Industry Investment Ratings - **Beans 1**: ☆☆☆, indicates a relatively balanced short - term trend with poor operability on the market [1] - **Soybean Meal**: ★★★, represents a clearer long - term trend and a relatively appropriate investment opportunity currently [1] - **Soybean Oil**: ★★★ [1] - **Palm Oil**: ★★★ [1] - **Rapeseed Meal**: ★★★ [1] - **Rapeseed Oil**: ★★★ [1] - **Corn**: ★☆☆, shows a bullish/bearish bias with a driving force for price movement but poor operability on the market [1] - **Live Pigs**: ★★★ [1] - **Eggs**: ★★★ [1] Core Views - The market is highly influenced by Sino - US trade relations. Without trade improvement, the market will likely continue to fluctuate. There are many uncertainties, so it's advisable to wait and see [3] - In the long - term, it's recommended to allocate vegetable oils at low prices, but be cautious about short - term price adjustments [4] - For the rapeseed sector, pay attention to cross - competitor strategies with rapeseed products as the short side [6] - For corn, the market will likely continue to be weak at the bottom, with increased volatility [7] - For live pigs, expect a second bottom - testing in the first half of next year [8] - For eggs, the short - term is to wait and see, and a decline may occur in the medium - term [9] Summary by Related Catalogs Beans 1 - Domestic soybeans rose following the overseas market. The market is optimistic about trade negotiations. Domestic soybeans were auctioned at 3900 yuan/ton, the same as last week. The price difference between domestic and imported soybeans is oscillating. Keep an eye on policy guidance [2] Soybeans & Soybean Meal - The main contract of Dalian soybean meal increased by 2.3% with 170,000 lots traded. The oil - meal ratio dropped significantly. Domestic soybean meal inventory is still high. If Sino - US trade relations deteriorate, supply may be tight in Q1 next year. The view is that without trade improvement, Dalian soybean meal will likely continue to oscillate. Wait and see in the current data vacuum period [3] Soybean Oil & Palm Oil - The oil - meal ratio dropped sharply. Palm oil enters the减产 cycle in Q4. If supply drops quickly, palm oil price will be resilient; otherwise, be cautious about price adjustments. Malaysian palm oil production is expected to increase by 10.77% from Oct 1 - 20. Expect long - term bullishness on vegetable oils, but be cautious about short - term price corrections [4] Rapeseed Meal & Rapeseed Oil - Domestic rapeseed meal rose and rapeseed oil fell, underperforming their competitors. Pay attention to Sino - US trade negotiations. Australian rapeseed is being harvested, and Russian rapeseed has been launched. There is a risk of inventory accumulation for domestic rapeseed oil. Consider cross - competitor strategies with rapeseed products as the short side [6] Corn - Corn futures were slightly stronger. The "market - based purchase + policy - based procurement" system is emphasized. Northeast new corn supply is increasing, and downstream demand is just for necessity. Corn will likely continue to be weak at the bottom with increased volatility [7] Live Pigs - Live pig futures increased in positions. Spot prices rebounded slightly. The supply pressure is still high, and there may be a second bottom - testing in the first half of next year [8] Eggs - Egg futures decreased in positions by 30,000 lots and rose by over 3%. Spot prices rose in most areas. Be cautious in the short - term. In the medium - term, the industry needs to eliminate old chickens, and there is potential pressure from cold - stored eggs [9]

Report Industry Investment Ratings - Douyi: ☆☆ (implies a certain upward trend but limited operability) [1] - Doupo: ★★★ (indicates a clear upward trend and relatively appropriate investment opportunities) [1] - Douyou: ☆☆☆ (suggests a clear upward trend and suitable investment opportunities) [1] - Palm Oil: ★★★ (shows a clear upward trend and good investment opportunities) [1] - Caipo: ★★★ (represents a clear upward trend and appropriate investment chances) [1] - Caiyou: ★★★ (implies a clear upward trend and suitable investment opportunities) [1] - Corn: ★☆☆ (suggests a slight upward trend but limited operability) [1] - Live Pigs: ★☆☆ (indicates a slight upward trend but limited operability) [1] - Eggs: ★☆☆ (implies a slight upward trend but limited operability) [1] Core Views - The overall supply of agricultural products shows different characteristics, with some having sufficient supply and high inventory, while others face supply bottlenecks or are affected by policy and demand factors [2][3][6] - Uncertainties in Sino - US trade relations and global economic factors such as oil prices have an impact on the prices of agricultural products [4] - Different agricultural products have different price trends and investment strategies according to their own supply - demand fundamentals and market environments [3][4][6] Summary by Related Catalogs Soybean - Domestic soybeans are strong, with the price continuing to rebound. The state - reserve auction of domestic soybeans was carried out twice this week, with the成交 changing from strong to weak. The price difference between domestic and imported soybeans is widening. US soybean prices may be pressured by demand [2] Soybean and Soybean Meal - The main contract of Dalian soybean meal M2601 continued to decline with increasing positions. New - season US soybean sales are slow, domestic soybean arrivals are sufficient, and soybean meal inventory is high. In a high - supply and high - inventory situation, if Sino - US trade does not ease, Dalian soybean meal may oscillate downward. Currently, it is recommended to wait and see [3] Soybean Oil and Palm Oil - The price difference between soybean oil and palm oil continues to expand, and oils are stronger than soybean meal. Global crude oil prices are weak, and there are uncertainties in Sino - US trade. Palm oil has demand expectations in the Indonesian market, and domestic soybean oil has high inventory. Oils are expected to be more resilient in the medium - to - long term [4] Rapeseed Meal and Rapeseed Oil - Rapeseed products declined today and were weaker than competitors. The inventory of domestic rapeseed along the coast is low, and the output of rapeseed meal and rapeseed oil is limited. However, the arrival of Australian rapeseed is approaching, which will relieve supply concerns and put pressure on prices. It is recommended to focus on cross - competitor strategies with rapeseed products as short positions [6] Corn - The main contract of Dalian corn futures C2601 rose and then fell, down - 0.66%. Northeast corn is abundant, and the spot price is weak. In the future, the supply of new corn in the Northeast will increase, and Dalian corn may continue to be weak at the bottom [7] Live Pigs - The spot price of live pigs is differentiated, and the overall average slaughter price is stable. Piglet prices are falling, and sow inventory is expected to decline faster. The futures and spot prices deviate, and the futures market is weak [8] Eggs - Eggs continued to be pressured with increasing positions, and the far - month contracts fell more. The spot price rose due to bargain - hunting. However, there is a risk of further decline in egg prices in the medium term [9]