Core Viewpoint - The corn market prices are expected to decline due to the increase in new grain supply, but prices have risen instead, primarily due to average weather conditions in major production areas and a slower increase in new grain supply [1] Group 1: Market Conditions - In early September, the corn market saw price increases despite expectations of declines as new grain from regions like North China, Northeast, and Northwest entered the market [1] - The quality of new grain is under pressure due to rainfall affecting corn quality, while prices for high-quality old grain remain strong [1] Group 2: Regional Analysis - In late August, corn from certain regions in Henan began to enter the market, but growth was hindered by previous droughts and rainy weather affecting harvesting [3] - New corn in southern Henan is being sold at prices ranging from 1.05 to 1.10 yuan per jin, with quality varying significantly [3] Group 3: Weather Impact - The weather forecast indicates continued heavy rainfall in Henan, which will further delay the speed of new grain entering the market and negatively impact corn quality [4] - The quality of corn in northern Henan, known for high-quality and high-priced corn, is also affected, with prices for good quality old grain rising to 1.25 yuan per jin due to tight supply [4] Group 4: Price Expectations - Overall, while new grain supply is gradually increasing in September, the growth rate is hindered by weather conditions, leading to expectations that low-end prices for new grain will continue to decline, while high-end prices for quality grain will remain firm [4]

1. Investment Ratings No investment ratings are provided in the reports. 2. Core Views Palm Oil - Internationally, it may test the support at 4,500 ringgit and could briefly drop to 4,350 ringgit. Pay attention to production and inventory data [1]. - Domestically, after the futures price stabilizes above 9,500 yuan, it may rise to the 9,800 - 10,000 yuan range, maintaining a near - strong and far - weak pattern [1]. Soybean Oil - CBOT soybean oil may experience narrow - range fluctuations. If the policy is not released, it may decline due to sufficient soybean supply in the US [1]. - Domestically, with the arrival of the consumption season, the inventory is expected to decrease, and the basis quote may rise [1]. Corn - Short - term: Supply is increasing, demand is weak, and the market is in a weak and volatile state [2]. - Medium - term: New - season corn costs are decreasing, production may increase, and the supply pressure in the fourth quarter is significant [2]. Live Pigs - Spot prices are stable with minor fluctuations. Short - term sentiment may support the market, but there may be a concentrated slaughter before the double festivals. It is recommended to wait and see, and consider a small - scale long position in the far - month 01 contract below 14,000 [6]. Meal - US soybean prices are supported by weather and Chinese procurement expectations, but the domestic market may not rise smoothly due to import concerns. The cost support for domestic meals is strong in the fourth quarter [10]. Sugar - Raw sugar is under pressure from supply expectations but may be affected by potential production cuts in Brazil. It is expected to trade in the 15 - 17 cents/pound range in the short term. Zhengzhou sugar is expected to fluctuate narrowly [13]. Cotton - Short - term: Old - crop inventory is tight, supporting prices, but new - season production is expected to increase, so prices may fluctuate within a range [14]. - Long - term: New - cotton listing may put pressure on prices [14]. Eggs - Supply is sufficient, downstream digestion is slow, and egg prices are expected to remain bearish [16]. 3. Summary by Industry Oil and Fat Industry - **Soybean Oil**: On August 25, the spot price in Jiangsu was 8,740 yuan, up 0.58% from August 22; the futures price of Y2601 was 8,536 yuan, up 0.52% [1]. - **Palm Oil**: On August 25, the spot price in Guangdong was 9,620 yuan, up 0.84%; the futures price of P2601 was 9,488 yuan, down 0.23% [1]. - **Rapeseed Oil**: On August 25, the spot price in Jiangsu was 9,980 yuan, up 0.30%; the futures price of OI601 was 9,998 yuan [1]. Corn Industry - **Corn**: The price of corn 2511 at Jinzhou Port decreased by 0.97%, the basis increased by 63.08%, and the 11 - 3 spread decreased by 53.33% [2]. - **Corn Starch**: The price of corn starch 2511 decreased by 0.68%, the basis increased by 8.02%, and the 11 - 3 spread decreased by 11.43% [2]. Live Pig Industry - The spot price was stable, the basis of the main contract decreased by 24.05%, and the sample - point slaughter volume decreased by 0.84% [5]. Meal Industry - **Soybean Meal**: The spot price in Jiangsu was 3,060 yuan, up 0.33%; the futures price of M2601 was 3,117 yuan, up 0.94% [10]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,580 yuan, up 1.57%; the futures price of RM2601 was 2,547 yuan, up 0.16% [10]. Sugar Industry - The futures price of sugar 2601 increased by 0.32%, and the 1 - 9 spread increased by 42.86%. Nationwide sugar production increased by 12.03% year - on - year [13]. Cotton Industry - The futures price of cotton 2509 increased by 0.29%, and the 9 - 1 spread decreased by 18.52%. Commercial inventory decreased by 16.9% month - on - month [14]. Egg Industry - The price of the egg 09 contract increased by 1.06%, the price of the 10 contract decreased by 0.40%, and the egg - to - feed ratio decreased by 0.82% [16].