Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Soybean and Soybean Meal**: The bottom of import cost may have emerged, but the upside space requires greater production cuts. Domestic soybean and soybean meal inventories are high, and soybean meal is expected to fluctuate [2][4]. - **Palm Oil**: The over - expected production in Malaysia and Indonesia suppresses the market. There may be a reversal in the inventory situation in the fourth quarter and the first quarter of next year. It is recommended to try a callback - buying strategy [6][9]. - **Sugar**: The new sugar - making season is expected to see increased production in major producing countries, and the global supply - demand relationship has shifted from shortage to surplus. It is recommended to sell high and close positions when prices fall [11][12]. - **Cotton**: After the peak season, demand is not too bad, and the market is expected to continue to fluctuate in the short term [14][15]. - **Eggs**: Before the spot price realizes seasonal increases, the market is expected to fluctuate. In the medium - term, pay attention to the upside pressure and wait to sell on rebounds [16][17]. - **Pigs**: The supply pressure remains high, and demand is weak. It is recommended to short near - term contracts or do reverse spreads [19][20]. 3. Summary by Directory Soybean and Soybean Meal - **Market Information**: On Thursday, CBOT soybeans were closed for a holiday. Brazilian soybean premiums were stable, and the cost of imported soybeans remained unchanged. Domestic soybean meal spot prices were mostly flat, with good trading and pick - up. MYSTEEL expects this week's soybean crushing volume to be 2.3173 million tons, and last week's was 2.3344 million tons. The feed enterprise inventory days decreased by 0.25 days to 7.98 days. Port soybean inventories decreased last week but were still high year - on - year. Soybean meal inventories rose above 1 million tons [2]. - **Strategy**: The bottom of import cost may have emerged, but the upside space requires greater production cuts. Domestic soybean and soybean meal inventories are high, and soybean meal is expected to fluctuate [4]. Palm Oil - **Market Information**: From November 1 - 25, Malaysia's palm oil exports decreased compared with the previous month, while production increased. In September, Indonesia exported 2.2 million tons of palm oil, lower than the same period last year and August this year. On Thursday, domestic oils continued to rebound, and foreign capital reduced short positions in palm oil [6]. - **Strategy**: The over - expected production in Malaysia and Indonesia suppresses the market. There may be a reversal in the inventory situation in the fourth quarter and the first quarter of next year. It is recommended to try a callback - buying strategy [9]. Sugar - **Market Information**: On Thursday, Zhengzhou sugar futures fluctuated strongly. The closing price of the January contract was 5,403 yuan/ton, up 24 yuan/ton or 0.45%. Spot prices were stable. The new sugar - making season is expected to see a global supply surplus of 3.7 million tons, and Brazil's sugar production in the first half of November is expected to increase by 18.9% year - on - year [11]. - **Strategy**: The new sugar - making season is expected to see increased production in major producing countries, and the global supply - demand relationship has shifted from shortage to surplus. It is recommended to sell high and close positions when prices fall [12]. Cotton - **Market Information**: On Thursday, Zhengzhou cotton futures fluctuated within a narrow range. The closing price of the January contract was 13,640 yuan/ton, up 15 yuan/ton or 0.11%. The spot price index rose. Spinning mill operating rates decreased slightly, and commercial cotton inventories increased year - on - year. The 2025/26 global cotton production is expected to increase by 520,000 tons [14]. - **Strategy**: After the peak season, demand is not too bad, and the market is expected to continue to fluctuate in the short term [15]. Eggs - **Market Information**: Yesterday, national egg prices were stable or rising. The average price in the main producing areas rose 0.03 yuan to 2.96 yuan/jin. Supply was stable, and downstream digestion was average, with some improvement in local areas [16]. - **Strategy**: Before the spot price realizes seasonal increases, the market is expected to fluctuate. In the medium - term, pay attention to the upside pressure and wait to sell on rebounds [17]. Pigs - **Market Information**: Yesterday, domestic pig prices mostly fell, with slight increases in some areas. Market demand increased slowly, and supply was abundant. Slaughter enterprises still had the intention to suppress prices [19]. - **Strategy**: The supply pressure remains high, and demand is weak. It is recommended to short near - term contracts or do reverse spreads [20].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The international soybean market is generally strong, with prices fluctuating. The domestic soybean meal shows a rising trend, while rapeseed meal continues to rebound. The price difference between soybean meal and rapeseed meal slightly expands, and the monthly spreads of both contracts decline [3]. - The current international soybean market supply - demand situation is relatively loose. The US market is relatively strong due to increased exports, but the Brazilian new - crop soybean may face price pressure in the medium term [4]. - The domestic spot market is in a state of loose supply - demand. The oil mill's开机率 increases, the market supply is sufficient, and the inventory remains high. The market demand is increasing, but there is still a potential shortage in the long - term supply [5]. - The impact of macro factors on the market is expected to be limited in the future, and the market will focus more on fundamental changes [6]. - In the short term, the US soybean futures may fluctuate at a high level. The South American market has price support, and the international soybean market supply - demand is relatively stable. The domestic soybean meal may face price pressure in the medium - long term, and the rapeseed meal supply may still face pressure [7]. 3. Summary by Related Catalogs 3.1 Market Quotes - **Futures and Spot Basis**: For soybean meal, the closing prices of 01, 05, and 09 contracts are 3015, 2826, and 2938 respectively, with price increases of 2, 6, and 7. The spot basis in various regions shows a downward trend. For rapeseed meal, the closing prices of 01, 05, and 09 contracts are 2439, 2387, and 2451 respectively, with price increases of 8, 2, and 1. The spot basis in some regions also decreases [3]. - **Monthly Spreads**: For soybean meal, the 15 - spread is 189 (down 4 from yesterday), the 59 - spread is - 112 (down 1), and the 91 - spread is - 77 (up 5). For rapeseed meal, the 15 - spread is 52 (up 6), the 59 - spread is - 64 (up 1), and the 91 - spread is 12 (down 7) [3]. - **Cross - Variety Spreads**: The 01 - spread between soybean meal and rapeseed meal is 576 (down from yesterday), and the 09 - spread is 487 (up from yesterday). The spot difference between soybean meal and rapeseed meal is 468 (down 13), between rapeseed meal and sunflower meal is 370 (down 20), and between soybean meal and sunflower meal is 718 (down 3) [3]. 3.2 Fundamentals - **International Market**: The US soybean balance sheet can support the price, but the upside is limited. South American supply - side influence increases. Brazil's new - crop sowing progresses fast, with a generally positive supply outlook. Argentina's old - crop soybean has increased processing and exports [4]. - **Domestic Market**: As of November 21, the actual soybean processing volume of oil mills is 2.3344 million tons, the开机率 is 64.22%, the soybean inventory is 7.1499 million tons (down 4.38% from last week, up 39.91% year - on - year), and the soybean meal inventory is 1.1515 million tons (up 15.97% from last week, up 49.47% year - on - year). The demand for rapeseed meal is weakening, and the supply pressure persists [5]. 3.3 Macro Factors - The US government ends the shutdown, and Sino - US negotiations release positive signals, which boost the US soybean futures. The resumption of the soybean export qualification of three US companies to China improves the export prospects. However, the impact of macro factors on the market is expected to be limited in the future [6]. 3.4 Logic Analysis - The US soybean futures may fluctuate at a high level without significant improvement in exports. The short - term dry weather in Brazil supports the price. The international soybean market supply - demand is relatively stable, and price changes are expected to be limited. The domestic soybean meal market has supply - side pressure, and the rapeseed meal supply may face challenges [7]. 3.5 Trading Strategies - **Single - Side**: Place a small number of long positions [8]. - **Arbitrage**: Wait and see [8]. - **Options**: Sell a wide - straddle strategy [8]. 3.6 Soybean Processing Profits - The processing profits of Brazilian soybeans vary by shipping date. For example, the February shipment has a spot processing profit of 52.57 and a change of - 2.52 compared to yesterday [9].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The report provides a comprehensive overview of the overnight and spot market conditions for various commodities, including palm oil, soybeans, and their related products. It also analyzes important fundamental information such as产区天气, international and domestic supply - demand, and macro - economic news, along with details on fund flows and arbitrage tracking. Summary by Directory Overnight Market Conditions - The closing price of BMD Malaysian palm oil futures contract 02 was 3985.00, with a previous day's decline of 1.60% and an overnight decline of 0.13% [1]. - Brent crude oil futures contract 02 on ICE closed at 61.90, with a previous day's decline of 1.32% and an overnight increase of 1.13% [1]. - NYMEX WTI crude oil futures contract 01 closed at 58.11, with a previous day's decline of 1.32% and an overnight increase of 1.36% [1]. - CBOT soybean futures contract 01 closed at 1124.00, with a previous day's increase of 0.25% and an overnight increase of 0.02% [1]. - CBOT soybean meal futures contract 01 closed at 320.50, with a previous day's increase of 0.82% and an overnight decline of 0.40% [1]. - CBOT soybean oil futures contract 01 closed at 50.63, with a previous day's increase of 0.30% and an overnight increase of 1.61% [1]. - The latest value of the US dollar index was 99.83, with a decline of 0.34% [1]. Spot Market Conditions - For DCE palm oil 2601, the spot price in North China was 8540, with a basis of 110 and no change from the previous day; in East China, it was 8430, with a basis of 0 and no change; in South China, it was 8380, with a basis of - 50 and no change [2]. - For DCE soybean oil 2601, the spot price in Shandong was 8370, with a basis of 192 and a decrease of 6 from the previous day; in Jiangsu, it was 8450, with a basis of 272 and a decrease of 6; in Guangdong, it was 8480, with a basis of 302 and a decrease of 6; in Tianjin, it was 8310, with a basis of 132 and a decrease of 26 [2]. - For DCE soybean meal 2601, the spot price in Shandong was 2990, with a basis of - 28 and a decrease of 2 from the previous day; in Jiangsu, it was 2980, with a basis of - 38 and a decrease of 2; in Guangdong, it was 2970, with a basis of - 48 and a decrease of 2; in Tianjin, it was 3050, with a basis of 32 and a decrease of 2 [2]. Important Fundamental Information Production Area Weather - In southern Brazil, soil moisture will slowly decline. In the states of Rio Grande do Sul and Paraná, it will be generally dry from Tuesday to Friday. Temperatures will be near to below normal on Tuesday, near to above normal from Wednesday to Thursday, and above normal on Friday. In the states of Mato Grosso, Mato Grosso do Sul, and southern Goiás, there will be scattered showers before Friday, and temperatures will be near normal. Overall, December rainfall is predicted to be below normal, but the situation may improve as local crops enter the growing season [4]. - In Argentina's main soybean - producing areas, an overall dry pattern has emerged. Although soil moisture is still high in the early growing season, a dry pattern has set in. A front will bring scattered showers on Friday and Saturday, followed by dry conditions until December. Due to the lack of high - temperature weather, the decline in soil moisture will slow down [4]. International Supply and Demand - ITS reported that Malaysia's palm oil exports from November 1 - 25 were 1,041,935 tons, a 18.8% decrease from the same period last month [6]. - AmSpec reported that Malaysia's palm oil exports from November 1 - 25 were 987,978 tons, a 16.4% decrease from the same period last month [6]. - As of the week ending October 9, US soybean export sales increased by a net of 78.64 million tons, in line with expectations. Current - market - year export sales increased by a net of 78.50 million tons, a 15% decrease from the previous week and a 9% decrease from the four - week average. Next - market - year export sales increased by a net of 0.14 million tons [7]. - As of the week ending October 9, US soybean oil export sales increased by a net of 0.19 million tons, below expectations. Current - market - year export sales increased by a net of 0.19 million tons, and next - market - year export sales increased by a net of 0 tons [7]. - As of the week ending October 9, US soybean meal export sales increased by a net of 35.55 million tons, in line with expectations. Current - market - year export sales increased by a net of 35.84 million tons, a 6% increase from the previous week and a 517% increase from the four - week average. Next - market - year export sales decreased by a net of 0.29 million tons [8]. - As of the week ending November 21, 2025, the US soybean crushing profit was $2.73 per bushel, a 12.2% decrease from the previous week [8]. - The US Agriculture Secretary indicated that the Trump administration is expected to announce a package of aid for US farmers within two weeks [9]. - Anec estimated that Brazil's soybean exports in November would reach 4.4 million tons (down from the previous forecast of 4.71 million tons), and soybean meal exports would be 2.5 million tons (down from the previous forecast of 2.68 million tons) [9]. - Argentina's soybean crushing volume in October was 4,036,171 tons, with a soybean oil output of 794,211 tons and a soybean meal output of 2,976,944 tons. As of November 1, 2025, the factory's soybean inventory was 2,798,823 tons, soybean oil inventory was 296,624 tons, and soybean meal inventory was 1,050,328 tons [9]. - As of November 21, the EU's palm oil imports in the 2025/26 season were 1.12 million tons (compared to 1.36 million tons in the same period last year), soybean imports were 4.66 million tons (compared to 5.41 million tons last year), soybean meal imports were 7.02 million tons (compared to 7.83 million tons last year), and rapeseed imports were 1.51 million tons (compared to 2.53 million tons last year) [10]. - Canada's AAFC maintained its forecast for the 2025/26 rapeseed production at 20.028 million tons, exports at 7 million tons, domestic use at 12.226 million tons, and ending inventory at 2.5 million tons [10]. - The Baltic Dry Index rose for the ninth consecutive trading day on Tuesday, reaching its highest level in nearly two years, driven by stronger freight rates for Capesize and Panamax vessels [11]. Domestic Supply and Demand - On November 25, the trading volume of soybean oil was 2000 tons, and palm oil was 1600 tons, with a total trading volume of 3600 tons, a decrease of 2800 tons (44%) from the previous trading day [12]. - On November 25, the trading volume of soybean meal at major domestic oil mills was 14.26 million tons, an increase of 4.72 million tons from the previous trading day. The national dynamic full - sample oil mill operating rate was 60.27%, a decrease of 1.24% from the previous day [12]. - As of November 19, the national average hog price was 12.24 yuan/kg, a 1.61% decrease from November 12; the average corn price in major wholesale markets was 2.28 yuan/kg, a 0.88% increase from November 12; the hog - to - corn ratio was 5.37, a 2.36% decrease from November 12 [12]. - On November 25, the "Agricultural Product Wholesale Price 200 Index" was 125.94, up 0.24 points from the previous day; the "Vegetable Basket Product Wholesale Price Index" was 128.13, up 0.28 points from the previous day [13]. Macro - economic News International News - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in December is 84.9%, and the probability of keeping interest rates unchanged is 15.1%. By January next year, the probability of a cumulative 25 - basis - point rate cut is 66.4%, the probability of keeping rates unchanged is 11.1%, and the probability of a cumulative 50 - basis - point rate cut is 22.6% [15]. - The US September PPI annual rate was 2.7% (in line with expectations, up from 2.6% previously), the monthly rate was 0.3% (in line with expectations, up from - 0.1% previously), the September retail sales monthly rate was 0.2% (lower than the expected 0.4%, down from 0.6% previously) [15]. - The US November Conference Board Consumer Confidence Index was 88.7 (lower than the expected 93.4, down from 94.6 previously) [15]. - The US November Richmond Fed Manufacturing Index was - 15 (lower than the expected - 5, down from - 4 previously) [15]. - The US October Pending Home Sales Index monthly rate was 1.9% (higher than the expected 0.5%, up from a revised 0.1% previously) [15]. - The US September S&P/CS 20 - City Unadjusted House Price Index annual rate was 1.4% (in line with expectations, down from 1.58% previously), and the FHFA House Price Index monthly rate was 0% (lower than the expected 0.2%, down from 0.40% previously) [15]. - The US August Business Inventory monthly rate was 0% (lower than the expected 0.1%, down from a revised 0.1% previously) [16]. - The US API crude oil inventory for the week ending November 21 was - 1.859 million barrels (compared to 4.448 million barrels previously) [16]. Domestic News - On November 25, the USD/CNY exchange rate was reported at 7.0826, down 21 points (indicating RMB appreciation) [18]. - On November 25, the People's Bank of China conducted 302.1 billion yuan of 7 - day reverse repurchase operations. With 900 billion yuan of 1 - year MLF and 407.5 billion yuan of 7 - day reverse repurchases maturing, there was a net withdrawal of 1005.4 billion yuan [18]. Fund Flows - On November 25, 2025, the futures market had a net capital inflow of 7.469 billion yuan, including a net inflow of 7.242 billion yuan in commodity futures (451 million yuan in agricultural product futures, a net outflow of 269 million yuan in chemical futures, 269 million yuan in black - series futures, and 6.79 billion yuan in metal futures), a net inflow of 21 million yuan in stock index futures, and a net inflow of 178 million yuan in treasury bond futures [21]. Arbitrage Tracking No relevant information provided.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents comprehensive information on the futures market, including overnight and spot prices, important fundamental factors, macro - news, fund flows, and arbitrage tracking. It also details the supply - demand situation of various agricultural products and the latest economic data at home and abroad, which can help investors understand the market trends and make investment decisions [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Overnight Market - Overnight price and percentage change data are provided for multiple futures products, including BMD's February palm oil, ICE's January Brent crude, NYMEX's January WTI crude, CBOT's January soybeans, etc. Price and percentage change data are also given for multiple currency pairs, such as the US dollar index, CNY/USD, MYR/USD, etc. [1] 3.2 Spot Market - Spot prices, basis, and basis daily changes are presented for DCE's January 2026 palm oil, soybean oil, and soybean meal in different regions. CNF premiums, premium changes, and CNF quotes are also provided for imported soybeans from different origins [2]. 3.3 Important Fundamental Information 3.3.1 Production Area Weather - In Brazil, the soybean - producing areas in the south may face deteriorating conditions as the key growth season for corn and soybeans approaches in December. In Argentina, a drier weather pattern is forming, and soil moisture may gradually decline in the coming weeks [3]. 3.3.2 International Supply and Demand - Malaysia's 2025 crude palm oil production is expected to exceed 19.5 million tons, higher than 19.3 million tons in 2024. Malaysia's palm oil exports from November 1 - 20, 2025, decreased by 40.6% compared to the same period last month. CFTC's position report shows changes in long and short positions for multiple agricultural products. USDA's monthly crushing report provides data on US soybean and corn processing. Information on soybean planting progress in Brazil and Argentina, oilseed processing in the EU, and soybean planting and export in Ukraine is also included. Additionally, data on Canadian rapeseed exports and inventory, and the Baltic Dry Index are presented [5][6][7]. 3.3.3 Domestic Supply and Demand - On November 21, 2025, the trading volume of soybean oil and palm oil decreased significantly compared to the previous trading day. The trading volume of soybean meal also decreased, and the opening rate of oil mills declined. The expected soybean crushing volume in the 48th week is slightly lower than that in the 47th week. Data on pig - raising profits, agricultural product wholesale price indices, and livestock and poultry product prices are also provided [10][11]. 3.4 Macro - news 3.4.1 International News - The preliminary values of the US November S&P Global Manufacturing PMI, Services PMI, and Composite PMI are released, along with the final value of the one - year inflation rate expectation, the final value of the Michigan Consumer Confidence Index, and the monthly rate of wholesale sales. The preliminary value of the Eurozone November Manufacturing PMI is also provided [14]. 3.4.2 Domestic News - On November 21, 2025, the USD/CNY exchange rate decreased, and the central bank carried out 7 - day reverse repurchase operations, achieving a net investment [16]. 3.5 Fund Flows - On November 21, 2025, the futures market had a net fund outflow of 9.73 billion yuan. Commodity futures had a net outflow of 13.39 billion yuan, while stock index futures had a net inflow of 4.4 billion yuan, and bond futures had a net outflow of 0.694 billion yuan [20]. 3.6 Arbitrage Tracking No relevant content provided.

Group 1: Report Industry Investment Ratings - The investment rating for cotton, sugar, and pulp is neutral [2][6][9] Group 2: Core Views of the Report - In the short term, cotton prices face strong hedging pressure and may decline after cost solidification. In the long - term, due to low initial inventory and resilient consumption, the supply - demand situation won't be too loose, and cotton prices are expected to be positive after the seasonal pressure [2] - For sugar, in the short term, the support at around 5400 is strong, and it will fluctuate before the Spring Festival. In the long - term, the domestic supply - demand is expected to be loose, and the price may hit a new low next year [6] - Regarding pulp, the fundamental improvement is insufficient, and the continuous rebound space of pulp prices is limited. Attention should be paid to the actual implementation of peak - season demand in the fourth quarter [9] Group 3: Summary According to Cotton - Related Content Market News and Important Data - The closing price of the cotton 2601 contract yesterday was 13,395 yuan/ton, down 50 yuan/ton (-0.37%) from the previous day. The Xinjiang arrival price of 3128B cotton was 14,558 yuan/ton, down 21 yuan/ton, with a spot basis of CF01 + 1163, up 29 from the previous day. The national average price of 3128B cotton was 14,789 yuan/ton, down 12 yuan/ton, with a spot basis of CF01 + 1394, up 38 from the previous day [1] - In October 2025, China's cotton import volume was 90,000 tons, a decrease of 10,000 tons (10%) from September and 20,000 tons (15.6%) from the same period last year. From January to October 2025, China's cumulative cotton imports were 770,000 tons, a year - on - year decrease of 67.4%. From September 2025 to August 2026, the cumulative cotton imports were 190,000 tons, a year - on - year decrease of 17.4% [1] Market Analysis - Internationally, the USDA November report significantly increased the US cotton production. The global cotton production, consumption, and ending stocks in the 2025/26 season all increased compared to September, with a bearish adjustment. After the data release, the US cotton futures price fell. With the new cotton concentratedly listed in the Northern Hemisphere, the supply pressure is still being released, and the global textile terminal consumption is weak, so the short - term external market is expected to be under pressure [2] - Domestically, since the National Day holiday, as the harvesting progress accelerated, the market's expectation of new cotton production declined, and the purchase price of seed cotton gradually stabilized and rebounded, supporting the previous upward trend of the futures price. However, the new cotton is still expected to increase in production overall, and the downstream "Golden September and Silver October" peak season was not prosperous, with limited order increments mainly in small and short orders. Now in the off - season of the textile industry, textile enterprises purchase cotton raw materials as needed, and the demand support is insufficient [2] Group 4: Summary According to Sugar - Related Content Market News and Important Data - The closing price of the sugar 2601 contract yesterday was 5407 yuan/ton, down 51 yuan/ton (-0.93%) from the previous day. The spot price of sugar in Kunming, Yunnan was 5600 yuan/ton, down 30 yuan/ton, with a spot basis of SR01 + 193, up 21 from the previous day [2] - The International Sugar Organization (ISO) predicts that the global sugar market will have a surplus of 1.63 million tons in the 2025/26 season. The sugar production is expected to increase by 3.15% year - on - year to 181.77 million tons, while the consumption will only increase by 0.6% to 180.14 million tons. The global sugar market had a supply - demand gap of 2.92 million tons in the 2024/25 season [3] Market Analysis - For raw sugar, Brazil's supply remains strong, and the production outlook for the next season is optimistic. India's sugar production in the 25/26 season is expected to rebound significantly, and the export expectation increases. Thailand's sugar production is also expected to increase, and the global bumper harvest pattern suppresses the futures price. However, India's exports are still difficult to increase in the short term, and the supply pressure in the later stage of Brazil's sugar - crushing season is gradually weakening, so the short - term decline space of raw sugar may be limited. In the long - term, the surplus pattern restricts the rebound momentum of raw sugar, and it is difficult to break away from the low - level oscillation range [4] - For Zhengzhou sugar, the domestic sugar production in the new season is still expected to increase strongly. However, the current price has fallen to near the sugar - making cost line, and sugar mills have the intention to support the price at the beginning of the season. Coupled with the stricter control policy on syrup, it provides short - term support for sugar prices, and the decline space of Zhengzhou sugar is expected to be limited [4] Group 5: Summary According to Pulp - Related Content Market News and Important Data - The closing price of the pulp 2601 contract yesterday was 5408 yuan/ton, down 66 yuan/ton (-1.21%) from the previous day. The spot price of Chilean Silver Star softwood pulp in Shandong was 5550 yuan/ton, unchanged from the previous day, with a spot basis of SP01 + 142, up 66 from the previous day. The spot price of Russian softwood pulp (Ural and Bratsk) in Shandong was 5125 yuan/ton, unchanged from the previous day, with a spot basis of SP01 - 283, up 66 from the previous day [7] - Yesterday, the spot prices of imported wood pulp mostly stabilized, with some pulp varieties showing a weak trend. The price of the main contract on the Shanghai Futures Exchange weakened. The shipment of imported softwood pulp by traders was still slow, and the prices of some grades in Shandong, Jiangsu, Zhejiang, and Shanghai decreased by 10 - 50 yuan/ton. The imported hardwood pulp market traders continued to hold prices, and downstream enterprises mostly purchased on a just - in - time basis. The trading in the imported natural pulp and imported chemimechanical pulp markets had no obvious fluctuations, and the prices were stable [7] Market Analysis - In terms of supply, the European pulp port inventory decreased in September but remained at a relatively high level compared to the same period. The de - stocking speed of domestic ports was lower than expected, and the port inventory remained high for a long time, so the supply - loose pattern has not changed substantially [8] - In terms of demand, the pulp consumption in Europe and the United States remained weak, and the inventory pressure of global pulp mills gradually emerged. Weak domestic demand is the core factor suppressing pulp prices. Although a large amount of finished paper production capacity was put into operation this year, the terminal effective demand was always insufficient, the paper was in a surplus state, the paper mill operating rate declined, and the overall output of finished paper did not increase significantly. The over - capacity in the paper sector led to continuous contraction of industry profits. Now in the traditional peak season of the industry, downstream paper mills are cautious in purchasing raw materials and have not carried out large - scale stockpiling [8]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views - For soybean meal, the upside space is limited, with pressure at the 3200 price level for the m2601 contract. Abroad, the US government shutdown persists, lacking data guidance, and the market focuses on Sino-US policy agreements and the return of US soybean orders. Domestically, near - term soybean and soybean meal supplies are relatively sufficient, but the supply pressure is expected to ease. The cost - end support for soybean meal is strong, and attention should be paid to Sino - US tariff policies and the growth of South American soybeans [3]. - For rapeseed meal, the upside space is limited, with pressure at the 2500 price level for the RM601 contract. Globally, the 2025/26 rapeseed supply - demand pattern is loose, suppressing the price. Domestically, the anti - dumping preliminary ruling on Canadian rapeseed restricts imports, and downstream aquaculture is in the off - season. The supply is expected to tighten, but demand is also weak. In the long - term, the global supply - demand situation will suppress the price, and in the short - term, it will stabilize with the rebound of soybean meal. Attention should be paid to inventory reduction and Sino - Canadian trade relations [3]. - For different participants: Traders with inventory can hedge against price drops by short - selling a small proportion; those seeking to build inventory can hedge on the futures or options market to prevent sudden price increases. Feed mills can also take similar hedging measures [3]. 3. Summary by Directory 3.1 US Soybean Supply and Demand - The market expects a downward adjustment in US soybean yield in the upcoming USDA report, which may tighten the fundamentals and support the price. The price has been oscillating at a high level between 1100 - 1160 cents/bu. Analysts' average estimate of the 2025/26 yield is 32.85 bu/acre, a decrease from the September estimate. The export and ending inventory are expected to be adjusted downward. The current US soybean has a cost advantage over Brazilian soybeans, but there is still pressure on further price increases without large - scale purchases from China [16][17]. - As of the week ending November 7, 2025, the US soybean crushing profit was $2.02/bu, a 6.40% week - on - week decrease and a 35.87% year - on - year decrease. As of November 6, the US soybean export inspection volume was 1.0886 million tons, in line with expectations. The cumulative export inspection volume since the beginning of the crop year was 8.89 million tons, lower than the previous year [18]. 3.2 South American Soybean Supply and Demand - Brazilian soybean sowing is more than half - completed, but the progress is behind last year due to local rainfall. The sowing in Argentina has started. China's procurement supports the Brazilian soybean premium, which remains oscillating. It is necessary to pay attention to future weather conditions and China's procurement [26][27]. - As of November 8, the Brazilian soybean sowing rate was 38.4%, lower than last year's 66.1% and the five - year average of 57%. Anec expects Brazilian soybean exports in November to reach 4.26 million tons and soybean meal exports to reach 2.47 million tons [27]. 3.3 Rapeseed Supply and Demand - The international rapeseed price has stabilized and rebounded due to Canada's biofuel production incentive plan and the rebound of oilseed soybean prices. The 2025/26 global rapeseed production is expected to increase by 5.23 million tons, with an increase in consumption demand of 2.06%. The trade volume may decline due to trade policies, and the inventory and stock - to - use ratio are increasing [52][53]. - As of November 2, Canadian rapeseed exports increased by 21.2% week - on - week to 188,400 tons. The cumulative exports from August 1 to November 2 were 1.4233 million tons, a 54.1% decrease from the previous year. The commercial inventory was 1.3187 million tons [53]. 3.4 Domestic Meal Supply and Demand - The soybean meal futures continued to oscillate. Although the Sino - US trade policy has changed, the cost of US soybeans is still higher, and the near - term supply is loose, suppressing the upward space. However, the overall import cost increase provides strong support for the price [63][64]. - In October 2025, China imported 3.932 million tons of soybeans, a decrease of 3.387 million tons from September and a 17.25% increase from October 2024. The cumulative import from January to October was 95.682 million tons, a 6.39% increase year - on - year [64]. - As of November 7, the actual soybean crushing volume of 125 domestic oil mills was 1.8057 million tons, with an operating rate of 49.67%. It is expected to reach 2.1579 million tons and 59.36% in the 46th week (November 8 - 14) [86]. - The rapeseed crushing in coastal areas has basically stopped, with a crushing volume of 0 tons and an operating rate of 0% this week and next week [87]. - As of November 7, the soybean inventory of 125 domestic oil mills was 7.6195 million tons, a 7.20% increase from last week and a 35.97% increase year - on - year. The rapeseed inventory was 0 tons, and the rapeseed meal inventory continued to decline [101]. - As of November 13, the total soybean meal transaction was 606,340 tons, a week - on - week increase of 221,100 tons. The daily average transaction was 172,700 tons, a 43.35% increase. The total soybean meal pick - up was 900,000 tons, a week - on - week decrease of 20,500 tons [119]. 3.5 Basis and Spread - The coastal soybean meal spot price ranged from 3010 - 3050 yuan/ton this week, with mixed price changes compared to last week. The national weekly average price was 3080 yuan/ton, a decrease from the previous week. The average basis in coastal markets was between - 21 and - 61 yuan/ton, with mixed changes compared to the previous week. As of November 14, the basis of the January soybean meal contract in Rizhao was - 33 yuan/ton, and that of the January rapeseed meal contract in Dongguan was 128 yuan/ton [137].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - This week, the CBOT soybean market fluctuated with news of China's soybean purchases from the US, and the domestic soybean meal market followed suit. The soybean oil market was weak, and the palm oil market awaited the MPOB report. The domestic vegetable oil market showed a differentiated trend [6][60]. - Next week, the protein - meal market will focus on the USDA report, with expectations of a significant reduction in US soybean inventory. The domestic soybean meal market has high inventory pressure and is driven by cost. The oil market will pay attention to the MPOB report and 11 - day export data in November. The overall oil market is weakly operating, awaiting the guidance of the two reports [125][126]. 3. Summary by Directory 3.1 Protein Meal Market Analysis 3.1.1 Weekly Market Review - The CBOT soybean price first rose and then fell this week. The domestic soybean meal market followed the trend of US soybeans, with the futures price rising first and then falling. Although the domestic soybean meal inventory reached a new high, the oil mills' willingness to support the price of soybean meal increased due to losses [6]. 3.1.2 US Market - US Soybean Export Situation - As of the week ending October 30, 2025, the US soybean export inspection volume was 965,063 tons, a decrease from the previous week and the same period last year. The cumulative export inspection volume in the 2025/26 season decreased by 40.0% year - on - year, and the export reached 17.0% of the annual target [13]. 3.1.3 North American Market - South American Weather - As of October 30, 2025, the sowing progress of Brazilian soybeans in the 2025/26 season was 47%, higher than that of the previous week but lower than the same period last year. Some regions had problems such as excessive rainfall or insufficient rainfall [24]. 3.1.4 Domestic and Foreign Oilseed Markets - Chinese importers increased their purchases of Brazilian soybeans due to price advantages. The US Department of Agriculture will release a production report and a supply - demand report on November 14, which will adjust the production expectations of major crops [24][31]. 3.1.5 Soybean - Port Inventory and Pressing Profit - As of the end of the 44th week, the domestic port's imported soybean inventory was about 8.4022 million tons, and the theoretical inventory at the end of next week is expected to be 5.04 million tons. The domestic soybean pressing is still in a loss situation, but the loss has narrowed [37]. 3.1.6 Soybean - Import Cost and Domestic - Foreign Price Difference - The cost of US Gulf soybeans arriving at the port in December (with additional tariffs) is 4,891 yuan/ton, and that of Brazilian soybeans arriving in November is 3,949 yuan/ton. The Brazilian premium dropped significantly this week [41]. 3.1.7 Soybean Meal - Soybean Starting Rate and Soybean Meal Inventory - As of the end of the 44th week, the average starting rate of domestic soybean oil mills was 61.59%, a decrease of 4.83% from the previous week. The domestic soybean meal inventory was 1.208 million tons, an increase of 156,000 tons from the previous week [45]. 3.1.8 Soybean Meal and Rapeseed Meal - Weekly Apparent Consumption - The estimated apparent consumption of soybean meal in the 44th week was 1.6624 million tons, a decrease from the previous week [47]. 3.1.9 Rapeseed Meal - Rapeseed Starting Rate and Pressing Volume - As of the end of the 44th week, the starting rate of domestic imported rapeseed processing enterprises was 1.47%, an increase of 0.49% from the previous week. The pressing volume of imported rapeseed was 0.6 million tons, an increase of 0.2 million tons from the previous week [53]. 3.2 Grease Market Analysis 3.2.1 Weekly Market Review - This week, the US soybean oil was in a low - level shock, and the Malaysian palm oil oscillated downward. The domestic vegetable oil market showed a differentiated trend. The soybean oil rose slightly, the palm oil was weak, and the rapeseed oil rebounded slightly [60]. 3.2.2 International Grease Information - The MPOB will release monthly supply - demand data on November 10. It is estimated that the Malaysian palm oil inventory in October will reach 2.44 million tons, a month - on - month increase of 3.4%. Indian edible oil imports in October are estimated to have dropped to a five - month low [64][65]. 3.2.3 Three Major Vegetable Oil Futures and Spot Price Trends - The futures and spot prices of the three major vegetable oils showed different trends, with the overall performance of rapeseed oil > soybean oil > palm oil this week, and the soybean - palm oil price difference continued to rise [98]. 3.2.4 Domestic Grease Inventory - As of the end of the 44th week, the total inventory of the three major domestic edible oils was 2.5728 million tons, a week - on - week decrease of 58,200 tons. Among them, the soybean oil inventory was 1.4618 million tons, the palm oil inventory was 0.5383 million tons, and the rapeseed oil inventory was 0.5728 million tons [81]. 3.2.5 Grease Basis Analysis - The basis of soybean oil, palm oil, and rapeseed oil showed different trends, with the basis of each variety fluctuating [89][92][95]. 3.2.6 Grease and Oilseed Variety Arbitrage Relationship - This week, the oil - meal ratio of soybeans and rapeseed decreased, and the price difference between the main contracts of soybean meal and rapeseed meal narrowed [103]. 3.2.7 Protein Meal Inter - Monthly Spread Arbitrage Relationship - This week, the 1 - 5 spread of soybean meal continued to rise [108]. 3.2.8 Grease Inter - Monthly Spread Arbitrage Relationship - This week, the 1 - 5 spread of soybean oil rebounded slightly, the 1 - 5 spread of palm oil fluctuated narrowly, and the 1 - 5 spread of rapeseed oil also fluctuated narrowly [111]. 3.3 Market Outlook 3.3.1 Seasonal Analysis - The seasonal analysis of the US soybean, soybean meal, domestic soybean meal, and other markets shows their historical price trends in different months [115][116][118]. 3.3.2 Next - Week Market Outlook - **Technical Level**: The short - term and medium - term indicators of soybean meal and rapeseed meal are bullish, and the long - term indicators are entangled. The short - term, medium - term, and long - term indicators of soybean oil and rapeseed oil are entangled. The short - term and medium - term indicators of palm oil are bearish, and the long - term indicators are entangled [124]. - **Fundamentals**: The protein - meal market focuses on the USDA report, with expectations of a significant reduction in US soybean inventory. The domestic soybean meal market has high inventory pressure and is driven by cost. The oil market pays attention to the MPOB report and 11 - day export data in November. The overall oil market is weakly operating, awaiting the guidance of the two reports [125][126].

Report Summary 1. Report's Investment Rating for the Industry No investment rating for the industry is provided in the report. 2. Core Viewpoints of the Report - For soybean No. 1, the two - lakes region's new - season soybeans are gradually coming onto the market, and downstream demand is picking up. However, due to high prices and competition from the Huanghuaihai region, the price increase is limited. The soybean No. 1 2601 contract fell 0.9%, and short - term market is expected to be stable [2]. - For soybean No. 2, influenced by the strong performance of US soybeans, imported soybeans are running strongly. The market anticipates China to expand its purchase of US agricultural products including soybeans after the Sino - US trade negotiation [3]. - For soybean meal, although domestic inventory is relatively high and supply is sufficient, due to cost support, oil mills are inclined to support prices, leading to a strong - fluctuating market [3]. - For soybean oil, domestic supply is abundant, demand is weak, and if China significantly increases soybean imports from the US as expected, the supply gap in Q1 will be filled, making the short - term market under pressure [3]. 3. Summary by Relevant Catalogs Futures Market - **Prices**: The closing prices of soybean No. 1, soybean No. 2, soybean meal, and soybean oil futures main contracts were 4055 yuan/ton, 3725 yuan/ton, 3015 yuan/ton, and 8108 yuan/ton respectively, with changes of - 21 yuan/ton, - 13 yuan/ton, - 11 yuan/ton, and - 2 yuan/ton [2]. - **Positions**: The main - contract positions of soybean No. 1, soybean No. 2, soybean meal, and soybean oil were 251451 lots, 137116 lots, 1587968 lots, and 480655 lots respectively, with changes of - 6995 lots, + 4702 lots, - 7077 lots, and - 2668 lots [2]. - **Net Buying Volume of Top 20 Holders**: The net buying volumes of soybean No. 1, soybean No. 2, soybean meal, and soybean oil were 741 lots, - 4033 lots, - 620755 lots, and - 136972 lots respectively, with changes of + 1105 lots, + 2611 lots, - 7830 lots, and - 3962 lots [2]. - **Registered Warehouse Receipts**: The registered warehouse receipts of soybean No. 1, soybean No. 2, soybean meal, and soybean oil were 10088 lots, 400 lots, 42152 lots, and 27644 lots respectively, with changes of + 2700 lots, + 400 lots, - 180 lots, and 0 lots [2]. - **CBOT Futures Settlement Prices**: The settlement prices of CBOT soybean, soybean meal, and soybean oil active contracts were 1134.25 cents/bushel, 320.8 dollars/short - ton, and 49.84 cents/pound respectively, with changes of + 19 cents/bushel, - 0.8 dollars/short - ton, and + 1.16 cents/pound [2]. Spot Prices - **Domestic Spot Prices**: The domestic soybean spot price was 3920 yuan/ton, up 20 yuan/ton; soybean oil prices in Rizhao, Zhangjiagang, and Zhanjiang were 8310 yuan/ton, 8380 yuan/ton, and 8430 yuan/ton respectively, up 10 yuan/ton, 30 yuan/ton, and 20 yuan/ton; the soybean meal price in Zhangjiagang was 3050 yuan/ton, up 10 yuan/ton [2]. - **Import Costs**: The import costs of US Gulf soybeans and Brazilian soybeans were 4119 yuan/ton and 4016 yuan/ton respectively, with changes of + 101 yuan/ton and - 7 yuan/ton [2]. Upstream Situation - **Production and Inventory**: The annual US soybean production was 117.98 million tons, down 0.14 million tons; the US soybean ending inventory was 8.44 million tons, up 0.41 million tons; the Brazilian soybean production was 175 million tons, unchanged; the Brazilian soybean ending inventory was 39.96 million tons, up 5.67 million tons [2]. - **Inspection and Export**: The weekly soybean inspection volume was 39165 thousand bushels, down 15239 thousand bushels; the weekly soybean export volume was 512379 tons, down 324743 tons; the monthly Brazilian soybean export volume was 7120000 tons, up 370000 tons [2]. Industry Situation - **Inventory and Import**: The daily port inventory of imported soybeans was 8048790 tons, down 125350 tons; the weekly soybean meal inventory was 1054600 tons, up 78400 tons; the daily national port inventory of soybean oil was 1234000 tons, up 29000 tons; the monthly soybean import volume was 12869100 tons, up 590400 tons [2]. - **Oil Mill Operations**: The weekly oil mill operating rate was 65.13%, up 5.54 percentage points; the weekly oil mill crushing volume was 2367400 tons, up 201200 tons [2]. - **Related Product Prices and Spreads**: The spot price of 24 - degree palm oil in Guangdong was 8570 yuan/ton, down 30 yuan/ton; the ex - factory price of fourth - grade rapeseed oil in Xiamen, Fujian was 9880 yuan/ton, down 20 yuan/ton; the daily soybean - palm oil spread was - 190 yuan/ton, up 60 yuan/ton; the daily rapeseed - soybean oil spread was 1500 yuan/ton, down 50 yuan/ton; the daily average spot price of rapeseed meal was 2617.37 yuan/ton, up 17.37 yuan/ton; the daily soybean - rapeseed meal spread was 432.63 yuan/ton, down 7.37 yuan/ton [2]. - **Sales Volume and Profit**: The weekly soybean meal sales volume of oil mills was 616000 tons, up 65600 tons; the weekly soybean oil sales volume of oil mills was 111100 tons, up 32300 tons; the daily crushing profit of domestic soybeans in Heilongjiang was 73.9 yuan/ton, down 11 yuan/ton; the daily crushing profit of imported soybeans in Jiangsu was - 71.4 yuan/ton, up 9.5 yuan/ton [2]. Downstream Situation - **Consumption and Production**: The annual total domestic soybean consumption in China was 126.8 million tons, up 5.1 million tons; the annual food consumption of soybean oil in China was 18800 thousand tons, up 900 thousand tons [2]. - **Livestock - related Data**: The daily price of live pigs (outer ternary) in Daxing, Beijing was 12.17 yuan/kg, down 0.2 yuan/kg; the weekly expected profit of pig farming was - 192.7 yuan/head, up 72.5 yuan/head; the monthly feed production was 31287000 tons, up 2015000 tons; the monthly pig inventory was 43680000 heads, up 1233000 heads; the monthly inventory of breeding sows was 4035000 heads, down 3000 heads [2]. Option Market - For soybean meal, the implied volatility of at - the - money call options was 13.92%, up 0.3 percentage points; the implied volatility of at - the - money put options was 13.92%, up 0.3 percentage points; the 20 - day historical volatility was 12.32%, down 0.68 percentage points; the 60 - day historical volatility was 14.3%, unchanged [2]. Industry News - As of last Thursday, the sowing progress of Brazil's 2025/26 soybean season reached 47% of the expected area, accelerating from 36% the previous week but significantly behind 54% of the same period last year [2] - According to the average estimate of nine analysts, the US soybean harvest rate reached 91% as of last Sunday [2] - In the domestic spot market, the storage capacity is nearly saturated, soybean acquisition is difficult, prices remain high, and farmers are reluctant to sell [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report presents a comprehensive analysis of the futures market, including overnight and spot prices, important fundamental information, macro news, fund flows, and arbitrage tracking [1][3][6][18][23][26] 3. Summary by Relevant Catalogs Overnight Market - The closing prices and percentage changes of various futures contracts such as palm oil, Brent crude, US crude, soybeans, soybean meal, and soybean oil are presented, along with the latest prices and percentage changes of currency indices [1] Spot Market - Spot prices, basis, and basis changes of DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are provided [3] Important Fundamental Information 产区天气 - The future weather outlook for US soybean - producing states from November 5th to 9th shows that temperatures will be above normal and precipitation will be near or below the median [6] - In the US Midwest, sporadic showers may disrupt early - November harvesting or other field operations, with variable weather and limited precipitation [8] - In central Brazil, showers have restarted, and more extensive rainfall is expected this week, which may affect soybean crop germination and early growth [9] 进出口及产量数据 - AmSpec reported that Malaysia's palm oil exports in October increased by 4.31% month - on - month, while ITS reported a 5.19% increase [10] - Indonesia set the reference price for crude palm oil in November slightly higher than in October, with export taxes remaining unchanged [10] - The USDA may release several major agricultural reports in November, and analysts expect US soybean crushing volume in September to reach a record high [10][11] - The amount of soybean oil used to produce biofuels in the US in August decreased compared to July [11] - The soybean planting progress in Mato Grosso state is 76.13%, slightly lower than the historical average [12] - The rapeseed harvesting progress in Canada is high, and the export volume increased in the week ending October 26th, but decreased compared to the same period last year [12] - India's soybean meal exports in the 2024/25 fiscal year decreased by 11% [13] - The Baltic Dry Index declined, with different types of ships showing varying price trends [14] 国内供需 - On October 31st, the total trading volume of soybean oil and palm oil increased by 26% compared to the previous trading day [16] - The trading volume of soybean meal in major domestic oil mills increased, and the overall oil mill operating rate decreased [16] - The actual soybean crushing volume of oil mills in the 44th week was lower than expected [16] - The pig - raising profit improved, and the "Agricultural Product Wholesale Price 200 Index" and "Vegetable Basket Product Wholesale Price Index" increased on October 31st [16][17] Macro News International News - A Fed official believes that the Fed should not cut interest rates this week or in December [19] - Analysts' forecasts for oil prices remain largely unchanged, and OPEC+ may slightly increase its oil production target or pause production increases [19][20] Domestic News - On October 31st, the US dollar/Chinese yuan exchange rate was adjusted upwards, and the central bank achieved a net investment through reverse repurchase operations [22] - The Dalian Commodity Exchange will list option contracts for soybean meal and corn futures [22] Fund Flows - On October 31st, 2025, the futures market had a net capital outflow of 9.226 billion yuan, with commodity futures having a net outflow of 2.724 billion yuan and stock index futures having a net outflow of 6.722 billion yuan, while treasury bond futures had a net inflow of 140 million yuan [25] Arbitrage Tracking - No relevant information provided

Report Industry Investment Ratings - **Buy Recommendations**: Soybean No. 1, Egg [1] - **Sell Recommendations**: None - **Hold Recommendations**: Soybean Meal, Soybean Oil, Palm Oil, Live Pig [1] - **Neutral Recommendations**: Rapeseed Meal, Rapeseed Oil, Corn [1] Core Views - The overall supply of soybeans in the fourth quarter is not a major issue, but if the Sino-US trade relationship deteriorates and persists, the supply may tighten in the first quarter of next year [3]. - The prices of rapeseed oil are expected to face pressure due to the risk of inventory accumulation, while rapeseed meal may be boosted by the increase in oilseed prices in the short term [7]. - Corn prices are expected to continue their weak performance at the bottom, and the timing of the inflection point remains unclear [8]. - After the rebound of pig prices, a short - selling strategy is recommended, and there is a high probability of a second bottoming in the first half of next year [9]. - Egg prices may experience a decline in the medium term, and short - term risk avoidance is necessary [10]. Summary by Category Soybean No. 1 - The price of domestic soybeans has pulled back from its high, and there has been some profit - taking after the recent rebound. The spot market has active participants in acquisitions, and the price difference between domestic and imported soybeans has decreased. Short - term attention should be paid to the performance of domestic soybean spot and policies at home and abroad [2]. Soybean & Soybean Meal - Last week, the futures contract of Dalian soybeans rebounded from the bottom with a large reduction in positions. The price of US soybeans jumped on Monday. The domestic supply of soybeans is sufficient in the fourth quarter, but there may be a supply shortage in the first quarter of next year if the Sino - US trade relationship deteriorates. Attention should be paid to the APEC meeting at the end of the month [3]. Soybean Oil & Palm Oil - After the Sino - US economic and trade consultations in Kuala Lumpur, the market sentiment for US agricultural product exports has improved. The price of US soybean futures has risen, and the import cost has increased slightly. The crushing profit of Brazilian soybeans is poor. The price of soybean oil is stronger than that of soybean meal and palm oil. Attention should be paid to the performance of the Brazilian soybean premium market [4]. - The futures price of soybean oil is expected to fluctuate, and the price of palm oil may face pressure in the short term. In the long term, there is still support for palm oil prices, and medium - to long - term investors can consider buying vegetable oils at low prices [6]. Rapeseed Meal & Rapeseed Oil - The Sino - US and Sino - Canadian relationships are the most important variables in the oilseed market. The inventory of rapeseed in coastal oil mills is expected to remain low, and the inventory of rapeseed oil in East China may increase. Rapeseed oil prices are expected to face pressure, while rapeseed meal may be boosted in the short term [7]. Corn - The futures price of Dalian corn decreased by 1.03% with an increase in positions. The new corn supply in the Northeast is stable, and the price rebound has ended. New grain in Jilin may be concentrated on the market again, and the price in Shandong continues to weaken. The downstream demand remains at a rigid level [8]. Live Pig - The spot price of live pigs has rebounded, and the futures price has followed suit. Although the supply pressure is still high, the price difference between fattening pigs has promoted second - round fattening and pen - holding behavior. After the rebound, a short - selling strategy is recommended [9]. Egg - The spot price of eggs has increased significantly, and the near - month futures contract has followed suit. The short - term risk of further price increases should be avoided, and in the medium term, the industry needs to accelerate the elimination of old chickens. There is also potential pressure from cold - stored eggs on the spot market [10].