Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The short - term probability of an increase in urea production is high, and there is an expectation that inventory may rise after the end of the environmental protection warning. The UR2605 contract is expected to fluctuate in the range of 1710 - 1760 yuan/ton [2][3]. - Although agriculture is in the off - season for rigid demand, there may be a slight increase in local agricultural reserves in Jiangsu and Anhui, while commercial reserve demand may slow down due to price constraints. The start - up of compound fertilizers has decreased slightly this week, and the short - term enterprise device start - up rate may fluctuate slightly [2]. 3. Summary by Related Catalogs Futures Market - The closing price of the Zhengzhou urea main contract is 1740 yuan/ton, with a week - on - week increase of 5 yuan/ton; the 5 - 9 spread is 35 yuan/ton, with a week - on - week increase of 12 yuan/ton; the main contract position is 196,387 lots, with a week - on - week increase of 9,020 lots; the net position of the top 20 is - 22,506 lots; the exchange warehouse receipt is 10,750 lots, with a week - on - week increase of 318 lots [2]. Spot Market - In the domestic spot market, the prices in Hebei, Henan, Jiangsu, Shandong, and Anhui are 1730, 1710, 1720, 1730, and 1710 yuan/ton respectively, with week - on - week changes of 0, 30, 10, 10, and 10 yuan/ton. The main contract basis is - 5 yuan/ton, with a week - on - week decrease of 4 yuan/ton. FOB Baltic is 350 US dollars/ton, and FOB China's main port is 390 US dollars/ton, both unchanged [2]. Industry Situation - Port inventory is 13.8 million tons, with a week - on - week increase of 1.5 million tons; enterprise inventory is 106.89 million tons, with a week - on - week decrease of 11.08 million tons. The urea enterprise start - up rate is 80.69%, with a week - on - week decrease of 1.16%; the daily output is 195,100 tons, with a week - on - week decrease of 2,800 tons. The export volume is 60 million tons, with a week - on - week decrease of 60 million tons; the monthly output is 6,000,330 tons, with a month - on - month increase of 129,060 tons [2]. Downstream Situation - The compound fertilizer start - up rate is 39.37%, with a week - on - week decrease of 1.25%; the melamine start - up rate is 58.55%, with a week - on - week decrease of 3.31%. The weekly profit of compound fertilizers is 140 yuan/ton, with a week - on - week increase of 3 yuan/ton; the weekly profit of melamine with externally purchased urea is - 36 yuan/ton, with a week - on - week decrease of 23 yuan/ton. The monthly output of compound fertilizers is 4382,500 tons, with a month - on - month increase of 753,800 tons; the weekly output of melamine is 30,500 tons, with a week - on - week decrease of 1,700 tons [2]. Industry News - As of December 24, the total inventory of Chinese urea enterprises was 106.89 million tons, a week - on - week decrease of 11.08 million tons, or 9.39%. As of December 25, the sample inventory of Chinese urea ports was 17.7 million tons, a week - on - week increase of 3.9 million tons, or 28.26%. As of December 25, the production of Chinese urea enterprises was 13.334 million tons, a week - on - week decrease of 325,000 tons, or 2.38%; the capacity utilization rate was 78.77%, a week - on - week decrease of 1.92% [2]. Suggestions for Attention - Pay attention to the enterprise inventory, port inventory, daily output, and start - up rate data from Longzhong on Thursday [2].

Core Insights - The winter jujube market is experiencing a significant influx of products, particularly from Shandong, Shaanxi, and Xinjiang, leading to a wide price range from 5 yuan to several tens of yuan per jin [1][3][4]. Price Disparity - The price of winter jujubes varies significantly due to factors such as growing environment, variety characteristics, and market timing. For instance, the price of ordinary Shandong winter jujubes ranges from 3 to 15 yuan per jin, while premium varieties can exceed 50 yuan per jin [3][4]. - The market for Shandong winter jujubes has been pressured by adverse weather conditions, resulting in a nearly 30% decrease in product yield and a 20% drop in selling prices [3][4]. Market Dynamics - Shaanxi's Dali winter jujubes benefit from early harvesting due to greenhouse technology, allowing them to enter the market earlier than competitors, which can lead to higher prices [4]. - Xinjiang winter jujubes are positioned in the high-end market due to their superior taste and higher transportation costs, with prices typically ranging from 20 to 35 yuan per jin [5]. E-commerce Influence - E-commerce platforms play a crucial role in delivering "fresh" winter jujubes, with a significant portion of Shandong winter jujubes sold online, particularly in first-tier cities and southern provinces [6][7]. - The short shelf life of winter jujubes necessitates careful harvesting and storage practices to maintain quality, with a focus on deep processing technologies to extend market availability [9][10]. Quality and Branding - The quality of Shandong winter jujubes is attributed to their unique growing conditions and advanced cultivation techniques, which have helped establish a strong brand reputation [13][16]. - The market faces challenges from counterfeit products, but increasing brand awareness among consumers is helping to mitigate this issue [14][15]. Industry Challenges - The industry has seen fluctuations in market space due to early harvesting practices by competitors, impacting the sales of Shandong winter jujubes [11][16]. - The development of high-quality varieties has been essential for maintaining competitiveness and improving farmer incomes [16].

4. 印尼贸易部公布的一项监管规定显示，印尼已将6月份的毛棕榈油参考价格下调至每吨856.38美元，5 月份为每吨924.46美元。在新参考价格下，6月毛棕榈油出口关税将为52美元/吨，低于上个月的每吨74 美元。 5. 国家粮油信息中心船期监测显示，近月我国菜籽进口买船仍较多，预期6月到港量20万吨，7月份13万 吨，8月份后进口菜籽将明显减少。尽管国内菜油库存高企，但企业采购俄罗斯、阿联酋等地菜油积极 性依然较高，预期6月份菜油进口量20万吨，7月份18万吨。 6. 据路透调查，亚洲炼油商表示，沙特可能会将7月售往亚洲的官方原油售价下调至六个月低位，以反 映因欧佩克+供应增加而导致的基准油价下跌。 7. 据隆众资讯，截至2025年5月28日，中国甲醇港口库存总量在52.30万吨，较上一期数据增加3.26万 吨。 9. 利比亚东部政府周三表示，可能宣布油田和港口遭遇不可抗力，理由是"利比亚国家石油公司屡遭攻 击"。 金十数据整理：每日期货市场要闻速递（5月29日） 1. 大商所、广期所公告指出，2025年端午节休市期间，交易所各品种期货合约涨跌停板幅度和交易保证 金标准保持不变。 2. 美国一家联邦法院（美 ...