农产品日报 | 2025-10-10 市场要闻与重要数据 期货方面，昨日收盘豆粕2601合约2939元/吨，较前日变动+11元/吨，幅度+0.38%；菜粕2601合约2435元/吨，较前 日变动+14元/吨，幅度+0.58%。现货方面，天津地区豆粕现货价格2990元/吨，较前日变动+20元/吨，现货基差 M01+51，较前日变动+9；江苏地区豆粕现货2900元/吨，较前日变动+10元/吨，现货基差M01-39，较前日变动-1； 广东地区豆粕现货价格2910元/吨，较前日变动跌+10元/吨，现货基差M01-29，较前日变动-1。福建地区菜粕现货 价格2630元/吨，较前日变动+30元/吨，现货基差RM01+195，较前日变动+16。 近期市场资讯，巴西外贸秘书处数据显示，9月巴西大豆出口步伐显著高于去年同期。9月份巴西大豆出口量734.1 万吨，高于去年同期的610.6万吨；日均出口量33.4万吨，同比增长20.2%。USDA季度库存报告显示，截至2025年9 月1日，美国旧作大豆库存总量为3.16亿蒲式耳，市场预期为3.23亿蒲式耳，去年同期为3.42亿蒲式耳。美国农业部 公布的周度出口检验报告显示，截至20 ...

Group 1: Report Industry Investment Ratings - There is no information about report industry investment ratings in the provided documents. Group 2: Core Views of the Reports Oils and Fats - Malaysian BMD crude palm oil futures are expected to face resistance at 4,450 ringgit and may fall back to 4,200 ringgit. Dalian palm oil futures may follow suit and test 9,000 yuan. Argentine soybean oil exports will be taxed again, and domestic soybean supply is sufficient, so the basis of soybean oil is difficult to rise continuously [1]. Sugar - International raw sugar prices are expected to remain in a bottom - range oscillation due to oversupply. Zhengzhou sugar futures have broken through 5,500 yuan, but there is short - term rebound momentum while maintaining a bearish trend overall [2]. Cotton - The mid - term domestic cotton price may be under pressure due to weak seed cotton purchasing willingness and high hedging pressure on the supply side, as well as weak downstream demand [3]. Eggs - Egg prices are expected to remain in a bottom - range oscillation due to sufficient supply and potential demand increase during festivals [4]. Corn - The corn market will be under pressure in the short term. The price will likely decline with new grain listing, and the market will focus on the new grain acquisition rhythm and farmers' selling mentality [5]. Meal and Oilseeds - Argentine soybean exports have restarted the export tax, and US soybeans lack substantial positive factors. Domestic soybean meal supply is abundant, and the 1 - 5 spread may continue to weaken [8]. Pigs - The pig market is expected to maintain an oscillating adjustment, following the spot price with small fluctuations. Market supply is recovering, and demand is slowly picking up [10]. Group 3: Summary by Related Catalogs Oils and Fats - **Price Changes**: On September 25, the spot price of Jiangsu first - grade soybean oil rose by 0.96%, and the futures price of Y2601 rose by 1.14%. The basis of palm oil in Guangdong changed significantly, and the import profit decreased. The price of rapeseed oil also had corresponding changes [1]. - **Spread Changes**: The 01 - 05 spreads of soybean oil, palm oil, and rapeseed oil changed, and the soybean - palm oil spread and rapeseed - soybean oil spread also fluctuated [1]. Sugar - **Futures Market**: The prices of sugar 2601 and 2605 decreased slightly, and the 1 - 5 spread decreased by 6.06%. The positions of the main contract and the number of warehouse receipts decreased [2]. - **Spot Market**: The spot prices in Nanning remained unchanged, and the price in Kunming increased slightly. The basis increased, and the import price of Brazilian sugar also changed slightly [2]. - **Industry Situation**: The national sugar production and sales increased year - on - year, and the industrial inventory also changed [2]. Cotton - **Futures Market**: The prices of cotton 2605 and 2601 decreased slightly, and the 5 - 1 spread changed significantly. The positions of the main contract and the number of warehouse receipts decreased [3]. - **Spot Market**: The Xinjiang arrival price and CC Index of 3128B increased slightly, while the FC Index of M: 1% decreased [3]. - **Industry Situation**: The commercial and industrial inventories of cotton decreased, and the import volume increased. The inventory days of yarn and grey cloth decreased, and the cotton shipping volume out of Xinjiang increased [3]. Eggs - **Futures Market**: The prices of egg 11 and 10 contracts increased, and the 11 - 10 spread changed [4]. - **Spot Market**: The egg production area price decreased slightly, and the prices of egg - laying chicks remained unchanged, while the price of culled chickens increased [4]. - **Industry Situation**: The feed - to - egg ratio increased, and the breeding profit decreased significantly [4]. Corn - **Corn**: The price of corn 2511 increased slightly, and the basis and 11 - 3 spread changed. The number of vehicles at Shandong deep - processing enterprises increased significantly [5]. - **Corn Starch**: The price of corn starch 2511 increased slightly, and the basis and 11 - 3 spread changed [5]. Meal and Oilseeds - **Price Changes**: The spot and futures prices of soybean meal, rapeseed meal, and soybeans all had corresponding increases, and the basis and import crushing margins also changed [8]. - **Spread Changes**: The 01 - 05 spreads of soybean meal and rapeseed meal increased, and the oil - meal ratio and soybean - rapeseed meal spread changed [8]. Pigs - **Futures Market**: The prices of live hog 2511 and 2601 decreased slightly, and the 11 - 1 spread decreased [10]. - **Spot Market**: The spot prices of hogs in different regions changed, and the slaughter volume, white - strip price, and other indicators also had corresponding changes [10].

苹果好货不足，红枣供需乏力 苹果观点 市场要闻与重要数据 期货方面，昨日收盘苹果2601合约8288元/吨，较前一日变动-3元/吨，幅度-0.04%。现货方面，山东栖霞80# 一二 级晚富士价格3.80元/斤，较前一日变动+0.00元/斤，现货基差AP01-688，较前一日变动+3；陕西洛川70# 以上半商 品晚富士价格4.80元/斤，较前一日变动+0.00元/斤，现货基差AP01+1312，较前一日变动+3。 农产品日报 | 2025-09-24 市场要闻与重要数据 近期市场资讯，西部晚富士零星脱袋，目前因降雨推迟尚未大面积脱袋，早熟富士基本结束，其他中熟品种正常 交易，多按货给价。山东产区部分红将军陆续进入后期，小单车客商青睐价格较低的红将军货源，库存老富士受 到其它苹果品种冲击，交易不快。陕西延安洛川产区早熟富士70#以上市场主流价格3.8-4.1元/斤，一般货3.5-3.7元 /斤。中秋王70#以上主流4.2-4.3元/斤，秦脆70#以上主流4.8-5.2元/斤。山东栖霞产区果农80#以上统货2.1-3.0元/斤， 80#一二级条纹3.3-4.5元/斤，80#一二级片红3.0-4.0元/斤。山东栖霞产 ...

Group 1: Report Investment Rating - The investment rating for the industry is neutral [3] Group 2: Core View - The prices of the three major oils fluctuated yesterday. Although the drought - affected area in the US soybean - producing areas has expanded recently, the overall proportion is still small, the drought intensity is mild, and the crop growth indicators remain at a good level, so the impact is limited. The sharp decline in international crude oil prices has depressed vegetable oil prices, but the consumption during the Double Festival will provide some support to the market [2] Group 3: Market Analysis Futures - The closing price of the palm oil 2601 contract yesterday was 9414.00 yuan/ton, with a环比 change of - 86 yuan and a decline of - 0.91%. The closing price of the soybean oil 2601 contract was 8372.00 yuan/ton, with a环比 change of - 18.00 yuan and a decline of - 0.21%. The closing price of the rapeseed oil 2601 contract was 9809.00 yuan/ton, with a环比 change of - 44.00 yuan and a decline of - 0.45% [1] Spot - The spot price of palm oil in Guangdong was 9360.00 yuan/ton, with a环比 change of - 110.00 yuan and a decline of - 1.16%. The spot basis was P01 + - 54.00, with a环比 change of - 24.00 yuan. The spot price of first - grade soybean oil in Tianjin was 8510.00 yuan/ton, with a环比 change of - 40.00 yuan/ton and a decline of - 0.47%. The spot basis was Y01 + 138.00, with a环比 change of - 22.00 yuan. The spot price of fourth - grade rapeseed oil in Jiangsu was 9880.00 yuan/ton, with a环比 change of - 70.00 yuan and a decline of - 0.70%. The spot basis was OI01 + 71.00, with a环比 change of - 26.00 yuan [1] Recent Market Information - As of the week ending August 26, about 11% of the US soybean - planting area was affected by drought (9% the previous week and 11% last year). About 5% of the US corn - planting area was affected by drought (5% the previous week and 8% last year) [2] - The Rural Economy Department of Paraná State, Brazil (Deral) expects the soybean - planting area in the state in the 2025/26 season to be about 5.8 million hectares, a 1% increase from the previous season. The soybean yield in the state is expected to increase by 4% to about 22 million tons [2] - The net export sales of US soybeans in the 2024/2025 season were - 189,000 tons ( - 6,000 tons the previous week), and the net sales in the 2025/2026 season were 1.373 million tons (1.143 million tons the previous week). The net export sales of US corn in the 2024/2025 season were - 18,000 tons ( - 27,000 tons the previous week), and the net sales in the 2025/2026 season were 2.09 million tons (2.86 million tons the previous week) [2] - According to the Canadian Statistics Bureau's model - based yield forecast report, as of the end of July 2025, the estimated yield of Canadian rapeseed in 2025 is 19.9 million tons (the average estimate is 20.3 million tons, and the report in August last year was 19.5 million tons). The estimated yield of Canadian wheat in 2025 is 35.5 million tons (the average estimate is 35.9 million tons, and the report in August last year was 34.4 million tons) [2] Group 4: Strategy - The strategy is neutral [3]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of Each Report 2.1. Fats and Oils - Palm oil: Affected by production growth and export decline, the crude palm oil futures may face downward pressure after oscillating around the annual line, testing the support at 4,100 ringgit. Domestically, there is a risk of weakness for domestic palm oil futures, with attention on the support around 8,800 yuan [1]. - Soybean oil: In August, weather impacts on soybean crops increase. Although the latest US soybean good - rate is high, CBOT soybeans may fluctuate narrowly. Domestically, short - term basis quotes may be under pressure, but long - term support exists [1]. 2.2. Sugar - Brazilian sugar production in the second half of June was lower than expected. If the sugar - to - ethanol ratio is adjusted, production may not meet expectations. The short - term bottom of raw sugar prices may appear, but a bearish view is maintained considering the overall production increase. The domestic sugar market is expected to be marginally looser, with a bearish view after rebounds [3][4]. 2.3. Cotton - The demand side of the cotton industry is still weak, but the rising cotton price has led to a follow - up increase in yarn prices. The supply side faces some pressure from the sale of old cotton stocks, but the tight inventory situation is difficult to resolve before new cotton is listed. Short - term domestic cotton prices may oscillate at a high level, and face pressure after new cotton is listed [7]. 2.4. Eggs - The supply of eggs is sufficient, but high - temperature weather has reduced egg weight and laying rates, causing a shortage of large - sized eggs. With the start of the peak demand season, egg prices are expected to rise slightly this week and then stabilize [9]. 2.5. Corn - The corn auction on July 22 had a 27%成交 rate, and the market has digested the news. Supply is tightening due to factors like reduced willingness to sell and bad weather. Demand has some resilience. In the medium - term, supply is tight and demand is increasing, supporting prices. In the short - term, the market is stable, and the futures may oscillate strongly but with limited space [12][13]. 2.6. Meal - US soybeans are bottom - oscillating, and the expected August drought in the main production areas provides support. Brazilian soybeans are firm, but Chinese purchases of US soybeans may suppress Brazilian premiums. Currently, domestic soybean and soybean meal inventories are rising, and the basis is low. After October, the continuity of soybean arrivals is uncertain, and a cautious bullish operation is recommended [16]. 2.7. Pigs - The spot price of pigs is oscillating. Secondary fattening enthusiasm has declined, and market demand is weak, so prices are weak. There is no basis for a sharp decline, but the upside is limited. The futures are affected by macro funds, and caution is needed when chasing up prices in the far - month contracts [19]. 3. Summary According to Relevant Catalogs 3.1. Fats and Oils - **Price Changes**: - Soybean oil: The spot price in Jiangsu decreased by 0.24% to 8,350 yuan/ton, and the futures price (Y2509) decreased by 0.20% to 8,092 yuan/ton [1]. - Palm oil: The spot price in Guangdong increased by 0.33% to 9,000 yuan/ton, and the futures price (P2509) increased by 0.18% to 8,926 yuan/ton [1]. - Rapeseed oil: The spot price in Jiangsu decreased by 0.52% to 9,650 yuan/ton, and the futures price (01509) decreased by 0.90% to 9,477 yuan/ton [1]. 3.2. Sugar - **Price Changes**: - Futures: The price of sugar 2601 decreased by 0.30% to 5,653 yuan/ton, and the price of sugar 2509 decreased by 0.27% to 5,823 yuan/ton [3]. - Spot: The price in Nanning decreased by 0.17% to 6,050 yuan/ton, and the price in Kunming increased by 0.68% to 5,920 yuan/ton [3]. - **Industry Data**: - National sugar production increased by 12.03% to 1,116.21 million tons, and sales increased by 23.07% to 811.38 million tons [3]. 3.3. Cotton - **Price Changes**: - Futures: The price of cotton 2509 increased by 0.28% to 14,225 yuan/ton, and the price of cotton 2601 increased by 0.29% to 14,030 yuan/ton [7]. - Spot: The Xinjiang arrival price of 3128B decreased by 0.41% to 15,416 yuan/ton [7]. - **Industry Data**: - Northern inventory decreased by 10.2% to 254.24 million tons, and industrial inventory decreased by 2.3% to 88.21 million tons [7]. 3.4. Eggs - **Price Changes**: - The price of the egg 09 contract decreased by 0.41% to 3,621 yuan/500KG, and the price of the egg 08 contract decreased by 0.53% to 3,574 yuan/500KG [9]. - The egg - producing area price increased by 1.59% to 3.23 yuan/jin [9]. 3.5. Corn - **Price Changes**: - The price of corn 2509 increased by 0.09% to 2,322 yuan/ton, and the price of corn starch 2509 increased by 0.15% to 2,668 yuan/ton [12]. - **Industry Data**: - The early - morning remaining vehicles at Shandong deep - processing plants decreased by 35.29% to 132 [12]. 3.6. Meal - **Price Changes**: - The spot price of soybean meal in Jiangsu increased by 0.35% to 2,900 yuan/ton, and the futures price (M2509) increased by 0.43% to 3,069 yuan/ton [16]. - The spot price of rapeseed meal in Jiangsu increased by 0.34% to 2,630 yuan/ton, and the futures price (RM2509) increased by 0.18% to 2,727 yuan/ton [16]. 3.7. Pigs - **Price Changes**: - The price of the pig 2511 contract increased by 0.65% to 13,960 yuan/ton, and the price of the pig 2509 contract increased by 0.10% to 14,380 yuan/ton [19]. - **Industry Data**: - The daily slaughter volume of sample points decreased by 1.09% to 133,605 heads, and the monthly fertile sow inventory increased by 0.10% to 4,042 million heads [19].

Report on the Cotton Industry 1. Investment Rating No investment rating provided in the report. 2. Core View Short - term domestic cotton prices may fluctuate in a moderately strong range, while they will face pressure after the new cotton is listed in the long - term [1]. 3. Summary by Category Futures Market - Cotton 2509 price is 14,270 yuan/ton, up 0.14%; Cotton 2601 is 13,965 yuan/ton, up 0.04%; ICE US cotton main contract is 68.76 cents/pound, down 0.12% [1]. - Cotton 9 - 1 spread is 305 yuan/ton, up 5.17%; Main contract open interest is 580,773, down 1.16%; Warehouse receipts are 9,532, down 0.55%; Valid forecasts remain unchanged at 223 [1]. Spot Market - Xinjiang arrival price of 3128B cotton is 15,424 yuan/ton, up 0.71%; CC Index: 3128B is 15,508 yuan/ton, up 1.00%; FC Index: M: 1% is 13,815 yuan/ton, up 0.25% [1]. - 3128B - 01 contract spread is 1,154 yuan/ton, up 8.26%; 3128B - 05 contract spread is 1,459 yuan/ton, up 7.60%; CC Index: 3128B - FC Index: M: 1% spread is 1,693 yuan/ton, up 7.56% [1]. Industry Situation - Northern inventory is 282.98 tons, down 9.5%; Industrial inventory is 90.30 tons, down 2.9%; Import volume is 3.00 tons, down 25.0%; Bonded area inventory is 33.60 tons, down 8.9% [1]. - Textile industry inventory year - on - year is 1.90, down 48.6%; Yarn inventory days are 27.23 days, up 14.1%; Grey cloth inventory days are 36.61 days, up 3.2%; Cotton outbound shipping volume is 53.46 tons, up 22.6% [1]. - Spinning enterprise C32s immediate processing profit is - 2,318.80 yuan/ton, down 5.9%; Retail sales of clothing, footwear, hats and knitted textiles are 127.54 billion yuan, up 4.1% [1]. - Exports of textile yarns, fabrics and products are 12.048 billion US dollars, down 4.6%; Exports of clothing and clothing accessories are 15.267 billion US dollars, up 12.4% [1]. Report on the Sugar Industry 1. Investment Rating No investment rating provided in the report. 2. Core View In the short - term, the bottom of the raw sugar price may appear, but considering the production increase pattern, it should be treated with a bearish view. The domestic sugar market is expected to be bearish after a rebound [5]. 3. Summary by Category Futures Market - Sugar 2601 price is 5,656 yuan/ton, up 0.02%; Sugar 2509 is 5,826 yuan/ton, down 0.03%; ICE raw sugar main contract is 16.79 cents/pound, up 0.24% [4]. - Sugar 1 - 9 spread is - 170 yuan/ton, up 1.73%; Main contract open interest is 329,588, up 2.43%; Warehouse receipts are 21,477, down 1.74%; Valid forecasts are 0 [4]. Spot Market - Nanning price is 6,050 yuan/ton, unchanged; Kunming price is 5,905 yuan/ton, up 0.43% [4]. - Nanning county spread is 224 yuan/ton, up 0.90%; Kunming spread is 79 yuan/ton, up 51.92% [4]. - Imported Brazilian sugar (in - quota) is 4,476 yuan/ton, up 0.02%; Imported Brazilian sugar (out - quota) is 5,687 yuan/ton, up 0.04% [4]. Industry Situation - National cumulative sugar production is 11.1621 million tons, up 12.03%; National cumulative sugar sales are 8.1138 million tons, up 23.07% [4]. - Guangxi cumulative sugar production is 6.465 million tons, up 4.59%; Guangxi monthly sugar sales are 510,000 tons, down 3.26% [4]. - National cumulative sugar sales ratio is 72.59%, up 9.70%; Guangxi cumulative sugar sales ratio is 71.85%, up 8.11% [4]. - National industrial sugar inventory is 3.0483 million tons, down 9.56%; Guangxi industrial sugar inventory is 1.8197 million tons, down 12.23% [4]. Report on the Egg Industry 1. Investment Rating No investment rating provided in the report. 2. Core View This week, egg prices are expected to rise slightly and then stabilize, as demand is the dominant factor, but sufficient supply and high - temperature weather may suppress the price increase [8]. 3. Summary by Category Futures Market - Egg 09 contract price is 3,595 yuan/500KG, unchanged; Egg 08 contract is 3,520 yuan/500KG, up 1.68% [7]. - Basis is - 594 yuan/500KG, up 19.47%; 9 - 8 spread is 75 yuan/500KG, down 43.61% [7]. Spot Market - Egg producing area price is 3.00 yuan/jin, up 5.03% [7]. Industry Situation - Egg chick price is 3.88 yuan/feather, down 0.51%; Culled chicken price is 4.60 yuan/jin, up 4.35% [7]. - Egg - feed ratio is 2.11, down 3.65%; Breeding profit is - 41.50 yuan/feather, down 13.05% [7]. Report on the Oil Industry 1. Investment Rating No investment rating provided in the report. 2. Core View Palm oil is expected to continue to rise in a volatile manner. Short - term, soybean oil still has some room to rise, and the forward basis quote is supported [11]. 3. Summary by Category Futures Market - Soybean oil: Y2509 price is 8,160 yuan/ton, up 1.09%; Basis is 190 yuan/ton, down 12.84%; Warehouse receipts are 22,118, down 0.06% [11]. - Palm oil: P2509 price is 8,964 yuan/ton, up 1.91%; Basis is 6 yuan/ton, up 123.08%; Warehouse receipts are 854, unchanged [11]. - Rapeseed oil: O1509 price is 9,440 yuan/ton, up 1.55%; Basis is 74 yuan/ton, down 38.33%; Warehouse receipts are 3,487, down 2 [11]. Spread - Soybean oil inter - period spread (09 - 01) is 42 yuan/ton, unchanged; Palm oil inter - period spread (09 - 01) is 32 yuan/ton, up 60.00%; Rapeseed oil inter - period spread (09 - 01) is 77 yuan/ton, up 16.67% [11]. - Soybean - palm oil spread (spot) is - 620 yuan/ton, down 29.17%; Soybean - palm oil spread (2509) is - 804 yuan/ton, down 11.05% [11]. - Rapeseed - soybean oil spread (spot) is 1,310 yuan/ton, up 3.15%; Rapeseed - soybean oil spread (2509) is 1,426 yuan/ton, up 4.24% [11]. Report on the Meal Industry 1. Investment Rating No investment rating provided in the report. 2. Core View The short - term may have further upward space, and cautious and bullish operations are recommended [13]. 3. Summary by Category Futures Market - Soybean meal: M2509 price is 3,056 yuan/ton, up 0.89%; Basis is - 166 yuan/ton, up 1.78%; Warehouse receipts are 41,839, down 0.0% [13]. - Rapeseed meal: RM2509 price is 2,722 yuan/ton, up 0.11%; Basis is - 101 yuan/ton, up 7.34%; Warehouse receipts are 434, down 33.02% [13]. - Soybean: Bean 1 main contract price is 4,189 yuan/ton, down 0.26%; Basis is - 229 yuan/ton, up 4.58%; Warehouse receipts are 15,274, down 0.09% [13]. - Bean 2 main contract price is 3,726 yuan/ton, up 1.11%; Basis is - 66 yuan/ton, down 164.00% [13]. Spread - Soybean meal inter - period spread (09 - 01) is - 22 yuan/ton, up 12.00%; Rapeseed meal inter - period spread (09 - 01) is 328 yuan/ton, down 1.20% [13]. - Oil - meal ratio (spot) is 2.89, down 0.32%; Oil - meal ratio (main contract) is 2.67, up 0.20% [13]. - Soybean - rapeseed meal spread (spot) is 269 yuan/ton, up 7.60%; Soybean - rapeseed meal spread (2509) is 334 yuan/ton, up 7.74% [13]. Report on the Corn Industry 1. Investment Rating No investment rating provided in the report. 2. Core View In the short - term, the market's weak sentiment is released, and the futures price is slightly stronger but with limited space. Attention should be paid to policy auctions [15][16]. 3. Summary by Category Futures Market - Corn 2509 price is 2,314 yuan/ton, up 0.78%; Basis is 36 yuan/ton, down 18.18%; 9 - 1 spread is 70 yuan/ton, up 25.00% [15]. - Long - term position is 1,747,516, up 1.71%; Warehouse receipts are 178,283, down 3.62% [15]. Spot Market - Jinzhou Port FAS price is 2,350 yuan/ton, up 0.43%; Shekou bulk grain price is 2,430 yuan/ton, unchanged [15]. - North - south trade profit is - 1 yuan/ton, down 111.11%; Import profit is 440 yuan/ton, down 16.68% [15]. Industry Situation - Shandong deep - processing early - morning remaining vehicles are 288, up 80.00% [15]. Corn Starch - Corn starch 2509 price is 2,658 yuan/ton, up 0.45%; Basis is 22 yuan/ton, down 35.29%; 9 - 1 spread is 41 yuan/ton, up 13.89% [15]. - Starch - corn futures spread is 344 yuan/ton, down 1.71%; Shandong starch profit is - 141 yuan/ton, down 2.17% [15]. - Long - term position is 344,422, down 1.60%; Warehouse receipts are 12,334, down 5.80% [15]. Report on the Pig Industry 1. Investment Rating No investment rating provided in the report. 2. Core View The short - term sentiment is still strong, but the pressure above the 09 futures contract is continuously accumulating. Attention should be paid to the pressure above 14,500 [19]. 3. Summary by Category Futures Market - Main contract basis is 265, down 32.05%; Pig 2511 price is 13,635 yuan/ton, up 0.74%; Pig 2509 is 14,135 yuan/ton, up 0.53% [18]. - 9 - 11 spread is 500 yuan/ton, down 4.76%; Main contract open interest is 63,659, down 1.78%; Warehouse receipts are 284 [18]. Spot Market - Henan price is 14,400 yuan/ton, down 50.0; Shandong price is 14,500 yuan/ton, down 100.0; Sichuan price is 13,600 yuan/ton, down 100.0 [18]. - Liaoning price is 14,150 yuan/ton, down 100.0; Guangdong price is 15,540 yuan/ton, down 300.0; Hunan price is 13,960 yuan/ton, down 100.0; Hebei price is 14,400 yuan/ton, down 100.0 [18]. Industry Situation - Sample slaughter volume per day is 131,632 heads, down 0.73%; Weekly white - strip price is 20.84 yuan/kg, unchanged [18]. - Weekly piglet price is 26.00 yuan/kg, unchanged; Weekly sow price is 32.52 yuan/kg, unchanged [18]. - Weekly slaughter weight is 128.83 kg, down 0.16%; Weekly self - breeding profit is 91 yuan/head, down 32.11%; Weekly purchased - piglet breeding profit is - 19 yuan/head, down 159.05% [18]. - Monthly fertile sow inventory is 4,042 million heads, up 0.10% [18].

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views of the Reports Oil and Fat Industry - The overall trend of the oil and fat market is complex. The prices of soybean oil, palm oil, and rapeseed oil have shown different degrees of changes. The basis of palm oil has increased significantly, and the import profit of palm oil has also improved. The market is affected by multiple factors such as supply and demand, import costs, and cross - period spreads [1]. Corn Industry - In the short term, the corn market is supported by supply tightening and the wheat purchase policy, and the futures market is running strongly. In the long term, the supply is tight, imports and substitutes are decreasing, and the breeding consumption is increasing, which supports the upward movement of corn prices. However, the downstream deep - processing industry is in a continuous loss state, which restricts the replenishment enthusiasm [4]. Sugar Industry - The global sugar supply is tending to be loose, which puts pressure on raw sugar. The domestic sugar market follows the foreign market to weaken, but the high sales rate and low inventory in the domestic market support the price. Considering the future pressure of imported sugar arrival, the sugar price is expected to maintain a volatile and weak pattern [7]. Meal Industry - The Sino - US economic and trade talks have increased the support for US soybeans, but the overall planting progress of new crops is relatively fast, and there is still uncertainty about whether the expected reduction in production can be realized. The domestic soybean arrival volume, inventory, and soybean meal inventory are increasing rapidly, and the basis is continuously weak. However, the increase in US soybeans and the rebound in Brazilian premiums support the domestic soybean meal trend. It is expected that the soybean meal will continue to be volatile and strong, but investors should be cautious about chasing up [9]. Pig Industry - The spot price of live pigs maintains a volatile structure. The supply - demand situation has not improved significantly, and the demand is still weak due to the hot weather. Although there is still a certain profit in the breeding industry, the market capacity expansion is cautious, and the upward driving force is not strong. It is expected that the market will maintain a volatile structure [11]. Cotton Industry - The downstream of the cotton industry is weak, with the finished product inventory gradually rising and the start - up rate stable but decreasing. The cotton spot is better than the downstream, and there are still concerns about the tight inventory in the near - term spot period. However, the new cotton supply is expected to be good, and the output is expected to increase steadily. The Zhengzhou cotton futures still face some pressure, and the domestic cotton price is expected to fluctuate within a range in the short term [13]. Egg Industry - In June, the inventory of laying hens will reach the highest level in the past five years, increasing the egg supply pressure. The super - strong plum rain season this year further weakens the off - season demand. The contradiction between supply and demand in the egg market is expected to reach a peak in the past five years, and the egg price is expected to have weak rebound or continue to decline [14]. 3. Summaries According to Relevant Catalogs Oil and Fat Industry - **Soybean Oil**: The spot price in Jiangsu remained unchanged at 8140 yuan/ton, the futures price of Y2509 decreased by 2 yuan to 7434 yuan/ton, and the basis increased by 2 yuan to 706 yuan/ton [1]. - **Palm Oil**: The spot price in Guangdong remained at 8600 yuan/ton, the futures price of P2509 decreased by 38 yuan to 7998 yuan/ton, the basis increased by 38 yuan to 602 yuan/ton, the import cost decreased by 73.7 yuan to 8568.4 yuan/ton, and the import profit increased by 36 yuan to - 570 yuan [1]. - **Rapeseed Oil**: The spot price in Jiangsu increased by 30 yuan to 9400 yuan/ton, the futures price of O1509 decreased by 8 yuan to 8932 yuan/ton, and the basis increased by 38 yuan to 468 yuan/ton [1]. - **Spreads**: The soybean oil cross - period spread (09 - 01) decreased by 6 yuan to 60 yuan, the palm oil cross - period spread (09 - 01) decreased by 18 yuan to 36 yuan, and the rapeseed oil cross - period spread (09 - 01) increased by 1 yuan to 142 yuan [1]. Corn Industry - **Corn**: The futures price of corn 2507 increased by 22 yuan to 2379 yuan/ton, the basis increased by 8 yuan to 1, the 7 - 9 spread increased by 3 yuan to - 25 yuan, the import profit increased by 22 yuan to 524 yuan, and the position increased by 14834 lots to 1901515 lots [4]. - **Corn Starch**: The futures price of corn starch 2507 increased by 24 yuan to 2711 yuan/ton, the basis increased by 6 yuan to 9, the 7 - 9 spread increased by 7 yuan to - 64 yuan, and the spread between starch and corn increased by 2 yuan to 332 yuan [4]. Sugar Industry - **Futures Market**: The futures price of sugar 2601 decreased by 10 yuan to 5580 yuan/ton, the futures price of sugar 2509 decreased by 17 yuan to 5734 yuan/ton, and the 1 - 9 spread increased by 7 yuan to - 137 yuan [7]. - **Spot Market**: The spot price in Nanning and Kunming remained unchanged, the basis in Nanning increased by 17 yuan to 363 yuan, and the basis in Kunming increased by 17 yuan to 183 yuan [7]. - **Industry Situation**: The cumulative sugar production in the country increased by 11.63% to 1110.72 million tons, the cumulative sales volume increased by 26.07% to 574.65 million tons, and the industrial inventory decreased by 8.20% to 420.74 million tons [7]. Meal Industry - **Soybean Meal**: The spot price in Jiangsu decreased by 20 yuan to 2880 yuan/ton, the futures price of M2509 increased by 12 yuan to 3031 yuan/ton, the basis decreased by 32 yuan to - 151 yuan, and the cross - period spread (09 - 01) increased by 4 yuan to - 37 yuan [9]. - **Rapeseed Meal**: The spot price in Jiangsu remained unchanged at 2530 yuan/ton, the futures price of RM2509 increased by 15 yuan to 2629 yuan/ton, the basis decreased by 15 yuan to - 99 yuan, and the cross - period spread (09 - 01) increased by 10 yuan to 273 yuan [9]. - **Soybean**: The spot price of domestic soybeans in Harbin remained unchanged at 3960 yuan/ton, the futures price of the main soybean contract increased by 61 yuan to 4199 yuan/ton, the basis decreased by 61 yuan to - 239 yuan; the spot price of imported soybeans in Jiangsu remained unchanged at 3640 yuan/ton, the futures price of the main soybean contract increased by 10 yuan to 3640 yuan/ton, and the basis decreased by 10 yuan to 0 [9]. Pig Industry - **Futures Market**: The futures price of the main live pig contract increased by 50 yuan to 455 yuan/ton, the futures price of live pig 2507 increased by 155 yuan to 13225 yuan/ton, the futures price of live pig 2509 increased by 120 yuan to 13595 yuan/ton, and the 7 - 9 spread decreased by 35 yuan to 370 yuan [11]. - **Spot Market**: The spot prices in various regions such as Henan, Shandong, and Sichuan increased to varying degrees, the daily slaughter volume decreased by 1388 heads to 141441 heads, the self - breeding profit decreased by 1.8 yuan to 34 yuan/head, and the purchased - pig breeding profit decreased by 36.4 yuan to - 121 yuan/head [11]. Cotton Industry - **Futures Market**: The futures price of cotton 2509 increased by 25 yuan to 13520 yuan/ton, the futures price of cotton 2601 increased by 5 yuan to 13490 yuan/ton, the 9 - 1 spread increased by 20 yuan to 30 yuan, and the position increased by 96 lots to 538557 lots [13]. - **Spot Market**: The spot price of Xinjiang 3128B increased by 159 yuan to 14644 yuan/ton, the CC Index 3128B increased by 123 yuan to 14743 yuan/ton, and the basis between 3128B and the 01 contract increased by 134 yuan to 1124 yuan [13]. - **Industry Situation**: The commercial inventory decreased by 31.86 million tons to 383.40 million tons, the industrial inventory decreased by 2.52 million tons to 92.90 million tons, and the cotton outbound shipment volume increased by 9.86 million tons to 53.46 million tons [13]. Egg Industry - **Futures Market**: The futures price of egg 09 contract decreased by 19 yuan to 3655 yuan/500KG, the futures price of egg 07 contract decreased by 4 yuan to 2837 yuan/500KG, and the 9 - 7 spread decreased by 15 yuan to 837 yuan/500KG [14]. - **Spot Market**: The egg production area price decreased by 0.01 yuan to 2.77 yuan/jin, the egg - feed ratio decreased by 0.06 to 2.33, and the breeding profit decreased by 3.59 yuan to - 27.88 yuan/feather [14].

农产品日报 | 2025-05-22 近期市场资讯，苹果库内货源整体交易较前略放缓，主流行情以稳为主，农忙阶段包装不快，多以前期包装货源 发运为主。西部产区客商货源交易稳定，现货商拿货尚可，存货商有序发市场为主；山东产区低价货源找货相对 较多，价格略硬；好货行情维持稳定，客商按需采购。销区市场市场走货尚可，下游批发商维持按需拿货，中转 库基本无积压。陕西洛川产区目前库内70#起步果农统货4.2-4.5元/斤，70#起步半商品4.5-5.0元/斤，以质论价。 山 东栖霞产区果农三级2.5-3元/斤，果农80#以上统货3-3.5元/斤，80#一二级条纹4.0-4.5元/斤，80#一二级片红3.8-4.0 元/斤。 市场分析 昨日苹果期价收跌，农忙时节，冷库包装不快，走货整体有所放缓，另外时令水果上市中，对苹果市场消费需求 有所影响，后续持续关注新果坐果情况。上周起，随着气温升高，时令水果逐渐上市，苹果终端需求略有下降， 替代果品后期或对苹果销售形成挤压。客商按需补货为主，小单车拿货减少，性价比较高的货源走货尚可。价格 方面，上周周内主产区晚富士价格整体稳定，好货价格稳定，山东部分产区次果价格略有上涨。整体来看，目 ...

| 油脂产业期现日报 | | | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 Z0019938 王浅辉 2025年5月12日 | | | 原田 | | | 5月8日 涨跌 涨跌幅 | | | 现价 江苏一级 8260 30 0.36% | | | 0.33% 期价 | | | 364 360 星差 4 1.11% | | | - | | | 8.80% | | | 棕榈油 | | | 5月8日 张跌幅 涨跌 | | | 0.35% | | | 0.86% | | | P2509 324 364 -40 星差 -10.99% | | | - | | | 0.40% | | | 13.26% | | | 仓单 330 330 0 0.00% | | | 菜籽油 | | | 26666 5月8日 涨跌 涨跌幅 | | | 0.00% | | | 0.64% | | | 墓差 01509 20 80 -60 -75.00% | | | 现货墓差报价 江苏5月 09+120 09 + 100 20 - | | | じ車 1707 1229 478 - | | | 价差 | | | ...