Core Points - The Fourth China (Macau) International High-Quality Consumption Expo and Hengqin World Bay Area Forum was held from September 3 to 7, showcasing products from various counties to support rural revitalization [1] - The event highlighted unique assistance products from nearly ten counties, including high-quality agricultural and cultural products, aiming to attract investment and promote local specialties [2][4] Group 1 - The expo featured a special exhibition area for rural revitalization products, showcasing items like yak meat and milk powder from Gansu, snow mountain tea from Yunnan, and high-quality tea from Dabie Mountain [1][3] - Luchuan County presented over 60 varieties of quality products, including agricultural goods and cultural tourism products, aiming to enhance its visibility and attract more investors [2][4] - The event served as a platform for local products to enter the Macau market, establishing a foundation for upgrading Luchuan's industries and promoting high-end market access [4] Group 2 - The expo included a focus on the development of the seabuckthorn industry in Aheqi County, with significant investments in cultivation and infrastructure, transforming barren land into productive orchards [5][6] - Huaneng Group's model of "enterprise + base + farmers" has successfully engaged local farmers in the seabuckthorn cultivation, achieving a production capacity of 1,700 tons and generating 7 million yuan in revenue [5][6] - The integration of sports event resources with rural revitalization strategies was explored by Nanyue Group, creating a new path for enhancing local agricultural products through cultural and tourism synergies [7][8]

Group 1 - The core viewpoint of the article highlights the shift in Shanghai's support for Xinjiang from traditional "blood transfusion" methods to a more sustainable "blood production" approach, emphasizing quality and market recognition of local products [1][2][3] - The launch of the "Shanghai Guidelines for Mountain-Sea Ecological Food Access" aims to establish a high standard for agricultural products from Xinjiang, surpassing national standards, and promoting them as "quality selections" in the market [2][5] - The establishment of the "Kunlun Zhenxuan" market area in Lianhua Supermarket represents a new model of consumption collaboration, focusing on quality rather than mere charity, enhancing the perception of Xinjiang products among consumers [5][11] Group 2 - The exhibition showcased star products from four counties in Kashgar, including high-quality almonds, grapes, and apples, demonstrating the integration of deep processing and cultural innovation [7][9] - Significant business agreements were made during the event, including a 6 million yuan clothing cooperation and a 15 million yuan agreement to promote specific agricultural products, indicating a strong market response [11] - The event's "precise matching" mechanism for product distribution and sales channels aims to enhance the efficiency of the supply chain, facilitating deeper collaboration between Shanghai and Kashgar [11]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The U.S. biodiesel policy draft exceeding expectations, the limited production increase potential of Southeast Asian palm oil, the low inventories of vegetable oils in India and Southeast Asian producing areas, and the expectation of Indonesia's B50 policy support the central price of oils and fats [11]. - Oils and fats are currently in a state of balanced or slightly loose actual supply - demand, with a tight expectation. They are expected to fluctuate strongly in the medium - term before the inventories in consuming and producing areas are fully accumulated and the negative feedback of demand in consuming areas appears [11]. - Given the current high valuation, it is advisable to observe high - frequency data and mainly adopt the strategy of buying after a decline and stabilization [11]. Summary by Directory 1. Monthly Assessment and Strategy Recommendation - **Market Review**: In August, the three major oils and fats first rose and then fell. The market pre - traded the expectation of tight supply - demand in Indonesia, boosted by events such as Indonesia's confiscation of plantations and China's anti - dumping ruling on Canadian rapeseed. Subsequently, due to factors like commodity price corrections, high profits of major oils, and sufficient actual supply, the overall price of oils and fats declined. The net long positions of foreign capital seats that were long in August also decreased significantly [11]. - **International Oils and Fats**: The USDA August monthly report maintained that the U.S. will increase industrial demand for soybean oil by about 1.5 million tons in the 2025/2026 season. India imported about 1.6 million tons of vegetable oils in August, and its inventory is expected to continue to accumulate. New rapeseed crops show a pattern of increased production [11]. - **Domestic Oils and Fats**: In August, the trading volume of soybean oil was good, while that of palm oil was weak, and the spot basis declined. The total domestic inventory of oils and fats is about 400,000 tons higher than last year. In the next two months, the soybean crushing volume will decline slightly from a high level, the palm oil inventory will remain stable, and the total domestic inventory of oils and fats will remain high in the short - term and decline in the medium - term [11]. - **Trading Strategy**: Unilateral trading should consider the market as bullish. For now, it is advisable to observe high - frequency data and mainly adopt the strategy of buying after a decline and stabilization [13]. 2. Futures and Spot Markets - The report presents the basis and basis seasonality charts of palm oil, soybean oil, and rapeseed oil's 01 contracts, including the basis between FCPOV25.MDE and FOB palm oil (Malaysia), and the basis between domestic spot prices and futures prices [18][20][22]. 3. Supply Side - **Production and Export**: Charts show the monthly production and export of Malaysian palm oil, the monthly production and export of Indonesian palm oil and palm kernel oil, the weekly arrival and port inventory of soybeans, and the monthly import of rapeseed and rapeseed oil [27][28][29][30]. - **Weather**: Charts display the weighted precipitation in Indonesian and Malaysian palm - producing areas, the NINO 3.4 index, and the impact of La Nina on global climate [32][33]. 4. Profit and Inventory - **Inventory Charts**: There are charts showing the total inventory of three major domestic oils and fats, the inventory of imported vegetable oils in India, the inventory of palm oil, soybean oil, and rapeseed oil, and the inventory of palm oil in Malaysia and Indonesia [39][42][44][47]. - **Profit Charts**: Charts show the import profit of palm oil, the spot crushing profit of imported soybeans in Guangdong, the average crushing profit of coastal rapeseed, and the POGO and BOHO spreads related to bio - diesel profits [42][44][58]. 5. Cost Side - **Malaysian Palm Oil**: Charts show the reference price of Malaysian palm fresh fruit bunches and the import cost price of Malaysian palm oil [49][50]. - **Rapeseed and Rapeseed Oil**: Charts show the CNF import price of rapeseed oil and the import cost price of imported rapeseed in China [53]. 6. Demand Side - **Oils and Fats Trading Volume**: Charts show the cumulative trading volume of palm oil and soybean oil in the crop year [56]. - **Bio - diesel Profit**: Charts show the POGO spread (Malaysian palm oil - Singapore low - sulfur diesel) and the BOHO spread (soybean oil - heating oil) [58].

Group 1 - The 11th Sichuan Agricultural Expo officially opened in Chengdu, attracting over 1,800 enterprises from 25 countries and regions, with Kazakhstan as the guest country and Hainan Province as the theme province [1] - The expo features a special pavilion from Leshan City, showcasing nearly 50 enterprises from 11 districts, highlighting local agricultural products and processed goods [1] - Leshan's Niu Hua Sprout Food Co., Ltd. reported successful networking opportunities, including a potential collaboration with a Malaysian client, indicating the expo's growing influence [1][2] Group 2 - Leshan's Shu Jing Yuan Traditional Chinese Medicine Planting Co., Ltd. received inquiries from diverse clients, including pharmaceutical companies and individual farmers, showcasing the interest in local specialties like Buddha's Hand citrus [1][2] - The participation of Leshan's Jiazhou Embroidery Craft Co., Ltd. introduced unique products such as high-end embroidered tea cake bags, aiming to combine intangible cultural heritage with modern business opportunities [2] - The company plans to collaborate with various industries, enhancing product value through cultural embroidery, which can significantly increase product prices for exports [2]

Group 1 - Company announced the resignation of Mr. Pan Xichun as the board secretary due to job relocation, while he will continue as the assistant general manager [1] - Mr. Su Jinbo has been appointed as the new board secretary after passing the qualification review by the board's nomination committee [1] - The company approved the appointment of Mr. Zhang Qitong as the securities affairs representative to assist the board secretary [1] Group 2 - For the first half of 2025, the revenue composition of the company shows that 98.33% comes from agricultural product processing and sales, while other businesses account for 1.67% [1] - The current market capitalization of the company is 11.3 billion yuan [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For rapeseed oil, it's recommended to take a bullish approach and monitor the China - Canada talks. This week, rapeseed oil futures fluctuated slightly higher. The temporary anti - dumping measures on Canadian rapeseed may impact its exports and put pressure on prices. However, the Canadian Prime Minister's involvement in resolving the tariff dispute, concerns about palm oil production and transportation in Indonesia, and strong palm oil export data in Malaysia support the market. Domestically, the terminal consumption boost from the start of school is limited, and the supply - demand of vegetable oils is still relatively loose. But the low oil mill operating rate and fewer near - month rapeseed purchases reduce supply pressure, and the anti - dumping measures weaken long - term supply. The rapeseed oil market is expected to maintain a narrow - range fluctuation in the near term [8][9]. - For rapeseed meal, it's advisable to hold a bullish view and focus on China - US and China - Canada economic and trade relations. This week, rapeseed meal futures fluctuated slightly higher. The Pro Farmer report shows a high expected US soybean yield, indicating supply pressure. However, the unexpected reduction in planting area supports the market. Domestically, the low near - month rapeseed arrivals, the peak season of aquaculture, and the anti - dumping measures on Canadian rapeseed reduce supply pressure. But the good substitution advantage of soybean meal weakens the demand expectation for rapeseed meal. The ongoing trade negotiations between China - Canada and China - US make the market cautious [11][12]. 3. Summary According to the Directory 3.1. Weekly Key Points Summary - Rapeseed oil: The 01 contract closed at 9,818 yuan/ton, up 29 yuan/ton from the previous week. It's recommended to be bullish and pay attention to China - Canada talks [8][9]. - Rapeseed meal: The 01 contract closed at 2,550 yuan/ton, up 37 yuan/ton from the previous week. It's recommended to be bullish and focus on China - US and China - Canada economic and trade relations [11][12]. 3.2. Futures and Spot Market - Futures market: This week, rapeseed oil futures fluctuated lower, with a total position of 249,260 lots, down 14,341 lots from last week; rapeseed meal futures fell from a high, with a total position of 396,574 lots, down 17,596 lots from the previous week [17]. - Top 20 net positions: This week, the top 20 net position of rapeseed oil futures changed from net long to net short (- 2,779); the top 20 net position of rapeseed meal futures changed from net short to net long (+ 2,999) [23]. - Registered warehouse receipts: The registered warehouse receipts of rapeseed oil are 6,028 lots; the registered warehouse receipts of rapeseed meal are 6,761 lots [29][30]. - Spot price and basis: The spot price of rapeseed oil in Jiangsu is 9,960 yuan/ton, slightly rising from last week, and the basis is + 142 yuan/ton; the spot price of rapeseed meal in Nantong, Jiangsu is 2,540 yuan/ton, with little change, and the basis is - 10 yuan/ton [36][42]. - Inter - month spread: The 1 - 5 spread of rapeseed oil is + 158 yuan/ton, at a medium level in recent years; the 1 - 5 spread of rapeseed meal is + 89 yuan/ton, also at a medium level in recent years [48]. - Futures - spot ratio: The ratio of rapeseed oil and rapeseed meal 01 contracts is 3.85; the average spot price ratio is 3.92 [51]. - Price difference between rapeseed oil and other oils: The 01 contract spread of rapeseed oil - soybean oil is 1,368 yuan/ton, with relative fluctuation this week; the 01 contract spread of rapeseed oil - palm oil is 292 yuan/ton, narrowing this week [61]. - Price difference between soybean meal and rapeseed meal: The 01 contract spread of soybean meal - rapeseed meal is 517 yuan/ton; as of Thursday, the spot spread is 430 yuan/ton [67]. 3.3. Industry Situation - Rapeseed supply: As of August 29, 2025, the total inventory of rapeseed in oil mills is 100,000 tons; the estimated arrivals in August, September, and October 2025 are 200,000, 130,000, and 150,000 tons respectively. As of September 4, the spot crushing profit of imported rapeseed is + 1,123 yuan/ton. By the 35th week of 2025, the crushing volume of rapeseed in coastal oil mills is 48,000 tons, up 3,000 tons from last week, and the operating rate is 11.74%. In July 2025, the total import volume of rapeseed is 176,000 tons, a year - on - year decrease of 56.63% and a month - on - month decrease of 0.85 tons [73][77][81]. - Rapeseed oil supply: By the end of the 35th week of 2025, the inventory of imported and crushed rapeseed oil is 737,000 tons, a month - on - month increase of 2.20%. In July 2025, the total import volume of rapeseed oil is 133,600 tons, a year - on - year increase of 16.86% and a month - on - month decrease of 16,700 tons [89]. - Rapeseed oil demand: As of June 30, 2025, the monthly output of edible vegetable oil is 476,900 tons; as of July 31, 2025, the monthly catering revenue is 450.41 billion yuan. By the end of the 35th week of 2025, the contract volume of imported and crushed rapeseed oil is 139,000 tons, a month - on - month increase of 43.61% [93][97]. - Rapeseed meal supply: By the end of the 35th week of 2025, the inventory of imported and crushed rapeseed meal is 19,000 tons, a month - on - month decrease of 9.52%. In July 2025, the total import volume of rapeseed meal is 183,100 tons, a year - on - year decrease of 3.00% and a month - on - month decrease of 87,200 tons [101][105]. - Rapeseed meal demand: As of July 31, 2025, the monthly output of feed is 2,827,300 tons [109]. 3.4. Options Market Analysis As of September 5, the implied volatility of rapeseed meal options is 21.53%, down 0.24% from last week, at a slightly medium level compared to the 20 - day, 40 - day, and 60 - day historical volatility of the underlying [113].

Market Performance - The agricultural processing sector increased by 1.02% on September 5, with *ST Zhongji leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - *ST Zhongji (000972) closed at 4.69, with a rise of 4.92% and a trading volume of 189,800 shares, totaling a transaction value of 87.146 million yuan [1] - ST Langyuan (300175) closed at 5.88, up 3.34%, with a trading volume of 72,800 shares and a transaction value of 42.4118 million yuan [1] - Tianye Co., Ltd. (832023) closed at 4.85, increasing by 2.54%, with a trading volume of 271,600 shares and a transaction value of 131 million yuan [1] - Xihang Co., Ltd. (603182) closed at 14.48, up 1.97%, with a trading volume of 42,800 shares and a transaction value of 61.5062 million yuan [1] - Guanyi Co., Ltd. (600251) closed at 8.52, increasing by 1.91%, with a trading volume of 99,500 shares and a transaction value of 83.8317 million yuan [1] - COFCO Sugar (600737) closed at 17.05, up 1.79%, with a trading volume of 664,600 shares and a transaction value of 1.115 billion yuan [1] - Jinlongyu (300999) closed at 33.30, increasing by 1.46%, with a trading volume of 148,600 shares and a transaction value of 488 million yuan [1] - Yuantou Zhonglu (600962) closed at 21.96, up 1.15%, with a trading volume of 44,500 shares and a transaction value of 96.7354 million yuan [1] - Chenguang Biological (300138) closed at 13.54, increasing by 1.12%, with a trading volume of 79,300 shares and a transaction value of 106 million yuan [1] - Shuangta Food (002481) closed at 5.74, up 0.70%, with a trading volume of 343,700 shares and a transaction value of 195 million yuan [1] Capital Flow - The agricultural processing sector experienced a net outflow of 73.6822 million yuan from institutional investors, while retail investors saw a net inflow of 28.2299 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types, with institutional investors withdrawing funds while retail investors increased their positions [2][3]

Report Industry Investment Ratings - Not provided in the content Core Views - The overall market shows a complex and volatile situation, with different commodities having their own supply - demand dynamics and price trends. Some commodities are expected to be under pressure, while others may have opportunities for price increases or remain in a state of shock. Market participants need to pay attention to various factors such as economic data, policy changes, and geopolitical events [1][2][3] Summary by Commodity Category Energy - **Crude Oil**: Overnight international oil prices fell, with the Brent 11 - contract down 0.76%. The increase in US EIA crude oil inventories last week was bearish for the market. Considering the increase in OPEC+ production in September and the weakening demand after the peak season, the supply - demand balance may turn negative. It is recommended to hold short positions in the SC11 contract [1] - **Fuel Oil & Low - Sulfur Fuel Oil**: Singapore and Fujairah fuel oil inventories increased. The third - batch quota release was delayed, and the supply pressure of LU eased. FU lacks obvious drivers but may get geopolitical premium support [20] - **Liquefied Petroleum Gas**: After the end of the gas off - season, it shows certain resilience. Import cost increases and domestic demand rebounds, but high - level warehouse receipts pressure the market. The short - term market is strong in the near - term and weak in the far - term [22] - **Natural Gas**: Not mentioned in the content - **Coal**: - **Coke**: The price rebounded during the day. The first round of price cuts in the coking industry partially landed. The overall inventory decreased slightly, and the price is affected by policy expectations and is under short - term pressure [16] - **Coking Coal**: The price rebounded during the day. The production of coking coal mines increased slightly, and the total inventory decreased. The price is affected by policy expectations and is under short - term pressure [17] - **Urea**: The Indian NFL urea tender price was announced, and the supply in the domestic market is sufficient. The market is expected to operate in a shock. Attention should be paid to the actual impact of the Indian tender [23] - **Methanol**: The night - session price rose. Import volume remained high, and port and inland inventories increased. Although the current situation is weak, the market expectation is strong due to the expected increase in downstream demand [24] - **Pure Benzene**: The night - session price rebounded. The domestic supply increased, and the demand was weak. The supply - demand situation may improve in the third quarter, but the upside is limited [25] - **Benzene Ethylene**: The cost support is insufficient, and the supply - demand situation is average. There is high inventory pressure at the wharf [26] - **Polypropylene & Plastic & Propylene**: The demand for propylene is weak, and the supply of polyethylene and polypropylene is relatively loose. The market lacks a strong one - sided trend driver [27] - **PVC & Caustic Soda**: PVC is running weakly, with increasing supply and inventory. Caustic soda is in a wide - range shock, with low inventory but supply pressure [28] - **PX & PTA**: The night - session prices were in a weak shock. The terminal demand is improving, but the growth space of PX production is limited [29] - **Ethylene Glycol**: The price rebounded due to the news of postponed new - device production. The supply and demand are mixed, and the downward resistance increases [30] - **Short Fibre & Bottle Chip**: Short - fibre supply and demand are stable, and the price follows the cost. Bottle - chip profit is passively repaired, but there is long - term over - capacity pressure [31] - **Glass**: The price is in a shock. The factory inventory increased due to logistics control, and the demand improvement is limited [32] - **20 - Number Rubber & Natural Rubber & Butadiene Rubber**: The global natural rubber supply is in the high - yield period, and the demand is weak. The inventory decreased, and the market sentiment improved. It is recommended to wait and see [33] - **Soda Ash**: The price is in a shock. The industry inventory increased, and the long - term supply is under high pressure. It is advisable to short at high prices [34] Metals - **Precious Metals**: Overnight US economic data was mixed. The ADP employment number was lower than expected, while the ISM services PMI was higher. The precious metals market was strong, and attention should be paid to the US non - farm payroll data [2] - **Base Metals**: - **Copper**: The overnight copper price fell. The market is concerned about the US non - farm payroll data and copper demand. Short - term long positions can be held [3] - **Aluminium**: The overnight price continued to fluctuate. The downstream start - up rate increased seasonally, and the price is expected to test the resistance at 21,000 yuan [4] - **Alumina**: The operating capacity is at a historical high, and the supply is in surplus. The price is running weakly, and attention should be paid to the support at 2,830 yuan [5] - **Cast Aluminium Alloy**: It follows the trend of Shanghai Aluminium, and the price difference between spot and futures may narrow [6] - **Zinc**: The fundamentals are bearish, with increasing supply and weak demand. The price is expected to be under pressure, and it is recommended to short on rebounds [7] - **Lead**: The cost and consumption are in a game, and the market direction is unclear. The price is expected to fluctuate [8] - **Nickel & Stainless Steel**: The price of Shanghai Nickel is in a weak shock. The inventory of nickel and stainless steel decreased. The price may be affected by the political situation in Indonesia [9] - **Tin**: The overnight tin price fell. The inventory of LME tin increased slightly. The price of Shanghai Tin followed the decline, and short - term long positions can be held at low levels [10] - **Lithium Carbonate**: The price is in a low - level shock, and the market trading is dull. The downstream increased inventory, and the price is expected to fluctuate [11] - **Industrial Silicon**: The futures price is in a shock. The supply is expected to increase, and the demand is expected to decrease. The price is mainly driven by emotions [12] - **Polysilicon**: The futures price fluctuates around 52,000 yuan/ton. The market is dominated by emotions, and the price is expected to be under pressure [13] - **Iron Ore**: The overnight price fluctuated. Global shipments increased, and the demand from the steel industry decreased. The price is expected to fluctuate at a high level [15] - **Manganese Silicon**: The price opened low and rebounded. The demand from the iron and steel industry is high, and the production of manganese silicon increased. The price is expected to be supported [18] - **Silicon Iron**: The price opened low and rebounded. The demand is fair, and the supply increased. The inventory decreased slightly [19] Agricultural Products - **Soybean & Soybean Meal**: Due to Sino - US trade uncertainties, the market may continue to fluctuate in the short term. Long - term, the market is cautiously bullish [35] - **Soybean Oil & Palm Oil**: The prices fluctuate, waiting for new drivers. They can be considered for buying at low prices in the long term [36] - **Rapeseed & Rapeseed Oil**: Canadian rapeseed is under harvest pressure, and the domestic rapeseed market is in a tight - balance state. The futures price may stabilize in the short term [37] - **Soybean No. 1**: The price of domestic soybeans fluctuates. Pay attention to the new - season soybean opening price and trade policies [38] - **Corn**: The Dalian corn futures price rebounded. The new - season corn is expected to be a good harvest, and the price may be strong in the short term and weak at the bottom in the long term [39] - **Hogs**: The futures price decreased, and the supply pressure is dominant. The price may continue to decline, but demand may be supported during festivals [40] - **Eggs**: The futures price fluctuates. The spot price rose, and the industry is accelerating capacity reduction. Consider long positions in the far - month contracts [41] - **Cotton**: The US cotton price fluctuates, and the production may increase. The Zhengzhou cotton price may continue to fluctuate, and it is recommended to buy on dips [42] - **Sugar**: The US sugar price continued to fall, and the domestic sugar price is expected to fluctuate [43] - **Apples**: The futures price fluctuates. The short - term price may rise due to the good performance of early - maturing apples, but the long - term supply is not bullish [44] - **Timber**: The price is in a downward shock. The supply is expected to remain low, and it is recommended to wait and see [45] - **Pulp**: The futures price rose slightly. The supply is relatively loose, and the demand is average. It is recommended to wait and see or trade in a range [46] Financial Products - **Stock Index**: The stock market weakened yesterday, and the futures index contracts fell. The short - term market may change from a smooth upward trend to a shock - upward trend. It is recommended to increase the allocation of technology - growth sectors and pay attention to consumer and cyclical sectors [47] - **Treasury Bonds**: The futures price of treasury bonds rose. The bond supply in September is at a high level. The yield curve is expected to steepen [48]

1. Report Industry Investment Ratings - **Oils and Fats**: Expected to be volatile in the short term and likely to strengthen in the medium term [5] - **Protein Meal**: Expected to remain range - bound [5] - **Corn and Starch**: Short - term: Consider closing out short positions and look for short - selling opportunities on rebounds; Long - term: Support for low - buying in far - month contracts [6][7] - **Hogs**: Expected to be volatile. Spot and near - month prices are likely to be weak, while far - month contracts are supported by de - capacity expectations [1][7] - **Natural Rubber**: Expected to be volatile and slightly bullish in the short term [10] - **Synthetic Rubber**: Expected to be volatile and slightly bullish in the short term [11] - **Cotton**: Short - term: Range - bound; After new cotton is on the market: May face downward pressure [11][12] - **Sugar**: Expected to be volatile and slightly bearish in the long term; Short - term: Range - bound between 5500 - 5750 [15] - **Pulp**: Expected to be volatile [16] - **Logs**: Expected to be weak in the near term and stronger in the far term [18] 2. Core Views of the Report - The agricultural market shows a complex pattern with different trends for various products. The hog cycle is still in a downward phase in the short - to - medium term but may turn around in 2026 if de - capacity policies are implemented. Oils and fats are affected by factors such as weather, trade, and demand, with short - term volatility and medium - term upward potential. Protein meal is expected to remain range - bound. Other products like natural rubber, cotton, etc., also have their own supply - demand and market factors influencing their price trends [1][5] 3. Summary by Related Catalogs 3.1 Oils and Fats - **Logic**: Due to concerns about US soybean demand, US soybeans declined on Wednesday, and domestic oils continued to consolidate. The macro environment includes a weaker US dollar and falling crude oil prices. The US soybean growing area is affected by drought, and the export outlook is pessimistic. Domestic soybean imports are expected to decrease seasonally, and palm oil inventory accumulation may be limited. Rapeseed oil inventory is slowly falling but still high year - on - year [5] - **Outlook**: Short - term: Volatile adjustment; Medium - term: Likely to strengthen [5] 3.2 Protein Meal - **Logic**: International soybean prices are affected by weather, with a possible reduction in US soybean yields in the September report. Brazilian soybean premiums have adjusted, and US soybean exports are affected by the trade war. Domestically, the market is range - bound, and demand may improve as the temperature drops [5] - **Outlook**: Range - bound. Hold long positions at 2900 - 2910 and add positions on dips. Oil mills are advised to sell on rallies, and downstream enterprises can buy basis contracts or price at low levels [5] 3.3 Corn and Starch - **Logic**: Corn prices are generally stable, with local declines. Supply is affected by the release of old - crop inventory and the upcoming new - crop supply. Demand is weak as feed enterprises have sufficient inventory. The price difference between corn and wheat is increasing, and wheat substitution may decline [6][7] - **Outlook**: Short - term: Close out short positions and look for short - selling opportunities on rebounds; Long - term: Support for low - buying in far - month contracts [6][7] 3.4 Hogs - **Logic**: Supply is abundant in the short term, with an expected increase in the second half of the year. Demand shows a stable ratio of fat to lean pigs. Inventory weight has decreased slightly. In the long term, de - capacity policies may drive price increases in 2026 if implemented [1][7] - **Outlook**: Volatile. Spot and near - month prices are likely to be weak, while far - month contracts are supported by de - capacity expectations [1][7] 3.5 Natural Rubber - **Logic**: The price is range - bound between 157 - 161. There are many speculation themes, and the short - term supply is limited while demand is stable. The price may rise due to seasonality [10] - **Outlook**: Volatile and slightly bullish in the short term [10] 3.6 Synthetic Rubber - **Logic**: The price is range - bound, following natural rubber and supported by the cost of raw material butadiene. Butadiene supply is under no significant pressure, and demand is stable [11] - **Outlook**: Volatile and slightly bullish in the short term [11] 3.7 Cotton - **Logic**: The current low - inventory and improving - demand situation provides support for cotton prices. The expected increase in purchase prices is limited by the expected large increase in new cotton production. After new cotton is on the market, prices may face downward pressure [11][12] - **Outlook**: Short - term: Range - bound; After new cotton is on the market: May face downward pressure [11][12] 3.8 Sugar - **Logic**: International sugar production is expected to increase, and domestic imports are rising, resulting in downward pressure on prices [15] - **Outlook**: Long - term: Volatile and slightly bearish; Short - term: Range - bound between 5500 - 5750 [15] 3.9 Pulp - **Logic**: The decline is mainly due to the low acceptance of BCTMP pulp. After the 09 contract delivery, the pressure may be alleviated. The market shows a differentiated performance among different types of pulp [16] - **Outlook**: Volatile [16] 3.10 Logs - **Logic**: The price decline is due to lower foreign quotes and weaker domestic spot prices. The market is in a game between weak reality and peak - season expectations. Supply pressure will ease in the coming weeks [17][18] - **Outlook**: Weak in the near term and stronger in the far term [18]

Core Insights - The article highlights the development of the forest economy in the Daxing'anling region, focusing on the harvesting and processing of various forest products such as pine nuts, medicinal herbs, and blueberries. Company Summary - Daxing'anling Impression Arctic Food Co., Ltd. processes pine nuts and has been operational since August 2020. The company achieved an industrial output value of 7.847 million yuan and main business revenue of 9.403 million yuan in the first five months of this year, with a profit of 643,000 yuan. It is projected to reach a main business revenue of 32.3 million yuan and a profit of 1.4 million yuan by the end of the year [2]. - The company specializes in the production of Yansong pine nuts, which are rare and have a higher price compared to regular pine nuts. The Yansong pine takes three years to mature, making it one of the longest-maturing tree species in the world [2]. Industry Summary - The Daxing'anling region is experiencing a boom in the forest economy, with a focus on sustainable practices that allow local residents to increase their income. The area has 2.91 million acres certified for green organic products, with 81 food processing enterprises and 346 certifications for green (organic) food products [6]. - The forest economy's output value is expected to reach 5.23 billion yuan in 2024, representing a year-on-year growth of 50.7% [6]. - The region is also seeing the cultivation of medicinal herbs, with a cooperative expecting to harvest over 50 tons of red peony seeds this year, generating an economic benefit of around 2 million yuan [4]. - Blueberry cultivation is also on the rise, with a local base producing approximately 30,000 pounds annually, significantly increasing income for farmers compared to traditional crops [6].