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]