1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - For soybeans and meal, the global soybean supply is expected to remain loose. Short - term import cost may oscillate, and domestic soybean and meal inventories are high, with weakening crushing margins. It is recommended to short on rebounds [3][4]. - For palm oil, the high yields in Malaysia and Indonesia are suppressing the market. There may be a reversal in inventory accumulation in the fourth quarter and the first quarter of next year, and it is advisable to wait for clearer production signals [5][6][8]. - For sugar, with expected increases in production in the Northern Hemisphere and high production in Brazil's central - southern region, it is recommended to short on rallies in the fourth quarter [10][11]. - For cotton, weak demand during the peak consumption season, high selling - hedging pressure, and limited upside for cotton prices in the short term [13][14]. - For eggs, the spot price may rebound but is limited by high supply. The futures market is in a bottom - building phase, and it is advisable to wait and see [16][17]. - For pigs, in the short term, the price may rebound, but in the medium term, it is likely to be weak due to high supply pressure. It is recommended to gradually establish reverse - spread positions and short on rebounds [19][20]. 3. Summary by Related Catalogs 3.1 Protein Meal 3.1.1 Market Information - Last Friday, CBOT soybeans fell due to unclear export demand. US officials said China would buy a large amount of US soybeans over the weekend. Domestic soybean meal spot prices were stable last weekend, with weak trading and good pick - up last week. The inventory days of domestic feed enterprises increased by 0.03 days to 7.95 days. MYSTEEL expects domestic soybean crushing volume to be 2.3392 million tons this week, down from 2.3674 million tons last week [2]. - Brazilian soybean planting progress is expected to reach 30% this week. Sino - US trade consultations are frequent, and US soybean imports may slow down domestic inventory reduction and weaken crushing margins [3]. 3.1.2 Strategy Viewpoint - Import costs are expected to oscillate. With high domestic soybean and meal inventories, it is recommended to short on rebounds [4]. 3.2 Fats and Oils 3.2.1 Market Information - Malaysian palm oil exports from October 1 - 25 showed different trends, and production from October 1 - 20 increased. The IGC predicts that in the 2025/26 season, global soybean production will decrease by 1 million tons to 428 million tons, trade volume will increase by 2 million tons to 187 million tons, consumption will decrease by 1 million tons to 430 million tons, and ending stocks will decrease by 4 million tons to 79 million tons. Domestic fats and oils fell last Friday, and domestic spot basis was stable at a low level [5]. 3.2.2 Strategy Viewpoint - High yields in Malaysia and Indonesia are suppressing the palm oil market. There may be a reversal in inventory accumulation, and it is advisable to wait and see for clearer production signals [6][8]. 3.3 Sugar 3.3.1 Market Information - Zhengzhou sugar futures prices fluctuated narrowly on Friday. Spot prices in different regions were stable. Brazilian sugar production in the next season is expected to increase by 1.78 million tons. Brazil's national oil company cut gasoline prices by 4.9%. Brazil's sugar exports in the first three weeks of October increased by 6% compared to the daily average of the whole month of October last year [10]. 3.3.2 Strategy Viewpoint - With expected increases in production in the Northern Hemisphere and high production in Brazil, it is recommended to short on rallies in the fourth quarter [11]. 3.4 Cotton 3.4.1 Market Information - Zhengzhou cotton futures prices fluctuated on Friday. The spot price index increased, and the basis widened. Xinjiang's seed - cotton purchase price rose, and the spinning mill's operating rate was stable but lower than the same period in previous years [13]. 3.4.2 Strategy Viewpoint - Weak demand during the peak consumption season, high selling - hedging pressure, and limited upside for cotton prices in the short term [14]. 3.5 Eggs 3.5.1 Market Information - Egg prices were strong over the weekend, with red eggs mostly stable and powder eggs rising. Downstream replenishment increased after the temperature dropped, but high supply limited the price increase [16]. 3.5.2 Strategy Viewpoint - The spot price may rebound but is limited by high supply. The futures market is in a bottom - building phase, and it is advisable to wait and see [17]. 3.6 Pigs 3.6.1 Market Information - Pig prices mostly rose over the weekend. Near the end of the month, the slaughter rhythm slowed down, and downstream demand was supportive [19]. 3.6.2 Strategy Viewpoint - In the short term, the price may rebound, but in the medium term, it is likely to be weak due to high supply pressure. It is recommended to gradually establish reverse - spread positions and short on rebounds [20].