Report Industry Investment Ratings - **Buy**: None - **Hold**: Soybean, soybean meal, rapeseed meal, rapeseed oil, palm oil, corn, egg [1] - **Sell**: None Core Viewpoints - The prices of various agricultural products show different trends, with some in high - level oscillations, some rising or falling, and the future trends depend on multiple factors such as policies, supply - demand, and international trade relations [2][3][4] - Different agricultural products have different investment strategies, including waiting for opportunities to go long, short - term waiting and seeing, and expecting limited rebounds [3][6][7] Summary by Commodity Soybean and Related Products - **Soybean**: The price of domestic soybeans is in high - level oscillation. The restart of soybean auction by Sinograin cools the market sentiment, while the purchase by Sinograin warehouses shows the advantage of high - protein soybean prices. The warehouse receipts of domestic soybeans increase with the rebound of imported soybeans. Short - term focus is on policies and market sentiment [2] - **Soybean and Soybean Meal**: The main contract of soybean meal futures oscillates. US soybeans are in a wide - range oscillation after a strong rise. The import tax rate of US soybeans in China is changed to 13%, but commercial imports still have no price advantage. The supply of soybeans is expected to be basically sufficient in Q4, and there may be inventory reduction in Q1 next year. The sowing rate of Brazilian soybeans is 58.4% as of November 8th. Focus on the USDA November supply - demand report and look for long - buying opportunities after the Sino - US trade eases [3] - **Soybean Oil and Palm Oil**: Soybean oil and palm oil follow rapeseed oil to strengthen. The short - and medium - term supply - demand of rapeseed oil is strong, which boosts the price of soybean and palm oil. The high inventory of palm oil in Malaysia needs attention. The loss of the near - end crushing profit of imported soybeans supports soybean oil. The oil - meal ratio shows that soybean oil is stronger than soybean meal this week. The price of palm oil is in a horizontal oscillation, and its supply - demand and the trend of surrounding oils need attention [4] Rapeseed Products - **Rapeseed Meal and Rapeseed Oil**: The positions and trading volume of domestic rapeseed futures contracts increase, maintaining the trend of strong oil and weak meal. The shortage of rapeseed in coastal areas leads to a more than expected decline in the inventory of rapeseed products, especially rapeseed oil, which supports its price. Supply - side focus is on the arrival time of Australian rapeseeds, the data adjustment of the USDA supply - demand report, and the Sino - Canadian relations. Short - term waiting and seeing is recommended [6] Corn - The 2601 contract of Dalian corn futures rises by 0.93% with reduced positions. The estimated output of this season's corn is 3 billion tons, a 1.72% increase. The spot price is strong in some areas due to temperature drop and reduced supply. The price of wheat starts to weaken. The high - level supply of grains in the Northeast has not passed, and the rebound height of the 01 contract of Dalian corn futures is expected to be limited, and it may continue to operate at the bottom [7] Livestock and Poultry Products - **Pig**: The spot price of pigs decreases slightly, while the futures show a significant increase in positions, and the near - month January contract drops sharply. The high price difference between fattening pigs may slow down the overall slaughter rhythm, and the pig price may have a seasonal rebound. In the long - term, the pig price may have a second bottom - probing next year [8] - **Egg**: The far - month egg futures price rises sharply and breaks through the previous oscillation platform. The reason is the expected decline in the laying - hen inventory due to the sharp decrease in chick replenishment in the second half of this year. The near - month contracts are weak due to the weakening of the spot price. The overall egg price is stable with some provincial declines. Focus on the spot performance and old - hen culling, and wait and see for now [9]

Report Industry Investment Ratings - **Buy**: Beans for domestic consumption, Bean Meal, Soybean Oil, Rapeseed Meal, Rapeseed Oil [1] - **Hold**: Corn, Live Pigs, Eggs [1] Core Views - Uncertainties remain high in the agricultural products market, with significant impact from Sino-US trade relations and policy guidance [3][4][6] - Maintain a wait-and-see attitude due to many uncertain factors, and look for investment opportunities [3] - Long-term, it is advisable to allocate edible oils at low prices, but be cautious about short-term price fluctuations [4] Summary by Related Catalogs Beans for Domestic Consumption - The main contract of domestic soybeans rose and then fell. The trading volume was 52,003 tons, with a trading rate of 79.76% and an average price of 3,910 yuan/ton, providing market guidance [2] - The price difference between domestic and imported soybeans rose and then fell. Pay attention to the impact of short-term profit-taking [2] - Keep an eye on policy guidance in the short term [2] Soybeans & Bean Meal - The main contract of Dalian soybeans rose 0.58% in shock, and domestic bean meal spot prices generally increased by 20 - 30 yuan/ton [3] - Overall, soybean supply in the fourth quarter is not a big problem, but it may tighten in the first quarter of next year if Sino-US trade relations deteriorate [3] - If Sino-US trade relations do not ease, Dalian soybeans are likely to continue to fluctuate. Wait and see for opportunities [3] Soybean Oil & Palm Oil - The oil-to-meal ratio continued to decline [4] - Palm oil enters the production reduction cycle in the fourth quarter. Its price depends on production reduction performance. Pay attention to the adjustment risk of the oil-to-meal ratio [4] - In the long term, allocate edible oils at low prices, but be cautious about short-term price corrections of palm oil [4] Rapeseed Meal & Rapeseed Oil - Rapeseed futures showed small fluctuations. Rapeseed oil slightly reduced positions, and the market was still cautious [6] - Coastal oil mills have low rapeseed inventories, and there is a risk of inventory accumulation for domestic rapeseed oil [6] - The main contract price of rapeseed futures will mainly fluctuate. Pay attention to the trend of economic and trade relations and consider cross-competitor strategies with rapeseed as the short side [6] Corn - Corn futures traded sideways. Northeast corn prices were stable, and Shandong's corn supply increased [7] - Downstream demand is mainly for rigid procurement. Dalian corn may continue to operate weakly at the bottom [7] Live Pigs - Live pig futures' near-term contracts fluctuated, and far-term contracts hit new lows [8] - Spot prices were stable, and second-round fattening sentiment weakened [8] - There is an expectation of improved pork consumption in the fourth quarter, but maintain a short-selling strategy after the price rebounds [8] Eggs - Egg futures rebounded with reduced positions. Spot prices rebounded [9] - Pay attention to short-term risks. There may be a decline in the medium term [9]

1. Investment Ratings No investment ratings for the industries are provided in the reports. 2. Core Views Oils and Fats Industry - Palm oil: The market's concern about the end - of - month inventory growth will support the market. The futures of crude palm oil may start an upward trend. It is recommended to go long on dips. - Soybean oil: The digestion of the US biodiesel policy has ended. The domestic spot trading is light, but the market sentiment may improve in August [1]. Meal Industry - The US soybean remains in a bottom - oscillating pattern. The domestic soybean and soybean meal inventories are rising, and the basis is oscillating at a low level. It is recommended to wait and see [2]. Livestock (Pig) Industry - The pig spot market is weak. The short - term pig price is not optimistic, with the near - month contract facing strong resistance. It is not advisable to short the far - month contract blindly [4]. Corn Industry - In the short term, the corn market is not active, with the futures oscillating. In the long run, the supply may be tight in the third quarter and loose in the fourth quarter [6]. Sugar Industry - Internationally, the raw sugar price may bottom out, but the overall trend is bearish. Domestically, the supply - demand situation is marginally loose, with the futures expected to oscillate at a high level in the short term [8]. Egg Industry - The egg demand may first decrease and then increase this week. The egg price in some regions may decline next week, but the spot price still has some upward potential [11]. Cotton Industry - The short - term domestic cotton price may oscillate within a range, and the price may face pressure after the new cotton is launched [14]. 3. Summary by Industry Oils and Fats Industry - **Prices**: On July 28 - 29, the spot and futures prices of soybean oil, palm oil, and rapeseed oil showed different changes, with the basis and spreads also fluctuating. - **Inventory and Market Outlook**: Palm oil inventory concerns support the market, and soybean oil may improve in August [1]. Meal Industry - **Prices and Spreads**: The prices of soybean meal, rapeseed meal, and soybeans changed, with the spreads such as the inter - period spreads and oil - meal ratios also showing fluctuations. - **Market Situation**: The US soybean is at the bottom, and the domestic supply and demand situation affects the meal market [2]. Livestock (Pig) Industry - **Prices and Indicators**: The futures and spot prices of pigs changed, along with indicators such as the basis, spreads, and slaughter volume. - **Market Outlook**: The short - term pig price is not optimistic, and the far - month contract needs cautious operation [4]. Corn Industry - **Prices and Indicators**: The prices of corn and corn starch futures and spot, along with indicators such as the basis, spreads, and inventory, changed. - **Market Outlook**: The short - term market is inactive, and the long - term supply - demand situation varies [6]. Sugar Industry - **Prices and Indicators**: The futures and spot prices of sugar, along with indicators such as the basis, spreads, and inventory, changed. - **Market Outlook**: The international raw sugar is bearish, and the domestic supply - demand is marginally loose [8]. Egg Industry - **Prices and Indicators**: The prices of eggs, egg - related products, and indicators such as the basis, spreads, and production costs changed. - **Market Outlook**: The demand may fluctuate, and the price may decline and then rise [11]. Cotton Industry - **Prices and Indicators**: The futures and spot prices of cotton, along with indicators such as the basis, spreads, and inventory, changed. - **Market Outlook**: The short - term price oscillates, and the long - term price may face pressure [14].

Core Insights - Canadian canola oil prices remained stable on June 30, with July shipment priced at $1,050 per ton and September shipment at $1,030 per ton [1] - Domestic canola oil prices in China showed slight variations, with prices ranging from 9,480 to 9,620 yuan per ton across different regions [1] - The futures market indicated a slight decline in canola oil prices, with the main contract closing at 9,415 yuan per ton, down 0.50% [1] Group 1: Canadian Market Data - The Canadian Oilseed Processors Association reported a decrease in canola seed crushing volume to 831,193 tons in May 2025, down 9.59% month-on-month [2] - Canola oil production in Canada also fell to 353,218 tons, reflecting a 9.5% decrease compared to the previous month [2] - The C&F price for Canadian canola for July shipment increased by $1 to $595 per ton, while the August shipment also saw a $1 increase to $585 per ton [2] Group 2: Market Analysis - The analysis from Forward Futures indicated that the significant drop in crude oil prices negatively impacts the profit margins for blending canola oil with biodiesel [3] - Domestic supply and demand for canola oil remain relatively loose, with expectations of increased production for the new season and improved trade relations between China and Canada [3] - The demand for biodiesel in the U.S. and Brazil is rising, leading to increased consumption of vegetable oils, while the oil-meal ratio is favoring canola meal, which may exert further downward pressure on canola prices [3]