需求方面，瑞达期货（002961）指出，。1月氯碱装置检修影响季节性偏弱，现有检修计划偏少，行业 开工率预计维持在偏高水平。终端地产、基建正处低温淡季，管材、型材等硬制品开工率或维持下降趋 势。海外市场竞争激烈，出口提振有限。 库存方面，据西南期货介绍，截至2025年12月26日，社会库存约106万吨，环比微增0.43%，同比大增 31.92%。 1月7日，国内期市能化板块大面积飘红。其中，PVC期货盘中高位震荡运行，截至发稿主力合约报 4987.00元/吨，涨幅2.32%。 基本面上，华联期货分析称，供应端开工率环比延续走低，主要是部分装置检修降负荷影响，但总体供 应仍在高位。2026年预计仅有浙江嘉化30万吨新增产能，供应扩张进入尾声。 展望后市，光大期货表示，供给维持高位震荡，国内需求放缓，基本面驱动偏空，估值方面05合约依旧 大幅升水，PVC整体表现为弱现实强预期结构，后续继续上行空间有限，预计PVC价格维持底部震荡。 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华泰期货 作者： 化工组 1月6日，MA2605合约上涨3.1%，美伊关系紧张刺激甲醇盘面上涨： 美国海军无人机在伊朗海岸附近活动，美伊关系再度紧张，在美军此前对委内瑞拉采取强硬行动的前车 之鉴背景下，市场担忧美国对伊朗也会采取进一步军事行动。伊朗作为海外甲醇的主产国，甲醇盘面价 格快速拉升。 风险提示：美伊局势动向，伊朗装置冬检持续性，MTO装置检修情况 投资咨询业务资格： 证监许可【2011】1289号 免责声明： 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保 证。本报 告所载的意见、结论及预测仅反映报告发布当日的观点和判断。在不同时期，本公司可能会 发出与本报告所载意 见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状 态。本公司对本报告所含信息可 在不发出通知的情形下做出修改， 投资者应当自行关注相应的更新或 修改。 本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，投资者并不能 依靠本报告以取代 行使独立判断。对投资者依据或者使用本报告所造成的 ...

Morning session notice 早盘提示 研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【行情复盘】 | 周一夜盘主力合约 | 2605 | 期货价格上涨 | 47 | 元至 | 2271 | 元/吨，华东主流地区甲醇现货 | | | | | | | | | 价格下跌 | 30 | 元至 | 2220 | 元/吨。持仓方面，多头持仓增加 | 18586 | 手至 | 45.2 | 万手，空 | 头持仓增加 | 42410 | 手至 | 57.2 | 万手。 | | | 【重要资讯】 | 1、供应方面，国内甲醇开工率 | 91.2%，环比+0.8%。海外甲醇开工率 | 60.9%，环比+0.6%。 | | | | | | | | | | | | | 2、库 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货豆类油脂早报（2025 年 12 月 8 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：弱势 中期观点：震荡 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘收盘价为基准) 品种 短期 中期 日内 观点参考 核心逻辑概要 <点击目录链接，直达品种 策略解析> 豆粕 2605 震荡 偏弱 震荡 弱势 弱势 进口大豆成本，进口到港节 奏，油厂开工节奏，库存压力 豆油 2601 震荡 震荡 震荡 偏弱 震荡偏弱 美豆成本支撑，美国生物燃 料政策，美豆油库存，国内 大豆成本支撑，供应节奏， 油厂库存 棕榈 2601 震荡 震荡 震荡 偏弱 震荡偏 ...

期货交易咨询业务资格：证监许可【2011】1285号 华联期货PVC月报 弱现实强预期 关注底部支撑 20251130 黄桂仁 0769-22112875 从业资格号：F3032275 交易咨询号：Z0014527 审核：段福林 从业资格号：F3048935 交易咨询号：Z0015600 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 月度观点及策略 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 月度观点 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 行情回顾：11月期货主力合约延续下跌创年内新低，月线级别四连阴，接近期货上市以来历史最低点。具体表现为 上旬中旬下跌，下旬后期震荡反弹。下跌主要驱动在于供需面进一步走弱，供应放量，内需淡季，估值驱动不足， ...

Group 1: Pig Industry Report Industry Investment Rating Not provided Core View Pigs remain in a state of strong supply and weak demand, maintaining a situation of "weak reality and strong expectation" in the short term [5][6]. Summary by Section - **Demand**: In September, demand was briefly boosted by the start of school and the double festivals, but downstream consumption showed no significant improvement, and the fresh - sales rate of slaughtering enterprises remained stable [5]. - **Supply**: Pig prices continued to decline this week. Farmers' panic selling persisted, and large - scale farms with high costs were in continuous losses, leading to a slight decrease in the average weight of pig slaughter [5]. - **Inventory**: It is expected that the inventory of commercial pigs in September will increase month - on - month due to the birth and sales of piglets six months ago and the postponed sales plans of some scale enterprises [5]. - **Profit**: The average national pig slaughter price this week was 12.59 yuan/kg, a new low in more than three years, and the daily price dropped by 10% compared to the beginning of the month. The losses of self - breeding and self - raising and purchasing piglets continued to worsen [5]. Group 2: Egg Industry Report Industry Investment Rating Not provided Core View This week, egg prices continued to fall, and it is expected that the market will continue to fluctuate and decline next week, with the average weekly price in the main production areas ranging from 2.90 - 3.00 yuan/jin [19][21]. Summary by Section - **Demand**: Before the festival, terminal demand weakened, and during the festival, although there was replenishment demand, it was difficult to support egg prices. After the festival, egg prices continued to decline [19]. - **Supply**: The total number of slaughtered chickens was 583,700, a 1.68% decrease from the previous week. The average slaughter age was 498 days, 2 days earlier than last week. Due to the decline in egg prices, farmers were more willing to cull chickens [19]. - **Inventory**: As of Thursday this week, the production - link inventory increased by 49.61% from last week, and the circulation - link inventory increased by 44.53% from last week due to transportation difficulties during the holiday [19]. - **Profit**: This week, the cost of egg - chicken farming was 3.45 yuan/jin, a 1.71% decrease from the previous week, and the farming profit was - 0.30 yuan/jin, a 400% decrease from the previous week [20]. Group 3: Soybean Meal Industry Report Industry Investment Rating Not provided Core View The end of October will be an important window for the trade relationship. If the tariff situation does not ease, the price of US soybeans is not optimistic. In the long run, if the relationship between China and the US does not change substantially, the price of soybean meal is expected to rise further, but the upside space is limited [34][35]. Summary by Section - **Demand**: In September, the spot market of soybean meal was under pressure, and the traditional holiday stocking demand was far less than in previous years. The monthly trading volume decreased by more than 30% compared to August [34]. - **Supply**: In September 2025, the estimated arrival of soybeans at domestic full - sample oil mills was about 9.945 million tons, and in October, it was estimated to be about 9.49 million tons. The estimated soybean crushing volume was 9.4168 million tons, an increase of 1.4638 million tons compared to the same period in 2024. The supply of soybean meal was loose [34]. - **Inventory**: As of September 26, the dynamic full - sample oil mill soybean meal inventory was 1.1892 million tons, a 19.65% month - on - month increase [34]. - **Profit**: The profit of importing and crushing soybeans in September continued to deteriorate compared to August. As of September 30, the near - month crushing profit of Brazilian soybeans was - 14 yuan/ton, a decrease of 65 yuan/ton compared to August 29 [34]. Group 4: Palm Oil Industry Report Industry Investment Rating Not provided Core View During the holidays, there were many positive news from palm oil producing areas, and domestic buyers made a large number of purchases. In the short term, palm oil is expected to fluctuate and strengthen, but the near - month supply is expected to be loose, and the basis price is under pressure [47]. Summary by Section - **Demand**: Indonesia's active promotion of the B50 biodiesel plan boosted market confidence and the expected future demand for palm oil [47]. - **Supply**: From September 1 - 20, the production of crude palm oil in Malaysia decreased by 4.26% compared to the same period last month, and it will enter the production - reduction season in November, with a large price - support space [47]. - **Inventory**: As of October 9, 2025, the commercial inventory of palm oil in key domestic regions was 552,200 tons, the same as last week, and a 9.16% increase compared to the same period last year [47]. - **Profit**: As of October 9, the FOB price of palm oil for October shipments was 1,098 US dollars/ton, an increase of 30 US dollars/ton from last week. The import cost was 9,640 yuan/ton, an increase of 260 yuan/ton, and the hedging profit was - 82 yuan/ton, an increase of 114 yuan/ton from last week [47]. Group 5: Cotton Industry Report Industry Investment Rating Not provided Core View The downstream performance during the "Golden September and Silver October" peak season was lower than expected, and there is currently no significant driving force on both the supply and demand sides to push up cotton prices [59]. Summary by Section - **Demand**: As of October 9, the operating load of mainstream textile enterprises was 65.4%, a 1.80% decrease from last week. During the holiday, orders were limited, and some textile enterprises reduced their operating loads or shut down [60]. - **Supply**: As of October 9, 2025, the operating rate of cotton ginning factories nationwide increased to 14.85%, a 4.8% increase from last week. The picking progress in northern Xinjiang accelerated, while in southern Xinjiang, it was about 20%. The acquisition of local cotton in some areas was difficult due to rain [60]. - **Inventory**: In the week of October 9, the cotton inventory of mainstream textile enterprises was equivalent to 27.15 days. The downstream and terminal showed weak purchasing willingness [60]. - **Profit**: In the 2025/26 season, the purchase price of Xinjiang seed cotton was 6.11 yuan/kg. The estimated profit of Xinjiang 400 - type ginning factories was 611 yuan/ton, a decrease of 376 yuan/ton compared to before the festival [59].

Core Viewpoint - The soybean meal futures market is experiencing a downward trend, with prices fluctuating and overall supply pressures impacting the market dynamics [1][2][3] Market Data Summary - On September 17, the main soybean meal futures contract closed at 3002.00 CNY/ton, reflecting a decline of 1.44% [1] - Coastal regions reported soybean meal prices ranging from 2960 to 3090 CNY/ton on September 16, with variations of a decrease of 20 CNY/ton to an increase of 20 CNY/ton compared to the previous day, and a decline of 0 to 20 CNY/ton compared to the same week last year [2] - The European Commission reported a 4.6% year-on-year decrease in soybean meal imports for the 2025/26 fiscal year, totaling 3.76 million tons as of September 14 [2] Export and Production Insights - Brazil's National Grain Exporters Association (Anec) projected soybean meal exports for September at 2.19 million tons, an increase from the previous week's estimate of 2.11 million tons [2] - Brazilian corn exports are expected to reach 7.12 million tons, up from 6.96 million tons the previous week [2] Institutional Perspectives - New Century Futures noted a slight reduction in U.S. soybean yield to 53.5 bushels per acre, but an increase in planting and harvesting area led to a total production rise to 4.301 billion bushels. Weak export demand, particularly to China, has resulted in an increase in ending stocks to 300 million bushels, with market focus on U.S.-China trade relations [3] - Hualian Futures highlighted that recent U.S.-China talks did not address soybean purchases, leaving concerns about domestic soybean shortages unresolved. Brazilian soybean planting is set to begin, with favorable weather conditions in late September [3] - The domestic soybean meal market is characterized by a "weak reality, strong expectations" scenario, with short-term supply limiting price increases. A wide fluctuation in soybean meal prices is anticipated, with support levels suggested between 2900 and 3000 CNY/ton [3]

Core Viewpoint - Recent fluctuations in domestic soybean meal futures prices have been significant, with the 2601 contract dropping from 3190 yuan/ton to 3030 yuan/ton due to market expectations of potential U.S. soybean purchases by China, followed by a stabilization around 3040 yuan/ton [1] Group 1: Market Dynamics - The current soybean meal market is characterized by a "weak reality, strong expectation" scenario, where domestic supply and demand are loose, but there are expectations of a supply gap in the fourth quarter [1] - Brazilian soybean price differentials have increased, raising import costs for China by approximately 40 yuan/ton, leading to a re-evaluation of soybean meal pricing [2] - China's soybean imports from the U.S. increased by 31.2% year-on-year from January to July, indicating proactive stocking by oil mills in anticipation of potential shortages [2] Group 2: Supply and Demand - Domestic soybean meal supply remains generally sufficient, with high import volumes and oil mill operating rates, but there is still a projected supply gap in the fourth quarter [2][3] - Current spot prices for soybean meal are stable around 3000 yuan/ton, with effective basis adjustments mitigating futures price volatility [3] - The market is closely monitoring U.S. soybean yield and potential procurement agreements between China and the U.S., as these factors directly influence global soybean supply [3] Group 3: Future Outlook - If the U.S. soybean cannot enter the Chinese market, the fourth quarter procurement gap could support soybean meal futures prices, particularly for later contracts [3] - The soybean meal market has not experienced a significant bull market due to abundant production, but global trade tensions have led to relatively strong performance within the agricultural sector [4] - Strategies suggest taking long positions on soybean meal at lower prices, while recommending arbitrage operations between soybean meal and other meal types due to differing supply dynamics [4]

1. Report Industry Investment Rating The provided text does not contain information about the report industry investment rating. 2. Report's Core View - The soybean oil market is in a "weak reality + strong expectation" pattern. The long - term view for soybean oil is bullish, but short - term increases may be tortuous. For Y2601, consider buying on dips around 8300 - 8310, with pressure at 8550 - 8600 yuan/ton [1]. - China's temporary anti - dumping measures on Canadian rapeseed may reduce imports. The price of rapeseed oil is expected to be volatile in the short term, with support at 9580 - 9600 and pressure at 9998 - 10333 [1]. - Palm oil prices are under pressure from the decline in US soybean oil prices but are supported by factors such as poor production in Malaysia, good exports, and strong crude oil prices. Consider buying on dips with light positions, with support at 9200 - 9240 and pressure at 9736 - 9998 [2]. - The price of soybean meal is affected by the decline of US soybeans and weak supply. There is still support in the short - term, and the expectation of tight supply in the fourth quarter remains. Consider buying on dips, with support at 2980 - 3000 and pressure at 3180 - 3200 [2]. - The prices of corn and corn starch are under pressure from the fundamentals. Suggest reducing short positions on dips. For the 11 - contract of corn, the support is at 2100 - 2120, and the pressure is at 2240 - 2250; for the 11 - contract of corn starch, the support is at 2400 - 2420, and the pressure is at 2580 - 2590 [4]. - The price of soybean No.1 is affected by the supply increase from new beans and state - reserve auctions. It is not recommended to chase the rise, and consider shorting on rebounds. The 11 - contract has a pressure at 4145 - 4150 and support at 3850 - 3900 [5]. - The new season of peanuts has an expected increase in production and a decrease in cost. The price is expected to be volatile in the short - term. The 11 - contract has support at 7500 - 7510 and pressure at 8020 - 8162 [6]. - The price of live pigs has rebounded from the low level. Consider holding long positions in the 11 - contract, and for the 2601 contract, wait for the confirmation of capacity reduction and then consider buying on dips [7]. - The price of eggs has stopped falling and rebounded. It is not recommended to short aggressively. Aggressive investors can consider buying on dips in the 2511 contract at the cash cost of farmers [8]. 3. Summary by Relevant Catalogs 3.1 First Part: Sector Strategy Recommendation 3.1.1 Market Judgment - **Oils and Fats**: Soybean oil 01 is expected to be volatile and bullish, consider buying on stabilization; rapeseed oil 01 is expected to be volatile, and it is recommended to wait and see; palm oil 01 is expected to be volatile, consider buying on dips with light positions [11]. - **Proteins**: Soybean meal 01 is expected to be volatile and bullish, consider buying on stabilization; rapeseed meal 01 is expected to be volatile, and it is recommended to wait and see [11]. - **Energy and By - products**: Corn 11 and starch 11 are expected to be volatile at low levels, suggest reducing short positions on dips [11]. - **Livestock Farming**: Live pigs 11 are expected to rebound and be volatile, consider holding long positions; eggs 10 are expected to find the bottom while being volatile, consider buying on dips [11]. 3.1.2 Commodity Arbitrage - **Inter - period Arbitrage**: For most varieties, it is recommended to wait and see, except for soybean meal 3 - 5 which is recommended for positive arbitrage, and live pigs 1 - 3 and eggs 10 - 1 are recommended for positive arbitrage on dips [12][13]. - **Inter - commodity Arbitrage**: For some varieties such as 01 soybean oil - palm oil, it is recommended for bearish operations; for 01 rapeseed oil - soybean oil, it is recommended for bullish operations; for 01 soybean meal - rapeseed meal, it is expected to be volatile at low levels [13]. 3.1.3 Basis and Spot - Futures Strategies - The report provides the spot prices, price changes, and basis changes of various varieties such as oils, fats, proteins, energy, and livestock farming products [14]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Fats and Oilseeds - **Daily Data**: The report provides the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipment periods [16][17]. - **Weekly Data**: It shows the inventory and startup rates of various oils and fats and oilseeds, such as the inventory of soybeans at ports, the inventory of soybean meal at oil mills, etc [18][19]. 3.2.2 Feed - **Daily Data**: The import cost data of corn from Argentina and Brazil in different months are provided [19]. - **Weekly Data**: The weekly data of corn and corn starch, including consumption, inventory, startup rate, etc., are presented [20]. 3.2.3 Livestock Farming - The daily and weekly data of live pigs and eggs, including prices, production, consumption, and inventory data, are provided [21][22][23][24][25]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock Farming End (Live Pigs, Eggs)**: The closing prices of live pig and egg futures contracts, as well as the spot prices of live pigs, piglets, eggs, and culled chickens, are presented [26][27][29][30][32][34]. - **Oils and Fats and Oilseeds**: - **Palm Oil**: The production, export, inventory, and price spread data of Malaysian palm oil are presented [36][38][40][44]. - **Soybean Oil**: The data of US soybean crushing, soybean oil inventory, domestic soybean oil mill startup rate, and inventory are presented [46][48]. - **Peanuts**: The data of peanut arrival, shipment, pressing profit, and inventory are presented [51][53]. - **Feed End**: - **Corn**: The closing price, spot price, inventory, and import data of corn are presented [55][58]. - **Corn Starch**: The closing price, spot price, startup rate, and inventory data of corn starch are presented [59][60]. - **Rapeseed**: The spot price, basis, inventory, and pressing profit data of rapeseed meal and rapeseed oil are presented [61][63][65][67][69]. - **Soybean Meal**: The growth rate, inventory, basis, and price spread data of US soybeans are presented [74][76][78][80][82][84]. 3.4 Fourth Part: Options Situation of Feed, Livestock Farming, and Oils and Fats - The historical volatility data of rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio data of corn options are presented [88][89]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock Farming, and Oils and Fats - The warehouse receipt data of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs are presented [92][93][94][95]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - **Soybean Oil**: The price of soybean oil broke through and rose this week. The market is worried about the supply of oilseeds in the fourth quarter. The soybean oil market is in a "weak reality + strong expectation" pattern. The 01 contract of soybean oil may continue to rise based on the 8400 level. It is recommended to hold long positions in the main 01 contract, consider 1 - 5 positive spread operations [3]. - **Rapeseed Oil**: China's temporary anti - dumping measures on imported Canadian rapeseed initially pushed up the price of rapeseed products. However, the import of rapeseed from other countries has alleviated supply concerns, and the price has fallen from its high. The price of palm oil provides some support, and the price is expected to fluctuate in the short term [3]. - **Palm Oil**: The high - frequency data shows poor production of Malaysian palm oil. The export of Malaysian palm oil from August 1 - 15 increased by 21.3% month - on - month. The replenishment demand of importing countries supports the price. There are potential positive factors for the price, and it is recommended to hold long positions [4]. - **Soybean Meal and Soybean No. 2**: The price of soybean meal broke through and rose. The situation of Sino - US trade remains severe, and there is an expectation of tight supply of soybeans for oil extraction in the fourth quarter. The 09 contract of soybean meal is expected to be strong, and long positions can be held. The 09 contract of soybean No. 2 is expected to fluctuate and adjust [3][4]. - **Rapeseed Meal**: After the change in trade policy, the price of rapeseed meal first rose and then fell. The supply can be partially supplemented by imports from other countries, and the demand is weak. The price is expected to stop falling and fluctuate [3][4]. - **Soybean No. 1**: The price of soybean No. 1 oscillated at a low level this week. The price in the Northeast is stable, but there is a downward expectation. New soybeans in Hubei are gradually on the market, and it is recommended to try short positions with a light position [5]. - **Peanut**: The inventory of peanuts in the producing areas is low, and the import volume is small. The new - season planting area has increased, and there is an expectation of a bumper harvest. It is recommended to short the 11 and 01 contracts on rebounds [6]. - **Corn and Corn Starch**: The futures prices continued to be weak this week. The external market is under pressure, and the domestic market also has supply pressure. It is recommended to hold short positions cautiously and consider option strategies such as selling wide - straddle combinations or out - of - the - money call options [7]. - **Pig**: The spot price of pigs was weakly volatile and generally stable over the weekend. Terminal consumption is expected to improve in late August. The futures price of far - month contracts rebounded after rising. It is recommended that aggressive investors hold long positions in the 2511 or 2601 contracts and buy the 2605 contract on dips [8][9]. - **Egg**: The spot price of eggs rebounded with fluctuations over the weekend. The current inventory is high, and the seasonal peak season in August needs further confirmation. It is recommended to buy the 10 or 11 contracts on dips and pay attention to the 11 - 1 spread [9]. 3. Summary According to Relevant Catalogs 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis | Sector | Variety | Market Logic (Supply - Demand) | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 11 | Northeast soybean sentiment cools, new soybeans in Hubei are on the market, price expected to fall steadily | 3900 - 3930 | 4145 - 4150 | Oscillatory decline | Try short positions with a light position | | | Soybean No. 2 09 | Sino - US trade situation is severe, import cost rises, fewer purchases in the fourth quarter | 3640 - 3670 | 3950 - 4000 | Oscillatory strength | Temporarily wait and see | | | Peanut 11 | Low old - season inventory, increased new - season area, reduced cost | 7500 - 7600 | 8100 - 8162 | Oscillatory decline | Hold short positions | | Oils | Soybean Oil 01 | Fewer soybean purchases in the fourth quarter, expected tight supply in the future | 8230 - 8300 | 8880 - 9000 | Oscillatory rise | Hold long positions | | | Rapeseed Oil 01 | Fewer rapeseed purchases, increased imports from alternative countries | 9600 - 9610 | 10290 - 10333 | Oscillatory adjustment | Temporarily wait and see | | | Palm Oil 01 | Good export demand in the origin, concerns about Indonesian production | 9050 - 9074 | 9990 - 9990 | Oscillatory strength | Hold long positions | | Proteins | Soybean Meal 09 | Sino - US trade situation is severe, fewer soybean purchases in the fourth quarter, good expectation | 2950 - 2980 | 3200 - 3250 | Oscillatory strength | Hold long positions | | | Rapeseed Meal 01 | Fewer rapeseed purchases, increased imports from alternative countries, weak demand | 2431 - 2460 | 2698 - 2708 | Oscillatory adjustment | Temporarily wait and see | | Energy and By - products | Corn 11 | Imported corn auctions continue, new - season is under pressure, short - term price continues to seek the bottom | 2150 - 2160 | 2240 - 2250 | Oscillatory weakness | Hold short positions cautiously | | | Starch 09 | Corn price at the cost end is under pressure, spot supply remains loose | 2590 - 2600 | 2720 - 2730 | Oscillatory weakness | Hold short positions cautiously | | Livestock | Pig 11 | Feed price stops falling and rebounds, industry has capacity - reduction policy | 13000 - 13500 | 14500 - 15000 | Oscillatory rebound | Hold long positions | | | Egg 10 | Capacity pressure + consumption peak - season expectation | 3200 - 3300 | 3600 - 3700 | Oscillatory bottom - seeking | Buy on dips | [12] 3.1.2 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis data of various varieties in different sectors, including oilseeds, oils, proteins, energy and by - products, and livestock [13][14]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oilseeds and Oils - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, such as the CNF price, import duty - paid price, and cost of soybean meal or rapeseed meal when the crushing profit is zero [14][15]. - **Weekly Data**: It shows the inventory and operating rate data of various oilseeds and oils, such as the inventory of soybeans, rapeseeds, palm oil, peanuts, and the operating rate of soybean oil, rapeseed oil, and peanut oil production [16]. 3.2.2 Feed The report provides the weekly data of corn and corn starch, including the consumption, inventory, operating rate, and inventory of deep - processing enterprises [16]. 3.2.3 Livestock - **Pig**: It provides the weekly data of the pig market, including spot prices, breeding costs, profits, slaughter data, and other indicators [17]. - **Egg**: It provides the weekly data of the egg market, including supply - side data (production rate, inventory, etc.), demand - side data (inventory), and profit data [18]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock (Pig and Egg)**: It includes charts of the closing prices of pig and egg futures contracts, spot prices, and related data [20][21][22][23][25][26][27]. - **Oilseeds and Oils**: It includes charts of the production, export, inventory, and other data of palm oil, soybean oil, and peanuts [29][36][43]. - **Feed**: It includes charts of the prices, basis, inventory, consumption, and profit data of corn, corn starch, rapeseed, and soybean meal [47][55][63][69]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils The report provides charts of the historical volatility of various varieties and the trading volume, open interest, and put - call ratio of corn options [70][75][76]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils The report provides charts of the warehouse receipt quantity of various varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pig, and egg [81][82][83][84][89][91]