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Report Industry Investment Ratings - **Beans 1**: White star, indicating a relatively balanced short - term long/short trend with poor operability on the current market, suggesting to wait and see [1] - **Soybean Oil**: One red star, representing a bullish bias with a driving force for price increase but poor operability on the market [1] - **Palm Oil**: Three red stars, indicating a clearer long - term trend and a relatively appropriate current investment opportunity [1] - **Soybean Meal**: One red star, suggesting a bullish bias with a driving force for price increase but poor operability on the market [1] - **Rapeseed Meal**: One red star, representing a bullish bias with a driving force for price increase but poor operability on the market [1] - **Rapeseed Oil**: One red star, indicating a bullish bias with a driving force for price increase but poor operability on the market [1] - **Corn**: White star, suggesting a relatively balanced short - term long/short trend with poor operability on the current market, recommending to wait and see [1] - **Live Pigs**: One red star, representing a bullish bias with a driving force for price increase but poor operability on the market [1] - **Eggs**: One red star, indicating a bullish bias with a driving force for price increase but poor operability on the market [1] Core Viewpoints - The prices of agricultural products show different trends, affected by factors such as weather, policies, trade, and supply - demand relationships. Short - term attention should be paid to weather and policy guidance, and long - term thinking for vegetable oils is to maintain a strategy of buying on dips [2][3][4] Summaries by Related Catalogs Beans 1 - Domestic soybeans maintain a rebound trend. There is a risk of short - term waterlogging in some areas in the future week. Policy - related bidding procurement had zero transactions today. There is a risk of higher - than - normal temperatures and lower - than - normal precipitation in the southern US soybean - producing areas in the next 6 - 10 days. Short - term attention should be paid to weather and policy guidance [2] Soybeans & Soybean Meal - The spot price of soybean meal in North China rose by 40 yuan per ton today. The oil mill's operating rate remains high, and soybean meal inventory continues to increase. The demand - side提货量 is also at a high level. There are still many uncertainties in Sino - US trade. Pay attention to possible Sino - US trade news tonight and the August 1st tariff node. The price trend of soybean meal mainly depends on the weather in the US soybean - producing areas [3] Soybean Oil & Palm Oil - Both domestic oil and meal prices are rising, with meal stronger than oil. There is a risk of higher - than - normal temperatures and lower - than - normal precipitation in the southern US soybean - producing areas in the next 6 - 10 days. The palm oil main contract continues to strengthen. In the long - term, the development of biodiesel can support vegetable oil prices, so a long - term strategy of buying vegetable oils on dips is recommended. Short - term attention should be paid to policy and weather guidance [4] Rapeseed Meal & Rapeseed Oil - Rapeseed meal had a significant increase today due to changes in economic and trade expectations. Canada's plan to impose a 25% tariff on Chinese steel products has raised concerns about Sino - Canadian economic and trade relations. Although there is growth potential in Sino - Australian rapeseed trade, there are uncertainties in direct rapeseed imports. It is expected that the trend of rapeseed product inventory reduction will continue, and short - term prices may rise [6] Corn - Dalian corn oscillated sideways today. The increased auction sales by CGS have affected market expectations. There will be a US - imported corn auction tomorrow, with a quantity of about 300,000 tons. US corn is growing well, and Dalian corn futures may continue to fluctuate at the bottom [7] Live Pigs - The live pig 19 contract strengthened after hitting a new low during the day and closed slightly higher. The spot price continued to decline, and the supply is accelerating. In the first half of the year, pork production increased by 1.3%. At the end of the second quarter, the live pig inventory was 424.47 million, a year - on - year increase of 2.2%. In the first half of the year, the number of live pigs slaughtered was 366.19 million, an increase of 0.6%. The industry supply is abundant in the later period, and prices are under downward pressure in the medium - term. The industry can participate in short - selling hedging at high prices and pay attention to the impact of the slaughter rhythm on prices [8] Eggs - Egg futures decreased with increasing positions, mainly in off - season contracts such as October and November. Due to high production capacity and insufficient culling, off - season contracts are under pressure, while the peak - season contract 09 is still relatively supported. The spot price rose today, and the seasonal demand peak is approaching. In the long - term, the egg price cycle has not bottomed out [9]