1. General Information - The reports cover multiple industries including oils and fats, sugar, cotton, eggs, meals, corn, and hogs, dated July 1, 2025 [1][4][6][7][11][13][16] 2. Industry Investment Ratings - No industry investment ratings are provided in the reports 3. Core Views Oils and Fats - Palm oil: Malaysian palm oil futures may face downward pressure to seek support around 3,800 ringgit; Dalian palm oil futures may seek support at the annual line of 8,200 yuan [2] - Soybean oil: Weak crude oil and US soybean's good growing conditions affect CBOT soybean and soybean oil; domestic soybean oil inventory is expected to increase, and the spot basis is under pressure [2] Sugar - Global sugar supply is becoming looser, capping the upside of raw sugar prices; domestic sugar market may maintain a bullish sentiment in the short - term but turn bearish after the rebound due to expected import increase [5] Cotton - The tight supply of old - crop cotton persists in the short - term, but the long - term supply is sufficient; downstream demand is weak, so cotton prices are likely to range - bound [6] Eggs - The supply of eggs is sufficient, demand is average, and prices may remain stable first, decline slightly in the short - term, and then stabilize [8] Meals - US soybean planting area was slightly lowered, with a neutral impact; Brazilian soybean market is boosted; domestic soybean and soybean meal inventories are rising, and the basis is stable. Pay attention to demand sustainability and look for long opportunities on dips [11] Corn - Corn supply is tight, and prices are rising steadily in the spot market. Although there are some factors limiting the increase, the long - term supply - demand gap supports price increases. Pay attention to the corn auction and wheat market [13][15] Hogs - The spot price of hogs is still in a range - bound pattern. The market sentiment may be bullish in the short - term, but there is a risk of price decline for the 09 contract if the inventory moves backward [16][17] 4. Summary by Industry Oils and Fats - **Soybean oil**: The current price in Jiangsu is 8,240 yuan, down 0.60% from the previous value; the futures price of Y2509 is 7,984 yuan, down 0.22%; the basis is 256 yuan, down 11.11%; the number of warehouse receipts increased by 9.00% [2] - **Palm oil**: The current price in Guangdong is 8,400 yuan, down 1.18%; the futures price of P2509 is 8,330 yuan, down 0.55%; the basis is 70 yuan, down 43.55%; the import profit in Guangzhou Port in September decreased by 4.79% [2] - **Rapeseed oil**: The current price in Jiangsu is 8,080 yuan, down 0.73%; the futures price of 01509 is 9,415 yuan, down 0.54%; the basis is 165 yuan, down 10.33% [2] Sugar - **Futures market**: The price of sugar 2601 increased by 0.50%, and sugar 2509 increased by 0.26%; ICE raw sugar decreased by 3.00%; the 1 - 9 spread increased by 6.77% [5] - **Spot market**: The price in Nanning decreased by 0.16%, and in Kunming increased by 0.08%; the basis in Nanning decreased by 8.39%, and in Kunming decreased by 10.20% [5] - **Industry situation**: National sugar production increased by 12.03%, sales increased by 23.07%, and the inventory decreased by 9.56% [5] Cotton - **Futures market**: The price of cotton 2509 decreased by 0.15%, and cotton 2601 decreased by 0.04%; ICE US cotton decreased by 1.85%; the 9 - 1 spread decreased by 300.00% [6] - **Spot market**: The Xinjiang arrival price of 3128B increased by 0.43%, and CC Index: 3128B increased by 0.30% [6] - **Industry situation**: Industrial inventory decreased by 1.2%, imports decreased by 33.3%, and textile exports showed mixed performance [6] Eggs - **Futures market**: The price of the egg 09 contract increased by 0.44%, and the 07 contract increased by 0.64%; the basis decreased by 20.78%, and the 9 - 7 spread decreased by 0.23% [7] - **Spot market**: The egg price in the production area decreased by 4.90% [7] - **Related indicators**: The price of egg - laying chicks remained unchanged, the price of culled hens increased by 4.05%, and the egg - feed ratio decreased by 3.86% [7] Meals - **Soybean meal**: The current price in Jiangsu is 2,840 yuan, up 0.71%; the futures price of M2509 is 2,961 yuan, up 0.51%; the basis is - 121 yuan, up 3.97%; the number of warehouse receipts increased by 13.3% [11] - **Rapeseed meal**: The current price in Jiangsu is 2,470 yuan, up 1.65%; the futures price of RM2509 is 2,572 yuan, up 0.51%; the basis is - 102 yuan, up 20.93%; the number of warehouse receipts decreased by 3.17% [11] - **Soybean**: The current price of Harbin soybeans remained unchanged, the futures price of the main contract increased by 0.02%; the current price of imported soybeans in Jiangsu remained unchanged, and the futures price of the main contract increased by 0.22% [11] Corn - **Corn**: The price of the 2509 contract is 2,378 yuan, down 0.25%; the basis is 2 yuan, up 150.00%; the 9 - 1 spread decreased by 8.11%; the number of warehouse receipts decreased by 0.17% [13] - **Corn starch**: The price of the 2509 contract is 2,733 yuan, down 0.36%; the basis is - 13 yuan, up 43.48%; the 9 - 1 spread decreased by 11.76%; the number of warehouse receipts increased by 4.14% [13] Hogs - **Futures market**: The price of the 2507 contract increased by 1.65%, and the 2509 contract decreased by 0.96%; the 7 - 9 spread decreased by 94.74%; the main - contract position increased by 1.78% [16] - **Spot market**: The prices in various regions generally increased, with the largest increase of 600 yuan in Guangdong [16] - **Related indicators**: The daily slaughter volume decreased by 0.27%; the self - breeding profit increased by 159.02%, and the purchased - piglet profit increased by 29.49%; the fertile sow inventory increased by 0.10% [16]

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports Grains and Oilseeds - The domestic soybean inventory pressure is acceptable, and the soybean meal inventory remains low. Although the开机 rate has improved, there is no inventory pressure for soybean meal for now. The basis has improved slightly this week. The follow - up supply is expected to maintain a high arrival volume, and the sustainability of demand should be monitored. The unilateral trend of soybean meal is not yet clear, but the support from US soybeans is strengthening. The Brazilian premium is also expected to be strong before the US soybean import is expected to open. The futures price may follow the US soybean to correct in the short term, but the space is limited. It is recommended to place low - level rolling long orders [1]. Livestock (Pigs) - The spot price of live pigs maintains an oscillating structure. The slaughter weight of live pigs is slowly declining, and the reluctance to sell among farmers has increased recently, which has boosted the enthusiasm for second - fattening and supported the price this week. The demand side shows no obvious signs of improvement, and the market price is expected to remain mainly oscillating. There is still breeding profit currently, but the market is cautious about expanding production capacity. The market has no basis for a sharp decline, but the upward driving force is also not strong [3][4]. Corn - The current corn supply varies with the rhythm of traders. Northeast traders have tight inventories and are reluctant to sell, keeping the price firm. North China traders take profits after the corn price rises to a high level, and the number of vehicles arriving at deep - processing plants has recovered on the weekend, with the price remaining stable with partial declines. The profit of downstream deep - processing has recovered, and the operating rate has increased slightly, while the inventory remains stable. The breeding end purchases as needed for rigid demand replenishment. However, the narrowing price difference between wheat and corn and even parity has increased the substitution for feed use, limiting the increase in corn prices. In the long term, the tight supply of corn, low import volume, and increasing breeding consumption support the upward movement of corn prices. In the short term, the tight supply supports the corn price, but the concentrated listing of wheat restricts the upward rhythm. The expansion of the minimum - price policy procurement range supports the price, and the overall corn market remains in an oscillating and slightly strong state with limited amplitude. Attention should be paid to the subsequent wheat market and policy situation [6]. Sugar - The sugar production data in Brazil in late May increased year - on - year, and the weather in India and Thailand is favorable for sugarcane growth. The global supply is becoming more abundant, putting pressure on raw sugar. It is expected that raw sugar will maintain an oscillating and weak pattern. Currently, the negative factors in the market have been fully reflected in the price trend. If there are no new negative factors to drive the market, the possibility of a sharp decline in sugar prices is small. It is expected to maintain a bottom - oscillating pattern this week, with a reference range of 5650 - 5800 [10]. Oils and Fats - For palm oil, the Malaysian BMD crude palm oil futures oscillate around 4100 ringgit. Due to concerns about the slowdown in export growth in the first 20 days, the futures price has slightly declined after rising. It will repeatedly test the support at 4100 ringgit in the short term. In the domestic market, the Dalian palm oil futures are in a high - level stagnant and declining trend. In the short term, it is expected to pull back and seek support at 8500 yuan. Affected by the oscillation of Malaysian palm oil, it may break through 8500 yuan and further decline to the range of 8300 - 8350 yuan. For soybean oil, crude oil has entered an oscillating adjustment state after a sharp rise on the 13th, and the supply in the Strait of Hormuz has not been interrupted, so the upside space of crude oil is limited at present, which affects the trend of vegetable oils as biodiesel raw materials. In the short term, the CBOT soybean oil main contract in July oscillates below 55 cents. In the domestic market, this is the season with the lightest demand. As schools are on holiday, the demand for oils and fats from canteens and small restaurants around schools has significantly decreased. The high factory operating rate and high soybean oil production have led to inventory accumulation. If the futures price enters a stagnant and adjusting trend, the spot basis quotation will be supported; if the futures price rises again, the spot basis quotation will be dragged down and may decline to some extent [12]. Cotton - The market driving force is still weak. The operating rate of the industrial downstream continues to decline, and the finished - product inventory continues to rise. However, the weakening force is still not strong. The basis of old - crop cotton remains relatively firm, with only a small number of adjustments in the basis in some areas, while the mainstream price remains unchanged. There is still support for cotton prices, and the long - term supply is expected to be sufficient. In the short term, the domestic cotton price may oscillate within a range, and attention should be paid to the macro and industrial downstream demand [13]. Eggs - The national egg supply is still relatively abundant. The sales speed of low - priced eggs is acceptable, while that of high - priced eggs is average. It is expected that the national egg price may rise slightly this week and then stabilize, with a slight decline in the later period [16]. 3. Summary According to Relevant Catalogs Grains and Oilseeds - **Soybean Meal**: The current price in Jiangsu is 2940 yuan, unchanged from the previous value; the futures price of M2509 is 3067 yuan, down 10 yuan (- 0.32%); the basis of M2509 is - 127 yuan, up 10 yuan (7.30%); the spot basis in Guangdong is m2509 - 140; the crushing profit of Brazilian imports in August is 188 yuan, up 27 yuan (16.8%); the warehouse receipt is 26001, unchanged [1]. - **Rapeseed Meal**: The current price in Jiangsu is 2581 yuan, down 9 yuan (- 0.35%); the futures price of RM2509 is 2679 yuan, down 15 yuan (- 0.56%); the basis of RM2509 is - 8 yuan, up 4 yuan (5.77%); the spot basis in Guangdong is rm09 - 90; the crushing profit of Canadian imports in November is - 30 yuan, down 30 yuan (- 31.25%); the warehouse receipt is 25824, down 30 (- 0.12%) [1]. - **Soybeans**: The current price of Harbin soybeans is 3960 yuan, unchanged; the futures price of the main soybean contract is 4259 yuan, up 26 yuan (0.61%); the basis of the main soybean contract is - 299 yuan, down 26 yuan (- 9.52%); the current price of imported soybeans in Jiangsu is 3690 yuan, unchanged; the futures price of the main soybean No. 2 contract is 3750 yuan, down 14 yuan (- 0.37%); the basis of the main soybean No. 2 contract is - 60 yuan, up 14 yuan (18.92%); the warehouse receipt is 19811, down 316 (- 1.57%) [1]. Livestock (Pigs) - **Futures**: The main contract basis is 505 yuan, down 135 yuan (- 21.09%); the price of live pigs 2507 is 13335 yuan, up 80 yuan (0.60%); the price of live pigs 2509 is 13895 yuan, up 135 yuan (0.98%); the 7 - 9 spread is 560 yuan, up 55 yuan (10.89%); the main contract position is 76202, down 84 (- 0.11%); the warehouse receipt is 750, unchanged [3]. - **Spot**: The price in Henan is 14400 yuan, unchanged; in Shandong, it is 14500 yuan, up 50 yuan; in Sichuan, it is 13650 yuan, down 100 yuan; in Liaoning, it is 13950 yuan, up 50 yuan; in Guangdong, it is 15490 yuan, down 50 yuan; in Hunan, it is 13910 yuan, unchanged; in Hebei, it is 14300 yuan, up 100 yuan [3]. Corn - **Corn**: The price of corn 2509 is 2409 yuan, up 4 yuan (0.17%); the basis is - 29 yuan, down 4 yuan (- 16.00%); the 9 - 1 spread is 120 yuan, up 2 yuan (1.69%); the price of Shekou bulk grain is 2460 yuan, up 10 yuan (0.41%); the north - south trade profit is 9 yuan, up 10 yuan (1000.00%); the CIF price is 1927 yuan, down 2 yuan (- 0.12%); the import profit is 533 yuan, up 12 yuan (2.35%); the number of remaining vehicles at Shandong deep - processing plants in the morning is 16, down 132 (- 89.19%); the position is 1818031, up 12153 (0.67%); the warehouse receipt is 216521, unchanged [6]. - **Corn Starch**: The price of corn starch 2507 is 2701 yuan, up 1 yuan (0.04%); the spot price in Changchun is 2720 yuan, unchanged; in Weifang, it is 2940 yuan, unchanged; the basis is 19 yuan, down 1 yuan (- 5.00%); the 7 - 9 spread is - 87 yuan, up 3 yuan (3.33%); the starch - corn futures spread is 292 yuan, down 3 yuan (- 1.02%); the profit of Shandong starch is - 88 yuan, down 10 yuan (- 12.82%); the position is 254743, down 14605 (- 5.42%); the warehouse receipt is 24233, unchanged [6]. Sugar - **Futures**: The price of sugar 2601 is 5573 yuan, up 47 yuan (0.85%); the price of sugar 2509 is 5720 yuan, up 62 yuan (1.10%); the price of ICE raw sugar main contract is 16.53 cents/lb, up 0.18 cents (1.10%); the 1 - 9 spread is - 147 yuan, down 15 yuan (- 11.36%); the main contract position is 368972, down 15708 (- 4.08%); the warehouse receipt is 27669, down 610 (- 2.16%); the effective forecast is 0 [10]. - **Spot**: The price in Nanning is 6030 yuan, up 10 yuan (0.17%); in Kunming, it is 5855 yuan, unchanged; the basis in Nanning is 310 yuan, down 52 yuan (- 14.36%); in Kunming, it is 135 yuan, down 62 yuan (- 31.47%); the price of imported Brazilian sugar within the quota is 4393 yuan, down 42 yuan (- 0.95%); outside the quota is 5578 yuan, down 55 yuan (- 0.98%) [10]. Oils and Fats - **Soybean Oil**: The current price in Jiangsu is 8450 yuan, up 50 yuan (0.60%); the futures price of Y2509 is 7736 yuan, unchanged; the basis of Y2509 is 714 yuan, up 50 yuan (7.53%); the spot basis in Jiangsu in June is 09 + 240; the warehouse receipt is 17552, unchanged [12]. - **Palm Oil**: The current price in Guangdong is 8820 yuan, up 20 yuan (0.23%); the futures price of P2509 is 8382 yuan, down 4 yuan (- 0.05%); the basis of P2509 is 438 yuan, up 24 yuan (5.80%); the spot basis in Guangdong in June is 09 + 300; the import cost of Guangzhou Port in September is 8898 yuan, up 21 yuan (0.24%); the import profit is - 516 yuan, down 25 yuan (- 5.09%); the warehouse receipt is 540, unchanged [12]. - **Rapeseed Oil**: The current price in Jiangsu is 9920 yuan, up 20 yuan (0.20%); the futures price of O1509 is 9397 yuan, up 46 yuan (0.49%); the basis of O1509 is 523 yuan, down 26 yuan (- 4.74%); the spot basis in Jiangsu in June is 09 + 180; the warehouse receipt is 100, unchanged [12]. Cotton - **Futures**: The price of cotton 2509 is 13495 yuan, down 30 yuan (- 0.22%); the price of cotton 2601 is 13515 yuan, down 12 yuan (- 0.11%); the price of ICE US cotton main contract is 66.76 cents/lb, up 0.19 cents (0.29%); the 9 - 1 spread is - 20 yuan, down 5 yuan (- 300.00%); the main contract position is 524982, down 936 (- 0.18%); the warehouse receipt is 10532, down 75 (- 1.62%); the effective forecast is 303, down 5 [13]. - **Spot**: The Xinjiang arrival price of 3128B is 14775 yuan, down 11 yuan (- 0.07%); the CC Index of 3128B is 14891 yuan, down 12 yuan (- 0.08%); the FC Index of M: 1% is 13438 yuan, unchanged; the basis of 3128B - 01 contract is 1269 yuan, up 19 yuan (1.52%); the basis of 3128B - 05 contract is 1249 yuan, up 4 yuan (0.32%) [13]. Eggs - **Futures**: The price of egg 09 contract is 3662 yuan/500KG, down 11 yuan (- 0.30%); the price of egg 07 contract is 2936 yuan/500KG, down 3 yuan (- 0.10%); the basis is - 691 yuan/500KG, up 55 yuan (7.39%); the 9 - 7 spread is 726 yuan, down 8 yuan (- 1.09%) [14]. - **Spot**: The egg - producing area price is 2.93 yuan/jin, up 0.06 yuan (1.92%); the price of egg - laying chicken chicks is 4.00 yuan/feather, down 0.10 yuan (- 2.44%); the price of culled chickens is 4.44 yuan/jin, down 0.12 yuan (- 2.63%); the egg - feed ratio is 2.24, down 0.09 (- 3.86%); the breeding profit is - 33.26 yuan/feather, down 5.38 yuan (- 19.30%) [14].