Group 1: Report Overview - The report is the Baocheng Futures' morning report on beans and oils for September 12, 2025 [1] Group 2: Investment Ratings - No specific industry investment ratings are provided in the report Group 3: Core Views - The beans market is still in a game between weak reality and strong expectations. Before the improvement of Sino - US trade relations, the divergence in the prices of domestic and foreign beans futures will continue. Short - term soybean meal futures prices will continue to fluctuate, and the impact of the US Department of Agriculture report should be noted [5] - The pressure on Malaysian palm oil inventory has been released as expected, and the linkage effect of the pressure on Malaysian palm oil prices on domestic palm oil futures prices is evident. After the short - term market pressure is released, there is not a strong driving force for further decline. Palm oil futures prices will still fluctuate around energy attributes and industrial changes, and the short - term rebound of palm oil futures prices will continue [8] Group 4: Summary by Variety Soybean Meal (M) - **Time - period Views**: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillating strongly; Reference view: oscillating strongly [5][7] - **Core Logic**: The import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand [7] Palm Oil (P) - **Time - period Views**: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillating strongly; Reference view: oscillating strongly [6][7] - **Core Logic**: Bio - diesel attributes, Malaysian palm oil production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrivals and inventory, and substitution demand [7] Soybean Oil (2601) - **Time - period Views**: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillating strongly; Reference view: oscillating strongly [7] - **Core Logic**: US bio - fuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [7]

Core Insights - The U.S. Department of Agriculture (USDA) is set to release its September crop report on September 12, prompting investors to close positions ahead of the announcement, leading to a rise in futures prices for corn, wheat, and soybeans on September 11 [1] - Chicago Board of Trade (CBOT) futures prices for corn, wheat, and soybeans all increased, with December corn closing at $4.20 per bushel (up 2.75 cents, or 0.66%), December wheat at $5.22 per bushel (up 6.5 cents, or 1.26%), and November soybeans at $10.34 per bushel (up 8.25 cents, or 0.8%) [1] - Market analysts express skepticism about the sustainability of rising agricultural prices before the harvest, suggesting selling on price increases [1] Export Data - Cumulative export volumes for the current crop year show wheat at 467 million bushels (up 76 million bushels year-on-year), corn at 890 million bushels (up 361 million bushels), and soybeans at 344 million bushels (down 179 million bushels year-on-year) [2] - The USDA reported weekly export sales as of September 4, with wheat at 11.2 million bushels, corn at 21.3 million bushels, and soybeans at 19.9 million bushels [1] Weather and Harvest Outlook - Weather forecasts indicate a warm air mass expanding eastward, with no further cold weather expected in the northern U.S. plains and Canada in the next 48 hours, and no tropical storms or hurricanes predicted for later in the month [2] - Harvesting of U.S. crops is expected to begin next week [2]

Group 1 - The core viewpoint of the news is that agricultural futures at the Chicago Board of Trade (CBOT) experienced an overall increase in prices on September 11, with significant gains in soybean, corn, and wheat futures [1][2]. Group 2 - Soybean futures rose by 0.85%, closing at 1034.00 cents per bushel [1]. - Corn futures increased by 0.66%, closing at 419.75 cents per bushel [1]. - Wheat futures saw a rise of 1.21%, closing at 521.25 cents per bushel [1].

Core Viewpoint - The Zhengzhou Commodity Exchange has announced the suspension of the designated red date delivery warehouse business for Kashgar Xin Xin Fruit Industry Co., Ltd. and has added the Yuepuhu County Supply and Marketing Cooperative as a new designated red date delivery warehouse, effective immediately from the announcement date [1] Group 1 - The suspension of the designated warehouse business for Kashgar Xin Xin Fruit Industry Co., Ltd. indicates a shift in the operational strategy of the Zhengzhou Commodity Exchange [1] - The addition of the Yuepuhu County Supply and Marketing Cooperative as a designated warehouse suggests an effort to enhance the logistics and distribution network for red dates [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural product sector shows a mixed performance. Bean meal, jujube, and some oils are rising, while cotton and pigs are facing downward pressure or limited rebounds. The market is mainly influenced by factors such as supply - demand expectations, USDA reports, and seasonal consumption patterns [1]. 3. Summary by Variety (1) Bean Meal - The main 2601 contract of bean meal rose and recovered the losses of the previous two days, driven by the rebound of US soybean futures. The market expects the USDA to lower the US soybean yield forecast. Although domestic bean meal inventory increased in September, the uncertainty of Sino - US economic and trade relations and the tightening of soybean supply in the fourth quarter support the price. Before the USDA report, short - term trading is recommended, with support at 3065 and resistance at 3100 [2]. (2) Palm Oil - The main 2601 contract of palm oil first declined and then rose. After the release of the MPOB's bearish monthly report, the price digested the negative pressure. The rise of crude oil, the expected moderate bullishness of the USDA report, and the decline in Malaysian palm oil production in early September supported the price. Before the USDA report, close short positions and conduct short - term trading, with support at 9250 and resistance at 9394 [3]. (3) Soybean Oil - The main 2601 contract of soybean oil rebounded. Before the USDA report, short - covering boosted the price. Domestic soybean oil supply is sufficient, but the start of double - festival stocking supports the price. Close short positions and wait for opportunities, with support at 8250 and resistance at 8366 [5]. (4) Eggs - The main 2511 contract of eggs fluctuated slightly higher at a low level. The double - festival stocking demand supported the price in the near term, but the high egg - laying hen inventory and the approaching peak egg - laying season may increase supply pressure. Hold short positions, with support at 3000 and resistance at 3069 [7]. (5) Apples - The main 2601 contract of apples continued to rise. The procurement of early - maturing apples in the western region was active, and the reduction of seasonal fruits and double - festival stocking demand supported the price. Close short positions and hold light long positions, with support at 8150 and resistance at 8300 [10]. (6) Jujubes - The main 2601 contract of jujubes rose strongly. There is a strong expectation of new jujube production reduction this year, and the market has high expectations for the opening price in October. The start of double - festival stocking and the approaching sugar - increasing stage support the price. Hold light long positions, with support at 11110 and resistance at 11315 [11][13]. (7) Sugar - The main 2601 contract of Zhengzhou sugar continued to rebound, driven by the rise of overseas raw sugar futures. The adjustment expectation of the sugar - making ratio in Brazil and the domestic mid - autumn stocking supported the price. Close short positions, with support at 5531 and resistance at 5580 [14]. (8) Corn - The main 2511 contract of corn rebounded slightly after two - day decline. The new corn is starting to be listed, with high opening prices and active downstream procurement. Close short positions and conduct short - term trading, with support at 2184 and resistance at 2210 [17]. (9) Cotton - The main 2601 contract of cotton continued to decline. There is a strong expectation of new cotton production increase in China, and the consumption recovery is slow. Hold light short positions, with support at 13780 and resistance at 13900 [20]. (10) Pigs - The main 2511 contract of pigs fluctuated lower, with limited rebound. The supply is in excess in September, but there is an expectation of increased demand during the double - festivals. Hold short positions, with support at 13200 and resistance at 13400 [21][23].

Report Industry Investment Ratings No relevant information provided. Core Views of the Report Oils and Fats - Palm oil: The MPOB report shows an inventory increase to 2.2 million tons, and the unexpected decline in the first 10 - day export data is bearish. There is a risk of the futures price falling below 4,400 ringgit and continuing to weaken. In the domestic market, it will first test the support at 9,000 yuan. If Malaysian palm oil continues to decline, domestic palm oil may follow suit [1]. - Soybean oil: Analysts expect the USDA report to lower the U.S. soybean yield forecast, but the high - quality rate of U.S. soybeans is high, so the expectation of a bumper harvest remains. In the absence of Chinese purchases, the USDA may lower the U.S. soybean export forecast. The approaching harvest and concentrated supply pressure will weigh on the market. In the domestic market, although the demand season is coming, the current supply is excessive, and the basis quotation will fluctuate slightly [1]. Meal - The high - quality rate of U.S. soybeans is still high, suppressing market bullish sentiment. The U.S. soybean supply is strong and demand is weak, while Brazil's premium is strong, supporting domestic costs. Recently, domestic concerns about future supply have eased, and with soybean auctions, the spot market is loose. Oil mills' soybean meal inventory has risen to a high level, and weak terminal purchasing enthusiasm suppresses the basis. However, the cost provides good support, and the decline space of domestic meal is limited. The supply of soybeans in the fourth quarter is not expected to be loose [3]. Pork - The slaughter volume of farmers has stabilized, and the reluctance to sell at low prices has increased. Some areas have seen secondary fattening, which supports the spot price. Although the spot pressure has been realized, the price has reached a low level, and the room for further decline is limited. The demand is slowly recovering, but whether it can absorb the supply is uncertain. There may be a wave of concentrated slaughter before the double festivals. The market strengthened today due to the Ministry of Agriculture's meeting on capacity regulation, but there is still potential for decline after the short - term rebound, and the overall supply - demand pressure is large [6]. Corn - In the Northeast, the purchase and sale are dull, and the new season corn has not been massively listed, so the price is firm; in North China, the supply is relatively sufficient, and the price is slightly weak. As corn transitions to the new season, the old - season inventory is tight, and the new - season corn has not been massively listed, which slightly supports the price. However, the concentrated listing of corn in mid - to late September, the expected increase in production, and the decline in planting costs will put pressure on the price. On the demand side, the purchasing enthusiasm of deep - processing and feed enterprises is weak. In the short term, the corn market has weak supply and demand, and the futures price is under pressure. In the medium term, it will maintain a weak pattern [8]. Sugar - In the first half of August, the sugar production in the central - southern region of Brazil increased by 15.96% year - on - year, and the sugar - making ratio reached a new high, resulting in large supply pressure and the price falling below 16 cents per pound. The overall supply pressure of raw sugar remains large, and it is expected to maintain a weak pattern. However, as the sugar price approaches the含税 ethanol price, the future increase in the sugar - alcohol ratio in Brazil is limited. With the new sugar to be listed in less than a month and the pre - sale price lower than the current market price, the sales time for old sugar is limited. The futures price is weak, the market sentiment is bearish, and the sugar price is expected to fluctuate at the bottom [12]. Cotton - Some cotton ginning factories have started purchasing this week, but the pricing methods for wadding cotton and spinning cotton are different, and the new - cotton purchase driver is still unclear. In the short term, the price has limited upward and downward space, and the downstream demand improvement is insufficient, and the confidence in the traditional peak season is low. In the short term, the domestic cotton price may fluctuate within a range, and it will face pressure after the new cotton is listed [13]. Eggs - In recent days, the increase in traders' purchases may drive up the egg price. However, the high inventory and the impact of cold - storage eggs on the market will limit the price increase. After the second and third rounds of replenishment in the second half of the week, the demand may weaken, and the risk of price decline increases. Overall, the egg price may rebound in early September, but the increase is limited, and a bearish view is maintained [16]. Summary by Related Catalogs Oils and Fats - **Price Changes**: The prices of various oils such as soybean oil, palm oil, and rapeseed oil have changed. For example, the price of Jiangsu first - grade soybean oil decreased by 1.15%, and the price of Guangdong 24 - degree palm oil decreased by 1.59% [1]. - **Basis and Spread**: The basis and spread of different oil varieties have also changed. For example, the soybean - palm oil spread in the spot market increased by 6.67%, and the rapeseed - soybean oil spread in the 2509 contract increased by 9.76% [1]. - **Inventory and Import Profit**: The inventory of palm oil and soybean oil in China and the import profit of palm oil are also presented in the report [1]. Meal - **Price and Basis**: The prices and basis of soybean meal, rapeseed meal, and soybeans have changed. For example, the price of Jiangsu soybean meal remained unchanged, and the basis of the M2601 contract increased by 20% [3]. - **Import Profit and Spread**: The import profit of different origins and the spread between different meal varieties are shown. For example, the import profit of Brazilian soybeans in October decreased by 42.9%, and the spread between soybean meal and rapeseed meal in the 2601 contract increased by 1.52% [3]. Pork - **Futures and Spot Prices**: The prices of futures contracts such as the main contract, the 2511 contract, and the 2601 contract of pork have changed, and the spot prices in different regions are also provided, along with indicators such as slaughter volume, white - strip price, and breeding profit [6]. Corn - **Futures and Spot Prices**: The prices of corn futures contracts such as the 2511 contract and the spot prices in different regions (such as Jinzhou Port and Shekou) have changed. The report also includes information on import profit, processing enterprise vehicle volume, and inventory [8]. - **Corn Starch**: The prices of corn starch futures contracts and spot prices in different regions (such as Changchun and Weifang) have changed, along with information on basis, spread, and processing profit [8]. Sugar - **Futures and Spot Prices**: The prices of sugar futures contracts such as the 2601 and 2605 contracts and the spot prices in different regions (such as Kunming and Nanning) have changed. The report also includes information on import sugar prices, basis, and industry indicators such as production, sales, and inventory [12]. Cotton - **Futures and Spot Prices**: The prices of cotton futures contracts such as the 2601 and 2605 contracts and the spot prices in different regions (such as Xinjiang) have changed. The report also includes information on basis, spread, and industry indicators such as inventory, export volume, and processing profit [13]. Eggs - **Futures and Spot Prices**: The prices of egg futures contracts such as the 10 and 11 contracts and the spot prices in different regions have changed. The report also includes information on basis, spread, and industry indicators such as egg - chicken chick price, culled - chicken price, and breeding profit [15][16].

Report Industry Investment Rating - All three commodities (cotton, sugar, and pulp) are rated neutral [3][6][8] Core Viewpoints - The global cotton supply - demand pattern has shifted from loose to tight, with short - term support for domestic cotton prices but potential pressure during new flower listing. Sugar prices are facing short - term downward pressure but limited downside due to low domestic inventory. Pulp prices are expected to continue low - level oscillations due to weak fundamentals [2][5][7] Summary by Commodity Cotton Market News and Key Data - Yesterday, the cotton 2601 contract closed at 13,855 yuan/ton, up 20 yuan/ton (+0.14%). The Xinjiang arrival price of 3128B cotton was 15,210 yuan/ton, down 43 yuan/ton, and the national average price was 15,286 yuan/ton, down 49 yuan/ton [1] - Floods in Pakistan's Punjab province damaged about 35% of cotton crops, with 40 - 50% damage in the largest producing area, Bahawalnagar [1] Market Analysis - Internationally, India's extended tariff exemption supports US cotton. The USDA's August report tightened the global cotton supply - demand pattern, but some production adjustments may be incomplete. US cotton's upside is limited by slow export sales. Domestically, cotton de - stocking is fast, commercial inventory is low, and short - term price support is strong. New - year production increase expectations are high, but there may be early - stage grabbing and later - stage hedging pressure [2] Strategy - A neutral strategy is recommended. Short - term support for Zhengzhou cotton is strong before new flower listing, but there may be pressure during the new flower concentration period [3] Sugar Market News and Key Data - Yesterday, the sugar 2601 contract closed at 5,535 yuan/ton, up 17 yuan/ton (+0.31%). The spot price in Nanning, Guangxi was 5,880 yuan/ton, unchanged, and in Kunming, Yunnan was 5,835 yuan/ton, up 15 yuan/ton [3] - Inner Mongolia's first sugar factory is expected to start production on September 8, 4 days earlier than last year, with an estimated output of 70 - 750,000 tons [3] Market Analysis - ICE raw sugar is under pressure due to production increases in Brazil and the Northern Hemisphere. Zhengzhou sugar has been weak due to abundant short - term supply from imports and concerns about syrup policy relaxation [5] Strategy - A neutral strategy is recommended. Domestic sugar prices may bottom - consolidate due to low inventory [6] Pulp Market News and Key Data - Yesterday, the pulp 2511 contract closed at 4,996 yuan/ton, up 26 yuan/ton (+0.52%). The spot price of Chilean Silver Star softwood pulp in Shandong was 5,690 yuan/ton, unchanged, and the price of Russian softwood pulp was 5,090 yuan/ton, unchanged [6] - The imported wood pulp spot market was generally stable, with only sporadic price drops [6] Market Analysis - Overseas pulp mill production cuts have not significantly changed the supply pattern. Domestic pulp production capacity is increasing, but high port inventory maintains supply pressure. Demand is weak both overseas and domestically, with low terminal demand and low paper mill operating rates [7] Strategy - A neutral strategy is recommended. Pulp prices are expected to continue low - level oscillations due to weak fundamentals [8]

交易咨询业务资格：证监许可【2012】1091号 棉花早报——2025年9月11日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 棉花： 1、基本面：ICAC9月报：25/26年度产量2550万吨，消费2550万吨。USDA8月报：25/26年度产 量2539.2万吨，消费2568.8万吨，期末库存1609.3万吨。海关：8月纺织品服装出口265.4亿 美元，同比下降5%。7月份我国棉花进口5万吨，同比减少73.2%；棉纱进口11万吨，同比增加 15.38%。农村部8月25/26年度：产量625万吨，进口140万吨，消费740万吨，期末库存823万 吨。中性。 2、基差：现货3128b全国均价15286，基差1431（01合约），升水期货；偏多。 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Palm oil has insufficient fundamental drivers and may experience a short - term correction [1] - US soybean oil policy is unstable, and there are limited themes for soybean oil [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures - Palm oil主力: Closing price (day session) was 9,244 yuan/ton, down 2.55%; closing price (night session) was 9,302 yuan/ton, up 0.63%. Yesterday's trading volume was 859,709 lots, an increase of 280,680 lots, and the position was 444,900 lots, a decrease of 6,616 lots [1] - Soybean oil主力: Closing price (day session) was 8,256 yuan/ton, down 1.81%; closing price (night session) was 8,290 yuan/ton, up 0.41%. Yesterday's trading volume was 448,885 lots, an increase of 210,870 lots, and the position was 611,919 lots, a decrease of 19,824 lots [1] - Rapeseed oil主力: Closing price (day session) was 9,770 yuan/ton, down 0.82%; closing price (night session) was 9,835 yuan/ton, up 0.67%. Yesterday's trading volume was 284,089 lots, an increase of 21,996 lots, and the position was 255,147 lots, a decrease of 12,867 lots [1] - Malaysian palm oil主力: Closing price (day session) was 4,413 ringgit/ton, down 1.52%; closing price (night session) was 4,420 ringgit/ton, up 0.16% [1] - CBOT soybean oil主力: Closing price was 50.98 cents/pound, up 0.99% [1] 3.1.2 Spot - 24 - degree palm oil in Guangdong: Spot price was 9,270 yuan/ton, a decrease of 150 yuan/ton [1] - First - grade soybean oil in Guangdong: Spot price was 8,660 yuan/ton, a decrease of 100 yuan/ton [1] - Fourth - grade imported rapeseed oil in Guangxi: Spot price was 9,840 yuan/ton, a decrease of 20 yuan/ton [1] - Malaysian palm oil FOB offshore price (continuous contract): Spot price was 1,115 dollars/ton, unchanged [1] 3.1.3 Basis - Palm oil (Guangdong): Basis was 26 yuan/ton [1] - Soybean oil (Guangdong): Basis was 404 yuan/ton [1] - Rapeseed oil (Guangxi): Basis was 70 yuan/ton [1] 3.1.4 Spread - Rapeseed - palm oil futures main contract spread: 526 yuan/ton (previous trading day), compared with 365 yuan/ton two trading days ago [1] - Soybean - palm oil futures main contract spread: - 988 yuan/ton (previous trading day), compared with - 1,078 yuan/ton two trading days ago [1] - Palm oil 9 - 1 spread: 202 yuan/ton (previous trading day), compared with - 6 yuan/ton two trading days ago [1] - Soybean oil 9 - 1 spread: 6 yuan/ton (previous trading day), compared with 46 yuan/ton two trading days ago [1] - Rapeseed oil 9 - 1 spread: N/A (previous trading day), compared with 129 yuan/ton two trading days ago [1] 3.2 Macro and Industry News - MPOB: Malaysia's palm oil inventory in August was 2,202,534 tons, a month - on - month increase of 4.18%. Production was 1,855,008 tons, a month - on - month increase of 2.35%. Exports were 1,324,672 tons, a month - on - month decrease of 0.29%. Imports were 49,036 tons, a month - on - month decrease of 19.66% [2] - AmSpec: Malaysia's palm oil exports from September 1 - 10 were 415,030 tons, a decrease of 8.43% compared with the same period last month [3] - ITS: Malaysia's palm oil exports from September 1 - 10 were 476,610 tons, a decrease of 1.2% compared with the same period last month [5] - The White House is reviewing a plan that requires large refineries to bear part of the reduced biofuel blending volume due to small refinery exemptions. The plan requires large refineries to compensate for 50% or less of the exempted biofuel volume [5] - The EU has recognized the Malaysian Sustainable Palm Oil Certification (MSPO) as a reliable standard [5] - Argentina's Buenos Aires Grain Exchange expects the soybean planting area in the 2025/26 season to decrease by 4.3% to 17.6 million hectares compared with the previous year [5] 3.3 Trend Intensity - Palm oil trend intensity: 0; soybean oil trend intensity: 0. The range of trend intensity is an integer in the [- 2,2] interval, with - 2 being the most bearish and 2 being the most bullish [6]

Report Overview - Report Date: September 11, 2025 - Report Source: Guotai Junan Futures - Report Focus: Agricultural product futures Industry Investment Rating - No industry investment rating is provided in the report. Core Views - Palm oil: Lack of fundamental drivers, short - term correction [2] - Soybean oil: Uncertain US soybean oil policies, limited themes [2] - Soybean meal: Overnight US soybeans closed lower, Dalian soybean meal may fluctuate [2] - Soybean: Oversold rebound [2] - Corn: Oscillating [2] - Sugar: Focus on Brazilian exports [2] - Cotton: Monitor the situation of new cotton listings [2] - Eggs: Short - term oscillation [2] - Live pigs: Weak spot market, strong policy [2] - Peanuts: Focus on the listing of new peanuts [2] Summary by Product Palm Oil and Soybean Oil - **Fundamental Data**: Palm oil futures had a day - closing price of 9,244 yuan/ton with a - 2.55% decline and a night - closing price of 9,302 yuan/ton with a 0.63% increase. Soybean oil futures had a day - closing price of 8,256 yuan/ton with a - 1.81% decline and a night - closing price of 8,290 yuan/ton with a 0.41% increase [4]. - **News**: Malaysia's August palm oil inventory was 2,202,534 tons, a 4.18% month - on - month increase; production was 1,855,008 tons, a 2.35% increase; exports were 1,324,672 tons, a 0.29% decrease; imports were 49,036 tons, a 19.66% decrease. Malaysia's September 1 - 10 palm oil exports decreased by 8.43% (AmSpec) and 1.2% (ITS) compared to the same period last month [5][6][8]. - **Trend Intensity**: Palm oil and soybean oil trend intensities are both 0 [9]. Soybean Meal and Soybean - **Fundamental Data**: DCE soybean 2511 had a day - closing price of 3,911 yuan/ton with a - 0.13% decline and a night - closing price of 3,927 yuan/ton with a 0.20% increase. DCE soybean meal 2601 had a day - closing price of 3,066 yuan/ton with a - 0.33% decline and a night - closing price of 3,076 yuan/ton with a 0.39% increase [10]. - **News**: On September 10, CBOT soybeans closed lower due to concerns about Chinese demand and active position adjustments. Analysts expect the USDA to lower US soybean and corn yield forecasts on Friday, but the production is still expected to be high [10][12]. - **Trend Intensity**: Soybean meal trend intensity is 0; soybean trend intensity is +1 [12]. Corn - **Fundamental Data**: C2511 had a day - closing price of 2,197 yuan/ton with a - 0.81% decline and a night - closing price of 2,200 yuan/ton with a 0.14% increase. C2601 had a day - closing price of 2,170 yuan/ton with a - 0.96% decline and a night - closing price of 2,169 yuan/ton with a - 0.05% decline [14]. - **News**: Northern corn port collection prices were stable, while Guangdong Shekou prices increased. Other related grain prices also had different trends [15]. - **Trend Intensity**: Corn trend intensity is 0 [16]. Sugar - **Fundamental Data**: The raw sugar price was 16.54 cents/pound, the mainstream spot price was 5,920 yuan/ton, and the futures主力 price was 5,535 yuan/ton [17]. - **News**: Indian monsoon precipitation increased again. Brazilian sugar exports decreased in July and August. Conab lowered the 25/26 Brazilian sugar production forecast. China's sugar import and production data also had changes [17][18]. - **Trend Intensity**: Sugar trend intensity is 0 [20]. Cotton - **Fundamental Data**: CF2601 had a day - closing price of 13,855 yuan/ton with a 0.14% increase and a night - closing price of 13,860 yuan/ton with a 0.04% increase. ICE cotton futures closed at 66.72 cents/pound, up 0.5% [22]. - **News**: The domestic cotton spot market had slightly better trading, mainly for textile enterprises' rigid demand procurement. The cotton yarn market was generally weak, and the ICE cotton futures rebounded [23]. - **Trend Intensity**: Cotton trend intensity is 0 [25]. Eggs - **Fundamental Data**: Egg 2510 had a closing price of 3,019 yuan/500 kilograms with a - 0.43% decline, and egg 2601 had a closing price of 3,353 yuan/500 kilograms with a - 1.56% decline [26]. - **Trend Intensity**: Egg trend intensity is 0 [26]. Live Pigs - **Fundamental Data**: The Henan spot price was 13,580 yuan/ton, and the futures prices of different contracts also had different values [29]. - **Market Logic**: At the end of the month and the beginning of the month, the group significantly reduced the supply, and the spot price rebounded. However, the weight increased again, and the supply in September was large. The 3 - 5 month cost may decline, and the 7 - month contract may have policy regulation [31]. - **Trend Intensity**: Live pig trend intensity is 0 [30]. Peanuts - **Fundamental Data**: The prices of different peanut varieties and futures contracts had changes, such as the Liaoning 308 general - purpose peanut price was 7,700 yuan/ton, and PK510 had a closing price of 7,876 yuan/ton with a - 0.63% decline [33]. - **News**: The spot market had different situations in different regions. New peanuts were expected to be listed in October, and some regions had new peanuts with high moisture [34]. - **Trend Intensity**: Peanut trend intensity is 0 [37].