Group 1: Report Summary - The report is the Agricultural Products Morning Report of Wukuang Futures on August 8, 2025, covering multiple agricultural products including soybeans, oils, sugar, cotton, eggs, and pigs [1] Group 2: Market Conditions and Analysis Soybeans/Meals - Thursday night, US soybeans rose slightly, supported by low - valuation bargain - hunting and position adjustment before the USDA report. Domestic soybean meal was supported by cost due to lack of US soybean purchases and strong Brazilian quotes, and was trading near the break - even price. Domestic soybean meal spot was stable on Thursday, with an offer of 2,910 yuan/ton in East China, and the transaction volume decreased while the pick - up was good [2] - According to MYSTEEL statistics, 2.2539 million tons of soybeans were crushed in China last week, and 2.213 million tons are expected to be crushed this week [2] - US soybean production areas are expected to have slightly less rainfall in the next two weeks, mainly in the central region, and the temperature is at a neutral level. In Brazil, the premium is rising strongly and has stabilized in the past two days. Overall, US soybeans are in a state of low valuation and oversupply, with no clear directional driver, but the domestic soybean import cost is in a state of small - scale upward fluctuation due to a single supply source [3] Oils - High - frequency export data shows that Malaysia's palm oil exports are expected to increase by 5.31% - 12% in the first 10 days of June, decrease by 5.29% - 6.16% in the first 15 days, decrease by 3.57% - 7.31% in the first 20 days, decrease by 9.2% - 15.22% in the first 25 days, and decrease by 6.71% - 9.58% for the whole month. SPPOMA data shows that Malaysia's palm oil production increased by 35.28% in the first 10 days of July 2025, 17.06% in the first 15 days, 6.19% in the first 20 days, 5.52% in the first 25 days, and 7.07% for the whole month [7] - Brazilian 2025/26 soybean planting area is expected to grow at the slowest pace in nearly 20 years, with an estimated area of 48.13 million hectares (118.9 million acres), a 1.43% increase from the previous year [7] Sugar - On Thursday, the Zhengzhou sugar futures price fell. The closing price of the Zhengzhou sugar January contract was 5,585 yuan/ton, a decrease of 43 yuan/ton or 0.76% from the previous trading day. In the spot market, Guangxi sugar - making groups' quotes were 5,920 - 6,040 yuan/ton, down 20 - 40 yuan/ton from the previous day; Yunnan sugar - making groups' quotes were 5,750 - 5,790 yuan/ton, down 10 yuan/ton; the mainstream quotes of processing sugar mills were 6,100 - 6,200 yuan/ton, down 0 - 50 yuan/ton [12] - As of the week of August 6, the number of ships waiting to load sugar at Brazilian ports was 80, compared with 79 in the previous week, and the quantity of sugar waiting to be loaded was 3.5777 million tons, compared with 3.5531 million tons in the previous week. In July, Brazil exported 455,000 tons of sugar to China, a decrease of 305,000 tons from June and 130,000 tons from the same period last year [12] Cotton - On Thursday, the Zhengzhou cotton futures price continued to fluctuate. The closing price of the Zhengzhou cotton January contract was 13,835 yuan/ton, a decrease of 15 yuan/ton or 0.11% from the previous trading day. In the spot market, the price of Xinjiang machine - picked cotton (CCIndex 3128B) was 15,000 yuan/ton, up 10 yuan/ton from the previous day, and the basis of Xinjiang machine - picked cotton (CCIndex 3128B) against the Zhengzhou cotton main contract (CF2601) was 1,165 yuan/ton [15] - In July, Brazil exported 127,000 tons of cotton, a decrease of 6,000 tons from June and 40,000 tons from the same period last year. Among them, exports to China were 8,000 tons, an increase of 6,000 tons from June but a decrease of 27,000 tons from the same period last year [15] Eggs - The national egg price was mostly stable, with a few areas having narrow - range adjustments. The average price in the main production areas dropped 0.01 yuan to 2.86 yuan/jin. The price in Heishan remained at 2.6 yuan/jin, while the price in Guantao rose 0.07 yuan to 2.69 yuan/jin. The supply was relatively stable, farmers were actively selling, the overall market sales improved slightly, and the participants' enthusiasm increased slightly [17] Pigs - The domestic pig price continued to fall yesterday. The average price in Henan dropped 0.14 yuan to 13.86 yuan/kg, and the average price in Sichuan dropped 0.11 yuan to 13.26 yuan/kg. The supply for slaughter was abundant, the terminal demand was limited, and the downstream purchasing enthusiasm was not high [19] Group 3: Trading Strategies Soybeans/Meals - The import cost of foreign - sourced soybeans is currently fluctuating due to low valuation, positive EPA policies, and the fact that soybeans from September to January are solely supplied by Brazil. With global protein raw material supply in excess, the upward momentum of soybean import cost is insufficient. The domestic soybean meal market is still in a season of oversupply, and it is expected that the spot market may start destocking at the end of September. Therefore, the soybean meal market has both long and short factors. It is recommended to go long at the lower end of the cost range and pay attention to crushing margins and supply pressure at the upper end, waiting for progress on Sino - US tariffs and new drivers from the supply side. In terms of arbitrage, pay attention to widening the spread of the soybean meal - rapeseed meal 09 contract when the spread is low [5] Oils - Fundamentally, the US biodiesel policy draft exceeding expectations, the limited production increase potential of Southeast Asian palm oil, the low inventory of vegetable oils in India and Southeast Asian producing areas, and the expectation of Indonesia's B50 policy support the center of the oil market. From July to September, if demand countries maintain normal imports and palm oil production in producing areas remains at a neutral level, the inventory in producing areas may remain stable, supporting the quotes in producing areas to fluctuate strongly. There may be an upward expectation in the fourth quarter due to Indonesia's B50 policy. However, the current valuation is relatively high, and the upward space is restricted by factors such as annual - level oil production increase expectations, high - end palm oil production in the near - term, the RVO rules not being finalized, macro factors, and demand adjustments by major importing countries. The market should be viewed as fluctuating [10] Sugar - In the second half of the year, the increasing import supply will squeeze the sales space of domestic - produced sugar. The profit from out - of - quota spot sugar imports has been at the highest level in the past five years, and the futures price is over - valued. Coupled with the expectation of an increase in domestic planting area in the next season, assuming that the foreign market price does not rebound significantly, the Zhengzhou sugar price is more likely to continue to fall [13] Cotton - The Sino - US economic and trade agreement has not been finalized, and the suspension of reciprocal tariffs and counter - measures is bearish. Fundamentally, as the basis strengthens, the downstream consumption is average recently, the operating rate remains at a historically low level, and the cotton destocking speed has slowed down. The current futures price has fallen below the trend line, so it should be viewed as bearish in the short term [16] Eggs - The increase in newly - laid hens and the difficulty in culling old hens have led to a large supply, causing the spot price to perform worse than expected in the peak season. Near - term short - sellers should continue to squeeze the premium, and the market is dominated by reverse - spread logic. However, as the market still expects a rebound in the peak seasons of August and September, with the intensification of differences in the market as positions increase, it is easy to have reverse fluctuations when the spot price rises. Considering the high inventory throughout the peak season and the fact that subsequent contracts on the futures market cannot reflect the spot price peak, it is advisable to short after a rebound in the medium term, and short - term positions can be appropriately reduced at low prices to avoid risks [18] Pigs - The market is trading on the policy's intervention in capacity reduction, and the original logic of oversupply has been reconstructed, resulting in a significant increase in the valuation of each futures contract, especially the long - term ones. For near - term contracts, although the theoretical supply in the fourth quarter increases, after the current active weight - reduction has released pressure in advance, the large difference between the prices of fat and standard pigs may lead to active weight - gain, reducing the possibility of significant destocking in the early fourth quarter, and the spread may move towards a positive structure. For long - term contracts, the long - term policy's regulation of sow capacity cannot be disproven for now, and the spread tends to be in a reverse structure. With the industrial structure being reconstructed, the uncertainty of single - side trading increases, and more attention should be paid to spread opportunities [20] Group 4: Key Charts - The report includes multiple charts on agricultural products, such as the inventory of major oil mills' soybean meal, granulated rapeseed meal, port soybeans, domestic three major oils, and Malaysian palm oil, as well as production, export, rainfall, and other related data charts [21][38][51]