Report Summary Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoints - Corn: In the short term, the spot price of corn has started an upward trend driven by supply tightening and downstream restocking demand. Farmer reluctance to sell has delayed the release of selling pressure. In the long term, the supply - demand pattern remains tight, and planting costs will support prices. After the selling pressure eases, prices may rise again [4]. - Starch: In the short term, starch prices follow raw material prices. High inventory due to slow downstream restocking pressures prices. In the long term, downstream consumption rhythm is the key factor, and a significant price drop may stimulate restocking and price increases [4]. - Sugar: In the short term, Zhengzhou sugar is more affected by import quota management and syrup import control than the international market, with domestic production costs as the key support. In the long term, if the global sugar market surplus deepens, domestic costs may be temporarily broken through. Maintain a short - selling strategy, but the downward space is limited in the short term [5]. - Cotton: New cotton acquisition is mostly completed, with the estimated total output revised down. The positive outcome of the China - US talks and tariff cuts are beneficial for textile exports. The valuation is unlikely to return to the April low, making long - term long positions suitable [7]. - Eggs: Supply pressure is partially relieved by orderly hen culling and a decrease in new layer hens. Demand increases as cooler weather allows longer storage. The price center in production areas has moved up slightly. Monitoring the culling rhythm is crucial, as faster culling may drive prices up [11]. - Apples: National apple storage is mostly finished. The estimated national cold - storage inventory is about 5.5% of capacity, a 10% decrease from last year. The market is short on high - quality apples, and the price difference between good and bad apples has widened. The futures price has risen significantly and is expected to remain high in the short term [15]. - Pigs: The weekend spot market shows weakness in the north and stability in the south. In the short term, the market is in a weak and volatile state. Mid - term supply pressure persists due to un - reduced production capacity. Attention should be paid to factors such as the selling rhythm, diseases, and policies [15]. Detailed Summaries by Product Corn/Starch - **Price Data**: From November 12 - 18, 2025, the price in Changchun remained at 2070, while the price in Shekou increased by 20. The corn basis increased by 14, and the trade profit increased by 20. For starch, the basis increased by 22, and the processing profit remained unchanged [3]. Sugar - **Price Data**: From November 12 - 18, 2025, the price in Kunming decreased by 30, and the Zhengzhou futures price decreased by 11 [5]. Cotton/Cotton Yarn - **Price Data**: From November 12 - 18, 2025, the price of 3128 cotton decreased by 35, and the total of cotton warehouse receipts and forecasts increased by 96. The price of domestic cotton yarn decreased by 5, and the 32S spinning profit increased by 31 [7]. Eggs - **Price Data**: From November 12 - 18, 2025, the prices in Hebei, Liaoning, Shandong, Henan, and Hubei decreased by 0.06, 0.07, 0.10, 0.10, and 0.09 respectively. The basis decreased by 79, and the prices of substitute products remained unchanged [11]. Apples - **Price and Inventory Data**: From November 12 - 18, 2025, the price of Shandong 80 first - and second - grade apples remained at 8000.00. The national inventory increased by 5.00, while Shandong and Shaanxi inventories decreased by 38.00 and 27.00 respectively [14][15]. Pigs - **Price Data**: From November 12 - 18, 2025, the prices in Henan Kaifeng, Hubei Xiangyang, Shandong Linyi, Anhui Hefei, and Jiangsu Nantong changed by 0.05, 0.10, - 0.05, 0.05, and 0.00 respectively. The basis increased by 210.00 [15].

"终于看到希望"：豆农悬着的心被一纸订单触动，却并非万事大吉。 从地方到联邦，从农场到交易所，每个人都在重建信心的边缘试探，庆祝被克制着，担忧被压着，像是在薄冰上试穿新鞋，既高兴又小心翼翼。 这一次的订单像是一剂镇静剂，让长期被压抑的市场情绪得到释放，豆农们的账本上多了几行数字，家里也能稍微松口气，但谁也不敢把全部赌注押在一个 声明上。 农场主的日常恢复了些许忙碌，装船单据、运输安排、工人加班，这些细碎的活儿会把人拉回现实，仓库的钢门一关又一开，像是在证明一桩事还在继续。 交易所除了大豆，豆粕和玉米也往上涨，行情把人往热闹的摊位里推，期货走势图像被拉直的弓弦，人们盯着数字，深怕一阵风又把弓松了。 面对这一切，农业界的人物嘴里说着感谢，舌尖上却有余悸，豆类委员会成员罗布·埃沃特表达感激之情，同时也说这并不解决所有问题，短期是喘口气， 长远仍需观望。 但中国的实际采购节奏和数量并未完全公开，豆粕储备本身也不算紧张，这让很多人保持戒心，大家都清楚，市场的春天可能是一阵回暖，也可能只是短暂 的暖流。 10月30日，美国财政部长宣布中国本季愿意买至少1200万吨美国大豆，而且未来三年每年至少2500万吨，这消息像一把钥 ...

Core Insights - The article discusses the end of the "export rush" for soybeans in Argentina, indicating a cooling trend in the agricultural market [1] - It raises the question of whether global buyers should consider bottom fishing or remain cautious in their purchasing decisions [1] Group 1: Market Trends - Argentina's agricultural market is experiencing a decline, impacting soybean exports significantly [1] - The shift in market dynamics suggests a potential change in pricing and availability for global buyers [1] Group 2: Buyer Strategies - Global buyers are faced with a decision-making dilemma: to either take advantage of lower prices or to wait for further market developments [1] - The article implies that the current market conditions may present both opportunities and risks for international buyers [1]