Ontario Premier Doug Ford on Friday said his province would pause ads that showed former President Ronald Reagan criticizing tariffs, after President Donald Trump condemned the move and announced he would “terminate” trade talks with Canada.Ford, in a post on X, said the advertising campaign would pause on Monday so that trade talks can resume between the U.S. and Canada, noting the “intention was always to initiate a conversion about the kind of economy that Americans want to build and the impact of tariff ...

Core Points - Ontario Premier Doug Ford announced a pause on ads featuring former President Ronald Reagan criticizing tariffs to facilitate the resumption of trade talks between Canada and the United States [1][2] - The decision to pause the ad was made after discussions with Canadian Prime Minister Mark Carney, aiming to create a conducive environment for negotiations [2] - President Donald Trump terminated trade negotiations, citing that the ad misrepresented Reagan's speech and was edited without permission [2] - Ford emphasized that the intention of the ad was to spark a conversation about the desired economy in the U.S. and the effects of tariffs on workers and businesses [3] - The ad had successfully reached high-level U.S. audiences, and Ford directed his team to continue promoting their message during the World Series games [3]

Group 1 - The importance of distinguishing between controllable and uncontrollable factors in trade policy is emphasized, particularly regarding the United States' tariffs against trading partners [1][2] - The U.S. trade policy has fundamentally shifted from the 1980s and 1990s, now imposing varying degrees of tariffs on all trading partners, which has led to ongoing negotiations in specific sectors like steel, aluminum, and energy [2][3] - Progress has been made in negotiations, and there is readiness to continue discussions that would benefit workers and families in both the U.S. and Canada [3] Group 2 - The focus of Canada's Budget 2025 is on generational investment and building domestic capabilities, which is a controllable factor for the country [4] - Developing new partnerships and opportunities, particularly with major Asian economies, is highlighted as a strategic focus during this trip [4]

当地时间23日晚，美国总统特朗普通过社交媒体表示，"'罗纳德·里根基金会'刚刚发表声明称，加拿大 涉嫌欺诈性地使用了一则虚假广告，该广告中出现了（美国前总统）罗纳德·里根对关税发表负面言论 的内容。" 特朗普在帖文中称，"他们这么做只是为了干扰美国最高法院及其他法院的裁决。"特朗普表示，关税对 美国的国家安全和经济至关重要。"鉴于其恶劣行径，美国与加拿大的所有贸易谈判即刻终止。" 特朗普在帖文中附上了罗纳德·里根基金会发布的声明，声明称，加拿大安大略省政府发布了一则广 告，其中使用了前总统里根1987年4月25日发表的"关于自由公平贸易的全国广播讲话"的部分音频和视 频片段。该广告曲解了前总统里根的广播讲话内容，且安大略省政府在使用和编辑这些讲话内容时既未 寻求也未获得许可。 （文章来源：央视新闻） 当地时间10月24日，加拿大总理马克·卡尼表示，加拿大仍将"在美国准备好进行谈判时"恢复与美国的 贸易谈判。 卡尼说："当美国人准备好进行这些谈判时，我们随时准备继续推进这些进展，并在此基础上继续努 力，因为这将造福美国工人和加拿大工人。" 美国总统特朗普23日深夜突然宣布，中止与加拿大的贸易谈判，原因是他对安大 ...

当地时间23日晚，美国总统特朗普通过社交媒体表示，"'罗纳德.里根基金会'刚刚发表声明称，加拿大涉嫌欺诈性地使用了一则虚假广告，该广告中出现 了(美国前总统)罗纳德.里根对关税发表负面言论的内容。" 据央视新闻消息，当地时间24日，美国白宫经济顾问哈塞特表示，美国与加拿大的贸易谈判进展不顺利，他认为美国总统特朗普对加拿大非常失望。 美国白宫经济顾问哈塞特谈及加拿大贸易问题时表示，美方对缺乏灵活性的不满情绪日益加剧。 经常有读者朋友错过推送 特朗普在帖文中称，"他们这么做只是为了干扰美国最高法院及其他法院的裁决。"特朗普表示，关税对美国的国家安全和经济至关重要。"鉴于其恶劣行 径，美国与加拿大的所有贸易谈判即刻终止。" 经中美双方商定，中共中央政治局委员、国务院副总理何立峰将率团赴马来西亚与美方举行经贸磋商 来源央视新闻 | 17 | | 100 100 613 90万 103 3332 1875 | 70 A | | | 529. 465 449 344 | 6h. 105 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. | 工 | -65 1 ...

Core Viewpoint - The trade negotiations between the United States and Canada are facing significant challenges, with increasing dissatisfaction from the U.S. side regarding Canada's lack of flexibility [1] Group 1: Trade Negotiations - U.S. economic advisor Hassett indicated that the trade talks with Canada are not progressing well, leading to President Trump's disappointment with Canada [1] - President Trump expressed his frustration on social media, accusing Canada of using a fraudulent advertisement related to tariffs, which he claims misrepresents former President Ronald Reagan's views [1] - Trump announced the immediate termination of all trade negotiations with Canada due to what he described as Canada's "malicious actions" [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In the short - term, the "weak reality" of the market remains unchanged with many uncertainties. Attention should be paid to the sustainability of the soybean meal rebound. The market trading sentiment has cooled, and during the off - season of aquaculture, the continuous upward momentum of rapeseed meal is limited [36]. - In the medium - to - long - term, the global soybean supply is abundant, and the continuous upward momentum of the soybean complex is limited [37]. Summary by Relevant Catalogs Domestic Main Feed and Livestock Futures and Spot Price Trends - The closing price of the main soybean meal futures contract M2601 was 2938 on October 23, 2025, up 1.07% from the previous week. The spot price of 43% protein soybean meal in Shandong was 2940, up 0.68% [4]. - The closing price of the main rapeseed meal futures contract RM601 was 2339 on October 23, 2025, down 1.06% from the previous week. The average rapeseed meal price in China was 2460, down 1.60% [4]. - The closing price of the main corn futures contract C2601 was 2140 on October 23, 2025, up 1.37% from the previous week. The aggregated price of second - grade national standard corn with 14.5% moisture in Bayuquan Port was 2180, up 1.40% [4]. - The closing price of the main live hog futures contract LH2601 was 12200 on October 23, 2025, up 2.48% from the previous week. The average selling price of commercial hogs in Henan was 11.87, up 5.89% [4]. - The closing price of the main egg futures contract JD2511 was 3027 on October 23, 2025, up 7.42% from the previous week. The average price of eggs in the main producing areas in China was 2.86, down 2.39% [4]. Fundamental Analysis Cost Side - The La Nina phenomenon may last until February next year, and the key growing season of South American soybeans may face drought threats with a production reduction expectation [10]. - As of the week of October 16, 2025, the U.S. soybean export inspection volume was 1474354 tons. The total U.S. soybean export inspection volume for the 2025/26 season so far reached 5537802 tons, a year - on - year decrease of 30.9% [10]. - As of last Thursday, the planting rate of Brazil's 2025/26 soybean crop reached 24%, higher than the previous week and the same period in 2024. Brazil's Conab predicted a soybean harvest of nearly 1.78 billion tons this season, a 3.6% increase from the previous year [10]. - Argentina's 2024/25 soybean production is expected to be 51.1 million tons, and the soybean planting area for the 2025/26 season is expected to be 17.5 million hectares, a 2.8% decline from the previous year [10]. Supply - In September 2025, China's soybean import volume was 12.869 million tons, a month - on - month increase of 4.8% and a year - on - year increase of 13.2% [10]. Demand - The domestic spot market supply remains in a loose pattern, and the oil mill operation rate has recovered to over 60% [10]. - On October 23, the total soybean meal trading volume was 148,600 tons, an increase of 20,500 tons from the previous day [10]. Inventory - In the 42nd week of 2025, the soybean meal inventory of major domestic oil mills was 976,200 tons, a decrease of 102,900 tons from the previous week, a decrease of 9.54% [10]. Supply Side - Import - As of October 24, the CNF price of Brazilian soybeans was 487.00 US dollars per ton, an increase of 6 US dollars per ton from the previous week. The CNF price of U.S. West Coast soybeans was 454.00 US dollars per ton, an increase of 10 US dollars per ton from the previous week [17]. Supply Side - Pressing - As of the week of October 23, the soybean pressing profit was - 144.20 yuan per ton, a decrease of 20.65 yuan per ton from the previous week [23]. - As of the week of October 17, the weekly soybean pressing volume of domestic oil mills was 2.2988 million tons, an increase of 62,300 tons from the previous week [23]. - As of October 17, the operation rate of domestic soybean oil mills was 58%, a recovery of 1 percentage point from the previous week [23]. Inventory Side - As of October 24, the port inventory of imported soybeans was 8.1127 million tons, an increase of 924,800 tons from the previous week [30]. - As of October 17, the soybean meal inventory of oil mills was 963,100 tons, a decrease of 83,600 tons from the previous week [30]. Demand Side - As of October 17, the average daily trading volume of soybean meal in domestic mainstream oil mills was 122,300 tons, an increase of 81,800 tons from the previous week [34].

Report Industry Investment Ratings - **Buy**: Beans for domestic consumption, Bean Meal, Soybean Oil, Rapeseed Meal, Rapeseed Oil [1] - **Hold**: Corn, Live Pigs, Eggs [1] Core Views - Uncertainties remain high in the agricultural products market, with significant impact from Sino-US trade relations and policy guidance [3][4][6] - Maintain a wait-and-see attitude due to many uncertain factors, and look for investment opportunities [3] - Long-term, it is advisable to allocate edible oils at low prices, but be cautious about short-term price fluctuations [4] Summary by Related Catalogs Beans for Domestic Consumption - The main contract of domestic soybeans rose and then fell. The trading volume was 52,003 tons, with a trading rate of 79.76% and an average price of 3,910 yuan/ton, providing market guidance [2] - The price difference between domestic and imported soybeans rose and then fell. Pay attention to the impact of short-term profit-taking [2] - Keep an eye on policy guidance in the short term [2] Soybeans & Bean Meal - The main contract of Dalian soybeans rose 0.58% in shock, and domestic bean meal spot prices generally increased by 20 - 30 yuan/ton [3] - Overall, soybean supply in the fourth quarter is not a big problem, but it may tighten in the first quarter of next year if Sino-US trade relations deteriorate [3] - If Sino-US trade relations do not ease, Dalian soybeans are likely to continue to fluctuate. Wait and see for opportunities [3] Soybean Oil & Palm Oil - The oil-to-meal ratio continued to decline [4] - Palm oil enters the production reduction cycle in the fourth quarter. Its price depends on production reduction performance. Pay attention to the adjustment risk of the oil-to-meal ratio [4] - In the long term, allocate edible oils at low prices, but be cautious about short-term price corrections of palm oil [4] Rapeseed Meal & Rapeseed Oil - Rapeseed futures showed small fluctuations. Rapeseed oil slightly reduced positions, and the market was still cautious [6] - Coastal oil mills have low rapeseed inventories, and there is a risk of inventory accumulation for domestic rapeseed oil [6] - The main contract price of rapeseed futures will mainly fluctuate. Pay attention to the trend of economic and trade relations and consider cross-competitor strategies with rapeseed as the short side [6] Corn - Corn futures traded sideways. Northeast corn prices were stable, and Shandong's corn supply increased [7] - Downstream demand is mainly for rigid procurement. Dalian corn may continue to operate weakly at the bottom [7] Live Pigs - Live pig futures' near-term contracts fluctuated, and far-term contracts hit new lows [8] - Spot prices were stable, and second-round fattening sentiment weakened [8] - There is an expectation of improved pork consumption in the fourth quarter, but maintain a short-selling strategy after the price rebounds [8] Eggs - Egg futures rebounded with reduced positions. Spot prices rebounded [9] - Pay attention to short-term risks. There may be a decline in the medium term [9]

Core Points - President Trump has announced the termination of all trade negotiations with Canada due to a controversial advertisement released by the Ontario provincial government, which included critical remarks about tariffs from former President Ronald Reagan [1][3] - The ongoing trade negotiations between the U.S. and Canada have reached a critical stage, focusing on sectors such as steel, aluminum, energy, and automotive [5][6] - The Canadian government is considering strategies to reduce reliance on the U.S. market and expand exports to other countries, particularly in Asia [7] Group 1: Trade Negotiations - Trump criticized the Ontario government's advertisement as interference in U.S. judicial matters, particularly regarding the legality of tariffs imposed under the International Emergency Economic Powers Act [1] - The negotiations had previously shown promise, with potential agreements on steel, aluminum, and energy sectors expected by the end of the month [1][5] - Current tariffs on Canadian imports include a 35% tariff on goods not compliant with the USMCA, 50% on steel and aluminum, and 25% on certain automotive products [5] Group 2: Canadian Response - Ontario Premier Doug Ford's advertisement, which criticized U.S. tariffs, has been identified as a catalyst for the recent breakdown in negotiations [3][4] - The Canadian government has removed most retaliatory tariffs on U.S. products, maintaining only those on steel, aluminum, and automotive sectors to alleviate domestic inflation [5] - In response to Trump's threats, Canada plans to significantly increase exports to non-U.S. markets over the next decade, aiming for an additional CAD 300 billion in trade [7]

当地时间10月23日深夜，美国总统特朗普通过"真实社交"平台发文称，"罗纳德·里根基金会刚刚宣布， 加拿大在一则广告中欺诈性地使用了美国前总统里根的视频片段，伪造了他反对关税的言论。该广告花 费了7500万美元，他们这么做只是为了干预美国最高法院及其他法院的判决。" 特朗普随后写道，"关税对美国的国家安全和经济至关重要。鉴于加拿大的严重不当行为，美国将立即 终止与加拿大的所有贸易谈判。" "真实社交"平台 他还强调，"加拿大不会主动挑起这场争斗，但必须做好准备，赢下这场战斗。" X平台 另据加拿大CTV新闻网报道，该广告是加拿大安大略省地方政府一项竞选宣传活动的一部分，旨在宣传 该党的对外关税政策，同时反击特朗普政府的关税立场。 据了解，加拿大安大略省由保守党领袖道格·福特（Doug Ford）执政。今年1月，当得知特朗普政府将 继续对加拿大和墨西哥征收25%关税时，他在X平台上表示，"加拿大必须做好准备，立即采取强有力的 反制措施。一美元换一美元，一项关税换一项关税。" 据悉，这则时长60秒的广告引用了里根在1987年的一次广播讲话片段。当时，里根以极其讽刺的口吻解 释自己为何要对日本电子产品征收关税。 但 ...