1. Report Industry Investment Ratings There is no information provided regarding the report industry investment ratings in the given content. 2. Core Views of the Report - **Soybean/M粕类**: International soybeans are in a high - yield pattern, with high production in Brazil and Argentina. In China, the pressure of soybean arrival is increasing, and although the demand is good, there is an obvious pressure of bean粕 inventory accumulation [2][3][5]. - **Sugar**: The raw sugar is dragged down by the expected high yield in Brazil and its trend is weak. In China, due to the lag in summer stocking demand and the short - term weak trend of raw sugar, Zhengzhou sugar is expected to remain weak [7][10]. - **Oils and Fats**: The rumor of India's tax reduction was refuted, and the Malaysian palm oil market declined. It is expected that Malaysian palm oil will continue to increase production and accumulate inventory in May. The inventory accumulation speed of domestic soybean oil may slow down, and the supply of rapeseed oil exceeds demand, but the decline space is limited [15][18]. - **Corn/Corn Starch**: The sowing of US corn is accelerating, and the external corn price is falling. In China, the supply of corn is relatively low, and the spot price is stable. The futures price has strong support [23][26]. - **Pigs**: The supply of pigs is relatively loose, and the price is expected to be weak [30]. - **Peanuts**: The spot trading volume of peanuts is still low, and the price of new - season peanuts in Henan is rising. The import volume has decreased significantly. The downstream consumption is still weak, and the price of peanut粕 is stable. The price of peanut oil is strong, but the market for oil - using peanuts is weak. The price of 10 - contract peanuts is expected to have limited rebound space [32][34]. - **Eggs**: The overall supply of eggs is sufficient, and the egg price has stabilized recently. It is recommended to close out short positions and wait and see [41][45]. - **Apples**: Currently in the weather - trading peak, the recent rainfall in Shaanxi has alleviated the drought. In the consumption off - season, the spot market sales have slowed down, but the low inventory supports the price. The 2510 contract is expected to have limited downward space [49][52]. - **Cotton - Cotton Yarn**: The market is mainly dominated by macro factors. The uncertainty has increased, and Zhengzhou cotton is expected to fluctuate. It is recommended to leave the market and wait and see [54][58]. 3. Summary by Related Catalogs Soybean/M粕类 - **External Market**: CBOT soybean index rose 0.58% to 1045.75 cents per bushel, and CBOT bean粕 index rose 0.53% to 301.8 dollars per short ton [2]. - **Related Information**: Forecasts for USDA export sales, EU rapeseed production increase, potential slowdown in Brazilian soybean exports, and domestic oil - mill data on soybean and bean粕 inventory [2]. - **Trading Strategies**: Unilateral - wait and see; Arbitrage - M11 - 1 positive spread, MRM09 spread widening; Options - sell wide - straddle strategy [6]. Sugar - **External Market**: ICE US sugar rose, with the main contract rising 0.14 (0.83%) to 17.04 cents per pound [7]. - **Important Information**: Data on Brazilian port sugar waiting for shipment, India's sugar domestic sales quota, Yunnan's sugar production and sales, and the decline in average yield and sugar - output per ton of sugarcane in Brazil's 2025/26 season [8][9]. - **Trading Strategies**: Unilateral - Zhengzhou sugar is expected to be weak in the short term; Arbitrage - wait and see; Options - virtual - value ratio spread options [11][12][13]. Oils and Fats - **External Market**: Overnight, CBOT US soybean oil main price changed by 0.96% to 48.39 cents per pound; BMD Malaysian palm oil main price changed by - 0.76% to 3903 ringgit per ton [15]. - **Related Information**: Malaysia's plan to increase biodiesel blending ratio, USDA export sales forecasts for US soybeans, bean粕, and soybean oil, and Canada's rapeseed export and inventory data [16][17]. - **Trading Strategies**: Unilateral - oils and fats are expected to fluctuate, and palm oil can be short - sold at the upper edge of the range; Arbitrage - wait and see; Options - wait and see [19][20][21]. Corn/Corn Starch - **External Market**: CBOT corn futures fell, with the main contract down 0.3% to 447.5 cents per bushel [23]. - **Important Information**: CBOT soft red winter wheat price increase, feed enterprise inventory data, corn processing enterprise inventory data, and corn price stability in North ports and North China [25]. - **Trading Strategies**: Unilateral - the 07 - contract corn has support around 440 cents per bushel, close out long positions and wait and see; Arbitrage - conduct oscillatory operations on corn - starch spread, go long on 09 - contract starch and short 09 - contract corn when the price is low; Options - those with spot can consider the strategy of selling put options when the price is high [27][28]. Pigs - **Related Information**: Pig price stability in different regions, changes in piglet and sow prices, and changes in the "Agricultural Product Wholesale Price 200 Index" and pork wholesale price [30]. - **Trading Strategies**: Unilateral - the price is expected to fluctuate; Arbitrage - LH79 reverse spread; Options - sell wide - straddle strategy [31]. Peanuts - **Important Information**: Peanut prices in different regions, arrival and transaction prices at oil mills, peanut oil and peanut粕 prices, and inventory data of peanut and peanut oil [32][33]. - **Trading Strategies**: Unilateral - short the 10 - contract peanuts when the price is high; Arbitrage - wait and see; Options - sell pk510 - C - 8600 options [35][36][37]. Eggs - **Important Information**: Egg price changes in main production and sales areas, data on the number of laying hens in production, egg - chick hatching volume, egg - chicken culling volume, egg sales volume, inventory, and profit [41][42][43]. - **Trading Strategies**: Unilateral - close out short positions and wait and see; Arbitrage - go long on 08 - contract and short 09 - contract; Options - wait and see [45][46][47]. Apples - **Important Information**: Apple cold - storage inventory, export and import data, market conditions, prices, and storage - merchant profits [49][50][51]. - **Trading Strategies**: Unilateral - buy the 10 - contract apples at low prices; Arbitrage - wait and see; Options - wait and see [57][53]. Cotton - Cotton Yarn - **External Market**: ICE US cotton fell, with the main contract down 0.30 (0.46%) to 65.03 cents per pound [54]. - **Important Information**: Indian cotton weekly and cumulative listing volume, US cotton planting rate, and the news about US tariff administrative orders [55][58]. - **Trading Strategies**: Unilateral - US cotton is expected to fluctuate slightly stronger, and Zhengzhou cotton is expected to fluctuate; Arbitrage - wait and see; Options - wait and see [59][60][61].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall supply of the soybean market is relatively loose, with high yields in Brazil and Argentina, and smooth progress in the new - crop planting of US soybeans. The domestic soybean market also faces inventory accumulation pressure. For sugar, it is expected to show a short - term weak and volatile trend. The short - term trend of the oil market is expected to be volatile, and the corn market is expected to be stable in the short - term with strong support for futures. The pig market has short - term supply pressure, and the peanut market has limited rebound space. The egg supply is sufficient, and the apple market may be slightly weak in the short - term. The cotton market is expected to show a volatile and slightly stronger trend [3][5][10][19][28][33][37][48][52][58] 3. Summary by Related Catalogs Soybean/M粕类 - **外盘情况**: CBOT soybean index rose 0.45% to 1057.75 cents per bushel, and CBOT soybean meal index rose 0.33% to $302.2 per short ton [2] - **相关资讯**: Brazil's soybean production reached 169 million tons this year. The global rapeseed production may be about 800,000 - 900,000 tons less. Brazil launched a 28 - day avian influenza observation period. As of the week of May 23, the actual soybean crushing volume of oil mills was 2.2093 million tons, the开机率 was 62.1%, the soybean inventory increased by 9.71% week - on - week, and the soybean meal inventory increased by 20.26% week - on - week [2] - **逻辑分析**: The overall supply of the soybean market is relatively loose, and the domestic oil mills face inventory accumulation pressure [3][5] - **交易策略**: For unilateral trading, slightly allocate long positions; for arbitrage, conduct M11 - 1 positive arbitrage and expand the MRM spread; for options, adopt the strategy of selling wide - straddle options [6] Sugar - **外盘情况**: ICE US sugar fell 0.32 (1.81%) to 17.38 cents per pound [7] - **重要资讯**: The spot price of Guangxi sugar rose slightly, and the quotes of sugar - making groups in various regions decreased. The inventory in Guangxi's third - party warehouses increased year - on - year, and the destocking speed was the lowest in the same period of the past five years. The import cost of Brazilian sugar decreased, and there was import profit [8] - **逻辑分析**: Brazil is about to enter the peak crushing period, and the domestic sugar market is expected to show a weak and volatile trend [10] - **交易策略**: For unilateral trading, view it as weak and volatile; for arbitrage, adopt a wait - and - see approach; for options, sell wide - straddle options or out - of - the - money ratio spread options [11][12][13] Oil - **外盘情况**: The overnight CBOT US soybean oil main price changed by - 0.44% to 49.22 cents per pound, and the BMD Malaysian palm oil main price changed by 0.16% to 3827 ringgit per ton [15] - **相关资讯**: Malaysia's palm oil production from May 1 - 20 increased by 3.51%. Malaysia's palm oil exports from May 1 - 25 increased by 11.6% compared with the same period last month. Argentina's soybean planting area and output increased, and the soybean harvest rate was 77%. Canada's rapeseed exports increased, and the commercial inventory was 966,700 tons [16][17][18] - **逻辑分析**: Malaysian palm oil is expected to continue to increase production and accumulate inventory in May. The soybean oil inventory accumulation speed may slow down, and the rapeseed oil supply exceeds demand, but the decline space may be limited [19] - **交易策略**: For unilateral trading, the oil market is expected to be volatile in the short - term, and palm oil can be short - sold at the upper limit of the range; for arbitrage, consider expanding the YP 09 spread at low levels and going long on OI 91 at low levels; for options, adopt a wait - and - see approach [20][21][22] Corn/Corn Starch - **外盘变化**: CBOT corn futures declined, with the main contract falling 0.3% to 459.5 cents per bushel [24] - **重要资讯**: CBOT corn futures rose last week due to slow spring sowing and good export sales. The temperature in the US corn - producing states is expected to be higher than normal, and the precipitation is expected to be lower than normal. The corn inventory of major processing enterprises increased slightly. The purchase price in the northern port and the price in the North China production area were stable [25][27] - **逻辑分析**: The US corn report is stable, and the sowing speed is accelerating. The domestic corn supply is relatively small, and the spot price is relatively stable. The 07 corn contract is in a low - level shock, and the basis difference is narrowing [28] - **交易策略**: For unilateral trading, the 07 corn contract has support at around 440 cents per bushel, and long positions can be tried; for arbitrage, conduct shock operations on the corn and starch arbitrage and expand the spread at low levels; for options, those with spot can consider the strategy of accumulating put options at high prices [29][30] Pig - **相关资讯**: The pig price showed a weak trend, and the prices of piglets and sows decreased slightly. The wholesale price of pork increased [32][33] - **逻辑分析**: The enthusiasm of farmers for slaughter is still relatively high, and the short - term supply pressure still exists [33] - **交易策略**: For unilateral trading, the market is mainly in a shock operation; for arbitrage, conduct LH79 reverse arbitrage; for options, sell wide - straddle options [34] Peanut - **重要资讯**: The quotes of peanuts in various regions are relatively stable, and the arrivals and transaction prices of peanut oil mills vary. The price of peanut oil is relatively strong, and the sales of peanut meal are average. The peanut inventory of sample enterprises increased slightly, and the peanut oil inventory decreased slightly [35][36] - **逻辑分析**: The spot trading volume of peanuts is still small, the import volume has decreased significantly, the downstream consumption is still weak, but the large - scale oil mills' purchases have boosted the market. The 10 - contract peanut is short - term strong, but the rebound space is limited [37] - **交易策略**: For unilateral trading, adopt a wait - and - see approach for the 10 - contract peanut; for arbitrage and options, adopt a wait - and - see approach [38][39][40] Egg - **重要资讯**: The average price of eggs in the main production areas decreased, and the price in the main sales areas also decreased. The inventory of laying hens increased, the egg - chick hatching volume increased, the slaughter volume of laying hens increased, the egg sales volume increased, the inventory in the production and circulation links decreased, and the egg - raising profit increased [43][44][45] - **交易逻辑**: The overall egg supply is still sufficient, and it is recommended to close the previous short positions and wait and see [48] - **交易策略**: No specific strategies provided in the text Apple - **重要资讯**: The apple inventory in cold storage decreased, the export volume increased, the import volume increased significantly, the market destocking speed slowed down, the terminal demand decreased slightly, the new - season apple is entering the bagging stage, and the precipitation in the western region has alleviated the drought to some extent. The spot price is expected to be stable in the short - term, and the storage profit has increased [49][50][51] - **交易逻辑**: The apple market is in the peak of weather - related trading. The market may revise the previous pessimistic expectations, and the spot market sales have slowed down, but the low inventory has a certain supporting effect on the price [52] - **交易策略**: For unilateral trading, short positions can consider closing the positions and waiting and seeing, and then build long positions at low levels for the AP10 contract; for arbitrage, go long on the 08 contract and short the 09 contract; for options, adopt a wait - and - see approach [50][53] Cotton - Cotton Yarn - **外盘影响**: ICE US cotton rose 0.39 (0.59%) to 66.06 cents per pound [54] - **重要资讯**: As of May 18, the US cotton planting rate was 40%, slower than the same period last year and the five - year average. The drought in the US main production areas has been alleviated. The weekly signing volume of US upland cotton increased, and the weekly shipping volume decreased. The number of un - priced contracts of ICE cotton decreased [55][56][57] - **交易逻辑**: The market fundamentals change little, and the Zhengzhou cotton market is expected to show a volatile and slightly stronger trend under the influence of the macro - level [58] - **交易策略**: For unilateral trading, the US cotton is expected to be slightly stronger in a volatile trend, and the Zhengzhou cotton is expected to be stronger in a volatile trend; for arbitrage and options, adopt a wait - and - see approach [59][60]

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