商品研究 期货研究报告 气候湿润有利甘蔗生长，白糖短线承压 [T报ab告le日_R期ep：ortDate] 2025-06-10 报告内容摘要: [Table_Summary] 白糖：由于糖料种植的经济效益显著，加上国家政策和制糖企业的积极支 持，农民的种植积极性有所提升，导致糖料种植面积稳步增长。然而，广西 早期的干旱天气对宿根甘蔗的出苗和新植甘蔗的种植产生了不利影响，从而 限制了食糖产量的增长。食糖消费量预期保持平稳或略有增加，食糖的供需 缺口基本稳定，进口量预期维持在 500 万吨不变。短期观望为主 软商品日报 走势评级： 白糖——震荡 棉花——震荡 棉花：新疆的棉花目标价格补贴政策保持稳定，棉农的种植积极性较高， 种植面积略有增加；而内地棉区由于比较效益低和机械化推广难度大等因 素，种植面积持续下降。在棉花播种和出苗期间，主要产区的气候条件良好， 预计单产为每公顷 2172 公斤（每亩 144.8 公斤），与去年持平。棉花总产 量预计为 625 万吨，比去年增加 1.4%。受美国过度征收关税的影响，棉花 消费预期偏弱，但未来仍存在一定的不确定性。预计新年度的棉花消费量为 740 万吨，较去年小幅减少 ...

Report Summary 1. Investment Ratings The report does not provide an overall industry investment rating. 2. Core Views - **Palm Oil**: There are significant differences in pressure at the origin, and it is grinding at the bottom in a volatile manner [2]. - **Soybean Oil**: Supported by Sino - US sentiment, it fluctuates within a range [2]. - **Soybean Meal**: Overnight US soybeans closed higher, and Dalian soybean meal fluctuates strongly [2]. - **Soybean No.1**: The spot is stable, and the futures price fluctuates [2]. - **Corn**: It fluctuates strongly [2]. - **Sugar**: It consolidates at a low level [2]. - **Cotton**: The improvement of market sentiment drives the rebound of Zhengzhou cotton futures [2]. - **Eggs**: The industry still has a resistance sentiment [2]. - **Pigs**: Weight reduction has just started [2]. - **Peanuts**: Attention should be paid to the spot market [2]. 3. Summary by Commodity Palm Oil - **Fundamentals**: The closing price of the palm oil main contract was 8,110 yuan/ton during the day session with a decline of 0.20%, and 8,130 yuan/ton during the night session with an increase of 0.25%. The trading volume was 626,813 lots, an increase of 91,154 lots, and the open interest was 419,221 lots, a decrease of 10,733 lots. The spot price of 24 - degree palm oil in Guangdong was 8,600 yuan/ton, an increase of 70 yuan/ton [4]. - **News**: From June 1 - 5, 2025, Malaysia's palm oil production increased by 19.09% [7]. - **Trend Intensity**: 0 [8] Soybean Oil - **Fundamentals**: The closing price of the soybean oil main contract was 7,738 yuan/ton during the day session with an increase of 0.81%, and 7,774 yuan/ton during the night session with an increase of 0.47%. The trading volume was 379,290 lots, an increase of 119,382 lots, and the open interest was 572,787 lots, a decrease of 17,954 lots. The spot price of first - grade soybean oil in Guangdong was 8,020 yuan/ton, an increase of 60 yuan/ton [4]. - **News**: Brazilian producers' soybean sales volume has increased, but is still lower than last year and the five - year average [5][6]. - **Trend Intensity**: 0 [8] Soybean Meal and Soybean No.1 - **Fundamentals**: The closing price of DCE soybean No.1 2507 was 4,149 yuan/ton during the day session with an increase of 11 yuan (+0.27%), and 4,147 yuan/ton during the night session with an increase of 5 yuan (+0.12%). The closing price of DCE soybean meal 2509 was 3,010 yuan/ton during the day session with an increase of 52 yuan (+1.76%), and 3,009 yuan/ton during the night session with an increase of 18 yuan (+0.60%). The trading volume of soybean meal was 14.45 million tons per day, an increase from the previous day [9]. - **News**: On June 6, CBOT soybeans rose due to Sino - US trade optimism. Drought in some areas may affect soybean growth [9][11]. - **Trend Intensity**: Soybean meal: +1; Soybean No.1: 0 [11] Corn - **Fundamentals**: The closing price of C2507 was 2,340 yuan/ton during the day session with an increase of 0.34%, and 2,347 yuan/ton during the night session with an increase of 0.30%. The trading volume was 305,894 lots, a decrease of 64,264 lots, and the open interest was 964,005 lots, a decrease of 25,824 lots [13]. - **News**: The northern corn collection port price was 2260 - 2280 yuan/ton, and the price in Guangdong Shekou was stable [14]. - **Trend Intensity**: 1 [15] Sugar - **Fundamentals**: The raw sugar price was 16.51 cents/pound, a decrease of 0.11 cents. The mainstream spot price was 6,120 yuan/ton, unchanged. The futures main contract price was 5,735 yuan/ton, an increase of 5 yuan [18]. - **News**: The global sugar supply is expected to be in short supply in the 24/25 season. Brazil's production and exports have changed, and China's import volume has decreased [18][19][20]. - **Trend Intensity**: - 1 [21] Cotton - **Fundamentals**: The closing price of CF2509 was 13,360 yuan/ton during the day session with an increase of 0.87%, and 13,435 yuan/ton during the night session with an increase of 0.56%. The trading volume was 314,494 lots, an increase of 132,900 lots, and the open interest was 750,372 lots, an increase of 12,557 lots [23]. - **News**: The domestic cotton spot trading was mostly cold, and the cotton textile industry entered the off - season [24]. - **Trend Intensity**: 0 [27] Eggs - **Fundamentals**: The closing price of the egg 2507 contract was 2,859 yuan/500 kg, a decrease of 0.63%. The trading volume was 69,678 lots, and the open interest was 7,559 lots [29]. - **Trend Intensity**: 0 [29] Pigs - **Fundamentals**: The spot price of pigs in Henan was 14,000 yuan/ton, a decrease of 150 yuan/ton. The closing price of the pig 2507 contract was 13,090 yuan/ton, a decrease of 135 yuan/ton [33]. - **Market Logic**: In June, the weight - reduction and de - stocking process will accelerate. The spot price is falling, but the 1 - month contract may be re - valued in the medium - term [35]. - **Trend Intensity**: - 1 [34] Peanuts - **Fundamentals**: The closing price of PK510 was 8,384 yuan/ton, unchanged. The trading volume was 49,871 lots, a decrease of 663 lots, and the open interest was 149,398 lots, a decrease of 54 lots. The spot price of Liaoning 308 common peanuts was 9,700 yuan/ton, unchanged [36]. - **Spot Market**: The peanut prices in most regions were stable, with limited supply and trading volume [37]. - **Trend Intensity**: 0 [40]

Report Industry Investment Rating No relevant content provided. Report's Core View - This week, the prices of soybean, soybean meal, and soybean oil futures all increased. The prices of domestic soybean, soybean meal, and soybean oil in the spot market were stable or declined, and the basis decreased. The drought situation in the US soybean - growing areas has eased, and the planting progress is fast. South American soybean supply is abundant. In the domestic market, soybean, soybean meal, and soybean oil inventories are increasing, and downstream demand is weak. Overall, the soybean market is in a situation of weak supply and demand, and it is expected to fluctuate [6][7][10]. Summary by Directory 1. Week - to - Week Key Points Summary - **Soybean (Bean 1)**: This week, the main 2507 contract rose 0.78% to 4149 yuan/ton. With tight high - protein soybean sources and weak downstream demand, it is expected to fluctuate. The strategy is to wait and see [6]. - **Imported Soybean (Bean 2)**: The main 2509 contract rose 1.66% to 3618 yuan/ton. Focus is on US soybean planting weather. US planting is fast, demand is weak, and South American supply is abundant, so it is under pressure and expected to fluctuate [7]. - **Soybean Meal**: The main 2509 contract rose 1.42% to 3010 yuan/ton. High imports and high - pressure oil mill operations lead to inventory accumulation. Demand is weak, so it is expected to decline weakly. The strategy is to short on rallies [9][10]. - **Soybean Oil**: The main 2509 contract rose 1.31% to 7738 yuan/ton. High soybean inventories in oil mills and potential improvement in China - Canada relations lead to supply - strong and demand - weak situation. It is expected to decline weakly, and the strategy is to short on rallies [11]. 2. Futures and Spot Markets Futures Market - **Prices**: This week, the main contracts of soybean, soybean meal, and soybean oil all rose, with increases of 0.78%, 1.42%, and 1.31% respectively [15][21][27]. - **Spreads**: The 9 - 1 spreads of soybean meal and soybean oil both widened. As of June 6, the soybean meal 09 - 01 spread was - 38 yuan/ton, and the soybean oil 9 - 1 spread was 54 yuan/ton [33][38]. - **Net Positions and Warehouse Receipts**: The net position of soybean futures decreased, and warehouse receipts decreased. The net position of soybean meal and soybean oil futures increased, and soybean meal warehouse receipts decreased while soybean oil warehouse receipts increased [44][50][56]. Spot Market - **Prices and Basis**: The spot price of domestic soybeans was flat, and the basis decreased. The spot price of soybean meal and soybean oil decreased, and the basis also decreased. The FOB premiums of imported soybeans from the US, Argentina, and Brazil changed, and the arrival cost of imported soybeans increased [62][70][76][80][86]. 3. Industry Situation Upstream - **Weather**: The drought in the US soybean - growing areas has eased compared to last week but is worse than the same period last year. The temperature of US soybean - growing areas in the next 6 - 10 days will be close to normal, and rainfall will be below normal [90][96]. - **Supply**: In the 2025/26 season, the expected production of US soybeans decreased by 72.1 million tons compared to last month, and the inventory decreased by 14.5 million tons. Brazilian and Argentine soybean production remained unchanged from last month, and their inventories increased. The US soybean planting progress is fast, and the Argentine soybean harvest progress exceeds 90%. US soybean export inspections and sales increased, and Brazilian soybean exports are expected to increase [101][106][111][115][126]. Domestic - **Inventory**: The soybean inventory of major domestic oil mills increased. The soybean meal inventory increased, the soybean oil inventory increased, and the oil mill operating rate is expected to rise [130][134][138][142]. - **Imports and Arrivals**: In April 2025, the import volume of soybeans increased month - on - month. The arrival volume of soybeans in May is expected to increase month - on - month [148][152]. - **Profit**: The profit of domestic soybean crushing decreased, and the gross profit of Brazilian soybean shipments in June decreased [156]. Substitutes - **Prices and Spreads**: The prices of palm oil, rapeseed oil, and rapeseed meal decreased. The spreads between soybean meal and rapeseed meal increased, and the oil - meal ratio decreased [162][172][177]. - **Trading Volume**: The spot trading volume of soybean meal and the terminal trading volume of soybean oil decreased [183]. Downstream - **Prices and Profits**: The prices of live pigs and piglets decreased, and the breeding profits of live pigs and poultry decreased [188][194]. - **Demand**: The monthly output of feed decreased month - on - month. The inventory of breeding sows and live pigs increased [198][203]. 4. Options Market - Considering the weak and fluctuating trend of soybean meal, one can consider buying at - the - money put options [215].

「2025.06.06」 瑞达期货研究院 菜籽类市场周报 中加缓和预期增强 拖累菜油震荡收跌 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 取 更 多 资 讯 联系电话：0595-86778969 关 注 我 们 获 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 总结及策略建议 Ø 菜油： Ø 行情回顾：本周菜油期货震荡收跌，主力09合约收盘价9140元/吨，较前一周-208元/吨。 Ø 短期市场仍聚焦于加菜籽旧作库存偏紧的现实，且现阶段加菜籽生长进入"天气主导"阶段。关注后 期天气状况。其它方面，棕榈油产地步入季节性增产季，产出压力增加。MPOB报告前调查显示， 5月棕榈油库存预计为201万吨，较4月增长7.74%，创去年9月以来的最高水平。国内方面，油厂 库存压力持续偏高，继续牵制市场价格。且中加贸易关系缓和的预期增强，增添后期供应压力。 不过，加菜籽价格相对坚挺，成本传到下，给国内菜油市场价格带来支撑。盘面来看，本周菜油 震荡走低，关注中加贸易关系变化。 Ø 策略建议：短线参与为主。 ...

瑞达期货研究院 「2025.06.06」 玉米类市场周报 市场多空交织 期价维持窄幅震荡 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 取 更 多 资 讯 联系电话：0595-86778969 关 注 我 们 获 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 总结及策略建议 Ø 策略建议：短线交易为主。 3 Ø 玉米： Ø 行情回顾：本周玉米期货震荡微涨。主力2507合约收盘价为2340元/吨，较前一周+4元/吨。 Ø 行情展望：美国农业部(USDA)在每周作物生长报告中公布称，截至2025年6月1日当周，美国玉米 优良率为69%,一如市场预期的69%，前一周为68%,上年同期为75%。美玉米优良率向好，且中美 贸易关系有所缓和，市场忧虑远期进口压力。国内方面，东北产区饲料企业采购积极性一般，贸 易粮走货速度缓慢，市场购销活动较为清淡，加工企业开工率下调，企业继续接货意愿不强，日 常收购以随行就市为主。华北黄淮产区随着新麦大规模收割，新麦收购范围扩大，麦价回落，对 玉米市场情绪有所压制，部分 ...

1. Report Industry Investment Ratings - The report does not explicitly mention an overall industry investment rating. However, it provides individual ratings for different agricultural products: - Oils and fats: Expected to be in a range-bound operation, with short-term pressure on rapeseed oil prices and potential for a rebound in palm oil [3]. - Protein meal: Expected to be in a range-bound operation, with soybean meal basis likely to continue to decline [3]. - Corn and starch: Expected to be in a range-bound operation, with potential for price increases in the medium term [3][4]. - Pigs: Expected to be in a range-bound and weakening trend, with a near-term weak and far-term strong pattern [4]. - Natural rubber: Expected to continue its downward trend, with a high impact from commodity atmosphere and capital sentiment [5][7]. - Synthetic rubber: BR market is expected to temporarily stabilize, but with pressure above [8][9]. - Cotton: Expected to be in a range-bound and weakening trend in June due to weakening demand [9]. - Sugar: Expected to be in a range-bound and weakening trend in the long term, with short-term support around 5,700 yuan/ton [10]. - Pulp: Expected to be in a range-bound operation due to weak supply and demand and positive factors from delivery product valuation correction [10][12]. - Logs: Expected to be in a range-bound and weakening trend, with opportunities to short near-term contracts or conduct 7-9 reverse spreads [10][12]. 2. Core Views of the Report - The report analyzes the market conditions of various agricultural products, including oils and fats, protein meal, corn, pigs, rubber, cotton, sugar, pulp, and logs. It provides views on the supply and demand, price trends, and investment strategies for each product. Overall, the market for most agricultural products is expected to be in a range-bound operation, with some products showing weakening trends. 3. Summary by Relevant Catalogs 3.1 Market Views - **Oils and fats**: MPOA data shows that the estimated production of Malaysian palm oil in May 2025 is 1.74 million tons, a month-on-month increase of 3.07%. Due to technical buying, US soybean prices rose on Wednesday, and the three major domestic oils oscillated and adjusted yesterday. The market is expected to be in a range-bound operation, with short-term pressure on rapeseed oil prices and potential for a rebound in palm oil [3]. - **Protein meal**: International soybean trade premiums and discounts are in a state of shock, and the net long position of CFTC has increased month-on-month. Domestically, soybean meal spot prices continue to decline, and soybean imports are expected to increase month-on-month. The market is expected to be in a range-bound operation, with soybean meal basis likely to continue to decline [3]. - **Corn and starch**: The domestic corn market is stable with a slight weakness, and port traders continue to wait and see. In the medium term, the tightening of imported grains further confirms the expectation of inventory reduction. The market is expected to be in a range-bound operation, with potential for price increases in the medium term [3][4]. - **Pigs**: The supply of pigs is increasing while the demand is weak, and pig prices are running weakly. In the short term, the pressure on farmers to reduce weight and sell pigs is increasing, and the proportion of large pigs sold is increasing. In the long term, the sow production capacity is still at a high level, and the supply pressure in the third quarter is still large. The market is expected to be in a range-bound and weakening trend, with a near-term weak and far-term strong pattern [4]. - **Natural rubber**: There are no new variables, and the market has stabilized. The supply side is affected by the rainy season in Thailand, and the raw material prices are dragged down by the futures market. The demand side shows weak recovery in tire production, and the finished product inventory pressure has been slightly relieved. The market is expected to continue its downward trend, with a high impact from commodity atmosphere and capital sentiment [5][7]. - **Synthetic rubber**: The market has temporarily stabilized. The price of butadiene has stabilized, and the market is at a historical low. The fundamentals of BR are relatively neutral, and the reduction of production by some private enterprises may help relieve the pressure on social inventory. The market is expected to temporarily stabilize, but with pressure above [8][9]. - **Cotton**: Cotton prices are oscillating, and attention should be paid to consumption. The planting area of new cotton in Xinjiang is expected to increase year-on-year, and the yield may be high. The demand side shows that cotton consumption is relatively rigid, but it has gradually weakened seasonally in June. The market is expected to be in a range-bound and weakening trend in June due to weakening demand [9]. - **Sugar**: The expected supply and demand in the next season are loose, and sugar prices are running weakly. The international market is optimistic about the sugar production in Brazil in the new season, and other major producing countries also have production increase expectations. The domestic market shows high sales and consumption rates and a decrease in industrial inventory. The market is expected to be in a range-bound and weakening trend in the long term, with short-term support around 5,700 yuan/ton [10]. - **Pulp**: There is no major driving force for pulp, and it is mainly in a range-bound operation. The supply side shows a continuous decline in warehouse receipts and positive news from strikes and maintenance. The demand side is in a seasonal off-season, and there is no stockpiling action. The market is expected to be in a range-bound operation due to weak supply and demand and positive factors from delivery product valuation correction [10][12]. - **Logs**: The spot market is weak, and the futures market is declining. The supply and demand in the log market have weakened in June, and the short-term arrival pressure continues. The market is expected to be in a range-bound and weakening trend, with opportunities to short near-term contracts or conduct 7-9 reverse spreads [10][12]. 3.2 Variety Data Monitoring - The report lists the variety data monitoring for oils and fats, protein meal, corn, pigs, rubber, cotton, sugar, pulp, and logs, but specific data details are not provided in the given text.

农产品日报 | 2025-06-06 美豆价格回升，豆粕区间震荡 粕类观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2509合约2958元/吨，较前日变动+19元/吨，幅度+0.65%；菜粕2509合约2567元/吨，较前 日变动+24元/吨，幅度+0.94%。现货方面，天津地区豆粕现货价格2850元/吨，较前日变动-10元/吨，现货基差 M09+-108，较前日变动-29；江苏地区豆粕现货2780元/吨，较前日变动+0元/吨，现货基差M09-178，较前日变动-19； 广东地区豆粕现货价格2770元/吨，较前日变动跌-10元/吨，现货基差M09-188，较前日变动-29。福建地区菜粕现 货价格2480元/吨，较前日变动+0元/吨，现货基差RM09-87，较前日变动-24。 近期市场资讯，巴西全国谷物出口商协会表示，2025年6月巴西大豆出口量预计为1255万吨，低于5月份的1420万 吨，也低于去年同期的1383万吨。ANEC预计2025年巴西大豆出口量可能高达1.1亿吨，比2024年增加1300万吨， 超过2023年历史峰值1.013亿吨。 市场分析 国内方面，近几月处于巴西大豆到港的高峰期，国内大豆通 ...

农产品日报 | 2025-06-06 昨日郑棉期价延续震荡。宏观方面，近期美国国际贸易法院裁定暂停特朗普政府4月2日宣布的一揽子加征关税政 策生效，但随后联邦巡回上诉法院又裁定恢复实施。当前美国对中国商品加征关税仍累计30%，且24%关税延期90 天后政策不确定性将再次提升。国内降准降息并持续释放政策助力经济修复，但实际对冲外部压力的效果仍有待 观察。国际方面，USDA下调25/26年度全球棉花产量，上调消费量，期末库存同比持平。不过当前不确定因素较 多，根据接下来各主产国天气表现及宏观带来的需求预期，后续平衡表预计还会有较大的调整。美棉新年度种植 面积下降，当前新棉播种进度持续偏慢，支撑棉价，不过主产区旱情较前期明显改善，其他国家供应端天气的叙 事性目前也不足，国际棉价短期预计延续震荡，跟随宏观情绪波动为主。国内方面，棉花商业库存加速去库，需 求表现仍具韧性，本年度后期供需仍有趋紧预期。不过新年度国内植棉面积稳中有增，当前新疆天气适宜，棉苗 长势普遍较好，新作产量继续增加的概率较大，种植端缺乏明显利好驱动。尽管下游成品累库情况尚不严重，但 需求步入淡季，下游新增订单不足，市场对于90天期满后的关税政策仍存担 ...

Report Summary 1. Investment Rating The report does not provide an overall investment rating for the industry. 2. Core View The agricultural products sector shows a mixed performance. Oils are volatile, with palm oil and soybean oil facing downward pressure due to supply - related factors, while corn has stabilized and rebounded. Sugar continues to be weak, and various other agricultural products such as livestock, cotton, eggs, etc. also have their own supply - demand and price trends [1]. 3. Summary by Variety (1) Palm Oil - Market situation: Malaysian palm oil exports are strong, with India's May imports surging 87% to 600,000 tons, but the producing area is in the production - increasing cycle, and the market expects May's Malaysian palm oil inventory to reach 2.01 million tons, a 7.74% month - on - month increase. In the domestic market, inventory increased to 364,000 tons as of May 30, a 7.47% month - on - month increase, and demand is weak [2]. - Strategy: Light - position short - term short, with support at 8048 and resistance at 8192 for the 2509 contract [2]. (2) Soybean Meal - Market situation: Domestic imported soybeans arrive in large quantities, oil mill operating rates increase, and soybean meal supply rises. As of the end of May, inventory increased to 300,000 tons, but it is still at a relatively low level compared to previous years, and the price shows resilience [3]. - Strategy: Close short positions, conduct short - term trading, with support at 2942 and resistance at 2981 for the 2509 contract [3]. (3) Soybean Oil - Market situation: A large number of imported soybeans arrive in the country, oil mill crushing volume is high, and soybean oil inventory increases significantly, reaching 754,900 tons as of May 30, a 5.77% month - on - month increase. Post - Dragon Boat Festival demand is insufficient, and the price faces downward pressure [6]. - Strategy: Light - position short at high prices, with support at 7612 and resistance at 7682 for the 2509 contract [6]. (4) Sugar - Market situation: Northern hemisphere sugar producers like India and Thailand have good production prospects, and Brazil's dry weather is favorable for sugarcane crushing. International raw sugar prices are under pressure. In the domestic market, expected imports will increase due to open import profit windows and license issuance, and the price is under pressure [7][9]. - Strategy: Light - position short at high prices, with support at 5712 and resistance at 5750 for the 2509 contract [9]. (5) Corn - Market situation: New wheat is on the market, and the substitution supply increases, but the remaining grain in the producing areas is exhausted, supply is tight, and port inventory continues to decline, supporting the price [11]. - Strategy: Light - position long, with support at 2320 and resistance at 2340 for the 2507 contract [11]. (6) Live Pigs - Market situation: The pig inventory of breeding farms is at a high level, the daily slaughter pressure increases, and the downstream demand is weak, in the seasonal off - season, resulting in downward pressure on the price [12]. - Strategy: Light - position short, with support at 13380 and resistance at 13545 for the 2509 contract [12]. (7) Cotton - Market situation: The textile industry is in the consumption off - season, orders are scarce, inventory removal is slow, and demand for cotton raw materials is weak [15]. - Strategy: Light - position short - term short, with support at 13200 and resistance at 13305 for the 2509 contract [15]. (8) Eggs - Market situation: The laying - hen inventory is high, and the production capacity reduction is slow. As of the end of May, the inventory is about 1.334 billion. After the festival, consumption declines, and the storage difficulty increases during the plum - rain and high - temperature season, leading to downward pressure on the price [16][18]. - Strategy: Light - position short, with support at 2857 and resistance at 2901 for the 2507 contract [18]. (9) Apples - Market situation: The remaining apple inventory in the producing areas is low, and the new - season apple bagging work is advancing, with some areas having a production - reduction expectation, supporting the price [19]. - Strategy: Light - position long at low prices, with support at 7680 and resistance at 7760 for the 2510 contract [22]. (10) Peanuts - Market situation: After the previous price increase, the trading atmosphere is dull, the upper - hand volume at the grass - roots level is limited, and the oil mill purchases are coming to an end. The price is in a volatile consolidation [23]. - Strategy: Short - term trading, if the 10 - day moving average is broken again, light - position short, with support at 8340 and resistance at 8426 for the 2510 contract [23].

Group 1 - Palm oil futures prices ended a two-day rally, indicating potential volatility in the market [1] - India's palm oil imports surged, suggesting strong demand that could influence palm oil prices upward [1] - The question remains whether this robust demand will sustain the upward pressure on palm oil prices [1]