1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - On November 17, domestic commodity futures closed with mixed results, with new energy materials leading the gains and precious metals leading the losses. Industrial products showed mixed performance, while most agricultural products declined [1]. - The steel market is currently in a stage dominated by weak reality and supported by costs. Although steel futures prices rose on Monday, there is still downward pressure in the later stage due to factors such as weak real - estate data and insufficient downstream demand [1]. - The decline in basic metals is due to the hawkish statements of some Fed officials and the fall in the expectation of a Fed rate cut in December, which led to a weakening of risk appetite [1]. - The international oil price rebounded weakly. The main trading logic in the international crude oil market remains unchanged, with both positive and negative factors coexisting. In the short term, some factors support the oil price [1]. - The USDA November supply - demand report was neutral to bearish for oilseeds. Domestic soybean meal may continue to trade in a range, and the three major oils may continue to show a differentiated trend [1]. 3. Summary by Related Catalogs 3.1 Performance of Different Commodity Categories - **New Energy Materials**: Lithium carbonate hit the daily limit with a 9.00% increase [1]. - **Shipping Futures**: All shipping futures rose, with the container shipping index (European line) up 6.73% [1]. - **Black Series**: All black - series commodities rose, with iron ore up 1.81%. The steel market is in a stage of weak reality and cost support. Although steel futures prices rose on Monday, there is still downward pressure in the later stage [1]. - **Chemicals**: Most chemicals rose, with urea up 0.79% [1]. - **Energy Products**: Most energy products rose, with LPG up 0.78% [1]. - **Precious Metals**: Precious metals led the losses, with Shanghai silver down 4.08% [1]. - **Basic Metals**: All basic metals declined, with Shanghai aluminum down 1.39% [1]. - **Oilseeds and Oils**: Most oilseeds and oils declined, with soybeans down 1.23% [1]. - **Non - metallic Building Materials**: All non - metallic building materials declined, with glass down 1.15% [1]. - **Agricultural By - products**: Most agricultural by - products declined, with live pigs down 0.81% [1]. 3.2 Analysis of Specific Commodity Categories 3.2.1 Black Series - The steel market is in a stage of weak reality and cost support. Steel futures prices rose on Monday due to the rebound of raw material prices and the start of environmental inspections in the Beijing - Tianjin - Hebei region. However, in the short term, the expectation of large - scale economic stimulus has cooled, and there is still downward pressure on the steel market due to factors such as weak real - estate data and insufficient downstream demand [1]. 3.2.2 Basic Metals - The decline in basic metals is mainly due to the hawkish statements of some Fed officials and the fall in the expectation of a Fed rate cut in December, which led to a weakening of risk appetite and a general softening of the non - ferrous metal market [1]. 3.2.3 Energy and Chemicals - The international oil price rebounded weakly. The main trading logic in the international crude oil market remains unchanged, with positive factors including the continuation of US sanctions on oil - producing countries and geopolitical uncertainties, and negative factors including OPEC+'s stance on increasing production and weak global economic demand. In the short term, factors such as the possible end of the US government shutdown and the intensification of the Russia - Ukraine conflict support the oil price [1]. 3.2.4 Oilseeds and Oils - The USDA November supply - demand report was neutral to bearish for oilseeds. The domestic soybean meal market is under the pressure of weak fundamentals and the support of US soybean costs, and may continue to trade in a range. The three major oils showed a differentiated trend, with palm oil rebounding. Although the Indonesian biodiesel policy boosted palm oil prices, the decline in export demand limited its increase [1].

Report Industry Investment Ratings - **豆一**: White star, indicating a relatively balanced short - term trend and poor operability on the current market [1] - **豆油**: White star, indicating a relatively balanced short - term trend and poor operability on the current market [1] - **标油**: White star, indicating a relatively balanced short - term trend and poor operability on the current market [1] - **豆粕**: One red star, suggesting a bullish bias but poor operability on the market [1] - **菜油**: White star, indicating a relatively balanced short - term trend and poor operability on the current market [1] - **菜粕**: White star, indicating a relatively balanced short - term trend and poor operability on the current market [1] - **玉米**: White star, indicating a relatively balanced short - term trend and poor operability on the current market [1] - **生猪**: One red star, suggesting a bullish bias but poor operability on the market [1] - **鸡蛋**: One red star, suggesting a bullish bias but poor operability on the market [1] Report's Core View - The report analyzes the market conditions of various agricultural products, including price trends, supply - demand situations, and future outlooks, and provides corresponding investment suggestions based on these analyses [2][3][4] Summary by Related Catalogs [豆一] - The price of domestic soybeans shows high - level fluctuations. Short - term policies are conducive to price stability, and the spot price is stable [2] - The warehouse receipts of domestic soybeans are increasing. The price difference between domestic and imported soybeans shows a sideways trend without a clear short - term trend [2] - Continuously monitor domestic soybean policies and market sentiment in the short term [2] [大豆&豆粕] - The main contract of Dalian soybean meal futures M2601 fluctuates strongly. US soybeans are expected to continue rising [3] - The tax rate for importing US soybeans in China has been changed to 13%, and commercial imports still have no price advantage, while policy - based purchases should be unaffected [3] - The estimated soybean arrivals from November to January next year are about 9.5 million tons, 7.5 million tons, and 5 million tons respectively, with sufficient supply in the fourth quarter [3] - Focus on the USDA November supply - demand report on Friday. Foreign media expect a slight decrease in US soybean yield, and the ending inventory data may be crucial [3] - Look for opportunities to go long at low prices after the relaxation of Sino - US trade [3] [豆油&棕榈油] - Rapeseed oil is still strong today, leading the market. Soybean oil rises slightly, and palm oil moves sideways [4] - The actual supply - demand situation of palm oil shows high inventory in Malaysia. The supply - demand situation in November needs to be monitored to guide price trends [4] - The near - end crushing profit of imported soybeans is damaged, which supports the price of soybean oil [4] - The oil - meal ratio shows that soybean oil is stronger than soybean meal this week. The price of palm oil moves sideways, and it is necessary to monitor its supply - demand situation and the trends of surrounding oils [4] [菜粕&菜油] - The main contracts of rapeseed futures increase positions slightly, continuing the pattern of strong oil and weak meal [6] - The short - term supply shortage sentiment caused by the suspension of rapeseed meal crushing in domestic coastal areas is gradually easing, and it is expected to be greatly alleviated after the arrival of Australian rapeseed [6] - The Canadian government has established a $372 million biofuel production incentive program, which boosts the demand outlook for rapeseed oil [6] - Canadian rapeseed continues the state of high crushing and low exports. Pay attention to the development of Sino - Canadian relations [6] - It is recommended to wait and see in the short term for rapeseed products [6] [玉米] - The Dalian corn futures 2601 contract rises first and then falls. The estimated corn output this season is 300 million tons, a 1.72% increase from the previous season [7] - The selling progress of corn in Northeast China is slower than expected, and the spot price is stable with a slight upward trend. The supply in Shandong continues to decrease, and the spot price is stable [7] - The price of wheat weakens due to the expected auction. The transfer of grain rights is not large, and the peak of new grain supply in Northeast China has not passed. The rebound height is expected to be limited [7] - The Dalian corn futures 01 contract may continue to operate weakly at the bottom [7] [生猪] - The pig futures market continues to trade the expectation of capacity reduction. The far - month contracts continue to rebound, and the near - month contracts fluctuate narrowly [8] - The spot price of pigs continues to decline weakly. The current rebound of the futures market is regarded as a post - bottoming rebound [8] - In the long - term, the bottom of the pig cycle often shows a double - bottom "W" shape. The low price in October is likely to be the first bottom, and there is a high probability of a second bottom in the first half of next year [8] [鸡蛋] - The egg futures price drops rapidly during the session, with a net increase of nearly 10,000 lots in funds and heavy trading volume [9] - The near - month contracts lead the decline, and the market switches from trading the capacity reduction expectation of far - month contracts to trading the logic that the spot price of eggs weakens after Double Eleven [9] - The spot price of eggs is stable in most regions and falls in some regions. It is recommended to try short positions at high prices [9]

1. Report Industry Investment Rating - The investment view is "oscillating with an upward bias" [5] 2. Core View of the Report - Domestic soybean purchase and crushing margins are poor. With China's expected procurement of US soybeans, the short - term domestic futures market is expected to continue the oscillating and upward - biased trend following the US market. However, the expected global soybean supply surplus is likely to limit the rebound height of the futures market. Future drivers depend on the USDA November supply - demand report and South American weather [5] 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Supply**: The supply factor is bullish. USDA's current estimate of the US soybean stock - to - consumption ratio for the 25/26 season is 6.9%, with potential for a downward adjustment in the expected yield of 53.5 bushels per acre and an upward adjustment in export expectations, indicating a tight supply - demand balance sheet. As of November 1st, Brazil's soybean sowing rate was 47.1%, lower than last year and the five - year average, and attention should be paid to the relatively dry weather in southern Brazil and the impact of the weak La Nina weather pattern. In November, domestic soybean meal inventory is expected to start decreasing, but the supply in the fourth quarter is still expected to be abundant. The progress of vessel bookings for December - January is slow, and the supply gap in the first quarter of next year is uncertain. Under the current China - Canada trade policy, the supply of imported rapeseed meal and rapeseed in China is expected to decrease, while the opening of Australian rapeseed imports is expected to supplement the domestic rapeseed meal supply in the fourth quarter [5] - **Demand**: The demand for soybean meal is neutral, and for rapeseed meal is bearish. Livestock and poultry are expected to maintain high inventory levels in the short term, supporting feed demand, but current breeding profits are in the red, and national policies tend to control pig inventory and weight, which may affect future supply. Soybean meal has a high cost - performance ratio, but recent downstream transactions of soybean meal and rapeseed meal have been cautious, and提货 performance has declined [5] - **Inventory**: The inventory factor is neutral. Domestic soybean and soybean meal inventories are at historically high levels, and are expected to start decreasing in November. Feed enterprises' soybean meal inventory days have dropped to a low level. Domestic rapeseed inventory has declined to a low level, and rapeseed meal inventory has been continuously decreasing [5] - **Basis/Spread**: The basis is neutral [5] - **Profit**: The profit factor is bullish. Domestic soybean purchase and crushing margins are poor, while Canadian rapeseed crushing margins are good [5] - **Valuation**: The valuation is neutral. From the perspective of crushing margins, the soybean meal futures price is at a relatively low valuation; from the perspective of basis, the recent soybean meal futures price is at a relatively high - neutral valuation [5] - **Macro and Policy**: The macro and policy factor is bullish. Since November 10, 2025, the additional tariff measures on US - imported goods have been adjusted, with a 24% additional tariff rate suspended for one year, leaving a 10% additional tariff rate, and the current tariff rate for Chinese imports of US soybeans is 13%. Canada cannot immediately cancel tariffs on China [5] - **Trading Strategy**: For unilateral trading, the trend is oscillating with an upward bias, and risks to watch include policy and weather; for arbitrage, it is recommended to wait and see [5] 3.2 Fundamental Supply - Demand Data of Meal Products - **Inventory - to - Consumption Ratio**: In September, the US soybean inventory - to - consumption ratio for the 25/26 season increased, while the global soybean inventory - to - consumption ratio decreased. The rapeseed inventory - to - consumption ratio also increased [34][40] - **US Soybean Data**: The US soybean sowing rate and good - quality rate data are presented, and the domestic crushing profit has declined. This week, no US soybean export sales data were announced [49][54][67] - **Price and Profit Data**: Data on soybean CNF premiums, import soybean crushing margins, Canadian rapeseed CFR prices, and Canadian rapeseed import crushing margins are provided [74][78] - **Inventory and Consumption Data**: Domestic soybean and soybean meal inventories are at high levels, while feed enterprise inventories are at low levels. Data on domestic rapeseed and rapeseed meal inventories, as well as oil mill opening rates, crushing volumes, and meal product trading and consumption volumes, are also presented [85][98][107] - **Livestock and Poultry Breeding Data**: Data on livestock and poultry breeding profits, pig prices, weights, and poultry breeding inventories are provided, showing that pig prices have slightly declined and weight reduction is not obvious [123][127][131]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Last week (11.03 - 11.07), US soybean futures prices fluctuated due to trade sentiment. Domestic soybean meal and soybean No.1 futures prices showed a strong - side oscillation. Next week (11.10 - 11.14), Dalian soybean meal and soybean No.1 futures prices are expected to oscillate, with attention on trade sentiment and the USDA report [1][5]. 3. Summary by Relevant Catalogs International Soybean Market - **US situation**: The US government shutdown continued, and the export sales report was suspended [1]. - **Brazil situation**: - The import cost of Brazilian soybeans increased week - on - week, while the CNF premium and the average crushing profit decreased week - on - week [1][8][11]. - As of the week of October 30, the planting progress of Brazilian soybeans in the 2025/26 season was about 47%, slower than the previous week (36%) and last year's same period (about 54%) [1][8]. - According to the November 7 weather forecast, in the next two weeks (November 8 - 21), the precipitation and temperature in the main soybean - producing areas of Brazil will be basically normal, while in Argentina, the precipitation will be less and the temperature will be "initially low and then gradually return to normal" [1]. Domestic Soybean Meal - **Futures**: The main m2601 contract of soybean meal had a weekly increase of 1.22% in the week of November 7, possibly due to doubts about China's procurement scale of US soybeans [1]. - **Spot**: - The trading volume and提货 volume of soybean meal decreased week - on - week. As of the week of November 7, the average daily trading volume of mainstream oil mills in China was about 90,000 tons (compared with about 110,000 tons in the previous week), and the average daily提货 volume of major oil mills was about 180,000 tons (compared with about 196,000 tons in the previous week) [2]. - The basis of soybean meal (Zhangjiagang) increased slightly week - on - week. As of the week of November 7, the weekly average basis was about 0 yuan/ton (compared with about - 0.2 yuan/ton in the previous week) [2]. - The inventory of soybean meal increased week - on - week and year - on - year. As of the week of October 31, the inventory of mainstream oil mills in China was about 1.02 million tons, with a week - on - week increase of 8% and a year - on - year increase of about 16% [2]. - The soybean crushing volume decreased week - on - week and is expected to increase next week. As of the week of November 7, the domestic weekly soybean crushing volume was about 1.81 million tons (compared with 2.25 million tons in the previous week), and the operating rate was about 50%. Next week (November 8 - 14), the crushing volume is expected to be about 2.16 million tons, and the operating rate will be 59% [2][3]. Domestic Soybean No.1 - **Futures**: The main a2601 contract of soybean No.1 had a weekly increase of 0.39% in the week of November 7, also affected by trade sentiment [1]. - **Spot**: - The soybean price was stable with a slight upward trend. In some northeastern regions, the purchase price of clean soybeans was in the range of 3,940 - 4,040 yuan/ton, up 0 - 60 yuan/ton from the previous week; in some inland regions, it was in the range of 4,800 - 5,040 yuan/ton, up 100 - 180 yuan/ton; in the northern sales areas, the selling price of edible soybeans was in the range of 4,440 - 4,660 yuan/ton, up 20 - 40 yuan/ton [4]. - The state - reserve purchase started, and the purchase prices for some protein standards were slightly higher than the market price, which was a positive factor [4]. - In the early part of the week (before the storage policy was announced), farmers' hoarding mentality weakened, and traders were on the sidelines. In the later part of the week (after the storage policy was announced and the futures trend was strong), some trading entities' purchase mentality became positive again, while farmers continued to hoard [4]. - The demand in the northern sales areas was fair, while the southern market was flat. The sales of northeastern soybeans in the northern market were okay due to the decrease in temperature and the increase in vegetable prices, while the terminal demand for soybean products in the southern market was weak, and downstream markets purchased as needed [4].

Report Industry Investment Ratings - Bean No.1: Neutral, represented by white stars [1] - Soybean Oil: Bullish, represented by red stars [1] - Palm Oil: Bullish, represented by red stars [1] - Soybean Meal: Slightly bullish, represented by one red star [1] - Rapeseed Meal: Bullish, represented by red stars [1] - Rapeseed Oil: Bullish, represented by red stars [1] - Corn: Bullish, represented by red stars [1] - Live Pigs: Bullish, represented by red stars [1] - Eggs: Slightly bullish, represented by one red star [1] Core Viewpoints - The prices of some agricultural products are affected by factors such as trade policies, supply - demand relationships, and weather conditions. Traders should pay attention to policy guidance, USDA reports, and changes in supply - demand fundamentals [2][3][4] - Different agricultural products have different investment opportunities and risks, and appropriate investment strategies should be adjusted according to market changes [3][6][8] Summary by Category Bean No.1 - The main contract of Bean No.1 significantly reduced positions, and the price fell from a high due to the drag of surrounding commodities. The price of US soybeans also dropped from a high. The purchase of soybeans by Sinograin started, with a premium for high - protein soybeans. The supply of domestic high - protein soybeans is tight this year, and short - term attention should be paid to policy guidance [2] Soybean & Soybean Meal - The continuous futures contract of soybeans continued to fluctuate and correct widely. The tariff for importing US soybeans in China is now 13%, and there is still no price advantage for commercial imports. With the increase in import costs, the crushing margin has improved, and it is expected that there will be a destocking situation for domestic soybeans in the first quarter of next year. Attention should be paid to the long - buying opportunities after the Sino - US trade eases [3] Soybean Oil & Palm Oil - The price of US soybeans dropped from a high due to the easing of trade optimism. After the recent rise of US soybeans, the spread of the near - month FOB premium to Brazil has been repaired higher than the same period last year. The market is expected to turn to focus on the guidance of the USDA report. Palm oil stopped falling and rebounded, but the rebound momentum on the disk is still not strong. Short - term attention should be paid to whether palm oil with a bearish near - end supply - demand situation can stabilize [4] Rapeseed Meal & Rapeseed Oil - The expected pressure on the price of foreign oilseeds drags down the domestic rapeseed futures price. The low price of Canadian rapeseed makes farmers less willing to sell, and exports are still sluggish. The domestic coastal oil mills have shut down due to the shortage of rapeseed. It is recommended to change the short - long strategy of rapeseed meal to a wait - and - see attitude and focus on the marginal changes in the oilseed import end [6] Corn - The Dalian corn futures fluctuated weakly. The increase in the supply of new corn in the Northeast has decreased, and the price is stable with a slight upward trend. The supply in Shandong has increased. After the tax cut by the State Council Tariff Commission, the tariff for importing US corn in China is 11% within the quota and 75% outside the quota. Attention should be paid to the signing of the latest Sino - US economic and trade agreement and the change in the enthusiasm of grain listing in the Northeast [6] Live Pigs - The futures price of live pigs fluctuated within a narrow range, and the funds increased positions overall. The spot price also showed a narrow - range consolidation. The inventory of breeding sows decreased month - on - month in October, continuing the trend of capacity reduction for two consecutive months. It is expected that the pig price may hit the bottom again in the first half of next year [7] Eggs - The egg futures first fell and then rose, with an overall reduction in positions. The spot price rose today. The inventory of laying hens decreased slightly month - on - month in October but is still at a historically high level. The number of culled chickens in the spot market increased, and the culling age decreased. The disk has maintained a strong pattern recently, and short - selling opportunities in the fourth quarter should be awaited [8]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - In the protein meal market, overnight soybean meal closed up in a volatile manner, while rapeseed meal closed slightly down. The US is working to ease trade tensions with China, alleviating concerns about US soybean exports. Although the market strongly anticipates a downward adjustment of US soybean yield per unit in the October USDA report, the report has been postponed due to the US government shutdown. With frequent market news, US soybean futures prices are mainly fluctuating. Domestically, the impact of tariffs on the market is weakening, and sufficient domestic supply still poses significant pressure on the short - term upward movement of domestic soybean meal futures [2]. - In the oil market, overnight oils showed weak performance. The MPOB September supply - demand report indicated that Malaysian palm oil production in September was 1.841 million tons, a 0.73% month - on - month decrease; exports were 1.428 million tons, a 7.7% month - on - month increase, basically in line with market expectations. By the end of September, Malaysian palm oil inventory was 2.3609 million tons, a 7.2% month - on - month increase. The MPOB report shows that inventory accumulation is higher than expected, and uncertainties in Sino - US trade relations and increased macro - disturbances may put short - term pressure on the oil market. However, in the medium to long term, the Southeast Asian production area will enter the production reduction season, and international biodiesel policies will continue to support oil consumption demand [2]. 3. Summary by Relevant Catalogs 3.1 Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts were 8240, 9330, 9959, 2902, 2388, and 8844 respectively. The price changes were - 28, - 34, - 63, - 30, - 12, and 26, with percentage changes of - 0.34%, - 0.36%, - 3.15%, - 1.02%, - 0.50%, and 0.29% respectively [1]. - **Spreads and Ratios**: The current spreads and ratios of various varieties have changed compared to the previous values. For example, the Y9 - 1 spread is now - 320 (previous value - 296), and the M9 - 1 spread is now - 74 (previous value - 85) [1]. 3.2 International Futures Market - **Prices and Changes**: The previous day's closing prices of BMD palm oil, CBOT soybeans, CBOT US soybean oil, and CBOT US soybean meal were 4420 ringgit/ton, 1006 cents/bushel, 51 cents/pound, and 275 dollars/ton respectively. The price changes were - 53, - 2, 0, and 0, with percentage changes of - 1.18%, - 0.20%, 0.08%, and 0.11% respectively [1]. 3.3 Spot Market - **Prices and Changes**: The current spot prices of various oils and meals have different percentage changes. For example, the spot price of Tianjin first - grade soybean oil is 8460, with a - 0.12% change [1]. - **Spreads**: The current spreads between different spot products have also changed compared to the previous values. For example, the spread between Guangzhou first - grade soybean oil and 24° palm oil is now - 560 (previous value - 590) [1]. 3.4 Import and Crushing Profit - The current import and crushing profits of various products have changed compared to the previous values. For example, the current import and crushing profit of near - month Malaysian palm oil is - 417 (previous value - 465) [1]. 3.5 Warehouse Receipts - The current warehouse receipts of various products have changed compared to the previous values. For example, the current warehouse receipts of palm oil are 500 (previous value 1570) [1]. 3.6 Industry Information - As of the week ending October 10, 2025, the US soybean crushing profit was $2.89 per bushel, a 5.3% decrease from the previous week. In 2024, the average crushing profit was $2.44 per bushel, lower than $3.29 per bushel in 2023 [2]. - Brazil's National Supply Company (CONAB) released the 2025/26 annual supply - demand report, predicting that Brazil's 2025/26 soybean production will reach 177.6 million tons, slightly lower than last month's forecast of 177.67 million tons but a 3.6 - percentage - point increase from the 2024/25 season. The US Department of Agriculture's forecast is 175 million tons [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - **Protein Meal**: The night - session of soybean and rapeseed meal fluctuated and closed higher. Tensions in Sino - US trade relations weakened the export prospects of US soybeans, depressing US soybean prices. Although the market strongly expects the US Department of Agriculture to lower the US soybean yield per unit in this month's USDA report, the report is postponed due to the US government shutdown, suppressing market trading. With US soybeans being harvested and listed, reduced export demand will continue to pressure US soybean prices, which are expected to be weak. In the domestic market, the previous valuation of Sino - US trade improvement will be revised upwards due to the renewed trade conflict. The expectation of tight supply in the later period and the expectation of tariff upgrades will boost the performance of Dalian Commodity Exchange (DCE) soybean meal [2]. - **Oils and Fats**: The night - session of oils and fats showed a strong performance. The MPOB released this month's supply - demand report. In September, Malaysia's palm oil production was 1.841 million tons, a month - on - month decrease of 0.73%; exports were 1.428 million tons, a month - on - month increase of 7.7%, basically in line with market expectations. As of the end of September, Malaysia's palm oil inventory was 2.3609 million tons, a month - on - month increase of 7.2%. The MPOB report shows that inventory accumulation is higher than expected. Meanwhile, uncertainties in Sino - US trade relations and increased macro - disturbances may put short - term pressure on the oils and fats market. However, in the medium to long term, the Southeast Asian production areas will enter the production - reduction season, and international biodiesel policies will continue to support the consumption demand for oils and fats [2]. 3. Summary by Relevant Catalogs 3.1 Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, and rapeseed oil were 8,268, 9,364, and 10,022 respectively, with changes of - 34, - 74, and - 39, and percentage changes of - 0.41%, - 0.78%, and - 3.15%. For soybean meal, rapeseed meal, and peanuts, the previous day's closing prices were 2,932, 2,400, and 8,844 respectively, with changes of 10, - 58, and 26, and percentage changes of 0.34%, - 2.36%, and 0.29% [1]. - **Spreads and Ratios**: The current values of spreads such as Y9 - 1, P9 - 1, and OI9 - 1 were - 320, - 538, and - 380 respectively, compared with previous values of - 296, - 574, and - 602. The current values of ratios - spreads like M9 - 1, RM9 - 1, and M - RM09 were - 74, 3, and 458 respectively, compared with previous values of - 85, 0, and 396 [1]. 3.2 International Futures Market - **Prices and Changes**: The previous day's closing prices of BMD palm oil, CBOT soybeans, CBOT US soybean oil, and CBOT US soybean meal were 4,473 ringgit/ton, 1,008 cents/bushel, 51 cents/pound, and 275 dollars/ton respectively, with changes of - 26, 1, 1, and - 1, and percentage changes of - 0.58%, 0.12%, 1.12%, and - 0.40% [1]. 3.3 Domestic Spot Market - **Prices and Changes**: The current spot prices of Tianjin and Guangzhou first - grade soybean oil were 8,470 and 8,570 respectively, with percentage changes of - 0.82% and - 0.81%. The current spot prices of Zhangjiagang and Guangzhou 24° palm oil were 9,320 and 9,260 respectively, with percentage changes of - 2.10% and - 2.11%. The current spot prices of Zhangjiagang and Fangchenggang third - grade rapeseed oil were 10,270 and 10,270 respectively, with percentage changes of - 0.96% and - 1.06% [1]. - **Basis and Spreads**: The current spot basis of Tianjin first - grade soybean oil and other products were 202, etc. The current spot spreads such as the difference between Guangzhou first - grade soybean oil and 24° palm oil was - 560, compared with a previous value of - 590 [1]. 3.4 Import and Crushing Profits - The current values of import and crushing profits for near - month Malaysian palm oil, near - month US Gulf soybeans, etc. were - 465, 29, etc., compared with previous values of - 60, - 210, etc [1]. 3.5 Warehouse Receipts - The current warehouse receipts for soybean oil, palm oil, and other products were 25,444, 1,500, etc., compared with previous values of 25,444, 1,570, etc [1]. 3.6 Industry Information - As of October 11, the soybean sowing rate in Brazil was 11.1%, compared with 8.2% last week, 9.1% in the same period last year, and a five - year average of 16.9% [2]. - The National Oilseed Processors Association (NOPA) of the United States will release its September report on Thursday. Analysts expect the soybean crushing volume in September to be around 185 million to 190 million bushels, compared with 189.81 million bushels in August and 178.2 million bushels in the same period last year [2].

Group 1: Report Industry Investment Ratings - No information provided in the given reports. Group 2: Core Views of the Reports 粕类产业 - Domestic two - meal decline space is limited, and the cost support expectation of meal products in the fourth quarter is still strong. It is expected that 01 will operate in the range of 3000 - 3100 [1]. 生猪产业 - The slaughter volume of the breeding end has increased, and the spot pressure has been continuously realized. The short - term rebound of the futures price does not rule out the possibility of subsequent decline, and it is expected that the futures and spot prices will continue to bottom out [3]. 油脂 industry - Palm oil futures are expected to gradually rise to around 4500 ringgit and maintain a strong consolidation. Domestic palm oil futures are expected to follow the upward trend. For soybean oil, the supply in the United States supports the market, and the domestic soybean oil inventory has increased. The spot basis quotation may rise with the reduction of soybean supply [7]. 玉米 industry - In the short term, the market supply and demand are loose, and the futures price fluctuates weakly; in the medium term, it maintains a weak situation, and short - selling should be cautious [8]. 白糖 industry - The raw sugar price is expected to maintain a bottom - oscillating pattern. The domestic spot pressure still exists. The futures price is expected to stabilize around 5500 in the short term, but the rebound space is limited, and the idea of selling high is still maintained later [12]. cotton industry - In the short term, domestic cotton prices may fluctuate within a range, and will be under pressure after the new cotton is listed in the long term [14]. egg industry - The demand may drive up the egg price to the annual high, but the supply side may suppress the increase. After the replenishment of traders ends next week, the egg price in some areas may decline slightly [18]. Group 3: Summaries According to Relevant Catalogs 粕类产业 - **豆粕**: The current price in Jiangsu is 3030 yuan, unchanged from the previous value; the futures price of M2601 is 3041 yuan, down 1 yuan; the basis is - 11 yuan, up 1 yuan; the spot basis in Jiangsu is m2601 - 90; the Brazilian 11 - month shipping schedule's disk import profit is 7 yuan, up 13 yuan [1]. - **菜粕**: The current price in Jiangsu is 2620 yuan, up 20 yuan; the futures price of RM2601 is 2518 yuan, up 14 yuan; the basis is 102 yuan, up 6 yuan; the Canadian 11 - month shipping schedule's disk import profit is 866 yuan, up 103 yuan [1]. - **Soybean**: The current price of Harbin soybeans is 3980 yuan, unchanged; the futures price of the main soybean contract is 3924 yuan, down 15 yuan; the basis is 56 yuan, up 15 yuan; the current price of imported soybeans in Jiangsu is 3900 yuan, unchanged; the futures price of the main soybean - 2 contract is 3729 yuan, up 1 yuan; the basis is 171 yuan, down 1 yuan [1]. - **Spreads**: The 01 - 05 spread of soybean meal is 239 yuan, up 1 yuan; the 01 - 05 spread of rapeseed meal is 121 yuan, up 10 yuan; the spot oil - meal ratio is 2.86, up 0.017; the main contract oil - meal ratio is 2.77, up 0.015; the spot soybean - rapeseed meal spread is 410 yuan, down 20 yuan; the 2601 spread is 523 yuan, down 15 yuan [1]. 生猪 industry - **Futures indicators**: The main contract basis is - 550 yuan, down 105 yuan; the price of live - hog 2511 is 13160 yuan/ton, down 115 yuan; the price of live - hog 2601 is 13680 yuan/ton, down 65 yuan; the 11 - 1 spread is - 520 yuan, down 50 yuan; the main contract position is 84857, up 3795 [3]. - **Spot prices**: The prices in Henan, Shandong, Liaoning, Guangdong, Hunan, and Hebei have all decreased to varying degrees [3]. - **Spot indicators**: The daily slaughter volume of sample points is 149204, up 1122; the weekly white - strip price is 20.10 yuan, unchanged; the weekly piglet price is 26.00 yuan/kg, unchanged; the weekly sow price is 32.51 yuan, unchanged; the weekly slaughter weight is 128.32 kg, up 0.1 kg; the weekly self - breeding profit is 17 yuan/head, down 35.8 yuan; the weekly purchased - piglet breeding profit is - 162 yuan, down 35.7 yuan; the monthly fertile sow inventory is 40420000 heads, down 10000 heads [3]. 油脂 industry - **Soybean oil**: The futures price of Y2601 is 8122 yuan, up 46 yuan; the basis is 238 yuan, up 4 yuan; the spot basis in Jiangsu in September is 01 + 210; the warehouse receipt is 24544, unchanged [7]. - **Palm oil**: The current price of 24 - degree palm oil in Guangdong is 9400 yuan, up 80 yuan; the futures price of P2601 is 9252 yuan, up 78 yuan; the basis is 148 yuan, up 2 yuan; the spot basis in Guangdong in September is 01 + 20; the disk import cost in Guangzhou Port in September is 9679.8 yuan, up 39.2 yuan; the disk import profit is - 428 yuan, up 39 yuan; the warehouse receipt is 1570, unchanged [7]. - **Rapeseed oil**: The current price of Grade 4 rapeseed oil in Jiangsu is 10060 yuan, up 120 yuan; the futures price of Ol601 is 9586 yuan, up 75 yuan; the basis is 474 yuan, up 45 yuan; the spot basis in Jiangsu in September is 01 + 200; the warehouse receipt is 8202, unchanged [7]. - **Spreads**: The 01 - 05 spread of soybean oil is 296 yuan, down 4 yuan; the 01 - 05 spread of palm oil is 230 yuan, down 18 yuan; the 01 - 05 spread of rapeseed oil is 467 yuan, up 78 yuan; the spot soybean - palm oil spread is - 740 yuan, down 30 yuan; the 2601 soybean - palm oil spread is - 1064 yuan, down 18 yuan; the spot rapeseed - soybean oil spread is 1400 yuan, up 70 yuan; the 2601 rapeseed - soybean oil spread is 1635 yuan, up 111 yuan [7]. 玉米 industry - **Corn**: The price of corn 2511 at Jinzhou Port's flat - hatch price is 2166 yuan/ton, down 1 yuan; the basis is 144 yuan, up 1 yuan; the 11 - 3 spread is - 2 yuan, up 3 yuan; the Shekou bulk grain price is 2420 yuan/ton, unchanged; the north - south trade profit is 39 yuan, unchanged; the CIF price is 1941 yuan, down 2 yuan; the import profit is 479 yuan, up 2 yuan; the number of remaining vehicles at Shandong deep - processing enterprises in the morning is 1003, up 379; the position is 1573720, up 2703; the warehouse receipt is 43975, up 232 [8]. - **Corn starch**: The price of corn starch 2511 is 2443 yuan, unchanged; the spot price in Changchun is 2560 yuan, unchanged; the spot price in Weifang is 2800 yuan, unchanged; the basis is 117 yuan, unchanged; the 11 - 3 spread is - 32 yuan, up 10 yuan; the starch - corn futures spread is 277 yuan, up 1 yuan; the Shandong starch profit is - 33 yuan, up 3 yuan; the position is 335166, up 8120; the warehouse receipt is 9217, down 21 [8]. 白糖 industry - **Futures market**: The price of sugar 2601 is 5547 yuan/ton, down 2 yuan; the price of sugar 2605 is 5525 yuan/ton, down 2 yuan; the ICE raw sugar main contract is 15.88 cents/pound, down 0.08 cents; the 1 - 5 spread is 23 yuan/ton, unchanged; the main contract position is 385623, up 4016; the warehouse receipt is 11268, down 57; the effective forecast is 0, unchanged [12]. - **Spot market**: The price in Nanning is 5890 yuan/ton, unchanged; the price in Kunming is 5865 yuan/ton, up 10 yuan; the Nanning basis is 366 yuan, up 2 yuan; the Kunming basis is 341 yuan, up 12 yuan; the imported Brazilian sugar (within quota) is 4418 yuan, up 20 yuan; the imported Brazilian sugar (out - of - quota) is 5611 yuan, up 26 yuan; the price difference between imported Brazilian sugar (within quota) and Nanning is - 1472 yuan, up 20 yuan; the price difference between imported Brazilian sugar (out - of - quota) and Nanning is - 279 yuan, up 26 yuan [12]. - **Industry situation**: The cumulative national sugar production is 1116.21 million tons, up 119.89 million tons; the cumulative national sugar sales is 1000.00 million tons, up 114.00 million tons; the cumulative sugar production in Guangxi is 646.50 million tons, up 28.36 million tons; the monthly sugar sales in Guangxi is 26.02 million tons, down 9.69 million tons; the cumulative national sugar sales rate is 89.60%, up 0.66%; the cumulative sugar sales rate in Guangxi is 89.04%, up 0.62%; the national industrial inventory is 116.00 million tons, up 5.78 million tons; the sugar industrial inventory in Guangxi is 70.87 million tons, down 1.61 million tons; the sugar industrial inventory in Yunnan is 33.65 million tons, up 7.07 million tons; the sugar import is 13.00 million tons, up 8.00 million tons [12]. cotton industry - **Futures market**: The price of cotton 2605 is 13860 yuan/ton, up 10 yuan; the price of cotton 2601 is 13882 yuan/ton, up 10 yuan; the ICE US cotton main contract is 67.67 cents/pound, up 0.85 cents; the 5 - 1 spread is - 35 yuan/ton, unchanged; the main contract position is 492631, down 5664; the warehouse receipt is 4759, down 140; the effective forecast is 12, up 10 [14]. - **Spot market**: The arrival price of Xinjiang 3128B cotton is 15214 yuan, up 47 yuan; the CC Index 3128B is 15300 yuan, up 51 yuan; the FC Index M 1% is 13388 yuan/ton, unchanged; the difference between 3128B and the 01 contract is 1354 yuan, up 37 yuan; the difference between 3128B and the 05 contract is 1319 yuan, up 37 yuan; the difference between CC Index 3128B and FC Index M 1% is 1912 yuan, up 51 yuan [14]. - **Industry situation**: The industrial inventory is 148.17 million tons, down 33.85 million tons; the industrial inventory is 89.23 million tons, down 3.19 million tons; the import volume is 5.00 million tons, up 2.00 million tons; the bonded area inventory is 29.10 million tons, up 0.20 million tons; the year - on - year inventory of the textile industry is - 0.20%, down 1.00%; the yarn inventory days is 26.58 days, down 0.65 days; the grey fabric inventory days is 33.87 days, down 1.31 days; the cotton outbound shipping volume is 53.46 million tons, up 9.86 million tons; the immediate processing profit of spinning enterprises C32s is - 2055.00 yuan/ton, down 36.10 yuan; the retail sales of clothing, shoes, hats, and knitted textiles is 1045.00 billion yuan, up 83.70 billion yuan; the year - on - year monthly retail sales of clothing, shoes, hats, and knitted textiles is 3.10%, up 1.30%; the export value of textile yarns, fabrics, and products is 123.93 billion US dollars, up 7.89 billion US dollars; the year - on - year monthly export value of textile yarns, fabrics, and products is 1.43%, up 0.91%; the export value of clothing and clothing accessories is 141.46 billion US dollars, down 10.16 billion US dollars; the year - on - year export value of clothing and clothing accessories is - 10.08%, down 9.47% [14]. egg industry - **Futures indicators**: The price of the egg 11 contract is 3113 yuan/500KG, down 30 yuan; the price of the egg 10 contract is 3090 yuan/500KG, down 36 yuan; the 11 - 10 spread is 23 yuan, up 6 yuan [17]. - **Spot indicators**: The egg - producing area price is 3.76 yuan/jin, up 0.10 yuan; the basis is 130 yuan/500KG, up 130 yuan; the egg - chick price is 2.60 yuan/feather, down 0.40 yuan; the culled - hen price is 4.61 yuan/jin, down 0.01 yuan; the egg - feed ratio is 2.50, up 0.07; the breeding profit is - 17.89 yuan/feather, up 4.71 yuan [17].

Group 1: Cotton Report Industry Investment Rating - Neutral [3] Core View - Cotton prices are expected to continue oscillating in the short term due to a mix of positive and negative factors, with limited upside potential for continuous rebound [3] Summary by Related Catalogs - **Market News and Key Data**: The closing price of the cotton 2509 contract was 13,525 yuan/ton, down 5 yuan/ton (-0.04%) from the previous day. The Xinjiang arrival price of 3128B cotton was 14,762 yuan/ton, up 47 yuan/ton, and the national average price was 14,862 yuan/ton, up 42 yuan/ton. As of June 15, the cotton planting rate in 15 major US cotton - growing states was 85%, the squaring rate was 19%, the boll - setting rate was 3%, and the good - to - excellent rate was 48% [1] - **Market Analysis**: Zhengzhou cotton futures prices oscillated narrowly. Macro - level positive signals from Sino - US trade negotiations initially boosted domestic cotton prices, but uncertainty led to price retracement. The June USDA supply - demand report showed a decrease in global cotton production and consumption in the 25/26 season, with a decline in ending stocks. US cotton产区 has seen improved drought conditions due to more rainfall. Domestically, commercial cotton inventories are de - stocking rapidly, but new - season cotton planting area is increasing, and demand is in the off - season [2] Group 2: Sugar Report Industry Investment Rating - Neutral [6] Core View - Zhengzhou sugar futures prices mainly follow the trend of raw sugar, with a medium - to - long - term weakening trend [6] Summary by Related Catalogs - **Market News and Key Data**: The closing price of the sugar 2509 contract was 5,691 yuan/ton, up 24 yuan/ton (+0.42%) from the previous day. The spot price of sugar in Nanning, Guangxi was 6,030 yuan/ton, up 10 yuan/ton, and in Kunming, Yunnan was 5,865 yuan/ton, up 30 yuan/ton. In the second half of May, the sugarcane crushing volume in the central - southern region of Brazil increased by 5.47% year - on - year, the sugar production ratio increased, and sugar production increased by 8.86% year - on - year [3][4] - **Market Analysis**: Zhengzhou sugar futures prices oscillated and closed higher. Raw sugar prices dropped to a nearly four - year low due to the expected increase in production in the 25/26 season in Brazil, India, and Thailand. Domestically, favorable sales data supported spot prices, but with tightened imports of syrup and premixes, the supply - demand gap needs to be filled by out - of - quota imports. As raw sugar prices weakened, import profits emerged, increasing supply pressure expectations [5][6] Group 3: Pulp Report Industry Investment Rating - Neutral [8] Core View - Pulp prices are expected to continue oscillating at a low level in the short term due to pessimistic terminal demand expectations and a lack of positive drivers in the industry chain [8] Summary by Related Catalogs - **Market News and Key Data**: The closing price of the pulp 2507 contract was 5,220 yuan/ton, down 54 yuan/ton (-1.02%) from the previous day. The spot price of Chilean Silver Star softwood pulp in Shandong was 6,120 yuan/ton, down 15 yuan/ton, and the price of Russian softwood pulp was 5,250 yuan/ton, down 25 yuan/ton [6] - **Market Analysis**: Pulp futures prices oscillated weakly. On the supply side, Arauco's long - term contract prices have been continuously lowered, and domestic pulp imports increased in May, with high port inventories. On the demand side, European demand has not improved significantly, and domestic downstream demand is weak, with the paper - making industry in the traditional off - season from June to July [8]

Group 1: USDA Supply and Demand Report - US Soybeans - The estimated sowing area of US soybeans in the 2025/26 season is 83.5 million acres, the same as the May estimate [1] - The estimated harvested area of US soybeans in the 2025/26 season is 82.7 million acres, consistent with the May estimate [1] - The estimated yield per acre of US soybeans in the 2025/26 season is 52.5 bushels, unchanged from the May estimate [1] - The estimated production of US soybeans in the 2025/26 season is 4.34 billion bushels, the same as the May estimate [1] - The estimated export volume of US soybeans in the 2025/26 season is 1.815 billion bushels, unchanged from the May estimate [1] - The estimated ending stocks of US soybeans in the 2025/26 season is 295 million bushels, consistent with the May estimate [1] Group 2: USDA Supply and Demand Report - Global Soybeans - The estimated production of Brazilian soybeans in the 2025/26 season is 175 million tons, the same as the May estimate [1] - The estimated export volume of Brazilian soybeans in the 2025/26 season is 112 million tons, unchanged from the May estimate [1] - The estimated production of Argentine soybeans in the 2025/26 season is 48.5 million tons, the same as the May estimate [1] - The estimated export volume of Argentine soybeans in the 2025/26 season is 4.5 million tons, consistent with the May estimate [1] - The estimated import volume of Chinese soybeans in the 2025/26 season is 112 million tons, unchanged from the May estimate [1] - The estimated global soybean production in the 2025/26 season is 426.82 million tons, the same as the May estimate [1] - The estimated global soybean ending stocks in the 2025/26 season is 125.3 million tons, up from the May estimate of 124.33 million tons [1] Group 3: US Soybean Export Sales - For the week ending June 5, US current - market - year soybean export sales net increased by 61,400 tons, down 68% from the previous week and 74% from the four - week average, with market expectations of a net increase of 10 - 50 thousand tons [1] - For the week ending June 5, US next - year soybean export sales net increased by 58,100 tons, with market expectations of a net increase of 0 - 20 thousand tons [1] - For the week ending June 5, US soybean export shipments were 453,400 tons, up 47% from the previous week and 51% from the four - week average [1] - For the week ending June 5, US current - market - year soybean new sales were 155,500 tons, and next - market - year soybean new sales were 58,100 tons [1] Group 4: Brazilian and Argentine Soybean Production Estimates - IBGE expects Brazil's 2025 soybean production to be 165.16 million tons, up 13.9% from the previous year, with the planting area expected to be 47.542156 million hectares, up 3.3% from last month's estimate and 0.3% from the previous year [1] - The Buenos Aires Grain Exchange raised its estimate of Argentina's 2024/25 soybean production by 30,000 tons to 5.03 million tons, and the soybean harvest rate has reached 93.2% [1] Group 5: Spot Prices - The report provides spot prices of various products including soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from June 6 - 12, 2025 [2]