Group 1 - Chicago Board of Trade (CBOT) soft red winter wheat futures experienced a slight increase as traders await the meeting between the leaders of China and the United States scheduled for Thursday [1] Group 2 - According to external media forecasts, U.S. net wheat export sales for the 2025/26 marketing year are expected to range between 350,000 to 600,000 tons by the week ending October 23, 2025 [2] - The European Commission reported that as of October 26, the EU's soft wheat export volume for the 2025/26 marketing year reached 6.25 million tons, compared to 7.92 million tons during the same period last year [2] - In Brazil's Paraná state, stable weather conditions have led to positive progress in the harvesting of oats, canola, barley, and wheat, with oat harvesting nearing completion [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The soybean import cost is expected to remain weakly stable, and the domestic soybean meal market is likely to enter a destocking phase in September, with soybean meal prices predicted to fluctuate within a range [3][5]. - The central price of oils is supported by multiple factors, and they are expected to show a moderately upward - trending oscillation in the medium term, with a strategy of buying on dips and stabilization [7][10]. - The sugar price is generally bearish, and its downward space depends on the Brazilian sugar production from August to October [13]. - The cotton price is likely to continue oscillating in the short term due to the coexistence of bullish and bearish factors [15][16]. - The egg price may be stable or rise in the short term, but there is a possibility of a decline after a short - term increase, with a suggestion to wait and see and consider short - term long positions on significant declines [18][20]. - The pig price is expected to remain at a low level with minor fluctuations, and the futures market should pay attention to potential rebounds and short - selling opportunities after rebounds [22][23]. 3. Summary by Related Catalogs Soybean/M粕类 - **Important Information**: On Thursday, US soybeans rose slightly, and the domestic soybean meal market was affected by high inventory. The rainfall in the US soybean - producing areas is expected to be low in the next two weeks, and the soybean good - quality rate may decline. The Brazilian soybean premium has rebounded after a decline. The domestic soybean inventory of oil mills has reached a five - year high, and the soybean meal inventory has slightly increased. Last week, 2.3 million tons of soybeans were crushed, and 2.26 million tons are expected to be crushed this week [2][3]. - **Trading Strategy**: Pay attention to the cost performance after the stabilization of the soybean import cost. The domestic soybean meal market is expected to destock in September, and it is recommended to go long at the lower end of the cost range and be cautious about profit margins and supply pressure at the upper end [5]. Oils - **Important Information**: From September 1 - 10, 2025, Malaysia's palm oil exports decreased by 1.2% - 8.43%, and the production decreased by 3.17% compared to the same period last month. The import price of palm oil in China has a larger negative spread. The domestic three major oils oscillated on Thursday, with multiple factors affecting the market [7]. - **Trading Strategy**: The central price of oils is supported, and they are expected to oscillate moderately upward in the medium term. With high current valuations, the strategy is to buy on dips and stabilization [10]. Sugar - **Important Information**: On Thursday, the Zhengzhou sugar futures price continued to rebound. The Brazilian port's sugar - waiting - to - be - shipped quantity decreased slightly. The spot prices of sugar in different regions showed different degrees of increase [12]. - **Trading Strategy**: The sugar price is generally bearish, and its downward space depends on the Brazilian sugar production from August to October [13]. Cotton - **Important Information**: On Thursday, the Zhengzhou cotton futures price continued to oscillate weakly. The开机 rates of spinning and weaving factories increased slightly, and the cotton commercial inventory decreased. The US cotton export signing volume and Brazil's cotton exports to China showed different trends [15]. - **Trading Strategy**: The cotton market has both bullish and bearish factors, and the short - term cotton price is expected to continue oscillating [16]. Eggs - **Important Information**: The national egg price mostly increased, with small inventory and good demand, and the market trading was smooth [18][19]. - **Trading Strategy**: The egg supply is still large, but there are factors limiting the decline. It is recommended to wait and see and consider short - term long positions on significant declines [20]. Pigs - **Important Information**: The domestic pig price showed a mixed trend, with a low - level consolidation state and a high probability of remaining stable [22]. - **Trading Strategy**: The supply in September is bearish, but there are potential supporting factors. The spot price is expected to fluctuate slightly, and the futures market should pay attention to potential rebounds and short - selling opportunities after rebounds [23].

Report Overview - The report is a 2025-09-10 agricultural products morning report from Wukuang Futures, covering soybeans, oilseeds, sugar, cotton, eggs, and pigs [1]. Soybeans and Soybean Meal Market Situation - On Tuesday, U.S. soybeans fell slightly due to demand concerns. The domestic soybean meal market declined under high inventory pressure. Domestic soybean meal trading was fair, with high pick-up volumes. East China spot prices dropped by 10 yuan/ton, and the basis remained at 01-100 [2]. - Last week, downstream inventory days decreased by 0.08 days to 8.8 days. Oil mill soybean inventories reached a five-year high, and soybean meal inventories increased slightly. According to MYSTEEL, 2.3 million tons of soybeans were crushed last week, and 2.26 million tons are expected to be crushed this week [2]. Outlook - U.S. soybean production areas may see less rainfall in the next two weeks, and the soybean good-to-excellent rate may continue to decline. Pay attention to the U.S. Department of Agriculture (USDA) report on soybean yields [2]. - In Brazil, the premium decreased and then rebounded. Overall, the USDA's previous significant reduction in planting area is bullish for CBOT soybeans, but the upward momentum of soybean import costs under the background of global protein raw material oversupply needs to be tested [2]. Trading Strategy - Soybean import costs have recently been weak and stable. Pay attention to the cost performance after stabilization. The domestic soybean meal market has high pick-up volumes, and the spot market may start to destock in September, supporting oil mill crushing margins [4]. - In the future, pay attention to whether the improvement of the U.S. soybean market and the Brazilian planting season can improve the current oversupply situation. Regarding crushing margins, pay attention to whether the pick-up volume can be sustained. It is expected that soybean meal will fluctuate within a range. It is recommended to buy on dips at the lower end of the cost range and be cautious about crushing margins and supply pressure at the upper end [4]. Oils Important Information - According to a Malaysian independent inspection agency, Malaysia's palm oil exports from August 1-10 increased by 23.67%. Exports are expected to increase by 16.5%-21.3% in the first 15 days, 13.61%-17.5% in the first 20 days, 10.9%-16.4% in the first 25 days, and 10.2% for the whole month [6]. - SPPOMA data shows that Malaysia's palm oil production from August 1-15 increased by 0.88% month-on-month, is expected to increase by 0.3% in the first 20 days, decrease by 1.21% in the first 25 days, and decrease by 2.65% for the whole month [6]. - Analysts expect the U.S. 2025/26 soybean production to be 4.271 billion bushels, with a range of 4.205-4.347 billion bushels. The USDA previously estimated 4.292 billion bushels in August [6]. Market Situation - On Tuesday, China's three major oils oscillated and declined. Stable demand from importing countries, low inventories in Southeast Asia, and unstable supply from Indonesia provide continuous bullish factors. Recent commodity corrections, high domestic oil inventories, and high oil valuations suppress buying sentiment. Foreign investors slightly reduced their long positions in oils on Tuesday. The domestic spot basis is stable at a low level [7]. Trading Strategy - The U.S. biodiesel policy draft exceeded expectations, Southeast Asian palm oil production potential is insufficient, Indian and Southeast Asian vegetable oil inventories are low, and the expected B50 policy in Indonesia support the oil price center. Oils are currently in a state of balanced or slightly loose supply and demand, with a tight outlook. Before the inventories in consuming and producing regions are fully accumulated and there is no negative feedback from consumer demand, oils are expected to oscillate strongly in the medium term. Given the current high valuations, observe high-frequency data and adopt a strategy of buying on dips after a decline [9]. Sugar Key Information - On Tuesday, Zhengzhou sugar futures oscillated. The January contract closed at 5,518 yuan/ton, down 9 yuan/ton or 0.16% from the previous trading day. Spot prices in Guangxi remained unchanged, while those in Yunnan were stable. Processing sugar factory quotes decreased by 0-20 yuan/ton. The basis between Guangxi spot and the Zhengzhou sugar main contract (sr2601) was 352 yuan/ton [11]. - In August, China's sugar sales were 450,000 tons, a year-on-year decrease of 160,000 tons and a month-on-month decrease of 200,000 tons. The national industrial inventory was 1.16 million tons, a year-on-year increase of 60,000 tons. Brazil exported 840,000 tons of sugar to China in August, a month-on-month increase of 390,000 tons and a year-on-year increase of 250,000 tons [11]. Trading Strategy - Domestically, increased imports, poor sales data in major producing areas in August, and expected production increases in Guangxi in the new season are bearish factors. Internationally, Brazil's central-southern region had a significant year-on-year increase in sugar production in the first half of August. Overall, the sugar price is expected to decline. The downward space depends on the international market. If Brazil's production continues to increase from August to October, the raw sugar price may continue to fall, and the domestic sugar price may reach new lows. Otherwise, the raw sugar price may oscillate or rebound slightly, and the domestic sugar price trend will be more complex [12]. Cotton Key Information - On Tuesday, Zhengzhou cotton futures continued to decline slightly. The January contract closed at 13,835 yuan/ton, down 50 yuan/ton or 0.36% from the previous trading day. The China Cotton Price Index (CCIndex) 3128B dropped by 87 yuan/ton to 15,335 yuan/ton. The basis between the CCIndex 3128B and the Zhengzhou cotton main contract (CF2601) was 1,500 yuan/ton [14]. - As of September 5, the spinning mill operating rate was 66%, a 0.1 percentage point increase from the previous week and a 4.1 percentage point decrease from the same period last year. The weaving mill operating rate was 37.4%, a 0.2 percentage point increase from the previous week and a 13.9 percentage point decrease from the same period last year. The weekly commercial cotton inventory was 1.42 million tons, a decrease of 130,000 tons from the previous week and 410,000 tons from the same period last year [14]. - As of August 28, the cumulative U.S. cotton export contracts for the 2025/26 season were 852,000 tons, a year-on-year decrease of 179,100 tons. The weekly export contracts were 55,900 tons, a year-on-year increase of 20,300 tons. Brazil exported 10,500 tons of raw cotton to China in August, a year-on-year decrease of 8,000 tons and a month-on-month increase of 1,000 tons [14]. Trading Strategy - Fundamentally, although it is the "Golden September and Silver October" consumption season, downstream consumption remains weak, and there are expectations of a bumper harvest in the new season. However, domestic cotton inventories are at a historically low level, creating a balance between bullish and bearish factors. Technically, the short-term Zhengzhou cotton price has encountered strong selling pressure after a rebound, and the cotton price is expected to continue to oscillate in the short term [15]. Eggs Spot Information - Most domestic egg prices were stable, with a few increasing. The average price in major producing areas rose slightly by 0.01 yuan to 3.40 yuan/jin. The prices in Heishan and Guantao remained unchanged. The market had a small inventory of eggs, and consumer demand in major sales areas was average. Dealers were moderately active in purchasing, and trading was stable. Egg prices are expected to remain mostly stable with a few increases [17]. Trading Strategy - The supply base is still large, and there is a large inventory of cold-stored eggs. After a short-term increase, the spot price is expected to decline. However, the supply pressure will decrease after a large number of laying hens are culled, and the storage conditions will improve after the temperature drops. If the spot price decline is less than expected, it may trigger reverse stocking, limiting the decline of spot and futures prices. It is recommended to wait and see, and consider short-term long positions if there is significant position building after a decline [18]. Pigs Spot Information - Domestic pig prices continued to decline. The average price in Henan dropped by 0.21 yuan to 13.6 yuan/kg, and the average price in Sichuan dropped by 0.09 yuan to 13.27 yuan/kg. After continuous declines, farmers may have a short-term intention to support prices, but there is no positive change in downstream demand. Slaughterhouses may purchase at lower prices. Pig prices are expected to be stable or decline slightly today, with a narrowing decline [20]. Trading Strategy - The theoretical and planned slaughter volume is large, and the supply in September is expected to be bearish. However, potential supporting factors such as consumption, weight gain, and state purchases are accumulating. The spot price is expected to fluctuate within a narrow range, lacking the basis for a significant increase or decrease. The market has already priced in the large supply, and the futures price, especially the near-term contract, has declined significantly and is at a discount to the spot price. It is not cost-effective to short aggressively. The strategy should focus on potential rebounds due to consumption factors and short opportunities after rebounds. The reverse spread strategy for the far-term contract remains valid [21].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean market is affected by global supply pressure, with USDA's reduction in planting area having short - term positive effects on CBOT soybeans, but the upward momentum of soybean import costs is uncertain. Domestic soybean meal is expected to be range - bound [2][4]. - The palm oil export in Malaysia increased in August, and its production had different trends in different periods. The overall situation of the oil market is complex, with both positive and negative factors, and palm oil is expected to be oscillating strongly in the short - term [6][9]. - The domestic sugar market is expected to decline in the long - term, and the downward space depends on the Brazilian production situation [12]. - The cotton market has the possibility of marginal improvement in fundamentals, and short - term cotton prices may continue to oscillate at high levels [15]. - The egg market has high inventory and flat demand, and the egg price is expected to first decline slightly and then rise slightly this week. The market needs more forced culling for an upward trend [18][19]. - The pig price increased over the weekend due to supply reduction and demand boost. The 9 - month supply may be weak, and attention should be paid to the possibility of a low - level rebound in the futures market [21][22]. Summary by Related Catalogs Soybean/M粕类 Important Information - The US soybean market is in a state of shock, and the domestic soybean meal market is relatively weak due to high inventory and sufficient supply expectations. The weekend domestic soybean meal spot price rose slightly, and the downstream inventory days increased slightly. The US soybean production decreased by 1.08 million tons month - on - month, and the soybean import cost is weakly stable [2]. Trading Strategy - Pay attention to the cost performance of soybeans after stabilization. The domestic soybean meal market is expected to enter the destocking phase in September, supporting the oil mill's profit. It is recommended to try long at the low end of the cost range and be cautious at the high end [4]. Oils Important Information - Malaysia's palm oil exports increased in August, and its production had different trends in different periods. The estimated production of Canadian rapeseed in 2025 is 19.9 million tons [6]. Trading Strategy - The oil market is affected by both positive and negative factors. Palm oil is expected to be oscillating strongly before the inventory accumulates sufficiently and the demand feedback is negative [9]. Sugar Important Information - The Zhengzhou sugar futures price oscillated on Friday, and the spot price decreased slightly. The number of ships waiting to load sugar in Brazilian ports increased, while the quantity of sugar waiting to be loaded decreased [11]. Trading Strategy - The domestic sugar market is expected to decline in the long - term, and the downward space depends on the Brazilian production situation [12]. Cotton Important Information - The Zhengzhou cotton futures price rose and then fell on Friday. The spot price decreased slightly. The spinning mill's operating rate increased slightly, and the cotton commercial inventory decreased [14]. Trading Strategy - Considering the approaching consumption season and low inventory, the cotton market has the possibility of marginal improvement, and short - term cotton prices may continue to oscillate at high levels [15]. Eggs Spot Information - The domestic egg price was mainly stable over the weekend, with partial increases. The inventory is still high, and cold - storage eggs entering the market increase the pressure. The demand is flat, but there is room for improvement at the low level [17]. Trading Strategy - The market pessimism intensifies, and the supply - side improvement is limited. The demand can only support the price, and the market needs more forced culling for an upward trend [19]. Pigs Spot Information - The domestic pig price increased over the weekend due to supply reduction and demand boost, and it is expected to continue rising today [21]. Trading Strategy - The futures market's expectation for the future is not high. The 9 - month supply may be weak, and attention should be paid to the possibility of a low - level rebound [22].

1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report analyzes the market conditions of various agricultural products, including soybean/meal, oils and fats, sugar, cotton, eggs, and pigs, and provides corresponding trading strategies based on the fundamentals and market trends of each product. 3. Summary by Relevant Catalogs Soybean/Meal - **Market Conditions**: Last Friday night, the USDA's reduction in planting area continued to be bullish, with US soybeans closing higher. Brazilian soybean premiums slightly decreased, and soybean import costs remained stable. Rapeseed meal fell from its high, and soybean meal fluctuated with external costs. Domestic soybean meal spot basis was stable over the weekend, with spot prices rising slightly by 10 - 20 yuan. Last week, soybean meal trading was weak, but提货 was good, and downstream inventory days decreased slightly by 0.02 days to 8.35 days. According to MYSTEEL, 2.339 million tons of soybeans were crushed in China last week, and 2.4043 million tons are expected to be crushed this week. The US soybean growing area is expected to have normal or slightly less rainfall in the next two weeks. Brazilian premiums have been oscillating at a high level recently. Overall, the USDA significantly reduced the planting area, and US soybean production decreased by 1.08 million tons month - on - month, which is short - term bullish for CBOT soybeans. Currently, due to the low valuation of US soybeans, the bullish EPA policy, and the fact that Brazil is the sole supplier of soybeans from September to January, soybean import costs are maintaining a stable and slightly rising trend, but the continuous upward momentum of soybean import costs is questionable under the background of global protein raw material supply surplus [3]. - **Trading Strategy**: Soybean import costs have recently maintained a stable and slightly rising trend, and the domestic soybean meal market is still in a seasonal supply surplus situation. It is expected that the spot end may start to destock in September. Therefore, the soybean meal market is a mix of bullish and bearish factors. It is recommended to try to go long at the lower end of the soybean meal cost range, pay attention to the crushing margin and supply pressure at the upper end, and focus on the progress of Sino - US tariffs and new drivers on the supply side [5]. Oils and Fats - **Important Information**: From August 1 - 10, 2025, Malaysia's palm oil exports were 453,230 tons, a 23.67% increase from the same period last month, and exports in the first 15 days are expected to increase by 16.5% - 21.3% month - on - month. In July 2025, the US soybean oil inventory was 1.379 billion pounds, slightly lower than the market expectation of 1.38 billion pounds and higher than the 1.366 billion pounds in June. The Indonesian president said that the government has confiscated 3.1 million hectares of illegal palm oil plantations. Last Friday, China's three major oils rose significantly. Earlier, the postponement of Indonesia's B50 policy, rumors of poor Indonesian palm oil exports, and rapeseed purchase information suppressed prices, but at the end of the week, the Indonesian president's statement about confiscating illegal plantations raised supply concerns. Stable demand from importing countries and low inventories in Southeast Asia provide continuous bullish factors. Domestic spot basis is stable at a low level [7]. - **Trading Strategy**: Fundamentally, the US biodiesel policy draft exceeds expectations, the palm oil production potential in Southeast Asia is insufficient, the vegetable oil inventories in India and Southeast Asian producing areas are low, and the expectation of Indonesia's B50 policy supports the center of the oil market. For palm oil, if importing countries maintain normal imports and palm oil production in producing areas remains at a moderate level, the producing areas may maintain stable inventories, supporting strong producer quotes. There may be an upward expectation in the fourth quarter due to Indonesia's B50 policy. Currently, the information about the confiscation of Indonesian plantations continues to drive up prices, but the valuation is relatively high, and the upside space is restricted by factors such as the annual - level oil production increase expectation, relatively high near - term palm oil production in producing areas, the undetermined RVO rules, macro factors, and demand adjustments in major importing countries. The market is expected to be oscillating with an upward bias [10]. Sugar - **Key Information**: On Friday, the Zhengzhou sugar futures price oscillated. The closing price of the January sugar contract was 5,664 yuan/ton, up 5 yuan/ton or 0.09% from the previous trading day. In the spot market, Guangxi sugar - making groups quoted 5,940 - 6,010 yuan/ton, Yunnan sugar - making groups quoted 5,770 - 5,820 yuan/ton, and processing sugar mills' mainstream quotes were in the range of 6,050 - 6,140 yuan/ton, all unchanged from the previous trading day. The basis of Guangxi spot - Zhengzhou sugar main contract (sr2601) was 276 yuan/ton. According to the latest data from the Brazilian Sugarcane Industry Association (Unica), 50.217 million tons of sugarcane were crushed in the central - southern region of Brazil in the second half of July, a 2.66% year - on - year decrease; sugar production was 3.614 million tons, a 0.8% year - on - year decrease; the sugar - to - cane ratio was 54.1%, compared with 50.32% in the same period of the previous season; the sugar yield per ton of sugarcane (ATR) decreased by 5.21% year - on - year to 139.62 kg/ton. As of the week of August 13, the number of ships waiting to load sugar at Brazilian ports was 76, down from 80 the previous week. The quantity of sugar waiting to be loaded at ports was 3.3179 million tons, a decrease of 259,800 tons or 7.26% from the previous week [12]. - **Trading Strategy**: In the international market, sugar production in the central - southern region of Brazil has increased significantly month - on - month since July, and there are also expectations of increased production in major northern hemisphere producing countries such as India in the new season. Therefore, the possibility of a significant rebound in raw sugar prices is low. In the domestic market, domestic import supply will gradually increase in the next two months, and the out - of - quota spot import profit has been at the highest level in the past five years. The futures price valuation is still high, and the Zhengzhou sugar price is more likely to continue to decline [13]. Cotton - **Key Information**: On Friday, the Zhengzhou cotton futures price oscillated. The closing price of the January cotton contract was 14,120 yuan/ton, down 35 yuan/ton or 0.25% from the previous trading day. In the spot market, the China Cotton Price Index (CCIndex) for 3128B Xinjiang machine - picked cotton at the pick - up price was 15,000 yuan/ton, unchanged from the previous trading day. The basis of 3128B Xinjiang machine - picked cotton at the pick - up price - Zhengzhou cotton main contract (CF2601) was 880 yuan/ton. As of the week of August 15, the spinning mill operating rate was 65.6%, a 0.2 - percentage - point decrease from the previous week; the weaving mill operating rate was 37%, unchanged from the previous week; and the weekly commercial cotton inventory was 1.86 million tons, a decrease of 150,000 tons from the previous week [15]. - **Trading Strategy**: The USDA report was more bullish than expected, driving up both domestic and international cotton prices. Also, China and the US have continued to suspend reciprocal tariffs and counter - measures for 90 days, which is bullish for domestic cotton prices. However, from a fundamental perspective, recent downstream consumption has been average, the operating rate has remained at a historically low level, and the speed of cotton destocking has slowed down. Overall, cotton prices are likely to continue to oscillate at a high level in the short term [16]. Eggs - **Spot Information**: Egg prices in China mainly rose over the weekend. The price in Heishan increased by 0.1 yuan to 3 yuan/jin, and the price in Guantao increased by 0.14 yuan to 2.76 yuan/jin. The supply is abundant, with a high proportion of medium and small - sized eggs, and the proportion of large - sized eggs is increasing. Cold - stored eggs are also flowing into the market. Currently, it is the peak season, and the consumption of low - priced eggs has improved. It is expected that egg prices will stabilize and then rise slightly this week [17]. - **Trading Strategy**: The number of newly - hatched laying hens continues to increase, and the number of culled hens is limited, resulting in a consistently large supply scale. Egg prices have performed weaker than expected during the peak season, and funds have taken the opportunity to create a premium in the futures market, especially for near - month contracts. However, as the expectation of a spot price rebound gathers again, combined with the volatility risk brought by high positions at low prices, the futures market may start to fluctuate in the short term. In the medium term, the reduction of basic production capacity is limited, and the focus will still be on short - selling opportunities after the price rebounds [18]. Pigs - **Spot Information**: Pig prices in China mainly fell slightly over the weekend, with some areas remaining stable. The average price in Henan decreased by 0.13 yuan to 13.68 yuan/kg, and the average price in Sichuan remained unchanged at 13.47 yuan/kg. Demand has been average, and the number of pigs sold by individual farmers and free - range groups has increased, leading to an increase in supply. However, leading enterprises have reduced their sales volume, and the confrontation sentiment on the supply side has intensified. Pig prices are expected to be stable today [19]. - **Trading Strategy**: The previous continuous release of pressure and the bottom - supporting sentiment have led to a temporary stabilization of the spot market. The futures market has generally risen and then fallen under the influence of news. The market is waiting for the supply - demand game at the end of the third quarter. Under the expectation of both increasing supply and demand, the spread between fat and standard pigs and whether farmers will hold back pigs at that time will be crucial. The market may fall into range - bound oscillations. In the short term, focus on buying at low prices; in the medium term, pay attention to the upper pressure; and for far - month contracts, adopt a reverse - spread strategy [20].

Report Summary 1. Investment Rating There is no investment rating provided in the report. 2. Core View The report mainly analyzes the market conditions of various agricultural products including soybeans/meal, oils, sugar, cotton, eggs, and pigs, and provides corresponding trading strategies based on the fundamentals and market trends of each product. 3. Summary by Category Soybeans/Meal - **Important Information**: On Thursday, the USDA's reduction of the planting area continued to be bullish, and the cost of soybean imports increased. The domestic soybean meal spot basis was stable, with sales weak after a rapid price increase and good提货. The downstream inventory days increased slightly to 8.37 days. Last week, 2177500 tons of soybeans were crushed in China, and this week, 2369500 tons are expected to be crushed. The rainfall in the US soybean - producing areas is expected to be favorable in the next two weeks. The USDA significantly reduced the planting area, with the US soybean production decreasing by 1.08 million tons month - on - month [2]. - **Trading Strategy**: The cost of soybean imports is expected to maintain a stable and slightly rising trend. The domestic soybean meal market is in a seasonal supply surplus, and it is expected that the inventory will start to decline in September. It is recommended to buy on dips at the lower end of the cost range and pay attention to the crushing profit, supply pressure, Sino - US tariff progress, and new supply - side drivers [4]. Oils - **Important Information**: From August 1 - 10, Malaysia's palm oil exports increased by 23.67% compared to the same period last month. In the first half of 2025, Indonesia distributed about 6.8 million kiloliters of B40 biodiesel. In July, India's palm oil imports decreased, while soybean oil imports increased. The total vegetable oil imports increased slightly, and the inventory at the end of July increased by 150000 tons month - on - month but decreased by 1.2 million tons year - on - year. On Thursday, domestic oils prices fell, affected by factors such as the postponement of Indonesia's B50 policy and rumors of poor palm oil exports from Indonesia [6][7]. - **Trading Strategy**: Fundamentals such as the US biodiesel policy draft, limited palm oil production potential in Southeast Asia, low vegetable oil inventories in India and Southeast Asia, and the expectation of Indonesia's B50 policy support the oil price center. Palm oil prices are expected to be supported in the 7 - 9 month period, and there may be an upward trend in the fourth quarter due to the B50 policy. However, the upside is limited by factors such as annual - level oil production increase expectations, high near - term palm oil production, undetermined RVO rules, and macro and demand - side adjustments [9]. Sugar - **Important Information**: On Thursday, the Zhengzhou sugar futures price fluctuated slightly, with the January contract closing at 5659 yuan/ton, up 2 yuan/ton or 0.04% from the previous trading day. The spot prices of sugar in various regions increased by 10 - 20 yuan/ton. India plans to transfer 4 - 5 million tons of sugar for ethanol production in the new crushing season starting in October [11]. - **Trading Strategy**: In the second half of the year, the increasing import supply will squeeze the sales space of domestic sugar. The spot import profit outside the quota is at a five - year high, and the futures price is over - valued. With the expected increase in domestic planting area in the next season, the price of Zhengzhou sugar is likely to continue to decline [12]. Cotton - **Important Information**: On Thursday, the Zhengzhou cotton futures price fluctuated, with the January contract closing at 14155 yuan/ton, up 25 yuan/ton or 0.18% from the previous trading day. The spot price of Xinjiang machine - picked cotton increased by 15 yuan/ton. According to the USDA's August supply - demand report, the global cotton production decreased by 390000 tons, with the US production decreasing by 300000 tons and China's increasing by 110000 tons. Global consumption decreased by 30000 tons, and the ending inventory decreased by 740000 tons [14]. - **Trading Strategy**: The USDA report was more bullish than expected, driving up cotton prices at home and abroad. The suspension of reciprocal tariffs and counter - measures between China and the US for 90 days is also positive for domestic cotton prices. However, the downstream consumption is average, and the inventory reduction speed has slowed down. In the short term, cotton prices may continue to fluctuate at a high level [15]. Eggs - **Important Information**: The national egg prices were mostly stable, with a few areas slightly adjusted. The average price in the main production areas dropped 0.01 yuan to 3.03 yuan/jin. The supply was stable with a slight shortage in some areas, and the downstream digestion speed was generally average. Traders were cautious and mostly in a wait - and - see attitude [17]. - **Trading Strategy**: The supply of eggs is large due to the continuous increase in newly - laid hens and limited culling of old hens. The egg price in the peak season is weaker than expected, and the futures price has a premium. In the short term, the futures price may fluctuate, and in the medium term, pay attention to short - selling opportunities after a rebound [18]. Pigs - **Important Information**: The domestic pig prices showed mixed trends yesterday, with the average price in Henan increasing by 0.05 yuan to 13.86 yuan/kg and that in Sichuan remaining unchanged at 13.47 yuan/kg. The market sales were stable, and there was limited room for price increases by breeding groups. Some areas showed resistance to price cuts [20]. - **Trading Strategy**: The continuous decline in the spot price is in contrast to the futures price. The release of current inventory helps to relieve the supply pressure in the third and fourth quarters, and the high fat - to - standard pig price difference provides room for future stocking. It is recommended to buy on dips for medium - and long - term contracts, but do not chase the price too high. For far - month contracts, pay attention to the opportunity of inter - month reverse spreads [21].

Report Summary 1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Views - The soybean market is influenced by multiple factors, with the US soybean market being undervalued and supply exceeding demand, while the domestic soybean import cost is in a state of small - scale upward oscillation. The domestic soybean meal market is in a season of supply surplus, and the spot may start destocking in September [2][3][5]. - The palm oil market has seen an increase in exports in Malaysia, and the market is supported by factors such as the potential of the Indonesian B50 policy, but the upside is limited by factors like annual - level production increase expectations [7][9]. - The sugar market is expected to see a decline in the price of Zhengzhou sugar in the future, considering factors such as increased import supply and expected increase in domestic planting area in the next season [11][12]. - The cotton market has seen a short - term rebound in prices due to the USDA report and the suspension of reciprocal tariffs, but the downstream consumption is average, and the price may continue to oscillate at a high level in the short term [14][15]. - The egg market has a large supply scale, and the egg price is weaker than expected in the peak season. The short - term price may fluctuate, and the medium - term focus is on short - selling opportunities after the rebound [16][17]. - The pig market has a situation where the spot price is weak while the futures price is strong. The medium - and long - term contracts are recommended to go long on dips, and attention should be paid to the inter - monthly spread shorting opportunities for the far - month contracts [19][20]. 3. Summary by Category Soybean/Meal - **Market Conditions**: The USDA significantly reduced the planting area, with the US soybean production decreasing by 108,000 tons month - on - month. The domestic soybean meal market is in a seasonal supply surplus, and the downstream inventory days increased by 0.32 days to 8.37 days. The domestic soybean import cost is in a state of small - scale upward oscillation [2][5]. - **Trading Strategy**: Given the mixed long and short factors in the soybean meal market, it is recommended to go long at the lower end of the cost range and pay attention to the crushing margin and supply pressure at the upper end, as well as the progress of Sino - US tariffs and new supply - side drivers [5]. Oil - **Important Information**: Malaysia's palm oil exports from August 1 - 10 increased by 23.67% compared to the same period last month, and Indonesia distributed about 6.8 million kiloliters of B40 biodiesel in the first half of 2025. Malaysia's palm oil production in July increased by 7.09% month - on - month, and the inventory increased by 4.02% [7]. - **Trading Strategy**: The fundamentals support the central price of oils, and the palm oil market may maintain stable inventory in the 7 - 9 months and has an upward expectation in the fourth quarter. However, due to multiple restrictive factors, the market should be viewed as oscillatory [9]. Sugar - **Key Information**: The Zhengzhou sugar futures price continued to rebound on Wednesday, and the spot prices of various sugar - making groups increased. Brazil's sugar exports in the first week of August had an average daily export volume 2% higher than that of the whole month of August last year [11]. - **Trading Strategy**: With the continuous increase in import supply in the second half of the year, the price of Zhengzhou sugar is more likely to decline in the future, assuming no significant rebound in the outer - market price [12]. Cotton - **Key Information**: The Zhengzhou cotton futures price continued to rebound on Wednesday. The USDA report showed a decrease in global cotton production and consumption estimates, and a decrease in the ending inventory [14]. - **Trading Strategy**: Driven by the USDA report and the suspension of reciprocal tariffs, the short - term cotton price may continue to oscillate at a high level, but the downstream consumption is average [15]. Egg - **Spot Information**: The national egg price was mostly stable, with a few areas making small adjustments. The supply remained stable, and the market digestion was average [16]. - **Trading Strategy**: The supply scale is large, and the egg price in the peak season is weaker than expected. The short - term price may fluctuate, and the medium - term focus is on short - selling opportunities after the rebound [17]. Pig - **Spot Information**: The domestic pig price mainly increased slightly, and the downstream increment was not obvious, so the continuous price increase is difficult [19]. - **Trading Strategy**: The medium - and long - term contracts are recommended to go long on dips, and attention should be paid to the inter - monthly spread shorting opportunities for the far - month contracts [20].

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]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The soybean market is in a state of low valuation and oversupply, with no clear directional driver yet. The domestic soybean import cost is in a state of small - scale upward fluctuation due to a single supply source. The soybean meal market is a mix of long and short factors [3]. - The fundamentals support the central price of oils and fats, but the upside space is restricted by multiple factors, so it should be viewed as oscillatory [9]. - The price of Zhengzhou sugar is likely to continue to decline in the future [13]. - The cotton market is short - term bearish [16]. - The egg market has a supply - demand imbalance, with different trading strategies for the short - term and medium - term [19]. - The pig market's supply - demand logic has been re - structured, and more attention should be paid to the opportunities in the spread between contracts [22]. 3. Summary by Category Soybean/Meal - **Market Situation**: Wednesday night, US soybeans fell slightly. Sino - US trade talks have not provided benefits for US soybean exports, and the good early weather in North America has also put pressure on prices. However, due to low valuation, it is expected to maintain a range - bound trend. Domestic soybean meal spot prices rose slightly by about 10 yuan on Wednesday. The成交 and提货 of soybean meal were good, and the downstream inventory days continued to decline slightly [3]. - **Weather**: In the next two weeks, rainfall in the US soybean - producing areas is expected to be slightly less, mainly in the central region, and the temperature is at a neutral level [3]. - **Trading Strategy**: Suggest buying on dips at the low end of the soybean meal cost range, and pay attention to the crushing profit and supply pressure at the high end. For arbitrage, focus on widening the spread of the 09 contract between soybean meal and rapeseed meal [5]. Oils - **Important Information**: Malaysia's palm oil export volume showed different trends in June, and its production increased in July. Wet weather has delayed the rapeseed harvest in the EU 27 and the UK, and the estimated output remains unchanged [7]. - **Trading Strategy**: The fundamentals support the central price of oils and fats, but considering various restrictive factors, it should be viewed as oscillatory [9]. Sugar - **Key Information**: On Wednesday, the Zhengzhou sugar futures price was weakly oscillatory. The spot prices of sugar groups in different regions decreased. As of the end of July, the cumulative sugar sales in Guangxi and Yunnan increased year - on - year, and the sales rates also increased [11][12]. - **Trading Strategy**: In the second half of the year, the increase in import supply will squeeze the sales space of domestic sugar. Assuming no significant rebound in the external market price, the Zhengzhou sugar price is likely to continue to decline [13]. Cotton - **Key Information**: On Wednesday, the Zhengzhou cotton futures price continued to oscillate. The US cotton's excellent - good rate remained the same as the previous week, and the budding and boll - setting rates increased [15]. - **Trading Strategy**: Due to the non - implementation of the Sino - US economic and trade agreement and weak downstream consumption, the short - term view is bearish [16]. Eggs - **Spot Information**: The national egg prices were stable or falling. The supply was sufficient, the trading was slow, and the egg prices are expected to be stable or slightly weak [18]. - **Trading Strategy**: The short - term strategy is to reduce short positions on dips to avoid risks, and the medium - term strategy is to short after a rebound [19]. Pigs - **Spot Information**: The domestic pig prices were half - stable and half - falling. The supply of pigs for slaughter increased, and the sales pressure on the breeding side was relatively large [21]. - **Trading Strategy**: The market is trading on the policy's intervention in capacity reduction. Pay more attention to the opportunities in the spread between contracts [22].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - The soybean and meal market is currently in a situation where the cost of the external market is likely to rise but difficult to fall, while the domestic pressure is gradually increasing. The soybean meal market is a mix of long and short factors [2][3][5]. - The palm oil market is expected to be volatile. Although there is some support in the short - term, if the production continues to recover in the medium - term, the price will still be under pressure [7][9][10]. - The sugar price is likely to weaken in the future as the international supply tension eases and domestic import supply is expected to increase [12][13]. - The cotton price is expected to continue its volatile trend. The fundamental situation has slightly improved, but the overall commodity market sentiment is negative [15][16][17]. - The egg price is expected to be weakly stable in the short - term. The pressure of new production and the off - season consumption needs to be hedged by the continuous and effective elimination of old chickens [19][20]. - The pig price is likely to continue to decline in the short - term due to oversupply, but the downward space of the spot and futures is relatively limited in the near future [22][23]. 3. Summary by Category Soybean/Meal - **Important Information**: On Wednesday, US soybeans rose slightly driven by crude oil, but the increase was limited by good planting and weather conditions. Domestic soybean meal spot prices fell due to high crushing volume and sufficient supply. Last week, port soybean inventories reached 7 million tons, and oil - mill soybean meal inventories were 290,000 tons. It is expected that both will continue to accumulate. The US soybean production area will have good rainfall in the next two weeks, and the 25/26 US soybean area will decline [2][3]. - **Trading Strategy**: The cost range of far - month soybean meal contracts such as 09 is 2850 - 3000 yuan/ton. It is recommended to pay attention to possible weather stimuli in the external market when the 09 contract is at the lower end of the cost range, and to pay attention to whether domestic pressure and bullish factors have been fully traded when it is at the upper end [5]. Oils - **Important Information**: In May 2025, Malaysia's palm oil production increased by 3.53%, and exports increased by 17.9%. The estimated palm oil production in Indonesia and Malaysia in the 2024/25 season remains unchanged from the previous forecast. Brazil's estimated soybean exports in June are lower than last year [7]. - **Trading Strategy**: The oil market is expected to be volatile. Negative factors include the downward trend of the crude oil center, the obvious recovery of palm oil production, and the possible lower - than - expected US biodiesel policy. Positive factors include low inventories in some regions and India's reduction of edible oil import tariffs [10]. Sugar - **Important Information**: On Wednesday, the Zhengzhou sugar futures price rebounded slightly. In May, the single - month sugar sales in Guangxi decreased year - on - year, while those in Yunnan increased. The industrial inventories in Guangxi decreased year - on - year, while those in Yunnan increased slightly [12]. - **Trading Strategy**: The international sugar supply tension has eased, and domestic import supply is expected to increase. The sugar price is likely to weaken in the future [13]. Cotton - **Important Information**: On Wednesday, the Zhengzhou cotton futures price fluctuated weakly. As of June 1, 2025, the US cotton planting rate was 66%, and the budding rate was 8% [15]. - **Trading Strategy**: The cotton market's fundamental situation has slightly improved, but the overall commodity market sentiment is negative. The cotton price is expected to continue its volatile trend in the short - term [16][17]. Eggs - **Important Information**: The national egg price was generally stable with minor fluctuations. The supply was stable, and the digestion speed in some downstream markets slowed down slightly. Most regions had little inventory pressure [19]. - **Trading Strategy**: The elimination of old chickens has increased slightly. The egg price is expected to be weakly stable in the short - term. It is necessary to pay attention to the continuity and intensity of the elimination of old chickens to determine whether production capacity can be effectively reduced [20]. Pigs - **Important Information**: Domestic pig prices generally fell. The supply in the market was sufficient, but the downstream demand was weak [22]. - **Trading Strategy**: The short - term spot performance is weak, but the downward space of the spot and futures is relatively limited in the near future. It is recommended not to go long, and there is no need to chase short positions recently. The strategy of shorting on rebounds is recommended [23].