Report Industry Investment Rating No relevant content provided. Report's Core View - The price of the main soybean oil futures contract is expected to move slightly higher in the medium to long term, with short - term fluctuations due to sufficient inventory. The main contract long positions can be considered for holding, with support at 8150 - 8200 yuan/ton and resistance at 8400 - 8450 yuan/ton [2]. - The price of the main rapeseed oil contract is expected to move higher in the medium to long term under the expectation of inventory reduction. Aggressive investors can consider going long on the 01 contract on dips and can buy put options to protect positions if worried about trade risks. The support for the 01 contract is 9800 - 9820, and the resistance is 10020 - 10050 [2]. - The medium - to long - term bullish view on palm oil remains unchanged. Aggressive strategies can consider holding long positions or buying out - of - the - money call options after stabilization. The support for the main contract is 9230 - 9270, and the resistance is 9650 - 9680 [3]. - The price of soybean meal futures is expected to remain weak, and short - selling on the main contract can be considered. Arbitrage can consider going long on the 01 contract bean oil - meal ratio [3]. - Rapeseed meal futures show a situation of weak supply and demand, and the price may remain volatile in the short term [5]. - Corn and corn starch futures are expected to remain in a low - level oscillation. For corn, short positions can be held cautiously or consider the 1 - 5 spread reverse arbitrage. For corn starch, short positions can be reduced on dips [6]. - The price of soybean No.1 futures is expected to be oscillating strongly, and long positions can be held [7]. - For peanut futures, long positions can be held temporarily, and attention should be paid to the acquisition dynamics of oil mills and the harvest situation of new crops [8]. - For live hog futures, medium - term investors can consider going long on the 2607 contract after the confirmation of capacity reduction, and cautious investors can wait and see [8]. - For egg futures, it is recommended to wait and see, and aggressive investors can consider going long on the 2512 contract at low prices [8]. Summary According to Relevant Catalogs Part One: Sector Strategy Recommendations 1. Market Judgment | Sector | Variety | Market Logic | Support | Resistance | Market Outlook | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No.1 01 | Domestic new soybeans are in abundant supply, and downstream acquisition is relatively active. | 4000 - 4030 | 4100 - 4150 | Oscillating strongly | Hold long positions [11] | | | Soybean No.2 11 | Weak reality collides with strong expectations. | 3500 - 3540 | 3675 - 3700 | Oscillating adjustment | Wait and see [11] | | | Peanut 11 | The supply is increasing, and the yield in some areas of Henan is not good. Affected by crude oil fluctuations recently. | 7500 - 7600 | 8020 - 8162 | Oscillating adjustment | Wait and see [11] | | Oils | Soybean oil 01 | Currently, the supply is sufficient, and the supply - demand situation is expected to improve in the fourth quarter. | 8150 - 8200 | 8400 - 8450 | Oscillating up | Go long with a light position [11] | | | Rapeseed oil 01 | The inventory in East China and coastal areas is continuously decreasing. | 9800 - 9820 | 10220 - 10250 | Stop falling and rebound | Go long after stabilization [11] | | | Palm 01 | The inventory pressure in the producing areas is not large, and the long - term bullish view remains unchanged. | 9230 - 9270 | 9650 - 9680 | Oscillating adjustment | Go long after stabilization [11] | | Protein | Soybean meal 01 | The current inventory of soybean meal is sufficient, and the feed demand is expected to weaken in the fourth quarter. | 2800 - 2850 | 2960 - 2970 | Oscillating adjustment | Hold short positions [11] | | | Rapeseed meal 01 | The inventory of rapeseed meal in coastal oil mills is decreasing, and market disturbances are intertwined. | 2230 - 2250 | 2400 - 2430 | Oscillating adjustment | Wait and see [11] | | Energy and By - products | Corn 01 | The fundamentals are under pressure, and the bullish factors are limited. | 2000 - 2020 | 2180 - 2200 | Bottom - level oscillation | Reduce short positions on dips [11] | | | Starch 11 | The price of corn is under pressure, and the spot market is slightly loose. | 2340 - 2350 | 2500 - 2520 | Bottom - level oscillation | Reduce short positions on dips [11] | | Livestock | Live hog 01 | Feed prices stop falling and rebound, and the expectation of capacity reduction is strengthened. | 11800 - 12000 | 12500 - 12800 | Oscillating to find the bottom | Turn to wait - and - see [11] | | | Egg 12 | There is capacity pressure and consumption peak - season expectation. | 2900 - 3100 | 3300 - 3350 | Oscillating to find the bottom | Wait and see [11] | 2. Commodity Arbitrage - **Inter - period Arbitrage**: For most varieties, it is recommended to wait and see. For corn 5 - 1, go long on dips with a target of 180 - 200; for live hog 1 - 3, do positive arbitrage on dips [12]. - **Inter - variety Arbitrage**: For 01 soybean oil - palm oil, operate bearishly; for 01 rapeseed oil - soybean oil, operate bullishly; for 01 bean oil - meal ratio and 01 rapeseed oil - meal ratio, operate bullishly [12]. 3. Basis and Spot - Futures Strategies The table shows the spot prices, price changes, main - contract basis, and basis changes of various varieties such as oilseeds, oils, protein, energy and by - products, and livestock [13]. Part Two: Key Data Tracking Table 1. Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipment periods, such as the arrival - at - port CIF price, import - arrival - at - port duty - paid price, and the cost of soybean meal when the crushing profit is zero [15]. - **Weekly Data**: It shows the inventory and operating rates of various oils and oilseeds, such as the port inventory of soybeans, the oil - mill inventory of soybean meal, and the operating rates of soybean and rapeseed oil mills [17]. 2. Feed - **Daily Data**: It provides the import cost data of corn from Argentina and Brazil in different months [17]. - **Weekly Data**: It shows the weekly data of corn and corn starch, including the consumption, inventory, operating rate, and inventory of starch enterprises of deep - processing enterprises [18]. 3. Livestock - It includes the daily and weekly data of live hogs and eggs, such as the spot price, pig - grain ratio, and inventory data of live hogs, and the spot price, production rate, and inventory data of eggs [19][20][21][23]. Part Three: Fundamental Tracking Charts - **Livestock End (Live Hogs, Eggs)**: It includes the closing prices of the main contracts of live hogs and eggs, spot prices, and prices of related products such as piglets, white - striped pork, chicken seedlings, and culled chickens [25][26][28][29][30][32]. - **Oils and Oilseeds** - **Palm Oil**: It shows the monthly production, export volume, ending inventory, import profit, and inventory data of Malaysian palm oil, as well as the trading volume and price - spread data of domestic palm oil [34][36][37][40][41]. - **Soybean Oil**: It includes the soybean crushing volume, soybean oil inventory, crushing profit, oil - mill operating rate, and inventory data in the United States, as well as the trading volume and price - spread data of domestic soybean oil [43][45][46]. - **Peanut**: It shows the arrival and shipment volume of peanuts in domestic wholesale markets, the daily crushing profit, operating rate, inventory data of peanuts and peanut oil, and price - spread data [48][50]. - **Feed End** - **Corn**: It includes the closing price, spot price, basis, price - spread data, inventory data of ports and deep - processing enterprises, and processing profit data of corn [52][55]. - **Corn Starch**: It shows the closing price, spot price, basis, operating rate, inventory, and processing profit data of corn starch [57][59]. - **Rapeseed**: It includes the spot price, basis, inventory, and crushing profit data of rapeseed meal and rapeseed oil [59][63]. - **Soybean Meal**: It shows the growth rate, flowering rate, pod - setting rate, inventory, basis, and price - spread data of American soybeans, as well as the price - spread data between soybean meal and rapeseed meal [66][69][71][79][80]. Part Four: Options Situation of Feed, Livestock, and Oils It shows the historical volatility data of rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio data of corn options [82][83]. Part Five: Warehouse Receipt Situation of Feed, Livestock, and Oils It shows the warehouse receipt data of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live hogs, and eggs, as well as the open interest data of the live hog and egg indices [85][86][87][91].

Group 1: Report General Information - Report title: Futures Research Institute's Daily Strategy Report on the Breeding and Oilseed Industry Chain [3][8] - Authors: Wang Liangliang, Hou Zhifang, Wang Yibo, Song Congzhi [1] - Completion time: September 3, 2025 [1] Group 2: Sector Strategy Recommendations 2.1 Market Analysis | Sector | Variety | Market Logic | Support Level | Resistance Level | Market Outlook | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1, Contract 11 | New domestic soybeans are gradually entering the market, and domestic soybean auctions continue, increasing supply. | 3850 - 3900 | 4145 - 4150 | Sideways with a bearish bias | Hold short positions | | | Soybean No. 2, Contract 11 | Uncertainty in supply due to possible increase in fourth - quarter South American soybean purchases. | 3600 - 3630 | 3950 - 4000 | Sideways adjustment | Wait and see | | | Peanut, Contract 11 | Expected increase in new - season production, lower costs, and increasing market supply. Pre - Mid - Autumn Festival stocking is starting. | 7500 - 7600 | 8100 - 8162 | Sideways adjustment | Wait and see | | Oils | Soybean oil, Contract 01 | Uncertainty in fourth - quarter supply, weak current situation, and expected reduction in Canadian rapeseed imports. | 8230 - 8300 | 8800 - 9000 | Sideways with a bullish bias | Go long after stabilization | | | Rapeseed oil, Contract 01 | Increased supply | 9500 - 9580 | 9998 - 10343 | Sideways adjustment | Wait and see | | | Palm oil, Contract 01 | Price pressure from lower US soybean oil prices, but poor Malaysian palm oil production. | 9074 - 9200 | 9736 - 9990 | Sideways adjustment | Go long on dips with a light position | | Proteins | Soybean meal, Contract 01 | Uncertainty in supply due to possible increase in fourth - quarter South American soybean purchases, and decreasing fourth - quarter consumption. | 2980 - 3000 | 3180 - 3200 | Sideways with a bullish bias | Go long after stabilization | | | Rapeseed meal, Contract 01 | Expected reduction in Canadian rapeseed imports, poor cost - performance, and weak consumption. | 2400 - 2438 | 2632 - 2698 | Sideways adjustment | Wait and see | | Energy and By - products | Corn, Contract 11 | Fundamental pressure remains, but the decline slows down at low prices. | 2100 - 2120 | 2240 - 2250 | Low - level sideways | Hold short positions cautiously | | | Starch, Contract 11 | Slower decline in corn prices at the cost end, and a slightly loose spot market. | 2400 - 2420 | 2580 - 2590 | Low - level sideways | Hold short positions cautiously | | Breeding | Live pigs, Contract 11 | Feed prices stop falling and rebound, and the expectation of capacity reduction strengthens. | 13500 - 13750 | 14500 - 15000 | Sideways rebound | Hold long positions | | | Eggs, Contract 10 | Capacity pressure and expected peak consumption season | 2900 - 3100 | 3300 - 3350 | Sideways bottom - seeking | Go long on dips | [11] 2.2 Commodity Arbitrage | Sector | Spread Type | Current Value | Previous Value | Change | Reference Strategy | Reference Target | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1, 11 - 1 | 0 | 7 | - 7 | Wait and see | - | | | Soybean No. 2, 11 - 1 | - 35 | - 32 | - 3 | Wait and see | - | | | Peanut, 10 - 11 | 172 | 180 | - 8 | Wait and see | - | | Oils | Soybean oil, 1 - 5 | 296 | 288 | 8 | Wait and see | - | | | Rapeseed oil, 9 - 1 | 20 | - 173 | 193 | Wait and see | - | | | Palm oil, 9 - 1 | - 22 | - 42 | 20 | Wait and see | - | | Proteins | Soybean meal, 3 - 5 | 182 | 173 | 9 | Bull spread | 300 - 400 | | | Rapeseed meal, 9 - 1 | 41 | 53 | - 12 | Wait and see | - | | Energy and By - products | Corn, 11 - 1 | 11 | 17 | - 6 | Wait and see | - | | | Starch, 11 - 1 | - 33 | - 30 | - 3 | Wait and see | - | | Breeding | Live pigs, 1 - 3 | - 765 | - 765 | 0 | Bull spread on dips | - | | | Eggs, 10 - 1 | - 425 | - 425 | 0 | Bull spread on dips | - | | Oils (Cross - variety) | 01 Soybean oil - Palm oil | - 1002 | - 1066 | 64 | Bearish operation | - | | | 01 Rapeseed oil - Soybean oil | 1361 | 1410 | - 49 | Bullish operation | - | | | 09 Rapeseed oil - Palm oil | 1446 | 1528 | - 82 | Wait and see | - | | Proteins (Cross - variety) | 01 Soybean meal - Rapeseed meal | 545 | 550 | - 5 | Low - level sideways | - | | Oil - meal ratio | 01 Soybean oil - meal ratio | 2.73 | 2.74 | - 0.01 | Bullish operation | 2.8 - 2.82 | | | 09 Rapeseed oil - meal ratio | 3.86 | 3.90 | - 0.04 | Wait and see | - | | Energy and By - products (Cross - variety) | 11 Starch - Corn | 294 | 305 | - 11 | Wait and see | 300 - 400 | [12][13] 2.3 Basis and Spot - Futures Strategies | Sector | Variety | Spot Price | Price Change | Main Contract Basis | Basis Change | | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 | 4060 | 0 | 99 | 94 | | | Soybean No. 2 | 3850 | 0 | 67 | - 11 | | | Peanut | 7400 | 0 | - 342 | 80 | | Oils | Soybean oil | 8750 | 0 | 334 | 0 | | | Rapeseed oil | 9870 | 40 | 143 | - 35 | | | Palm oil | 9400 | 70 | 32 | 124 | | Proteins | Soybean meal | 3020 | 0 | - 6 | - 6 | | | Rapeseed meal | 2600 | 0 | 79 | - 21 | | Energy and By - products | Corn | 2270 | 0 | 67 | 7 | | | Starch | 2660 | 0 | 173 | - 11 | | Breeding | Live pigs | 13.93 yuan/kg | - 0.10 yuan/kg | 600 | 45 | | | Eggs | 2.80 yuan/jin | 0 | 239 | - 2 | [14] Group 3: Key Data Tracking 3.1 Oilseeds and Oils 3.1.1 Daily Data - Import cost data for soybeans, rapeseeds, and palm oil from different origins and shipping dates are provided, including CNF prices, landed duty - paid prices, and estimated meal costs when the crushing profit is zero [16][17] 3.1.2 Weekly Data | Variety | Inventory | Operating Rate | | --- | --- | --- | | Soybeans | Port inventory: 684.20 ( + 3.16) | - | | Soybean meal | Oil mill inventory: 107.88 ( + 2.55) | 61.00% | | Soybean oil | Port inventory: 118.10 ( + 4.10) | - 1.00% | | Rapeseeds | Coastal oil mill inventory: 12.90 ( - 2.40) | 28.03% | | Rapeseed meal | Coastal area inventory: 2.50 ( + 0.40) | - | | Rapeseed oil | East China commercial inventory: 55.40 ( + 1.80) | - 0.80% | | Palm oil | Inventory: 61 ( + 3) | - | | Peanuts | Inventory: 76130 ( - 7070) | 6.32% | | Peanut oil | Inventory: 38530 ( - 320) | 1.58% | [18][19] 3.2 Feed 3.2.1 Daily Data - Import cost data for corn from Argentina and Brazil in October and November are provided, including CNF prices and landed duty - paid costs [19] 3.2.2 Weekly Data | Indicator | Current Value | Week - on - Week Change | Year - on - Year Change | | --- | --- | --- | --- | | Deep - processing enterprise corn consumption (10,000 tons) | 100.63 | + 0.42 | - 16.14 | | Deep - processing enterprise corn inventory (10,000 tons) | 294.20 | - 20.50 | + 7.40 | | Starch enterprise operating rate (%) | 47.70 | - 3.31 | - 6.64 | | Starch enterprise inventory (10,000 tons) | 126.50 | - 5.30 | + 126.50 | [20] 3.3 Breeding 3.3.1 Live Pigs - Daily data shows the price changes of live pigs, piglets, pork wholesale prices, and related ratios in different regions on September 3, 2025 [21] - Weekly data includes information on live pig prices, breeding costs, profits, slaughter data, and other aspects [25] 3.3.2 Eggs - Daily data shows the price changes of eggs and淘汰 chickens in different regions on September 3, 2025 [22] - Weekly data focuses on supply - side indicators (such as egg - laying rate, hen age at culling, and culling volume), demand - side indicators (such as sales volume and inventory), and profit - related data [23][24] Group 4: Fundamental Tracking Charts - Charts are provided for the breeding end (live pigs and eggs), oilseeds and oils (palm oil, soybean oil, peanuts), and the feed end (corn, corn starch, rapeseed, and soybean meal), showing various data such as production, inventory, price spreads, and historical volatility [26][35][54] Group 5: Options and Warehouse Receipts 5.1 Options - Charts show the historical volatility of rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio of corn options [87][88][89] 5.2 Warehouse Receipts - Charts display the warehouse receipt situations of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs [90][91][93]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Soybean No. 1**: The price in the Northeast market is stable, with tight supply in the producing areas. The demand in the consumer areas is weak. The 07 contract is recommended for short - term observation, with key pressure at 4170 - 4200 yuan/ton and support at 4000 - 4050 yuan/ton [3]. - **Peanut**: The short - term price fluctuates. The 10 - contract has support at 8244 - 8280 and pressure at 8520 - 8528. New - season peanut acreage is expected to increase slightly year - on - year [4]. - **Soybean Oil**: The fundamentals are weak. It is recommended to observe, with support at 7400 - 7500 yuan/ton and pressure at 7850 - 7900 yuan/ton [4]. - **Rapeseed Oil**: The inventory is high, and the supply is expected to be loose in the short term. The 09 contract is recommended to reduce short positions, with support at 8800 - 8810 and pressure at 9390 - 9399 [4]. - **Palm Oil**: The short - term price fluctuates. It is recommended to try long positions at low levels. The 09 contract has support at 7928 - 7980 and pressure at 8332 - 8376 [5]. - **Soybean Meal**: The supply - side negative factors are still at play, but it is expected to rise in the medium - to - long - term. The 09 contract is recommended for light - position long - term trials, with support at 2930 - 2940 and pressure at 3100 - 3150 [12]. - **Rapeseed Meal**: The short - term supply is sufficient, and the 09 contract is recommended to reduce short positions, with support at 2648 - 2509 and pressure at 2637 - 2649 [12]. - **Corn**: It is recommended to buy on dips. The 07 contract has support at 2290 - 2300 and pressure at 2430 - 2450 [7]. - **Corn Starch**: It is recommended to hold long positions cautiously. The 07 contract has support at 2640 - 2650 and pressure at 2790 - 2800 [12]. - **Live Pigs**: The 09 contract is in a weak state at a low level. It is recommended to wait for opportunities to buy on dips, with a reference range of 13000 - 13500 [12]. - **Eggs**: The 07 contract is recommended to close the previous short - 7 - long - 9 position at low levels and then observe. Consider a rebound after an extreme decline [9]. 3. Summary by Directory First Part: Sector Strategy Recommendations - **Market Analysis**: Different varieties have different market logics. For example, soybean meal is expected to bottom out and rebound, while rapeseed oil is expected to decline weakly. Corresponding trading strategies are given for each variety [12]. - **Commodity Arbitrage**: For cross - period and cross - variety arbitrage of different commodities, different strategies such as waiting and positive/negative arbitrage are recommended [13][14]. - **Basis and Spot - Futures Strategies**: The report provides the spot prices, price changes, and basis changes of various commodities [15]. Second Part: Key Data Tracking Table - **Oilseeds and Oils** - **Daily Data**: It shows the import costs of soybeans, rapeseeds, and palm oil for different shipping dates [16][17]. - **Weekly Data**: It includes the inventory and operating rates of beans, rapeseeds, palm oil, and peanuts [18]. - **Feed** - **Daily Data**: It presents the import costs of corn from different countries and months [19]. - **Weekly Data**: It shows the consumption, inventory, operating rate, and other data of corn and corn starch [19]. - **Livestock Farming**: It provides daily and weekly data on live pigs and eggs, including prices, production, sales, and profit data [21][23][25]. Third Part: Fundamental Tracking Charts - **Livestock Farming (Live Pigs and Eggs)**: It includes charts of futures and spot prices, as well as prices of related products such as piglets and chicken eggs [26][30][33] - **Oilseeds and Oils** - **Palm Oil**: It includes charts of production, export, inventory, and price spreads of Malaysian palm oil, as well as domestic palm oil data [35][37][39] - **Soybean Oil**: It includes charts of US soybean crushing, inventory, and domestic soybean oil data [43][44] - **Peanuts**: It includes charts of domestic peanut arrival, shipment, and processing data [50][52] - **Feed** - **Corn**: It includes charts of corn inventory, sales progress, import volume, and processing profit [54][56][57] - **Corn Starch**: It includes charts of corn starch operating rate, inventory, and processing profit [59][60] - **Rapeseed**: It includes charts of rapeseed meal and rapeseed oil spot prices, basis, and inventory [61][63][65] - **Soybean Meal**: It includes charts of US soybean growth, inventory, and other data [72][74] Fourth Part: Options Situation of Soybean Meal, Feed, Livestock Farming, and Oils It includes charts of historical volatility, trading volume, and open interest of options for various commodities [75][76] Fifth Part: Warehouse Receipt Situation of Feed, Livestock Farming, and Oils It includes charts of warehouse receipts for various commodities such as rapeseed meal, rapeseed oil, and corn [78][79]