futures market continuing to correct and the spot price showing regional differences [1][2]. 3. Summary by Relevant Catalogs Research Views - **Corn**: This week, the corn 2511 contract increased in position and rose slightly. The spot price was weak, with Northeast corn prices moving towards new - grain prices and continuing to decline. Shandong deep - processing enterprises' corn arrivals increased, and prices were slightly adjusted downwards. The market supply was diverse, but downstream demand was weak. Technically, the 11 - month contract was under supply pressure, but it was approaching the traders' expected storage cost range, with a short - term rebound pressure around 2200 - 2220 [1]. - **Soybean Meal**: On Thursday, CBOT soybeans rose, with US weekly export sales higher than expected. In Brazil, the 25/26 soybean planting in Santa Catarina will start on September 16, with uneven precipitation and higher - than - normal temperatures. In Paraná, the soybean planting area increased by 1%, and the output is expected to increase by 4%. Domestically, the two - meal market was weak, affected by multiple factors. The strategy is short - term trading, waiting for the results of Sino - US talks [1]. - **Oils**: On Thursday, BMD palm oil fell, but strong export demand and lower - than - expected production limited the decline. Canadian rapeseed production was estimated to increase. Domestically, oil futures prices were weak, and if they break through the important support level, the downward space will open. The strategy is short - term trading [1]. - **Eggs**: On Thursday, egg futures continued to decline. The spot price was also weak, with most prices in the sales areas stable and a few slightly fluctuating. According to the seasonal pattern, egg prices should rebound in late August, but due to supply - side pressure, they continued to be weak. It is recommended to wait and see, paying attention to changes in terminal demand and market sentiment [1][2]. - **Pigs**: On Thursday, hog futures continued to correct. The spot price showed regional differences, with a slight increase in the north and a decline in the south. The fundamentals and market sentiment changed little, and the price is expected to be volatile. The main contract has corrected to the lower edge of the shock range, and attention should be paid to whether future demand and market sentiment can boost the market [2]. Market Information - In July 2025, the national industrial feed output was 28.31 million tons, with a month - on - month increase of 2.3% and a year - on - year increase of 5.5%. The ex - factory prices of different types of feed showed different trends, and the proportion of corn and soybean meal in feed production was given [3]. - The Dalian Commodity Exchange announced the addition of new group delivery sub - warehouses and non - group delivery warehouses for live pigs [3]. - The Chinese Ministry of Commerce's delegation visited Canada and the US. China is willing to work with the US to maintain the healthy and stable development of Sino - US economic and trade relations [3]. - As of the week of August 20, Argentine farmers sold a certain amount of soybeans in different years, with the total cumulative sales reaching 71.4794 million tons [4]. - The result of the China Grain Reserves Corporation's rapeseed oil bidding procurement on August 28 was a 100% transaction rate [4]. Variety Spreads - **Contract Spreads**: The report presents the 1 - 5 spreads of various agricultural products such as corn, soybean meal, oils, eggs, and pigs through multiple charts [6][7][11][15]. - **Contract Basis**: The report shows the basis of various agricultural products such as corn, soybean, soybean meal, oils, eggs, and pigs through multiple charts [14][17][19][24].

1. Investment Ratings No investment ratings are provided in the reports. 2. Core Views Palm Oil - Internationally, it may test the support at 4,500 ringgit and could briefly drop to 4,350 ringgit. Pay attention to production and inventory data [1]. - Domestically, after the futures price stabilizes above 9,500 yuan, it may rise to the 9,800 - 10,000 yuan range, maintaining a near - strong and far - weak pattern [1]. Soybean Oil - CBOT soybean oil may experience narrow - range fluctuations. If the policy is not released, it may decline due to sufficient soybean supply in the US [1]. - Domestically, with the arrival of the consumption season, the inventory is expected to decrease, and the basis quote may rise [1]. Corn - Short - term: Supply is increasing, demand is weak, and the market is in a weak and volatile state [2]. - Medium - term: New - season corn costs are decreasing, production may increase, and the supply pressure in the fourth quarter is significant [2]. Live Pigs - Spot prices are stable with minor fluctuations. Short - term sentiment may support the market, but there may be a concentrated slaughter before the double festivals. It is recommended to wait and see, and consider a small - scale long position in the far - month 01 contract below 14,000 [6]. Meal - US soybean prices are supported by weather and Chinese procurement expectations, but the domestic market may not rise smoothly due to import concerns. The cost support for domestic meals is strong in the fourth quarter [10]. Sugar - Raw sugar is under pressure from supply expectations but may be affected by potential production cuts in Brazil. It is expected to trade in the 15 - 17 cents/pound range in the short term. Zhengzhou sugar is expected to fluctuate narrowly [13]. Cotton - Short - term: Old - crop inventory is tight, supporting prices, but new - season production is expected to increase, so prices may fluctuate within a range [14]. - Long - term: New - cotton listing may put pressure on prices [14]. Eggs - Supply is sufficient, downstream digestion is slow, and egg prices are expected to remain bearish [16]. 3. Summary by Industry Oil and Fat Industry - **Soybean Oil**: On August 25, the spot price in Jiangsu was 8,740 yuan, up 0.58% from August 22; the futures price of Y2601 was 8,536 yuan, up 0.52% [1]. - **Palm Oil**: On August 25, the spot price in Guangdong was 9,620 yuan, up 0.84%; the futures price of P2601 was 9,488 yuan, down 0.23% [1]. - **Rapeseed Oil**: On August 25, the spot price in Jiangsu was 9,980 yuan, up 0.30%; the futures price of OI601 was 9,998 yuan [1]. Corn Industry - **Corn**: The price of corn 2511 at Jinzhou Port decreased by 0.97%, the basis increased by 63.08%, and the 11 - 3 spread decreased by 53.33% [2]. - **Corn Starch**: The price of corn starch 2511 decreased by 0.68%, the basis increased by 8.02%, and the 11 - 3 spread decreased by 11.43% [2]. Live Pig Industry - The spot price was stable, the basis of the main contract decreased by 24.05%, and the sample - point slaughter volume decreased by 0.84% [5]. Meal Industry - **Soybean Meal**: The spot price in Jiangsu was 3,060 yuan, up 0.33%; the futures price of M2601 was 3,117 yuan, up 0.94% [10]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,580 yuan, up 1.57%; the futures price of RM2601 was 2,547 yuan, up 0.16% [10]. Sugar Industry - The futures price of sugar 2601 increased by 0.32%, and the 1 - 9 spread increased by 42.86%. Nationwide sugar production increased by 12.03% year - on - year [13]. Cotton Industry - The futures price of cotton 2509 increased by 0.29%, and the 9 - 1 spread decreased by 18.52%. Commercial inventory decreased by 16.9% month - on - month [14]. Egg Industry - The price of the egg 09 contract increased by 1.06%, the price of the 10 contract decreased by 0.40%, and the egg - to - feed ratio decreased by 0.82% [16].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Corn is expected to fluctuate. The 9 - month contract's main funds are shifting to forward contracts, with the far - month 1 and 3 - month contracts under pressure. Spot market prices show different trends in different regions, and the futures price is in a short - term stalemate after a rapid decline [1]. - Soybean meal is expected to rise. CBOT soybeans rose on Thursday due to short - covering and bargain - hunting. In the domestic market, although there are rumors of state - reserve soybean auctions, the import cost of soybeans is stable and slightly strong, limiting the decline [1]. - Oils are expected to rise. BMD palm oil fell for the third day on Thursday, while US soybean oil and Canadian rapeseed rose. In the domestic market, the prices of the three major oils declined, but if the spot demand starts, the supply - demand situation may improve [1]. - Eggs are expected to fluctuate weakly. The futures price continued to decline, and the spot price is under supply - side pressure in the short term. Although there may be a seasonal rebound in the future, the high is likely to be lower than last year [1][2]. - Hogs are expected to fluctuate. The futures price fluctuated on Thursday. The supply is abundant, but as the high - temperature weather subsides, demand may recover, supporting the price [2]. Summary by Directory Research Views - **Corn**: The 9 - month contract is approaching the delivery month with reduced positions, and the far - month contracts are under pressure. Northeast corn prices are slightly weak, Jiangsu's new - season corn has a low price, North China prices are stable with limited adjustments, and the sales area prices are generally stable with some ports rebounding. The futures price is in a short - term stalemate after a rapid decline [1]. - **Soybean Meal**: CBOT soybeans rose on Thursday. In the domestic market, there are rumors of state - reserve soybean auctions, but the import cost of soybeans is stable and slightly strong, limiting the decline. The strategy is to maintain a long - only mindset and participate in positive spreads between months [1]. - **Oils**: BMD palm oil fell for three consecutive days, while US soybean oil and Canadian rapeseed rose. In the domestic market, the prices of the three major oils declined, and the inventory pressure is increasing. If the spot demand starts, the supply - demand situation may improve, and the basis is expected to strengthen. The strategy is to participate in short - term long positions and sell put options [1]. - **Eggs**: The futures price continued to decline on Thursday, and the spot price is under supply - side pressure in the short term. Although there may be a seasonal rebound in the future, the high is likely to be lower than last year. Attention should be paid to changes in terminal demand and market sentiment [1][2]. - **Hogs**: The futures price fluctuated on Thursday. The supply is abundant, but as the high - temperature weather subsides, demand may recover, supporting the price. Attention should be paid to policies and market sentiment [2]. Market Information - **USDA Drought Report**: As of the week ending August 19, about 9% of US soybean - growing areas were affected by drought (previously 3%, 7% last year), and about 5% of US corn - growing areas were affected (previously 4%, 6% last year) [3]. - **IGC Monthly Report**: The 2025/26 global soybean production forecast is slightly increased to 4.30 billion tons (year - on - year +1%), and the trade volume forecast is increased by 1 million tons to a record high (year - on - year +2%). The 2025/26 global corn production forecast is increased by 23 million tons to 12.99 billion tons, the trade volume is increased by 5 million tons to 192 million tons, the consumption is increased by 13 million tons to 12.85 billion tons, and the ending inventory is increased by 16 million tons to 2.94 billion tons [3]. - **India's Rapeseed Oil Purchase**: India purchased a batch of rapeseed oil to be delivered in August, the first in nearly five years, as the domestic price reached a three - and - a - half - year high [4]. - **Indonesia's Palm Oil Inventory**: As of the end of June, Indonesia's palm oil inventory decreased by 13% month - on - month to 2.53 million tons, despite increased production and accelerated exports. In June, Indonesia's palm oil exports reached 3.61 million tons, a sharp increase of 35.4% month - on - month [4]. - **China's Central Reserve Frozen Pork Purchase**: Huachuwang announced a 10,000 - ton central reserve frozen pork purchase and auction on August 25, 2025 [4]. Variety Spreads - **Contract Spreads**: The content provides charts of 1 - 5 spreads for corn, corn starch, soybeans, soybean meal, eggs, and hogs, but no specific analysis is given [5][6][7][11] - **Contract Basis**: The content provides charts of the basis for corn, corn starch, soybeans, soybean meal, eggs, and hogs, but no specific analysis is given [13][14][17][24] Team Members - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute, with rich experience and many honors. Her futures trading qualification numbers are F0243534 and Z0001262, and her email is wangn@ebfcn.com.cn [26]. - Hou Xueling is an analyst of soybeans at Everbright Futures, with more than a decade of experience in the futures industry and many honors. Her futures trading qualification numbers are F3048706 and Z0013637, and her email is houxl@ebfcn.com.cn [26]. - Kong Hailan is a researcher of eggs and hogs at Everbright Futures Research Institute, with a master's degree in economics. Her futures trading qualification numbers are F3032578 and Z0013544, and her email is konghl@ebfcn.com.cn [26].

Report Summary 1. Report Industry Investment Ratings - For the粕类market, the strategy is neutral [3] - For the corn market, the strategy is cautiously bearish [6] 2. Core Views - The downstream demand for粕类is good, and the soybean meal market maintains a volatile trend. The results of the anti - dumping investigation on rapeseed at the policy level have a significant impact on the price of粕类. The Brazilian premium is still strong, providing cost - side support. Attention should be paid to the situation of US soybeans and macro - policies [1][2] - For the corn market, the upward momentum of prices is insufficient, and demand is relatively stable. The market is focusing on the dynamics of new grain listings [5] 3. Summary by Related Catalogs **粕类Market** - **Market News and Important Data** - Futures: The closing price of the soybean meal 2509 contract was 3160 yuan/ton, a change of - 1 yuan/ton (- 0.03%) from the previous day; the rapeseed meal 2509 contract was 2627 yuan/ton, a change of + 23 yuan/ton (+ 0.88%) [1] - Spot: In Tianjin, the soybean meal spot price was 3090 yuan/ton, unchanged from the previous day; in Jiangsu, it was 3000 yuan/ton, unchanged; in Guangdong, it was 2970 yuan/ton, a decrease of - 10 yuan/ton. The rapeseed meal spot price in Fujian was 2650 yuan/ton, a decrease of - 70 yuan/ton [1] - Market Information: ProFarmer's on - the - spot inspection showed that the average number of soybean pods in South Dakota was the highest since 2020, and the USDA estimated that the state's soybean yield per acre in 2025 would be higher than last year [1] - **Market Analysis** - The domestic soybean supply is still relatively loose, and the fundamentals have not changed significantly. The results of the anti - dumping investigation on rapeseed at the policy level have a significant impact on the price of粕类. The Sino - US trade policy still has uncertainties. The Brazilian premium is strong, providing cost - side support [2] **Corn Market** - **Market News and Important Data** - Futures: The closing price of the corn 2509 contract was 2170 yuan/ton, unchanged from the previous day; the corn starch 2509 contract was 2489 yuan/ton, a change of - 74 yuan/ton (- 2.89%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2730 yuan/ton, unchanged [3] - Market Information: ProFarmer's preliminary inspection showed that the corn yield prospects in Ohio and South Dakota were higher than last year and the three - year average. As of August 17, the corn good - to - excellent rate was 71%, the highest since 2016 [3] - **Market Analysis** - On the supply side in China, the channel inventories in Northeast and North China are relatively low, and traders are more active in selling. On the demand side, the start - up of deep - processing enterprises is consolidating, and inventories continue to decline. Feed enterprises' corn positions have decreased, and they mainly make sporadic replenishments. The use of new wheat is stable. Overall, the upward momentum of prices is insufficient, and the market is concerned about new grain listings [5]