Core Viewpoint - The company has established a pig futures department and is actively engaging in pig futures hedging business [1] Group 1 - The company has set up a pig futures department [1] - The company has initiated pig futures hedging activities [1] - The company has applied for a designated pig delivery warehouse and is actively seeking additional warehouses [1]

Core Viewpoint - The strategic cooperation agreement between the Beijing Institute of Animal Husbandry and Veterinary Medicine of the Chinese Academy of Agricultural Sciences and China Animal Husbandry Industry Group aims to advance meat duck breeding innovation in China, which is the world's largest producer and consumer of waterfowl [1] Group 1: Industry Overview - China is the world's leading producer and consumer of waterfowl, making high-quality breeds essential for the development of the waterfowl industry, including meat ducks [1] - Recent breeding achievements include the "Zhongxin White Feather Meat Duck" and "Zhongmu Grassland White Feather Meat Duck," which have shown good performance in growth rate and feed conversion efficiency, breaking international monopolies and creating economic and social benefits [1] Group 2: Strategic Goals - The cooperation aims to focus on critical industry challenges, increase investment in basic research, and accelerate breakthroughs in high-throughput phenotyping, artificial intelligence breeding, and gene editing technologies, transitioning from "experience-based breeding" to "precision breeding" [1] - The initiative seeks to optimize the mechanism of scientific and enterprise integration, ensuring clear property rights, shared benefits, and shared risks, while promoting diverse investments and long-term incentives to create a win-win situation for researchers, enterprises, and farmers [1]

Report Industry Investment Ratings - No information provided in the reports. Core Views Fats and Oils - Malaysia's palm oil futures may face further downward pressure due to potential slowdown in export growth and concerns about increased production in October. Domestic palm oil and soybean oil futures are likely to continue to decline. Overall, a cautious and bearish view is maintained [1]. Sugar - The price of raw sugar is expected to fluctuate between 15 - 17 cents per pound. After the National Day holiday, domestic sugar prices are expected to remain in a bottom - oscillating pattern [2]. Corn - During the period of new corn's concentrated market entry, due to the pressure of phased supply, corn will maintain a weak pattern [3]. Cotton - In the medium term, cotton prices will face pressure when they rise [6]. Meal - In the fourth quarter of 2025, the domestic soybean supply is sufficient, but there is an expected shortage in the first quarter of 2026, which supports the price of M2601. If the purchase of US soybeans continues to be halted, the M2601 contract has support in the range of 2900 - 2950, where long positions can be considered [8]. Pork - In the short term, there are signs of second - fattening and reluctance to sell, but in the medium and long term, the supply pressure of pork will continue to be released, and pig prices are not optimistic. It is recommended to short on rallies in the futures market [10][11]. Eggs - This week, the egg market is expected to decline in an oscillating manner, with no obvious positive support in the short term [14]. Summary by Category Fats and Oils - **Soybean Oil**: On October 10, the spot price in Jiangsu remained unchanged at 8610 yuan/ton, the futures price of Y2601 fell by 0.36% to 8302 yuan/ton, and the basis increased by 10.79% [1]. - **Palm Oil**: The spot price in Guangdong remained unchanged at 9460 yuan/ton, the futures price of P2601 fell by 1.38% to 9438 yuan/ton, and the basis increased by 120% [1]. - **Rapeseed Oil**: The spot price in Jiangsu decreased by 1.15% to 10330 yuan/ton, the futures price of OI601 fell by 1.82% to 10061 yuan/ton, and the basis increased by 33.17% [1]. - **Spreads**: The 01 - 05 spreads of soybean oil, palm oil, and rapeseed oil all decreased, with the palm oil's 01 - 05 spread dropping by 18.10% [1]. Sugar - **Futures Market**: On October 10, the price of sugar 2601 decreased by 0.58% to 5496 yuan/ton, and the price of ICE raw sugar's main contract fell by 0.92% to 16.10 cents per pound [2]. - **Spot Market**: The spot prices in Nanning remained unchanged at 5800 yuan/ton, and the price in Kunming decreased by 0.17% to 5810 yuan/ton [2]. - **Industry Situation**: The cumulative national sugar production increased by 12.03% to 1116.21 million tons, and the cumulative sales increased by 12.87% to 1000 million tons [2]. Corn - **Corn**: On October 10, the price of corn 2511 decreased by 0.61% to 2125 yuan/ton, and the import profit decreased by 2.58% to 377 yuan/ton [3]. - **Corn Starch**: The price of corn starch 2511 increased by 0.08% to 2432 yuan/ton, and the profit of Shandong's starch increased by 40% to 35 yuan/ton [3]. Cotton - **Futures Market**: On October 10, the price of cotton 2605 increased by 0.22% to 13375 yuan/ton, and the price of ICE US cotton's main contract decreased by 1.07% to 63.77 cents per pound [6]. - **Spot Market**: The Xinjiang arrival price of 3128B increased by 0.12% to 14630 yuan/ton [6]. - **Industry Situation**: The commercial inventory decreased by 13.1% to 102.17 million tons, and the import volume increased by 40% to 7 million tons [6]. Meal - **Soybean Meal**: The spot price in Jiangsu increased by 1.37% to 2920 yuan/ton, and the basis of M2601 increased by 2000% [8]. - **Rapeseed Meal**: The spot price in Jiangsu remained unchanged at 2460 yuan/ton, and the basis of RM2601 remained unchanged [8]. - **Soybean**: The spot price of Harbin soybeans remained unchanged at 3880 yuan/ton, and the basis of the main contract of soybean No. 1 remained unchanged [8]. Pork - **Futures Market**: On October 10, the price of the main contract of live pigs decreased by 2.37% to 11320 yuan/ton, and the price of the 2601 contract decreased by 0.21% to 12140 yuan/ton [10]. - **Spot Market**: The spot prices in various regions all decreased, with the price in Henan dropping to 11200 yuan/ton [10]. - **Industry Situation**: The daily slaughter volume of sample points increased by 1.18% to 154455, and the self - breeding profit decreased by 105.30% to - 152 yuan per head [10]. Eggs - **Futures Market**: On October 10, the price of the 11 - contract of eggs decreased by 2.26% to 2806 yuan/500KG, and the price of the 01 - contract decreased by 2.65% to 3160 yuan/500KG [13]. - **Spot Market**: The egg price in the production area decreased by 3.02% to 2.87 yuan per catty, and the price of culled chickens decreased by 3.88% to 4.46 yuan per catty [13]. - **Industry Situation**: The egg - to - feed ratio decreased by 0.70% to 2.83, and the breeding profit decreased by 33.75% to 2.12 yuan per bird [13].

Group 1: Report Overview - Report Name: "Caida Futures | Weekly Report on Live Pigs and Corn" [1][2] - Report Date: October 13, 2025 [2] - Researcher: Tian Jinlian [3] Group 2: Live Pig Market Market Performance - Futures: The LH2601 contract of live pig futures closed at 12,140 yuan/ton, down 4.78% from the previous week's settlement price [4] - Spot: The national average price of external ternary live pigs was 11.48 yuan/kg, down 1.03 yuan/kg week-on-week [4] - Profit: As of October 10, the breeding profit of self - breeding and self - raising live pigs was - 152.15 yuan/head, down 78.04 yuan/head week - on - week; the breeding profit of purchasing piglets was - 301.04 yuan/head, down 64.47 yuan/head week - on - week; the pig - grain ratio was 5.26, down 0.18 week - on - week [4] Market Analysis - Supply: Group farms continued to increase supply, and although some retail farmers had the psychology of delaying sales, the overall market supply did not decrease [4] - Demand: After the holiday, demand declined, and market transactions were weak [4] - Outlook: In the short term, the supply - demand imbalance is difficult to reverse, and the live pig market is expected to remain weak. Attention should be paid to the slaughter rhythm of farmers and the performance of secondary fattening [4] Group 3: Corn Market Market Performance - Futures: The C2511 contract of corn futures closed at 2,125 yuan/ton, down 1.02% from the previous week's settlement price; the C2601 contract closed at 2,125 yuan/ton, down 0.14% [5] - Spot: The national average price of corn was 2,308.43 yuan/ton, down 60.2 yuan/ton week - on - week [5] - Port: Prices at major ports such as Jinzhou Port, Bayuquan Port, and Guangdong Shekou Port all declined [5] Industrial Consumption - Deep - processing: From October 2 to October 8, 149 major corn deep - processing enterprises consumed 1.1927 million tons of corn, an increase of 31,700 tons week - on - week [6] - Starch: The processing volume of corn starch enterprises was 544,500 tons, an increase of 17,800 tons; the weekly output was 268,000 tons, an increase of 12,200 tons; the weekly operating rate was 51.81%, up from the previous week [6] - Alcohol: The operating rate of the DDGS industry was 54.96%, up 3.49 percentage points; the weekly production was 111,840 tons, an increase of 7,100 tons, or 6.78% [6] Inventory - Processing Enterprises: As of October 8, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.334 million tons, an increase of 14.64% [6] - Ports: As of October 10, the total corn inventory of four northern ports was about 700,000 tons, and the corn inventory in Guangdong Port was 320,000 tons [6] Market Analysis - Supply: New corn is gradually being listed, and the arrival volume of deep - processing enterprises has increased [7] - Demand: The operating rate of the industry is gradually increasing, and there is still an expectation of further improvement [7] - Outlook: In the short term, corn prices are still under pressure, and attention should be paid to the support level of 2,100 yuan/ton on the futures market [7]

Core Viewpoint - The article highlights the significant role of South China Agricultural University in driving agricultural technology and innovation to empower rural revitalization in Southern Guangdong, showcasing various successful projects and their impacts on local industries [1][8][60]. Group 1: Agricultural Technology Initiatives - South China Agricultural University has dispatched 209 rural technology teams across 21 cities in Guangdong to provide on-the-ground agricultural technology services [3][5]. - The university's research teams have successfully integrated advanced agricultural technologies, such as factory seedling cultivation and drone pest control, leading to a 30% reduction in costs and increased efficiency [12][13]. - A specific project in Meizhou has improved the key aroma compound 2-AP in rice by 16%, enhancing the market price of the rice [11][14]. Group 2: Innovations in Aquaculture - The "Shrimp Detection" team developed a portable rapid detection device that increased the detection rate of shrimp diseases from 37% to 92.6%, significantly reducing response time to 4 hours [16][18][19]. - This innovation addresses critical pain points in the aquaculture industry, providing a comprehensive solution for disease detection and prevention [19]. Group 3: Addressing Industry Challenges - The university's teams focus on overcoming "bottleneck" technologies in various agricultural sectors, including smart farming and seed development [22][24]. - The development of a new breed of chicken, "Guanghong No. 3," aims to reduce feed consumption significantly, potentially saving 51,000 tons of feed annually if widely adopted [30][31]. Group 4: Comprehensive Industry Development - The university is creating a replicable model for rural revitalization by establishing integrated industry standards and promoting a closed-loop system from research to market [37][41]. - In Zhaoqing, a collaboration has improved bamboo material properties, leading to a 150% increase in annual output value, demonstrating the potential for high-value applications [44][46]. Group 5: Institutional Support and Community Engagement - The establishment of a dedicated Rural Revitalization and Social Service Office at the university aims to enhance the management of technology services and community engagement [50][51]. - The university's teams have collectively spent over 16,256 days in the field, directly benefiting over 28,411 households and engaging with numerous enterprises and cooperatives [55][56].

Core Insights - The "Yangtze River Delta White Goat" has achieved its first large-scale breeding since the establishment of the breeding base, with over 100 kids born since September [1] - The base was established to protect the purebred "Yangtze River Delta White Goat," which has seen a significant decline due to crossbreeding with Boer goats [1] - The breeding base has implemented scientific feeding practices and ecological farming methods, contributing to both conservation and economic viability [2] Group 1 - The breeding base has successfully raised over 400 goats, with more than 300 being purebred "Yangtze River Delta White Goats" [1] - A total investment of 5 million yuan was made by four villages to establish the breeding base, which spans 30 acres [1] - The base collaborates with universities to introduce advanced breeding techniques [1] Group 2 - The feeding regimen includes a mix of corn straw and soybean meal, with daily consumption reaching nearly 800 pounds [2] - The base has sold over 400 commercial goats since last year, enhancing the market presence of the "Leyu Lamb" brand [2] - Future plans include developing agricultural, cultural, and tourism projects to further promote rural revitalization [2]

Group 1 - The Hami City Yizhou District Sports Center project, constructed by Henan Wujian, has successfully topped out, marking a significant milestone in enhancing urban functionality and public services [1][2] - The project covers a planned area of 14,000 square meters and is funded with 145 million yuan, featuring 4,000 spectator seats for high-standard sports events and cultural performances [2] - The construction of the sports center is part of the broader Henan aid to Xinjiang initiative, showcasing collaboration between Henan and Hami to promote local development and improve public amenities [2][3] Group 2 - The "Small Goat, Big Industry" initiative in Liushugou Township has led to the establishment of a cooperative agricultural development company, enhancing the local economy through innovative operational models [3] - The winter goat slaughter cultural activities in 2024 attracted significant media attention, resulting in the sale of over 5,000 goats and generating revenue exceeding 5.1 million yuan [3] - The transformation from "blood transfusion" to "blood production" is a key focus during the 14th Five-Year Plan, emphasizing sustainable industrial development in Hami and the 13th Division of the Xinjiang Production and Construction Corps [4] Group 3 - Henan's investment in industrial parks has resulted in the construction of 90,000 square meters of standardized factory buildings, attracting 14 enterprises to settle in Hami [5] - Collaborative geological exploration projects have been initiated, including 25 projects related to vanadium-titanium magnetite, molybdenum, and coalbed methane [5] - The zero-carbon technology industry investment platform has successfully attracted 9.98 billion yuan in investments, leading to the establishment of 10 industrial projects and 3 research institutions [5][6] Group 4 - The arrival of over 110 enterprises, including Longcheng Group and Luoyang Shuangrui Group, in Hami is expected to create significant employment opportunities, with the Luoyang Yidian 60 billion yuan aluminum-based new materials project projected to employ over 10,000 people [6] - These multi-faceted initiatives are continuously injecting new momentum into industrial aid efforts in Xinjiang, effectively benefiting local livelihoods [6]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The agriculture sector shows defensive value amid renewed US-China tariff disturbances, with the sector currently at a relatively low level, suggesting improved investment logic and a recommendation for increased allocation [5][14] - The pig farming sector is experiencing losses, with both pigs and piglets facing declining prices, leading to accelerated liquidation. The average price of pigs is reported at 11.24 yuan/kg, marking a year-low [15][34] - The beef and poultry sectors benefit from improved domestic demand and tariff disturbances, with beef prices at 66.04 yuan/kg, showing a month-on-month increase of 0.41% and a year-on-year increase of 8.32% [22][19] - The seed and planting sector is positively impacted by the escalation of US-China agricultural product tariffs and domestic food security needs, with corn prices rising to 2304 yuan/ton, an increase of 8.54% since the beginning of the year [29][31] Summary by Sections Weekly Observation - The agriculture sector's defensive value is highlighted due to renewed US-China tariff disturbances, with the sector benefiting from tariff countermeasures and food security logic [5][14] Weekly Insights - The pig farming sector is facing significant losses, with prices continuing to decline, suggesting a potential golden opportunity for investment as liquidation accelerates [34][15] - Recommendations include companies such as Muyuan Foods, Wens Foodstuff Group, and others in the pig farming sector [34] Market Performance (10.6-10.10) - The agriculture index outperformed the market by 0.67 percentage points, with notable gains in stocks like Aonong Biological and Xuelong Biological [38][45] Price Tracking (10.6-10.10) - The average price of pigs was reported at 11.18 yuan/kg, down 1.08 yuan from the previous week, while the price of piglets was 18.72 yuan/kg, down 1.65 yuan [48][50] - The average price of yellow feathered chickens reached 13.80 yuan/kg, marking a new high for 2025 [22][49] Key News (10.6-10.10) - The Ministry of Agriculture and Rural Affairs issued a notice on promoting agricultural product consumption, aiming to enhance supply and market channels [46]

Core Insights - Uruguay's commodity exports in September reached $1.242 billion, marking a 5% year-on-year increase [2] Export Performance - Beef remains the largest export product, with an export value of $230 million, reflecting a 42% increase year-on-year [2] - Soybeans are the second-largest export, generating $200 million, which is a 22% increase [2] - Pulp ranks third, with an export value of $195 million, showing a 26% decline year-on-year [2] Market Dynamics - China continues to be the largest export market, with exports amounting to $380 million in September, a 17% increase, accounting for 31% of total exports [2] - Soybean exports to China reached $173 million, representing a significant 53% increase [2] - Brazil is the second-largest export destination, with exports totaling $160 million, down 10% year-on-year [2] Cumulative Export Data - For the period from January to September 2025, total commodity exports (including free trade zones) reached $10.245 billion, reflecting a 5% year-on-year growth [2]

Core Viewpoint - The pork market is experiencing a significant decline in prices, with both live pig and pork prices dropping sharply, leading to challenges for vendors and producers [2][3][4]. Price Trends - The price of white strip pork has fallen to 13.8-15.3 yuan/kg, while the national average price for live pigs is 12.50 yuan/kg, down 0.7% from the end of September and over 20% from the end of 2024 [2][5]. - The average price of live pigs from January to September 2023 was 15.1 yuan/kg, reflecting a year-on-year decrease of 10.9% [3]. - Pork wholesale prices have also dropped below 19 yuan/kg, reaching a new low of 18.85 yuan/kg on October 10 [6]. Market Dynamics - The current market is characterized by an oversupply, with live pig prices dropping below 13 yuan/kg and pork prices continuing to decline [5][6]. - The futures market for live pigs has seen a significant drop, with a cumulative decline of about 9% in September and over 8% in the first two trading days of October [6]. Producer Challenges - Producers are facing substantial losses, with self-breeding operations losing over 50 yuan per pig and those purchasing piglets facing losses of around 150 yuan [7]. - The decline in prices has led to a slowdown in the sales of pigs, with some producers delaying their selling plans due to anticipated further price drops [7][8]. Company Performance - Major companies like Muyuan Foods reported a significant drop in sales prices and revenues, with September sales averaging 12.88 yuan/kg, down 30.94% year-on-year [3][8]. - New Hope and Wens Foodstuff Group also reported declines in sales revenue and average prices, indicating a broader trend across the industry [8]. Future Outlook - The industry is expected to maintain a state of oversupply in the fourth quarter, limiting the potential for price recovery [9]. - Government policies aimed at regulating production and stabilizing prices are being implemented, including the storage of frozen pork and adjustments to breeding practices [9].