Reported Industry Investment Ratings - Douyi: ★★★ [1] - Doupo: ★★★ [1] - Douyou: ★★★ [1] - Palm Oil: ★★★ [1] - Rapeseed Meal: ★★★ [1] - Rapeseed Oil: ★★★ [1] - Corn: ★★★ [1] - Live Pigs: ★☆☆ [1] - Eggs: ★★★ [1] Core Views of the Report - The report analyzes the market conditions of various agricultural products, including soybeans, soybean meal, soybean oil, palm oil, rapeseed meal, rapeseed oil, corn, live pigs, and eggs, and provides investment ratings and operation suggestions. It emphasizes the importance of paying attention to weather and policy guidance, as well as market supply and demand changes [2][3][4]. Summary by Related Catalogs Soybeans - Domestic soybeans stopped falling and rebounded, with reduced positions in the futures market. The third round of economic and trade negotiations between China and the United States reached a consensus to continue to suspend the addition of tariffs and extend the period for 90 days. The short - term precipitation in Northeast China is relatively high, and attention should be paid to the risk of waterlogging. The weather in the Midwest of the United States is favorable for soybean production, and preparations should be made for a potential bumper harvest [2]. Soybeans & Soybean Meal - The third - round Sino - US economic and trade negotiations reached an agreement to suspend the addition of tariffs and extend for 90 days. In the next two weeks, the rainfall in the main soybean - producing areas in the United States is slightly higher than normal, and the soil humidity is better than last year. As of the week ending July 27, the good - to - excellent rate of US soybeans was 70%, higher than the market expectation of 67%. The high good - to - excellent rate puts pressure on US soybeans. The market should continue to observe the weather in the producing areas and treat the market as volatile for now [3]. Soybean Oil & Palm Oil - The technical form of US soybean oil is in a sideways shock. The high ratio of US soybean oil to tank and the strengthening of the international crude oil market may boost the domestic vegetable oil market. The short - term weather is favorable for US soybean production. Overseas vegetable oil prices are stronger than those in China, increasing the probability of trading opportunities. Due to the long - term development trend of US and Indonesian biodiesel and the upcoming palm oil production - reduction cycle in the fourth quarter, a strategy of buying on dips is recommended, and attention should be paid to the short - term phenomenon of strong oil and weak meal. Short - term attention should be paid to weather and policy guidance [4]. Rapeseed Meal & Rapeseed Oil - Rapeseed - related futures prices generally rebounded. The domestic rapeseed meal inventory of oil mills increased by 0.7 million tons to 1.9 million tons, the port inventory decreased by nearly 3 million tons, and the inventory of granular rapeseed meal in East China has declined significantly for two consecutive weeks. The Sino - US consensus on continuing to extend the suspension of tariffs for 90 days, but uncertainties in Sino - US and Sino - Canadian agricultural product trade still exist, which may intensify concerns about rapeseed import bottlenecks. Rapeseed oil inventory is slowly declining, and demand growth is limited due to the high price difference compared with competing products. The domestic import of Canadian rapeseed is cautious, the inventory of rapeseed meal and rapeseed oil is slowly decreasing, and the rapeseed - related futures prices may fluctuate in a high - level range [6]. Corn - Corn futures continued to fluctuate. CGS will hold two auctions of imported corn tomorrow, including 186,200 tons of US corn and 8,600 tons of Ukrainian corn. The spot price in Shandong remained stable. As of the week ending July 27, the good - to - excellent rate of US corn was 73%, higher than the market expectation of 67%. The current domestic corn market has no major contradictions, and attention should be paid to the phased supply in the circulation link. Against the background of the decline in US corn prices, Dalian corn futures may continue to fluctuate weakly at the bottom [7]. Live Pigs - Live pig futures fluctuated and declined during the day, continuing the recent correction. Only the July contract strengthened slightly. The spot price was slightly adjusted and basically stable. Considering the sufficient medium - term supply of live pigs and the rapid cooling of the policy - driven market this week, live pig futures may have reached their peak, and the probability of subsequent decline and fluctuation has increased. It is recommended that the industry conduct hedging on rallies. Attention should be paid to the industry's slaughter rhythm, slaughter weight, and production capacity changes [8]. Eggs - Egg spot prices were stable in most areas and slightly declined in some local areas. The August contract is approaching delivery, and the futures price continued to fall. The off - season contracts continued to be weak, and the October and November contracts fluctuated and fell back to near the previous lows. The overall capital increased positions. Attention should be paid to whether the spot price can continue the seasonal peak - season upward trend. In the long - term, egg prices have not reached the cyclical bottom [9].

Core Points - The U.S. White House announced that Japan will immediately increase its import of U.S. rice by 75% and significantly expand its import quota [1] Group 1 - Japan's decision to raise U.S. rice imports by 75% indicates a strengthening trade relationship between the two countries [1] - The expansion of import quotas suggests a potential increase in market opportunities for U.S. rice producers [1]

Core Viewpoint - Global food security is a critical issue that affects human survival and development, with trade being a key solution to this challenge [1] Group 1: Agricultural Trade Policy Conference - The 16th International Conference on Agricultural Trade Policy was held in Beijing, focusing on the theme "Global Sharing of Food Security through Trade" [1] - Discussions included the coordination of food security and global trade policies, as well as the green and digital transformation of agricultural supply chains [1] Group 2: China's Food Security Strategy - The Chinese government emphasizes a self-reliant food security strategy, ensuring absolute self-sufficiency in staple grains while actively engaging in the global agricultural market [2] - Recent challenges such as trade protectionism, regional conflicts, and climate change have increased uncertainties in global agricultural trade, but new opportunities arise from technological advancements and the rise of developing nations [2] Group 3: Agricultural Production and Trade Data - China's total grain production has remained stable above 1.3 trillion jin for nine consecutive years, with a projected increase to over 1.4 trillion jin in 2024 [3] - China is the world's largest agricultural importer and the fifth-largest exporter, with significant exports of high-quality fruits and vegetables [3] Group 4: International Cooperation and Support - China has engaged in agricultural trade with over 220 countries and signed cooperation agreements with 125 nations, enhancing global agricultural development [4] - The Chinese government has provided training and support to countries like Benin, improving agricultural productivity without expanding land use [4] Group 5: Agricultural Trade Development Report - The 2025 China Agricultural Product Trade Development Report indicates that in 2024, China's agricultural trade volume reached $318.2 billion, with exports of $103 billion (up 4.1%) and imports of $215.2 billion (down 7.9%) [4] - Key products include over 10 million tons of soybean imports, maintaining an 80% dependency rate, while beef imports increased by 5% [4] - Export figures show seafood as the largest export product at $20.7 billion, with vegetable exports reaching a record high of $18.7 billion [4] Group 6: Future Outlook - The agricultural trade environment is expected to become more complex due to geopolitical conflicts and rising protectionism, with a focus on stabilizing total trade volume while adjusting product structure [5]

Core Viewpoint - Brazil is expected to enhance its agricultural trade with India, indicating potential growth in bilateral trade relations and opportunities for agricultural sectors in both countries [1] Group 1: Trade Relations - The Brazilian government, under President Lula, is optimistic about increasing agricultural exports to India, which may lead to a significant boost in trade volume [1] - Strengthening trade ties with India could provide Brazilian farmers with access to a larger market, potentially increasing their revenue and production capacity [1] Group 2: Agricultural Sector Opportunities - The anticipated growth in agricultural trade may open new avenues for Brazilian agricultural products, including soybeans, coffee, and other commodities [1] - Enhanced trade relations with India could also encourage investment in agricultural technology and infrastructure, benefiting both nations' agricultural sectors [1]

Core Viewpoint - Agricultural trade is a crucial component of China's foreign trade and an important means for building an agricultural powerhouse, contributing to both domestic consumer markets and global agricultural growth [1]. Group 1: Agricultural Trade Development - Since joining the World Trade Organization, China's agricultural trade volume has continuously increased, positioning the country as the second-largest agricultural trader globally [1]. - China is the world's largest agricultural importer, with its market being a major driver of global agricultural growth, while it ranks fifth in agricultural exports, particularly in high-quality products like fruits, vegetables, and seafood [1]. Group 2: Import and Export Structure - The structure of agricultural imports and exports has remained stable, reflecting China's comparative advantages in agriculture, with a well-established industrial and supply chain [2]. - Imports primarily consist of resource-intensive products such as oilseeds, cotton, grains, and sugar, while exports focus on labor-intensive products like seafood, vegetables, and fruits [2]. - Since 2004, agricultural trade has shifted from a surplus to a deficit, with a trend of net imports for bulk agricultural products [2]. Group 3: Future Directions - To enhance agricultural trade, there is a need for diversification of import sources while consolidating traditional ones, and to develop comprehensive trade cooperation with more countries and regions [2]. - The goal is to create larger multinational grain companies and support capable domestic enterprises in participating in agricultural production, processing, logistics, storage, and machinery manufacturing in key countries [2]. - Active participation in global food security governance and engagement in the negotiation and formulation of global agricultural trade and investment rules is essential for fostering high-quality agricultural trade development [2].

Core Insights - A batch of 1.6 tons of fresh cherries from Uzbekistan has successfully entered China, marking the first import of Uzbek cherries into Zhejiang Province [1] - Uzbekistan ranks fifth in the world for cherry production, with an annual output of 100,000 tons, and the cherry season from May to July fills a market gap in China [1] Group 1: Import and Logistics - The cherries were transported via a passenger flight from Tashkent to Hangzhou, utilizing a direct flight route that opened in November last year, facilitating faster agricultural imports from Central Asia [2] - The customs process at Hangzhou Xiaoshan Airport has been optimized with a "pre-declaration + immediate inspection" model, reducing the time for customs clearance to approximately one hour [2] - The flight duration from Tashkent to Hangzhou is only six hours, and the new regulatory site located 300 meters from the tarmac has cut transfer time by 30 minutes [2] Group 2: Market Impact and Growth - In the first four months of this year, the customs at Hangzhou Xiaoshan Airport supervised the import of 16.6 tons of fruit, reflecting a year-on-year growth of 20% [2] - The establishment of an "enterprise liaison officer" system by customs provides full-process tracking and guidance, ensuring that importers are updated on the latest quarantine requirements [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - International factors such as the faster - than - expected US soybean planting progress, the delay of the US EPA's decision on biodiesel blending standards, the narrowing growth of Malaysian palm oil exports, and the lack of progress in Indonesia's B40 plan have led to a decline in peripheral oil prices. In the domestic market, different oils have different situations: soybean oil may enter a stockpiling phase with increasing imports and rising refinery operating rates, causing price pressure; palm oil prices revolve around import costs with low inventory and mainly rigid - demand transactions; rapeseed oil shows a pattern of short - term supply surplus but a long - term bullish outlook due to falling rapeseed stocks [7] 3. Summary by Relevant Catalogs 3.1 Macro and Industry News - China's imports of US feed grains and oilseeds account for a low proportion of domestic consumption, are mostly feed grains, have high substitutability, and will not affect domestic food supply even if imports stop [2] - On April 25, the total commercial inventory of the three major domestic oils was 175 million tons, with week - on - week, month - on - month, and year - on - year changes of - 7 million tons, - 20 million tons, and + 15 million tons respectively. Different oils had different inventory changes [2] - Malaysian palm oil exports from April 1 - 25 increased by 13.8% (ITS data) and 14.8% (AmSpec Agri Malaysia data) compared to the same period in March, driven by Indian restocking and palm oil's discount to soybean oil [3] - US agricultural products are affected by China's import suspension measures, with some product prices dropping by over 20% [4] 3.2 Fundamental Data Charts - No specific content provided 3.3 Views and Strategies - Internationally, the faster - than - expected US soybean planting progress and the delay of the US EPA's decision on biodiesel blending standards have led to a decline in CBOT soybean and soybean oil prices. Malaysian palm oil exports' growth has narrowed, and Indonesia's B40 plan lacks progress, causing a continuous decline in Malaysian palm oil prices [7] - Domestically, soybean oil may enter a stockpiling phase as imports increase and refinery operating rates rise, putting pressure on prices. Palm oil prices revolve around import costs with low inventory and mainly rigid - demand transactions. Rapeseed oil has short - term supply surplus but a long - term bullish outlook due to falling rapeseed stocks [7]