1. Report Industry Investment Ratings - Protein meal: Bullish [2][3][9] - Corn/starch: Bullish [10] - Live pigs: Bearish [12] - Natural rubber: Neutral [13][15] - Synthetic rubber: Bearish [16] - Cotton: Neutral [16] - Sugar: Bearish [17] - Pulp: Neutral [18] - Offset paper: Neutral [19] - Logs: Bearish [21] - Oils and fats: Mixed (soybean oil - neutral, palm oil - bearish, rapeseed oil - neutral) [6][7] 2. Core Views of the Report - The overall agricultural market shows a mixed trend, with different commodities having their own influencing factors and price outlooks [1][6][9] - For protein meal, both international and domestic factors contribute to a bullish outlook, but attention should be paid to factors such as Chinese purchases of US soybeans and South American weather [2][9] - In the oils and fats market, the performance of different oils varies, affected by macro - environment, industrial policies, and supply - demand relationships [6][7] - Corn prices are driven up by multiple factors such as farmers' reluctance to sell, rigid demand for replenishment, and transportation issues [10][11] - Live pig prices are weak due to abundant supply in the short - to - medium term, but supply pressure may ease in the second half of 2026 [12] 3. Summaries by Related Catalogs Protein Meal - **International situation**: Multiple factors such as the possible occurrence of La Nina, drought risks in South America, and changes in US and Brazilian soybean exports and压榨量 lead to an expected bullish trend for US soybeans [2][9] - **Domestic situation**: Import profit of Chinese soybeans is restored, oil mill soybean压榨量 is high, and the supply and demand of domestic protein meal are relatively balanced in the short term. Attention should be paid to Chinese purchases of US soybeans, profit repair, and downstream replenishment [2][9] Oils and Fats - **Macro - environment**: Fed officials' dovish remarks boost the expectation of a December interest rate cut, and the impact of the US promoting a Russia - Ukraine peace agreement on crude oil needs to be monitored [6] - **Industrial situation**: Pay attention to China's purchases of US soybeans, US biodiesel policies, South American soybean planting progress, and the supply and demand of different oils [6] Corn/Starch - **Price information**: The flat - hatch price at Jinzhou Port increased by 10 yuan/ton, and the closing price of the main contract increased by 1.63% [10] - **Driving factors**: Farmers' reluctance to sell, rigid demand for replenishment, concentrated demand in the Northeast, traders' passive grain - grabbing, and tight transportation capacity drive the price up [11] Live Pigs - **Supply**: In the short - to - medium term, the supply is abundant, but the sow production capacity has shown signs of reduction since the third quarter of 2025, and the supply pressure may ease in the second half of 2026 [12] - **Demand**: The demand is insufficient, and the pig - to - meat ratio has declined, with sporadic bacon - curing in the South [12] - **Outlook**: The near - term price is weak, and the far - term price is supported by the expectation of production capacity reduction [12] Natural Rubber - **Market information**: The prices of some rubber products and raw materials have changed, and the export volume of Thailand and Vietnam has decreased year - on - year [13][14] - **Logic**: Although there is speculation about floods in Thailand, the supply is increasing seasonally, and the demand has not changed significantly. The price is expected to fluctuate widely [15] Synthetic Rubber - **Market information**: The prices of butadiene rubber and butadiene have changed [16] - **Logic**: The stable成交 of butadiene supports the disk, but the fundamentals and raw material pressure are large. It is recommended to short at high prices [16] Cotton - **Market information**: The closing price of the Zhengzhou cotton 01 contract increased, and the number of warehouse receipts increased [16] - **Logic**: The supply is increasing, the demand is seasonally weakening, and the inventory is accumulating. The price is supported by cost and downstream purchases and pressured by hedging [16] Sugar - **Market information**: The closing price of the Zhengzhou sugar 01 contract increased [17] - **Logic**: In the medium - to - long term, the global sugar market is expected to have a surplus supply, and the price has a downward drive. In the short term, the 01 contract has certain support at 5300 yuan/ton [17] Pulp - **Market information**: The prices of some pulp products have changed [17] - **Logic**: There are both bullish and bearish factors. The pulp is expected to fluctuate widely, and different contracts have different pressure and support levels [18] Double - Offset Paper - **Logic**: The continuous decline of raw material prices and weak social demand lead to the low - level weak operation of double - offset paper. The price may be supported in November but may decline in December [19][20] Logs - **Logic**: The fundamentals are weak, the supply is expected to increase in the short term, and the demand is weak. The price is expected to fluctuate weakly around the cost line [21]