Core Points - The meeting between Yang Guangyuan and Syed Murtaza Hassan Andralabi focused on enhancing cooperation in agricultural technology and livestock sectors [1] Group 1 - The meeting took place on October 15, highlighting the importance of bilateral discussions in agriculture [1] - Yang Guangyuan is a public counselor, indicating a governmental interest in agricultural collaboration [1] - The presence of Wang Cundong, a secretary, suggests formal diplomatic engagement in the discussions [1]

Core Insights - Brazil's beef exports reached a record high in September, totaling 314,000 tons, a year-on-year increase of 25.1%, surpassing the previous record of 276,000 tons set in July [1] - Despite the 50% tariff imposed by the U.S. on Brazilian beef in August, Brazil managed to achieve this export milestone, indicating resilience in its beef export sector [1] - The Brazilian Beef Exporters Association (Abiec) noted strong global demand for protein and highlighted a restructuring in international trade due to tariff pressures and livestock supply shortages in the U.S. [1] Market Dynamics - Brazil's strategy to diversify its export markets is showing positive results, with increased beef exports to countries like Mexico and a continued expansion of exports to China [1] - In September, there was also a rebound in Brazilian beef exports to the U.S., suggesting a recovery in trade relations despite previous tariff challenges [1]

Core Viewpoint - The company Tangrenshen (002567) reported a cumulative pig sales volume of 3.7622 million heads from January to September, with 3.5931 million heads being market pigs and 169,100 heads being piglets [1] Group 1 - The company has not adjusted its target for pig output in 2025, which is expected to be between 5 million and 5.5 million heads [1] - The target for pig output in 2026 has not yet been determined [1]

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry (603477.SH), plans to reduce its shareholding through both centralized bidding and block trading, with a total reduction not exceeding 5.1007 million shares, representing up to 1% of the company's total shares [1] Summary by Categories Share Reduction Plan - The company intends to reduce its shares by up to 5.1007 million shares through centralized bidding, accounting for no more than 1% of the total shares [1] - Additionally, the company plans to reduce another 5.1007 million shares via block trading, also representing up to 1% of the total shares [1] Timeframe and Conditions - The reduction will occur within a time frame of three months starting from 15 trading days after the announcement date [1] - The total number of shares reduced through both centralized bidding and block trading will not exceed 2% of the company's total shares within any continuous 90-day period [1] - The reduction price will be determined based on the market price during the implementation period [1]

Core Viewpoint - The recent increase in pig prices, which has risen for three consecutive days, is attributed to new variables despite existing pressures on production capacity and weak consumption [2]. Group 1: Factors Influencing Price Increase - The onset of significant temperature drops across most regions is expected to boost meat consumption, prompting farmers to capitalize on this opportunity [4]. - The pig prices have fallen to a four-year low, triggering a bottom-fishing sentiment among farmers, as many are reluctant to sell at such low prices [5]. - There are expectations for increased consumption in the fourth quarter, as historically, this period sees the highest pork consumption of the year, despite current weak demand [6]. Group 2: Market Dynamics and Future Outlook - Despite the recent price increases, the overall market conditions remain unchanged, with high production capacity, high stock levels, and weak consumption persisting [8]. - The likelihood of further significant price declines is limited, as the market has reached a new low, and farmers are showing increased resistance to selling at lower prices [8]. - The ongoing capacity reduction remains a primary focus, indicating that the market may experience prolonged low prices into the next year, regardless of short-term fluctuations [10].

1. Report Industry Investment Rating No information provided in the given text. 2. Core Views of the Report - The US corn is expected to continue to see a downward adjustment in yield, but the production is at a high level. The US corn has been oscillating around 420 cents per bushel this week, with strong support at 400 cents per bushel for the December contract. The market focus has shifted to Jilin corn, and there is still expected to be selling pressure when Jilin corn enters the market. The selling pressure of Northeast corn has eased in the short - term, and the corn spot may rebound slightly, but the rebound height is limited. The market expects the low point of the corn price at the northern port to be around 2050 yuan per ton. The corn futures contract 01 is expected to be in bottom - range oscillation, while the expectation for contract 05 remains strong [4]. - The operating rate of starch factories has increased, downstream demand is still weak, but提货量 (pick - up volume) has increased, and the starch inventory has risen to a historical high for the same period. As the corn spot price has declined, the starch spot price has also dropped. The profit of North China starch factories has expanded, and the operating rate of starch enterprises will continue to rise, but there is still room for the starch spot price to fall with the large - scale listing of new corn. The corn starch futures contract 01 is expected to follow the corn in bottom - range oscillation [4]. 3. Summary According to the Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Market Situation and Outlook**: The US corn is in a state of bumper harvest, but the yield may continue to be adjusted downward. The December contract of US corn has strong support at 400 cents per bushel and is in short - term narrow - range oscillation. The current market selling pressure has weakened, and the spot has short - term rebound space. However, there will still be selling pressure in late October when Jilin corn enters the market, so the rebound space of the corn spot is limited. In the short - term, corn will continue to oscillate at the bottom. Contracts 01 and 05 of corn are expected to oscillate at the bottom. The market expects corn to be in short supply after the Chinese New Year, so the spread between contracts 1 and 5 will remain large [4]. - **Trading Strategies** - Unilateral: Try to buy the December contract of US corn around 400 cents per bushel. Adopt a short - term bullish approach for contract 01 of corn and buy contract 05 of corn below 2200 yuan per ton [5]. - Arbitrage: Stay on the sidelines [5]. - Options: Implement a cumulative purchase strategy for contract 05 of corn [5]. Chapter 2: Core Logic Analysis International Market - **Supply and Demand Tables**: The USDA's September global and US corn supply - demand balance tables show that the expected yield of US corn has decreased slightly, while the expected yield of other major countries such as Argentina remains unchanged. The ending inventory in the global supply - demand table has decreased slightly, and in the US supply - demand table, the ending inventory has also decreased slightly [8]. - **Position and Production**: As of September 23, the non - commercial net short position of US corn has increased, and the ethanol production in the US has increased. The US corn is oscillating at the bottom, around 420 cents per bushel [17]. Domestic Market - **Inventory and Consumption of Deep - processing Enterprises**: As of October 16, the average corn inventory of 47 large - scale feed mills has slightly decreased compared with the previous week and the same period last year. From October 8 - 15, 2025, the consumption of corn by 149 major corn deep - processing enterprises has increased compared with the previous week. As of September 17, the corn inventory of 96 deep - processing enterprises has increased, but it is expected to decrease next week [21][22]. - **Port Inventory**: On October 10, the corn inventory at the four northern ports has increased compared with the previous week, and the throughput has also increased. In the Guangdong port, the domestic - trade corn inventory has decreased, while the foreign - trade inventory, imported sorghum, and imported barley inventories have increased, and the total grain inventory has increased [25]. - **Starch Market**: From October 9 - 15, the national corn processing volume and starch production have increased, and the operating rate has risen. The corn spot price in North China has decreased, the starch spot price has decreased, the by - product price has remained stable, and the profit in Shandong has turned profitable. The corn starch inventory has increased and is expected to continue to rise next week [28]. - **Substitute Market**: The wheat price in North China has remained basically stable at around 2460 yuan per ton. The spread between wheat and corn has widened, the corn prices in North China and Northeast China have declined, the spread between North China and Northeast corn has narrowed, and the spread between North China corn and the 01 corn contract has decreased [36]. Chapter 3: Weekly Data Tracking - **Livestock and Poultry Farming**: From October 9 - 16, the self - breeding and self - raising profit of pigs has decreased by 67 yuan per head compared with the previous week, and the profit of purchasing piglets for breeding has decreased by 51 yuan per head. From October 9 - 15, the breeding profit of white - feather broilers has slightly increased compared with the previous week, and the egg - laying hen breeding profit has decreased [40][46]. - **Starch Downstream Consumption**: This week, the operating rate of F55 high - fructose corn syrup and malt syrup has increased compared with the previous week, and the operating rate of corrugated paper and boxboard paper has also increased [49]. - **Prices of Corn and Substitutes**: The price of wheat in North China has remained stable, and the prices of corn and related products have shown certain fluctuations. The spreads between different corn contracts and between corn and starch contracts have also changed [36][58].

Core Viewpoint - The report indicates a continued decline in pig prices, leading to increased losses in pig farming, with expectations of short-term price stabilization after significant drops [1][4]. Group 1: Pig Price Trends - The national average selling price of live pigs in September 2025 was 13.10 yuan/kg, down 4.86% month-on-month and 30.90% year-on-year [1]. - The slaughter volume in September 2025 was 4.5608 million heads, an increase of 5.12% month-on-month and 4.05% year-on-year [1]. - The average price of 7kg piglets fell to 183 yuan/head as of October 10, 2025, down 110 yuan/head year-on-year, indicating a significant decline in the piglet market [4]. Group 2: Supply and Demand Dynamics - The proportion of large pigs (over 150kg) in the market decreased to 4.91% as of October 9, 2025, down 0.16 percentage points week-on-week and 0.79 percentage points year-on-year, suggesting a tightening supply of large pigs [2]. - The price difference between lean and fat pigs was 3.97 yuan/kg as of October 9, 2025, down 0.13 yuan/kg month-on-month and 1.01 yuan/kg year-on-year, indicating weaker demand [3]. Group 3: Profitability and Financial Performance - The average loss per head for self-bred pigs in September 2025 was 7.27 yuan, marking a shift from profit to loss due to declining prices [4]. - The total number of pigs sold by 12 listed pig companies in September 2025 was 13.7749 million heads, an increase of 22.47% year-on-year [5]. - The average selling prices for major listed pig companies fell month-on-month, with declines ranging from 3.4% to 9% across different companies [6].

Core Viewpoint - The Ministry of Commerce of the People's Republic of China has initiated an anti-dumping investigation into pork and pork products imported from the European Union, following a request from the European Commission and the French Pig Industry Association (INAPORC) [1] Group 1 - The investigation aims to ensure fairness, justice, and transparency in the investigation process [1] - A hearing regarding the anti-dumping case will be held by the Ministry of Commerce in the near future [1]

Group 1: Agricultural Innovations in China - The article highlights the transformation of traditional agriculture across various regions in China, leveraging local resources and technology to enhance productivity and value [1] - In Henan, a pig farming enterprise has adopted an intelligent building model for raising pigs, achieving an annual output of 2.1 million pigs [3] - During the 14th Five-Year Plan, Henan has implemented the "Green Food Cluster Cultivation Action Plan" to modernize meat processing and improve cold chain logistics, creating an integrated supply chain from feed to slaughter [5] Group 2: Unique Agricultural Products - In Guizhou, the prickly pear, known locally as "mountain king fruit," has become a significant contributor to poverty alleviation, thriving in the region's karst mountains [7] - The prickly pear is rich in nutrients and has been developed into various products such as enzyme drinks, juices, and organic fertilizers, with over 1.5 million acres cultivated in Guizhou, accounting for over 90% of the national total and generating approximately 10 billion yuan in value [9] - In Heilongjiang, a cranberry cultivation base of 4,200 acres is utilizing advanced harvesting technology, while new varieties are being developed through space breeding experiments [11][13]

Core Viewpoint - Xiaoming Co., Ltd. (300967.SZ) experienced a 5.27% drop in stock price, reaching a new low of 20.3 yuan since August 8, indicating market concerns regarding upcoming share reductions by major shareholders [1] Group 1: Stock Performance - The stock price of Xiaoming Co., Ltd. fell by 5.27% to 20.3 yuan, marking the lowest level in over two months [1] - This decline reflects a significant market reaction to the planned share reduction by major shareholders [1] Group 2: Shareholder Actions - Shareholder Xiamen Chentu holds 4.4587 million shares, representing 2.38% of the total shares [1] - The associated entity, Chentu First Industry Fund, holds 1.4251 million shares, accounting for 0.76% [1] - Both entities plan to reduce their holdings by up to 5.5703 million shares, which is 2.97% of the total share capital, and 3% when excluding shares in the repurchase account, between October 22, 2025, and January 21, 2026 [1]