Report Summary 1. Investment Rating The report does not provide an overall investment rating for the agricultural products industry. 2. Core Views - **Palm Oil and Soybean Oil**: Palm oil shows a bullish trend due to the digestion of inventory highs, a lack of new negative factors, and positive macro - sentiment. Soybean oil is relatively weak due to good weather for US soybeans and a high inventory build - up rate [4][5][7]. - **Soybean Meal and Soybean No.1**: The prices of soybean meal and soybean No.1 are expected to rise. The fundamentals of US soybeans have improved, and domestic soybean meal is affected by positive market sentiment and the rebound of US soybean prices. The fundamentals of domestic soybean No.1 remain stable, and the futures price is affected by market sentiment [19][20][24]. - **Corn**: The corn market is expected to continue its rebound. The supply - demand pattern of corn remains tight, and factors such as the rebound of spot prices in North China, a slight reduction in imported corn supply, and accelerated warrant cancellation are expected to improve market sentiment [46][47][51]. - **Sugar**: Internationally, the sugar market is in a low - level consolidation phase with a strong - reality and weak - expectation pattern. Domestically, it shows an intra - strong and inter - weak pattern, with prices moving towards the cost of out - of - quota imports [76][77][113]. - **Cotton**: ICE cotton has rebounded due to improved market sentiment, while domestic cotton futures have risen significantly, mainly driven by concerns about tight old - crop inventories and strong market sentiment. Attention should be paid to downstream textile enterprises' operating conditions and policy trends [114][115][132]. - **Hogs**: The spot price of hogs is in a weak oscillation. In the off - season, the influence of large - scale farms on price adjustment is significant. With the arrival of the peak season, the release of social stocks will increase. Policy support such as state reserve purchases provides a price floor [135][136]. 3. Summary by Product Palm Oil and Soybean Oil - **Last Week's Performance**: Palm oil 09 contract rose 3.25%, and soybean oil 09 contract rose 2.18%. The price of palm oil was boosted by the digestion of inventory highs and positive macro - sentiment, while soybean oil was relatively weak due to good US soybean weather [4][10]. - **This Week's Outlook**: Palm oil is in a bullish pattern, but there is a risk of callback if inventory builds up in August - September. Soybean oil will follow the overall trend of the oil and fat sector and is expected to benefit from potential positive factors such as the shortage of soybean imports [5][7]. Soybean Meal and Soybean No.1 - **Last Week's Performance**: US soybean prices rebounded, with the 11 - month contract rising 2.73%. Domestic soybean meal and soybean No.1 prices also rose, with the soybean meal m2509 contract rising 2.69% and the soybean No.1 a2509 contract rising 2.15% [19][20]. - **This Week's Outlook**: The prices of soybean meal and soybean No.1 are expected to rise. The improvement of US soybean fundamentals and positive market sentiment will support the price of soybean meal, while the price of soybean No.1 is affected by market sentiment and technical factors [24]. Corn - **Market Review**: In the spot market, corn prices fell last week. In the futures market, the price rebounded, with the C2509 contract closing at 2314 yuan/ton. The basis weakened [46][47]. - **Market Outlook**: CBOT corn prices rose due to concerns about high - temperature weather. Wheat prices fell, and the auction of imported corn cooled down. Corn starch inventory increased slightly. The corn market is expected to continue its rebound [48][49][51]. Sugar - **This Week's Review**: Internationally, the New York raw sugar price rose 1.39%. Domestically, the Guangxi group's spot price fell 20 yuan/ton, and the Zhengzhou sugar futures price rose 16 yuan/ton. The net long position of funds increased slightly [76][77][92]. - **Next Week's Outlook**: Internationally, the sugar market will be in a low - level consolidation phase. Domestically, it will maintain an intra - strong and inter - weak pattern, with prices moving towards the cost of out - of - quota imports [78][113]. Cotton - **This Week's Review**: ICE cotton rebounded due to improved market sentiment, and domestic cotton futures rose significantly, with the 9 - 1 spread widening. The downstream yarn and grey fabric prices also followed the increase, and textile enterprises replenished raw materials [114][115]. - **Next Week's Outlook**: ICE cotton's upward momentum is limited by good growth conditions and weak consumption prospects. Domestic cotton prices are expected to be strong in the short - term, but there is a risk of decline if market sentiment cools down [119][132]. Hogs - **This Week's Review**: In the spot market, hog prices were weak. In the futures market, the LH2509 contract price was also weak, and the basis narrowed [135]. - **Next Week's Outlook**: Hog prices are expected to oscillate weakly. The supply pressure will increase in the future, and demand will be suppressed by high temperatures. The state reserve purchase policy provides a price floor [136].