1. Report Industry Investment Ratings - No specific industry - wide investment ratings are provided in the report. 2. Core Views of the Report - **Short - term decline**: For soybean meal and rapeseed meal, soybean meal has a short - term decline due to factors like inventory build - up and improved crop conditions of US soybeans, while rapeseed meal is affected by high inventory, high warehouse receipts, and increased production estimates of Canadian rapeseed [2][6]. - **Short - term bullish**: Palm oil, soybean oil, and rapeseed oil are short - term bullish. Palm oil benefits from biodiesel policies and export data; soybean oil is influenced by the US EPA's renewable fuel exemption decisions; and rapeseed oil has cost support from manufacturers' price - holding and import prices [2]. - **Cautious bullish**: Cotton, jujube, and live pigs are cautiously bullish. Cotton has a supply - tight situation before new cotton listing and improving demand; jujube is expected to have a reduced production but with inventory pressure; live pigs face short - term selling pressure but long - term potential from capacity reduction [2]. 3. Summary by Variety Soybean Meal - **Market data**: The main contract's closing price is 3045 yuan/ton, down 1.17%. The national average spot price is 3073.14 yuan/ton, down 0.54%. The national average soybean crushing profit is - 92.7098 yuan/ton, down 74.20 yuan/ton [4]. - **Inventory situation**: As of August 22, 2025, the national port soybean inventory is 889.8 million tons, down 2.80 million tons from last week. The soybean meal inventory is 105.33 million tons, up 3.86 million tons from last week [5]. - **Market view**: It is in a short - term decline adjustment, with limited downward space due to Sino - US trade costs. Short - term short - selling below 3000 yuan needs caution [2][6]. Rapeseed Meal - **Market data**: The main contract's closing price is 2501 yuan/ton, down 0.99%. The national average spot price is 2628.95 yuan/ton, down 1.42%. The national average rapeseed spot crushing profit is - 329.1675 yuan/ton, down 50.94 yuan/ton [7]. - **Inventory situation**: As of August 22, the total rapeseed meal inventory in major regions is 61.38 million tons, down 2.14 million tons from last week [8]. - **Market view**: It is in a short - term adjustment. Caution is needed when going long, and short - term participation should wait for short - term stabilization. Attention should be paid to Sino - Australian relations and Canada's response to China's anti - dumping results [2][8]. Palm Oil - **Market data**: The main contract's closing price is 9500 yuan/ton, unchanged. The national average price is 9565 yuan/ton, up 0.31%. The national daily trading volume is 500 units, down 44.32%. The commercial inventory is 58.21 million tons, down 3.52 million tons from last week [9]. - **Export data**: Malaysia's palm oil exports from August 1 - 25 are expected to be 933437 tons, up 36.41% from the same period last month [10]. - **Market view**: It is in a high - level consolidation. Bullish operations should be cautious this week, but the long - term strategy is to go long on dips. Attention should be paid to the Russia - Ukraine negotiation's impact on crude oil prices and Malaysia's palm oil inventory estimate this month [2][10]. Cotton - **Market data**: The main contract CF2601 closes at 14075 yuan/ton, down 0.18%. The domestic spot price is 15335 yuan/ton, up 0.03%. The spinning mill's operating rate is 65.8%, up 0.3%, and the weaving factory's operating rate is 37.2%, up 0.2% [11]. - **Supply and demand situation**: The US cotton's excellent - good rate is 54%, down 1%. Brazil's cotton production is expected to be 393.5 million tons, down 0.3 million tons. In China, the new cotton is in the boll - opening stage, and the commercial inventory is 171.26 million tons, lower than the same period [12][13]. - **Market view**: It is recommended to go long on dips in the short term. After September, the long - short rhythm should be adjusted according to demand and new cotton prices [2][14]. Jujube - **Market data**: The main contract CJ2601 closes at 11360 yuan/ton, down 0.44%. The inventory of 36 sample enterprises is 9519 tons, down 167 tons from last week [15]. - **Production situation**: The new - season jujube production in southern Xinjiang is estimated to be 50 - 58 million tons, with a reduced production but less than in 2023/24 [16]. - **Market view**: It is recommended to go long on dips. Attention should be paid to weather impacts on quality and subsequent stocking [2][16]. Live Pigs - **Market data**: The main contract Lh2511 closes at 13745 yuan/ton, down 0.83%. The national average spot price is 13740 yuan/ton, down 0.65%. The slaughter enterprise's daily operating rate is 29.52%, up 0.52% [17]. - **Supply and demand situation**: The planned August slaughter volume of sample enterprises is 1322.57 million heads, up 5.26%. The demand is expected to improve in the next 1 - 2 months [18]. - **Market view**: Do not short blindly in the short term. Consider going long on far - month contracts on dips or conducting reverse arbitrage around strong contracts [2][19].