Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - For soybeans and soybean meal, the global supply is expected to be loose in the medium - term, suggesting a strategy of selling on rebounds. In the short - term, it will likely trade in a range due to the lack of improvement in US soybean imports and the de - stocking season of soybean meal [3][4]. - For palm oil and other oils, the low inventory of vegetable oils in India and Southeast Asian producing areas, the boost in soybean oil demand from the US biodiesel policy draft, and the expected decrease in exportable volume due to the increasing biodiesel consumption in Indonesia support the price center. In the medium - term, it can be considered to buy on dips when it stabilizes, while in the short - term, it is advisable to wait and see due to the weakening commodity sentiment [5][7]. - For sugar, considering the high production in Brazil and the expected increase in production in the Northern Hemisphere in the new season, it is recommended to sell on rallies in the fourth quarter [9]. - For cotton, due to the weak fundamentals and the negative impact of the macro - environment, the upward space of cotton prices is limited in the short - term, and it may continue to trade weakly [12]. - For eggs, in the short - term, it is advisable to hold a bearish view on the near - term contracts. In the medium - term, there may be a rebound correction, and in the long - term, it is recommended to sell on rallies after the rebound [16]. - For pigs, in the fourth quarter, the supply pressure is large. It is advisable to reduce short positions on near - term contracts, and pay attention to the possibility of positive spreads when the spot price stabilizes. The far - term contracts are still considered for reverse spreads [18]. 3. Summary by Category Soybeans and Soybean Meal - **Market Information**: Overnight CBOT soybeans rose due to strong domestic demand in the US. On Thursday, the domestic soybean meal spot price was slightly stable, with the East China price at around 2910 yuan/ton. The soybean meal inventory continued to decline, and MYSTEEL estimated that the domestic soybean crushing volume of oil mills this week would be 2.1674 million tons. Brazil is expected to increase its soybean planting area this year [2][3]. - **Strategy**: The global soybean supply is expected to be loose in the medium - term, so the overall strategy is to sell on rebounds. In the short - term, it will trade in a range [4]. Oils - **Market Information**: From October 1 - 10 and 1 - 15, Malaysia's palm oil exports increased compared to the same period last month, and the production from October 1 - 15 increased month - on - month. India's vegetable oil imports in September slightly decreased compared to August. Indonesia plans to raise the export tax on crude palm oil from 10% to 15%. Domestic oils traded in a range on Thursday [5]. - **Strategy**: In the medium - term, consider buying on dips when it stabilizes. In the short - term, wait and see [7]. Sugar - **Market Information**: On Thursday, the Zhengzhou sugar futures price traded in a narrow range. The spot price of sugar in various regions decreased. As of October 15, the number of ships waiting to load sugar in Brazilian ports and the quantity of sugar waiting to be loaded increased [8]. - **Strategy**: Sell on rallies in the fourth quarter [9]. Cotton - **Market Information**: On Thursday, the Zhengzhou cotton futures price traded in a narrow range. The spot price of cotton decreased slightly. The cotton production in China is expected to increase this year, with the national output expected to reach 7.278 million tons, a year - on - year increase of 9.2% [11]. - **Strategy**: The upward space of cotton prices is limited in the short - term, and it may continue to trade weakly [12]. Eggs - **Market Information**: The national egg price generally rose yesterday, with stable supply and good market sales [14]. - **Strategy**: Hold a bearish view on near - term contracts in the short - term, expect a rebound correction in the medium - term, and sell on rallies after the rebound in the long - term [16]. Pigs - **Market Information**: The domestic pig price generally continued to rise yesterday. The enthusiasm for secondary fattening in the North showed signs of decline, while the demand for large pigs in the South increased [17]. - **Strategy**: Reduce short positions on near - term contracts, and pay attention to the possibility of positive spreads when the spot price stabilizes. The far - term contracts are still considered for reverse spreads [18].

Report Industry Investment Rating No relevant content provided. Core View of the Report - In the short term, the domestic soybean market may experience a decline due to high supply pressure and lack of clear cost - side benefits. In the medium term, the global soybean supply is loose, but the market will mainly fluctuate within a range [2][3]. - The oil market is currently in a state of balanced or slightly loose supply and demand in reality but is expected to be tight in the future. It should be regarded as oscillating strongly in the medium term, and the current strategy is to buy on dips [5][6][7]. - The sugar price still maintains a bearish outlook in the long - term, but there may be a short - term rebound. Caution is advised in trading [9][10]. - The cotton price is influenced by both bullish and bearish factors and is likely to continue oscillating in the short term [12][13]. - The egg price is under supply pressure in the short term but may stabilize and rise slightly with the approaching of festivals. The short - term strategy is to observe, and focus on buying the far - month contracts after a decline [15][16][17]. - The pig price may be stable in the north and decline in the south. The short - term strategy is to short the near - month contracts and conduct reverse arbitrage [18][19]. Summary by Related Catalogs Soybean and Meal Market Information - On Friday, the US soybean price dropped more than 2% from its high. The domestic soybean meal spot price fluctuated slightly over the weekend, and last week's domestic soybean meal sales were average while提货 was high. The downstream inventory days increased to 9.42 days. Last week, 2.43 million tons of soybeans were crushed, and this week, 2.39 million tons are expected to be crushed. The US soybean production area will have normal rainfall in the next two weeks. The USDA slightly adjusted the yield per acre and increased the harvest area. The Brazilian soybean premium has started to decline [2]. Strategy View - In the short term, the domestic supply pressure is high, and the cost side has no clear benefits, which may lead to a short - term decline. In the medium term, the global soybean supply is loose, so the general direction is to sell on rallies. However, due to the low valuation of US soybeans and uncertainties in South American planting and weather, the market will mainly fluctuate within a range [3]. Oil Market Information - From September 1 - 10, 2025, Malaysia's palm oil exports decreased, but from September 1 - 20, they increased month - on - month. The production from September 1 - 15 decreased month - on - month. Brazil is expected to have a record soybean harvest in the 2025/26 season. On Friday, the domestic three major oils oscillated. The domestic spot basis was stable at a low level [5]. Strategy View - Factors such as low vegetable oil inventories in India and Southeast Asia, increased demand for soybean oil due to the US biodiesel policy, limited production potential of Southeast Asian palm oil, and decreased export volume expectations of Indonesia support the oil price. The oil market is in a state of balanced or slightly loose supply and demand in reality but expected to be tight in the future. It should be regarded as oscillating strongly in the medium term. The current strategy is to buy on dips [6][7]. Sugar Market Information - On Friday, the Zhengzhou sugar futures price oscillated weakly. The spot price of sugar in various regions decreased. In August, Brazilian sugar production increased significantly year - on - year, and China's sugar imports also increased [9]. Strategy View - Affected by high domestic imports and increased Brazilian sugar production, the sugar price is bearish in the long - term, but there may be a short - term rebound. Caution is advised in trading [10]. Cotton Market Information - On Friday, the Zhengzhou cotton futures price oscillated weakly. The spot price of cotton decreased. The downstream industry's operating rate increased slightly but was still lower than the same period last year. The domestic cotton inventory was at a low level, and imports decreased [12]. Strategy View - The Fed's interest rate cut and the approaching of the peak consumption season have both positive and negative impacts on the cotton price. The short - term cotton price is likely to continue oscillating [13]. Egg Market Information - The domestic egg price was mainly stable over the weekend, with slight fluctuations in some areas. The supply pressure is still high, but there may be a short - term increase in demand with the approaching of festivals [15][16]. Strategy View - The spot egg price may decline, and the near - month futures contracts are weak. The far - month contracts may strengthen. The short - term strategy is to observe, and focus on buying the far - month contracts after a decline [17]. Pig Market Information - The domestic pig price was mainly stable over the weekend, with slight fluctuations in some areas. The supply pressure is high in some areas, and the demand is insufficient. The pig price may be stable in the north and decline in the south today [18]. Strategy View - The current spot pig price may decline slightly. The short - term strategy is to short the near - month contracts and conduct reverse arbitrage [19].

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Viewpoints - The A-share market is expected to enter a high-level oscillation phase, waiting for a direction decision. It is recommended to buy put options to protect long positions or partially take profits on previous positions [2]. - The bond market sentiment is expected to continue to stabilize, and it is advisable to lightly test long positions on bond futures during pullbacks [2]. - Gold is oscillating strongly, and it is recommended to buy gold options and construct a bull spread strategy. Silver long positions should be held above $38 [2]. - The container shipping index is weakly oscillating, and short positions on the October contract should be continued [2]. - For steel products, it is possible to try long positions as the apparent demand has stopped falling and rebounded. For iron ore, coking coal, coke, etc., it is recommended to go long at low prices [2]. - For non-ferrous metals, copper is expected to see inventory depletion near the peak season, and it is recommended to refer to the price range. For other non-ferrous metals, different trading strategies are given according to their respective fundamentals [2]. - In the energy and chemical sector, different trading strategies are provided for each variety based on their supply and demand, cost, and other factors [2]. - In the agricultural products sector, different trading strategies are recommended for each variety according to their market conditions [2]. - For special commodities, trading strategies such as taking partial profits on previous short positions and going short at high prices are proposed [2]. - In the new energy sector, it is recommended to wait and see for polysilicon and lithium carbonate [2]. 3. Summary by Relevant Catalogs Financial Sector - **Stock Index Futures**: A-share market is expected to enter high-level oscillation. It is recommended to buy put options to protect long positions or partially take profits on previous positions [2]. - **Bond Futures**: Bond market sentiment is expected to continue to stabilize. It is advisable to lightly test long positions on bond futures during pullbacks [2]. - **Precious Metals**: Gold is oscillating strongly. It is recommended to buy gold options and construct a bull spread strategy. Silver long positions should be held above $38 [2]. Commodity Sector - **Shipping Index**: The container shipping index is weakly oscillating, and short positions on the October contract should be continued [2]. - **Steel and Iron Ore**: For steel products, it is possible to try long positions as the apparent demand has stopped falling and rebounded. For iron ore, it is recommended to go long at low prices in the range of 770 - 820 [2]. - **Coking Coal and Coke**: Due to a sudden mine accident and partial coal mine shutdowns, coking coal futures are expected to rebound. It is recommended to go long at low prices. Coke is also recommended to go long at low prices as the coking profit continues to repair [2]. - **Non-Ferrous Metals**: Copper is expected to see inventory depletion near the peak season. Different trading strategies are given for other non-ferrous metals according to their fundamentals [2]. - **Energy and Chemicals**: Different trading strategies are provided for each variety based on their supply and demand, cost, and other factors, such as going long, shorting, or waiting and seeing [2]. - **Agricultural Products**: Different trading strategies are recommended for each variety according to their market conditions, such as going long, shorting, or waiting and seeing [2]. - **Special Commodities**: Trading strategies such as taking partial profits on previous short positions and going short at high prices are proposed [2]. - **New Energy**: It is recommended to wait and see for polysilicon and lithium carbonate [2].