1. Report Industry Investment Ratings - Corn: Low long [3] - Pig: Range trading [5] - Egg: High short [5] 2. Core Views - **Corn**: Short - term, pay attention to import corn auction rhythm and corn - wheat price difference; mid - term, conduct band trading around new - season corn drivers; long - term, maintain the pricing logic of import substitution and planting cost and focus on policy orientation [3] - **Pig**: Short - term, supply exceeds demand, pressuring pig prices; mid - term, supply is expected to increase, limiting price increases; long - term, pig production capacity will continue to materialize if no epidemic occurs [5] - **Egg**: Mid - short - term, holiday stocking weakens, and egg prices may decline if inventory rises; long - term, focus on the extent of chicken culling, and supply pressure may re - emerge in Q4 [5] 3. Summary by Related Catalogs Corn Important Information - Deep - processing enterprise purchase prices vary: Northeast down 12 yuan/ton to 2155 yuan/ton, North China up 18 yuan/ton to 2370 yuan/ton [3] - Port prices: North weak, South stable. Jinzhou Port down 10 yuan/ton, Shekou Port unchanged [3] - Corn futures warehouse receipts unchanged at 23814 as of September 24 [3] - Wheat - corn price difference in Shandong is + 80 yuan/ton, narrowing by 10 yuan/ton [3] - Corn bidding procurement: 2.15 million tons planned, 1.91 million tons transacted, 89% success rate [3] - August 2025 national industrial feed output is 29.36 million tons, up 3.7% MoM and 3.8% YoY [3] Market Logic - Short - term, support at 2050 - 2150 yuan/ton, pressure from wheat - corn price difference [3] - Mid - term, conduct band trading around new - season corn, with wide - range trading [3] - Long - term, follow import substitution and planting cost pricing, focus on policies [3] Trading Strategy - Mid - long - term, maintain range trading; short - term, look for low - long opportunities. Support for 2511 contract at 2100 - 2130, 2601 contract at 2100 - 2120 [3] Pig Market Review - LH2511 contract closed flat at 12730 yuan/ton yesterday [5] Important Information - National average pig price is 12.51 yuan/kg, down 0.01 yuan/kg; expected morning prices are weak - stable [5] - July 2025 fertile sow inventory is 40.42 million, 103.64% of normal level; July sow culling up 2.1% MoM [5] - September 24 fattening - standard price difference is 0.2 yuan/jin, narrowing by 0.01 yuan/jin [5] - September 18 weekly average slaughter weight is 124.68 kg, up 0.36 kg [5] - September 24 pig futures warehouse receipts down 59 to 368 [5] - 15,000 tons of central reserve frozen pork will be released on September 28 [5] Market Logic - Short - term, supply exceeds demand, North may stop falling, South remains weak [5] - Mid - term, supply is expected to increase, limiting price increases [5] - Long - term, sow inventory is high, production capacity will continue to materialize [5] Trading Strategy - Near - month contracts follow supply - demand logic, suggest taking profit on short positions; far - month contracts trade on de - capacity expectation difference. Support for 2511 contract at 12300 - 12500, 2601 contract at 12800 - 13000, etc. [5] Egg Market Review - JD2511 contract fell 0.46% to 3056 yuan/500kg yesterday [5] Important Information - Egg prices are mainly stable, main production area unchanged, main sales area down 0.02 yuan/jin [5] - Inventory increased slightly, production link stable, circulation link up 0.02 days [5] - Old hen price is 4.5 yuan/jin, down 0.01 yuan/jin; September 18 average culling age is 497 days, up 2 days [5] - August in - production laying hen inventory is 1.365 billion, up 0.66% MoM and 5.98% YoY; September estimated at 1.353 billion, down 0.8% MoM [5] Market Logic - Mid - short - term, holiday stocking weakens, egg prices may decline with rising inventory [5] - Long - term, focus on chicken culling, supply pressure may re - emerge in Q4 [5] Trading Strategy - Maintain high - short strategy before large - scale culling. Pressure for 2511 contract at 3090 - 3100, etc. Also, breeding enterprises can consider selling hedging opportunities for 2607 and 2608 contracts [5]