Report Industry Investment Rating - No information is provided in the given content about the report industry investment rating. Core Viewpoints Oils and Fats - The domestic soybean oil fundamentals remain bearish, but the high cost of imported soybeans, weak performance of soybean meal, and reluctance of oil mills to lower basis quotes will keep basis quotes stable. The final decision of the US EPA on the biofuel obligation in 2026 will be a key factor affecting the long - term demand for soybean oil. Palm oil prices are under pressure from potential inventory growth due to increased production and slow exports. The Dalian palm oil futures will choose a new breakthrough direction, and the trend of Malaysian palm oil will have an impact on it [1]. Meals - The domestic soybean meal supply remains loose. Although downstream feed enterprises are replenishing their inventories from January to March and there is continuous procurement of US soybeans, it is difficult to see an upward trend in the market. The impact of domestic policy - based procurement on US soybeans is uncertain, and the soybean meal market is expected to remain volatile with dull short - term trading [2]. Pigs - At the beginning of the month, the supply from the breeding side decreased, and there was reluctance to sell, but the downstream slaughter volume was limited, resulting in a basically balanced market supply and demand. In December, the supply is expected to increase, and the pig price is expected to maintain a weak and volatile structure. The market should pay attention to the rhythm of pressure release at the end of the year. The price of large pigs is not promising, and second - round fattening should enter the market cautiously. The strategy of inter - month reverse arbitrage can continue to be held, and the single - side price is expected to continue to bottom out [4]. Corn - In the short term, due to the mismatch between supply and demand, the futures price remains firm, but the supply pressure has not been released, so the price increase is limited, and the overall performance is a narrow - range oscillation. Attention should be paid to the subsequent rhythm of corn supply [7]. Sugar - Affected by the supply outlook and weak technical aspects, the ICE raw sugar futures fell sharply. The new sugar in Guangxi has entered the market, driving down the price of Yunnan sugar. Although processed sugar and beet sugar are impacted to some extent, their prices are relatively firm, providing support for the price of new sugar in Guangxi. After the pre - sold sugar sources are sold out, the market is expected to rise, and Zhengzhou sugar is expected to maintain a bottom - oscillating pattern [11]. Cotton - The ICE cotton futures fell. The Zhengzhou cotton futures face hedging pressure when rising, but the pressure is not concentrated. The demand - side textile enterprises' procurement of cotton is dull, but the pre - sold cotton is being delivered successively, which eases the short - term supply pressure. The basis of spot sales is firm, and the Zhengzhou cotton has strong support below. In the short term, the cotton price may oscillate in a slightly stronger range [12]. Eggs - The number of newly - laid hens remains low, and the number of old hens being slaughtered has increased significantly. As a result, the inventory of laying hens has entered a downward channel, and the production capacity is shrinking. The market supply pressure has been improved. The egg price has dropped to a phased low, and downstream buyers are replenishing their stocks. The spot price of eggs may rebound slightly, but considering the overall pressure, the futures price is expected to maintain a bottom - oscillating pattern [15][16]. Summary by Related Catalogs Oils and Fats - **Soybean Oil**: The current price in Jiangsu is 8560 yuan, up 50 yuan or 0.58% from the previous value; the futures price of Y2601 is 8288 yuan, up 44 yuan or 0.53%; the basis of Y2601 is 322 yuan, up 6 yuan or 1.90%. The US used 1053 million pounds of soybean oil for biofuel production in September [1]. - **Palm Oil**: The current price of 24 - degree palm oil in Guangdong is 8570 yuan, unchanged from the previous value; the futures price of P2601 is 8652 yuan, up 26 yuan or 0.30%; the basis of P2601 is - 82 yuan, down 26 yuan or 46.43%. The import cost of palm oil in Guangzhou Port in January is 9077 yuan, up 82 yuan or 0.91% [1]. - **Rapeseed Oil**: The current price of third - grade rapeseed oil in Jiangsu is 10080 yuan, down 30 yuan or 0.30%; the futures price of OI601 is 9770 yuan, up 13 yuan or 0.13%; the basis of OI601 is 310 yuan, down 43 yuan or 12.18% [1]. - **Spreads**: The soybean oil inter - month spread (01 - 05) is 202 yuan, down 2 yuan or 0.98%; the palm oil inter - month spread (01 - 05) is - 52 yuan, up 6 yuan or 11.54%; the soybean - palm oil spread of 2601 is - 612 yuan, up 26 yuan or 4.08%; the rapeseed - soybean oil spread in the spot market is 1470 yuan, down 80 yuan or 5.16%; the rapeseed - soybean oil spread of 2601 is 1482 yuan, down 31 yuan or 2.05% [1]. Meals - **Soybean Meal**: The current price of soybean meal in Jiangsu is 3060 yuan, up 30 yuan or 0.99%; the futures price of M2601 is 3039 yuan, down 5 yuan or - 0.16%; the basis of M2601 is 21 yuan, up 35 yuan or 250.00%. The Brazilian 2 - month shipping schedule's盘面 import profit is 22 yuan, up 8 yuan or 57.1% [2]. - **Rapeseed Meal**: The current price of rapeseed meal in Jiangsu is 2420 yuan, down 40 yuan or - 1.63%; the futures price of RM2601 is 2423 yuan, down 29 yuan or - 1.18%; the basis of RM2601 is - 3 yuan, down 11 yuan or - 137.50%. The盘面 import profit of Canadian rapeseed with a 1 - month shipping schedule is 664 yuan, down 26 yuan or - 3.77% [2]. - **Soybeans**: The current price of soybeans in Harbin is 3940 yuan, unchanged; the futures price of the main soybean contract is 4126 yuan, up 18 yuan or 0.44%; the basis of the main soybean contract is - 186 yuan, down 18 yuan or - 10.71%. The current price of imported soybeans in Jiangsu is 3950 yuan, unchanged; the futures price of the main soybean - two contract is 3766 yuan, up 6 yuan or 0.16%; the basis of the main soybean - two contract is 184 yuan, down 6 yuan or - 3.16% [2]. - **Spreads**: The soybean meal inter - month spread (01 - 05) is 204 yuan, up 5 yuan or 2.51%; the rapeseed meal inter - month spread (01 - 05) is 20 yuan, down 17 yuan or - 45.95%; the oil - meal ratio in the spot market is 2.81, down 0.011 or - 0.40%; the oil - meal ratio of the main contract is 2.73, up 0.019 or 0.70%; the soybean - rapeseed meal spread in the spot market is 640 yuan, up 70 yuan or 12.28%; the soybean - rapeseed meal spread of 2601 is 616 yuan, up 24 yuan or 4.05% [2]. Pigs - **Futures Indicators**: The basis of the main contract of live pigs 2605 is 11925 yuan, down 10 yuan or - 0.08%; the basis of live pigs 2601 is 11495 yuan, up 30 yuan or 0.26%; the spread between live pigs 1 - 5 is - 430 yuan, up 40 yuan or 8.51%. The position of the main contract is 101740, down 5802 or - 5.40% [4]. - **Spot Prices**: The spot price of live pigs in Henan is 11400 yuan, up 50 yuan; in Shandong is 11550 yuan, up 200 yuan; in Liaoning is 11300 yuan, up 100 yuan; in Guangdong is 12310 yuan, up 900 yuan; in Hunan is 11210 yuan, up 300 yuan; in Hebei is 11450 yuan, up 50 yuan [4]. - **Spot Indicators**: The daily slaughter volume of sample points is 208687, down 1528 or - 0.73%; the weekly white - strip price is 18.28 yuan/kg, unchanged; the weekly piglet price is 17.00 yuan, down 0.5 yuan or - 2.86%; the weekly sow price is 32.47 yuan, unchanged; the weekly average slaughter weight is 129.22 kg, up 0.4 kg or 0.32%; the weekly self - breeding profit is - 148 yuan/head, down 12.1 yuan or - 8.90%; the weekly profit of purchasing piglets for breeding is - 249 yuan/head, down 14.2 yuan or - 6.05%; the monthly inventory of fertile sows is 39900000 heads, down 450000 heads or - 1.12% [4]. Corn - **Corn**: The futures price of corn 2601 is 2236 yuan, down 8 yuan or - 0.36%; the basis of the Jinzhou Port flat - warehouse price is 2290 yuan, unchanged; the spread between corn 1 - 5 is - 37 yuan, down 5 yuan or - 15.63%. The Shekou bulk grain price is 2440 yuan, unchanged; the north - south trade profit is 54 yuan, unchanged; the CIF price is 2022 yuan, down 1 yuan or - 0.03%; the import profit is 418 yuan, up 1 yuan or 0.15%. The number of remaining vehicles in Shandong's deep - processing enterprises in the morning is 819, up 145 or 17.70%; the inventory is 2235598, up 27399 or 1.24%; the number of warehouse receipts is 60215, unchanged [7]. - **Corn Starch**: The futures price of corn starch 2601 is 2542 yuan, down 24 yuan or - 0.94%; the spot price in Changchun is 2590 yuan, unchanged; the spot price in Weifang is 2800 yuan, unchanged; the basis is 48 yuan, up 24 yuan or 100.00%. The spread between corn starch 1 - 5 is - 74 yuan, down 11 yuan or - 17.46%; the spread between the starch - corn 01 contract on the disk is 306 yuan, down 16 yuan or - 4.97%; the profit of Shandong's starch enterprises is - 6 yuan, down 7 yuan or - 700.00%. The position is 326685, down 3818 or - 1.16%; the number of warehouse receipts is N/A [7]. Sugar - **Futures Market**: The futures price of sugar 2601 is 5405 yuan, up 5 yuan or 0.09%; the futures price of sugar 2605 is 5333 yuan, up 6 yuan or 0.11%; the ICE raw sugar main contract is 14.74 cents/pound, down 0.47 cents or - 3.09%. The spread between sugar 1 - 5 is 72 yuan, down 1 yuan or - 1.37%. The position of the main contract is 350573, down 10944 or - 3.03%; the number of warehouse receipts is 0; the number of valid forecasts is 183, unchanged [11]. - **Spot Market**: The spot price in Nanning is 5440 yuan, down 10 yuan or - 0.18%; the spot price in Kunming is 5430 yuan, down 10 yuan or - 0.18%. The basis in Nanning is 107 yuan, down 16 yuan or - 13.01%; the basis in Kunming is 97 yuan, down 16 yuan or - 14.16%. The price of imported Brazilian sugar (within the quota) is 4172 yuan, up 15 yuan or 0.36%; the price of imported Brazilian sugar (outside the quota) is 5289 yuan, up 18 yuan or 0.34%. The spread between imported Brazilian sugar (within the quota) and Nanning is - 1268 yuan, up 25 yuan or 1.93%; the spread between imported Brazilian sugar (outside the quota) and Nanning is - 151 yuan, up 28 yuan or 15.64% [11]. - **Industry Situation**: The cumulative national sugar production is 1116.21 million tons, up 119.89 million tons or 12.03%; the cumulative national sugar sales is 1048.00 million tons, up 88.00 million tons or 9.17%. The cumulative sugar production in Guangxi is 646.50 million tons, up 28.36 million tons or 4.59%; the monthly sugar sales in Guangxi is 26.66 million tons, down 18.68 million tons or - 41.20%. The cumulative national sugar sales rate is 93.90%, down 2.51 percentage points or - 2.60%; the cumulative sugar sales rate in Guangxi is 93.90%, up 4.30 percentage points or 4.80%. The industrial sugar inventory in the US is 68.21 million tons, down 47.79 million tons or - 41.20%; the industrial sugar inventory in Guangxi is 44.21 million tons, up 17.07 million tons or 62.90%; the industrial sugar inventory in Yunnan is 33.65 million tons, up 7.07 million tons or 26.60%. The sugar import volume is 55.00 million tons, up 15.00 million tons or 37.50% [11]. Cotton - **Futures Market**: The futures price of cotton 2601 is 13765 yuan, up 40 yuan or 0.29%; the futures price of cotton 2605 is 13725 yuan, up 40 yuan or 0.29%; the ICE US cotton main contract is 64.64 cents/pound, down 0.09 cents or - 0.14%. The spread between cotton 5 - 1 is - 40 yuan, unchanged. The position of the main contract is 546943, down 1275 or - 0.21%; the number of warehouse receipts is 2403, down 5; the number of valid forecasts is 1884, up 1621 [12]. - **Spot Market**: The Xinjiang arrival price of 3128B cotton is 14763 yuan, up 40 yuan or 0.27%; the CC Index: 3128B is 14896 yuan, up 40 yuan or 0.27%. The FC Index:M: 1% is 12956 yuan, up 21 yuan or 0.16%. The spread between 3128B and the 01 contract is 1038 yuan, unchanged; the spread between 3128B and the 05 contract is 998 yuan, unchanged; the spread between CC Index:3128B and FC Index:M: 1% is 1930 yuan, up 19 yuan or 0.97% [12]. - **Industry Situation**: The commercial inventory is 363.97 million tons, up 70.91 million tons or 24.2%; the industrial