Report Industry Investment Rating - No relevant information provided Core View - Pure benzene port inventory has decreased again due to a slowdown in Chinese arrivals and upcoming Korean aromatics maintenance in August - September, with limited subsequent inventory accumulation but still existing inventory pressure. For styrene, port inventory has entered a seasonal decline cycle, but downstream demand improvement is limited [3] Summary by Directory 1. Basis Structure and Inter - Period Spreads of Pure Benzene and EB - Pure benzene: The main basis is - 115 yuan/ton (- 26), and the spread between East China pure benzene spot and M2 is 0 yuan/ton (+ 5). Near - month BZ paper cargo - distal BZ2603 spread and BZ2603 - BZ2605 inter - period spread are recommended for reverse arbitrage when high [1][4] - Styrene: The main basis is 55 yuan/ton (- 5), and the EB2509 - 2510 inter - period spread is recommended for reverse arbitrage when high [1][4] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: CFR China processing fee is 177 dollars/ton (- 3), FOB Korea processing fee is 163 dollars/ton (- 4), and the US - Korea spread is 83.8 dollars/ton (+ 4) [1] - Styrene: Non - integrated production profit is - 306 yuan/ton (+ 8), expected to gradually compress, and the EB - BZ spread is recommended to be shorted when high [1][4] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: Port inventory is 14.60 tons (- 1.70), and the operating rate is not provided in the given text [1] - Styrene: East China port inventory is 148,800 tons (- 10,200), East China commercial inventory is 69,500 tons (+ 3,000), and the operating rate is 77.7% (- 1.2) [1] 4. Operating Rates and Production Profits of Styrene Downstream - EPS: Production profit is 218 yuan/ton (- 10), and the operating rate is 43.67% (- 10.58) - PS: Production profit is - 52 yuan/ton (- 30), and the operating rate is 55.00% (+ 1.70) - ABS: Production profit is 100 yuan/ton (- 23), and the operating rate is 71.10% (+ 5.20) [2] 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: Production profit is - 1715 yuan/ton (- 25), and the operating rate is 88.41% (- 1.79) - Phenol - acetone: Production profit is - 672 yuan/ton (+ 0), and the operating rate is 77.00% (+ 4.00) - Aniline: Production profit is 101 yuan/ton (+ 261), and the operating rate is 73.46% (- 0.48) - Adipic acid: Production profit is - 1504 yuan/ton (+ 0), and the operating rate is 54.40% (- 10.40) [1]

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core View of the Report - The overall LPG market is expected to fluctuate as the basis is strong, the futures valuation is low, and there is no obvious fundamental driver [1] 3) Summary According to Relevant Catalogs Market Data - **Spot Prices**: On August 11, 2025, the prices of South China LPG, East China LPG, and Shandong LPG were 4360, 4401, and 4490 respectively, with daily changes of -20, -2, and -30. The cheapest deliverable was South China civil LPG at 4360 [1] - **International Market Prices**: Propane CFR South China was 555, propane CIF Japan was 519, and MB propane spot was 67. CP forecast contract price was 520, with a daily change of -2 [1] - **Other Product Prices**: Shandong ether - post carbon four was 4880, Shandong alkylated oil was 7830, paper import profit was -232, and the main basis was 561, with a daily change of -45 [1] Market Trends - **Futures Market**: The PG futures market showed a mixed trend. The futures price strengthened, the monthly spread fluctuated, and the 09 - 10 spread was -474 (+4). The basis strengthened to 606 (+161), and the 9 - 10 monthly spread was -478 (-39). The number of registered warehouse receipts was 10179 lots (+420) [1] - **International Market**: The international market fundamentals were loose. FEI and CP fluctuated, and MB weakened. North - Asia and Middle - East oil - gas price ratios declined, while the North - American oil - gas price ratio slightly increased. The internal - external price difference decreased significantly. The US - Asia arbitrage window opened [1] Weekly Outlook - **Supply and Demand**: Unloading port volume increased, port inventory rose, factory inventory decreased by 0.51%, and the commercial volume increased by 0.57%. PDH operating rate was 73.84% (+1.21pct), with some plants starting, restarting, or shutting down [1] - **Profitability**: PDH spot profit weakened, paper profit continued to improve. Alkylated oil production gross profit decreased. MTBE gas - fractionation etherification gross profit increased slightly, and isomerization etherification gross profit decreased slightly [1] - **Shipping and Costs**: VLGCs' waiting time at the Panama Canal increased, expected to decline later. Freight rates from the US Gulf to Japan and the Middle - East to the Far - East increased. FEI - MOPJ narrowed significantly, and the naphtha crack spread strengthened [1]

Group 1: Report's Core View - The port accelerated inventory accumulation this week. Overseas methanol production remained at a high level, increasing the pressure of arrivals in August. The Xingxing MTO device in the port area started a one - month maintenance at the end of July. In the inland area, there will still be some maintenance in the northwest in August, and the production will not fully recover until late August. The traditional downstream demand showed certain resilience, and the inventory of inland methanol factories decreased further. Overall, the inland market was stronger than the port market [3] Group 2: Market Data Inland Market - Q5500 Ordos thermal coal was 470 yuan/ton (unchanged), and the production profit of coal - based methanol in Inner Mongolia was 695 yuan/ton (+25). The inland methanol prices varied by region: Inner Mongolia North Line was 2110 yuan/ton (+25), Inner Mongolia South Line was 2100 yuan/ton (unchanged), Shandong Linyi was 2383 yuan/ton (+10), Henan was 2250 yuan/ton (unchanged), and Hebei was 2275 yuan/ton (+25). The inland factory inventory was 293,688 tons (-30,832), and the northwest factory inventory was 185,500 tons (-30,500). The inland factory's pending orders were 240,800 tons (+10,075), and the northwest factory's pending orders were 122,800 tons (+10,800) [1] Port Market - The methanol price in Taicang was 2388 yuan/ton (+15), the basis was - 8 yuan/ton (+16), CFR China was 268 US dollars/ton (+1), and the import price difference in East China was 13 yuan/ton (-3). The port inventory increased, with the total port inventory at 925,480 tons (+117,080), Jiangsu port inventory at 498,000 tons (+79,000), Zhejiang port inventory at 144,000 tons (-9000), and Guangdong port inventory at 170,000 tons (+15,000). The downstream MTO operating rate was 85.27% (+0.32%) [2] Regional Price Differences - There were various regional price differences, such as the Lubei - Northwest - 280 price difference of - 45 yuan/ton (-25), the Taicang - Inner Mongolia - 550 price difference of - 272 yuan/ton (-10), etc [2] Group 3: Strategy - Unilateral: Wait and see - Inter - period: Do reverse arbitrage when the MA09 - 01 inter - period spread is high - Cross - variety: Shrink the PP2601 - 3MA2601 spread when it is high [4] Group 4: Report Directory Summary Methanol Basis & Inter - period Structure - The report included multiple figures related to methanol basis and inter - period spread, such as the methanol Taicang basis and the main contract, and the spreads between different methanol futures contracts [7][22][24] Methanol Production Profit, MTO Profit, and Import Profit - Figures related to production profit (e.g., Inner Mongolia coal - based methanol production profit), MTO profit (e.g., East China MTO profit), and import profit (e.g., Taicang methanol - CFR China import price difference) were presented [26][34] Methanol Production and Inventory - Figures showed methanol port inventory, MTO/P operating rate, inland factory inventory, and China's methanol operating rate [36][38] Regional Price Differences - Figures presented various regional price differences, such as Lubei - Northwest, East China - Inner Mongolia, etc [44][48][51] Traditional Downstream Profits - Figures showed the production profits of traditional downstream products like Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE, and Henan dimethyl ether [52][60]

Group 1: Report Investment Rating - There is no mention of the industry investment rating in the report. Group 2: Core Viewpoints - The rate of inventory accumulation of pure benzene at ports has slowed down, but the high - inventory pressure persists. The support from oil products for aromatics is limited, and the BZN processing fee has rebounded and then declined. Chinese pure benzene processing fee has rebounded due to short - term downstream demand resilience, but the sustainability of high styrene开工 is questionable [3]. - Styrene port inventory has risen rapidly. In July, China's EB maintained high operation, and overseas styrene operation also increased. The export window closed, leading to a rapid decline in styrene basis and production profit. The low operation of PS and ABS has dragged down styrene demand [4]. - For pure benzene, new domestic production capacity is being released intensively, and the inventory problem persists. The basis of port spot for the 2603 contract remains weak. For styrene, it is necessary to wait for further compression of production profit and reduction of production for re - balancing [3][5]. Group 3: Summary by Directory Pure Benzene Fundamental Situation - In 2025, there are multiple pure benzene production capacity plans, with a planned production capacity of 105 million tons/year to be put into operation in the third quarter, with a production growth rate of about 4.1%. The new production capacity of Yulong will impact the Shandong region [14][15]. Pure Benzene Supply and Inventory - The basis of pure benzene spot to the BZ2603 futures contract and the basis of spot to the second - month paper cargo both reflect high inventory pressure. Overseas, the support from oil products for aromatics is limited, and the BZN processing fee has rebounded and then declined. Overseas styrene operation recovery has boosted overseas pure benzene demand, and the pressure of pure benzene arriving at Chinese ports has not further increased, but the volume from South Korea to China continues [23]. Chinese Pure Benzene Downstream Demand - The high operation of styrene has boosted pure benzene demand, but the sustainability of high styrene operation is questionable. The operation of CPL has peaked, and the operation of its downstream nylon filament is still low. The operation of phenol - acetone has declined, while the operation of aniline has rebounded at the bottom [3][31][35]. Chinese Styrene Fundamental Situation EB Domestic New Production Capacity - In 2025, there are new styrene production capacity plans, including Yulong Refining and Chemical Phase I, Shandong Zhongtai Chemical (Jingbo), Jilin Petrochemical, and Guangxi Petrochemical. Jingbo has carried out trial production [40]. Chinese EB Weekly Operation and Monthly Maintenance Forecast - In July, Chinese styrene maintenance was limited, and high operation continued. There is a maintenance plan for Zhenhai Lyondell in mid - September [48]. EB Basis, Production Profit, Operation Rate, and Inventory - The basis of EB spot to the 09 - month contract has declined significantly. In July, high operation at home and abroad led to a closed export window, rapid increase in port and factory inventory, and a rapid decline in basis and production profit [58]. Overseas Styrene Operation and Cross - Border Price Difference - In July, overseas styrene maintenance recovered, driving up overseas pure benzene demand and reducing the volume of pure benzene from South Korea to China. However, the increase in overseas styrene supply has led to a decline in China's export demand and a rapid weakening of the regional price difference [64][65]. Chinese Styrene Downstream Situation Styrene Downstream Operation Rate - The operation rates of PS and ABS are still low, dragging down styrene demand. The operation of EPS has no bright spots compared with the same period [89]. Styrene Downstream Inventory and Production Profit - The inventory pressure of PS has eased, but the inventory pressure of ABS still exists. The inventory pressure of EPS has increased. Attention should be paid to the performance of downstream industries during the peak seasons of "Golden September and Silver October" [89].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The domestic LPG market is expected to continue its narrow - range oscillatory trend. International LPG prices are weak, and the increase in domestic chemical demand is offset by the low combustion demand [1] 3. Summary by Relevant Catalog 3.1 Price Data - On July 29, 2025, the prices of South China LPG, East China LPG, Shandong LPG, Shandong ether - after carbon four, and Shandong alkylated oil were 4480, 4413, 4413, 4600, and 550 respectively. The daily changes were 0, 0, 0, - 20, and 1 respectively [1] 3.2 Market Conditions - The PG futures market is oscillating. The international LPG price is weak, and the significant increase in warehouse receipts suppresses the market. The domestic chemical demand is increasing, but the low combustion demand restricts the upward movement. The cheapest deliverable is East China civil gas at 4413 yuan/ton [1] 3.3 Spread and Arbitrage - The basis has weakened to 370 (- 63). The inter - month reverse spread continues to strengthen. The 08 - 09 spread is 2, and the 08 - 10 spread is - 398. The US - to - Far - East arbitrage window is closed [1] 3.4 Production Profit - FEI and CP have risen, PP has risen significantly, and the production profit of PP made from FEI and CP has deteriorated. The CP production cost is lower than that of FEI. PDH profit has improved, and MTBE export profit has declined [1] 3.5 Inventory and Supply - The arrival volume has decreased significantly. Due to typhoons, ships in South China are delayed, and port inventories have decreased. Factory inventories have slightly increased. The commodity volume has decreased by 0.53% [1] 3.6 Demand - Chemical demand is strong. PDH operating rate has increased significantly to 73.13% (+ 2.01 pct). Alkylation operating rate has increased, and MTBE operating load has risen [1]

Report Industry Investment Rating - No relevant information provided Core Views - On the futures and spot market, the closing price of the main EG contract was 4,467 yuan/ton (up 31 yuan/ton or 0.70% from the previous trading day), the spot price of EG in the East China market was 4,518 yuan/ton (up 19 yuan/ton or 0.42% from the previous trading day), and the basis of EG East China spot (based on the 2509 contract) was 62 yuan/ton (up 4 yuan/ton month-on-month). On Tuesday, the price of ethylene glycol fluctuated and rose at a low level, with average on-site discussions and a slight increase in the basis [1]. - In terms of production profit, the production profit of ethylene-based EG was -$43/ton (down $9/ton month-on-month), and the production profit of coal-based syngas EG was 84 yuan/ton (down 83 yuan/ton month-on-month) [1]. - Regarding inventory, according to data released by CCF every Monday, the inventory of MEG at the main ports in East China was 521,000 tons (down 12,000 tons month-on-month); according to data released by Longzhong every Thursday, the inventory of MEG at the main ports in East China was 475,000 tons (down 19,000 tons month-on-month). The actual arrival volume at the main ports last week was 108,000 tons, lower than the planned value, and the weekly port inventory decreased slightly. The planned arrival volume at the main ports in East China this week is 156,000 tons, with concentrated arrivals. Attention should be paid to the actual arrivals [1]. - In terms of the overall fundamental supply-demand logic, on the supply side, domestically, the load of ethylene glycol syngas production has returned to a high level and can be further increased under favorable conditions. Some EO-EG co-production plants in non-coal areas have plans to switch from EO to EG, and the overall load is moderately high. Overseas, the Sharq series of plants in Saudi Arabia have restarted, and in an ideal state, the supply of ocean freight will gradually return to normal, with an expected increase in imports. On the demand side, due to the price increase effect, the terminal has replenished inventory intensively, and the inventory pressure of filament has been greatly relieved. It is expected that the polyester load will remain strong in the short term. Attention should be paid to the order connection in August. Overall, there will be concentrated arrivals of foreign vessels in late July, and there is pressure on the fundamentals to weaken in August under high supply [2]. - For the strategy, the unilateral strategy is neutral. Attention should be paid to changes in macro sentiment, especially the changes in the Sino-US tariff policy negotiation from July 27th to July 30th and the Federal Reserve's interest rate meeting. There are no cross-period or cross-variety strategies [3]. Summary by Directory Price and Basis - The closing price of the main EG contract was 4,467 yuan/ton (up 31 yuan/ton or 0.70% from the previous trading day), the spot price of EG in the East China market was 4,518 yuan/ton (up 19 yuan/ton or 0.42% from the previous trading day), and the basis of EG East China spot (based on the 2509 contract) was 62 yuan/ton (up 4 yuan/ton month-on-month) [1]. Production Profit and Operating Rate - The production profit of ethylene-based EG was -$43/ton (down $9/ton month-on-month), and the production profit of coal-based syngas EG was 84 yuan/ton (down 83 yuan/ton month-on-month) [1]. International Spread - No specific data or analysis provided in the given text. Downstream Production and Sales and Operating Rate - Due to the price increase effect, the terminal has replenished inventory intensively, and the inventory pressure of filament has been greatly relieved. It is expected that the polyester load will remain strong in the short term. Attention should be paid to the order connection in August [2]. Inventory Data - According to data released by CCF every Monday, the inventory of MEG at the main ports in East China was 521,000 tons (down 12,000 tons month-on-month); according to data released by Longzhong every Thursday, the inventory of MEG at the main ports in East China was 475,000 tons (down 19,000 tons month-on-month). The actual arrival volume at the main ports last week was 108,000 tons, lower than the planned value, and the weekly port inventory decreased slightly. The planned arrival volume at the main ports in East China this week is 156,000 tons, with concentrated arrivals. Attention should be paid to the actual arrivals [1].

Report Industry Investment Rating - Not provided Core View - The domestic LPG market is expected to continue a narrow - range oscillating trend. International LPG prices are weak, with a significant increase in warehouse receipts suppressing the market. Although domestic chemical demand is increasing, weak combustion demand restricts upward movement [1]. Summary by Relevant Content Price and Market Data - On Monday, the cheapest deliverable was East China civil LPG at 4413 yuan/ton. FEI and CP prices dropped, PP prices declined sharply, and the production profit of FEI and CP for PP worsened, with CP having a lower production cost than FEI. The PG market weakened, with the 08 - 09 spread at - 7 and the 08 - 10 spread at - 411. The US - to - Far East arbitrage window closed [1]. - The PG market oscillated. The basis weakened to 370 (-63), and the inter - month reverse spread continued to strengthen. Warehouse receipt registrations reached 9804 lots (+1000), with Qingdao Yunda adding 1000 lots. External market prices continued to weaken, and the oil - gas ratio declined [1]. Regional and Spread Data - In terms of regional spreads, PG - CP reached 43 (+18), FEI - MB was 155 (-6), FEI - CP was 4.5 (+4.5), and the US - Asia arbitrage window closed. FEI propane discount continued to fall, and the CP arrival discount oscillated. FEI - MOPJ changed little, at - 47.5 (-3.75) [1]. Profit and Demand Data - PDH profit improved, while MTBE export profit declined. The arrival volume decreased significantly. Chemical demand was strong; PDH operating rate increased significantly to 73.13% (+2.01 pct), and next week, Liaoning Jinfa plans to resume operation. Alkylation operating rate increased, and Henan Chengxin's alkylation unit has a restart plan. MTBE operating load increased, with manufacturers focusing on exports and overall stable operation. Combustion demand was weak [1].

1. Report Industry Investment Rating - Unilateral: Neutral; - Inter - period: PL01 - 05 reverse spread; - Inter - variety: Long PL2601 and short PP2509 [4] 2. Core Viewpoints - Macro policies such as anti - involution and elimination of backward production capacity continue to boost the propylene and polyolefin markets. The elimination of backward production capacity in the propylene industry is expected to shift the domestic propylene market from an oversupply to a tight - balance situation. However, the current overall propylene operating rate is at a seasonally low level, and downstream demand has limited driving force. For polyolefins, although macro policies boost the market, the cost - side support is weak, and downstream demand remains weak during the seasonal off - season [3] 3. Summary by Relevant Catalogs 3.1 Propylene 3.1.1 Propylene Basis Structure - It includes the market prices of propylene in East China and Shandong [10][12] 3.1.2 Propylene Production Profit and Operating Rate - Involves the difference between propylene CFR in China and naphtha CFR in Japan, propylene capacity utilization rate, PDH production gross profit and capacity utilization rate, MTO production gross profit, and methanol - to - olefin capacity utilization rate [13][18][22] 3.1.3 Propylene Import and Export Profit - Covers propylene naphtha cracking production gross profit, crude oil refinery capacity utilization rate, and the differences between FOB in South Korea, CFR in Japan, and CFR in Southeast Asia and China CFR, as well as propylene import profit [25][28][33] 3.1.4 Propylene Downstream Profit and Operating Rate - Includes the production profit and operating rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [35][40][42] 3.1.5 Propylene Inventory - Comprises propylene factory inventory and PP powder factory inventory [59][61] 3.2 Polyolefins 3.2.1 Polyolefin Basis Structure - Involves the trends of plastic and polypropylene futures main contracts, and the basis between LL in East China and the main contract, and PP in East China and the main contract [63][64][70] 3.2.2 Polyolefin Production Profit and Operating Rate - Covers LL production profit from crude oil, PE operating rate, PE weekly output, PE maintenance loss, PP production profit from crude oil and PDH, PP operating rate, PP weekly output, PP maintenance loss, and PDH - made PP capacity utilization rate [71][72][77] 3.2.3 Polyolefin Non - Standard Price Difference - Includes the price differences between HD injection molding, HD blow molding, HD film, LD in East China and LL, and the price differences between PP low - melt copolymer and PP homopolymer injection molding and PP drawing in East China [84][91][92] 3.2.4 Polyolefin Import and Export Profit - Involves LL import profit, the differences between FOB in the US Gulf, CFR in Southeast Asia, FD in Europe and China CFR, PP import and export profit, and the differences between FOB in the US Gulf, CFR in Southeast Asia, FOB in Northwest Europe of PP homopolymer injection molding and China CFR [93][97][109] 3.2.5 Polyolefin Downstream Operating Rate and Profit - Includes the operating rates of PE downstream agricultural film, packaging film, and PP downstream woven bags, BOPP film, injection molding, and the production gross profits of PP downstream woven bags and BOPP film [117][120][127] 3.2.6 Polyolefin Inventory - Comprises the inventories of PE and PP in oil - based enterprises, coal - chemical enterprises, traders, and ports [133][134][136]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - In the futures and spot markets, the closing price of the EG main contract was 4436 yuan/ton (down 11 yuan/ton or -0.25% from the previous trading day), the EG spot price in the East China market was 4497 yuan/ton (up 7 yuan/ton or +0.16% from the previous trading day), and the EG East China spot basis (based on the 2509 contract) was 62 yuan/ton (up 2 yuan/ton month-on-month). The news of the upcoming work plan for stabilizing growth in ten key industries boosted the market, but the impact on EG was limited as the proportion of backward production capacity over 20 years old was only 6.6%, and most were already shut down or operating at low loads. The cost of coal increased due to the production inspection notice [1]. - In terms of production profit, the production profit of ethylene - made EG was -45 dollars/ton (up 4 dollars/ton month - on - month), and that of coal - made syngas EG was 93 yuan/ton (up 14 yuan/ton month - on - month) [1]. - Regarding inventory, according to CCF data, MEG inventory at the East China main port was 53.3 tons (down 2.0 tons month - on - month); according to Longzhong data, it was 49.4 tons (up 1.3 tons month - on - month). The actual arrival at the main port last week was 5.2 tons, with a slight reduction in port inventory. The planned arrival at the East China main port this week is 15.7 tons, and the visible inventory is expected to rise moderately early next week [2]. - For the overall fundamental supply - demand logic, on the supply side, the domestic synthetic gas - made glycol load has returned to a high level, with more unplanned load reductions in non - coal production, and limited room for further improvement. Overseas supply recovery was less than expected due to the poor restart of Saudi Arabian plants. On the demand side, terminal inventory was high and the willingness to stock up was low during the off - season, with weak demand expectations. However, the actual decline in demand may be limited, and the supply - demand structure in July was still favorable, but the pressure of foreign vessel arrivals would increase moderately in late July [2]. - In terms of strategy, the short - term performance is strong under the concentrated release of macro - policies, and the medium - term view is neutral. Attention should be paid to macro - sentiment [3]. 3. Summary by Directory Price and Basis - The closing price of the EG main contract was 4436 yuan/ton, the EG spot price in the East China market was 4497 yuan/ton, and the EG East China spot basis (based on the 2509 contract) was 62 yuan/ton [1]. Production Profit and Operating Rate - The production profit of ethylene - made EG was -45 dollars/ton, and that of coal - made syngas EG was 93 yuan/ton [1]. International Spread No specific data or analysis of international spreads is provided in the summary part of the report. Downstream Sales, Production, and Operating Rate - There is no detailed analysis of downstream sales, production, and operating rates in the summary part of the report. Inventory Data - MEG inventory at the East China main port was 53.3 tons (CCF data, down 2.0 tons month - on - month) and 49.4 tons (Longzhong data, up 1.3 tons month - on - month). The actual arrival last week was 5.2 tons, and the planned arrival this week is 15.7 tons [2].

Report Summary 1. Investment Ratings - No investment ratings provided in the report 2. Core Views - **Pigs**: Future two months are a seasonally tight supply period for pigs due to winter piglet diseases, and the July pig slaughter plan is reduced, which supports the pig market. However, the overall supply this year is relatively strong, with the national sow inventory in May at 40.42 million heads, only 0.38 million heads less than the peak in November last year, and still above the basic capacity of 39 million heads, limiting the upward movement of pig prices [2] - **Eggs**: Eggs are in a traditional seasonal off - season with weakening consumption demand. The high - temperature and high - humidity weather is unfavorable for egg storage, reducing channel purchasing willingness. Newly - laying hens are at a high - production stage. Although farmers have a high willingness to cull due to large losses, the supply - side capacity reduction has just begun, and the reversal point has not arrived. Egg prices have a rebound demand at low levels but are still in a bearish trend, showing a weak and volatile pattern [7] - **Soybean Meal**: As of the week ending July 13, 2025, the good - to - excellent rate of US soybeans was 70%, higher than market expectations and the previous week, and also at a relatively high level over the years. Brazil's 2024/25 soybean production is expected to be 169.5 million tons. The confirmed high - yield expectations in South America suppress the futures price to fluctuate weakly [9] - **Corn**: The spot price in the main production areas has weakened, and under the continuous decline of the futures price, traders' willingness to hold prices has weakened, and their willingness to sell at low prices has increased. Deep - processing enterprises are pressing prices for purchases. The corn inventory in the four northern ports, a barometer of inventory, has continued to decline from a historical high, and the inventory of feed and deep - processing enterprises has also decreased. Affected by the import corn auction, the spot price has loosened, and the adjustment of the futures price on the disk continues [11] 3. Summaries by Directory 3.1 Farming Capacity - **Pigs**: The sow inventory is in a green area, indicating a loose capacity [17] - **Eggs**: The laying - hen inventory is at a historical high, with loose capacity [17] 3.2 Farming - end Demand - **Pigs**: The pig slaughtering start - up rate is running weakly [21] - **Eggs**: The downstream consumption is average [21] 3.3 Replenishment Prices - **Pigs**: The average price of piglets has been fluctuating weakly recently [24] - **Eggs**: The price of chicken chicks is high [24] 3.4 Basis - **Pigs**: Due to loose capacity and weak expectations, the futures price is weaker than the spot price, and the basis is oscillating at a high level [27] - **Eggs**: The basis shows a weak and volatile trend [27] - **Soybean Meal**: As the arrival of goods increases, the basis is falling [30] - **Corn**: The basis is running weakly [30] 3.5 Production Profits - **Pigs**: Pig - farming profits are weakly oscillating [33] - **Eggs**: Laying - hen farming profits are weakly oscillating [33] - **Soybeans**: The soybean crushing profit is currently running weakly [43] - **Corn**: The starch - corn price difference is weakly oscillating [43] 3.6 Inventory - **Soybeans**: With the increasing arrival of goods, soybean inventory is at a high level, and soybean meal inventory is accumulating due to the recovery of the startup rate [36] - **Corn**: The deep - processing inventory has slightly declined due to less arrivals and strong price - holding willingness of traders; the overall inventory of feed enterprises has also slightly decreased this week [40] 3.7 Industry Terms - **Old Rice**: Usually stored in reserve warehouses for a long time, it can be used for processing fuel ethanol or feed, with a relatively low price. It is a good substitute for corn in feed use, and the auction rhythm of old rice has a certain regulatory effect on the corn market price [44] - **Secondary Fattening**: Farmers buy healthy pigs that have reached the normal slaughter weight (usually 200 - 250 pounds), fatten them for a period to increase their weight to 350 pounds or more, and then sell them to earn the price difference. This model has become popular after African swine fever [44]