1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - After the release of the US soybean monthly supply - demand report, the US soybean futures price dropped and then stabilized. The domestic soybean meal and rapeseed meal prices also declined, with the soybean - rapeseed meal spread slightly widening and the monthly spread of both showing a downward trend. The international soybean market is generally in a state of relatively loose supply, and the Brazilian soybean price is expected to be under pressure. The market's focus on soybean meal may be on the repair of crushing profit, and in the long - term, the price of soybean meal is still under pressure. Rapeseed meal demand is average, and the supply side still faces pressure [3][4][9] 3. Summary by Related Catalogs 3.1 Market Review - After the release of the monthly supply - demand report, the US soybean futures price dropped but then stabilized due to optimistic expectations for subsequent exports. The price of Brazilian soybeans rebounded slightly. The domestic soybean meal price declined due to the downward pressure from the cost side and the full reflection of previous good news. Rapeseed meal also declined, affected by the fall of soybean meal and its own loose supply - demand situation. The soybean - rapeseed meal spread slightly widened, and the monthly spreads of both soybean meal and rapeseed meal declined [3] 3.2 Fundamental Analysis - The monthly supply - demand report for US soybeans is generally positive, but the price increase space is limited. The US soybean balance sheet can support the price, and future trends will be more affected by exports and crushing. South American supply has an increasing impact, with Brazil's new - crop soybean sowing progressing rapidly, and most institutions expect a bumper harvest. Brazil's old - crop soybeans have good export and crushing performance. Argentina's old - crop soybean production is relatively large, and its recent crushing and export have increased. The overall international soybean market supply is relatively loose [4] - In the domestic market, the supply of soybean meal is relatively loose, with increased oil mill operating rates, sufficient market supply, and increased提货量. The inventory remains high. The demand for rapeseed meal is gradually weakening, the oil mill operation has basically stopped, the supply of rapeseed is low, and the supply pressure still exists [7] 3.3 Macroeconomic Analysis - The macro - economic situation has recently stabilized. The end of the US government shutdown and the Sino - US negotiations have sent positive signals to the market, causing the US soybean futures price to rise. The resumption of the soybean export qualifications of three US companies to China has improved the export prospects of US soybeans. However, the impact of macro - economic factors on the market is expected to be limited in the future, and the market will focus more on fundamental changes [8] 3.4 Logic Analysis - The US soybean monthly supply - demand report is positive, but the fundamental support is limited. Without significant improvement in exports, the US soybean price is expected to fluctuate at a high level. The Brazilian soybean price is expected to be under pressure and will generally fluctuate. The focus of the soybean meal market may be on the repair of crushing profit. In the long - term, the price of soybean meal is still under pressure. Soybean meal outperforms rapeseed meal, and the monthly spread of soybean meal and rapeseed meal is expected to decline [9] 3.5 Trading Strategies - Unilateral: It is recommended to continue to wait and see in the short term - Arbitrage: Wait and see - Options: Sell the wide - straddle strategy [10]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For soybeans and soybean meal, the short - term price of soybean meal is expected to rise with the import cost, and the crushing margin will recover, which will stimulate ship purchases. In the medium term, the expectation of a loose global soybean supply remains unchanged, and the strategy is to sell on rallies [4]. - For palm oil, it may reverse the situation of inventory accumulation in the fourth quarter and the first quarter of next year. If Indonesia's high - yield does not continue, the inventory - reduction time may come earlier. The strategy is to view it as oscillating weakly before the export of Malaysian palm oil improves, and turn to a long - position thinking if there are signals of production decline [10]. - For sugar, due to the strengthening of import control of syrup and premixed powder, the Zhengzhou sugar price has rebounded, but the external market is still weak. It is recommended to look for short - selling opportunities after the rebound weakens [12]. - For cotton, the downstream demand is weak, and the domestic production is high this year, with great selling - hedging pressure. The short - term cotton price is expected to continue to oscillate [15]. - For eggs, short - term prices are expected to be relatively strong, and it is recommended to wait and see or conduct short - term trading. In the medium term, pay attention to the upper pressure and wait for short - selling opportunities [20]. - For pigs, in the long - term, the strategy is to sell on rallies. Currently, the first - choice strategy is reverse arbitrage, followed by short - selling after the rebound [23]. 3. Summary by Related Catalogs Soybeans and Soybean Meal - **Market Information**: Overnight CBOT soybeans rose slightly. The domestic soybean meal spot price was stable on Monday, and the transaction and pick - up were good. The domestic port soybean inventory exceeded 10 million tons last week. The expected soybean crushing volume of oil mills this week is 2.1579 million tons [2]. - **Strategy**: The import cost fluctuates mainly. The domestic soybean and soybean meal inventories are large, but there is some support as it enters the de - stocking season. Short - term, the price of soybean meal is expected to rise with the import cost, and in the medium term, sell on rallies [4]. Oils - **Market Information**: From November 1 - 10, the export volume of Malaysian palm oil decreased by 9.5% - 12.28% compared with the same period last month. The production in the first 5 days of November increased by 6.8% month - on - month. As of November 7, the total commercial inventory of the three major oils decreased by 5.16% week - on - week and increased by 8.52% year - on - year [6]. - **Strategy**: The high production in Malaysia and Indonesia suppresses the palm oil market. Before the export of Malaysian palm oil improves, view it as oscillating weakly. Turn to a long - position thinking if there are signals of production decline [10]. Sugar - **Market Information**: On Monday, the Zhengzhou sugar futures price continued to oscillate. India will allow the export of 1.5 million tons of sugar in the 2025/26 season. The expected opening time of Guangxi sugar mills is November 15, 7 days later than last year. As of November 9, 3 sugar mills in Yunnan have opened, 1 more than last year [11]. - **Strategy**: Due to the strengthening of import control, the Zhengzhou sugar price has rebounded, but the external market is weak. Look for short - selling opportunities after the rebound weakens [12]. Cotton - **Market Information**: On Monday, the Zhengzhou cotton futures price continued to oscillate. As of November 7, the spinning mill's operating rate was 65.4%, down 0.2 percentage points week - on - week [14]. - **Strategy**: The downstream demand is weak, and the domestic production is high. The short - term cotton price is expected to continue to oscillate [15]. Eggs - **Market Information**: The national egg price was stable or decreased yesterday. The supply is stable, and the market demand is average [17]. - **Strategy**: Short - term prices are expected to be relatively strong. In the medium term, pay attention to the upper pressure and wait for short - selling opportunities [20]. Pigs - **Market Information**: The domestic pig price showed a mixed trend yesterday. The demand side has limited acceptance of the current pig price, and the support for the pig price has weakened [22]. - **Strategy**: In the long - term, sell on rallies. Currently, the first - choice strategy is reverse arbitrage, followed by short - selling after the rebound [23].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The international soybean market remains relatively loose in supply and demand, with the US market showing a stronger trend due to increased exports, while Brazilian soybean prices may face pressure in the medium term [4]. - The domestic spot market for soybean meal and rapeseed meal is in a state of relatively loose supply and demand, with soybean meal showing a phased rebound and rapeseed meal experiencing a decline [3]. - The price of US soybeans is expected to have limited upside space and will mainly fluctuate at high levels, while the price of Brazilian soybeans is expected to fluctuate. The price of soybean meal may face pressure in the medium to long term, and the demand for rapeseed meal is generally weak [7]. 3. Section Summaries 3.1 Market Review - US soybean futures continued to rise slightly, driven by improved trade relations. Brazilian soybean prices remained stable, with limited changes in exports and international demand. Domestic soybean meal futures rebounded due to the overall rebound in agricultural products, while rapeseed meal futures declined after a recent rally [3]. - The spread between soybean meal and rapeseed meal widened, and the inter - month spreads of both soybean meal and rapeseed meal declined [3]. 3.2 Fundamental Analysis - In the international market, the fundamental changes in US soybeans are limited. The estimated reduction in new - crop yields provides some support for prices, but the upside space is limited. In South America, the supply of Brazilian soybeans is expected to increase as the new - crop planting progresses rapidly, and the old - crop exports and crushing are strong. The old - crop production in Argentina is large, and the pressure on exports has eased [4]. - In the domestic market, the supply of soybean meal is abundant, with increasing oil - mill operating rates. The supply of rapeseed meal is also relatively loose, with sufficient granular rapeseed meal inventory [5]. 3.3 Macroeconomic Analysis - The macro - environment has stabilized recently. Positive signals from China - US negotiations have boosted the US soybean market. The resumption of the soybean export qualification of three US companies to China has improved the export prospects of US soybeans. However, the impact of macro - factors on the market is expected to be limited in the future [6]. 3.4 Logical Analysis - The upward movement of US soybean prices is mainly driven by short - term factors, and the upside space is limited. Brazilian soybean prices are expected to face pressure but may be supported by slow planting progress in the short term. The price of soybean meal is supported in the short term but may face pressure in the long term. The demand for rapeseed meal is weak, and the inter - month spreads of both soybean meal and rapeseed meal are expected to be volatile [7]. 3.5 Trading Strategies - For single - side trading, it is recommended to wait and see for the 05 contract. - For arbitrage, it is recommended to wait and see. - For options, a short straddle strategy is suggested [8][9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For protein meal, it is expected to rise in the short - term following the import cost, with improved crushing margins, but in the medium - term, the global soybean supply is expected to be loose, so it is advisable to sell on rebounds [4]. - For palm oil, if the high production in Indonesia cannot be sustained, the inventory - building situation may reverse in the fourth quarter and the first quarter of next year. Before the export of Malaysian palm oil improves, it should be regarded as having a weak - oscillating trend, and turn to a long - position thinking if there are signals of production decline [6]. - For sugar, due to strengthened import controls on syrup and premixes, Zhengzhou sugar prices have rebounded, but the external market is still weak. It is recommended to short after the rebound weakens [10]. - For cotton, the fundamentals are weak, and it is expected that the cotton price will continue to oscillate in the short - term [13]. - For eggs, in the short - term, they are expected to be in a strong - consolidation state, and in the medium - term, pay attention to the upper pressure and wait to short [17]. - For pigs, in the long - term, the strategy is to short on rebounds, currently, the reverse spread is the first - choice strategy, followed by shorting after rebounds [20]. Summary by Relevant Catalogs Protein Meal Market Information - Last Friday, CBOT soybeans rose slightly. Brazilian soybean premiums fell last week. Domestic soybean meal spot prices were stable over the weekend, with the East China price at 2,990 yuan/ton. Last week, soybean meal trading was weak, but pick - up was good. Feed enterprise inventory days decreased by 0.26 days to 7.75 days. MYSTEEL expects this week's domestic soybean crushing volume to be 2.1579 million tons, compared with 1.8057 million tons last week. In the next two weeks, rainfall in major Brazilian planting areas will be at a neutral level, and soybean planting may proceed normally. China's announcement of resuming the soybean export qualifications of several institutions such as CHS and the import qualification of US logs on Friday led to optimistic expectations for US soybean demand, causing the CBOT soybean market to rebound [3]. Strategy Viewpoints - In terms of import cost, although there are signals of China importing US soybeans, the rise in US soybean prices may be offset by the decline in Brazilian premiums, so the import cost will mainly oscillate. Domestic soybean inventory is at a record high, and soybean meal inventory is large, putting pressure on crushing margins. However, as it gradually enters the destocking season, there is some support. It is expected that soybean meal will rise in the short - term following the import cost, with improved crushing margins, which will stimulate vessel bookings. In the medium - term, the expectation of a loose global soybean supply remains unchanged, and it is advisable to sell on rebounds [4]. Fats and Oils Market Information - ITS and AMSPEC data show that Malaysia's palm oil exports in October increased by 4.31% - 5.19% compared with the same period last month. SPPOMA data show that Malaysia's palm oil production increased by 5.55% in October and 6.8% in the first 5 days of November. The US Department of Agriculture will release monthly supply - demand forecasts on November 14, and MPOB will release the palm oil monthly report at 12:30 on November 10. Last Friday, domestic fats and oils oscillated weakly, and the overall commodity market corrected. Palm oil prices are still constrained by the high production in Malaysia and Indonesia recently, and no signal of production decline has been seen. Domestic spot basis is stable at a low level [5]. Strategy Viewpoints - The unexpectedly high production of palm oil in Malaysia and Indonesia suppresses the market performance. The current situation of inventory - building due to large supply may reverse in the fourth quarter and the first quarter of next year. If Indonesia's high production cannot be sustained, the destocking time may come earlier. If Indonesia maintains its recent high - production record, palm oil will continue to be weak. It is recommended to regard it as having a weak - oscillating trend before the export of Malaysian palm oil improves, and turn to a long - position thinking if there are signals of production decline [6]. Sugar Market Information - On Friday, the Zhengzhou sugar futures price oscillated narrowly. The closing price of the January contract was 5,457 yuan/ton, up 9 yuan/ton or 0.17% from the previous trading day. In the spot market, Guangxi sugar - making groups quoted 5,690 - 5,730 yuan/ton, up 10 - 30 yuan/ton from the previous trading day; Yunnan sugar - making groups quoted 5,530 - 5,580 yuan/ton, down 0 - 10 yuan/ton from the previous trading day; the mainstream price range of processing sugar mills was 5,790 - 5,890 yuan/ton, unchanged from the previous trading day. The basis of Guangxi spot - Zhengzhou sugar main contract (sr2601) was 233 yuan/ton. Brazil exported 4.205 million tons of sugar in October, a year - on - year increase of 12.8%. As of October in the 2025/26 sugar - crushing season, the cumulative sugar exports were 21.95 million tons, a year - on - year decrease of 5.27%. Brazil's Conab estimated that the sugarcane output in the central - southern region in the 2025/26 sugar - crushing season would be 607.38 million tons, lower than the previous estimate of 609.76 million tons. Sugar production is expected to be 41.34 million tons, higher than the previous estimate of 40.64 million tons. India's ISMA estimated that the total sugar production (before deducting the amount used for ethanol production) in the 2025/26 sugar - crushing season would be 34.35 million tons; after deducting the estimated 3.4 million tons used for ethanol production, the net sugar production is expected to be 30.95 million tons [9]. Strategy Viewpoints - Recently, due to strengthened import controls on syrup and premixes, Zhengzhou sugar prices have rebounded, but the external market is still very weak. Since August this year, due to a significant year - on - year increase in the proportion of sugarcane used for sugar production, the cumulative sugar production in the central - southern region of Brazil has exceeded that of last year, leading to a continuous decline in raw sugar prices. Currently, it is expected that the main northern hemisphere producing countries will increase production in the 2025/26 new sugar - crushing season, and the upward space for raw sugar is limited. As a result, the import profit has reached a five - year high. It is recommended to short after the rebound weakens [10]. Cotton Market Information - On Friday, the Zhengzhou cotton futures price continued to oscillate. The closing price of the January contract was 13,580 yuan/ton, down 25 yuan/ton or 0.18% from the previous trading day. In the spot market, the China Cotton Price Index (CCIndex) 3128B was 14,859 yuan/ton, up 39 yuan/ton from the previous trading day. The basis of the China Cotton Price Index (CCIndex) 3128B - Zhengzhou cotton main contract (CF2601) was 1,279 yuan/ton. As of the week of November 7, the spinning mill operating rate was 65.4%, down 0.2 percentage points from the previous week, 6.3 percentage points lower than the same period last year, and 8.64 percentage points lower than the five - year average of 74.04%. On November 6, the machine - picked cotton purchase index in Xinjiang was 6.26 yuan/kg, and the hand - picked cotton purchase index was 6.98 yuan/kg, both unchanged from the previous day [12]. Strategy Viewpoints - Fundamentally, demand is weak this year, and the operating rate of the downstream industry chain has declined significantly compared with the same period in previous years. In the new year, there is a large domestic harvest, and the pressure of selling for hedging is high. Recently, the new cotton purchase price has risen slightly, driving the rebound of Zhengzhou cotton, but the fundamentals are still weak. It is expected that the cotton price will continue to oscillate in the short - term [13]. Eggs Market Information - Over the weekend, domestic egg prices showed a mixed trend of rising, falling, and remaining stable, with overall small fluctuations. The large - sized eggs in Heishan remained unchanged at 2.9 yuan/jin, and the small - sized eggs in Guantao decreased by 0.04 yuan to 2.76 yuan/jin. With a decrease in newly - laid hens and continuous hen culling, the in - production hen inventory is gradually reaching its peak and declining. However, the overall supply scale is still large, which may limit the price increase space. On the demand side, since November, it has been frequently stimulated by factors such as stockpiling and restocking, and there is strong support at the bottom. Overall, egg prices will mainly oscillate strongly until the end of the inventory - building season [15]. Strategy Viewpoints - The expectation of the inventory reaching its peak and declining due to continuous low replenishment and high culling, combined with the increasing stockpiling sentiment after the temperature drop, has broken the previous downward spiral of egg prices. With the continuation of consumption themes such as the Double Eleven and pre - holiday restocking, the improved sentiment is expected to drive the market to build inventory. The futures market has reacted in advance to the price increase expectation, but with the futures price at a premium to the spot price, long - position traders are generally cautious, and the expectation of high - supply suppression still exists. It is expected to be in a strong - consolidation state in the short - term, and it is advisable to wait and see or conduct short - term trading. In the medium - term, pay attention to the upper pressure and wait to short [17]. Pigs Market Information - Over the weekend, domestic pig prices were mainly stable, with local small increases. The average price in Henan rose 0.17 yuan to 12.2 yuan/kg, and the average price in Sichuan rose 0.04 yuan to 11.51 yuan/kg. The plan completion rate in the first ten days was good, and farmers had a mentality of holding up prices. However, after the pig price rose, slaughterhouses were resistant, which may cause a short - term reduction in volume. It is expected that today's pig prices will be mainly stable, with local small increases or decreases [19]. Strategy Viewpoints - This round of rebound is mainly driven by frozen product warehousing and increased second - fattening. The subsequent supply generated will, together with the basic supply and future pre - supply, jointly establish a bearish pattern of high - volume slaughter and large - sized pigs before the Spring Festival. Against the background of oversupply, the long - term direction of the futures market still points to shorting on rebounds. Currently, a game pattern of low prices and high positions has been formed. With limited short - term negative factors, the futures market may rebound. Considering the large near - term supply and the expectation of capacity reduction in the long - term, the current strategy first recommends a reverse spread, followed by shorting after rebounds [20].

Report's Investment Rating for the Industry - Not provided in the content Core Views of the Report - For soybean meal, it is expected to rise in the short - term following the import cost, with improving profit margins stimulating purchases. In the medium - term, the outlook of ample global soybean supply remains unchanged, and the strategy is to sell on rebounds [3] - For palm oil, the high - yield in Malaysia and Indonesia suppresses the market. It may reverse the current supply - surplus and inventory - building situation from the fourth quarter to the first quarter of next year. The strategy is to view it as range - bound with a downward bias until Malaysian palm oil exports improve, and turn bullish if there are signs of production decline [5] - For sugar, due to strengthened import controls on syrup and premixed powder, Zhengzhou sugar prices have rebounded, but the external market is weak. It is advisable to wait for the rebound to fade and then look for short - selling opportunities [9] - For cotton, the fundamental situation is weak with poor demand and high domestic production this year. The short - term cotton price is expected to continue to fluctuate [12] - For eggs, the downward trend of egg prices has been broken. In the short - term, the market is expected to consolidate strongly. It is recommended to wait and see or engage in short - term trading, and pay attention to the upper - level pressure in the medium - term [15][17] - For pigs, the overall strategy is to sell on rallies. Cautious investors can use reverse - spread positions instead [19] Summary by Related Catalogs Soybean/M粕类 Market Information - On Thursday, CBOT soybeans declined due to profit - taking and expectations of global bumper harvests. Brazilian soybean premiums slightly decreased. Domestic soybean meal spot prices rose by 10 yuan, with weak trading but good pick - up. The oil mill operating rate was 52.4%, up from the previous day. MYSTEEL estimated the domestic soybean crushing volume this week to be 2.0964 million tons, compared with 2.2534 million tons last week. As of October 30, the Brazilian soybean planting rate was 47%, lower than 54% in the same period last year, affected by irregular rainfall [2] Strategy Views - Import costs are expected to move in a range. Domestic soybean and soybean meal inventories are high, squeezing profit margins, but as the de - stocking season approaches, there is some support [3] Palm Oil Market Information - ITS and AMSPEC data showed that Malaysian palm oil exports in October increased by 4.31% - 5.19% compared with the previous month. SPPOMA data indicated that Malaysian palm oil production increased by 5.55% in October and 6.8% in the first five days of November. Domestic oils rebounded on Thursday following the optimistic sentiment in the commodity market. Palm oil prices are constrained by high production in Malaysia and Indonesia [4] Strategy Views - High production in Malaysia and Indonesia suppresses the palm oil market. The current supply - surplus and inventory - building situation may reverse. The strategy is to be bearish until exports improve and turn bullish on signs of production decline [5] Sugar Market Information - On Thursday, Zhengzhou sugar futures fluctuated narrowly. Brazilian and Indian sugar production forecasts were released, with Brazilian sugar production expected to be higher and Indian net sugar production expected to be 30.95 million tons after deducting ethanol production [8] Strategy Views - Strengthened import controls on syrup and premixed powder have driven up Zhengzhou sugar prices, but the external market is weak. It is advisable to wait for the rebound to fade and then short - sell [9] Cotton Market Information - On Thursday, Zhengzhou cotton futures continued to fluctuate. Spinning mill operating rates remained flat week - on - week and were lower than in previous years. Xinjiang cotton purchase prices declined slightly [11] Strategy Views - Weak demand and high domestic production this year lead to a weak fundamental situation. The short - term cotton price is expected to continue to fluctuate [12] Eggs Market Information - National egg prices were partly stable and partly rising. Supply was sufficient, and market demand was stable. Downstream traders' purchasing enthusiasm increased slightly [14] Strategy Views - Low replenishment and high culling have led to expectations of a peak - to - decline in inventory. With the improvement of sentiment, the market is expected to consolidate strongly in the short - term [15][17] Pigs Market Information - Domestic pig prices were mixed. Northern farmers were reluctant to sell at low prices, and the slaughter volume decreased slightly. Southern prices may stop falling and stabilize [18] Strategy Views - Group farms have completed a high proportion of their plans, but the spot price increase was less than expected. The overall strategy is to sell on rallies, and cautious investors can use reverse - spread positions instead [19]

Report Industry Investment Rating No relevant content was provided. Core Viewpoints of the Report - For soybeans and soybean meal, the import cost is expected to fluctuate. Short - term soybean meal prices may rise with import costs, and the profit margin for oil extraction may recover, but in the medium term, the global soybean supply is expected to be abundant, and a strategy of selling on rebounds is recommended [2][3]. - For palm oil, the high - yield in Malaysia and Indonesia suppresses the market. If the high production in Indonesia does not continue, the inventory accumulation situation may reverse in the fourth quarter and the first quarter of next year. Before the export of Malaysian palm oil improves, it should be regarded as oscillating weakly, and a long - position strategy can be considered when there are signs of production decline [5][6][7]. - For sugar, due to strengthened import controls on syrups and premixes, Zhengzhou sugar prices have rebounded, but the external market is weak. With the expected increase in production in the northern hemisphere in the 2025/26 new season, the upward space for raw sugar is limited, and it is recommended to look for short - selling opportunities after the rebound weakens [9][10]. - For cotton, the demand is weak this year, the downstream industry chain's operating rate has declined compared to the same period in previous years, and there is a large selling - hedging pressure due to a bumper harvest in the new season. Although the recent increase in new cotton purchase prices has driven up Zhengzhou cotton prices, the fundamentals are still weak, and short - term prices are expected to continue to oscillate [12][13]. - For eggs, due to low replenishment and high culling, there is an expectation that the inventory will peak and decline. Coupled with the increasing inventory - hoarding sentiment after the temperature drops, the downward trend of egg prices has been broken. With subsequent consumption themes such as Double Eleven and pre - holiday stocking, the market sentiment is improving. It is expected to be mainly in a strong consolidation pattern in the short term, and the upper pressure should be monitored in the medium term [15][18]. - For pigs, the supply is sufficient, and the spot price increase is less than expected. The futures market has already priced in the future supply pressure. The overall strategy is to sell on rallies, but due to the high position in the futures market, cautious investors can use reverse - spread positions instead [20][21]. Summary by Related Catalogs Protein Meal Market Information - On Wednesday, CBOT soybeans rose as China's reduction of tariffs on US soybeans stimulated demand, while the Brazilian soybean premium declined slightly. Domestic soybean meal spot prices fell by 10 yuan, with the price in East China at 2980 yuan/ton. The transaction volume of soybean meal was average, but the delivery was good, and the oil mill operating rate was 52.4%, up from the previous day. MYSTEEL expects the domestic soybean crushing volume of oil mills to be 2.0964 million tons this week, compared with 2.2534 million tons last week. As of October 30, the soybean planting rate in Brazil was 47%, lower than 54% in the same period last year, affected by irregular rainfall. China announced an adjustment to the import tariff on US goods, and the import tax rate for US soybeans is expected to be 13% from November 10, still higher than that of Brazil, so there is still uncertainty about future purchases of US soybeans [2]. Strategy Viewpoint - The import cost of soybeans is expected to fluctuate. The domestic soybean inventory is at a record high, and the soybean meal inventory is large, putting pressure on the crushing profit. However, as it enters the inventory - reduction season, there is some support. It is expected that soybean meal prices will rise in the short term following the import cost, and the crushing profit will recover, which will stimulate purchases. In the medium term, the expectation of abundant global soybean supply remains unchanged, and a strategy of selling on rebounds is recommended [3]. Oils Market Information - According to ITS and AMSPEC data, Malaysia's palm oil exports in October increased by 4.31% - 5.19% compared to the same period last month. SPPOMA data showed that Malaysia's palm oil production in October increased by 5.55%. A survey on Wednesday estimated Malaysia's palm oil production in the 2025/26 season to be 19.2 million tons, the same as the previous estimate, with an estimated range of 18.7 - 19.7 million tons. Driven by the strong recovery of production in East Malaysia and more working days in the month, production reached a peak in October. It is expected that the seasonal high production will gradually decrease as the industry enters the low - production period in early 2026. Domestic oil prices continued to decline on Wednesday. MPOA estimated that Malaysia's palm oil production in October increased by more than 10%. Palm oil prices are still constrained by the high production in Malaysia and Indonesia recently. The domestic spot basis is stable at a low level [5]. Strategy Viewpoint - The higher - than - expected production of palm oil in Malaysia and Indonesia suppresses the market. The current inventory accumulation situation due to large supply may reverse in the fourth quarter and the first quarter of next year. If Indonesia's high production does not continue, the inventory - reduction time may come earlier. If Indonesia maintains its recent high - production record, palm oil will continue to be weak. Before the export of Malaysian palm oil improves, it should be regarded as oscillating weakly, and a long - position strategy can be considered when there are signs of production decline [6][7]. Sugar Market Information - On Wednesday, the price of Zhengzhou sugar futures declined slightly. The closing price of the January contract was 5441 yuan/ton, down 40 yuan/ton or 0.73% from the previous trading day. In the spot market, the报价 of Guangxi sugar - making groups was 5650 - 5690 yuan/ton, down 0 - 10 yuan/ton from the previous day; the报价 of Yunnan sugar - making groups was 5530 - 5590 yuan/ton, down 10 - 20 yuan/ton; the mainstream报价 range of processing sugar mills was 5790 - 5890 yuan/ton, with mixed changes from the previous day. The basis of Guangxi spot - Zhengzhou sugar main contract (sr2601) was 209 yuan/ton. Brazil's Conab estimated that the sugar cane production in the central - southern region in the 2025/26 season would be 607.38 million tons, lower than the previous estimate of 609.76 million tons, while the sugar production is expected to be 41.34 million tons, higher than the previous estimate of 40.64 million tons. India's ISMA estimated that the total sugar production in the 2025/26 season (before deducting the amount used for ethanol production) would be 34.35 million tons, and the net sugar production after deducting 3.4 million tons for ethanol production is expected to be 30.95 million tons [9]. Strategy Viewpoint - Recently, due to strengthened import controls on syrups and premixes, Zhengzhou sugar prices have rebounded, but the external market is weak. Since August this year, the cumulative sugar production in the central - southern region of Brazil has exceeded that of last year due to a significant increase in the proportion of sugar - cane - to - sugar conversion, leading to a continuous decline in raw sugar prices. With the expected increase in production in the northern hemisphere in the 2025/26 new season, the upward space for raw sugar is limited, and the import profit has reached a five - year high. It is recommended to look for short - selling opportunities after the rebound weakens [10]. Cotton Market Information - On Wednesday, the price of Zhengzhou cotton futures continued to oscillate. The closing price of the January contract was 13615 yuan/ton, up 80 yuan/ton or 0.59% from the previous trading day. In the spot market, the China Cotton Price Index (CCIndex) 3128B was 14825 yuan/ton, down 16 yuan/ton from the previous day. The basis of CCIndex 3128B - Zhengzhou cotton main contract (CF2601) was 1210 yuan/ton. As of the week ending October 31, the operating rate of spinning mills was 65.6%, unchanged from the previous week, 6.9 percentage points lower than the same period last year, and 9.52 percentage points lower than the average of the past five years. On November 4, the acquisition index of machine - picked cotton in Xinjiang was 6.27 yuan/kg, down 0.03 yuan/kg from the previous day, and the acquisition index of hand - picked cotton was 7.01 yuan/kg, unchanged from the previous day [12]. Strategy Viewpoint - Fundamentally, the demand is weak this year, and the operating rate of the downstream industry chain has declined significantly compared to the same period in previous years. There is a large selling - hedging pressure due to a bumper harvest in the new season. Although the recent increase in new cotton purchase prices has driven up Zhengzhou cotton prices, the fundamentals are still weak, and short - term prices are expected to continue to oscillate [13]. Eggs Market Information - Most egg prices in the country were stable, with a few rising yesterday. The average price in the main production areas rose slightly to 2.85 yuan/jin. The price in Heishan remained at 2.7 yuan/jin, and the price in Guantao rose 0.07 yuan to 2.76 yuan/jin. The supply was stable, and farmers sold their eggs as usual. The market demand was okay, and the purchasing enthusiasm of downstream traders increased slightly. Egg prices may be stable or rise today [15]. Strategy Viewpoint - Due to low replenishment and high culling, there is an expectation that the inventory will peak and decline. Coupled with the increasing inventory - hoarding sentiment after the temperature drops, the downward trend of egg prices has been broken. With subsequent consumption themes such as Double Eleven and pre - holiday stocking, the market sentiment is improving. It is expected to be mainly in a strong consolidation pattern in the short term, and the upper pressure should be monitored in the medium term [18]. Pigs Market Information - Domestic pig prices continued to decline yesterday. The average price in Henan dropped 0.16 yuan to 11.88 yuan/kg, and the average price in Sichuan dropped 0.2 yuan to 11.47 yuan/kg. The support from secondary fattening decreased, and the pigs that were previously held back for fattening are gradually being sold. The supply remains sufficient, the arrival of goods downstream has increased, and most white - striped pork prices have declined, which is negative for live - pig prices. It is expected that farmers may be reluctant to sell at low prices today, while they will be more willing to sell at high prices, and the price may be stable or decline [20]. Strategy Viewpoint - The plan completion rate of large - scale pig farms is relatively high, but due to the difficulty in selling white - striped pork, the increase in spot prices at the end of the month was less than expected. From the perspective of the number of pens of small - scale farmers and the frozen - product storage rate, the current inventory is significantly postponed, and there is a suspicion of lack of follow - up power under the continuous high - supply pressure. The futures market has already priced in the future supply pressure, and its trend is independent of the spot market. The overall strategy is to sell on rallies, but due to the high position in the futures market, cautious investors can use reverse - spread positions instead [21].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The overall supply of the international soybean market remains relatively loose, with the US market showing a strong trend due to a significant increase in exports, while the Brazilian soybean market faces price pressure from the high - expected yield of new crops [4][5]. - The domestic supply and demand of soybean meal are relatively loose, with inventory pressure still present. Rapeseed meal inventory is at a relatively low level, but demand is also general, and prices lack obvious fluctuations [8]. - The recent strong performance of the US soybean futures is mainly driven by macro factors. Considering the fundamentals, the overall pressure is still relatively large, and the subsequent rebound space is expected to be limited [8]. - It is recommended to short the 05 contract, adopt a wait - and - see approach for arbitrage, and use the strategy of selling wide straddles for options [9]. 3. Summary by Related Catalogs 3.1 Market Quotes Review - The US soybean futures continued to show a strong upward trend, mainly influenced by macro - level positives. The domestic soybean meal futures oscillated, with a smaller increase than that of US soybeans, and the soybean crushing profit continued to face significant downward pressure. Rapeseed meal futures showed a strong upward trend, mainly following the rebound of soybean meal [3]. - The spread between soybean meal and rapeseed meal showed a downward trend. The inter - monthly spreads of both soybean meal and rapeseed meal futures increased, mainly affected by the repair of crushing profit and limited supply [3]. 3.2 Fundamental Analysis International Market - The fundamentals of the US soybean market have changed little. The new - crop yield is expected to have a slight decrease in yield per unit, which provides some support for prices. However, in the absence of other positive factors, the upward space of the futures is limited [4]. - In South America, the supply - side influence has increased. Brazil's new - crop sowing has started, and the progress is fast, which is generally positive for the supply side. It is expected that the export volume will continue to increase significantly. Argentina's old - crop soybean production is relatively large, and recent crushing and exports have increased significantly [4]. Domestic Market - The domestic spot market is in a state of relatively loose supply and demand. The oil refinery operating rate continues to increase, with sufficient supply and increased pick - up volume, and the inventory remains at a high level. The market trading volume has decreased, and the wait - and - see sentiment has increased [6]. - As of October 24, the actual soybean crushing volume of oil refineries was 2.3674 million tons, the operating rate was 65.13%, the soybean inventory was 7.5129 million tons, a decrease of 174,100 tons or 2.26% from the previous week, and an increase of 1.9282 million tons or 34.53% year - on - year. The soybean meal inventory was 1.0546 million tons, an increase of 78,400 tons or 8.03% from the previous week, and an increase of 180 tons or 0.17% year - on - year [6]. - The demand for domestic rapeseed meal has gradually weakened recently. The oil refinery operating rate has decreased, the supply of rapeseed is relatively low, and the supply pressure still exists. It is expected that rapeseed meal will mainly oscillate [6]. 3.3 Macro - level Analysis - The market has recently been more affected by macro factors. The Sino - US negotiations have sent positive signals, causing the US soybean futures to rise significantly. After the short - term reaction to macro - level factors, the subsequent impact is expected to be relatively limited, and the market will focus more on fundamental changes [7]. 3.4 Logic Analysis - The futures are showing a strong upward trend, driven by the increase in cost. However, the US soybean futures are more positively affected and have a larger increase than soybean meal [8]. - Overall, the international soybean market supply is still relatively loose. The smooth progress of Brazil's new - crop sowing is expected to maintain a relatively high yield, with limited subsequent price support and obvious overall pressure [8]. - The inter - monthly spread of soybean meal futures decreased today, mainly reflecting the impact of macro factors, and the subsequent decline space is expected to be limited. The decline of rapeseed meal's inter - monthly spread is also affected by that of soybean meal, and there may still be pressure in the future under the general demand situation [8]. 3.5 Trading Strategies - Unilateral: It is recommended to short the 05 contract. - Arbitrage: Adopt a wait - and - see approach. - Options: Use the strategy of selling wide straddles (the views are for reference only and not as a basis for trading) [9].

Report Industry Investment Ratings - **Buy Recommendations**: Soybean (★★★), Soybean Meal (★★★), Soybean Oil (★★★), Palm Oil (★★★), Egg (★★★) [1] - **Sell Recommendations**: None - **Hold Recommendations**: Rapeseed Meal (★☆☆), Rapeseed Oil (★☆☆), Corn (★★★), Live Pig (★★★) [1] Core Viewpoints - The short - term market trends of various agricultural products are mainly volatile, and different products have different driving factors. Market participants need to pay attention to policy, weather, trade results, and other information. For some products, a low - buying strategy can be considered, while for others, a wait - and - see approach is recommended [2][3][4] Summary by Related Catalogs Soybean - The main domestic soybean futures contract rebounded from a low, basically recovering the decline in the first half of the week. The domestic soybean auction on Friday had poor results, with all 36,112 tons up for sale at a base price of 4,100/4,150 yuan/ton failing to sell. The short - term supply exceeds demand, and the market is concerned about future supply pressure due to the expected good harvest this year. Policy and new - crop yield performance should be continuously monitored [2] Soybean & Soybean Meal - As of September 4, the net export sales of US soybeans for the 2025/2026 season were 541,000 tons, down from 818,000 tons the previous week. As of September 9, about 22% of US soybean - growing areas were affected by drought. The USDA will release a September supply - demand report on the early morning of September 13. The market expects a reduction in soybean yield, which is bullish for US soybeans. The short - term market may continue to be volatile and bullish, and a low - buying strategy is recommended [3] Soybean Oil & Palm Oil - Before the US Department of Agriculture's supply - demand report, the market expects a decline in US soybean yield, US soybean exports, and Argentine soybean planting area. Domestic soybean oil and palm oil prices are volatile. In the medium term, palm oil is in a seasonal production - reduction cycle. In the long term, biodiesel policies in Indonesia and the US support industrial demand for vegetable oils, and the aging of palm trees may have a bottom - supporting effect on soybean and palm oils. A low - buying strategy can be considered [4] Rapeseed Meal & Rapeseed Oil - Domestic rapeseed products declined slightly. The market is waiting for the US agricultural supply - demand report. Canadian rapeseed harvesting is underway, and there is no new progress in China - Canada economic and trade relations. Ukraine's tariff on oilseed exports may affect its exports to the EU. Canadian and Australian rapeseed may expand into the EU market, potentially stabilizing global rapeseed prices. Domestic rapeseed product demand is suppressed, and inventory reduction is slow. The price center of rapeseed futures may move slightly upward [6] Corn - Corn futures were volatile and bearish today. CGC imported about 190,000 tons of corn for auction, with a 34% transaction rate. Shandong's spot supply remains loose, while the spot price at Northeast ports is strong. New - crop corn may be delayed due to heavy rainfall in the Northeast. Corn prices may be volatile and bullish before the new - crop harvest, and Dalian corn futures may be bearish at the bottom after the harvest enthusiasm fades [7] Live Pig - Live pig futures were volatile and adjusted, with an increase in open interest. Spot prices were stable and slightly bullish. In the second half of the year, supply pressure is high due to the continuous realization of previous production capacity. The market is waiting for the results of the live pig production capacity regulation symposium on September 17. The current main - contract futures price has fallen close to the initial level, and a wait - and - see approach is recommended [8] Egg - Egg spot prices continued to rise, while distant - month futures contracts declined significantly, and near - month contracts were supported by the rising spot price. The market is in a seasonal rebound window. The industry has a high inventory problem, and capacity reduction is still needed. The pressure of new - laying hens is expected to decrease by the end of the year, and the peak of this round of production capacity is expected to be reached in the fourth quarter. A long - position strategy can be considered for distant - month contracts next year, and attention should be paid to the exit of short - position funds from near - month contracts [9]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Corn: In the current new - old crop transition period, the spot market shows weak prices in North Ports and strong prices in production areas, with chaotic and differentiated quotes. Corn futures prices can move up or down. The short - term 11 - month contract has a pressure area at 2180 - 2200, with a short - term adjustment expected and a medium - term bearish outlook due to expected high yields and lower costs [1]. - Soybean and Soybean Meal: CBOT soybeans rose on Thursday. Analysts expect a decrease in US soybean yield, export estimates, and a slight reduction in inventory. Domestic soybean meal prices are mainly oscillating, with stable import costs, sufficient domestic supply, and increased apparent consumption. Short - term participation is recommended [1]. - Oils: BMD palm oil closed higher on Thursday, but weak demand curbed the increase. Canadian rapeseed and US soybean oil also rose. Domestic oil futures prices are oscillating. Strategies include trading volatility or selling put options [1]. - Eggs: Egg futures oscillated on Thursday. Seasonal increases support spot prices, but supply pressure limits the rebound. With the current long - short game, it is recommended to wait and see and focus on market sentiment and supply - side changes [1][2]. - Pigs: Pig futures continued to oscillate on Thursday. Spot prices are generally stable with partial adjustments. The short - term fundamentals are stable, and the market is waiting for policy guidance [2]. Summary by Related Catalogs Market Information - EU Soft Wheat and Corn: The EU's 2025/26 soft wheat production is expected to reach a record high of 136.1 million tons, up 330,000 tons from last month's forecast and 19.8% higher than the previous season. However, EU soft wheat exports are weak due to Russian competition and lack of Chinese imports. The EU's corn production forecast is lowered to 55.7 million tons, a 5.4% decrease from 2024/25 due to adverse weather [3]. - Malaysian Palm Oil: From September 1 - 10, 2025, Malaysian palm oil's yield, oil extraction rate, and production decreased compared to the same period last month [3]. - Imported Soybean Auction: On September 11, the National Grain Trading Center planned to auction 22,524.3 tons of imported soybeans, all of which were sold at an average price of 3801 yuan/ton [4]. Variety Spreads - Contract Spreads: The report provides charts of 1 - 5 spreads for various agricultural products including corn, corn starch, soybeans, soybean meal, eggs, and pigs [5][6][7][11]. - Contract Basis: The report provides charts of the basis for various agricultural products such as corn, corn starch, soybeans, soybean meal, eggs, and pigs [13][14][17][24].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The vegetable oil sector is expected to be bullish in the medium to long - term, and new long positions in the far - month contracts of oils can be entered [2]. - The double - meal market is likely to continue its strong upward trend, and a mid - term bullish view on double - meal should be maintained, with buying on dips as the main strategy [4]. 3. Summary by Relevant Catalogs 3.1 Vegetable Oil Market 3.1.1 Market Review - On August 13, due to the unexpectedly bullish USDA August report and the anti - dumping ruling on Canadian rapeseed, the vegetable oil sector rose strongly. For example, the main contract of soybean oil Y2601 closed at 8,576 yuan/ton, up 1.18% day - on - day, with an increase of 26,820 lots in open interest [1]. 3.1.2 Important Information - On August 13, Zhengzhou Commodity Exchange issued a risk warning letter for rapeseed oil and rapeseed meal [1][3]. - The USDA August supply - demand report was overall bullish, with the U.S. soybean planting area unexpectedly reduced. For instance, the U.S. soybean planting area was 80.9 million acres, compared with 83.4 million acres in July's expectation [1][3]. - The U.S. will continue to modify the implementation of ad - valorem tariffs on Chinese goods, suspending the 24% tariff for another 90 days from August 12, 2025, while retaining the remaining 10% tariff [1][3]. - On August 12, China's Ministry of Commerce preliminarily determined that imported rapeseed from Canada was dumped, and if an anti - dumping ruling is made later, the import cost of Canadian rapeseed will increase significantly [1][3]. - Malaysia's July supply - demand report for palm oil was bullish, with production and increase lower than Bloomberg and Reuters' forecasts, and export growth higher than their forecasts [1]. 3.1.3 Market Logic - Externally, the USDA report and the China - Canada anti - dumping ruling led to a strong rebound in U.S. soybeans, and the Malaysian palm oil futures price remained strong. Domestically, policies supported commodities, and the suspension of the 24% tariff improved the macro - environment. The vegetable oil sector of the new main contract 2601 strengthened collectively [2]. 3.1.4 Trading Strategy - In the single - side trading, new long positions in the far - month contracts of oils can be entered. For example, the resistance level of Y2601 is 9,000 yuan/ton, and the support level is 7,800 yuan/ton [2]. 3.2 Double - Meal Market 3.2.1 Market Review - On August 13, due to the bullish USDA report and the anti - dumping ruling on Canadian rapeseed, rapeseed meal's near - month contract hit the daily limit, and the far - month contract almost hit the limit, while soybean meal rose strongly. For example, the main contract of soybean meal M2601 closed at 3,163 yuan/ton, up 2.33% day - on - day, with an increase of 1.79 million lots in open interest [3]. 3.2.2 Important Information - Similar to the vegetable oil market, it includes the risk warning letter from Zhengzhou Commodity Exchange, the anti - dumping determination of Canadian rapeseed, the bullish USDA August supply - demand report, etc. In addition, the U.S. soybean export inspection volume increased significantly, and the Brazilian soybean export volume in August 2025 is estimated to be 8.15 million tons [3][4]. 3.2.3 Market Logic - Externally, the USDA August supply - demand report significantly reduced the U.S. soybean planting area, and the ICE rapeseed price tumbled due to the anti - dumping ruling on Canadian rapeseed. Domestically, the market expected the import cost of Canadian rapeseed to rise, and the double - meal is likely to continue its strong upward trend [4]. 3.2.4 Trading Strategy - In the single - side trading, a mid - term bullish view on double - meal should be maintained, with buying on dips as the main strategy. For example, the resistance level of M2601 is 3,250 yuan/ton, and the support level is 2,980 yuan/ton [4].