Group 1: Oil and Fat Industry Report Industry Investment Rating - Not provided Core Views - Palm oil futures in Malaysia are expected to maintain strong consolidation around 4,500 ringgit, and domestic palm oil futures may follow the upward trend. For soybean oil, the domestic supply is abundant, and the spot basis quote may rise as soybean supply decreases [1]. Summary by Relevant Catalog - **Soybean Oil**: On September 17, the spot price in Jiangsu was 8,690 yuan/ton, up 0.35% from the previous day; the futures price of Y2601 was 8,366 yuan/ton, down 0.62%. The basis of Y2601 increased by 33.88%. The inventory of soybean oil in factories increased by about 10,000 tons last weekend [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong was 9,450 yuan/ton, up 0.53%. The futures price of P2601 was 9,424 yuan/ton, down 0.61%. The basis of P2601 increased by 131.71%. The import cost increased by 1.03%, and the import profit decreased by 79.70% [1]. - **Rapeseed Oil**: The spot price of Grade - 4 rapeseed oil in Jiangsu was 10,110 yuan/ton, up 0.50%. The futures price of O1601 was down 0.54%. The basis of O1601 increased by 1485.71% [1]. - **Spreads**: The 01 - 05 spreads of soybean oil, palm oil, and rapeseed oil all decreased. The soybean - palm oil spread and rapeseed - soybean oil spread showed different trends [1]. Group 2: Corn and Corn Starch Industry Report Industry Investment Rating - Not provided Core Views - In the short - term, the corn market has a loose supply - demand situation, and the futures price may fluctuate weakly, with strong support around 2,150 yuan/ton. In the medium - term, it will remain weak, and attention should be paid to the new grain purchase rhythm and opening price [2]. Summary by Relevant Catalog - **Corn**: The price of corn 2511 at Jinzhou Port decreased, and the basis decreased by 10.42%. The 11 - 3 spread decreased by 150.00%. The north - south trade profit increased by 51.28%, and the import profit increased by 0.82% [2]. - **Corn Starch**: The price of corn starch 2511 increased by 0.41%. The basis decreased by 8.55%. The starch - corn spread increased by 5.42% [2]. Group 3: Sugar Industry Report Industry Investment Rating - Not provided Core Views - The raw sugar price is expected to maintain a bottom - oscillating pattern between 15 - 17 cents/pound. The domestic sugar market has现货 pressure, and the futures price may stabilize around 5,500 yuan/ton in the short - term, but the rebound space is limited, and a high - selling strategy is recommended [6][7]. Summary by Relevant Catalog - **Futures Market**: The prices of sugar 2601 and 2605 decreased. The ICE raw sugar主力 decreased by 2.33%. The 1 - 5 spread decreased by 17.39%. The position of the主力 contract increased by 0.67%, and the warehouse receipt quantity decreased by 2.48% [6]. - **Spot Market**: The prices in Guosan and Kunming decreased. The Nanning basis decreased by 1.64%, and the Kunming basis increased by 2.64%. The import prices of Brazilian sugar (both quota - within and quota - outside) decreased [6]. - **Industry Situation**: The cumulative production and sales of sugar in the country increased year - on - year. The production and cumulative sales rate in Guangxi also increased, while the monthly sales volume in Guangxi decreased. The industrial inventory in the country increased, and the import volume increased significantly [6]. Group 4: Cotton Industry Report Industry Investment Rating - Not provided Core Views - In the short - term, domestic cotton prices may oscillate within a range, and they will face pressure after the new cotton is listed [8]. Summary by Relevant Catalog - **Futures Market**: The prices of cotton 2605 and 2601 decreased slightly. The ICE US cotton主力 decreased by 0.72%. The 5 - 1 spread decreased by 14.29%. The position of the主力 contract decreased by 0.27%, and the warehouse receipt quantity decreased by 3.03% [8]. - **Spot Market**: The Xinjiang arrival price and CC Index of 3128B increased slightly. The difference between CC Index:3128B and FC Index:M: 1% decreased by 6.75% [8]. - **Industry Situation**: The commercial and industrial inventories decreased. The import volume increased, and the export volume of textile products showed different trends. The downstream finished product inventory was still decreasing, but the shipment slowed down [8]. Group 5: Meal Industry Report Industry Investment Rating - Not provided Core Views - The supply - demand situation of US soybeans is strong on the supply side and weak on the demand side. The domestic supply in the fourth quarter is expected to be sufficient, but there is uncertainty in the supply from January to February next year. Attention should be paid to the support of the 01 contract around 3,000 yuan/ton [10]. Summary by Relevant Catalog - **Soybean Meal**: The spot price in Jiangsu decreased by 1.65%, and the futures price of M2601 decreased by 1.28%. The basis of M2601 decreased by 100.00%. The import profit of Brazilian soybeans in November increased [10]. - **Rapeseed Meal**: The spot price in Jiangsu decreased by 1.91%, and the futures price of RM2601 decreased by 2.30%. The basis of RM2601 increased by 7.84%. The import profit of Canadian rapeseed in November decreased [10]. - **Soybeans**: The prices of domestic and imported soybeans were stable or decreased slightly. The bases of the first and second - grade soybean contracts increased [10]. - **Spreads**: The 01 - 05 spreads of soybean meal and rapeseed meal decreased. The oil - meal ratio and the difference between soybean and rapeseed meal showed different trends [10]. Group 6: Pig Industry Report Industry Investment Rating - Not provided Core Views - The spot price of pigs lacks support. The near - month futures contracts will maintain a weak adjustment, and attention should be paid to the 1 - 5 reverse spread opportunity [12][13]. Summary by Relevant Catalog - **Futures Market**: The prices of pig 2511 and 2601 decreased. The 11 - 1 spread increased by 1.92%. The position of the主力 contract increased by 10.86% [12]. - **Spot Market**: The spot prices in various regions decreased. The daily slaughter volume decreased by 0.40%, and the weekly white - strip price decreased by 0.65% [12]. - **Other Indicators**: The self - breeding profit decreased by 68.02%, and the purchased - pig breeding profit decreased by 28.27%. The inventory of breeding sows decreased slightly [12][15]. Group 7: Egg Industry Report Industry Investment Rating - Not provided Core Views - Egg prices may rise to the annual high due to increased demand, but the high inventory and cold - storage egg release may limit the increase. After the replenishment of traders next week, the demand may weaken, and local egg prices may decline slightly [18]. Summary by Relevant Catalog - **Futures Market**: The price of the egg 11 - contract increased by 0.10%, and the price of the 10 - contract decreased by 1.00%. The 11 - 10 spread increased by 147.83% [17]. - **Spot Market**: The egg - producing area price increased by 0.23%, and the basis increased by 0.89% [17]. - **Industry Indicators**: The price of egg - laying chicken seedlings decreased by 13.33%, and the price of culled chickens decreased by 0.22%. The egg - feed ratio increased by 2.88%, and the breeding profit increased by 20.84% [17].

Report Industry Investment Ratings No information provided in the given content. Core Views Oils and Fats - Palm oil: MPOB report shows inventory growth to 2.2 million tons, and the unexpected decline in the first 10 - day export data brings negative pressure. There is a risk of the futures price falling below 4,400 ringgit and continuing to weaken. Domestically, it will first consider the support at 9,000 yuan. If Malaysian palm oil weakens, Dalian palm oil may follow a downward - fluctuating trend [1]. - Soybean oil: Analysts expect the USDA report to lower the US soybean yield forecast, but the high - level of US soybean's excellent rate still maintains the expectation of a good harvest. The upcoming concentrated supply pressure will weigh on the market. Domestically, although the demand season is coming, the current oversupply of soybeans will keep the basis quotation in a narrow - range adjustment [1]. Meal Products - The high excellent rate of US soybeans suppresses the market's bullish sentiment. The strong supply and weak demand pattern of US soybeans continues. The relatively high Brazilian basis provides support for domestic costs. Recently, the domestic concern about future supply has eased, and the spot is loose. The increase in oil mills' soybean meal inventory and the lack of terminal purchasing enthusiasm suppress the basis. However, the cost support is strong, and the decline space of domestic meal products is limited [3]. Pig Industry - The slaughter of the breeding end is stabilizing, and the reluctance to sell at low prices has increased. The entry of secondary fattening in some areas provides support for the spot. The spot pressure has been gradually realized, and the price has fallen to a low - level range with limited further decline space. The demand is slowly recovering, but whether it can smoothly absorb the supply is uncertain. There may be a wave of concentrated slaughter before the double festivals. The market rebounded today due to the policy boost, but there is still potential for decline later, and the overall supply - demand pressure is large [6]. Corn Industry - In the Northeast, the purchase and sale are still dull, and the new season's corn has not been listed in large quantities, so the price remains firm. In North China, the supply is relatively sufficient, and the price continues to run weakly. As corn is transitioning to the new season, the tight inventory of old - season corn and the upcoming large - scale listing of new - season corn, along with the expected increase in production and the decrease in planting costs, put pressure on the price. On the demand side, the purchasing enthusiasm of deep - processing and feed enterprises is weak. In the short - term, the supply and demand of corn are both weak, and the futures price is under pressure, maintaining a weak pattern in the medium - term [8]. Sugar Industry - The sugar production in the central - southern region of Brazil in the first half of August increased year - on - year, and the sugar - making ratio reached a new high, resulting in a large supply pressure on raw sugar and a price drop below 16 cents per pound. The overall supply pressure of raw sugar remains large, and it is expected to maintain a weak pattern. However, as the sugar price approaches the tax - included ethanol price, the room for the future increase of the sugar - alcohol ratio in Brazil is limited. The new sugar will be on the market in less than a month, and the pre - sale price is lower than the current market price. The futures price is weak, and the market sentiment is weak. The sugar price is expected to fluctuate at the bottom [12]. Cotton Industry - Some cotton ginning factories have started purchasing this week, but the pricing methods of cotton for wadding and spinning are different, and the new cotton purchase driver is still unclear. In the short - term, the upward and downward space of domestic cotton prices may be limited, and the downstream has little confidence in the traditional peak season. In the short - term, domestic cotton prices may fluctuate within a range, and will be under pressure after the new cotton is listed [13]. Egg Industry - The increase in traders' purchases in recent days may drive up the egg price. However, the high inventory and the impact of cold - stored eggs on the market will suppress the increase of the egg price. After the second and third batches of replenishment in the second half of the week, the demand may fade, and the risk of the egg price decline increases. The egg price may rebound in early September, but the overall increase is limited, maintaining a bearish view [16]. Summary by Related Catalogs Oils and Fats - **Price Changes**: - Soybean oil: The spot price in Jiangsu decreased by 1.15% to 8,570 yuan/ton, and the futures price of Y2601 decreased by 192 yuan [1]. - Palm oil: The spot price in Guangdong decreased by 1.59% to 9,270 yuan/ton, and the futures price of P2601 decreased by 34 yuan [1]. - Rapeseed oil: The spot price in Jiangsu decreased by 0.20% to 9,910 yuan/ton, and the futures price of OI601 decreased by 43 yuan [1]. - **Basis and Spread**: - The basis of soybean oil Y2601 increased by 92 yuan to 308 yuan [1]. - The basis of palm oil P2601 decreased by 116 yuan to - 176 yuan [1]. - The 09 - 01 spread of soybean oil decreased by 40 yuan to 6 yuan, a decrease of 86.96% [1]. - The spot spread between soybean oil and palm oil increased by 50 yuan to - 700 yuan, an increase of 6.67% [1]. - The spread between rapeseed oil and soybean oil in 2509 increased by 149 yuan to 1,675 yuan, an increase of 9.76% [1]. Meal Products - **Price Changes**: - Soybean meal: The spot price in Jiangsu remained unchanged at 3,030 yuan/ton, and the futures price of M2601 decreased by 9 yuan to 3,066 yuan/ton [3]. - Rapeseed meal: The spot price in Jiangsu increased by 10 yuan to 2,630 yuan/ton, and the futures price of RM2601 decreased by 17 yuan to 2,533 yuan/ton [3]. - **Basis and Spread**: - The basis of soybean meal M2601 increased by 9 yuan to - 36 yuan [3]. - The basis of rapeseed meal RM2601 increased by 27 yuan to 97 yuan [3]. - The 01 - 05 spread of soybean meal decreased by 7 yuan to 268 yuan, a decrease of 2.55% [3]. - The 01 - 05 spread of rapeseed meal decreased by 14 yuan to 128 yuan, a decrease of 9.86% [3]. - The spot spread between soybean meal and rapeseed meal decreased by 10 yuan to 400 yuan, a decrease of 2.44% [3]. Pig Industry - **Futures and Spot Prices**: - The futures price of the main contract decreased by 85 yuan to - 190 yuan/ton, a decrease of 80.95% [6]. - The spot price in Henan remained unchanged at 13,550 yuan/ton, and the price in Shandong decreased by 100 yuan to 13,500 yuan/ton [6]. - **Industry Indicators**: - The daily slaughter volume of sample points decreased by 879 to 147,686, a decrease of 0.59% [6]. - The weekly white - striped pork price increased by 0.1 yuan to 20.10 yuan/kg, an increase of 0.25% [6]. - The self - breeding profit increased by 20.4 yuan to 53 yuan/head, an increase of 63.31% [6]. Corn Industry - **Price Changes**: - The futures price of corn 2511 decreased by 17 yuan to 2,197 yuan/ton, a decrease of 0.77% [8]. - The FOB price at Jinzhou Port decreased by 10 yuan to 2,310 yuan/ton, a decrease of 0.43% [8]. - **Industry Indicators**: - The basis increased by 7 yuan to 113 yuan, an increase of 6.60% [8]. - The 11 - 3 spread of corn increased by 1 yuan to 11 yuan, an increase of 10.00% [8]. - The long - distance trade profit remained unchanged at 44 yuan [8]. Sugar Industry - **Futures and Spot Prices**: - The futures price of sugar 2601 increased by 17 yuan to 5,535 yuan/ton, an increase of 0.31% [12]. - The spot price in Kunming increased by 15 yuan to 5,835 yuan/ton, an increase of 0.26% [12]. - **Industry Indicators**: - The national cumulative sugar production increased by 119.89 million tons to 1,116.21 million tons, an increase of 12.03% [12]. - The national cumulative sugar sales increased by 130 million tons to 955 million tons, an increase of 15.76% [12]. - The national industrial inventory decreased by 11.3 million tons to 96.89 million tons, a decrease of 10.44% [12]. Cotton Industry - **Futures and Spot Prices**: - The futures price of cotton 2605 increased by 30 yuan to 13,820 yuan/ton, an increase of 0.22% [13]. - The Xinjiang arrival price of 3128B decreased by 43 yuan to 15,210 yuan/ton, a decrease of 0.28% [13]. - **Industry Indicators**: - The commercial inventory decreased by 33.85 million tons to 148.17 million tons, a decrease of 18.6% [13]. - The industrial inventory decreased by 3.19 million tons to 89.23 million tons, a decrease of 3.5% [13]. - The cotton outbound shipping volume increased by 9.86 million tons to 53.46 million tons, an increase of 22.6% [13]. Egg Industry - **Futures and Spot Prices**: - The futures price of the egg 11 - contract decreased by 63 yuan to 3,020 yuan/500KG, a decrease of 2.04% [15]. - The egg - producing area price increased by 0.03 yuan to 3.44 yuan/jin, an increase of 0.79% [15]. - **Industry Indicators**: - The egg - chicken chick price remained unchanged at 3.00 yuan/feather [15]. - The culled - hen price decreased by 0.21 yuan to 4.62 yuan/jin, a decrease of 4.35% [15]. - The egg - feed ratio increased by 0.07 to 2.50, an increase of 2.88% [15].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - Palm oil in Malaysia aims to use B30 bio - fuel in the transport sector by 2030, with a short - term expectation of further oscillatory rebound. In China, Dalian palm oil futures rose sharply due to the increase in Malaysian palm oil, and may further strengthen and test the 8200 resistance. - For US soybean oil, the fundamental situation hasn't changed much. The recent rebound of CBOT soybean oil is mainly driven by the rise in NYMEX crude oil, but the trade frictions between the US and other countries limit its increase. In China, the spot price fluctuates narrowly, the basis quote is mainly stable with a slight decline in some areas. The factory operating rate is expected to rise, and the market is in a traditional demand off - season, which may lead to a decline in the basis quote [1]. 2.2 Meal Industry - US soybean spring sowing is progressing smoothly with a fast overall sowing progress, and there is limited room for dry - weather speculation. Brazil's supply pressure is still being realized, and China has suspended importing soybeans from the US. The domestic soybean arrival in the later period is abundant, and the supply pressure is expected to increase. However, the current low inventory of soybean meal in oil mills and the low basis level suggest that the basis is expected to stabilize. The two meals are expected to maintain an oscillatory structure, and there may be a short - term callback risk for soybean meal after rising above 2950 yuan/ton [2]. 2.3 Pig Industry - The spot price of pigs maintains a slight oscillation. The pig slaughter volume increases, the weight declines steadily, the secondary fattening is rolling out, and the replenishment willingness is limited. The improvement of the supply - demand situation is limited. There is some pre - Dragon Boat Festival stocking demand, which supports the pig price, but the supply is abundant, so it's difficult for the price to rise. The current breeding profit exists, but the market capacity expansion is cautious, and the price has no basis for a sharp decline or strong upward drive. Attention should be paid to the support around 13500 on the futures market [5]. 2.4 Corn Industry - The remaining grain in the grassroots has been basically sold out. The market supply and price change with the grain - selling rhythm of traders. Traders are optimistic about the future market and hold back from selling. The price rebounds locally and remains stable overall with strong bottom support. The downstream deep - processing industry has continuous losses and reduces the operating rate, and the inventory declines slightly. The breeding end mainly replenishes inventory as a rigid demand, but the small price difference between corn and wheat and the concentrated listing of wheat limit the increase of corn price. In the long - term, the tightening supply, weakened import and substitution, and increasing breeding demand will support the upward movement of corn price. In the short - term, the market pays more attention to the wheat market, and the overall trading of corn is light with no strong unilateral driving force, maintaining an interval oscillation [7]. 2.5 Sugar Industry - Global weather is favorable for sugar production recovery. The dry weather in Brazil speeds up the harvest, and the wet weather in India and Thailand benefits the growth of sugarcane crops. The 25/26 supply outlook is optimistic, and the raw sugar is expected to oscillate weakly. Considering that a large amount of raw sugar hasn't entered the domestic market, it still supports the sugar price. The market focus is on the future import rhythm. The domestic supply - demand situation is generally loose, and the increasing long - term supply is the strongest inhibitory factor. The sugar price is expected to maintain an oscillatory weak trend [10]. 2.6 Cotton Industry - The downstream of the cotton industry has rigid demand resilience. The current downstream operating rate hasn't decreased significantly, the finished product inventory is not high, and the spot basis of raw - material cotton is firm, providing strong support for the cotton price. However, the long - term demand expectation is not strong, and there is no strong driving force for the price to rise. In the short - term, the domestic cotton price is expected to oscillate within an interval [11]. 2.7 Egg Industry - The national egg supply is relatively sufficient, which has a certain negative impact on the egg price. The demand may first decrease and then increase, which is the main factor affecting the egg price fluctuation. The national egg price is expected to first decline and then rise this week with a small adjustment range [13]. 3. Summary According to Related Catalogs 3.1 Oils and Fats Industry 3.1.1 Price Changes - **Soybean oil**: The spot price in Jiangsu remains unchanged at 8100 yuan, the futures price (Y2509) drops from 7492 to 7478 yuan (-0.19%), the basis (Y2509) increases by 14 yuan (2.30%), and the warehouse receipt decreases by 65 to 17152 (-0.38%). - **Palm oil**: The spot price in Guangdong rises from 8600 to 8700 yuan (1.16%), the futures price (P2509) increases from 8000 to 8082 yuan (1.03%), the basis (P2509) rises by 18 yuan (3.00%), the盘面 import cost in Guangzhou Port for September increases by 64 yuan (0.74%), and the盘面 import profit increases by 18 yuan (2.81%). - **Rapeseed oil**: The spot price in Jiangsu remains unchanged at 9600 yuan, the futures price (O1509) drops from 9073 to 9070 yuan (-0.03%), the basis (O1509) increases by 3 yuan (0.57%), and the warehouse receipt decreases by 412 [1]. 3.1.2 Spread Changes - **Inter - period spreads**: The 09 - 01 spread of soybean oil increases from 18 to 30 yuan (66.67%), the 09 - 01 spread of palm oil increases from 16 to 30 yuan (87.50%), and the 09 - 01 spread of rapeseed oil decreases from 169 to 167 yuan (-1.18%). - **Cross - variety spreads**: The soybean - palm oil spread decreases, and the rapeseed - soybean oil spread changes slightly [1]. 3.2 Meal Industry 3.2.1 Price and Basis Changes - **Soybean meal**: The spot price in Jiangsu drops from 2940 to 2930 yuan (-0.34%), the futures price (M2509) rises from 2961 to 2962 yuan (0.03%), the basis decreases, and the warehouse receipt decreases by 110 to 26899 (-0.4%). - **Rapeseed meal**: The spot price in Jiangsu drops from 2530 to 2520 yuan (-0.40%), the futures price (RM2509) rises from 2604 to 2618 yuan (0.54%), the basis decreases, and the warehouse receipt decreases by 394 to 27615 (-1.41%) [2]. 3.2.2 Import and Spread Information - The盘面 import profit of Brazilian soybeans for July shipment increases by 13 yuan, and the 09 - 01 spread of soybean meal and rapeseed meal changes [2]. 3.3 Pig Industry 3.3.1 Futures and Spot Indicators - Futures: The main contract price drops from 970 to 890 yuan/ton (-8.25%), the price of live - hog 2507 drops from 13260 to 13215 yuan (-0.34%), the price of live - hog 2509 rises from 13560 to 13640 yuan (0.59%), and the 7 - 9 spread increases from 300 to 425 yuan (41.67%). The main contract position increases by 1488 to 79448 (1.91%), and the warehouse receipt remains unchanged at 450. - Spot: The spot prices in various regions remain unchanged, the sample - point slaughter volume increases by 4051 to 155211 (2.68%), the weekly white - strip price drops from 20.71 to 20.60 yuan (-0.53%), the weekly piglet price remains unchanged at 28.00 yuan/kg, the weekly sow price remains unchanged at 32.53 yuan/kg, the weekly slaughter weight drops from 129.38 to 129.18 kg (-0.15%), the weekly self - breeding profit drops from 81 to 48 yuan/head (-40.23%), the weekly purchased - pig breeding profit drops from 48 to - 16 yuan/head (-133.32%), and the monthly fertile sow inventory drops from 4039 to 4038 million heads (-0.02%) [5]. 3.4 Corn Industry 3.4.1 Corn - The price of corn 2507 rises from 2325 to 2332 yuan (0.30%), the Jinzhou Port flat - hatch price remains unchanged at 2320 yuan, the basis drops from - 5 to - 12 yuan (-140.00%), the 7 - 9 spread increases from - 24 to - 20 yuan (16.67%), the Shekou bulk - grain price drops from 2410 to 2400 yuan (-0.41%), the north - south trade profit drops from 14 to 4 yuan (-71.43%), the CIF price drops from 2063 to 2056 yuan (-0.37%), the import profit drops from 347 to 344 yuan (-0.71%), the number of remaining vehicles in Shandong deep - processing in the morning drops from 747 to 626 (-16.20%), the position drops from 2025642 to 2010114 (-0.77%), and the warehouse receipt drops from 217099 to 216419 (-0.31%) [7]. 3.4.2 Corn Starch - The price of corn starch 2507 rises from 2663 to 2676 yuan (0.49%), the Changchun spot price and the Weifang spot price remain unchanged. The basis drops from 27 to 14 yuan (-48.15%), the 7 - 9 spread increases from - 60 to - 58 yuan (3.33%), the starch - corn futures spread increases from 338 to 344 yuan (1.78%), the Shandong starch profit rises from - 157 to - 151 yuan (3.82%), the position drops from 324840 to 320150 (-1.44%), and the warehouse receipt remains unchanged at 25252 [7]. 3.5 Sugar Industry 3.5.1 Futures and Spot Prices - Futures: The price of sugar 2601 drops from 5674 to 5660 yuan (-0.25%), the price of sugar 2509 drops from 5795 to 5783 yuan (-0.21%), the ICE raw - sugar main contract price drops from 17.25 to 16.91 cents/pound (-1.97%), the 1 - 9 spread drops from - 121 to - 123 yuan (-1.65%). The main contract position increases by 415 to 308960 (0.13%), and the warehouse receipt decreases by 100 to 31481 (-0.32%). - Spot: The Nanning and Kunming spot prices remain unchanged. The Nanning basis increases by 12 yuan (3.33%), the Kunming basis increases by 12 yuan (7.27%). The price of imported Brazilian sugar (within quota) drops from 4696 to 4680 yuan (-0.34%), and the price of imported Brazilian sugar (outside quota) drops from 5974 to 5952 yuan (-0.37%) [10]. 3.5.2 Industry Situation - The national sugar production and sales increase, the industrial inventory decreases, and the sugar import increases significantly [10]. 3.6 Cotton Industry 3.6.1 Futures and Spot Prices - Futures: The price of cotton 2509 drops from 13330 to 13320 yuan (-0.08%), the price of cotton 2601 rises from 13375 to 13390 yuan (0.11%), the ICE US cotton main contract price drops from 65.33 to 65.03 cents/pound (-0.46%), the 9 - 1 spread drops from - 45 to - 70 yuan (-55.56%). The main contract position decreases by 10069 to 552461 (-1.79%), the warehouse receipt decreases by 52 to 11157 (-0.46%), and the effective forecast increases by 29 to 380 (8.26%). - Spot: The Xinjiang arrival price of 3128B and the CC Index: 3128B rise slightly, the FC Index:M: 1% drops slightly, and the relevant spreads change [11]. 3.6.2 Industry Indicators - The national inventory, industrial inventory, and import volume of cotton decrease, the bonded - area inventory decreases, the textile industry inventory increases year - on - year, the yarn and fabric inventory days increase, the cotton outbound shipment volume increases, the spinning enterprise's immediate processing profit drops, and the clothing and textile retail and export data change [11]. 3.7 Egg Industry - The price of the egg 09 contract rises from 3722 to 3750 yuan/500KG (0.75%), the price of the egg 06 contract rises from 2662 to 2689 yuan/500KG (1.01%), the egg - producing area price remains unchanged at 3.05 yuan/jin, the basis drops from 170 to 134 yuan/500KG (-20.99%), the 9 - 6 spread rises from 1061 to 1060 yuan (0.09%). The egg - chicken chick price remains unchanged, the culled - chicken price drops from 5.22 to 5.12 yuan/jin (-1.92%), the egg - feed ratio rises from 2.51 to 2.53 (0.80%), and the breeding profit rises from - 17.22 to - 15.96 yuan/feather (7.32%) [13].

Core Viewpoint - The research focuses on the oilseed industry in Jiangsu, highlighting the impact of low soybean imports and trade tensions on market dynamics, particularly for soybean meal and oil [3][5]. Group 1: Soybean Market Insights - In Q1, oil mills had fewer soybean purchases due to lower-than-average soybean harvests in Brazil, leading to lower domestic soybean arrivals [3][6]. - The expected peak for soybean arrivals is late April, with some companies anticipating a short-term bullish trend for soybean meal in early April [3][6]. - Oil mills generally import soybeans via Zhoushan port, with a customs clearance time of about 20-25 days [3][6]. Group 2: Canola Market Dynamics - Trade tensions between China and Canada have altered the export outlook for Canadian canola, while U.S.-Canada relations also significantly affect canola and meal exports [3][6]. - Russian canola faces export tariffs, and low inventory levels have led to a reluctance among farmers to sell, impacting market prices [3][6]. Group 3: Oil Mill Operations - The oil mills in the region have varying capacities, with some processing up to 10,000 tons of soybeans daily, and they face seasonal shutdowns for maintenance [11][22]. - The expected soybean processing volume for April to June is projected to be high, with a potential rebound in prices anticipated in June and July [16][20]. Group 4: Sales and Inventory Trends - Sales of soybean meal and oil are currently slow, with inventory levels being closely monitored due to fluctuating demand from feed mills [20][28]. - The market is seeing a cautious approach to purchasing, with many companies preferring to wait for clearer signals before committing to large orders [36][38]. Group 5: Future Outlook - Companies express a generally optimistic long-term view on the agricultural sector, anticipating potential price increases in the coming months [24][30]. - The overall sentiment indicates that while short-term pressures exist, the market may stabilize and improve as supply chain issues are resolved [45].