Report Overview - Date: July 2, 2025 - Publisher: Guotai Junan Futures Industry Investment Ratings - Not provided in the report Core Views - Palm oil: Limited improvement in the fundamentals of the producing areas, oscillating at the bottom [2][4] - Soybean oil: Insufficient speculation on US soybean weather, lacking driving force [2][4] - Soybean meal: Overnight US soybeans closed flat, Dalian soybean meal may rebound and oscillate [2][12] - Soybean: Stable spot prices, the futures market may oscillate [2][12] - Corn: Oscillating [2][15] - Sugar: Weakening [2][19] - Cotton: Lacking effective driving forces, the futures price remains in an oscillating trend [2][24] - Eggs: The peak season is approaching, and the number of culled hens is difficult to increase [2][29] - Pigs: Anticipating the destocking logic of the social inventory in July [2][31] - Peanuts: Supported at the bottom [2][36] Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: Palm oil futures had a 0.07% increase in the day - session and 0.00% at night, while soybean oil decreased by 0.15% in the day - session and 0.28% at night. Malaysian palm oil production in June 2025 decreased by 0.65% month - on - month. Indonesia's May palm oil exports soared by 53% year - on - year [4][5][8] - **Trend Intensity**: Both palm oil and soybean oil have a trend intensity of 0 [11] Soybean Meal and Soybean - **Fundamentals**: DCE soybean meal 2509 rose 0.10% in the day - session and fell 0.27% at night. DCE soybean 2509 fell 0.48% in the day - session and 0.07% at night. The US Senate's new tax bill may benefit US soybean growers if passed. Italy plans to increase US soybean imports [12][14] - **Trend Intensity**: Both soybean meal and soybean have a trend intensity of 0 [14] Corn - **Fundamentals**: Corn futures prices were relatively stable, with C2509 rising 0.29% in the day - session and falling 0.13% at night. Northern corn port prices were flat, while North China prices declined [16][17] - **Trend Intensity**: Corn has a trend intensity of 0 [18] Sugar - **Fundamentals**: The futures主力 price was 5775 yuan/ton, down 32 yuan. High - frequency information showed a sharp drop in New York raw sugar in July, and USDA predicted a 4.73% increase in global production in the 25/26 season [19] - **Trend Intensity**: Sugar has a trend intensity of - 1 [22] Cotton - **Fundamentals**: Cotton futures prices were oscillating. Spot trading was mainly for rigid demand from textile mills, and the cotton yarn market was sluggish. ICE cotton was pressured by high planting area and good crop conditions but supported by external factors [24][25] - **Trend Intensity**: Cotton has a trend intensity of 0 [27] Eggs - **Fundamentals**: Egg futures prices showed mixed trends. Spot prices in some regions declined slightly. The peak season is approaching, and the number of culled hens is difficult to increase [29] - **Trend Intensity**: Eggs have a trend intensity of 0 [29] Pigs - **Fundamentals**: Pig futures and spot prices varied. The market is anticipating the destocking in July. The short - term support level for the LH2509 contract is 13000 yuan/ton, and the resistance level is 14500 yuan/ton [32][34] - **Trend Intensity**: Pigs have a trend intensity of 0 [33] Peanuts - **Fundamentals**: Peanut futures prices rose slightly. Spot prices in most regions were stable, with some showing a weakening trend. The market has bottom support [36][37] - **Trend Intensity**: Peanuts have a trend intensity of 0 [38]