Report Industry Investment Ratings No relevant content provided. Core Views Oils and Fats - Palm oil: The Malaysian crude palm oil futures market is oscillating narrowly. With potential positive factors like slowing production growth and increasing exports, there's a chance for it to strengthen. Dalian palm oil futures may follow suit if they can effectively stay above the moving average. After breaking through 9,500 yuan, a new upward space may open, maintaining a view of near - term weakness and long - term strength [1]. - Soybean oil: The negative impact of the US EPA's proposal is almost digested. If the upcoming China - US summit mentions China's purchase of US soybeans, CBOT soybeans will rise, boosting CBOT soybean oil. Domestic consumption is good during the Mid - Autumn Festival stocking period, and soybean oil export news also supports the market. The Q4 increase in soybean supply may drag down forward contracts, while the rise in CBOT soybeans may boost near - term contracts [1]. Sugar - The Brazilian sugar production in late August exceeded market expectations, causing the raw sugar price to decline significantly. The domestic sugar market is under pressure due to increased imports in August, weakening raw sugar prices, weakening processed sugar quotes, restricted sugar transportation in Guangxi, and a slowdown in spot purchases as the Mid - Autumn Festival stocking nears the end. It is expected to maintain a weak bottom - oscillating pattern [3]. Cotton - On the supply side, there is little willingness to rush to buy seed cotton, and new cotton can be hedged at a reasonable price, resulting in significant hedging pressure on cotton prices in the medium term. On the demand side, the downstream industry has little confidence in the peak season, and demand is weaker than in previous years. Overall, domestic cotton prices may face pressure in the medium term [4]. Corn - In the short term, the corn market will remain at a low level or may have a slight rebound due to the influence of the rhythm of corn supply and price support. In the medium term, the weak situation remains unchanged. Attention should be paid to the grain - purchasing rhythm and weather conditions [6]. Eggs - With the egg - laying hen inventory at a high level and the egg - laying rate and egg weight increasing after the weather cools down, the egg supply is sufficient. As the National Day and Mid - Autumn Festival approach, cold - storage eggs are being released, increasing supply pressure. Recently, egg prices have declined, reducing traders' purchasing intentions. However, as the festivals approach, supermarkets and e - commerce may increase their egg purchases for promotions. It is expected that egg prices will oscillate within a bottom - range [10]. Meal - The uncertainty of the biodiesel blending policy and the unclear demand outlook for US soybeans suppress US soybean oil and soybeans. The US soybean supply - strong and demand - weak pattern continues. Although the concern about the Q4 supply in China is gradually alleviated, the spot market is loose, and the terminal lacks stocking enthusiasm. There are many short - term negative factors for meal, but there is also a basis for a subsequent rebound [13]. Pigs - The supply pressure from farmers' increased slaughter is being realized. Although demand is slowly recovering, it is uncertain whether it can absorb the supply. The weight of retail pigs is still high, and there is continuous slaughter pressure before the double festivals. After the Ministry of Agriculture's meeting showed an intention to strengthen production capacity regulation, the slaughter pressure on farmers may increase, mainly affecting the market after mid - next year. In the short term, although there is state purchasing, the spot price lacks support, and near - term contracts will maintain a weak adjustment [15]. Summary by Relevant Catalogs Oils and Fats - **Prices**: On September 19, the spot price of Jiangsu first - grade soybean oil was 8,620 yuan, up 80 yuan (0.94%) from the previous day; the futures price of Y2601 was 8,328 yuan, up 44 yuan (0.53%). The spot price of Guangdong 24 - degree palm oil was 9,300 yuan, up 30 yuan (0.32%); the futures price of P2601 was 9,316 yuan, up 12 yuan (0.13%). The spot price of Jiangsu fourth - grade rapeseed oil was 10,180 yuan, up 120 yuan (1.19%); the futures price of OI601 was 10,068 yuan, up 84 yuan (0.84%) [1]. - **Spreads**: The soybean - palm oil spot spread was - 680 yuan, up 50 yuan (6.85%); the 2601 contract spread was - 1,062 yuan, up 24 yuan (2.21%). The rapeseed - soybean oil spot spread was 1,560 yuan, up 40 yuan (2.63%); the 2601 contract spread was 1,740 yuan, up 40 yuan (2.35%) [1]. Sugar - **Futures Market**: On September 22, the price of sugar 2601 was 5,461 yuan/ton, down 13 yuan (- 0.24%); the price of sugar 2605 was 5,446 yuan/ton, down 10 yuan (- 0.18%); the ICE raw sugar main contract was 16.18 cents/pound, up 0.05 cents (0.31%) [3]. - **Spot Market**: The spot price in Nanning was 5,830 yuan/ton, down 10 yuan (- 0.17%); in Kunming, it was 5,845 yuan/ton, down 2 yuan (- 0.09%) [3]. - **Industry Situation**: The cumulative national sugar production was 1,116.21 million tons, up 119.89 million tons (12.03%); the cumulative national sugar sales were 1,000 million tons, up 114 million tons (12.87%) [3]. Cotton - **Futures Market**: On September 22, the price of cotton 2605 was 13,705 yuan/ton, down 20 yuan (- 0.15%); the price of cotton 2601 was 13,720 yuan/ton, down 45 yuan (- 0.33%); the ICE US cotton main contract was 66.30 cents/pound, down 0.62 cents (- 0.93%) [4]. - **Spot Market**: The Xinjiang arrival price of 3128B cotton was 15,198 yuan/ton, down 51 yuan (- 0.33%); the CC Index of 3128B was 15,283 yuan/ton, down 36 yuan (- 0.24%) [4]. - **Industry Situation**: The commercial inventory was 148.17 million tons, down 33.85 million tons (- 18.6%); the industrial inventory was 89.23 million tons, down 3.19 million tons (- 3.5%) [4]. Corn - **Corn**: On September 22, the price of corn 2511 was 2,168 yuan/ton, down 9 yuan (- 0.41%); the basis was 112 yuan, up 9 yuan (8.74%) [6]. - **Corn Starch**: The price of corn starch 2511 was 2,463 yuan/ton, down 8 yuan (- 0.32%); the basis was 97 yuan, up 8 yuan (8.99%) [6]. Eggs - **Futures Market**: On September 22, the price of the egg 11 - contract was 3,112 yuan/500KG, down 20 yuan (- 0.64%); the price of the egg 10 - contract was 3,025 yuan/500KG, down 18 yuan (- 0.59%) [10]. - **Related Indicators**: The egg - laying hen chick price was 2.60 yuan/feather, unchanged; the culled hen price was 4.67 yuan/jin, up 0.06 yuan (1.30%); the egg - feed ratio was 2.50, up 0.07 (2.88%); the breeding profit was - 17.89 yuan/feather, up 4.71 yuan (20.84%) [10]. Meal - **Soybean Meal**: The spot price of Jiangsu soybean meal was 2,950 yuan, unchanged; the futures price of M2601 was 3,014 yuan, up 21 yuan (0.70%); the basis was - 64 yuan, down 21 yuan (- 48.84%) [13]. - **Rapeseed Meal**: The spot price of Jiangsu rapeseed meal was 2,600 yuan, up 30 yuan (1.17%); the futures price of RM2601 was 2,522 yuan, up 52 yuan (2.11%); the basis was 78 yuan, down 22 yuan (- 22.00%) [13]. - **Soybeans**: The spot price of Harbin soybeans was 3,980 yuan, unchanged; the futures price of the soybean No.1 main contract was 3,904 yuan, unchanged [13]. Pigs - **Futures Market**: On September 22, the price of the pig 2511 contract was 12,825 yuan/ton, down 5 yuan (- 0.04%); the price of the pig 2601 contract was 13,350 yuan/ton, up 20 yuan (0.15%) [15]. - **Spot Market**: The spot price in Henan was 12,950 yuan/ton, up 50 yuan; in Shandong, it was 12,900 yuan/ton, unchanged; in Sichuan, it was 12,370 yuan/ton, down 130 yuan [15]. - **Related Indicators**: The daily sample slaughter volume was 149,450 heads, up 842 heads (0.57%); the weekly white - striped pig price was 0.00 yuan, down 19.97 yuan (- 100.00%); the weekly piglet price was 26.00 yuan/kg, unchanged; the weekly sow price was 32.50 yuan/kg, down 0.01 yuan (- 0.03%); the weekly slaughter weight was 128.45 kg, up 0.13 kg (0.10%); the weekly self - breeding profit was - 24 yuan/head, down 41.3 yuan (- 245.13%); the weekly purchased - pig breeding profit was - 199 yuan/head, down 37.4 yuan (- 23.08%); the monthly fertile sow inventory was 4,042 million heads, down 1 million heads (- 0.02%) [15].