Core Insights - The 2025 Zhejiang Agricultural Expo will take place from November 21 to 25, featuring 1.5 million yuan in consumer vouchers and showcasing over 40,000 specialty products from 3,500 enterprises, emphasizing rural revitalization achievements [1] Group 1: Event Overview - The expo will cover an exhibition area of 60,000 square meters with six major exhibition halls and multiple specialty zones, marking a historical high in participation [2] - A total of 56 provincial-level agricultural leading enterprises will participate, with a year-on-year growth of 30.2% for provincial-level and 26.7% for national-level enterprises [2] - The event will include products from five provinces, expanding its reach and establishing itself as a significant platform for national agricultural exchange [2] Group 2: Innovation and Ecosystem - The expo will feature a new "Zhejiang Agricultural Quality Products - Hundred Counties, Thousand Products" platform, integrating online and offline interactions to facilitate direct connections between over 5,000 buyers and sellers [3] - Five new thematic areas will showcase the strength of Zhejiang's agricultural development, including segments on specialty products, smart agriculture, and rural revitalization [3] Group 3: Consumer Engagement - A total of 1.5 million yuan in "Agricultural Expo Red Packets" will be distributed to stimulate consumer spending, alongside interactive zones for cultural experiences and product showcases [4] - The "ticket root economy" initiative will allow consumers to redeem discounts based on their purchases, enhancing the overall experience and encouraging local tourism [4] Group 4: Logistics and Accessibility - The expo will be held at the Hangzhou International Expo Center, with multiple transportation options available for attendees, including metro, bus, and private vehicle access [5] - Daily opening hours will be from 9 AM, with varying closing times, and attendees can register in advance for entry [5]

请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 生猪 周二，生猪近月合约持续调整，远期跟随下跌跌幅有限。现货市场，销区猪价企 稳，部分地区报价上涨。今日江西生猪市场均价为 11.28 元/公斤，价格偏弱 0.01 元/公斤。今日头部集团厂稳定，大猪成交较好，走量较好，成交较昨日稍有改 善。广东市场生猪出栏均价为 12.16 元/公斤 ，较昨日价格稳定，与全国均价价 差相差 0.90 元/公斤， 规模场主流牌价为 11.9-12.4 元/公斤。7kg 仔猪规模厂牌 价 260 元/头左右。110-130 公斤标猪与 150 公斤以上肥猪价差为-0.84 元/公斤。 技术上，周五自本周二，生猪 7、9 月合约延续调整，短线警惕猪价调整，短多 离场，等待低位企稳的机会。 震荡 农产品日报（2025 年 11 月 19 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周二，玉米近、远月合约联动调整，最近两个交易日，玉米远期 2611 合约领跌， 近月 2601 合约跟跌。今日北港价格持续上涨，东北产区粮源发北港已开始顺价。 东北产区价格 ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - **Financial Derivatives**: Stock index futures are expected to remain volatile at high levels and may rebound in the short - term; treasury bond futures will have limited price fluctuations and slow roll - over progress [19][22]. - **Agricultural Products**: Protein meal will have obvious bullish factors and fluctuate; sugar prices will be affected by import volume and sugar mill start - ups, with limited downward space; the oil and fat sector will be affected by US biodiesel policies and maintain volatile; corn and corn starch prices will fall with the callback of spot prices; pig prices will still face supply pressure; peanut prices will oscillate at the bottom; egg prices will be stable with a slight decline; apple prices will be stable; cotton and cotton yarn prices will be mainly volatile [27][33][36][40][42][44][50][52][56]. - **Black Metals**: Steel prices will fluctuate within a range; coking coal and coke prices will be weak; iron ore prices will be bearish; ferroalloy prices will be supported by cost and fluctuate within a range [58][60][63][65]. - **Non - ferrous Metals**: Precious metals' volatility may increase; copper prices should focus on lower support; alumina prices will grind at the bottom and oscillate; electrolytic aluminum fundamentals are strong; cast aluminum alloy prices will follow aluminum prices; zinc prices will have wide - range fluctuations; lead prices will oscillate within a range; nickel prices will weaken; stainless steel prices will be weak due to supply - demand imbalance; industrial silicon prices can be bought on dips; polysilicon prices will oscillate before the platform company is established; lithium carbonate prices may fall after rising [68][73][78][80][84][86][88][90][93][95][98][99]. 3. Summaries According to Relevant Catalogs Financial Derivatives Stock Index Futures - **Market Performance**: On Tuesday, the market fell, with major stock index futures contracts declining. The risk appetite decreased, but technology stocks showed signs of stopping the decline [18][19]. - **Trading Strategy**: Unilateral trading should expect high - level volatility and short - term rebound; for arbitrage, conduct IM/IC long 2512 + short ETF cash - and - carry arbitrage; for options, use bull spreads on dips [19]. Treasury Bond Futures - **Market Performance**: On Tuesday, treasury bond futures closed up across the board, with limited price fluctuations. The market capital was slightly tightened, and the roll - over progress was slow [22][23]. - **Trading Strategy**: Unilateral trading should be on the sidelines; for arbitrage, hold (TL - 3T) positions and consider long T contract current - quarter minus next - quarter spread; for options, no specific strategy is provided [23][24]. Agricultural Products Protein Meal - **Market Performance**: CBOT soybean index slightly declined, and the index of related products slightly increased. Domestic supply has uncertainties, and the price has support [26][27]. - **Trading Strategy**: Unilateral trading should expect price support and oscillation; for arbitrage, no specific strategy is provided; for options, no specific strategy is provided [27]. Sugar - **Market Performance**: International sugar prices may bottom out and oscillate. Domestic sugar prices are under pressure due to high - volume imports and sugar mill start - ups, but there is support at the current price [32][33]. - **Trading Strategy**: Unilateral trading can consider building long positions on dips; for arbitrage, stay on the sidelines; for options, sell put options at low levels [33]. Oil and Fat Sector - **Market Performance**: Affected by the US biodiesel policy, external market oil and fat prices rose, but the final plan is not yet determined. Palm oil may have limited rebound, and soybean oil follows the overall trend, while rapeseed oil will continue to reduce inventory [35][36]. - **Trading Strategy**: Unilateral trading can use short - term long positions on dips or high - selling and low - buying; for arbitrage, stay on the sidelines; for options, stay on the sidelines [37]. Corn and Corn Starch - **Market Performance**: The external market of corn rebounded, and domestic corn prices may fall with the decline of port prices [39][40]. - **Trading Strategy**: Unilateral trading can short on dips for December corn in the external market, stay on the sidelines for January corn, and wait for dips for May and July corn; for arbitrage, shrink the spread between January corn and starch; for options, stay on the sidelines [40]. Pig - **Market Performance**: The short - term supply pressure has improved, but the overall supply is still high, and pig prices still face pressure [42]. - **Trading Strategy**: Unilateral trading can arrange a small number of short positions; for arbitrage, stay on the sidelines; for options, sell wide - straddle strategies [42]. Peanut - **Market Performance**: Peanut spot prices are stable, and futures prices will oscillate at the bottom in the short - term [43][44]. - **Trading Strategy**: Unilateral trading can go long on May peanuts on dips; for arbitrage, conduct 1 - 5 reverse arbitrage; for options, sell pk601 - P - 7600 options [45]. Egg - **Market Performance**: Egg demand is average, and prices are stable with a slight decline [47][50]. - **Trading Strategy**: Unilateral trading should stay on the sidelines; for arbitrage, stay on the sidelines; for options, stay on the sidelines [51]. Apple - **Market Performance**: Apple production has decreased, and the cold - storage inventory is likely to be lower than last year. The fundamentals are strong, but the market is volatile [52]. - **Trading Strategy**: Unilateral trading should exit and wait and see; for arbitrage, stay on the sidelines; for options, stay on the sidelines [53]. Cotton and Cotton Yarn - **Market Performance**: New cotton will be listed in large quantities, and the increase in production may be less than expected. The demand is in the off - season, and cotton prices will be mainly volatile [56]. - **Trading Strategy**: Unilateral trading expects US cotton and Zhengzhou cotton to be mainly volatile; for arbitrage, stay on the sidelines; for options, stay on the sidelines [56]. Black Metals Steel - **Market Performance**: The black - metal sector was weak at night, and steel prices were restricted by supply - demand structure. However, there is cost support, and hot - rolled coil performs better than rebar [58]. - **Trading Strategy**: Unilateral trading should expect range - bound fluctuations; for arbitrage, long the spread between hot - rolled coil and rebar; for options, stay on the sidelines [59]. Coking Coal and Coke - **Market Performance**: After short - term replenishment, the market is cautious, and prices are weak. In the medium - term, there is demand for winter storage [60][61]. - **Trading Strategy**: Unilateral trading should expect weak short - term fluctuations and consider going long near previous lows; for arbitrage, hold the 1/5 reverse arbitrage of coking coal; for options, stay on the sidelines [62]. Iron Ore - **Market Performance**: The supply of iron ore remains high in the fourth quarter, and domestic demand is weak. Ore prices are expected to be bearish [63][64]. - **Trading Strategy**: Unilateral trading should be bearish; for arbitrage, stay on the sidelines; for options, stay on the sidelines [64]. Ferroalloy - **Market Performance**: The supply and demand of ferroalloy are both weak, and prices are supported by cost and will oscillate at the bottom [65]. - **Trading Strategy**: Unilateral trading should expect bottom - bound oscillations; for arbitrage, stay on the sidelines; for options, sell out - of - the - money straddle option combinations [66]. Non - ferrous Metals Precious Metals - **Market Performance**: The ADP weekly employment data was weak, and precious metals rebounded slightly. With the upcoming release of key data, volatility may increase [68][70]. - **Trading Strategy**: Conservative investors should stay on the sidelines; aggressive investors can try to go long near yesterday's low [71]. Copper - **Market Performance**: The probability of the Fed cutting interest rates in December has decreased, and copper prices are under pressure. However, there is support around 85,000 yuan/ton [72][73]. - **Trading Strategy**: Unilateral trading can go long on dips; for arbitrage, stay on the sidelines; for options, stay on the sidelines [74]. Alumina - **Market Performance**: The short - term supply of alumina is still in surplus, and prices will grind at the bottom and oscillate before substantial production cuts [78]. - **Trading Strategy**: Unilateral trading should expect short - term bottom - grinding oscillations; for arbitrage, stay on the sidelines; for options, stay on the sidelines [79]. Electrolytic Aluminum - **Market Performance**: Overseas interest - rate cut expectations have decreased, and aluminum prices have fallen, but the fundamentals are still strong [79][80]. - **Trading Strategy**: Unilateral trading should wait for the market to stabilize and then be bullish in the medium - term; for arbitrage, focus on the narrowing of the spread between East China and Central China; for options, stay on the sidelines [80]. Cast Aluminum Alloy - **Market Performance**: Cast aluminum alloy prices follow aluminum prices. The cost provides support, but market trading activity has declined [83][84]. - **Trading Strategy**: Unilateral trading should wait for the market to stabilize and then be bullish in the medium - term; for arbitrage, stay on the sidelines; for options, stay on the sidelines [84]. Zinc - **Market Performance**: The domestic zinc mine supply is tight, and zinc prices may fluctuate widely due to macro factors [85][86]. - **Trading Strategy**: Unilateral trading can hold profitable long positions; for arbitrage, hold the SHFE long and LME short arbitrage; for options, stay on the sidelines [86]. Lead - **Market Performance**: Domestic lead inventories are increasing, and lead prices are under pressure. They will be affected by overseas macro factors [87][88]. - **Trading Strategy**: Unilateral trading can hold remaining short positions; for arbitrage, stay on the sidelines; for options, stay on the sidelines [88]. Nickel - **Market Performance**: Nickel is in a state of oversupply of deliverable products. In the off - season, inventories increase, and prices are weak. However, there may be production cuts [90]. - **Trading Strategy**: Unilateral trading should short on rebounds; for arbitrage, stay on the sidelines; for options, sell out - of - the - money call options [91]. Stainless Steel - **Market Performance**: Stainless steel demand is in the off - season, costs are falling, and inventories are increasing. Prices will follow nickel prices and continue to decline [93]. - **Trading Strategy**: Unilateral trading should short on rebounds; for arbitrage, stay on the sidelines [94]. Industrial Silicon - **Market Performance**: The demand for industrial silicon has weakened, but downstream prices have risen, and costs are firm. It can be bought on dips [95]. - **Trading Strategy**: Unilateral trading should buy on dips; for arbitrage, conduct the Si2512 and Si2601 contract positive arbitrage; for options, no specific strategy is provided [95]. Polysilicon - **Market Performance**: The supply and demand of polysilicon have both decreased in November, and the market will oscillate before the platform company is established [98]. - **Trading Strategy**: Unilateral trading should stay on the sidelines [98]. Lithium Carbonate - **Market Performance**: There are increasing differences at high levels, and prices may fall after rising [99]. - **No specific trading strategy is provided in the text**.

生猪产业期现日报 投资咨询业务资格:证监许可 【2011】1292号 2025年11月19日 朱迪 Z0015979 | 期货指标 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 现值 165 | 前值 -45 | 涨跌 210 | 张跃幅 466.67% | 单位 | | 主力合约基着 生猪2605 | 12040 | 12140 | -100 | -0.82% | | | | | | | | 元/吨 | | 生猪2601 | 11535 | 11695 | -160 | -1.37% | | | 生猪1-5价差 | -505 | -445 | -60 | -13.48% | | | 主力合约持仓 | 142417 | 137254 | 5163 | 3.76% | 글 | | 仓单 | 90 | 90 | 0 | 0.00% | | | 现货价格 | | | | | | | 品种 | 现值 | 前值 | 张跌 | 当地升贴水 | 单位 | | 河南 | 11700 | 11650 | 50.0 | 0 | | | 山东 | 11750 | ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期： 2025/11/19 隔夜夜盘市场走势 1. 国际贵金属期货普遍收跌，COMEX 黄金期货跌 0.17%报 4067.40 美元/盎司， COMEX 白银期货跌 0.34%报 50.54 美元/盎司。 2. 美油主力合约报 60.57 美元/桶；布伦特原油主力合约涨 0.93%报 64.8 美 ...

Core Insights - A new company, Bozhou Zhiben Fangyuan Health Industry Co., Ltd., has been established with a registered capital of 1 million RMB [1] Company Overview - The legal representative of the company is Xing Hongjie [1] - The company is involved in various licensed activities including food sales, internet food sales, food production, health food production, condiment production, and tea product production [1] - The company also engages in general activities such as the sale of pre-packaged health foods, acquisition of primary agricultural products, production, sales, processing, transportation, storage, and other related services of agricultural products [1] Business Scope - The company’s business scope includes the initial processing and retail of edible agricultural products, wholesale of edible agricultural products, and internet sales of pre-packaged foods [1] - Additional services offered include technical services, development, consulting, exchange, transfer, and promotion, as well as sales of sanitary products and disposable medical supplies [1] - The company provides non-medical traditional Chinese health maintenance services and health consulting services, excluding diagnostic services [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseed and oil - related agricultural products are in a weak and volatile state, while fats, agricultural by - products maintain a volatile market. Soft commodities like sugar have a slight fluctuation, cotton is in a weak consolidation, and grains such as corn and starch are in a weak and narrow - range consolidation. It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price movements. For example, the latest price of soybean No.1 (A2601) is 4,148, down 29 (- 0.69%); palm oil (P2601) is 8,846, up 158 (1.82%). There are also differences in trading volume and open interest changes among different varieties [3] 3.2 Option Factor - Quantity and Position PCR - The PCR indicators of different agricultural product options vary. For instance, the trading volume PCR of soybean No.1 is 0.33 (down 0.08), and the open interest PCR is 1.08 (unchanged). These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of different agricultural product options are determined. For example, the pressure level of soybean No.1 is 4200 and the support level is 4050 [5] 3.4 Option Factor - Implied Volatility - The implied volatility of different agricultural product options shows different characteristics. For example, the at - the - money implied volatility of soybean No.1 is 11.745, and the weighted implied volatility is 13.39 (up 0.31). The implied - historical volatility difference is - 0.39 [6] 3.5 Strategies and Recommendations for Different Options 3.5.1 Oilseed and Oil Options - **Soybean No.1**: Fundamentally, the CNF premium of Brazilian soybeans in February 2026 has a slight weekly decline, and the planting progress is slow. The option implied volatility is below the historical average, and the open interest PCR is below 0.70. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [7] - **Soybean Meal**: The daily average trading volume and delivery volume of soybean meal in mainstream oil mills have changed. The option implied volatility is below the historical average, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9] - **Palm Oil**: The spot basis of oils has a slight increase, and the total inventory is decreasing. The option implied volatility is below the historical average, and the open interest PCR is above 1.00. It is recommended to construct a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9] - **Peanut**: The price of peanut oil is stable. The option implied volatility is at a relatively high historical level, and the open interest PCR is below 0.60. It is recommended to use a long - collar strategy for spot hedging [10] 3.5.2 Agricultural By - product Options - **Pig**: The spot price of pigs has decreased. The option implied volatility is above the historical average, and the open interest PCR is below 0.50. It is recommended to construct a short - biased short - call + short - put option combination strategy and a covered call strategy for spot [10] - **Egg**: The inventory of laying hens has changed. The option implied volatility is at a relatively high level, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy [11] - **Apple**: The apple storage is less than the same period in previous years. The option implied volatility is above the historical average, and the open interest PCR is above 0.90. It is recommended to construct a long - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [11] - **Jujube**: The acquisition price of jujube has changed. The option implied volatility has rapidly risen above the historical average, and the open interest PCR is below 0.50. It is recommended to construct a short - biased short - strangle option combination strategy and a covered call strategy for spot hedging [12] 3.5.3 Soft Commodity Options - **Sugar**: The sugar production in the central - southern region of Brazil has increased, and India has allowed sugar exports. The option implied volatility is at a relatively low historical level, and the open interest PCR is around 0.60. It is recommended to construct a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [12] - **Cotton**: The progress of cotton picking, delivery, and processing has changed. The option implied volatility is at a relatively low level, and the open interest PCR is below 1.00. It is recommended to construct a short - biased short - call + short - put option combination strategy and a covered call strategy for spot [13] 3.5.4 Grain Options - **Corn**: The average price of corn has increased. The option implied volatility is at a relatively low historical level, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy [13]

农产品日报 | 2025-11-19 现货涨跌互现，豆粕维持震荡 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3041元/吨，较前日变动-2元/吨，幅度-0.07%；菜粕2601合约2431元/吨，较前日 变动-18元/吨，幅度-0.73%。现货方面，天津地区豆粕现货价格3050元/吨，较前日变动+0元/吨，现货基差M01+9， 较前日变动+2；江苏地区豆粕现货3000元/吨，较前日变动+0元/吨，现货基差M01-41，较前日变动+2；广东地区 豆粕现货价格2990元/吨，较前日变动跌+0元/吨，现货基差M01-51，较前日变动+2。福建地区菜粕现货价格2610 元/吨，较前日变动-20元/吨，现货基差RM01+179，较前日变动-2。 近期市场资讯，11月17日，巴西对外贸易秘书处公布的出口数据显示，巴西11月前两周出口大豆230.2万吨，日均 出口量为23万吨，较上年11月全月的日均出口量13.4万吨增加71%。 上年11月全月出口量为255.3万吨。11月17日， 美国农业部公布的周度出口检验报告显示，截至2025年11月13日当周，美国大豆出口检验量为117.6万吨，此前市 场预估 ...

Report Summary Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoints - Corn: In the short term, the spot price of corn has started an upward trend driven by supply tightening and downstream restocking demand. Farmer reluctance to sell has delayed the release of selling pressure. In the long term, the supply - demand pattern remains tight, and planting costs will support prices. After the selling pressure eases, prices may rise again [4]. - Starch: In the short term, starch prices follow raw material prices. High inventory due to slow downstream restocking pressures prices. In the long term, downstream consumption rhythm is the key factor, and a significant price drop may stimulate restocking and price increases [4]. - Sugar: In the short term, Zhengzhou sugar is more affected by import quota management and syrup import control than the international market, with domestic production costs as the key support. In the long term, if the global sugar market surplus deepens, domestic costs may be temporarily broken through. Maintain a short - selling strategy, but the downward space is limited in the short term [5]. - Cotton: New cotton acquisition is mostly completed, with the estimated total output revised down. The positive outcome of the China - US talks and tariff cuts are beneficial for textile exports. The valuation is unlikely to return to the April low, making long - term long positions suitable [7]. - Eggs: Supply pressure is partially relieved by orderly hen culling and a decrease in new layer hens. Demand increases as cooler weather allows longer storage. The price center in production areas has moved up slightly. Monitoring the culling rhythm is crucial, as faster culling may drive prices up [11]. - Apples: National apple storage is mostly finished. The estimated national cold - storage inventory is about 5.5% of capacity, a 10% decrease from last year. The market is short on high - quality apples, and the price difference between good and bad apples has widened. The futures price has risen significantly and is expected to remain high in the short term [15]. - Pigs: The weekend spot market shows weakness in the north and stability in the south. In the short term, the market is in a weak and volatile state. Mid - term supply pressure persists due to un - reduced production capacity. Attention should be paid to factors such as the selling rhythm, diseases, and policies [15]. Detailed Summaries by Product Corn/Starch - **Price Data**: From November 12 - 18, 2025, the price in Changchun remained at 2070, while the price in Shekou increased by 20. The corn basis increased by 14, and the trade profit increased by 20. For starch, the basis increased by 22, and the processing profit remained unchanged [3]. Sugar - **Price Data**: From November 12 - 18, 2025, the price in Kunming decreased by 30, and the Zhengzhou futures price decreased by 11 [5]. Cotton/Cotton Yarn - **Price Data**: From November 12 - 18, 2025, the price of 3128 cotton decreased by 35, and the total of cotton warehouse receipts and forecasts increased by 96. The price of domestic cotton yarn decreased by 5, and the 32S spinning profit increased by 31 [7]. Eggs - **Price Data**: From November 12 - 18, 2025, the prices in Hebei, Liaoning, Shandong, Henan, and Hubei decreased by 0.06, 0.07, 0.10, 0.10, and 0.09 respectively. The basis decreased by 79, and the prices of substitute products remained unchanged [11]. Apples - **Price and Inventory Data**: From November 12 - 18, 2025, the price of Shandong 80 first - and second - grade apples remained at 8000.00. The national inventory increased by 5.00, while Shandong and Shaanxi inventories decreased by 38.00 and 27.00 respectively [14][15]. Pigs - **Price Data**: From November 12 - 18, 2025, the prices in Henan Kaifeng, Hubei Xiangyang, Shandong Linyi, Anhui Hefei, and Jiangsu Nantong changed by 0.05, 0.10, - 0.05, 0.05, and 0.00 respectively. The basis increased by 210.00 [15].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - As of the week ending November 16, 2025, the US soybean harvest rate was 95%, behind last year's 98% and the five - year average of 96% [1]. - Abiove expects Brazil's 2025/26 soybean production to be a record 177.7 million tons, previously estimated at 178.5 million tons and higher than last year's 172.1 million tons [1]. - Brazil's 2025/26 soybean crushing volume is expected to be 60.5 million tons, the same as the previous estimate and higher than last year's 58.5 million tons [1]. - Brazil's 2026 soybean exports are expected to reach 111 million tons, the same as the previous estimate and higher than 2025's 109 million tons [1]. - Brazil's 2026 soybean oil production will reach a record 12.15 million tons, the same as the previous estimate, up from about 11.7 million tons in 2025 [1]. - Brazil's 2026 soybean oil imports are expected to reach an unprecedented 125,000 tons, a 25% increase from 2025 [1]. - Brazil's 2026 soybean oil exports are expected to reach an unprecedented 1.2 million tons, compared to 1 million tons in 2025 [1]. - Brazil's 2026 soybean meal production is expected to reach a record 46.6 million tons, compared to 45.1 million tons in 2025; its 2026 soybean meal exports will reach a record 24.6 million tons, compared to 23.6 million tons in 2025 [1]. - On November 18, private exporters reported selling 792,000 tons of soybeans to China for delivery in the 2025/2026 market year [1]. - From the start of the 2025/26 season (July) to November 16, the EU's palm oil imports were 1.08 million tons, compared to 1.32 million tons in the same period last year [1]. 3. Other Summaries Spot Prices - Spot prices of various products in different regions from November 12 - 18, 2025 are provided, including soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [2].