Core Viewpoint - The U.S. Department of Energy has announced the removal of various barriers to domestic biofuel production, which is expected to benefit farmers in the alternative fuel market [1] Group 1: Policy Changes - The recent action will allow ethanol and natural gas producers to qualify for biofuel tax credits [1] Group 2: Market Impact - CBOT corn futures are down 0.45%, wheat futures down 0.09%, soybean futures down 1.05%, while soybean meal is up 0.37% and soybean oil is down 3.78% [1] - ICE raw sugar futures have increased by 0.65% [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural products sector shows a mixed performance, with most oil - related products falling, sugar being weak, while corn is stabilizing and rising. The prices of various products are affected by factors such as international market trends, domestic supply and demand, and seasonal characteristics [1]. 3. Summary by Variety (1) Palm Oil - The palm oil main contract 2509 fell sharply, dragged down by the decline of soybean oil. The Malaysian production area is in the production - increasing season, and the domestic spot trading is cold. The strategy is to close long positions and wait for an opportunity to short - sell, with support at 8000 and resistance at 8100 [2]. (2) Soybean Oil - The soybean oil main contract 2509 continued to decline and expanded its decline, driven by the continuous fall of US soybean oil futures. Domestic supply pressure increased due to large - scale imports of soybeans and high - level oil - mill压榨. The strategy is to maintain a light short position, with support at 7600 and resistance at 7700 [3]. (3) Sugar - The sugar main contract 2509 continued to fall and was weakly running. Domestic production increased and there were concerns about increased imports. The strategy is to maintain a light short position, with support at 5750 and resistance at 5800 [5]. (4) Peanut - The peanut main contract 2510 reversed and fell sharply after a sharp rise, dragged down by the overall decline of the oil sector. Although there are some factors supporting the price, the demand is limited. The strategy is to reduce long positions, with support at 8368 and resistance at 8528 [8]. (5) Soybean Meal - The soybean meal main contract 2509 oscillated at a high level. The supply increased due to the arrival of imported soybeans and the increase in oil - mill operation rate. The strategy is to close long positions, with support at 2940 and resistance at 2984 [10]. (6) Corn - The corn main contract 2507 stabilized and rose. The reduction of remaining grain in the production area and the decline of port inventory supported the price. The strategy is to hold a light long position, with support at 2330 and resistance at 2342 [11][13]. (7) Live Pig - The live pig main contract 2509 rebounded first and then declined, with limited rebound. The market is back to the influence of fundamental supply - demand. The strategy is short - term trading, with support at 13380 and resistance at 13750 [14][16]. (8) Cotton - The cotton main contract 2509 oscillated downward. The textile industry is in a seasonal demand trough, and the demand for cotton is weak. The strategy is to wait patiently for a breakthrough and conduct short - term trading, with support at 13235 and resistance at 13370 [17]. (9) Egg - The egg main contract 2507 rebounded at a low level, but the downward trend has not reversed. The supply is abundant, and the price is under pressure. The strategy is for short - sellers to take profits, with support at 2869 and resistance at 2980 [19]. (10) Apple - The apple main contract 2510 continued to rebound. The low inventory and the expected reduction in the new season supported the price. The strategy is to hold a light long position, with support at 7645 and resistance at 7710 [21].

Report Industry Investment Ratings - Bean粕: ★☆☆ (One star represents a bullish/bearish bias, indicating a driving force for price increase/decrease, but limited operability on the market) [1] - Bean oil: ★☆☆ [1] - Rapeseed meal: ★☆☆ [1] - Rapeseed oil: ★☆☆ [1] Core Views - The overall trend of the agricultural products market is complex, with different products showing various price trends and facing different supply - demand situations and influencing factors such as weather, policies, and market sentiment [2][3][4] Summary by Related Catalogs Soybean (Bean one) - Domestic soybean positions are reduced, and the downward trend slows. The price difference between domestic and imported soybeans narrows, with domestic soybean prices weaker. The domestic supply of imported soybeans is abundant from May to July due to large - scale arrivals of Brazilian soybeans. The medium - term price of US soybeans is affected by weather and is expected to be volatile and slightly stronger. Domestic soybeans are entering the planting season, and weather will drive price fluctuations [2] Soybean & Bean粕 - The US government's request for administrative suspension is approved. Dalian bean粕 futures rise slightly with reduced positions. Domestic bean粕 spot prices are stable, and trading is dull. The domestic soybean supply is overly loose, with high oil - mill operating rates and large crushing volumes. Demand is cautious, oil - mill bean粕 inventories are rising, and the spot basis is weakening. The bean粕 market lacks a continuous upward drive and may continue to decline in a volatile manner [3] Bean oil & Palm oil - The domestic market shows a situation of weak oil and strong粕. Palm oil positions are significantly reduced, and prices correct. The US bean oil market is worried about the impact of biodiesel small - refinery exemption policies on demand. The medium - term overseas soybean market is driven by weather, and domestic oil futures are expected to follow the US soybean market. The domestic soybean spot market faces pressure from large - scale arrivals from May to July, and the arrival of 24 - degree palm oil in May - June also increases compared to the previous period. Overseas palm oil is in the production - increasing cycle in the second and third quarters. Overall, bean and palm oil are expected to maintain a range - bound trend [4] Rapeseed meal & Rapeseed oil - The rapeseed market shows a pattern of strong粕 and weak oil, with both main - contract positions continuing to decline. The domestic rapeseed inventory is still high, but the inventory pressure is not as severe as the data shows due to unclear domestic and export proportions. Aquatic product prices are higher than last year, feed costs are down, and aquaculture profits are expected to improve, so the demand for aquatic feed is promising. The old - crop Canadian rapeseed season is ending, with good crushing and exports, and limited export availability due to tight old - crop inventories. About 70% - 80% of the new - crop Canadian rapeseed has been sown, and weather is the key variable in the next two months. The rapeseed trade is still uncertain, and the crop fundamentals are notable. A bullish view on rapeseed futures is maintained, and the pattern of strong粕 and weak oil is expected to continue [6] Corn - The main - contract corn futures reduce positions by more than 50,000 lots, and prices rise as main - force funds seek to avoid risks before the holiday. The expectation of new - season wheat production reduction weakens, and some feed enterprises start to substitute orderly. Northeast corn spot prices are flat, with a price inversion between the north and the south. The purchasing power of deep - processing enterprises is weakening, with lower operating rates and rising profits, and they have a certain amount of corn inventory. Feed enterprises have rigid demand but are highly cautious. The supply of circulating corn is increasing, and the market is expected to be volatile and slightly weak in the next stage [7] Pig - The main - contract pig futures are in narrow - range consolidation, and far - month contracts continue to rebound. Affected by policy factors, pig - breeding stocks and futures prices are relatively strong today. The far - month contracts are in a valuation - repair state. However, the industry still faces pressure from accelerated weight - reduction and early - slaughter, and there is still room for the spot price to fall. Attention should be paid to the downward pressure on the futures market from the falling spot price [8] Egg - The egg futures market rebounds with reduced positions, while the spot price drops across the country. After a continuous and rapid decline, there is a phenomenon of capital withdrawal in the short term. Short - sellers can exit to avoid risks. The slaughter of old hens has increased slightly but not significantly. With the arrival of the plum - rain season in June in the south, egg prices may continue to decline, and caution is needed when going long on peak - season contracts at low prices [9]

1. Report Industry Investment Rating No information is provided in the document regarding the report industry investment rating. 2. Core Viewpoints of the Report - For soybean No. 1, in the context of a weak supply - demand pattern, it is expected to trade in a range, and the recommended strategy is to stay on the sidelines [6]. - For soybean No. 2, due to the seasonal supply glut in South America, it is under pressure to move, with a multi - and short - factors intertwined situation and an expected volatile movement [7]. - For soybean meal, given the ample supply, it is expected to trade weakly in a range, and the recommended strategy is to short on rallies [8]. - For soybean oil, it is likely to maintain a weakly volatile trend, and the short - term strategy is to stay on the sidelines [9]. 3. Summary According to the Table of Contents 3.1 Week - to - Week Summary - **Soybean No. 1**: This week, the main 2507 contract fell 1.32% to close at 4117 yuan/ton. In the future, domestic soybeans are expected to trade in a range due to a weak supply - demand balance [6]. - **Soybean No. 2**: The main 2509 contract declined 0.34% to 3559 yuan/ton. The market focuses on US soybean planting weather, and South American supply is seasonally abundant, putting pressure on prices [7]. - **Soybean Meal**: The main 2509 contract rose 0.54% to 2968 yuan/ton. With increasing soybean arrivals and rising inventory, it is expected to trade weakly [8]. - **Soybean Oil**: The main 2509 contract dropped 1.75% to 7638 yuan/ton. Supply is increasing, and it is expected to trade weakly [9]. 3.2 Futures and Spot Markets 3.2.1 Futures Market - **Price Changes**: Soybean No. 1 prices fell, soybean meal prices rose, and soybean oil prices declined this week [11][18][24]. - **Spread Changes**: The 9 - 1 spread of soybean meal widened, while that of soybean oil narrowed [30][33]. - **Net Position and Warehouse Receipt Changes**: The net position of soybean No. 1 futures increased, and warehouse receipts decreased; for soybean meal, both the net position and warehouse receipts decreased; for soybean oil, both the net position and warehouse receipts increased [42][49][56]. 3.2.2 Spot Market - **Price and Basis Changes**: The spot price of domestic soybeans remained flat, and the basis increased; the spot price of soybean meal fell, and the basis narrowed; the spot price of soybean oil decreased, and the basis remained unchanged [62][70][76]. - **Imported Bean Premium and Cost Changes**: The FOB premiums of US, Argentine, and Brazilian soybeans changed, and the arrival cost of imported soybeans decreased [80][86]. 3.3 Industry Conditions 3.3.1 Upstream - **Supply - Side Changes**: The expected production of US soybeans in the new year decreased, and inventory decreased; the expected production of Brazilian soybeans remained unchanged, and inventory increased; the expected production of Argentine soybeans remained unchanged, and inventory increased [101][106][111]. - **Planting and Harvesting Progress**: The US soybean planting progress was fast, and the Argentine soybean harvesting progress exceeded 80% [115]. - **Export - Related Changes**: US soybean export inspection volume decreased, and export sales volume increased; Brazilian soybean exports are expected to increase [121][126]. 3.3.2 Domestic Industry - **Inventory Changes**: The soybean inventory of major domestic oil mills decreased, soybean meal inventory increased, and soybean oil inventory increased month - on - month [130][134][138]. - **Oil Mill Operation**: The oil mill operating rate is expected to rise [142]. - **Import and Arrival Volume**: The month - on - month import volume of soybeans in April increased, and the expected arrival volume of soybeans in May increased month - on - month [148][152]. - **Profit Changes**: The profit of domestic soybeans decreased, and the gross profit of Brazilian soybeans on the futures market increased [156]. 3.3.3 Substitute Products - **Price Changes**: The prices of palm oil and rapeseed oil rose; the price of rapeseed meal rose, and the soybean meal - rapeseed meal spread decreased; the oil - meal ratio decreased [162][170][175]. - **Spread Changes**: The spot and futures spreads of soybean - palm oil and rapeseed - palm oil narrowed, and the rapeseed - soybean spread widened [166]. 3.3.4 Transaction Volume - The spot transaction volume of soybean meal and the terminal transaction volume of soybean oil increased [181]. 3.4 Downstream Conditions - **Price and Profit Changes**: The price of live pigs rose, and the price of piglets fell; the breeding profits of live pigs and poultry decreased [186][192]. - **Demand - Side Changes**: The monthly output of feed decreased month - on - month; the inventory of breeding sows and live pigs increased month - on - month; the domestic consumption of Chinese soybeans and soybean oil increased in the 2024/25 year [196][201][205]. 3.5 Options Market Based on the trend of soybean meal, which is expected to trade weakly in a range, one can consider buying at - the - money put options [213].

1. Report Industry Investment Ratings There is no information provided regarding the report industry investment ratings in the given content. 2. Core Views of the Report - **Soybean/M粕类**: International soybeans are in a high - yield pattern, with high production in Brazil and Argentina. In China, the pressure of soybean arrival is increasing, and although the demand is good, there is an obvious pressure of bean粕 inventory accumulation [2][3][5]. - **Sugar**: The raw sugar is dragged down by the expected high yield in Brazil and its trend is weak. In China, due to the lag in summer stocking demand and the short - term weak trend of raw sugar, Zhengzhou sugar is expected to remain weak [7][10]. - **Oils and Fats**: The rumor of India's tax reduction was refuted, and the Malaysian palm oil market declined. It is expected that Malaysian palm oil will continue to increase production and accumulate inventory in May. The inventory accumulation speed of domestic soybean oil may slow down, and the supply of rapeseed oil exceeds demand, but the decline space is limited [15][18]. - **Corn/Corn Starch**: The sowing of US corn is accelerating, and the external corn price is falling. In China, the supply of corn is relatively low, and the spot price is stable. The futures price has strong support [23][26]. - **Pigs**: The supply of pigs is relatively loose, and the price is expected to be weak [30]. - **Peanuts**: The spot trading volume of peanuts is still low, and the price of new - season peanuts in Henan is rising. The import volume has decreased significantly. The downstream consumption is still weak, and the price of peanut粕 is stable. The price of peanut oil is strong, but the market for oil - using peanuts is weak. The price of 10 - contract peanuts is expected to have limited rebound space [32][34]. - **Eggs**: The overall supply of eggs is sufficient, and the egg price has stabilized recently. It is recommended to close out short positions and wait and see [41][45]. - **Apples**: Currently in the weather - trading peak, the recent rainfall in Shaanxi has alleviated the drought. In the consumption off - season, the spot market sales have slowed down, but the low inventory supports the price. The 2510 contract is expected to have limited downward space [49][52]. - **Cotton - Cotton Yarn**: The market is mainly dominated by macro factors. The uncertainty has increased, and Zhengzhou cotton is expected to fluctuate. It is recommended to leave the market and wait and see [54][58]. 3. Summary by Related Catalogs Soybean/M粕类 - **External Market**: CBOT soybean index rose 0.58% to 1045.75 cents per bushel, and CBOT bean粕 index rose 0.53% to 301.8 dollars per short ton [2]. - **Related Information**: Forecasts for USDA export sales, EU rapeseed production increase, potential slowdown in Brazilian soybean exports, and domestic oil - mill data on soybean and bean粕 inventory [2]. - **Trading Strategies**: Unilateral - wait and see; Arbitrage - M11 - 1 positive spread, MRM09 spread widening; Options - sell wide - straddle strategy [6]. Sugar - **External Market**: ICE US sugar rose, with the main contract rising 0.14 (0.83%) to 17.04 cents per pound [7]. - **Important Information**: Data on Brazilian port sugar waiting for shipment, India's sugar domestic sales quota, Yunnan's sugar production and sales, and the decline in average yield and sugar - output per ton of sugarcane in Brazil's 2025/26 season [8][9]. - **Trading Strategies**: Unilateral - Zhengzhou sugar is expected to be weak in the short term; Arbitrage - wait and see; Options - virtual - value ratio spread options [11][12][13]. Oils and Fats - **External Market**: Overnight, CBOT US soybean oil main price changed by 0.96% to 48.39 cents per pound; BMD Malaysian palm oil main price changed by - 0.76% to 3903 ringgit per ton [15]. - **Related Information**: Malaysia's plan to increase biodiesel blending ratio, USDA export sales forecasts for US soybeans, bean粕, and soybean oil, and Canada's rapeseed export and inventory data [16][17]. - **Trading Strategies**: Unilateral - oils and fats are expected to fluctuate, and palm oil can be short - sold at the upper edge of the range; Arbitrage - wait and see; Options - wait and see [19][20][21]. Corn/Corn Starch - **External Market**: CBOT corn futures fell, with the main contract down 0.3% to 447.5 cents per bushel [23]. - **Important Information**: CBOT soft red winter wheat price increase, feed enterprise inventory data, corn processing enterprise inventory data, and corn price stability in North ports and North China [25]. - **Trading Strategies**: Unilateral - the 07 - contract corn has support around 440 cents per bushel, close out long positions and wait and see; Arbitrage - conduct oscillatory operations on corn - starch spread, go long on 09 - contract starch and short 09 - contract corn when the price is low; Options - those with spot can consider the strategy of selling put options when the price is high [27][28]. Pigs - **Related Information**: Pig price stability in different regions, changes in piglet and sow prices, and changes in the "Agricultural Product Wholesale Price 200 Index" and pork wholesale price [30]. - **Trading Strategies**: Unilateral - the price is expected to fluctuate; Arbitrage - LH79 reverse spread; Options - sell wide - straddle strategy [31]. Peanuts - **Important Information**: Peanut prices in different regions, arrival and transaction prices at oil mills, peanut oil and peanut粕 prices, and inventory data of peanut and peanut oil [32][33]. - **Trading Strategies**: Unilateral - short the 10 - contract peanuts when the price is high; Arbitrage - wait and see; Options - sell pk510 - C - 8600 options [35][36][37]. Eggs - **Important Information**: Egg price changes in main production and sales areas, data on the number of laying hens in production, egg - chick hatching volume, egg - chicken culling volume, egg sales volume, inventory, and profit [41][42][43]. - **Trading Strategies**: Unilateral - close out short positions and wait and see; Arbitrage - go long on 08 - contract and short 09 - contract; Options - wait and see [45][46][47]. Apples - **Important Information**: Apple cold - storage inventory, export and import data, market conditions, prices, and storage - merchant profits [49][50][51]. - **Trading Strategies**: Unilateral - buy the 10 - contract apples at low prices; Arbitrage - wait and see; Options - wait and see [57][53]. Cotton - Cotton Yarn - **External Market**: ICE US cotton fell, with the main contract down 0.30 (0.46%) to 65.03 cents per pound [54]. - **Important Information**: Indian cotton weekly and cumulative listing volume, US cotton planting rate, and the news about US tariff administrative orders [55][58]. - **Trading Strategies**: Unilateral - US cotton is expected to fluctuate slightly stronger, and Zhengzhou cotton is expected to fluctuate; Arbitrage - wait and see; Options - wait and see [59][60][61].

Core Viewpoint - The Zhengzhou Commodity Exchange (ZCE) has announced the addition of four designated delivery warehouses for rapeseed meal, aiming to optimize the delivery structure and enhance market service efficiency in a complex market environment [1][2]. Group 1: Market Impact - The adjustment of delivery warehouses provides more convenience for companies in the rapeseed meal sector to utilize futures tools [2]. - The expansion of delivery warehouses is expected to play a crucial role in repairing the market pricing mechanism, especially under the impact of U.S. tariff policies [2]. - The increase in delivery resources enhances the supply of deliverable rapeseed meal, covering major consumption areas in East and South China, thus providing a stable price anchor for the industry [2]. Group 2: Risk Management and Efficiency - The improved delivery warehouse system reconstructs the risk management model of the industry chain, enhancing hedging efficiency and allowing importers to convert volatile pricing risks into more stable basis risks [2]. - The addition of delivery warehouses significantly facilitates the delivery process in surrounding regions, leading to a notable increase in registered warehouse receipts for rapeseed meal [3]. - The expansion of delivery points helps companies effectively avoid operational risks arising from macroeconomic changes and reduces delivery costs, thereby improving overall delivery efficiency [3].

棕油上涨、花生大涨 一、农产品板块综述 油脂强势走高,棕油领涨,因马棕油产量增幅放缓,而出口增幅 扩大,支撑棕油期价走高,继续关注后续产地产量变化。豆油先跌后 涨,受到棕榈油强势带动而缩减跌幅,但进口大豆到港集中,油厂开 机率上市,豆油供应增加,豆油期价承压,后续仍有走跌压力。花生 暴涨,受到油脂板块强势的带动,加之花生贸易商惜售以及进口花生 米偏低等因素支撑花生期价大幅上涨,创近半年新高,后续料将偏强 运行。玉米走势企稳,产区余粮见底以及港口库存下降支撑玉米期价 逐渐回稳有升。 二、品种策略跟踪 (一) 棕櫚油: 大幅上扬 焦点关注:棕榈油主力 2509 合约继续大涨,受到马棕榈油增产 放缓以及出口强劲的提振: 1.高频数据显示,马来西亚 5 月 1-25 日标搁油出口环比增幅在 7%-11%之间,而同期产量环比增幅在 0.73%,产量增幅不及出口增 幅,给市场注入偏多影响,因印度当前棕榈油库存偏低,有阶段性补 库需求,提振马棕榈油出口。 2.国内豆棕现货价差倒挂加深,棕榈油现货交投冷清,棕榈油消 费偏弱。大连棕榈油主力 2509 合约强劲上扬,站上 40 日均线,MACD 红柱放大,技术强势。策略上轻仓多 ...

农产品日报（2025 年 5 月 29 日） 一、研究观点 | 品种 | 点评 | 观点 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 周三，玉米主力 | 2507 | 合约减仓调整，主力合约期价自上周三开始连续一周收十 | 字星，期价呈现调整表现。现货市场方面，东北玉米价格平稳运行，贸易商低价 | | | | | | | | | 售粮意向暂显一般，但目前部分饲料企业采购小麦的积极性偏高，产区玉米购销 | 活跃度稍显一般。昨日华北地区玉米价格整体稳中偏弱运行。山东贸易商继续出 | | | | | | | | | | | 货，加上东北货源补充，深加工玉米到货量今日增加，部分企业价格窄幅下调 | 玉米 | 震荡偏弱 | 6-10 | 元/吨。河北、河南价格维持相对稳定。销区市场玉米价格稳定运行。港口 | | | | | | | | 贸易商报价暂时稳定，下游饲料企业提货以前期订单为主，新签订单多为新季小 | 麦，港口库存逐步消化。技术上，玉米 | 7 | 月合约受制于长期均线压制，期价连 ...

市场要闻与重要数据 期货方面，昨日收盘棉花2509合约13330元/吨，较前一日变动+0元/吨，幅度+0.00%。现货方面，3128B棉新疆到 厂价14453元/吨，较前一日变动-32元/吨，现货基差CF09+1123，较前一日变动-32；3128B棉全国均价14572元/吨， 较前一日变动-23元/吨，现货基差CF09+1242，较前一日变动-23。 农产品日报 | 2025-05-29 原糖持续下跌，郑糖跟随走弱 棉花观点 近期市场资讯，据美国农业部统计，至5月25日全美棉花播种进度52%，较去年同期落后5个百分点，较近五年平均 水平落后4个百分点。其中得州播种进度47%，较去年同期落后1个百分点，较近五年平均进度落后1个百分点，均 处于近年较慢水平。 市场分析 昨日郑棉期价横盘整理。宏观方面，中美谈判取得实质性进展，市场情绪明显转好。不过目前出口美国的纺织品 服装实际关税仍高达45%-50%，且24%关税延期90天后关税政策不确定性将再次提升，需持续关注后期宏观动向。 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，后 续平衡表还需要根据各主产国天 ...

Report Industry Investment Rating - The investment rating for both the粕类 and corn sectors is cautiously bearish [4][6] Core Viewpoints - In the current situation, the concentrated arrival of Brazilian soybeans in China is putting significant supply pressure on the domestic market. The increasing soybean inventory and weakening Brazilian soybean premiums suggest limited support for import costs. Future attention should be paid to the arrival of new - season soybeans, the planting of new - season US soybeans, and policy changes [3] - For the corn market, the supply of domestic corn has slightly increased, while the demand from deep - processing enterprises has decreased, and the procurement by feed enterprises has been relatively passive [5] Summary by Directory 粕类 Market News and Important Data - Futures: The closing price of the soybean meal 2509 contract was 2961 yuan/ton, down 5 yuan/ton (-0.17%) from the previous day; the rapeseed meal 2509 contract was 2604 yuan/ton, up 5 yuan/ton (+0.19%) [1] - Spot: In Tianjin, the soybean meal spot price was 2950 yuan/ton, unchanged from the previous day; in Jiangsu, it was 2850 yuan/ton, down 20 yuan/ton; in Guangdong, it was 2890 yuan/ton, down 10 yuan/ton. In Fujian, the rapeseed meal spot price was 2560 yuan/ton, up 10 yuan/ton [1] - US Market: As of May 25, the US soybean planting progress reached 76%, the emergence rate was 50%. As of May 22, the US soybean export inspection volume was 19.5 tons, and the total export inspection volume in the 2024/25 season reached 4433 tons, a year - on - year increase of 11.0% [2] Market Analysis - Currently, it is the concentrated arrival period of Brazilian soybeans, bringing supply pressure to the domestic market. The soybean meal inventory has been increasing, and the weakening of Brazilian soybean premiums provides limited support for import costs [3] Strategy - Cautiously bearish [4] Corn Market News and Important Data - Futures: The closing price of the corn 2507 contract was 2325 yuan/ton, up 1 yuan/ton (+0.04%) from the previous day; the corn starch 2507 contract was 2663 yuan/ton, up 11 yuan/ton (+0.41%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2700 yuan/ton, unchanged from the previous day [4] - US Market: As of May 25, the US corn crop's first - rated good - to - excellent rate was 68%, and the planting progress reached 87% [4] Market Analysis - Domestically, the supply of corn has slightly increased, while the demand from deep - processing enterprises has decreased, and the procurement by feed enterprises has been relatively passive [5] Strategy - Cautiously bearish [6]