1. Report Industry Investment Ratings No information about industry investment ratings is provided in the given content. 2. Core Views of the Report - **Soybean Meal**: Short - term decline. The impact of the China - US trade tariff increase is limited. South American soybean production is determined, and US soybean planting has started. In China, soybean inventories at ports and oil mills have been accumulating for four consecutive weeks, and the supply of soybean meal is temporarily tight before and after the May Day holiday. The monthly import volume from May to July is estimated to be over 10 million tons. The price of soybean meal continued to fall yesterday, and the downward space is limited before the holiday [1][3]. - **Rapeseed Meal**: Short - term decline. The inventories of rapeseed and rapeseed meal at oil mills have decreased. The spot price difference between soybean meal and rapeseed meal has expanded, increasing the substitution of rapeseed meal. The decline in soybean meal prices has led to a decline in rapeseed meal prices. With the approaching of the new rapeseed listing in China, there is short - term supply pressure [1]. - **Palm Oil**: Short - term decline. In April, the supply and demand of international palm oil both increased. The improvement in marginal supply and the expectation of continuous improvement may cause the price center of international palm oil to gradually decline. The domestic palm oil commercial inventory is low, and there is no supply - side pressure for the time being [1][9]. - **Cotton**: Decline and adjustment. US cotton sowing is ongoing, and the improvement of soil moisture is negative for the market. The tariff war has entered a phased buffer, and the demand is expected to recover. However, the overall market recession expectation has not been significantly reversed. In China, the new cotton sowing is coming to an end, and the new - season output is expected to be high. The downstream demand is entering the seasonal off - season [1][11][12]. - **Red Dates**: Weak operation. Currently, there are limited disturbances in the planting end. The supply in the downstream market is relatively sufficient, and the market is in the traditional consumption off - season. The arrival of seasonal fresh fruits has squeezed the market, and the supply - strong and demand - weak pattern has not improved significantly [1]. - **Live Pigs**: Low - level oscillation. The market fundamentals have not improved significantly. The pressure of oversupply is expected to dominate the market trend in the second half of 2025. The enthusiasm for secondary fattening has weakened, and the release of large - weight pigs may further suppress prices. The consumer end lacks continuous growth momentum, and the supply - demand fundamentals have not reversed [1][19]. 3. Summaries Based on Relevant Catalogs Soybean Meal - **International Situation**: The impact of the China - US trade tariff increase is limited. South American soybean production is determined, and US soybean planting has started. The initial planting progress and weather outlook are relatively smooth [3]. - **Domestic Situation**: From April to June, the monthly import volume is over 10 million tons. As of April 18, soybean inventories at ports and oil mills have been accumulating for three consecutive weeks, while soybean meal inventories are still decreasing. The spot supply of soybean meal is tight, driving the recent soybean meal market [3]. - **Price and Data**: The futures price of the main contract of soybean meal closed at 2964 yuan/ton, down 0.70% from the previous day. The national average spot price was 3602.29 yuan/ton, down 2.35% [2]. Rapeseed Meal - **Inventory Situation**: As of April 25, the coastal oil mill's rapeseed inventory was 25.5 tons, down 6.5 tons from the previous week; rapeseed meal inventory was 0.97 tons, down 0.02 tons; the unexecuted contract was 7.72 tons, down 0.7 tons [7]. - **Market Situation**: The domestic rapeseed meal inventory is much higher than that of the past two years, and the new - season rapeseed will be harvested and listed in May. The spot price difference between soybean meal and rapeseed meal has expanded to over 900 yuan/ton, reducing the substitution of rapeseed meal. However, the sharp rise in the spot price of soybean meal has driven the rise of rapeseed meal prices [7]. - **Price and Data**: The futures price of the main contract of rapeseed meal closed at 2588 yuan/ton, down 2.01% from the previous day. The national average spot price was 2624.21 yuan/ton, down 1.25% [4]. Palm Oil - **Inventory Situation**: As of April 18, the national key area's palm oil commercial inventory was 38.44 tons, up 3.58% from the previous week and down 22.62% year - on - year [9]. - **Market Situation**: In April, the supply and demand of international palm oil both increased. The production growth rate is greater than the export growth rate, and there is a risk of weakening. The near - month contract may have strong price support due to the high basis and limited imports [1][9]. - **Price and Data**: The futures price of the main contract of palm oil closed at 8120 yuan/ton, down 0.66% from the previous day. The national average price was 8865 yuan/ton, down 1.06% [8]. Cotton - **International Situation**: As of the week of April 27, 2025, the US cotton planting rate was 15%. The rainfall in the main cotton - producing areas of the US has improved the soil moisture. In Brazil, the cumulative rainfall in Mato Grosso has decreased, and the soil moisture in the cotton - growing areas has slightly deteriorated [11]. - **Domestic Situation**: The intended planting area of cotton in China in 2025 is 43.763 million mu, a year - on - year increase of 1.5%. The sowing of Xinjiang cotton is mostly completed, and the high - yield expectation remains. The spring peak season is ending, and the orders and operating rates of textile enterprises are falling [12]. - **Price and Data**: The futures price of the main contract of cotton (CF2509) closed at 12840 yuan/ton, down 0.85% from the previous day. The domestic spot average price was 14261 yuan/ton, up 0.14% [10][11]. Red Dates - **Production Area Situation**: In some southern Xinjiang production areas, jujube trees have germinated, and the current growth situation is good. The physical inventory of 36 sample points this week was 10505 tons, a decrease of 16 tons from the previous week. The market trading atmosphere is light, and prices are stable [16]. - **Market Situation**: As the temperature rises, the demand for dried fruits gradually weakens, and the future demand is expected to decline. The supply - strong and demand - weak pattern has not improved significantly [16]. - **Price and Data**: The futures price of the main contract of red dates (CJ2509) closed at 8965 yuan/ton, down 1.54% from the previous day [14][16]. Live Pigs - **Supply Situation**: Due to the slight decline in the number of piglets born at the end of 2024, the supply pressure from April to June will have limited increase. In the third quarter, the supply pressure will remain relatively high. The long - term supply pressure in the second half of 2025 is expected to deepen [18]. - **Demand Situation**: After the festival, the demand has increased slightly, but the relative level is still low. The support of secondary fattening has slowed down, and the improvement of seasonal demand needs attention [18]. - **Price and Data**: The futures price of the main contract of live pigs (Lh2509) closed at 13930 yuan/ton, down 1.62% from the previous day. The national average spot price of live pigs was 14940 yuan/ton, up 0.07% [17][18].