1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports 2.1 Oil and Fat Industry - The basis quotes of oils are unable to rise due to the upward movement of the futures market and the off - season demand. The price of rapeseed oil may have a chance to reach the 10,000 - yuan mark again if the crude oil futures price continues to rise. The Malaysian palm oil futures are expected to fluctuate within the range of 4500 - 4600 ringgit, and the domestic palm oil futures may face pressure to decline. The CBOT soybean oil may continue to rise in the short - term, and the domestic soybean oil basis quotes are supported [1]. 2.2 Cotton Industry - The ICE cotton futures are slightly down but close to a two - week high. The US cotton export sales have increased week - on - week, and it is expected to maintain a low - level range - bound pattern. The domestic Zhengzhou cotton has回调 after several rises, and the cotton futures' long - position pattern continues [2]. 2.3 Sugar Industry - The ICE raw sugar futures have closed higher. It is expected that the short - term sugar price will remain firm with limited downward adjustment space. The domestic sugar market is expected to maintain a high - level range - bound and slightly stronger trend, but the upward momentum for a significant price increase is limited [3]. 2.4 Jujube Industry - The 25/26 crop season jujube market still has an oversupply pattern. The consumption market is weak, and the inventory pressure is large. The warehouse receipt cost supports the futures price, and attention should be paid to the inventory reduction progress and weather conditions in the producing areas [5]. 2.5 Apple Industry - The apple futures price has fallen from a high level as the market sentiment has cooled. The spot market shows a "strong in the west and weak in the east" pattern. The inventory decline supports the futures price, and attention should be paid to the Tomb - Sweeping Festival replenishment, ordinary fruit inventory reduction, and weather changes [8]. 2.6 Corn and Corn Starch Industry - The corn price is supported by farmers' reluctance to sell and downstream replenishment needs, but the expected increase in supply and substitution limit its upward space, and it will maintain a high - level range - bound pattern [10]. 2.7 Meal Industry - The US soybean is supported by multiple factors but lacks fundamental changes. The domestic basis has strengthened, and the futures market is expected to maintain a high - level range - bound pattern with a strengthening basis [13]. 2.8 Pig Industry - The large - scale pig slaughter and off - season demand suppress the spot price. The secondary fattening enthusiasm is low, and it is expected that the futures and spot prices will continue to bottom out, with the possibility of further decline in the near - term contracts [16]. 2.9 Egg Industry - The supply of laying hens remains stable, and the demand is moderate. The egg price is expected to maintain a low - level range - bound pattern in the short - term [18]. 3. Summary of Each Industry Based on the Content 3.1 Oil and Fat Industry Price Changes - **Soybean oil**: The spot price in Jiangsu is 8950 yuan, up 190 yuan (2.17%) from the previous day; the futures price of Y2605 is 8632 yuan, up 62 yuan (0.72%); the basis is 318 yuan, up 128 yuan (67.37%) [1]. - **Palm oil**: The spot price of 24 - degree palm oil in Guangdong is 9753 yuan, up 273 yuan (2.88%); the futures price of P2605 is 9684 yuan, up 158 yuan (1.66%); the basis is - 46 yuan, up 250% [1]. - **Rapeseed oil**: The spot price of third - grade rapeseed oil in Jiangsu is 10232 yuan, down 10 yuan (- 0.10%); the futures price of OI605 is 9769 yuan, down 9 yuan (- 0.09%); the basis is 464 yuan, down 1 yuan (- 0.22%) [1]. Spread Changes - **Inter - month spreads**: The 05 - 09 spread of soybean oil is - 22 yuan, down 19.30%; the 05 - 09 spread of palm oil is 26 yuan, up 46.43%; the 05 - 09 spread of rapeseed oil is - 12 yuan, down 12.82% [1]. - **Cross - variety spreads**: The spot spread between soybean oil and palm oil is - 803 yuan, down 11.53%; the 2605 spread between soybean oil and palm oil is - 1052 yuan, down 10.04%; the spot spread between rapeseed oil and soybean oil is 1282 yuan, down 13.50%; the 2605 spread between rapeseed oil and soybean oil is 1137 yuan, down 5.88% [1]. 2.2 Cotton Industry Futures Market - The price of cotton 2605 is 15545 yuan/ton, up 225 yuan (1.47%); the price of cotton 2609 is 15380 yuan/ton, up 215 yuan (1.40%); the 5 - 9 spread is - 50 yuan/ton, up 10 yuan (16.67%) [2]. Spot Market - The Xinjiang arrival price of 3128B is 16673 yuan/ton, up 190 yuan (1.15%); the CC Index: 3128B is 16848 yuan/ton, up 180 yuan (1.08%); the FC Index:M: 1% is 12647 yuan/ton, up 101 yuan (0.81%) [2]. Industry Situation - The commercial inventory is 547.70 million tons, down 31.17 million tons (- 5.4%); the industrial inventory is 89.40 million tons, up 3.30 million tons (3.8%); the import volume is 17.79 million tons, up 5.89 million tons (49.5%); the bonded area inventory is 47.10 million tons, up 4.20 million tons (9.8%) [2]. 2.3 Sugar Industry Futures Market - The price of sugar 2605 is 5416 yuan/ton, down 1 yuan (- 0.13%); the price of sugar 2609 is 5447 yuan/ton, down 1 yuan (- 0.02%); the 5 - 9 spread is - 31 yuan/ton, down 6 yuan (- 24.00%) [3]. Spot Market - The price in Nanning is 5470 yuan/ton, up 10 yuan (0.18%); the price in Kunming is 5320 yuan/ton, unchanged; the Nanning basis is 54 yuan, up 17 yuan (45.95%); the Kunming basis is - 96 yuan, up 7 yuan (6.80%) [3]. Industry Situation - The cumulative national sugar production is 689.00 million tons, down 60.28 million tons (- 8.05%); the cumulative national sugar sales is 270.00 million tons, down 103.50 million tons (- 27.71%); the cumulative sugar production in Guangxi is 402.90 million tons, down 78.80 million tons (- 16.36%) [3]. 2.4 Jujube Industry Futures Market - The price of jujube 2605 is 9080 yuan/ton, down 60 yuan (- 0.66%); the price of jujube 2607 is 9245 yuan/ton, down 80 yuan (- 0.86%); the price of jujube 2609 is 9535 yuan/ton, down 95 yuan (- 1.00%) [5]. Spot Market - The price of Cangzhou special - grade jujube is 9210 yuan/ton, up 10 yuan (0.11%); the price of Cangzhou first - grade jujube is 7900 yuan/ton, unchanged; the price of Cangzhou second - grade jujube is 6900 yuan/ton, unchanged [5]. 2.5 Apple Industry Futures Market - The price of apple 2605 is 9984 yuan/ton, down 252 yuan (- 2.46%); the price of apple 2610 is 8636 yuan/ton, down 21 yuan (- 0.24%); the 5 - 10 spread is 1348 yuan/ton, down 231 yuan (- 14.63%) [8]. Spot Market - The arrival volume at Chalong Fruit Wholesale Market is 23 vehicles, down 2 vehicles (- 8.00%); the arrival volume at Jiangmen Fruit Wholesale Market is 12 vehicles, down 1 vehicle (- 7.69%); the arrival volume at Xiaqiao Fruit Wholesale Market is 16 vehicles, down 1 vehicle (- 5.88%) [8]. Industry Situation - The national cold - storage inventory is 499.72 million tons, down 27.81 million tons (- 5.27%) [8]. 2.6 Corn and Corn Starch Industry Corn - The price of corn 2605 at Jinzhou Port is 2396 yuan/ton, up 1 yuan (0.04%); the 5 - 9 spread is - 19 yuan/ton, unchanged; the market price at Shekou Port is 2500 yuan/ton, up 10 yuan (0.40%); the import profit is 181 yuan/ton, down 12 yuan (- 6.44%) [10]. Corn Starch - The price of corn starch 2605 is 2723 yuan/ton, up 5 yuan (0.18%); the average price of corn starch is 2917 yuan/ton, up 9 yuan (0.31%); the basis is 194 yuan/ton, up 4 yuan (2.11%) [10]. 2.7 Meal Industry Soybean Meal - The spot price in Jiangsu is 3280 yuan/ton, up 30 yuan (0.92%); the futures price of M2605 is 3054 yuan/ton, down 14 yuan (- 0.46%); the basis is 226 yuan, up 44 yuan (24.18%) [13]. Rapeseed Meal - The spot price in Jiangsu is 2666 yuan/ton, up 40 yuan (1.53%); the futures price of RM2605 is 2492 yuan/ton, up 12 yuan (0.48%); the basis is 168 yuan, up 28 yuan (20.00%) [13]. Spreads - The 05 - 09 spread of soybean meal is - 10 yuan, down 71.43%; the 05 - 09 spread of rapeseed meal is 12 yuan, up 120.00%; the oil - meal ratio of the spot is 2.74, up 0.021 (0.76%); the oil - meal ratio of the main contract is 2.83, up 0.033 (1.19%); the spread between soybean meal and rapeseed meal is 620 yuan, down 10 yuan (- 1.59%); the 2605 spread between soybean meal and rapeseed meal is 562 yuan, down 26 yuan (- 4.42%) [13]. 2.8 Pig Industry Futures Market - The price of the main contract of live pigs 2605 is 11130 yuan/ton, down 40 yuan (- 0.36%); the price of live pigs 2603 is 10180 yuan/ton, up 90 yuan (0.89%); the 3 - 5 spread is - 950 yuan/ton, up 130 yuan (12.04%) [16]. Spot Market - The price in Henan is 10050 yuan/ton, down 150 yuan; the price in Shandong is 10250 yuan/ton, unchanged; the price in Sichuan is 10200 yuan/ton, unchanged; the price in Liaoning is 9900 yuan/ton, down 50 yuan; the price in Guangdong is 10710 yuan/ton, up 200 yuan; the price in Hunan is 10110 yuan/ton, unchanged; the price in Hebei is 10100 yuan/ton, up 50 yuan [16]. Industry Situation - The daily slaughter volume of sample points is 165,965 heads, up 1547 heads (0.94%); the weekly white - strip price is 17.94 yuan/kg, down 0.54 yuan (- 2.92%); the weekly piglet price is 27.44 yuan/kg, unchanged; the weekly sow price is 32.46 yuan/kg, down 0.01 yuan (- 0.03%); the weekly slaughter weight is 128.55 kg, up 0.4 kg (0.31%); the weekly self - breeding profit is - 238 yuan/head, down 78.3 yuan (- 49.06%); the weekly purchased - piglet breeding profit is - 58.7 yuan/head, down 79.7 yuan (- 382.72%); the monthly fertile sow inventory is 39610,000 heads, down 290,000 heads (- 0.73%) [16]. 2.9 Egg Industry Futures Market - The price of the egg 04 contract is 3271 yuan/500KG, up 30 yuan (0.93%); the price of the egg 05 contract is 3457 yuan/500KG, up 19 yuan (0.55%); the 4 - 5 spread is - 186 yuan/500KG, up 11 yuan (5.58%) [18]. Spot Market - The egg - producing area price is 3.11 yuan/jin, unchanged; the basis is - 342 yuan/500KG, down 19 yuan (- 5.87%) [18]. Industry Situation - The price of egg - laying chicken chicks is 3.50 yuan/feather, up 0.20 yuan (6.06%); the price of culled chickens is 4.94 yuan/jin, up 0.51 yuan (11.39%); the egg - feed ratio is 2.63, down 0.26 (- 9.00%); the breeding profit is - 16.02 yuan/feather, down 6.41 yuan (- 249.92%) [18].

1. Report Industry Investment Rating - The investment ratings for both the pig and egg sectors are neutral [3][6] 2. Core Viewpoints - The national average pig price continues its narrow - range oscillation, with regional price differentiation. Most areas are stable or slightly rising, while the Northeast is experiencing a slight decline. As the Spring Festival approaches, the slaughter volume has decreased after peaking, and the market's buying and selling sentiment has weakened. Attention should be paid to the pre - festival price callback and post - festival restocking [2] - The national egg spot price continues to decline, and the daily average decline has widened. With the approaching Spring Festival, logistics are restricted, leading to inventory accumulation in production areas and a weakening of egg prices. The terminal consumption is light, and there is a lack of substantial support for prices. The post - festival price callback range needs to be tracked [4][5] 3. Summary by Relevant Catalogs Pig Market Market News and Key Data - Futures: The closing price of the pig 2605 contract yesterday was 11,540 yuan/ton, a change of - 15.00 yuan/ton (- 0.13%) from the previous trading day [1] - Spot: In Henan, the price of external ternary pigs was 12.38 yuan/kg, a change of + 0.26 yuan/kg from the previous trading day; in Jiangsu, it was 11.93 yuan/kg, a change of + 0.17 yuan/kg; in Sichuan, it was 10.79 yuan/kg, with no change from the previous trading day [1] - Agricultural product prices: On February 12, the "200 - index of agricultural product wholesale prices" was 129.48, up 0.03 points from the previous day; the "vegetable basket" product wholesale price index was 132.31, up 0.04 points. The average wholesale price of pork in the national agricultural product market was 18.07 yuan/kg, down 0.5% from the previous day; beef was 66.57 yuan/kg, up 0.6%; mutton was 65.06 yuan/kg, up 0.7%; eggs were 8.28 yuan/kg, up 0.5%; and white - striped chickens were 17.24 yuan/kg, down 0.9% [1] Market Analysis - The national average pig price shows a narrow - range oscillation, with regional differences. As the Spring Festival approaches, the scale farms' slaughter volume has decreased slightly, but the supply remains abundant. Some farmers are resisting price cuts, which supports price stability. The pre - festival centralized stocking is almost over, and the market's buying and selling sentiment has weakened. The slaughter volume has decreased after peaking, and southern regions will stop slaughtering later than the north. Attention should be paid to the pre - festival price callback and post - festival restocking [2] Strategy - The investment strategy for the pig market is neutral [3] Egg Market Market News and Key Data - Futures: The closing price of the egg 2603 contract yesterday was 3200 yuan/500 kg, a change of + 277.00 yuan (+ 9.48%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 3.51 yuan/jin, with no change from the previous trading day; in Shandong, it was 3.45 yuan/jin, a change of - 0.10 yuan; in Hebei, it was 2.89 yuan/jin, with no change from the previous trading day [3] Market Analysis - The national egg spot price continues to decline, and the daily average decline has widened. As the Spring Festival approaches, logistics are restricted, leading to inventory accumulation in production areas and a weakening of egg prices. The terminal consumption is light, and there is a lack of substantial support for prices. The post - festival price callback range needs to be tracked [4][5] Strategy - The investment strategy for the egg market is neutral [6]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Due to the recent drought in Argentina, the supply pressure has weakened. It is expected that US corn will oscillate strongly at the bottom. The supply of corn in North China has increased, and the spot price of corn is stable. The price of corn in Northeast China has declined, and the spot price is still weak in the short term. The purchase price at the northern port has dropped today. The price of wheat in North China is strong, and the price gap between Northeast corn and North China corn has widened. Recently, the market has been trading on the increased grain sales in North China before the Spring Festival. There is still selling pressure on Northeast corn later. The rebound space of the corn spot price is limited. There is still room for the 03 corn contract to decline, but the decline space of the 07 corn contract is limited. The 03 starch contract is expected to oscillate weakly in the short term [4][7][9]. 3. Summary by Relevant Catalogs 3.1 Data - **Futures Market**: The prices of various futures contracts of corn and corn starch, including C2601, C2605, C2509, CS2601, CS2605, and CS2509, have declined. The trading volume of most contracts has increased, and the positions of some contracts have changed. For example, the trading volume of C2605 has increased by 33.44%, and the position has decreased by 2.13% [2]. - **Spot and Basis**: The spot prices of corn in different regions have changed, with some prices falling and some rising. The basis of corn and starch in different regions has also been reported. The spot prices of starch in different regions have also changed, with some prices remaining unchanged and some rising [2]. - **Price Spreads**: The price spreads of corn and starch in different periods and across varieties have changed. For example, the price spread of C01 - C05 is -11, with a change of 9; the price spread of CS01 - CS05 is -8, with a change of -5 [2]. 3.2 Market Analysis - **Corn**: The drought in Argentina has led to a rebound in the bottom of US corn, but it is still oscillating at the bottom due to global supply pressure. The import profit of foreign corn has increased. The spot price of corn in the northern port has declined, and the price in the Northeast has fallen back on the weekend. The supply in North China is relatively small, and the spot price is strong. The price gap between North China wheat and corn is still large, and corn is still cost - effective. The domestic breeding demand is stable, and the inventory of downstream feed enterprises has increased. The supply of corn in the Northeast has increased recently, and the price has dropped. The port inventory is low, and the purchase price at the northern port has declined today. The 03 contract is oscillating and falling back, and the spot basis is strengthening. The market is currently concerned about the seasonal selling pressure of Northeast corn before the Spring Festival and the inventory building of downstream enterprises [4][7]. - **Starch**: The number of vehicles arriving at deep - processing plants in Shandong has increased, and the spot price of corn in Shandong is stable. The spot price of starch in Northeast China is stable. The inventory of corn starch has decreased this week. The current starch price mainly depends on the corn price and downstream stocking. The by - product price is still strong, much higher than last year. The spot price gap between corn and starch is at a low level. The corn in North China is stable in the short term, and the Northeast corn is stable. Due to the end of pre - Spring Festival stocking, enterprises are still in a loss. The 03 starch contract is oscillating weakly following the corn. The price of North China corn has started to rise, and the starch spot price has stabilized in the short term [8]. 3.3 Trading Strategies - **Unilateral**: The 03 US corn contract is supported at 420 cents per bushel. Long positions should be continued to be established in the 07 and 05 corn contracts [10]. - **Arbitrage**: Hold a wait - and - see attitude [11]. 3.4 Corn Options - Option Strategy: Adopt a short - term cumulative put option strategy and conduct rolling operations [12]. 3.5 Relevant Attachments - The attachments include charts of the northern port's corn closing price, corn 05 contract basis, corn 5 - 9 price spread, corn starch 5 - 9 price spread, corn starch 05 contract basis, and corn starch 05 contract price spread, which visually show the price changes of relevant products over time [16][17][19][22].

1. Report Industry Investment Ratings - Corn: Oscillating downward [2] - Soybean Meal: Oscillating [2] - Oils: Oscillating [2] - Eggs: Oscillating [2] - Pigs: Oscillating upward [3] 2. Core Views of the Report - The corn futures price continued to adjust on Thursday, with the near - month 2603 contract leading the decline. The spot price in Northeast China remained stable, and imported corn auctions in Liaoning would impact the market. The price of deep - processed corn in North China fluctuated. The supply pressure of the corn market is shifting backward, and the forward quotes are under continuous pressure [2]. - The CBOT soybeans fell for 5 consecutive days on Thursday due to long - position selling and demand concerns. The domestic import cost of soybeans has dropped, and the protein meal is weakly operating. The auction of imported soybeans is ongoing, with a scale of 550,000 tons. The domestic situation of sufficient supply, smooth forward soybean purchases, and cautious feed raw material procurement remains unchanged [2]. - The BMD palm oil closed higher on Thursday, supported by bargain - hunting and improved price competitiveness. The domestic oil market is differentiated, with palm oil rising and rapeseed oil falling. The weak external market, falling import costs, and loose domestic supply are the reasons for the decline [2]. - The egg futures weakened on Thursday, with the 2601 and 2603 contracts closing down. The spot price of eggs is basically stable, and there is an expectation of a slow decline in future supply capacity. However, the cost side is weakening, and the futures are in a callback [2]. - The near - month 2603 contract of live pigs first rose and then fell on Thursday, while the forward contracts had limited declines and showed strength. There is an expectation of a price rebound before the Spring Festival, and the forward price is strong due to factors such as pig diseases and policy - driven inventory reduction [3] 3. Summary by Relevant Catalogs 3.1 Market Information - China's edible oil imports in November were 1.03 million tons, a year - on - year increase of 42.9%. From January to November, the cumulative imports were 9.03 million tons, a year - on - year increase of 5.9%. The soybean oil imports in November were 50,000 tons, a year - on - year increase of 827.2%, and the cumulative imports from January to November were 340,000 tons, a year - on - year increase of 23.8%. The palm oil imports in November were 330,000 tons, a year - on - year increase of 97.8%, and the cumulative imports from January to November were 2.29 million tons, a year - on - year decrease of 7.6% [4]. - Indonesia's palm oil exports in October were 2.8 million tons, a year - on - year decrease of about 3%. The production of crude palm oil in October was 4.35 million tons, and the inventory at the end of October was 2.33 million tons, lower than 2.59 million tons in the previous month [4]. - On December 18, the "Agricultural Product Wholesale Price 200 Index" was 130.59, a decrease of 0.02 points from the previous day, and the "Basket of Vegetables" product wholesale price index was 133.51, a decrease of 0.03 points from the previous day. As of 14:00 on that day, the average pork price in the national agricultural product wholesale market was 17.51 yuan/kg, a 0.5% increase from the previous day; the beef price was 65.73 yuan/kg, a 0.4% decrease; the mutton price was 62.40 yuan/kg, a 0.8% decrease; the egg price was 7.41 yuan/kg, a 0.1% decrease; and the white - striped chicken price was 17.82 yuan/kg, unchanged from the previous day [5] 3.2 Variety Spreads - The report presents various contract spreads and contract basis charts including those for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific data or analysis of these spreads and basis are provided [6][14]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - The US corn market is in a narrow - range oscillation, with potential future yield cuts but still high production. Import profit for foreign corn is falling. The spot price of corn is relatively strong in the short - term, but the 01 corn contract may continue to decline. The market is concerned about the seasonal selling pressure of Northeast corn in mid - to late December and downstream inventory - building [4][6][8]. - The starch market is affected by corn prices and downstream inventory. The inventory of corn starch has decreased this week. Due to the relatively strong corn prices, the starch spot price is strong, but corporate profitability is declining. The 01 starch contract is expected to oscillate in the short - term [7]. 3. Summary by Directory 3.1 Data - **Futures Market**: For corn futures, C2601 closed at 2236, down 25 (-1.12%), with a trading volume of 824,523 (-9.80%) and an open interest of 745,751 (-12.16%); C2605 closed at 2266, up 1 (0.04%), with a trading volume of 135,803 (-17.09%) and an open interest of 427,740 (-0.36%); C2509 closed at 2278, up 4 (0.18%), with a trading volume of 10,247 (-9.47%) and an open interest of 34,428 (3.96%). For starch futures, CS2601 closed at 2522, down 27 (-1.07%), with a trading volume of 162,075 (5.71%) and an open interest of 191,690 (-11.73%); CS2605 closed at 2577, down 10 (-0.39%), with a trading volume of 13,037 (59.32%) and an open interest of 22,351 (25.59%); CS2509 closed at 2615, down 9 (-0.34%), with a trading volume of 194 (-38.22%) and an open interest of 1,214 (-0.49%) [2]. - **Spot and Basis**: Corn spot prices vary by region. For example, the price in Qinggang is 2075, up 10, with a basis of -203; in Songyuan Jiajie, it's 2190, unchanged, with a basis of -88. Starch spot prices also differ. For instance, Longfeng's price is 2750, up 70, with a basis of 173 [2]. - **Spread**: Corn inter - delivery spreads and starch inter - delivery spreads as well as cross - variety spreads have different values and changes. For example, C01 - C05 is -30, down 26; CS01 - CS05 is -55, down 17; CS09 - C09 is 337, down 13 [2]. 3.2 Market Analysis - **Corn**: The US corn is in a narrow - range oscillation. Import profit is falling. In China, the northern port's flat - price has declined, while the Northeast corn spot price is stable. The supply in North China is increasing, and the price is relatively strong. The price difference between Northeast and North China corn is narrowing. The wheat price in North China is strong, and corn has a cost - performance advantage. The domestic breeding demand is stable, but the downstream feed enterprise inventory is low. The 01 corn contract continues to decline, and the spot basis is strengthening. The market is concerned about the selling pressure in mid - to late December and downstream inventory - building [4][6]. - **Starch**: The number of trucks arriving at Shandong's deep - processing plants has increased, and the local corn spot price is strong. The starch inventory has decreased this week. The starch price depends on corn prices and downstream inventory. By - product prices are strong, and the spot price difference between corn and starch is low. Due to the strong corn price, the starch spot price is strong, but corporate profitability is declining. The 01 starch contract follows the decline of corn, and the North China corn price may decline in December, leading to a potential decline in the starch spot price [7]. 3.3 Trading Strategies - **Unilateral Trading**: The US corn has support at 400 cents per bushel. Short - sell 03 corn on rallies with a light position, and wait for opportunities for 05 and 07 corn [8]. - **Arbitrage**: Conduct reverse arbitrage on 3 - 7 corn when the price is high [9]. 3.4 Corn Options - The option strategy is a short - term cumulative put option strategy with rolling operations. Two option contracts, C2605 - P - 2240.DCE and C2603 - P - 2200.DCE, are listed with their respective underlying asset prices, closing prices, and other information [11]. 3.5 Related Figures - The report provides six figures, including the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of corn starch 01 contract, and the spread of corn starch 01 contract [13][15][19].

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports - **Sugar**: The global sugar supply is expected to remain in surplus in the 2025/26 season. With ample supply, the raw sugar price will likely stay weak. In the Chinese market, the old - sugar stock has been mostly cleared, new - sugar pressure is increasing, and the October import volume exceeded expectations, so the overall sugar market is expected to be weak [2]. - **Soybean Meal and Related Products**: The domestic soybean inventory is high, and the soybean meal supply is abundant. The downward space of the current futures price is limited, but it is difficult to strengthen based on cost and profit logic alone. The soybean meal market is expected to fluctuate widely [3]. - **Pig**: The market supply has recovered, and the price has weakened again. Although the demand is expected to increase in the short - term due to cold weather and the start of curing in the southwest, the mid - term price is not optimistic, and the increased selling enthusiasm after price recovery is not conducive to the near - month futures market. The 3 - 7 reverse spread strategy can be held [6]. - **Cotton**: The ICE cotton futures are stable, supported by strong demand in the USDA report. In the domestic market, the short - term pressure from new cotton listing and high production, combined with weak downstream demand, may lead to a weak cotton price within a certain range, although the relatively low inventory of downstream spinning enterprises provides some support [8]. - **Corn and Corn Starch**: The supply in the Northeast is sufficient but the selling enthusiasm is low, and the market is quiet with stable prices. In North China, the number of trucks at deep - processing enterprises has decreased, and the price has slightly increased. With about 20% of the new - season corn sold, there is still selling pressure. The demand from deep - processing and feed sectors is not strong. The corn market will have intensified long - short competition and narrow - range fluctuations in the short - term [10]. - **Edible Oils**: For palm oil, the Malaysian BMD futures may stop falling and strengthen after stabilizing at 4150 ringgit. The domestic palm oil may rise to the 8900 - 9000 yuan range. The overall view is near - weak and far - strong. For soybean oil, the CBOT soybean oil is in a short - term correction. The domestic soybean oil demand is weak, but the poor crushing profit provides some support, and the support for the January contract is around 8200 yuan [13]. - **Eggs**: The laying - hen inventory remains high, and the supply is abundant. The demand is weak, and the egg price is expected to oscillate at a low level. It is recommended to stop profit on previous short positions and wait and see in the short - term [16]. 3. Summary by Relevant Catalogs Sugar - **Futures Market**: The prices of sugar 2601 and 2605 decreased, the ICE raw sugar主力 slightly increased, the 1 - 5 spread widened, the main - contract position increased, and the warehouse receipt decreased [2]. - **Spot Market**: The prices in Nanning and Kunming decreased, the Nanning basis decreased, and the Kunming basis increased. The prices of imported Brazilian sugar (both quota - within and quota - outside) decreased [2]. - **Industry Situation**: The national and Guangxi sugar production and sales increased year - on - year, the national sales rate decreased, the Guangxi sales rate increased, the national industrial inventory decreased, and the Guangxi and Yunnan industrial inventories increased. The sugar import volume increased [2]. Soybean Meal and Related Products - **Soybean Meal**: The spot and futures prices of Jiangsu soybean meal decreased, the basis decreased significantly, the import crushing profit increased, and the warehouse receipt decreased slightly [4]. - **Rapeseed Meal**: The spot price of Jiangsu rapeseed meal remained unchanged, the futures price decreased slightly, the basis increased, the import crushing profit increased, and the warehouse receipt remained unchanged [4]. - **Soybean**: The spot price of Harbin soybeans increased, the futures prices of bean one and bean two decreased, and the warehouse receipt remained unchanged [4]. - **Spreads**: The soybean meal and rapeseed meal inter - month spreads, the oil - meal ratio, and the soybean - rapeseed meal spread changed to different degrees [4]. Pig - **Futures Market**: The prices of pig 2601 and 2605 decreased, the 1 - 5 spread decreased, the main - contract position increased, and the warehouse receipt remained unchanged [6]. - **Spot Market**: The prices in most regions decreased, and the slaughter volume, white - strip price, and other indicators changed slightly [6]. - **Industry Indicators**: The sample - point daily slaughter volume increased slightly, the weekly white - strip price decreased, the weekly piglet price increased, the sow price remained unchanged, the weekly slaughter weight increased slightly, the self - breeding and purchased - piglet breeding profits decreased, and the monthly fertile sow inventory decreased slightly [6]. Cotton - **Futures Market**: The prices of cotton 2601 and 2605 decreased slightly, the ICE US cotton主力 decreased, the 5 - 1 spread widened, the main - contract position decreased, the warehouse receipt increased, and the valid forecast decreased [8]. - **Spot Market**: The Xinjiang arrival price and CC Index increased slightly, the FC Index decreased, and the basis of 3128B to 01 and 05 contracts increased [8]. - **Industry Situation**: The commercial and industrial inventories, the bonded - area inventory, and the cotton out - of - Xinjiang shipment volume increased month - on - month. The textile industry's inventory year - on - year, the yarn and fabric inventory days, and the clothing and textile exports changed to different degrees [8]. Corn and Corn Starch - **Corn**: The price of corn 2601 decreased, the basis increased, the 1 - 5 spread increased slightly, the south - north trade profit decreased, the import profit decreased, the number of trucks at Shandong deep - processing enterprises decreased, the position increased, and the warehouse receipt remained unchanged [10]. - **Corn Starch**: The price of corn starch 2601 decreased, the basis increased, the 1 - 5 spread increased slightly, the starch - corn 01 spread remained unchanged, the Shandong starch profit decreased, the position increased, and the warehouse receipt decreased [10]. Edible Oils - **Soybean Oil**: The spot and futures prices decreased, the basis increased, the warehouse receipt remained unchanged, and the inter - month spread decreased [13]. - **Palm Oil**: The spot and futures prices decreased, the basis increased significantly, the import cost decreased, the import profit decreased, and the warehouse receipt decreased [13]. - **Rapeseed Oil**: The spot and futures prices decreased, the basis decreased, the warehouse receipt decreased slightly, and the inter - month spread increased [13]. - **Spreads**: The inter - month spreads, the bean - palm spread, and the rapeseed - soybean oil spread changed to different degrees [13]. Eggs - **Futures Market**: The prices of egg 12 and 01 contracts increased, the basis decreased, and the 12 - 01 spread increased slightly [15]. - **Spot Market**: The egg - producing area price remained unchanged, the egg - chick price remained unchanged, the culled - hen price increased slightly, the egg - feed ratio increased, and the breeding profit increased [15].

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - The US corn rebounded after the November report lowered the yield, but the production remained high, and it was in a narrow - range oscillation. The import profit of foreign corn declined, and the price of Brazilian imports in December was 2138 yuan. The domestic corn spot was relatively strong in the short - term, with stable demand from the breeding industry and low inventory of downstream feed enterprises. The 01 corn futures had room to fall later. The starch spot was strong due to the corn rebound, but the 01 starch futures on the disk also had room to fall in the short - term [4][6][7]. 3. Summary by Directory 3.1 Data - **Futures Disk**: For corn futures, C2601 closed at 2175 with a 0.32% increase, C2605 at 2245 with a 0.18% increase, and C2509 at 2272 with a 0.22% increase. For starch futures, CS2601 closed at 2480 with a 0.52% increase, CS2605 at 2560 with a 0.23% increase, and CS2509 at 2612 with a 0.23% increase. The trading volume and open interest of each contract had different changes [2]. - **Spot and Basis**: The spot prices of corn in different regions such as Qinggang, Songyuan Jiji, etc., and the spot prices of starch in different enterprises such as Longfeng, COFCO, etc., were reported. The basis of corn and starch in different regions and enterprises was also provided [2]. - **Spreads**: Corn inter - delivery spreads (e.g., C01 - C05 was - 70 with a 3 increase), starch inter - delivery spreads (e.g., CS01 - CS05 was - 80 with a 7 increase), and cross - variety spreads (e.g., CS09 - C09 was 340 with a 1 increase) were presented [2]. 3.2 Market Judgment - **Corn**: The US corn was in a narrow - range oscillation. The import profit of foreign corn declined. The northern port's flat - hatch price in the north dropped, while the northeast and north China corn spots were stable. The price difference between northeast and north China corn was large. Corn had cost - effectiveness compared to wheat. The domestic breeding demand was stable, and the downstream feed enterprises' inventory was low. The 01 corn futures were strongly oscillating, and the spot basis strengthened. The market was concerned about the seasonal selling pressure of northeast corn and downstream inventory building [4][6]. - **Starch**: The number of vehicles arriving at Shandong deep - processing plants decreased, and the Shandong corn spot was stable. The starch inventory decreased this week, with the manufacturer's inventory at 110.9 million tons, a 2.4 - million - ton decrease from last week, a 1.7% monthly decrease, and a 25.6% year - on - year increase. The starch price depended on corn price and downstream stocking. The by - product price was strong, and the enterprise's profit was good. The 01 starch futures followed the corn to oscillate strongly, but the north China corn price might fall in December, and the starch spot would also decline later [7]. 3.3 Corn Options - The option strategy was a short - term cumulative put strategy with rolling operations. Information about two option contracts (C2605 - P - 2160.DCE and C2601 - P - 2080.DCE) including the underlying price, closing price, and price change was provided [11]. 3.4 Related Attachments - Six figures were provided, including the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of corn starch 01 contract, and the spread of corn starch 01 contract [13][15][19].

Report Industry Investment Rating - Apple: Neutral to bullish [4] - Red dates: Neutral [8] Core Viewpoints - Apple: The new - season Fuji apple's storage work has started. Due to continuous rainfall, the storage volume is expected to be lower than last year. The market shows a "two - tiered" pattern, with high - quality goods prices remaining stable and firm in the short term, and the storage volume and structure being key factors for future market trends [3][4] - Red dates: As red dates are about to be harvested, the futures prices have dropped significantly, increasing market competition. Attention should be paid to changes in purchase prices and actual yields [8] Summary by Sections Apple Market News and Important Data - Futures: The closing price of the apple 2601 contract yesterday was 9104 yuan/ton, a change of - 134 yuan/ton or - 1.45% from the previous day. - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 3.75 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.15 yuan/jin, also unchanged. The spot basis AP01 - 1604 for Qixia and AP01 - 804 for Luochuan both changed + 134 from the previous day [1] Recent Market Information - The storage work in late Fuji producing areas continues. In Shandong, the ground transactions are increasing, with high - quality goods prices remaining stable and firm. In Shaanxi, the storage work is gradually starting, and in Gansu, it is almost finished. The prices vary by quality, and the market is expected to remain "two - tiered" in the short term. The storage progress has slightly accelerated [2] Market Analysis - The apple futures price fluctuated and declined yesterday. The ground transactions are entering the later stage, with a "two - tiered" market pattern. High - quality goods prices are expected to remain stable and firm. The storage work in the west is slow, while in Shandong, it is concentrated after the Frost's Descent and also slow [3] Strategy - Neutral to bullish. Due to continuous rainfall, the expected storage volume in November is lower than last year [4] Red Dates Market News and Important Data - Futures: The closing price of the red date 2601 contract yesterday was 10280 yuan/ton, a change of + 135 yuan/ton or + 1.33% from the previous day. - Spot: The price of first - grade grey dates in Hebei was 9.40 yuan/kg, unchanged from the previous day. The spot basis CJ01 - 880 changed - 135 from the previous day [5] Recent Market Information - In Xinjiang, the purchase progress varies by region. Some areas have basically completed the purchase, while others are still in progress. The purchase price is based on quality. In the Hebei market, the price has slightly decreased, and the market mainly trades old goods. In the Guangdong market, the price is stable [6] Market Analysis - The red date futures price rose significantly yesterday. The purchase in Xinjiang is at a critical stage. The downstream market has weak demand, and the purchase enthusiasm of merchants in Xinjiang has decreased. The price in the Hebei market has slightly declined [7] Strategy - Neutral. With red dates about to be harvested, the futures price has dropped significantly, and attention should be paid to purchase price changes and actual yields [8]

Report Industry Investment Rating - The investment strategy for both the粕类 and corn markets is "cautiously bearish" [4][8] Core Viewpoints - The current supply in the domestic market is ample, and it is expected to remain in a state of loose supply in the future. The focus of the market will be on policy changes, the harvest and export of new-season US soybeans, and the import situation of new-season US soybeans will affect the market supply and demand around the Spring Festival. For the corn market, the current pattern of supply exceeding demand remains unchanged, and the price of new grain is generally low. Future attention should be paid to national policies [3][7] Summary by Related Catalogs 粕类 Market Futures and Spot Prices - The closing price of the bean粕 2601 contract last weekend was 2,922 yuan/ton, a week-on-week decrease of 54 yuan or 1.54%. The closing price of the rapeseed粕 2601 contract was 2,306 yuan/ton, a week-on-week decrease of 85 yuan or 3.55%. In the spot market, the prices in different regions showed varying degrees of decline or stability, and the spot basis generally increased [1] Supply and Demand Data - **South America**: As of the week ending October 8, Argentine farmers sold 1.2824 million tons of 2024/25 season soybeans, with cumulative sales reaching 37.5432 million tons. Brazil's soybean export volume in October is expected to be 7.31 million tons [1] - **Domestic**: From week 40 - 41 in 2025, the arrival of soybeans at domestic full - sample oil mills totaled about 3.4125 million tons. In week 41, the soybean inventory of national oil mills rose to 7.6576 million tons, an increase of 6.37% compared to before the holiday and 14.29% year - on - year. The bean粕 inventory was 1.0791 million tons, a decrease of 9.26% compared to the week of September 26 and an increase of 6.17% year - on - year. The total bean粕 sales volume was 896,700 tons, an increase of 54.05% compared to before the National Day holiday. The total bean粕 pick - up volume was 1.085 million tons, a week - on - week increase of 211,000 tons [2] - **Rapeseed粕**: As of October 9, the rapeseed crushing volume of coastal oil mills was 14,000 tons, a decrease of 6,000 tons from the previous period. As of October 10, the rapeseed oil production was 5,700 tons, a decrease of 2,500 tons from the previous period, and the rapeseed粕 production was 8,300 tons, a decrease of 3,500 tons from the previous period [3] Market Analysis - Although the US Department of Agriculture has not released the latest data recently, Brazil's export situation is good, significantly higher than the historical average, which puts pressure on the CBOT US soybean price. The increase in Brazil's exports has also led to a relatively sufficient domestic supply, and it is expected that the supply will remain loose in the future [3] Corn Market Futures and Spot Prices - The closing price of the corn 2601 contract last week was 2,117 yuan/ton, a week - on - week decrease of 8 yuan or 0.38%. The closing price of the starch 2601 contract was 2,384 yuan/ton, a week - on - week decrease of 46 yuan or 1.89%. In the spot market, the prices in different regions also showed varying degrees of decline or increase in the basis [5] Supply, Demand and Inventory Data - **Supply**: In August 2025, the corn import volume was 36,000 tons, a 91.56% decrease compared to the same period last year. From January to August, the total imported corn was 885,000 tons, a 92.9% decrease compared to the same period last year. The export volume of corn starch in August was 14,803.173 tons, a 7.13% decrease from the previous month and a 7996.2% increase year - on - year [5][6] - **Demand**: Last week, 126 major corn deep - processing enterprises consumed 1.1052 million tons of corn, an increase of 24,500 tons from the previous week [5] - **Inventory**: Last week, the total corn inventory in the four northern ports was 852,000 tons, a week - on - week increase of 138,000 tons. The total shipment volume from the four northern ports was 581,000 tons, a week - on - week increase of 110,000 tons. The domestic trade corn inventory in Guangdong Port was 193,000 tons, a decrease of 22,000 tons from the previous week. As of October 15, the total starch inventory of national corn starch enterprises was 1.199 million tons, a 0.67% increase from the previous week, a 5.27% increase from the previous month, and a 46.94% increase year - on - year [5][6] Market Analysis - Internationally, Brazil's corn production in the 2025/26 season is expected to be 138.6 million tons, a decrease of 2.4913 million tons year - on - year. Domestically, new - season corn in the Northeast and North China is being concentratedly supplied to the market. The quality and yield of corn in the Northeast are good, and farmers' enthusiasm for selling grain is high, leading to a price drop. In the North China region, most of the corn is wet, with only a small amount of dried corn supplied to the market. The demand from deep - processing enterprises is stable, and feed enterprises have low inventories and increased procurement enthusiasm [6][7]

Report Overview - The report is a daily report on corn and corn starch on October 15, 2025, covering data, market analysis, trading strategies, option strategies, and related charts [2][3] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The U.S. corn report has lowered the yield per unit, but the production remains high, and the U.S. corn price has declined. It may continue to fall. The import profit of foreign corn is high, and the domestic corn spot price is relatively stable in the short - term. The new - season corn has been listed in large quantities, and the spot price in the Northeast has declined. It is expected that there will be selling pressure on Jilin corn at the end of October. The corn starch price is mainly affected by the corn price and downstream stocking. The inventory has increased this week, and the short - term 01 contract of the corn starch futures is expected to fluctuate weakly [5][6][7] 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures Market - **Corn Futures**: Contracts C2601, C2605, and C2509 all rose, with C2601 closing at 2127, up 16 (0.75%); C2605 at 2218, up 16 (0.72%); C2509 at 2247, up 12 (0.53%). The trading volume of most contracts decreased, while the open interest of some contracts increased [3] - **Corn Starch Futures**: Contracts CS2601, CS2605, and CS2509 also rose, with CS2601 closing at 2418, up 17 (0.70%); CS2605 at 2529, up 12 (0.47%); CS2509 at 2571, up 1 (0.04%). The trading volume and open interest of most contracts increased [3] 3.1.2 Spot and Basis - **Corn Spot**: Prices in various regions such as Qinggang, Songyuan Jiji, and others showed different trends. The basis varied from - 297 in Qinggang to 63 in Guangdong Port [3] - **Corn Starch Spot**: Prices in different factories like Longfeng, COFCO, etc., remained stable, and the basis was positive in all regions, ranging from 121 to 391 [3] 3.1.3 Spread - **Corn Inter - delivery Spread**: For example, C01 - C05 was - 91, unchanged; C05 - C09 was - 29, up 4; C09 - C01 was 120, down 4 [3] - **Corn Starch Inter - delivery Spread**: CS01 - CS05 was - 111, up 5; CS05 - CS09 was - 42, up 11; CS09 - CS01 was 153, down 16 [3] - **Cross - variety Spread**: CS09 - C09 was 324, down 11; CS01 - C01 was 291, up 1; CS05 - C05 was 311, down 4 [3] 3.2 Market Analysis 3.2.1 Corn - The U.S. corn yield per unit may be further lowered, and the price will fluctuate narrowly. China has imposed tariffs on U.S. corn and sorghum. The import profit of foreign corn is high. The spot price in the northern ports and the Northeast has declined, and the supply in North China has increased. The wheat price in North China is strong, and the substitution relationship between wheat and corn still exists. The domestic breeding demand is weak, and the downstream feed enterprise inventory is low. The new - season corn has been listed in large quantities, and it is expected that there will be selling pressure on Jilin corn at the end of October [5][6] 3.2.2 Corn Starch - The number of trucks arriving at Shandong deep - processing plants has increased, and the corn spot price in Shandong is weak. The corn starch inventory has increased this week, reaching 1199,000 tons, an increase of 8000 tons from last week, with a monthly increase of 5.27% and a year - on - year increase of 46.9%. The starch price depends on the corn price and downstream stocking. The by - product price is strong, and the enterprise is profitable. It is expected that the spot price of corn starch will decline later, and the 01 contract of the futures will fluctuate weakly in the short - term [7] 3.3 Trading Strategies - **Unilateral Trading**: It is recommended to lightly go long on the 01 or 05 corn contracts with a stop - loss set. The U.S. corn has support at 400 cents per bushel [9] - **Arbitrage Trading**: It is recommended to wait and see [10] 3.4 Option Strategies - A short - term strategy of accumulating put and call options with rolling operations is recommended [11] 3.5 Related Charts - The report includes six charts showing the spot price of corn in different regions, the basis of the corn 01 contract, the 1 - 5 spread of corn and corn starch, the basis of the corn starch 01 contract, and the spread between the corn starch and corn 01 contracts [15][17][20]