1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Views of the Report - Palm oil: The fundamental improvement is slow, and the previous over - inflated market needs correction. It is recommended to conduct range operations, and consider finding low points to go long in March [5]. - Soybean oil: The upper and lower driving forces are limited. It is recommended to conduct range operations following palm oil and international oil prices [8]. - Soybean meal: Affected by geopolitical events and market sentiment, the price may be stable with a slight upward trend [19]. - Soybean: Pay attention to the policy sentiment of the Two Sessions, and the price may be stable with a slight upward trend [20]. - Sugar: The price will mainly be in range consolidation [39]. - Cotton: The Zhengzhou cotton futures are expected to maintain a relatively strong trend. Pay attention to the spot demand for cotton and the new crop planting situation from March to April [66]. - Live pigs: The spot price is in a downward trend and is still in the process of finding the bottom. For the futures market, pay attention to the short - selling opportunities after the macro - sentiment rebound [86]. 3. Summary by Relevant Catalogs 3.1 Palm Oil - **Last Week's View and Logic**: Before the holiday, palm oil fell back to the 8800 level. After the holiday, the geopolitical risk premium increased international oil prices, and the 05 contract rose 0.34% weekly [4]. - **This Week's View and Logic**: The Malaysian palm oil rebounded slightly around the crude oil theme, but the POGO spread shrank. The inventory in February may only slightly drop to around 2.7 million tons. It is recommended to conduct range operations and consider going long at low points in March [5]. 3.2 Soybean Oil - **Last Week's View and Logic**: The U.S. soybean lacked South American weather speculation. The U.S. soybean oil continued its strong logic, rising 7% weekly, and the domestic soybean oil rose 2.03% weekly [4]. - **This Week's View and Logic**: The U.S. soybean oil's upward factors will switch to policy - sentiment stimulation and crude oil price breakthrough. The domestic soybean oil has no continuous strong driving force for the 05 contract and will conduct range operations following palm oil and international oil prices [8]. 3.3 Soybean Meal and Soybean - **Last Week's Market Situation**: The U.S. soybean futures prices rose slightly. The domestic soybean meal and soybean futures prices first fell and then rose. The U.S. soybean net sales decreased, the Brazilian soybean import cost increased, and the Brazilian soybean harvest progress was slower than last year [20][21]. - **Next Week's Forecast**: The prices of Dalian soybean meal and soybean futures may be stable with a slight upward trend. The soybean meal is supported by the U.S. soybean price and Brazilian premium, and the soybean is affected by policy sentiment and rumors of state - reserve sales [26]. 3.4 Sugar - **This Week's Market Review**: Internationally, the New York raw sugar price rose 0.43%. Domestically, the Guangxi group's spot price rose 20 yuan/ton, and the Zhengzhou sugar futures price rose 113 yuan/ton [39][40]. - **Next Week's Market Outlook**: Internationally, the price will be in low - level consolidation and may be driven by the rise in crude oil. Domestically, the price will mainly be in range consolidation, and attention should be paid to import policy changes [41]. 3.5 Cotton - **Market Data**: The ICE cotton futures rose first and then fell, and the Zhengzhou cotton futures rose 4.44% [66][69]. - **Fundamentals**: Internationally, the U.S. cotton export data was not good, and the production in other countries had different situations. Domestically, the cotton price rose, but the trading was light, and the downstream was still in the process of resuming work [70][76]. - **Operation Suggestion**: The ICE cotton is in low - level shock, and the Zhengzhou cotton is expected to maintain a relatively strong trend. Pay attention to the spot demand and new crop planting from March to April [82]. 3.6 Live Pigs - **This Week's Market Review**: The spot price of live pigs was weak, and the futures price was in weak shock. The supply side had a backlog of unsold pigs, and the demand side had low slaughter volume after the Spring Festival [84][85]. - **Next Week's Market Outlook**: The spot price will continue to be weak and is in the process of finding the bottom. For the futures market, pay attention to short - selling opportunities after the macro - sentiment rebound [86][87].

1. Report Industry Investment Ratings - The report does not explicitly provide an overall industry - wide investment rating. However, for each individual futures variety, it gives a short - term view: - **Bullish**: Bean meal (short - term shock bullish), Rapeseed meal (stop - falling and rebounding), Palm oil (short - term rise), Soybean oil (short - term rise), Rapeseed oil (short - term rebound), Cotton (strong operation) - **Bearish**: Red dates (pressured operation), Live pigs (shock weak) [1] 2. Core Views of the Report - **Bean Meal**: Influenced by drought in Argentine soybean regions, positive outlook on US soybean exports to China, and US biodiesel policy expectations, the US soybean market sentiment is positive. But due to state - reserve sales, pre - stocked feed enterprises, and improved soybean crushing margins, the upward movement of bean meal will face spot hedging pressure. It should be treated bullishly, but chasing the rise requires caution [1][3]. - **Rapeseed Meal**: January saw zero rapeseed imports, with an average of 120,000 tons per month in February and March, much lower than the same period last year. Short - term supply of rapeseed meal is tight, but trading is light in the off - season. The US - Canada trade fluctuations may affect Sino - Canadian trade negotiations. Although rapeseed meal continued to rise, there are signs of large - scale rapeseed procurement, so chasing the rise requires caution [1][6]. - **Palm Oil**: Italy's new bio - fuel regulations removing palm oil import restrictions are bullish. Malaysian palm oil production decreased significantly in the first 25 days of January. Although export data increased month - on - month, there is still a risk of inventory build - up in January. With the recent rise approaching previous highs, chasing the rise requires caution [1][8]. - **Soybean Oil**: Domestic soybean oil inventory is in a stage of de - stocking. The weather in Argentina and the US biodiesel policy are favorable for US soybean oil. The domestic market continued to rise, but chasing the rise after continuous increases requires caution [1]. - **Rapeseed Oil**: Due to the US - Canada relationship fluctuations, Sino - Canadian rapeseed trade policies may change again, and the market sentiment is bullish. With tight domestic supply, rapeseed oil is in a short - term rebound. Pay attention to the progress of rapeseed procurement and the US - Canada trade situation [1]. - **Cotton**: The US cotton market rebounded after digesting macro - negatives. In 2026, the new cotton narrative will gradually develop in the first quarter. Domestically, new cotton processing is almost complete, and the sales progress has rebounded, but raw material inventory pressure is increasing. The demand side is in a weakening stage, and the upward movement lacks fundamental support in the short - term. In the medium - to - long - term, there is a positive outlook due to planting compression and restocking expectations [1][12]. - **Red Dates**: The spot market is flat, and with the peak of new product listing and the arrival of the consumption peak season, the futures price fluctuates more. High - inventory de - stocking may drive a short - term rebound, but in general, the overall trend is pressured [1][15]. - **Live Pigs**: As the end of January approaches, the pressure of increasing slaughter volume is rising, and it is more difficult to support prices. The demand for stocking is expected to start this week, and the previous situation of weak supply and demand will gradually turn into a situation of strong supply and demand. The near - term contracts face increasing pressure, and the far - term contracts are also under pressure due to the under - expected reduction of breeding sows [1][17]. 3. Summary by Variety Bean Meal - **Price Data**: The futures price of the main contract closed at 2,802 yuan/ton, up 20 yuan or 0.72% from the previous day. The national average spot price was 3,201.43 yuan/ton, up 5.14 yuan or 0.16% [2]. - **Supply - Demand Factors**: ANEC estimates that Brazil's soybean exports in January 2026 were 3.23 million tons, a year - on - year increase of 188%. Drought in Argentina, positive outlook on US soybean exports to China, and US biodiesel policy expectations are positive factors, while state - reserve sales and pre - stocked feed enterprises are negative factors [3]. Rapeseed Meal - **Price Data**: The futures price of the main contract closed at 2,325 yuan/ton, up 28 yuan or 1.22% from the previous day. The national average spot price was 2,632.11 yuan/ton, up 19.48 yuan or 0.75% [4]. - **Supply - Demand Factors**: As of the 4th week of 2026, coastal oil - mill rapeseed meal inventory was 0 tons, and the national total inventory was 416,400 tons, a decrease of 21,400 tons from the previous week. There are signs of increased imports from Australia and Canada, but short - term supply is still tight [6]. Palm Oil - **Price Data**: The futures price of the main contract closed at 9,362 yuan/ton, up 92 yuan or 0.99% from the previous day. The national average price was 9,370 yuan/ton, up 110 yuan or 1.19% [7]. - **Supply - Demand Factors**: India aims to reduce its dependence on palm oil imports. In January 2026, the production of Malaysian palm oil decreased significantly, and export data increased month - on - month, but there is still a risk of inventory build - up [8]. Cotton - **Price Data**: The futures price of the main contract CF2605 closed at 14,910 yuan/ton, down 30 yuan or 0.20% from the previous day. The CCIndex (3218B) spot price was 16,103 yuan/ton, up 170 yuan or 1.07% [9]. - **Supply - Demand Factors**: Internationally, Brazil and Turkey are expected to reduce cotton production in 2026. Domestically, new cotton processing is almost complete, inventory is increasing year - on - year, import volume has increased, and demand is in a weakening stage [10][11]. Red Dates - **Price Data**: The futures price of the main contract CJ2605 closed at 8,895 yuan/ton, up 65 yuan or 0.74% from the previous day. Spot prices in major producing areas remained stable [13]. - **Supply - Demand Factors**: Market arrivals are mainly low - grade products. The inventory of 36 sample enterprises decreased week - on - week but was still higher than the same period last year [14]. Live Pigs - **Price Data**: The futures price of the main contract LH2603 closed at 11,165 yuan/ton, down 105 yuan or 0.93% from the previous day. The national average slaughter price was 12,460 yuan/ton, down 210 yuan or 1.66% [16]. - **Supply - Demand Factors**: The supply side faces increasing pressure of slaughter volume, and the secondary fattening has increased supply pressure. The demand side is expected to start stocking this week [17].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Corn: The corn 2603 contract increased in volume and price, with the near - term leading and the long - term following. The price of the March contract approached 2300 yuan. The spot market had narrow price adjustments due to pre - holiday stocking. The overall market was in an oscillatory state, and short - term long positions should pay attention to the pressure at the previous high [2]. - Soybean and Soybean Meal: CBOT soybeans closed down as the US Department of Agriculture raised the US 25/26 annual soybean production forecast and lowered the export forecast. Domestic soybean meal was mainly oscillatory, waiting for the supply - demand report. The strategy was a double - selling strategy [2]. - Palm Oil: BMD palm oil rose due to the realization of negative reports and positive export data. The market expected the palm oil to enter the de - stocking cycle in January. The domestic oil prices generally rose, and the strategy was to sell put options [2]. - Eggs: The egg 2603 contract rose first and then fell. The spot price rebounded, but the supply was sufficient. The futures were in a short - term callback after a rebound, and attention should be paid to whether the main contract could break through the long - term moving average [2]. - Pigs: The live hog 2603 contract oscillated, and the spot price was stable with a slight increase. The breeding side reduced supply to support prices. The future production capacity was likely to decline, and the short - term disk was in an oscillatory adjustment [3]. 3. Summary by Relevant Catalogs 2. Market Information - The MPOB released the December data of Malaysian palm oil. The production decreased by 5.46% month - on - month, the export increased by 8.52% month - on - month, the apparent demand decreased slightly, and the inventory was within the expected range. The December data was neutral. In the short - to - medium term, the supply - demand pressure in the production season may gradually bottom out, and attention should be paid to the implementation of the slight increase in the Indonesian export LEVY and the US RVO policy [4]. 3.1 Contract Spread - The report presented charts of contract spreads for corn 5 - 9, corn starch 5 - 9, soybeans 5 - 9, soybean meal 5 - 9, soybean oil 5 - 9, palm oil 5 - 9, eggs 5 - 9, and live hogs 5 - 9, but no specific analysis was provided [6][7][9][12] 3.2 Contract Basis - The report presented charts of contract basis for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live hogs, but no specific analysis was provided [15][17][19][25]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Corn futures oscillated and closed higher this week, with the main 2603 contract closing at 2263 yuan/ton, up 37 yuan/ton from last week. The US corn is entering the export peak season with high short - term supply pressure, but good export conditions support its price. In China, the corn purchase in the Northeast has exceeded half, reserve and imported corn supplies are increasing, and farmers are still reluctant to sell. Feed and deep - processing enterprises' inventories are rising, and low inventories at ports and downstream enterprises support the price. However, the driving force for continuous increase needs further observation, so it's advisable to wait and see [6]. - Dalian corn starch futures also oscillated and closed higher, with the main 2603 contract closing at 2535 yuan/ton, up 20 yuan/ton from last week. As of January 7, the total starch inventory of corn starch enterprises was at a high level, indicating supply pressure. But some downstream customers are repurchasing corn starch due to the large increase in tapioca starch price, so it's necessary to pay attention to the pre - Spring Festival stocking. Affected by the rise in corn price, starch prices followed suit, and short - term waiting and seeing is recommended [8]. Summary by Directory 1. Zhoudu Yaodian Xiaojie (Weekly Key Points Summary) Corn - **Market Review**: The main 2603 contract of corn futures closed at 2263 yuan/ton, up 37 yuan/ton from last week [6]. - **Market Outlook**: The US corn is in the export peak season with high supply pressure, but good exports support the price. In China, as of December 29, 1.17 billion tons of corn had been purchased in the Northeast. After New Year's Day, reserve and imported corn supplies increased, farmers were reluctant to sell, deep - processing enterprises' inventories rose, and feed enterprises maintained rigid procurement. Low inventories at ports and downstream enterprises support the price, but the driving force for continuous increase needs observation [6]. Corn Starch - **Market Review**: The main 2603 contract of Dalian corn starch futures closed at 2535 yuan/ton, up 20 yuan/ton from last week [8]. - **Market Outlook**: As of January 7, the total starch inventory of corn starch enterprises was 1.125 million tons, up 0.20 million tons from last week, with a weekly increase of 0.18%, a monthly increase of 2.09%, and a year - on - year increase of 25.14%. High inventory means supply pressure, but some downstream customers are turning back to corn starch due to tapioca starch price increase. Pay attention to pre - Spring Festival stocking [8]. 2. Qixian Shichang Qingkuang (Futures and Spot Market Situation) Futures Price and Position Changes - The 3 - month contract of corn futures oscillated and closed higher, with a total position of 1,049,843 lots, up 40,582 lots from last week. The 3 - month contract of corn starch futures also oscillated and closed higher, with a total position of 197,160 lots, up 1,671 lots from last week [14]. Top 20 Net Position Changes - The top 20 net position of corn futures this week was - 146,474, compared with - 168,889 last week, indicating a decrease in net short positions. The top 20 net position of starch futures was - 40,680, compared with - 31,610 last week, indicating an increase in net short positions [20]. Futures Warehouse Receipts - The registered warehouse receipts of yellow corn were 36,555 lots, and those of corn starch were 12,477 lots [26]. Spot Price and Basis - As of January 8, 2026, the average spot price of corn was 2351.37 yuan/ton. The basis between the active 3 - month contract of corn and the spot average price was + 88 yuan/ton [31]. - The spot price of corn starch in Jilin was 2700 yuan/ton and 2800 yuan/ton in Shandong, remaining stable this week. The basis between the 3 - month contract of corn starch and the spot price in Changchun, Jilin was 165 yuan/ton [35]. Futures Inter - month Spread - The 3 - 5 spread of corn was - 9 yuan/ton, at a medium level in the same period. The 3 - 5 spread of starch was - 43 yuan/ton, also at a medium level in the same period [41]. Futures Spread between Starch and Corn - The spread between the 3 - month contracts of starch and corn was 272 yuan/ton. As of Thursday this week, the spread between Shandong corn and corn starch was 424 yuan/ton, up 2 yuan/ton from last week [48]. Substitute Spread - As of January 8, 2026, the average spot price of wheat was 2511.44 yuan/ton, and that of corn was 2351.37 yuan/ton. The wheat - corn spread was 160.07 yuan/ton. In the second week of 2026, the average spread between tapioca starch and corn starch was 626 yuan/ton, narrowing 35 yuan/ton from last week [55]. 3. Chan Ye Qingkuang (Industrial Chain Situation) Corn Supply Side - As of January 2, 2026, the domestic trade corn inventory in Guangdong Port was 478,000 tons, up 93,000 tons from last week; the foreign trade inventory was 294,000 tons, down 30,000 tons. The total corn inventory of the four northern ports was 1.538 million tons, down 75,000 tons week - on - week, and the shipping volume was 593,000 tons, down 74,000 tons week - on - week [45]. - As of January 8, the overall corn selling progress was 48%, up 4% from last week and 3% from the same period last year. Different provinces showed varying progress [57]. - In November 2025, China's ordinary corn imports were 560,000 tons, the highest this year, an increase of 260,000 tons (86.67%) from the same period last year and 200,000 tons from the previous month [61]. - As of January 8, the average inventory of national feed enterprises was 30.10 days, up 0.18 days from last week, a week - on - week increase of 0.60% and a year - on - year decrease of 6.81% [65]. Demand Side - At the end of the third quarter, the national pig inventory was 436.8 million, up 9.86 million (2.3%) year - on - year and 12.33 million (2.9%) quarter - on - quarter. As of the end of October, the inventory of breeding sows was 30.9 million, down 450,000 (1.12%) month - on - month [69]. - As of January 2, 2026, the self - breeding and self - raising pig farming profit was - 34.59 yuan/head, and the profit from purchasing piglets was - 48.35 yuan/head [73]. - As of January 8, 2026, the corn starch processing profit in Jilin was - 49 yuan/ton. The corn alcohol processing profit was - 510 yuan/ton in Henan, - 826 yuan/ton in Jilin, and - 289 yuan/ton in Heilongjiang [78]. Corn Starch Supply Side - As of January 7, 2026, the total corn inventory of 96 major corn processing enterprises in 12 regions was 3.54 million tons, with an increase of 1.32% [82]. - From January 1 - 7, 2026, the national corn processing volume was 627,900 tons, down 3,200 tons from last week; the national corn starch output was 324,800 tons, down 2,700 tons from last week; the weekly operating rate was 59.37%, down 0.49% from last week. As of January 7, the total starch inventory of national corn starch enterprises was 1.125 million tons, up 2,000 tons from last week, with a weekly increase of 0.18%, a monthly increase of 2.09%, and a year - on - year increase of 25.14% [86]. 4. Qiquan Shichang Fenxi (Option Market Analysis) - As of January 9, the main 2603 contract of corn oscillated and rose, and the corresponding option implied volatility was 12.23%, up 0.91% from 11.32% last week. The implied volatility rebounded this week and was at a relatively high level compared to the 20 - day, 40 - day, and 60 - day historical volatilities [89].

Report Industry Investment Rating No information is provided regarding the report industry investment rating. Core Viewpoints of the Report - Palm oil: The fundamental driving force is weak, and attention should be paid to the impact of macro - sentiment [2][4]. - Soybean oil: The price will mainly move within a range, and attention should be paid to the spread opportunities between contracts [2][4]. - Soybean meal: The U.S. soybeans closed lower overnight, and the Dalian soybean meal may fluctuate [2][10]. - Soybean: It will move in a range [2][10]. - Corn: Attention should be paid to the spot market [2][13]. - Sugar: It will be in a low - level consolidation [2][17]. - Cotton: It will maintain a strong trend [2][22]. - Eggs: The sentiment for far - month contracts has weakened [2][26]. - Hogs: There is still inventory accumulation behavior [2][29]. - Peanuts: It will move in a range [2][35]. Summaries by Related Catalogs 1. Palm Oil and Soybean Oil - **Fundamental Data**: The closing price of palm oil futures during the day was up 0.14%, and at night was up 0.47%; the closing price of soybean oil futures during the day was up 0.71%, and at night was up 0.28%. The spot prices of palm oil and soybean oil in Guangdong increased by 80 yuan/ton and 50 yuan/ton respectively. The trend intensity of both palm oil and soybean oil is 0 [4]. - **Macro and Industry News**: From January 1 - 5, 2026, the yield per unit area of Malaysian palm oil decreased by 34.7% month - on - month, the oil extraction rate increased by 0.04% month - on - month, and the output decreased by 34.48% month - on - month [5]. 2. Soybean Meal and Soybean - **Fundamental Data**: The closing price of DCE soybean meal 2605 during the day was up 1.09%, and at night was up 0.94%; the closing price of DCE soybean 2605 during the day was up 0.40%, and at night was up 0.38%. The trading volume of soybean meal was 32.55 million tons per day, and the inventory was 105.05 million tons per week. The trend intensity of both soybean meal and soybean is 0 [10]. - **Macro and Industry News**: On January 6, CBOT soybean futures closed lower. Although China increased its purchase of U.S. soybeans, the "buy the rumor, sell the fact" psychology led to some long - positions closing. The market is also paying attention to the U.S. Department of Agriculture's January supply - demand report on January 12 and the capital flow caused by the annual adjustment of commodity indexes [12]. 3. Corn - **Fundamental Data**: The closing price of C2603 was down 0.04% during the day and up 0.27% at night; the closing price of C2605 was up 0.04% during the day and up 0.31% at night. The trading volume and open interest of the corn market changed. The trend intensity of corn is 0 [14]. - **Macro and Industry News**: The prices of northern corn in bulk shipping and container shipping remained stable, while the prices in Guangdong decreased by 10 yuan/ton. The price of Northeast deep - processed corn was stable with a slight increase, and the price of North China corn increased slightly [15]. 4. Sugar - **Fundamental Data**: The raw sugar price was 14.76 cents/pound, the mainstream spot price was 5330 yuan/ton, and the futures main contract price was 5259 yuan/ton. The trend intensity of sugar is - 1 [17]. - **Macro and Industry News**: As of December 31, 2025, the sugar production in India in the 25/26 season increased by 24% year - on - year. Brazil's sugar exports in November decreased by 90,000 tons year - on - year. China's sugar imports in November decreased by 90,000 tons. The CAOC expects the domestic sugar production in the 25/26 season to be 11.7 million tons, consumption to be 15.7 million tons, and imports to be 5 million tons. The ISO expects a global sugar surplus of 1.63 million tons in the 25/26 season [17][18][19]. 5. Cotton - **Fundamental Data**: The closing price of CF2605 was up 1.36% during the day and up 1.18% at night; the closing price of CY2603 was up 1.46% during the day and up 0.69% at night. The spot prices of cotton in various regions increased. The trend intensity of cotton is 0 [22]. - **Macro and Industry News**: The spot trading of cotton was active, and the price of pure - cotton yarn increased slightly. The ICE cotton futures rose but lacked a clear fundamental driving force [23]. 6. Eggs - **Fundamental Data**: The closing price of egg 2602 was up 0.57%, and the closing price of egg 2603 was up 0.03%. The spot prices of eggs in different regions increased. The trend intensity of eggs is 0 [26]. 7. Hogs - **Fundamental Data**: The spot prices of hogs in Henan, Sichuan, and Guangdong were 12,980 yuan/ton, 12,850 yuan/ton, and 12,760 yuan/ton respectively. The futures prices of different contracts increased. The trend intensity of hogs is 0 [31]. - **Market Information**: Some companies registered hog futures warehouse receipts in December [32]. 8. Peanuts - **Fundamental Data**: The spot prices of peanuts in different regions remained stable. The closing price of PK601 was down 1.06%, and the closing price of PK603 was up 1.03%. The trend intensity of peanuts is 0 [35]. - **Spot Market Focus**: The peanut prices in Henan, Jilin, Liaoning, and Shandong were basically stable, with limited supply and demand [36].

1. Reported Industry Investment Rating - No relevant information provided 2. Core View of the Report - The short - term external market may face some pressure, but the neutral ending inventory supports that the decline will not be significant, and it is expected to operate at a narrow low level. The rebound of soybean meal futures is short - cycle. Considering the abundant supply in most regions of the spot market, the supply exceeds demand, and there is no obvious potential positive factor outside, one can try short positions on rallies in the short - term, and treat it as a narrow - range shock in the medium - term [6] 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Market Review**: The US soybean futures contracts in the external market fluctuated today, with the main contract approaching 1080 cents. The USDA's December monthly supply - demand report had few highlights, and the estimates of US soybean yield, exports, ending inventory, and South American production remained the same as in November. The US market is worried about China's procurement progress. There are rumors that China's full - scale procurement of 1.2 billion tons of US soybeans before January may be postponed to February. Argentina plans to lower the soybean export tax. South American new crops have no positive news. Brazil has basically completed most of the sowing, and it is expected to have above - average rainfall in the next two weeks, which is conducive to a bumper harvest. Argentina is a bit dry but is still in the middle and late sowing stage. Last week, imported soybeans were auctioned, with a total transaction of more than 390,000 tons, an average price of about 3,935 yuan, a significant premium over the reserve price, and a transaction ratio of about 77% [6] - **Operation Suggestions**: The rebound of soybean meal futures is short - cycle. Considering the abundant supply in most regions of the spot market, the supply exceeds demand, and there is no obvious potential positive factor outside, one can try short positions on rallies in the short - term, and treat it as a narrow - range shock in the medium - term [6] 3.2 Industry News - In the 2025/26 season, the soybean planting area in Rio Grande do Sul, Brazil, has reached 76% of the estimated 6.74 million hectares, lower than 80% in the same period last year and the historical average of 84% due to dry weather during the planting period. However, the average yield per unit area is still expected to be 3,180 kg/ha, a significant increase compared to 2,009 kg/ha in the previous drought - affected season. As of December 11, the soybean planting rate in Argentina in the 2025/26 season was 58%, up from 49% last week and lower than 66% in the same period last year [7][8] 3.3 Data Overview - The report provides multiple data charts, including the ex - factory price of soybean meal, the basis of the 01 contract of soybean meal, the 1 - 5 spread of soybean meal, the 5 - 9 spread of soybean meal, the US dollar - RMB central parity rate, and the US dollar - Brazilian real exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [11][13][15]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The bearish pressure on the meal market has been mostly reflected, and the market is experiencing a phased rebound. The international soybean market supply - demand situation is relatively stable, with limited price changes expected. The US soybean market has some support but still faces export - related pressure. The Brazilian soybean market may face price pressure in the medium - term. The domestic meal market is in a state of relatively loose supply - demand, but the supply may tighten in the future. The monthly spread of soybean meal shows a strong operation trend, and that of rapeseed meal follows suit [1][3][4][6] 3. Summary by Related Content 3.1 Market Quotes Review - The US soybean market fluctuated after the monthly supply - demand report, with limited changes. The domestic soybean meal market stabilized after a sharp decline, and the rapeseed meal market rebounded under the influence of soybean meal. The spread between soybean meal and rapeseed meal continued to narrow, and the monthly spreads of both soybean meal and rapeseed meal increased [3] 3.2 Fundamental Analysis International Market - The US soybean has obvious downward pressure due to large export pressure. The Brazilian new - crop soybean planting progress has accelerated but is still at a low level compared to the same period in history. Most institutions expect a bumper harvest in Brazil, and the export volume is expected to increase significantly. The old - crop soybeans in Brazil have strong export and crushing performance. Argentina's old - crop soybean production is large, and its recent crushing and export have increased [4] Domestic Market - The domestic spot market has a relatively loose supply - demand situation. The oil mill operating rate remains high, with sufficient supply and increasing提货 volume. The inventory is at a high level. The market demand is increasing, but there is still uncertainty about future supply. As of December 5, the actual soybean crushing volume of oil mills was 2.0558 million tons, the operating rate was 56.55%, the soybean inventory was 7.1552 million tons (down 184,400 tons or 2.51% from last week, up 1.6849 million tons or 30.80% year - on - year), and the soybean meal inventory was 1.1619 million tons (down 41,300 tons or 3.43% from last week, up 481,400 tons or 70.74% year - on - year). The domestic rapeseed meal demand has weakened, the oil mill operation has basically stopped, the rapeseed supply is low, and the granular rapeseed meal inventory is high. As of December 5, the coastal rapeseed inventory was 0 tons (unchanged from last week), and the rapeseed meal inventory was 0.02 million tons (up 0.01 million tons from last week) [5] 3.3 Logic Analysis - The US soybean market is expected to face some pressure due to slow exports, but the decline depth is limited as the price has already reflected most of the bearish factors, and it will mainly fluctuate at a high level. The short - term weather in Brazil has improved, putting pressure on the market. The domestic soybean meal supply may tighten in the future, and there is still price pressure in the medium - to - long - term. The rapeseed meal supply pressure remains obvious. The monthly spreads of soybean meal and rapeseed meal are expected to be strongly supported [6] 3.4 Trading Strategies - Unilateral: Participate in laying out a small number of long positions - Arbitrage: Narrow the MRM spread - Options: Sell a wide - straddle strategy [7] 3.5 Soybean Pressing Profit - The table shows the soybean pressing profit data from Brazil with different shipping dates on December 10, 2025, including CNF, CBOT, contract, exchange rate, soybean meal price, soybean oil price, and changes in pressing profit [8]

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Views of the Report - **Short - term trading strategies**: For soymeal, short - term trading is expected to be bullish with limited upside for the main contract; rapeseed meal will be in short - term oscillation; palm oil may stop falling in stages; soybean oil will experience short - term oscillation; rapeseed oil is short - term bullish; cotton is cautiously bullish; jujube will face pressure in rebound; and live pigs will have a short - term rebound [1]. - **Long - term trends**: For rapeseed meal, the long - term supply - demand situation is strong; for jujube, a bearish attitude is recommended in the long - run under the loose supply - demand pattern; for live pigs, Q4 will likely see a game around the industry's average cash - flow cost [1][14][16]. Summary by Variety Soymeal - **Market conditions**: The Brazilian planting progress is behind last year, and rainfall is expected to be below normal. Domestic soymeal and soybean inventories are high, but the sales pressure on oil mills has decreased. The issue of US soybean import tariffs remains unresolved [1]. - **Price data**: The futures price of the main contract closed at 3044 yuan/ton, down 11 yuan (-0.36%) from the previous day. The national average spot price was 3105.43 yuan/ton, up 8.57 yuan (0.28%) [2]. - **Inventory data**: As of November 21, 2025, national port soybean inventories were 942.5 million tons, a decrease of 50.10 million tons from last week. The soybean inventory of 125 oil mills was 714.99 million tons, a decrease of 32.72 million tons (4.38%) from last week. The soymeal inventory was 115.15 million tons, an increase of 15.86 million tons (15.97%) from last week [3]. Rapeseed Meal - **Market conditions**: Coastal oil mills have zero rapeseed inventory and zero crushing. The short - term supply is driven by the arrival and customs clearance of Australian rapeseed. The long - term supply - demand is strong, but the near - term port inventory is high [1][6]. - **Price data**: The futures price of the main contract closed at 2452 yuan/ton, down 17 yuan (-0.69%) from the previous day. The national average spot price was 2557.37 yuan/ton, down 9.47 yuan (-0.37%) [4]. - **Inventory data**: As of November 21, the coastal oil mill rapeseed inventory was 0 million tons, unchanged from last week; the rapeseed meal inventory was 0.01 million tons, a decrease of 0.19 million tons from last week [6]. Palm Oil - **Market conditions**: The supply - demand situation is gradually improving. The EU's delay in implementing the deforestation - free law and floods in Southeast Asia have raised expectations of a production - reduction season. However, there is a high probability of inventory accumulation in November [7][8]. - **Inventory data**: As of November 21, 2025, the commercial inventory of palm oil in key national regions was 66.71 million tons, an increase of 1.39 million tons (2.13%) from last week [7]. - **Export data**: From November 1 - 25, 2025, the export volume of Malaysian palm oil products decreased compared to the same period in October [7]. Cotton - **Market conditions**: US cotton harvesting is nearing completion, and the supply - side story is weakening. The market is trading around the interest - rate cut expectation. In China, the cash - flow of downstream spinning enterprises has improved, and the cotton price has rebounded slightly, but it faces high - inventory and hedging pressure [9][12]. - **Price data**: The futures price of the main contract (CF2601) closed at 13725 yuan/ton, up 85 yuan (0.62%) from the previous day. The CCIndex (3218B) spot price was 14896 yuan/ton, up 5 yuan (0.03%) [9]. - **Inventory data**: The national commercial cotton inventory increased to 417.94 million tons, higher than the same period [9]. Jujube - **Market conditions**: The new jujube production is clear, and the supply is expected to be in surplus. The downstream demand has not improved significantly. The premium caused by the speculation of production reduction has been mostly squeezed out [14]. - **Price data**: The futures price of the main contract (CJ2601) closed at 9025 yuan/ton, down 125 yuan (-1.37%) from the previous day. The spot price of Kashgar common jujube was 7 yuan/kg, unchanged [13]. - **Inventory data**: The physical inventory of 36 sample points this week was 10848 tons, an increase of 518 tons from last week [14]. Live Pigs - **Market conditions**: The current supply - demand situation is weak. The near - month contracts are affected by position - limit approaching, and the short - term spot - futures prices have diverged. The Q4 will see a game around the industry's average cash - flow cost [16]. - **Price data**: The futures price of the main contract (Ih2601) closed at 11465 yuan/ton, down 120 yuan (-1.04%) from the previous day. The national average spot price of live pigs was 11640 yuan/ton, up 10 yuan (0.09%) [15]. - **Inventory and sales data**: The national sample enterprise live - pig inventory increased slightly, and the slaughter volume increased significantly. The number of fertile sows decreased [15].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Views - **Palm Oil**: Lack of drivers, focus on short - term support [2][4] - **Soybean Oil**: With the rebound of US soybeans, maintaining the strategy of expanding the spread between soybean oil and palm oil [2][4] - **Soybean Meal**: US soybeans hit a new high, and Dalian soybean meal may follow the rebound [2][10] - **Soybean No.1**: State reserve purchases have started, and the market shows stability [2][10] - **Corn**: Oscillating [2][13] - **Sugar**: Trading within a range [2][17] - **Cotton**: The impact of seed cotton prices on cotton futures has weakened [2][22] - **Eggs**: Oscillating and adjusting [2][26] - **Hogs**: The price center further shifts down [2][28] - **Peanuts**: Focus on the spot market [2][33] 3. Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: Palm oil main contract closed at 8,664 yuan/ton (down 1.14%) during the day and 8,676 yuan/ton (up 0.14%) at night; soybean oil main contract closed at 8,110 yuan/ton (down 0.22%) during the day and 8,148 yuan/ton (up 0.47%) at night. The trading volume and open interest of both had certain changes [4] - **News**: From October 1 - 31, 2025, Malaysia's palm oil yield increased by 4.50% month - on - month, oil extraction rate increased by 0.20% month - on - month, and production increased by 5.55% month - on - month. The expected export volume from October 1 - 31 was 1,282,036 tons, a 26.54% increase from the previous month [5][6][7] - **Trend Intensity**: Palm oil trend intensity is 0; soybean oil trend intensity is 0 [9] Soybean Meal and Soybean No.1 - **Fundamentals**: DCE soybean No.1 2601 closed at 4,076 yuan/ton (down 0.46%) during the day; DCE soybean meal 2601 closed at 3,026 yuan/ton (up 0.70%) during the day. The spot prices of soybean meal in different regions had certain increases [10] - **News**: On November 3, CBOT soybean futures closed sharply higher, reaching a 16 - month high, due to the expectation of large - scale Chinese purchases of US soybeans [9][10] - **Trend Intensity**: Soybean meal trend intensity is +1; soybean No.1 trend intensity is 0 [12] Corn - **Fundamentals**: The closing prices of C2511 and C2601 had certain changes, and the trading volume, open interest, and basis also had corresponding data [14] - **News**: The northern corn bulk shipping and containerized grain collection prices were basically flat, while the prices in Guangdong Shekou decreased by 20 yuan/ton [15] - **Trend Intensity**: Corn trend intensity is 0 [16] Sugar - **Fundamentals**: The original sugar price was 14.65 cents/pound, the mainstream spot price was 5,700 yuan/ton, and the futures main contract price was 5,499 yuan/ton. The spreads and basis also had corresponding data [17] - **News**: Brazil's sugar production in the second half of September increased by 11% year - on - year, and exports decreased. China's sugar imports in September were 550,000 tons (+150,000 tons) [17] - **Trend Intensity**: Sugar trend intensity is 0 [20] Cotton - **Fundamentals**: CF2601 closed at 13,600 yuan/ton (up 0.04%) during the day, and CY2601 closed at 19,920 yuan/ton (up 0.23%) during the day. The trading volume, open interest, and basis had corresponding changes [22] - **News**: The cotton spot trading was sluggish, and the cotton yarn market was generally stable. Some high - count yarns had better sales, while low - count yarns had fewer new orders [23] - **Trend Intensity**: Cotton trend intensity is 0 [25] Eggs - **Fundamentals**: The closing prices of egg 2512 and egg 2601 had certain increases, and the spot prices in different regions also had corresponding changes [26] - **Trend Intensity**: Egg trend intensity is 0 [26] Hogs - **Fundamentals**: The spot prices in different regions decreased to varying degrees, and the futures prices of different contracts also decreased. The trading volume, open interest, and basis had corresponding changes [30] - **News**: Yuexiu and Yangxiang added delivery warehouses, and the national feed output in September was 30.36 million tons, a 3.4% month - on - month increase and a 5% year - on - year increase [32] - **Trend Intensity**: Hog trend intensity is -1 [31] Peanuts - **Fundamentals**: The spot prices of different peanut varieties had certain changes, and the futures prices of PK511 and PK601 decreased slightly. The trading volume, open interest, and basis had corresponding data [33] - **News**: The peanut spot market in different regions had different performances, with some areas having stable prices and some having a slightly stronger trend [34] - **Trend Intensity**: Peanut trend intensity is 0 [35]

Report Industry Investment Ratings - **Positive trend prediction**: Soybean No. 1, soybean meal, soybean oil, and palm oil are rated with three stars, indicating a clearer long - term trend and relatively appropriate investment opportunities currently [1]. - **Negative trend prediction**: Rapeseed meal, rapeseed oil, corn, live pigs, and eggs are rated with one star, suggesting a bias towards short - term trends but poor operability on the trading floor [1]. Core Views - The prices of various agricultural products are affected by multiple factors such as trade relations, supply and demand, and policies. Different agricultural products have different price trends and investment suggestions [2][3][4]. Summary by Related Catalogs Soybean No. 1 - The main contract of soybean No. 1 futures rebounded rapidly from the low today, covering the decline of the previous two days and accompanied by an increase in positions. The domestic soybean auction had a premium, with an average transaction price of 3,925 yuan/ton and a premium of 0 - 140 yuan/ton. The transaction rate was 34.49%. The price difference between domestic and imported soybeans stopped falling and rebounded slightly. Short - term attention should be paid to the performance of the imported soybean trade and the policy guidance of domestic soybeans [2]. Soybean & Soybean Meal - Affected by the easing of Sino - US negotiations, US soybeans rose continuously this week, and the 2601 contract of Dalian Commodity Exchange decreased its positions by more than 70,000 lots and rose 1.40% today. The current domestic soybean arrivals are sufficient, the soybean crushing volume is stable, the soybean meal pick - up has increased, and the soybean meal inventory has decreased slightly on a weekly basis. Attention should be paid to the APEC summit at the end of the month. Amid many uncertainties in Sino - US trade, continue to wait and see and look for long - position opportunities after the Sino - US trade issue is resolved [3]. Soybean Oil & Palm Oil - The main contract of US soybeans continued to rise. Although the Brazilian soybean CIF premium fell and the RMB continued to appreciate, the domestic imported soybean cost still increased. The futures market showed a pattern of strong meal and weak oil, and the soybean crushing profit was still in the red. Short - term attention should be paid to the risk of the oil - to - meal ratio correction. In the long run, palm oil is expected to be resilient, and it is recommended to allocate vegetable oils on dips. In the short term, be cautious about the price correction of palm oil due to the pressure in the Malaysian market [4]. Rapeseed Meal & Rapeseed Oil - Domestic rapeseed meal rose significantly, and the rapeseed sector was stronger than its competitors, which was related to market concerns about Sino - Australian relations. The export of Australian rapeseed to China is not yet stable. The Russian rapeseed has been listed for crushing, and its export trade to China is not optimistic. The rapeseed oil price is expected to be under pressure in the short term, while the rapeseed meal price has short - term rebound momentum [6]. Corn - The Dalian corn futures rose 0.28% today. The supply of new corn in the Northeast continues, and the price has risen slightly. The new corn in Jilin may be listed in large quantities again soon, which will suppress the market price. The downstream demand is mainly for rigid procurement. With the possible easing of Sino - US relations, the corn import situation should be continuously monitored. The Dalian corn is expected to continue to run weakly at the bottom [7]. Live Pigs - The live pig futures weakened significantly today, showing a divergence between the futures and spot markets. The spot price continued to rise, with the national average slaughter price reaching 12.5 yuan/kg, up 0.3 yuan. The futures increased positions and declined, with the near - month contract leading the decline. Although the supply pressure is still large, the large price difference between fattening pigs may promote second - round fattening and hog retention, and the pork consumption is expected to improve in the fourth quarter. However, due to the continuous supply pressure, a short - position strategy is recommended after the price rebounds. The pig price is likely to form a double - bottom pattern, and a second bottom may occur in the first half of next year [8]. Eggs - The egg futures failed to continue the previous upward trend, opening lower this morning and oscillating downward throughout the day without filling the gap. The near - month contract led the decline today, and the positions decreased by 10,000 lots. The spot price in Hebei started to fall, with a large decline in the price of small eggs. In the medium term, the industry needs to accelerate the elimination of old hens. The unsold cold - storage eggs are also a potential pressure on the spot market. A short - position strategy is recommended at high prices [9].