Report Industry Investment Ratings - **Douyi**: ★☆☆ (One star, indicating a bullish bias but limited operability on the trading floor) [1] - **Doupo**: ★★★ (Three stars, representing a clearer bullish trend and relatively appropriate investment opportunities) [1] - **Douyou & Palm Oil**: ★★★ (Three stars for bullish trend) and ★★★ (Three stars for bullish trend) [1] - **Caipo**: ★☆☆ (One star, bullish bias) [1] - **Caiyou**: ★★★ (Three stars, bullish trend) [1] - **Corn**: ★★★ (Three stars, bullish trend) [1] - **Pigs**: ★★★ (Three stars, bullish trend) [1] - **Eggs**: ★★★ (Three stars, bullish trend) [1] Core Views - The prices of agricultural products are affected by multiple factors including international policies, geopolitical situations, and weather conditions. The US EPA biodiesel policy is generally bullish for the agricultural product market, especially for soybeans and related products [2][3][4]. - Different agricultural products have different trends and investment strategies. For example, long - term investment in vegetable oils should be considered on dips, while the strategy for Caiyou may need short - term adjustment to a wait - and - see approach [4][6]. Summary by Related Catalogs Soybeans - **Douyi**: The domestic soybean market is oscillating strongly. The recent auction purchase session failed, and attention should be paid to the actual transaction of reserve soybeans in Heilongjiang. Short - term weather in the Northeast is favorable for crops. The US EPA biodiesel policy is bullish, and in the medium term, weather will be the main factor affecting prices [2]. - **Soybeans & Doupo**: Affected by the Israel - Iran war, crude oil, and the US biodiesel policy, US soybeans and Dalian Doupo are rising. The US soybean's good - to - excellent rate is slightly lower than expected. Future US weather is favorable for soybean growth. Domestic spot prices are rising, and the expected increase in crushing rate will lead to an increase in Doupo inventory. Uncertainties in Sino - US trade remain, and attention should be paid to the changes in the oil sector and future weather from June to August [3]. Oils - **Douyou & Palm Oil**: The domestic oil - meal ratio has retreated after a high. The US EPA biodiesel policy is bullish for the long - term trend of vegetable oils, and a long - term strategy of buying on dips is recommended [4]. - **Caiyou**: The main contract of Caiyou has increased in positions. Domestic Caiyou imports are limited, and the crushing rate is low. It is expected to gradually reduce inventory, but there is a risk of short - term upward resistance [6]. Others - **Caipo**: The main contract of Caipo has slightly reduced positions. The strategy is to maintain a bullish view [6]. - **Corn**: Affected by wheat policies, Dalian corn futures are oscillating. The price difference between new - season wheat and corn is narrowing, leading to substitution. Corn traders expect higher prices, and the supply in Shandong is low. North - South port inventories are decreasing, and the processing enterprise's operating rate is falling. Corn futures may continue to oscillate [7]. - **Pigs**: The September futures contract of pigs has slightly rebounded, and the far - month contracts are relatively weak. Spot prices are stable. Relevant departments have proposed a regulation target for sow inventory, and the policy aims to stabilize pig prices. However, the industry still faces large pressure on pig slaughter [8]. - **Eggs**: The near - month egg futures are falling again, showing a pattern of near - weak and far - strong. Spot prices are rebounding. The elimination of old chickens is accelerating, but there is no sign of a bottom - reversal yet. A rapid price rebound may be unfavorable for the elimination of old chickens and lead to price fluctuations [9].

Group 1 - The article discusses the importance of sorghum and barley as energy grain feed components, highlighting their protein content comparable to corn and their role as substitutes due to lower prices and significant import volumes [1][3]. - Global sorghum production is approximately 60 million tons, with the United States being the largest producer at 8.73 million tons, followed by Nigeria and Brazil [3][4]. - Global barley production is around 142.5 million tons, with the European Union as the leading producer, contributing 50.4 million tons [4]. Group 2 - China has a high demand for feed, leading to significant imports of sorghum and barley, with projected imports of 7 million tons of sorghum and 9 million tons of barley for the 2024/25 period [5]. - The main sources of sorghum imports for China include the United States (66%), Australia (22%), and Argentina (12%) [5]. - For barley, the primary import sources are Australia (37%), France (15%), and Canada (13%) [5]. Group 3 - The pricing of international sorghum and barley is closely aligned with corn prices, with imports remaining profitable due to lower international corn prices compared to domestic prices [6][7]. - The import volumes of sorghum and barley are influenced by domestic policies, with 2024 expected to see record high imports since 2020 [7]. - The uncertainty in China-US relations may impact sorghum imports, particularly if tariffs are imposed on US goods, while tensions with Australia could lead to anti-dumping investigations on Australian barley [7].