豆一关注政策导向，花生持续聚焦天气与需求 大豆观点 市场分析 期货方面，昨日收盘豆一2511合约3935.00元/吨，较前日变化-39.00元/吨，幅度-0.98%。现货方面，食用豆现货基 差A11+305，较前日变化+39，幅度32.14%。 市场资讯汇总：东北市场昨日大豆价格稳中有跌，国储库持续竞拍，对于市场低蛋白现货价格形成制约 ，目前市 场走货一般。现阶段新豆生长较为顺利，市场对于产量多持丰产预期，随着新豆上市临近，叠加国储库陈粮投放， 预计供应压力或将凸显。黑龙江哈尔滨市场国标一等蛋白39%蛋白中粒塔粮装车报价2.12元/斤，较前一日跌0.01 元/斤；黑龙江双鸭山宝清市场国标一等蛋白39%蛋白中粒塔粮装车报价2.11元/斤，较前一日跌0.02元/斤；黑龙江 佳木斯富锦市场国标一等蛋白39%蛋白中粒塔粮装车报价2.10元/斤，较前一日跌0.02元/斤；黑龙江齐齐哈尔讷河 市场国标一等蛋白41%蛋白中粒塔粮装车报价2.22元/斤，较前一日平；黑龙江黑河嫩江市场国标一等蛋白41%蛋白 中粒塔粮装车报价2.19元/斤，较前一日平；黑龙江绥化海伦市场国标一等蛋白41%蛋白中粒塔粮装车报价2.20元/ 斤，较 ...

据报道，近期，美国和欧盟27国达成新贸易框架的消息突然密集刷屏，又把全球舆论推上了新一轮高 潮。 美国联合欧盟27国达成了新贸易框架。表面上看，两大经济体终于愿意坐下来缓和关税战，实则细节里 都是"美国优先"的套路。美国给欧盟输美商品贴上了15%的高关税标签，涉及汽车、药品、半导体芯 片、木材等关键产业。只有极少数稀缺资源、飞机零部件、仿制药等被豁免。欧盟这边承诺取消对美国 产工业品的关税，还要为美国的海产品、农产品大开方便之门。 美国的算盘其实一目了然。高关税直接把欧洲出口企业逼到墙角，逼着欧洲主动让利、加大采购，甚至 投资美国本土产业链。荷兰国际集团经济学家布热斯基直言，这份协议其实就是"损失控制文件"，与其 说是平等互利，不如说是美国的胜利、欧洲的无奈。美联储都承认，关税政策大头还是美国企业和消费 者买单，但美国政府宁愿牺牲内需、也要捏住欧洲的脖子。 欧盟高层嘴上说"可预测性""避免贸易战"，底下其实一片质疑。很多人担心，这种对美让步会进一步加 深欧洲对美国的依赖。协议里大部分内容都没有法律约束力，能不能落实还是两说。美国最高法院随时 可以推翻协议内容，欧洲议会和27个成员还得"走程序"，这可不是几周几 ...

农产品日报 | 2025-08-28 压榨量维持高位，豆粕偏弱震荡 粕类观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2601合约3045元/吨，较前日变动-36元/吨，幅度-1.17%；菜粕2601合约2501元/吨，较前 日变动-25元/吨，幅度-0.99%。现货方面，天津地区豆粕现货价格3050元/吨，较前日变动-20元/吨，现货基差M01+5， 较前日变动+16；江苏地区豆粕现货2970元/吨，较前日变动-20元/吨，现货基差M01-75，较前日变动+16；广东地 区豆粕现货价格2920元/吨，较前日变动跌-20元/吨，现货基差M01-125，较前日变动+16。福建地区菜粕现货价格 2610元/吨，较前日变动-10元/吨，现货基差RM01+109，较前日变动+15。 近期市场资讯，8月26日，巴西全国谷物出口商协会表示，巴西8月大豆出口量料为890万吨，前一周预估为894万 吨。巴西8月豆粕出口量料为213万吨，前一周预估为233万吨。巴西8月玉米出口量料为780万吨，前一周预估为805 万吨。 市场分析 玉米观点 市场要闻与重要数据 期货方面，昨日收盘玉米2511合约2164元/吨，较前日变动+6 ...

- The report tracks the progress of mid-year financial disclosures for A-shares, noting that as of August 27, 2025, the disclosure rate is approximately 73%, which is higher than the same period from 2022 to 2024[1][3][11] - Industries with high net profit growth include agricultural products, media and internet, metal materials and mining, comprehensive finance, and electronics[1][5][17] - Secondary industries with high net profit growth include poultry farming, fiberglass and products, diversified consumer goods trade, entertainment, and rare earth magnetic materials[1][5][17] - The highest disclosure rates among primary industries are building products (85%), coal (84%), testing services (83%), oil and petrochemicals (81%), and metal materials and mining (81%)[4][15] - The lowest disclosure rates among primary industries are real estate (58%), construction engineering (57%), insurance (50%), comprehensive finance (46%), and banking (38%)[4][15]

Report Industry Investment Rating - The investment ratings for both the apple and red date industries are neutral [4][8] Report Core Viewpoints - The apple market currently has no significant contradictions in its fundamentals. With low remaining inventory in the origin and little change expected in the new season's production compared to last year, short - term prices are expected to remain stable. Attention should be paid to the trading situation of new - season early - maturing apples [4] - In the red date market, there is a large divergence in the market's expectations for the new - season production. The market has been trading around the expectation of a new - season production cut since June. Under the condition that the production cut cannot be disproven, the futures price may still rise in the short term due to capital sentiment. However, considering the high inventory of old dates, if the production cut is less than expected, prices may turn weak [7][8] Summary by Related Catalogs Apple Market Market News and Key Data - Futures: The closing price of the apple 2510 contract yesterday was 8278 yuan/ton, up 154 yuan/ton or 1.90% from the previous day [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of over 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.50 yuan/jin, also unchanged. The spot basis AP10 - 778 in Shandong and AP10 + 722 in Shaanxi both decreased by 154 from the previous day [1] Recent Market Information - In Shaanxi, the early - maturing paper - bag Gala is in the middle - to - late stage, with a low proportion of high - quality goods. The price of ordinary goods is chaotic. In Shandong, the trading atmosphere of inventory apples is not strong, with some fruit farmers offering price cuts. The large - sized fruit has poor demand. In the Guangdong wholesale market, the number of apple trucks has increased, but the terminal sales are slow, with high - quality goods selling better than low - quality ones [2] Market Analysis - The apple futures price rose yesterday. The remaining Gala apples in the western region have uneven quality and chaotic prices. The inventory has a high proportion of large - sized fruit, and the sales are slow. The overall trend of early - maturing apples is polarized, and the inventory apples are running weakly. The low inventory level supports the price of inventory apples. With the concentrated supply of Gala apples in northern Shaanxi and Gansu this week, the inventory apples are expected to remain stable but weak in the short term [3] Strategy - Maintain a neutral view. Given the low inventory and stable new - season production expectations, short - term prices are expected to be stable. Follow - up attention should be paid to the listing and trading of new - season early - maturing apples [4] Red Date Market Market News and Key Data - Futures: The closing price of the red date 2601 contract yesterday was 11360 yuan/ton, down 50 yuan/ton or 0.44% from the previous day [5] - Spot: The price of first - grade grey dates in Hebei was 9.60 yuan/kg, unchanged from the previous day. The spot basis CJ01 - 1760 increased by 50 from the previous day [5] Recent Market Information - Red dates in Xinjiang are entering the sugar - accumulating stage. Attention should be paid to the impact of weather on quality. In the Hebei and Guangdong markets, the arrival of red dates is relatively small, and merchants purchase according to demand, with general trading volume [6] Market Analysis - The red date futures price fell yesterday. The arrival of goods in the sales areas has decreased, and merchants purchase on - demand, resulting in general trading in the downstream market. The market has high sensitivity to weather changes in the production areas. There is a large divergence in the market's expectations for the new - season production [7] Strategy - Adopt a neutral stance. In the short term, the futures price may rise due to capital sentiment. However, considering the high inventory of old dates, if the production cut is less than expected, prices may turn weak [8]

农产品期权 2025-08-28 农产品期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花弱势盘整，谷物类玉米和淀粉弱势窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

Group 1 - The core viewpoint of the article highlights the fluctuation in Chicago Board of Trade (CBOT) soybean oil futures prices, which opened at 53.15 cents per pound and currently stands at 53.05 cents per pound, reflecting a decline of 0.19% [1] - On August 27, the closing price for soybean oil futures was reported at 53.19 cents per pound, with a decrease of 0.47% from the previous day [1] - The highest and lowest prices during the trading session were 53.20 cents per pound and 52.88 cents per pound, respectively [1] Group 2 - Argentine soybean oil prices for September shipment decreased by $23 per ton to $1,179 per ton, while November shipment prices fell by $20 per ton to $1,181 per ton [1] - The number of soybean oil futures warehouse receipts on the Dalian Commodity Exchange remained stable at 15,760 contracts [1] - The national first-class soybean oil trading volume increased by 7.49% to 24,400 tons compared to the previous trading day [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The export sales of US soybeans, soybean meal, and soybean oil are expected to increase, with different expected net increases in different fiscal years [1]. - Malaysia's palm oil exports from August 1 - 25, 2025, increased by 36.41% compared to the same period last month [1]. - The average estimated yield of Canadian rapeseed is 20.3 million tons, with a forecast range of 19 - 21.2 million tons [1]. - Australia's rapeseed yield this year is expected to be between 5.8 - 7.2 million tons [1]. 3. Summary by Related Catalogs Overnight Market Information - **US Exports**: Before the USDA's weekly export sales report (scheduled for 20:30 Beijing time on Thursday), a survey of industry analysts showed that as of the week ending August 21, US soybean export sales are expected to net increase by 25 - 105 tons, with a net decrease of 20 tons to a net increase of 5 tons in the 2024 - 2025 fiscal year and a net increase of 45 - 100 tons in the 2025 - 2026 fiscal year. US soybean meal export sales are expected to net increase by 12.5 - 45 tons, with 2.5 - 15 tons in the 2024 - 2025 fiscal year and 10 - 30 tons in the 2025 - 2026 fiscal year. US soybean oil export sales are expected to net increase by 0 - 1.4 tons, with 0 - 0.8 tons in the 2024 - 2025 fiscal year and 0 - 0.6 tons in the 2025 - 2026 fiscal year [1]. - **Malaysia's Palm Oil Exports**: According to SGS, Malaysia's palm oil product exports from August 1 - 25, 2025, were 933,437 tons, a 36.41% increase from 684,308 tons in the same period last month [1]. - **Canadian Rapeseed Yield**: Canada's Statistics Bureau plans to release the estimated yield of major farm crops as of the end of July 2025 at 20:30 Beijing time on Thursday. Based on the forecasts of 6 traders and analysts, the average estimated yield of rapeseed is 20.3 million tons, with a range of 19 - 21.2 million tons, compared to 19.5 million tons reported by the Statistics Bureau in August last year [1]. - **Australian Rapeseed Yield**: Australia's ABARES estimates that the country's rapeseed yield this year will be between 5.8 - 7.2 million tons, compared to 6.1 million tons last year and a 10 - year average of 4.8 million tons [1]. Spot Prices - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from August 21 - 27, 2025, are provided [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Corn is expected to maintain a weak and volatile pattern in the short - term and face downward pressure in the long - term due to new season supply and cost factors [2] - Starch price is expected to remain bearish in the long - term due to high inventory and expected lower raw material costs [3] - International sugar price is under pressure from Brazilian supply, and domestic sugar has upward pressure on the futures price [4] - Cotton price is in a consolidation phase, and its downward space is limited. Attention should be paid to demand changes [6] - Egg price rebound was slow in August due to supply - demand imbalance, and attention should be paid to old chicken culling and cold - storage egg release [13] - Apple production in the new season may not differ much from last year. Consumption is in the off - season, and attention should be paid to the final production [16] - Pig price has short - term improvement expectations due to supply reduction and consumption increase, and attention should be paid to various influencing factors [16] Group 3: Summary by Commodity Corn/Starch - **Price and Margin Data**: In the week from August 21 - 27, corn prices in different regions remained mostly stable, with a 6 - point decrease in the basis; starch prices in Heilongjiang and Shandong decreased, and the processing margin decreased by 2 [2] - **Market Analysis**: In the short - term, corn auction transactions are light, new season corn is about to be listed, and the price is expected to be weakly volatile. In the long - term, it will face downward pressure. Starch price is affected by raw materials, with high inventory and a bearish outlook [2][3] Sugar - **Price and Margin Data**: From August 21 - 27, sugar spot prices in Liuzhou, Nanning, and Kunming decreased, the basis increased by 2, and the import margin decreased by 27. The number of warehouse receipts decreased by 409 [4] - **Market Analysis**: International sugar price is under pressure from Brazilian supply, and domestic sugar price is affected by imported sugar arrivals and has upward pressure on the futures price [4] Cotton/Cotton Yarn - **Price and Margin Data**: From August 21 - 27, the price of 3128 cotton decreased by 25, the price of imported M - grade US cotton decreased by 1, the import margin increased by 8, and the 32S spinning margin increased by 27 [6] - **Market Analysis**: Cotton price is in a consolidation phase, and its downward space is limited. Attention should be paid to demand changes [6] Eggs - **Price and Margin Data**: From August 21 - 27, egg prices in major production areas increased, and the basis increased by 116 [12] - **Market Analysis**: Egg price rebounded slowly in August due to supply - demand imbalance, and attention should be paid to old chicken culling and cold - storage egg release [13] Apples - **Price and Inventory Data**: From August 21 - 27, the price of Shandong 80 first - and second - grade apples remained stable, and the national inventory decreased by 108, with a 68 decrease in Shandong and a 154 decrease in Shaanxi [15][16] - **Market Analysis**: Apple production in the new season may not differ much from last year. Consumption is in the off - season, and attention should be paid to the final production [16] Pigs - **Price and Margin Data**: From August 21 - 27, pig prices in different regions had minor changes, and the basis increased by 165 [16] - **Market Analysis**: Pig price has short - term improvement expectations due to supply reduction and consumption increase, and attention should be paid to various influencing factors [16]

| 糖产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年8月28日 | | | | 刘珂 | Z0016336 | | 期货市场情况 | | | | | | | 指标 | 现值 | 前位 | 涨跌 | 涨跌幅 | 单位 | | 白糖2601 | 5620 | 5632 | -12 | -0.21% | | | 白糖2509 | 5631 | 5678 | -47 | -0.83% | 元/吨 | | ICE原糖主力 | 16.44 | 16.42 | 0.02 | 0.12% | 美分/磅 | | 白糖1-9价差 | -11 | -46 | 35 | 76.09% | 元/吨 | | 主力合约持仓量 | 363151 | 366130 | -2979 | -0.81% | 글 | | 仓单数量 | 14906 | 15315 | -409 | -2.67% | | | 有效预报 | 1 | 1 | 0 | 0.00% | 张 | | 现货市场价格 | | | | | | | 指标 ...