Group 1: Export Performance - In November 2025, China's exports reached $330.35 billion, with a year-on-year growth of 5.9%, significantly higher than the expected 3.0%[2] - The increase in export growth is attributed to the fading high base effect and strong overseas demand, particularly in integrated circuits and automobiles[3] - Exports to the EU, Africa, and Latin America showed notable increases, while exports to the US slightly declined by 28.6%[5] Group 2: Import Trends - November 2025 imports totaled $218.67 billion, reflecting a year-on-year increase of 1.9%, up from 1.0% in October[2] - The rise in imports is driven by robust export-related demand for intermediate goods and a low base effect from the previous year[18] - Key imports such as copper and iron ore saw significant growth, with copper imports increasing by 35.3% and iron ore by 15.9%[18] Group 3: Future Outlook - December's export growth may face challenges from high base effects, but optimism remains for overseas demand in 2026 due to global fiscal expansion and improved US-China trade relations[21] - The expected decrease in the fentanyl tariff rate from 20% to 10% is anticipated to narrow the year-on-year decline in exports to the US[21] - Continued strong demand for key mineral resources from Africa is expected to support capital goods exports from China[21]

Investment Ratings - Douyi: ★★★ [1] - Soybean Oil: ★★★ [1] - Palm Oil: ★★★ [1] - Soybean Meal: ★☆☆ [1] - Rapeseed Meal: ★★★ [1] - Rapeseed Oil: ★★★ [1] - Corn: ★★★ [1] - Live Pigs: ★★★ [1] - Eggs: ☆☆☆ [1] Core Views - The domestic soybean market features high - quality products commanding high prices, with the price difference between domestic and imported soybeans fluctuating. Attention should be paid to the US soybean export situation in the short - term and the South American soybean产区 weather in the medium - term [2]. - The domestic soybean supply is sufficient, the crush volume has increased, and the soybean meal inventory has returned to a high level. Wait for the signing of the new China - US economic and trade agreement and track its implementation, and pay attention to South American weather changes [3]. - The overseas supply - demand situation of palm oil is still weak, but the marginal negative factors have eased. The soybean oil market shows a trend of reducing positions and rebounding. Pay attention to the US soybean price, export situation in the short - term and South American weather in the medium - term [4]. - The rapeseed futures show a pattern of meal rising and oil falling. The focus is on the clearance and crushing of Australian rapeseeds. It is advisable to maintain a wait - and - see attitude towards the rapeseed sector [6]. - The corn futures are oscillating strongly. Pay attention to the signing of the China - US trade agreement, the selling progress of new corn in the Northeast and the auction of overdue wheat [7]. - The pig industry's capacity reduction continues. The pig price is weakly adjusted. The pig price may form a second bottom in the first half of next year [8]. - The egg market trades on the expectation of a decline in future inventory. The medium - term supply pressure of the egg industry is expected to ease [9]. Summary by Category Douyi - The domestic soybean futures contract is actively reducing positions, with price oscillations and stable spot market quotations. The new - crop domestic soybean market adheres to the principle of high - quality products commanding high prices. The price difference between domestic and imported soybeans fluctuates. Monitor the domestic soybean spot market and policy guidance [2]. Soybean & Soybean Meal - The US soybean market is closed for Thanksgiving. The domestic soybean supply is sufficient, the crush volume has increased, and the soybean meal inventory has returned to a high level. Wait for the signing of the China - US economic and trade agreement and track its implementation, and pay attention to South American weather changes. Look for opportunities to go long at low prices [3]. Soybean Oil & Palm Oil - The high - frequency data of the Malaysian palm oil export market is still poor, and the inventory in the Indonesian market increased slightly in September. The marginal negative factors in the palm oil market have eased. The soybean oil market shows a trend of reducing positions and rebounding. Pay attention to the US soybean price, export situation in the short - term and South American weather in the medium - term [4]. Rapeseed Meal & Rapeseed Oil - The rapeseed futures show a pattern of meal rising and oil falling. The focus is on the clearance and crushing of Australian rapeseeds. The buying of ships is expected in the future. It is advisable to maintain a wait - and - see attitude towards the rapeseed sector [6]. Corn - The corn futures are oscillating strongly. The spot price of corn in the northern ports is firm and rising, and farmers are reluctant to sell. The downstream corn inventory is low, and the willingness to replenish inventory has increased. Wait for the signing of the China - US trade agreement, and pay attention to the selling progress of new corn in the Northeast and the auction of overdue wheat [7]. Live Pigs - The inventory of breeding sows decreased in October 2025. The pig industry's capacity reduction continues. The pig price is weakly adjusted. The pig price may form a second bottom in the first half of next year [8]. Eggs - The egg futures have significantly reduced positions, and the prices of the January contract and the distant - month July/August contracts have risen significantly. The medium - term supply pressure of the egg industry is expected to ease [9].

Report Industry Investment Ratings - Soybean: ☆☆☆ [1] - Soybean Oil: ☆☆☆ [1] - Palm Oil: ☆☆☆ [1] - Soybean Meal: ☆☆☆ [1] - Rapeseed Oil: ☆☆☆ [1] - Rapeseed Meal: ☆☆☆ [1] - Corn: ☆☆☆ [1] - Live Pigs: ☆☆☆ [1] - Eggs: ☆☆☆ [1] Core Views - The soybean market needs to focus on US soybean exports in the short - term and South American soybean产区 weather in the medium - term. For soybean meal, wait for the end of the correction and look for buying opportunities after stabilization. Palm oil's marginal changes may trigger short - covering, and soybean oil is affected by US soybean prices. The short - term driver of the rapeseed sector is not obvious, and it is recommended to wait and see. The corn market should pay attention to the new grain sales progress in the Northeast and the auction of overdue wheat. The live pig industry's capacity reduction supports far - month futures prices, and the egg market's medium - term supply pressure is expected to ease [2][3][4][6][7][8][9]. Summary by Related Catalogs Soybean - The domestic soybean main contract is reducing positions and prices are correcting. The new domestic soybean market features high - quality, high - price. The price difference between domestic and imported soybeans fluctuates. Short - term focus on the domestic soybean spot market and policy guidance, and also pay attention to US soybean exports in the short - term and South American weather in the medium - term [2]. Soybean & Soybean Meal - The domestic soybean supply is sufficient and the crushing volume has increased. Last week, the domestic oil mill soybean crushing volume exceeded 2.3 million tons, and the soybean meal inventory of major oil mills rose above 1.1 million tons. South American new - season soybeans are affected by La Nina, with slow planting progress. Wait for the signing of the new Sino - US economic and trade agreement and look for buying opportunities after the correction [3]. Soybean Oil & Palm Oil - The marginal negative factors in the palm oil market have eased. MPOA expects a 3.24% month - on - month increase in production from November 1 - 20, much lower than the previous forecast. The basis of palm oil in East China has strengthened slightly. The price difference between soybean oil and palm oil has turned positive and strengthened. Palm oil's changes may trigger short - covering. Soybean oil is affected by US soybean prices [4]. Rapeseed Meal & Rapeseed Oil - Domestic rapeseed futures prices have risen slightly, mainly following the rise of foreign oil prices. Canadian rapeseed crushing demand is high, but the export demand trend is hard to reverse. The import of Australian rapeseed has profit potential. The short - term driver of the rapeseed sector is not obvious, and it is recommended to wait and see [6]. Corn - Corn futures rose and then fell today, interrupting the upward trend. The spot price of Northeast corn is firm, while that of North China is weak. The price difference between the two regions has widened. The downstream corn inventory is low, and the replenishment intention has increased. Wait for the signing of the Sino - US trade agreement and pay attention to the new grain sales progress in the Northeast and the auction of overdue wheat [7]. Live Pigs - In October 2025, the inventory of breeding sows decreased to 39.9 million, a 1.1% month - on - month decline. The industry's capacity reduction supports far - month futures prices. The spot price of live pigs continues to decline. The demand for curing and sausage - making in the South will gradually start, but there is also pressure from the second - fattening pigs. It is expected that the pig price may form a second bottom in the first half of next year [8]. Eggs - Egg futures continue to increase positions, and the far - month contracts have risen significantly. Since July this year, the chick replenishment volume has declined sharply. The number of newly - laid hens will decrease, and the number of old hens to be culled will increase. The medium - term supply pressure of the egg market is expected to ease. The short - term near - month contracts will focus on the convergence of the spot - futures price difference [9].

Report Industry Investment Ratings - Soybean (Domestic): ☆☆☆ [1] - Soybean Oil: ☆☆☆ [1] - Palm Oil: ★★★ [1] - Soybean Meal: ★★★ [1] - Rapeseed Oil: ☆☆☆ [1] - Rapeseed Meal: ★★★ [1] - Corn: ★★★ [1] - Hog: ★★★ [1] - Egg: ★★★ [1] Core Views - The agricultural product market shows complex trends with different factors influencing each product. Some products have clear trends and investment opportunities, while others lack short - term drivers and are recommended for a wait - and - see approach [2][3][6] - The market is affected by factors such as weather, supply and demand, trade policies, and international price fluctuations [3][4][6] Summary by Product Soybean - Domestic soybean futures are reducing positions and prices are回调. The new crop market features high - quality, high - price. The price difference between domestic and imported soybeans is fluctuating. Short - term focus is on the domestic spot market and policies, and medium - term on South American weather [2] - Imported soybeans are affected by US exports in the short - term and South American weather in the medium - term [2][4] Soybean & Soybean Meal - The domestic soybean supply is sufficient and the crushing volume has increased. The inventory of soybean meal has reached a high level, and the supply is loose [3] - South American new - season soybeans are affected by La Nina, with slow planting progress. Wait for the new Sino - US trade agreement and look for buying opportunities after the回调 [3] Soybean Oil & Palm Oil - The marginal negative factors in the palm oil market have eased. The domestic palm oil basis has strengthened slightly, and the price difference between soybean oil and palm oil has turned positive. Palm oil may see short - covering [4] - Soybean oil is affected by US soybean prices, with short - term focus on US exports and medium - term on South American weather [4] Rapeseed Meal & Rapeseed Oil - Domestic rapeseed futures prices have risen slightly, mainly following the external market. Canadian rapeseed has high crushing demand but weak export demand. The import of Australian rapeseed has profit potential. The short - term driver for the rapeseed sector is not obvious, and a wait - and - see approach is recommended [6] Corn - Corn futures have stopped rising. North - China corn prices are strong, while South - China corn has quality issues. The price difference between North and South is widening. The downstream inventory is low, and the replenishment intention has increased. Wait for the Sino - US trade agreement and pay attention to the sales progress of new corn in the Northeast [7] Hog - The number of breeding sows has decreased, which supports the long - term futures price. The spot price is weak. With the approaching of the winter demand season, there is also pressure from the second - fattening hog supply. The hog price may form a double - bottom pattern [8] Egg - Egg futures are increasing positions, and the far - month contracts are rising. The supply of new - laying hens is expected to decrease, and the number of old hens to be culled is large. The short - term near - month contracts will focus on the convergence of the spot - futures price difference [9]

Group 1: Energy and Metals Crude Oil - Overnight international oil prices rebounded, with the Brent 01 contract rising 1.41%. The Russia-Ukraine geopolitical risk is entangled between sanctions and peace talks. Supply and demand face greater inventory accumulation expectations in Q4 and Q1 next year, and the downward drive for oil prices remains. Focus on the progress of the Russia-Ukraine peace plan negotiation and the Venezuelan geopolitical risk [1] Precious Metals - Overnight precious metals rose. As several Fed officials advocated a December rate cut, the implied rate cut probability in the interest rate market rose to 80%. The market is uncertain, and precious metals are oscillating at high levels waiting for a directional breakthrough [2] Copper - Overnight copper prices oscillated. LME copper rose with precious metals at the end of the session. The domestic spot market has a certain bullish sentiment, and the SMM social inventory decreased by 1.39 million tons to 18.06 million tons [3] Aluminum - Overnight SHFE aluminum fluctuated narrowly. The social inventory of aluminum ingots and bars decreased by 0.8 million tons on Monday. The aluminum price may continue to adjust, with support around 21,100 yuan [4] Alumina - Alumina's operating capacity is at a historical high, and the supply surplus pattern remains unchanged. It will operate weakly before large-scale production cuts [5] Cast Aluminum Alloy - The spot price of Baotai ADC12 remained at 20,700 yuan. The supply of scrap aluminum is tight, and it will continue to follow the aluminum price, with the possibility of a narrowing spread with AL [6] Zinc - Domestic and overseas mine TC continued to decline. SHFE zinc oscillated in the range of 22,200 - 23,000 yuan/ton. The external demand supports zinc consumption, but the domestic demand is expected to weaken [7] Lead - SHFE lead oscillated in the range of 17,000 - 17,500 yuan/ton. The export of lead-acid batteries is expected to remain under pressure [8] Nickel and Stainless Steel - SHFE nickel rebounded, and stainless steel inventory decreased. However, the short-term contradiction lies in the macro level, and it is advisable to short on rebounds [9] Tin - LME tin closed higher, and SHFE tin oscillated at high levels. It is still advisable to short, and at the same time, match with out-of-the-money call options to hedge risks [10] Lithium Carbonate - The futures price of lithium carbonate opened low and moved lower. The market is highly divergent, and risk control should be prioritized [11] Polysilicon - The fundamentals of polysilicon are weak. The futures price will maintain an oscillating pattern [12] Industrial Silicon - The industrial silicon futures closed slightly lower. It will maintain an oscillating pattern in the short term [13] Iron Ore - The iron ore futures oscillated strongly overnight. The fundamentals are marginally looser, and the price is expected to oscillate [15] Coke - The coke price oscillated. It may oscillate weakly [16] Coking Coal - The coking coal price oscillated weakly. It may oscillate weakly [17] Manganese Silicon - The manganese silicon price oscillated. The bottom support is expected to move down [18] Silicon Ferrosilicon - The silicon ferrosilicon price oscillated. The bottom support will be tested [19] Fuel Oil and Low-Sulfur Fuel Oil - Both high-sulfur and low-sulfur fuel oils face pressure from abundant supply and weak demand [21] Asphalt - The asphalt price is expected to oscillate weakly under pressure [22] Group 2: Chemicals Urea - Urea supply remains sufficient. The market may return to a stalemate [23] Methanol - The methanol futures rose sharply. It is advisable to try to go long on the 5 - 9 spread at low prices [24] Pure Benzene - It is advisable to continue the idea of shorting on rebounds and consider option allocation [25] Styrene - The supply and demand of styrene are in a tight balance, but the support from the cost and demand sides is questionable [26] Polypropylene, Plastic, and Propylene - The market lacks guidance. Polyethylene supply pressure increases, and polypropylene supply is expected to increase slightly [27] PVC and Caustic Soda - PVC may follow the cost. Caustic soda will operate weakly [28] PX and PTA - PX is still strong before new capacity is put into production. PTA is driven by cost [29] Ethylene Glycol - The ethylene glycol price has a short-term rebound expectation, but the rebound space is limited [30] Short Fiber and Bottle Chip - Short fiber prices fluctuate with raw materials. Bottle chip is cost-driven [31] Group 3: Agricultural Products Soybean and Soybean Meal - The soybean meal futures rebounded. Pay attention to the impact of La Niña on South American soybean production [35] Soybean Oil and Palm Oil - Soybean oil and palm oil will oscillate in the short term. Palm oil is weaker [36] Rapeseed Meal and Rapeseed Oil - The rapeseed market focuses on Australian seeds. It is advisable to wait and see in the short term [37] Domestic Soybeans - Domestic soybeans rebounded strongly. Pay attention to the spot market and policy guidance [38] Corn - The corn futures oscillated at a high level. Pay attention to the sales progress of new corn in the Northeast [39] Live Hogs - The far-month hog futures rose, and the near-month is weak. The price may form a double bottom [40] Eggs - The number of newly laid hens is expected to decrease in December. Pay attention to the spot price [41] Cotton - The cotton futures may oscillate in the short term. It is advisable to wait and see [42] Sugar - The international sugar supply is sufficient. Pay attention to the production in India, Thailand, and Guangxi [43] Apples - The apple futures oscillated at a high level. Pay attention to the inventory removal [44] Wood - The wood futures oscillated. It is advisable to wait and see [45] Pulp - The pulp futures fell slightly. It is advisable to wait and see [46] Group 4: Financial Futures Stock Index Futures - A-shares rose in a shrinking volume. The short-term macro liquidity is uncertain. It is advisable to wait and see [47] Treasury Bond Futures - The treasury bond futures oscillated upward. The yield curve may flatten slightly [48] Group 5: Shipping Container Freight Index (European Line) - The SCFIS European route index rose sharply. The 02 contract may maintain a discount [20]

Report Industry Investment Ratings - Bean: ★☆☆, indicating a bullish bias, with a driving force for price increase but poor operability on the trading floor [1] - Soybean Oil: ★★☆, suggesting a clear bullish trend, and the market is in the process of rallying [1] - Palm Oil: ★★★, representing a more definite bullish trend, and there are still relatively appropriate investment opportunities currently [1] - Soybean Meal: ★★★, showing a more distinct bullish trend, and there are relatively suitable investment opportunities at present [1] - Rapeseed Meal: ★★★, indicating a more obvious bullish trend, and there are still relatively good investment opportunities [1] - Rapeseed Oil: ★★★, representing a more definite bullish trend, and there are relatively appropriate investment opportunities currently [1] - Corn: ★★★, showing a more distinct bullish trend, and there are relatively suitable investment opportunities at present [1] - Live Hogs: ★★★, indicating a more obvious bullish trend, and there are still relatively good investment opportunities [1] - Eggs: ★☆☆, suggesting a bullish bias, with a driving force for price increase but poor operability on the trading floor [1] Core Viewpoints - In the short - term, keep an eye on the performance of the spot and policy sides of domestic soybeans, and wait for the signing of the latest Sino - US economic and trade agreement and track its implementation [2][3] - Wait for the end of the correction and focus on the opportunity to go long at low prices after stabilization [3] - Continuously monitor the performance of the palm oil supply - demand side and the fluctuations in the macro - situation [4] - Maintain a bearish strategy for the domestic rapeseed sector and pay attention to the interference of foreign bio - fuel policies and economic and trade relationship expectations [6] - Wait for the signing of the specific Sino - US trade agreement and pay attention to the sales progress of new grain in Northeast China [7] - In the medium - term, continue to observe whether the market trading logic returns to the weak spot market or the expected logic, and hold short positions cautiously [9] Summary by Category Bean - The main contract price of bean futures has declined recently, with significant position reduction on the trading floor and a slowdown in the downward trend. The auction of soybeans by Sinograin this week was fully sold, with an average transaction price of 3,900 yuan per ton. Imported US soybeans have been adjusting recently, affected by the weak overall macro - atmosphere and profit - taking [2] Soybean & Soybean Meal - The main contract of Dalian soybean meal futures M2601 continued to follow the US soybeans, showing a weak and volatile trend. The La Nina phenomenon is expected to last until the Northern Hemisphere winter, and its impact on the soybean yields in Brazil and Argentina needs continuous attention. The domestic soybean supply is sufficient, the near - end crushing profit is poor but the loss has narrowed recently. The domestic soybean meal may continue to accumulate inventory [3] Soybean Oil & Palm Oil - Commodities generally declined today, the macro - atmosphere was weak, and the market's expectation of further interest rate cuts in December decreased. The international crude oil price dropped, and the international diesel price also tumbled. The supply - demand situation of Malaysian palm oil is still poor, with an expected 10.32% month - on - month increase in production from November 1 - 20 and a 14.13% - 40.62% month - on - month decrease in exports from November 1 - 29. The soybean - palm oil price spread continues to widen, indicating that soybean oil is stronger than palm oil [4] Rapeseed Meal & Rapeseed Oil - The domestic rapeseed futures prices stopped falling and rebounded slightly. The import volume of rapeseed meal and rapeseed oil has decreased year - on - year by 10 - 30%. The market focus is on the variables of rapeseed imports. If the Australian rapeseed arrives in China smoothly, the premium of the rapeseed sector over other competitors may decline [6] Corn - The main contract of Dalian corn futures C2601 rose 1.11% today, breaking through the 2,200 mark at one point. The price of Northeast corn has declined in the past two days, but farmers are reluctant to sell due to the cold weather. The quality of North China corn is poor, and the market prefers high - quality Northeast corn, leading to concerns about future supply and transportation capacity in Northeast China. The previous prediction of a second bottom may turn into a wide - range shock [7] Live Hogs - The live hog futures continued to be weak, with the near - month contract hitting a new low. The spot price declined slightly. In the medium - to - long - term, the pig price is likely to form a second bottom in the first half of next year under the background of continuous supply pressure and off - season demand [8] Eggs - The egg futures fluctuated downward during the day, almost erasing yesterday's gains. The spot price was mostly stable, with slight declines in some areas. The short - term market volatility has increased [9]

Report Industry Investment Ratings - Soybean: ★☆☆ [1] - Palm Oil: ななな [1] - Soybean Meal: ★☆☆ [1] - Rapeseed Oil: ★☆☆ [1] - Rapeseed Meal: ★☆☆ [1] - Corn: ☆☆☆ [1] - Live Hogs: ななな [1] - Eggs: ★☆☆ [1] Core Views - The report analyzes the market conditions of various agricultural products including soybeans, palm oil, soybean meal, rapeseed oil, rapeseed meal, corn, live hogs, and eggs, and provides investment ratings and market trend predictions for each [1] - It also points out the influencing factors such as supply - demand relationships, policy changes, and weather conditions for different agricultural products [2][3][6] Summary by Related Catalogs Soybean - The main contract of soybean futures reduced positions significantly today, and the price dropped rapidly from a high. 35,000 tons of soybeans were auctioned by Sinograin today, all sold at an average price of 3,900 yuan/ton. The price difference between domestic and imported soybeans decreased. The market is speculating on China's policy - based procurement of US soybeans and the increase in US domestic soybean crushing volume. Short - term focus on the performance of domestic soybean spot and policy [2] Soybean & Soybean Meal - In October, the US soybean crushing volume reached 228 million bushels, a record high. The planting progress of new - season soybeans in Brazil is slow, with a sowing rate of 69.0% as of November 15, behind last year's 73.8%. Concerns about the impact of La Nina on soybean yields in Brazil and Argentina. The main contract of domestic soybean meal futures continued to correct, and the basis weakened. The domestic market has sufficient soybean supply and poor crushing profits, with high soybean inventory and a decline in soybean meal inventory but still in the million - ton level. Wait for the signing of the Sino - US economic and trade agreement and track its implementation. Consider buying on dips after stabilization [3] Soybean Oil & Palm Oil - US soybeans are strong. The market is speculating on China's policy - based procurement of US soybeans and the increase in US domestic soybean crushing volume. The cost of imported soybeans has risen, and domestic near - end crushing profits are still poor. Soybean oil is stronger than soybean meal and palm oil. Palm oil is in a sideways shock, and its price trend may change with the improvement of supply - demand [4] Rapeseed Meal & Rapeseed Oil - Domestic rapeseed futures oscillated weakly today, weaker than their competitors. Rapeseed products have a statistical premium, resulting in mediocre demand, especially for rapeseed meal. Australian rapeseed is expected to arrive in China soon, and the premium of rapeseed futures prices will gradually decline. The supply of domestic rapeseed products has variables, and the demand is expected to be average, with short - term pressure on futures prices [6] Corn - Dalian corn futures oscillated and corrected today. The increase in new - season corn in Northeast China has decreased, and farmers are more reluctant to sell, with prices slightly stronger. The arrival of corn in Shandong has increased slightly, and prices are stable. The inventory of downstream corn is generally low, and the purchase price has risen with the increase in the operating rate of deep - processing enterprises. Wait for the signing of the Sino - US trade agreement, and pay attention to the sales progress of new corn in Northeast China. The 01 contract of Dalian corn futures may continue to correct [7] Live Hogs - The near - month contract of live hog futures hit a new low, and the far - month contract followed. The spot price is relatively stable. The futures market is trading on potential future supply pressure. Historically, the bottom of the pig cycle often shows a double - bottom "W" shape. The low price in October is likely the first emotional bottom, and there is a high probability of a second bottom in the first half of next year due to supply pressure and the off - season of demand [8] Eggs - Egg futures continued to face selling pressure, with an overall increase in positions, and the February contract led the decline. The spot price of eggs across the country generally fell. Reasons include the decline of vegetable prices, the approaching delivery of the December contract, and the current high - supply and off - season - demand situation. Hold short positions in near - month contracts at high levels [9]

Report Industry Investment Ratings - Soybean Futures: ★☆☆ (One star, indicating a bullish/bearish bias with a driving force for price movement, but limited operability on the market) [1] - Palm Oil: Not clearly rated [1] - Soybean Meal: ★☆☆ [1] - Rapeseed Oil: ★☆☆ [1] - Rapeseed Meal: ★☆☆ [1] - Corn: ☆☆☆ (White star, suggesting a relatively balanced short - term trend with poor operability, advisable to wait and see) [1] - Live Pigs: Not clearly rated [1] - Eggs: ★☆☆ [1] Core Views - The report analyzes multiple agricultural products including soybeans, soybean meal, etc., and provides insights into their price trends, supply - demand situations, and potential investment opportunities based on domestic and international market data and policy factors [2][3][4] Summaries by Related Catalogs Soybean - The main contract of soybean futures significantly reduced positions today, with prices dropping rapidly from high levels. 35,000 tons of soybeans were auctioned by Sinograin at an average price of 3,900 yuan/ton. The price difference between domestic and imported soybeans decreased. The market is speculating on China's policy - based procurement of US soybeans and the increase in US domestic soybean crushing volume. Short - term focus is on the performance of domestic soybean spot and policy [2] Soybean & Soybean Meal - In October, the US soybean crushing volume reached 228 million bushels, a record high. The planting progress of new - season soybeans in Brazil is slow, with a sowing rate of 69.0% as of November 15, behind last year's 73.8%. The impact of La Nina on soybean yields in Brazil and Argentina needs continuous attention. Domestically, the main contract of Dalian soybean meal futures continued to correct, and the basis weakened. The domestic market has sufficient soybean supply and poor crushing profits. Soybean inventory remains high, and soybean meal inventory has decreased but is still in the millions. Wait for the signing of the new Sino - US economic and trade agreement and track its implementation. Consider buying on dips after stabilization [3] Soybean Oil & Palm Oil - US soybeans are performing strongly. The market is speculating on China's policy - based procurement of US soybeans and the increase in US domestic soybean crushing volume. The cost of imported soybeans has risen, and domestic near - term crushing profits are still poor. Domestic soybean oil is stronger than soybean meal and palm oil. Palm oil's short - term high - frequency data shows a weak supply - demand situation and is currently in a sideways shock. A change in palm oil price trends requires an improvement in the supply - demand situation. Short - term focus on the guidance of the oil supply - demand situation [4] Rapeseed Meal & Rapeseed Oil - Domestic rapeseed - related futures had a weak shock today, weaker than their counterparts. Rapeseed products still have a statistical premium, resulting in lackluster demand, especially for rapeseed meal. The premium of rapeseed - related futures prices is expected to gradually decline as Australian rapeseed is about to arrive in China. The medium - to - long - term supply - demand of rapeseed products is more affected by Sino - Canadian relations, but there are no significant changes currently. Domestic rapeseed supply has variables, and attention should be paid to the arrival time of Australian rapeseed and direct imports of rapeseed meal and oil. Demand is expected to be mediocre, and rapeseed - related futures prices are under short - term pressure [6] Corn - Dalian corn futures oscillated and corrected today. The increase in new corn in Northeast China has decreased, and farmers' reluctance to sell has strengthened, with prices slightly stronger. The amount of corn arriving in Shandong has increased slightly, and prices are stable. The inventory of middle - and downstream corn is generally low, and the purchase price has risen with the increase in the operating rate of deep - processing enterprises. Wait for the signing of the Sino - US trade agreement, and pay attention to the sales progress of new corn in Northeast China. The Dalian corn futures 01 contract may continue to correct [7] Live Pigs - The near - month live pig futures hit a new low, and the far - month contracts followed. The overall position increased by nearly 10,000 lots. The average spot price of live pigs is stable. The futures market is trading on the potential future supply pressure. Historically, the bottom of the pig cycle often shows a double - bottom "W" shape. The low pig price in October was likely the first emotional bottom - building. It is expected that pig prices will have a high probability of a second bottom - building in the first half of next year due to continuous supply pressure and the off - season of demand [8] Eggs - Egg futures continued to face selling pressure, and the overall position increased. The February contract led the decline. The national spot price of eggs generally decreased. Vegetable prices showed a downward trend, the December contract was approaching delivery and converging its premium to the spot, and the fundamental situation is a high - supply and off - season - demand stage. It is recommended to hold short positions in the near - month high - level contracts [9]

Report Industry Investment Ratings - Soybean (Bean 1): ☆☆☆ [1] - Soybean Oil: ななな [1] - Palm Oil: ななな [1] - Soybean Meal: ★☆☆ [1] - Rapeseed Meal: ★☆☆ [1] - Rapeseed Oil: ★☆☆ [1] - Corn: な☆☆ [1] - Live Hogs: ななな [1] - Eggs: ★☆☆ [1] Core Views - The report provides a comprehensive analysis of various agricultural products including soybeans, soybean meal, soybean oil, palm oil, rapeseed meal, rapeseed oil, corn, live hogs, and eggs, with insights on market trends, supply - demand dynamics, and price expectations [2][3][4] Summary by Category Soybean (Bean 1) - Domestic soybean futures prices are strong. Some enterprises raised soybean purchase prices last week, with high - protein soybeans having a price advantage. Due to adverse weather, domestic high - protein soybean supply is tight. The gap between domestic and imported soybeans is widening, and domestic soybean warehouse receipts are increasing. Imported US soybeans are expected to be volatile and slightly stronger, with attention on US soybean exports and South American soybean planting [2] Soybean & Soybean Meal - The USDA November report showed a decrease in US new - crop soybean yield, production, exports, and ending stocks. However, the market had already priced in the positive expectations before the report, and the price of US soybeans dropped significantly after the report. South American soybean planting progress is slow, and the impact of La Nina on production needs attention. In the domestic market, soybean supply is sufficient, and crushing profit is poor. The strategy is to wait for the price to stabilize and then consider buying on dips [3] Soybean Oil & Palm Oil - The USDA report's positive impact is exhausted, and US soybean prices are in a sideways shock. It is expected to be volatile and slightly stronger, waiting for South American crop performance and US soybean exports. Domestic soybean near - end crushing profit is poor, domestic soybean oil is strong, the oil - meal ratio is rising, and the soybean - palm oil spread is widening. Palm oil in Malaysia still has supply - demand pressure, and short - term supply - demand performance needs to be observed [4] Rapeseed Meal & Rapeseed Oil - The domestic rapeseed sector has declined recently due to the sharp drop in US soybeans after the USDA report. The global rapeseed production is adjusted up, and exports of some countries are also adjusted. Rapeseed products have a statistical premium over competitors, and demand is lackluster. The premium of rapeseed futures prices is expected to gradually decline, and the prices are under short - term pressure [6] Corn - Dalian corn futures are weakly volatile. Northeast corn new - grain increment is decreasing, and the price is slightly stronger. Shandong's spot supply has increased slightly. The USDA November report on US corn is neutral to bearish, and the price has dropped. There may be further adjustments to US corn yield. The impact of China's State Grain Reserves Corporation's imported corn auction needs attention, and the Dalian corn futures 01 contract is expected to correct [7] Live Hogs - Both the spot and futures prices of live hogs are weak. After the end of the second - round fattening in October, the spot price has been falling. The near - month futures contracts are at a low valuation, and the far - month contracts are also adjusting downwards. It is expected that there may be a second bottom in hog prices in the first half of next year [8] Eggs - Egg spot prices are weakly stable, and near - month futures contracts are under pressure, hitting new lows. Vegetable prices have peaked and declined, the 12 - month contract is converging to the spot price, and the current supply is high while demand is in the off - season. It is recommended to hold short positions in near - month contracts [9]

Report Industry Investment Ratings - One-star ratings (indicating a bullish or bearish bias with limited trading opportunities on the market): Soybean meal, rapeseed meal, rapeseed oil, eggs [1] - White-star ratings (indicating a relatively balanced short-term trend with poor market operability, suggesting a wait-and-see approach): Corn [1] - Three-star ratings (indicating a clearer bullish or bearish trend with relatively appropriate current investment opportunities): Not specified in the text - Other ratings (not clearly defined in the text): Soybean, palm oil, soybean oil, live pigs [1] Core Views - The prices of various agricultural products are affected by multiple factors such as weather, supply and demand, and trade policies. Different agricultural products show different price trends and investment opportunities [2][3][4] Summary by Related Catalogs Soybean - Domestic soybean futures prices are strong. High-protein soybean supply is tight due to adverse weather, and the price difference with imported soybeans is widening. The number of domestic soybean warehouse receipts is increasing. Imported soybean prices are expected to be volatile and strong, with attention on US soybean exports and South American soybean planting [2] Soybean & Soybean Meal - The USDA November supply and demand report shows a decline in US new soybean production and other indicators, but the market has fully priced in the bullish expectations before the report. South American soybean planting progress is slow, and attention should be paid to the impact of La Nina. The domestic market has sufficient soybean supply and poor crushing profits. The strategy is to wait for the price to stabilize and then go long [3] Soybean Oil & Palm Oil - The USDA report's bullish factors are exhausted, and the price is in a sideways shock. The domestic soybean oil is strong, and the oil-to-meal ratio and the soybean-palm oil price difference are increasing. Palm oil supply and demand pressure continues, and the price trend needs clear supply and demand guidance [4] Rapeseed Meal & Rapeseed Oil - The domestic rapeseed series has declined recently due to the impact of the US soybean slump after the US agricultural report. The global rapeseed production has increased, and the export volume of some countries has also increased. The rapeseed series has a statistical premium, and the demand is weak. The futures price is under short-term pressure [6] Corn - The Dalian corn futures are weakly volatile. The increase in new corn in the Northeast has decreased, and the price is slightly stronger. The USDA report is neutral to bearish, and the domestic market needs to pay attention to the impact of the import auction and the signing of the trade agreement. The futures price is expected to wait for a pullback [7] Live Pigs - The spot and futures prices of live pigs are weak. The short-term price is under pressure, and the long-term price may form a double bottom [8] Eggs - The spot price of eggs is stable and weak, and the futures price of the near-month contract is under pressure. It is recommended to hold short positions in the near-month contract [9]