Report Industry Investment Ratings No relevant content provided. Core Viewpoints Oils and Fats - Palm oil: As the end of the month approaches, the market focuses on export and production data, with potential downside risks. Dalian palm oil futures may continue to rise and could break through the 8,600 yuan resistance [1]. - Soybean oil: Chinese purchases of US soybeans boost CBOT soybeans, but domestic supply is ample and demand is weak, with inventory likely to increase and prices unable to rise in the short term [1]. Livestock (Pigs) - The market supply is accelerating, and although southwest curing has started, demand support is limited. Pig prices are expected to remain weak and volatile, and the strategy of inter - month reverse spreads can be continued [3]. Meal Products - The domestic soybean meal market remains in a loose pattern. With the one - price rising with the market and the basis slightly falling, the market is unlikely to see a continuous upward trend, and there is a risk of a decline after short - term chasing [6]. Corn and Corn Starch - In the short term, the market remains firm due to farmers' reluctance to sell, but there is still a large amount of grain to be sold, limiting price increases. Attention should be paid to the pace of corn supply and market sentiment [7]. Sugar - ICE raw sugar is expected to consolidate around 14 cents per pound. With new sugar from Guangxi on the market, the market is expected to remain weak and bottom - oscillating this week [11]. Cotton - ICE US cotton futures were closed for the US Thanksgiving holiday. Domestically, the high output of Xinjiang cotton in the 2025/26 season creates hedging pressure, but the firm basis and resilient demand support prices, so short - term prices may oscillate within a range [13]. Eggs - Egg prices have fallen below the feed cost line, and with reduced inventory at all levels and recovering demand, futures prices are expected to oscillate at a low level [15]. Key Points by Product Oils and Fats - **Soybean oil**: On November 27, the spot price in Jiangsu was 8,560 yuan, up 1.18% from the previous day; the futures price of Y2601 was 8,224 yuan, up 0.91%; the basis of Y2601 was 336 yuan, up 8.39%; the warehouse receipts decreased by 34.03% [1]. - **Palm oil**: The spot price in Guangdong was 8,390 yuan, up 1.21%; the futures price of P2601 was 8,558 yuan, up 1.04%; the basis of P2601 was - 138 yuan, up 8.00%; the import profit in Guangzhou Port in January increased by 14.08% [1]. - **Rapeseed oil**: The spot price in Jiangsu was 10,110 yuan, unchanged; the futures price of OI601 was 9,772 yuan, down 0.48%; the basis of OI601 was 338 yuan, up 16.15% [1]. Livestock (Pigs) - **Futures**: The basis of the main contract was - 225 yuan/ton, down 60.71%; the price of LH2605 was 11,990 yuan, down 0.58%; the price of LH2601 was 11,585 yuan, up 0.39% [3]. - **Spot**: Prices in various regions showed mixed trends, with slaughter volume increasing by 0.47% daily, and most breeding profits decreasing [3]. Meal Products - **Soybean meal**: The spot price in Jiangsu was 3,030 yuan, unchanged; the futures price of M2601 was 3,055 yuan, up 1.33%; the basis of M2601 was - 25 yuan, down 266.67% [6]. - **Rapeseed meal**: The spot price in Jiangsu was 2,470 yuan, up 1.23%; the futures price of RM2601 was 2,469 yuan, up 1.23%; the basis of RM2601 was unchanged [6]. Corn and Corn Starch - **Corn**: The price of C2601 was 2,243 yuan, up 0.36%; the basis decreased by 14.55%; the import profit increased by 0.93%; the number of trucks at Shandong deep - processing plants decreased by 32.43% [7]. - **Corn starch**: The price of CS2601 was 2,572 yuan, up 0.82%; the basis decreased by 53.85%; the starch - corn 01 spread increased by 4.11% [7]. Sugar - **Futures**: The price of SR2601 was 5,403 yuan, up 0.45%; the price of SR2605 was 5,322 yuan, up 0.30%; ICE raw sugar rose 1.48% [11]. - **Spot**: The price in Nanning was 5,450 yuan, unchanged; the basis decreased; the import volume increased by 37.50% [11]. Cotton - **Futures**: The price of CF2605 was 13,605 yuan, up 0.15%; the price of CF2601 was 13,640 yuan, up 0.11%; ICE US cotton rose 0.59% [13]. - **Spot**: The Xinjiang arrival price of 3128B grade cotton rose 0.69%; the commercial inventory increased by 24.2% [13]. Eggs - **Futures**: The price of JD12 was 2,947 yuan/500KG, up 0.96%; the price of JD01 was 3,282 yuan/500KG, up 1.77% [15]. - **Spot**: The egg - producing area price rose 1.20%; the egg - to - feed ratio decreased by 3.33%; the breeding profit decreased by 18.60% [15].