Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. Core Viewpoints - Palm oil: With repeated macro - sentiment, it is advisable to go long at low levels [2][4] - Soybean oil: It will fluctuate at high levels, and attention should be paid to the China - US trade agreement [2][4] - Soybean meal: Overnight US soybeans closed lower, and the Dalian soybean meal will adjust and fluctuate [2][10] - Soybean: One - way auctions have started, and the market will fluctuate [2][10] - Corn: It will run weakly [2][13] - Sugar: It will trade in a narrow range [2][16] - Cotton: Attention should be paid to the impact of external markets [2][21] - Eggs: Market sentiment has been realized [2][27] - Live pigs: Near - term spot pressure persists [2][29] - Peanuts: Attention should be paid to the weather in the producing areas [2][35] Summary by Related Catalogs Palm oil and Soybean oil - **Fundamental data**: Palm oil's day - session closing price was 8,970 yuan/ton with a decline of 1.04%, and night - session closing price was 9,006 yuan/ton with an increase of 0.40%. Soybean oil's day - session closing price was 8,406 yuan/ton with an increase of 0.74%, and night - session closing price was 8,422 yuan/ton with an increase of 0.19% [4] - **Macro and industry news**: From August 1 - 5, 2025, Malaysia's palm oil yield per unit decreased by 19.32% month - on - month, oil extraction rate increased by 0.39% month - on - month, and production decreased by 17.27% month - on - month. Malaysia's palm oil production in July 2025 was estimated to increase by 9.01% [5][7] - **Trend intensity**: Palm oil and soybean oil both have a trend intensity of 0 [9] Soybean meal and Soybean - **Fundamental data**: DCE soybean 2509's day - session closing price was 4118 yuan/ton with a decline of 0.07%, and night - session closing price was 4124 yuan/ton with an increase of 0.15%. DCE soybean meal 2509's day - session closing price was 3026 yuan/ton with a decline of 0.13%, and night - session closing price was 3013 yuan/ton with a decline of 0.46% [10] - **Macro and industry news**: On August 6, CBOT soybeans closed lower, following the decline in the soybean meal market. The US soybean growing area has good weather conditions. The US Department of Agriculture will release the weekly export sales report on Thursday. On August 8, 10:30, CNGC plans to auction 32,294 tons of domestic soybeans [10][12] - **Trend intensity**: Both soybean meal and soybean have a trend intensity of 0 [12] Corn - **Fundamental data**: Important spot prices such as Jinzhou's closing price decreased by 10 yuan/ton. C2509's day - session closing price was 2,259 yuan/ton with no change, and night - session closing price was 2,267 yuan/ton with an increase of 0.35% [13] - **Macro and industry news**: Northern corn port prices decreased, and prices in other regions also showed certain changes [14] - **Trend intensity**: Corn has a trend intensity of 0 [15] Sugar - **Fundamental data**: The raw sugar price was 16.04 cents/pound with a decline of 0.05. The mainstream spot price was 5970 yuan/ton with a decline of 20 [16] - **Macro and industry news**: Brazil's central - southern region's sugarcane crushing progress has accelerated; India's monsoon precipitation is higher than the long - term average. China imported 420,000 tons of sugar in June [16] - **Trend intensity**: Sugar has a trend intensity of 0 [19] Cotton - **Fundamental data**: CF2601's day - session closing price was 13,850 yuan/ton with an increase of 0.22%, and night - session closing price was 13830 yuan/ton with a decline of 0.14% [21] - **Macro and industry news**: The domestic cotton spot market has weak trading, and the cotton yarn market is stable. ICE cotton futures first rose and then fell [22] - **Trend intensity**: Cotton has a trend intensity of 0 [25] Eggs - **Fundamental data**: Egg 2509's closing price was 3,378 yuan/500 kg with an increase of 0.99%. Egg 2601's closing price was 3,624 yuan/500 kg with a decline of 0.11% [27] - **Trend intensity**: Eggs have a trend intensity of 0 [27] Live pigs - **Fundamental data**: Henan's spot price was 14,080 yuan/ton with a decline of 100. The closing price of live pig 2509 was 13,810 yuan/ton with a decline of 75 [31] - **Trend intensity**: Live pigs have a trend intensity of - 1 [32] - **Market logic**: The market expected price increases from late July to early August, but the price increase was less than expected. The market pressure is large, and the 9 - month contract is expected to be weak. The far - end is supported by macro - sentiment, and the spread structure has switched to a reverse spread [33] Peanuts - **Fundamental data**: The price of Liaoning 308 common peanuts was 8,400 yuan/ton with no change. PK510's closing price was 8,092 yuan/ton with an increase of 0.22% [35] - **Spot market focus**: New peanuts in some areas are about to be listed, and the price of old peanuts is stable [36] - **Trend intensity**: Peanuts have a trend intensity of 0 [37]

1. Report Industry Investment Ratings There is no information about industry investment ratings in the provided content. 2. Core Views of the Report - The international soybean market is generally in a state of loose supply and demand, with the US and Brazil having relatively favorable supply - side situations [4]. - The raw sugar market is weak due to global supply - demand looseness, while the domestic sugar market may follow the raw sugar price fluctuations [12]. - The palm oil market is in a stage of production increase and inventory accumulation, and the domestic soybean oil is in a phased inventory build - up, while the rapeseed oil market has a pattern of oversupply [18]. - The US corn market has a good production outlook, leading to a weakening trend in the futures market, while the domestic corn market has a relatively strong spot price [26]. - The pig market has limited supply in the short term but faces future inventory pressure, and price increase space is restricted [31]. - The peanut market is expected to be short - term strong and volatile, but may decline in the long - term due to expected increase in planting area [37]. - The egg market's futures price downward space is limited, and the upward space of the August and September contracts depends on the amount of culled chickens [47]. - The apple market's futures price is likely to be slightly strong in a volatile manner in July due to low inventory and some impacts on fruit setting [51]. - The cotton market is affected by macro - trade policies and fundamental supply - demand, with the US cotton planting progress slightly behind and the Brazilian cotton harvest progress slow [58]. 3. Summary by Related Catalogs Soybean/M粕类 - **External Market Conditions**: The CBOT soybean index rose 0.22% to 1033.25 cents per bushel, and the CBOT soybean meal index fell 0.1% to 284.4 dollars per short ton [2]. - **Relevant Information**: In May, the US soybean crushing volume was 6.11 million tons. As of June 29, the EU's 2024/25 rapeseed and soybean meal imports increased compared to the previous year. The US soybean meal export sales in the 25/26 season reached 204,000 tons. As of June 27, the oil mill's soybean inventory increased, and the soybean meal inventory also increased [2][3]. - **Logic Analysis**: The international soybean market supply and demand is loose, with good weather in the US, high production in Brazil, and potentially reduced export pressure in Argentina [4]. - **Strategy Suggestions**: For options, adopt a wait - and - see approach. For one - sided trading, consider buying at low points. For arbitrage, expect the MRM09 spread to widen [6] Sugar - **External Market Conditions**: The ICE US sugar主力 contract fell 3.09% to 15.70 cents per pound [7]. - **Important Information**: In the first half of June, Brazil's central - southern region's sugar production decreased compared to the previous year. The spot price of sugar in Guangxi decreased, and that in some regions was stable. The estimated delivery volume of the July raw sugar futures contract is at a low level since 2014 [8][9][11]. - **Logic Analysis**: The raw sugar market is weak due to loose global supply and demand, and the domestic sugar market may follow the raw sugar price fluctuations [12]. - **Strategy Suggestions**: For one - sided trading, hold short positions as the raw sugar weakens and drags down Zhengzhou sugar. For arbitrage, take profit on the 9 - 1 spread. For options, use out - of - the - money ratio spread options [16] Oilseeds and Oils - **External Market Conditions**: The overnight CBOT US soybean oil主力 price changed by 0.81% to 53.65 cents per pound, and the BMD Malaysian palm oil主力 price changed by 0.50% to 3990 ringgit per ton [14]. - **Relevant Information**: In June, Malaysia's palm oil production decreased compared to the previous month. Indonesia's palm oil exports in May increased significantly compared to the previous year. StoneX raised the forecast of Brazil's 2024/25 soybean production. As of June 29, the EU's 2024/25 palm oil imports decreased compared to the previous year, while soybean, soybean meal, and rapeseed imports increased [15][17]. - **Logic Analysis**: Palm oil is in a stage of production increase and inventory accumulation, domestic soybean oil is in a phased inventory build - up, and rapeseed oil has an oversupply pattern [18]. - **Strategy Suggestions**: For one - sided trading, consider buying on dips as the short - term oil market may fluctuate. For arbitrage and options, adopt a wait - and - see approach [19][20][21] Corn/Corn Starch - **External Market Changes**: The CBOT corn futures fell, with the December主力 contract down 0.5% to 422.0 cents per bushel [24]. - **Important Information**: The CBOT corn futures slightly declined due to good crop growth and a clear production outlook. The US corn has a high excellent - rate and good future weather conditions. The domestic corn port price is strong, and the North China spot price has declined [25]. - **Logic Analysis**: The US corn market has a good production outlook, leading to a weakening trend in the futures market, while the domestic corn market has a relatively strong spot price [26]. - **Strategy Suggestions**: For one - sided trading, the US September corn futures are in a bottom - oscillating state, and adopt a wait - and - see approach. For arbitrage, consider expanding the spread between corn and starch. For options, those with spot goods can consider a high - level put - writing strategy [27][29] Hogs - **Relevant Information**: Hog prices are rising in various regions, while piglet and sow prices remain stable. The national average wholesale price of pork decreased [31]. - **Logic Analysis**: The short - term supply of the hog market is limited, but future inventory pressure exists, and price increase space is restricted [31]. - **Strategy Suggestions**: For one - sided trading, adopt a bearish approach. For arbitrage, conduct a positive spread operation on LH91. For options, adopt a wait - and - see approach [32][34] Peanuts - **Important Information**: Peanut prices in different regions are stable, oil mill arrivals are at a certain level, peanut oil prices are strong, and peanut meal sales are slow. The inventory of peanuts and peanut oil in sample enterprises has decreased [35][36]. - **Logic Analysis**: The peanut market has low spot trading volume, stable prices, and expected increase in planting area, with short - term strength and long - term decline potential [37]. - **Strategy Suggestions**: For one - sided trading, consider short - selling on rallies for the October contract and currently adopt a wait - and - see approach. For arbitrage, adopt a wait - and - see approach. For options, sell the pk510 - C - 8800 option [40][41][42] Eggs - **Important Information**: Egg prices are generally stable across the country, the number of laying hens in stock has increased, the number of culled hens has decreased, egg sales have increased, and the profit per egg is still in a loss or break - even state [44][45][46]. - **Trading Logic**: The downward space of egg futures prices is limited, and the upward space of the August and September contracts depends on the amount of culled hens [47]. - **Trading Strategies**: For one - sided trading, consider building long positions in the August and September contracts when the rainy season is about to end and the safety margin is high. For arbitrage, adopt a wait - and - see approach. For options, sell put options [48] Apples - **Important Information**: Apple cold - storage inventory has decreased, import and export volumes have changed, spot prices are stable, and storage profit has increased [49][50]. - **Trading Logic**: Low inventory may support the opening price of early - maturing apples, and the futures price is expected to be slightly strong in a volatile manner in July [51]. - **Trading Strategies**: For one - sided trading, build long positions on dips for the AP10 contract. For arbitrage, adopt a wait - and - see approach. For options, sell put options [52][53][54] Cotton - Cotton Yarn - **External Market Impact**: The ICE US cotton主力 contract fell 0.12% to 67.96 cents per pound [55]. - **Important Information**: Brazil's cotton harvest progress is slow, the US cotton planting progress is slightly behind, and the planting area is expected to decrease [56][57]. - **Trading Logic**: The cotton market is affected by macro - trade policies and fundamental supply - demand, and the futures price may be slightly strong in a volatile manner [58][59]. - **Trading Strategies**: For one - sided trading, expect the US cotton to be mainly oscillating and the Zhengzhou cotton to be slightly strong in the short - term. For arbitrage, adopt a wait - and - see approach. For options, sell put options [60][64]