Core Viewpoint - The global supply surplus and weak competitiveness in the U.S. continue to suppress the rebound potential of wheat prices, with Chicago Board of Trade (CBOT) soft red winter wheat futures closing down 0.14% as of the week ending November 14, 2025 [1] Market Information - According to the U.S. Department of Agriculture, the U.S. wheat export inspection volume for the week ending November 13, 2025, was 246,533 tons, down from a revised 291,443 tons the previous week [1] - For the crop year to date, the cumulative U.S. wheat export inspection volume is 12,363,115 tons, compared to 10,363,288 tons during the same period last year [1] - The U.S. wheat crop year began on June 1 [1] International Supply Data - Reports indicate that Russia's total wheat, barley, and corn exports for November are estimated at 5 million tons, a decrease from 5.4 million tons in October [1] - Specifically, wheat exports fell from 5.1 million tons in October to 4.6 million tons, while barley remained at 2 million tons, and corn doubled from 1 million tons to 2 million tons [1] Future Procurement Goals - The Egyptian supply ministry aims to procure 5 million tons of local wheat in the next quarter [1] Global Inventory Projections - The U.S. Department of Agriculture projected that the global wheat ending stocks for the 2025-26 season will be 271.43 million tons, exceeding analysts' expectations of 266.13 million tons [1]

Report Industry Investment Rating - The investment rating for both the bean meal and corn sectors is cautiously bearish [4][7] Report Core View - For the bean meal market, the current domestic supply is relatively abundant, with continuous soybean arrivals and high oil - mill inventories. Although the bean meal inventory decreased this week due to reduced crushing, it remains at a high level. The price was supported by rising US soybean prices and import costs last week. Future focus should be on soybean imports, South American soybean weather, and policy changes. - For the corn market, new corn from the Northeast and North China is concentrated on the market. The supply is slightly abundant, but the supply - demand imbalance persists. Feed enterprises are cautious in building inventories, while deep - processing enterprises are increasing prices to purchase. Attention should be paid to farmers' selling and traders' shipping [3][6] Summary by Related Catalogs Bean Meal Market News and Important Data - Futures: The closing price of the bean meal 2601 contract was 3043 yuan/ton yesterday, down 49 yuan/ton (-1.58%) from the previous day. The closing price of the rapeseed meal 2601 contract was 2449 yuan/ton, down 41 yuan/ton (-1.65%) from the previous day. - Spot: In Tianjin, the bean meal spot price was 3050 yuan/ton, down 20 yuan/ton from the previous day; in Jiangsu, it was 3000 yuan/ton, down 30 yuan/ton; in Guangdong, it was 2990 yuan/ton, down 40 yuan/ton. In Fujian, the rapeseed meal spot price was 2630 yuan/ton, down 50 yuan/ton [1] - Argentina's 2025/26 soybean planting area as of November 12 was 12.9% of the total expected area, up from 4.4% a week ago but 7.4% behind the same period last year and 3% behind the five - year average. The estimated planting area is 17.6 million hectares, a 4.3% year - on - year decrease. US private exporters reported selling 33.2 tons of soybeans to China for 2025/26 delivery [2] Market Analysis - The domestic supply is still relatively loose, with continuous soybean arrivals and high oil - mill inventories. The bean meal inventory decreased this week due to reduced crushing but remains high. The price was supported by rising US soybean prices and import costs last week. Future attention should be paid to soybean imports, South American soybean weather, and policy changes [3] Strategy - Cautiously bearish [4] Corn Market News and Important Data - Futures: The closing price of the corn 2601 contract was 2182 yuan/ton yesterday, down 3 yuan/ton (-0.14%) from the previous day. The closing price of the corn starch 2511 contract was 2489 yuan/ton, down 16 yuan/ton (-0.64%) from the previous day. - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2550 yuan/ton, unchanged from the previous day. - As of November 5, Argentine farmers sold 3072 tons of 2024/25 corn, 72 tons more than a week ago, and pre - sold 546 tons of 2025/26 corn, 46 tons more than a week ago. The Argentine corn spot price on November 5 was 270,000 pesos/ton, up from 267,500 pesos/ton a week ago [4] Market Analysis - New corn from the Northeast and North China is concentrated on the market. Although the new - season Northeast corn has good yield and quality, port and production - area prices are rising. In North China, farmers are reluctant to sell, leading to tight supply and rising prices. Feed enterprises are reluctant to build inventories, while deep - processing enterprises are increasing prices to purchase. The supply is slightly abundant, and the supply - demand imbalance persists [6] Strategy - Cautiously bearish [7]

Group 1: Investment Ratings - Apple strategy: Neutral to bullish [4] - Red date strategy: Neutral to bearish [8] Group 2: Core Views - Apple: The price of high - quality apples is expected to remain stable and firm in the short term, and the price of ordinary goods will remain stable. The market should focus on the inventory volume in Shandong and Shanxi and the shipping speed in the western region [2][3] - Red dates: The new red dates are expected to be listed intensively, and the inventory pressure is high. The future market trend depends on the actual consumption at the consumer end [7] Group 3: Market News and Important Data Apple - Futures: The closing price of Apple 2601 contract was 9438 yuan/ton, a change of - 132 yuan/ton or - 1.38% 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 more than 70 semi - commodity late Fuji in Shaanxi Luochuan was 4.15 yuan/jin, unchanged from the previous day [1] Red dates - Futures: The closing price of Red date 2601 contract was 9270 yuan/ton, a change of + 80 yuan/ton or + 0.87% from the previous day [5] - Spot: The price of first - grade grey jujubes in Hebei was 8.90 yuan/kg, unchanged from the previous day [5] Group 4: Recent Market Information Apple - Western出库 work continues, with more buyers in western warehouses. Ground transactions are ending, mainly in Shanxi paper - wrapped film area and western towns of Shandong Qixia. The quality of ground goods is declining, and fruit farmers are selling at market prices [2] - The price of high - quality apples in the west is expected to remain stable and firm, and the price of ordinary goods will remain stable [2] Red dates - The acquisition progress in Xinjiang is uneven. The acquisition in Ruoqiang, Hetian and Qiemo is basically over, while that in Aksu and Alar is accelerating. The market adheres to the principle of pricing by quality [6] - The spot price in the sales area is expected to remain weak and stable in the short term [6] Group 5: Market Analysis Apple - The futures price showed a downward trend yesterday. The western出库 work is advancing, and the warehouse transactions in Gansu and Shaanxi are active. The ground transactions are ending, and the inventory volume is lower than last year [3] - The sales area is in the off - season, and the sales space of apples is squeezed by citrus [3] Red dates - The futures price rose slightly yesterday. The acquisition progress in the main production areas is uneven, and the enterprises' acquisition enthusiasm is average [7] - The acquisition enthusiasm in the sales area has weakened, and the inventory is accumulating. The quality of new dates is better than last year [7] Group 6: Charts - There are multiple charts related to apple and red date prices, futures contracts, yields, consumption, inventory, and shipment volume, with data sources from Steel Union and Huatai Futures Research Institute [10]

Group 1 - The conference focused on upgrading the food industry to strengthen the foundation of public health, emphasizing the importance of a comprehensive safety defense from production to consumption [1] - The president of the China Xiaokang Construction Research Association highlighted the need for source governance and innovation-driven development to address complex issues in health and food safety [1] - There is a call for improving the governance system and enhancing modern governance capabilities in food safety [1] Group 2 - The president of the China Cooperative Economic Association noted that rising living standards have led to increased attention on the agricultural and food industry, with consumer demand shifting towards higher quality and safety [2] - Emphasis was placed on innovation and technology as key supports for agricultural production and the food industry [2] - The conference also featured a showcase of specialty agricultural products to promote the integration of health initiatives and rural revitalization strategies, enhancing product circulation and sales [2]

Report Industry Investment Ratings - **Macro Finance**: Index futures are long - term bullish, recommended to buy on dips; Treasury bonds are expected to trade sideways [1][5]. - **Black Building Materials**: Coking coal and rebar are for range trading; Glass is recommended to sell call options [1][7][8]. - **Non - ferrous Metals**: Copper is for short - term range trading; Aluminum is recommended to buy on dips; Nickel is recommended to wait and see or short on rallies; Tin, gold, and silver are for range trading [1][10][11][18]. - **Energy Chemicals**: PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins are expected to trade sideways; Soda ash 01 contract short - sellers are advised to exit and wait [1][20][22][25][31]. - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to trade sideways; PTA is in low - level oscillation; Apples are expected to be slightly bullish; Jujubes are expected to be slightly bearish [1][34][35]. - **Agricultural and Livestock**: Pigs' price rebounds are under pressure; Eggs' price increases are limited; Corn is in the process of bottom - building; Soybean meal is for range trading; Oils' price rebounds are limited [1][38][40][42]. Core Views - A - share market has hot - spot rotation, and the main line is unclear. Index futures may trade sideways. For Treasury bonds, the possibility of using aggregate monetary policy tools this year is relatively limited, and the market is in a range - trading pattern [5]. - In the black building materials market, the coal market is weak, and steel prices may trade at low levels. Glass demand is weak, and it is recommended to hold short positions [7][8]. - Non - ferrous metals are affected by macro and fundamental factors. Copper is in high - level oscillation, aluminum is in high - level trading with uncertainty, nickel has an oversupply situation in the medium - long term, and tin and precious metals are in range trading [11][12][17][18]. - Energy chemicals generally face supply - demand imbalances, with most products expected to trade sideways or weakly. Soda ash may have limited downside space [20][22][25][33]. - In the cotton textile industry chain, cotton and cotton yarn are under pressure due to loose supply - demand, PTA is in low - level oscillation, apples may be strong due to reduced production and quality, and jujubes' prices are weakening [34][35][37]. - In the agricultural and livestock market, pigs' supply is large in the short - to - medium term, egg supply is sufficient, corn is in the bottom - building process, soybean meal is in range trading, and oils' price rebounds are limited [38][40][42][46][53]. Summary by Industry Macro Finance - **Index Futures**: A - share market has个股涨跌互现, with hot - spot rotation. 1 - 10 national general public budget revenue increased by 0.8% year - on - year, and expenditure increased by 2%. Index futures may trade sideways in the short term and are long - term bullish [5]. - **Treasury Bonds**: The third - quarter monetary policy report maintains a prudent and loose tone. The possibility of using aggregate monetary policy tools this year is limited, and the market is in a range - trading pattern, waiting for policy signals from the December Central Economic Work Conference [5][6]. Black Building Materials - **Coking Coal**: The coal market is in a downward trend, with weak demand and widespread price cuts. Market participants are waiting and seeing [7]. - **Rebar**: Futures prices are below cost, with low static valuation. Macro利好 has been realized, and demand may decline. Steel mills may increase production cuts. Short - term steel prices are expected to trade at low levels, with the 01 contract focusing on the range of 3000 - 3100 [7][8]. - **Glass**: The main contract's open interest hits a new high. Supply is stable, demand is weak, and inventory is high. It is recommended to hold short positions in the 01 contract and sell call options [8]. Non - ferrous Metals - **Copper**: The market is in high - level oscillation, affected by US government policies, Fed policy expectations, and economic data in China. Fundamentally, raw material supply is tight, and consumption is average. Long - term demand is optimistic, but short - term risks exist. The main contract may trade in the range of 85000 - 88000 [10][11]. - **Aluminum**: Bauxite prices are stable, and alumina production capacity has decreased slightly. Aluminum production capacity is basically stable, and demand is affected by the off - season. Inventory has increased slightly. It is recommended to wait and see [12][13]. - **Nickel**: Indonesia's new RKAB policy brings uncertainty. Nickel supply is expected to be loose in the medium - long term, with an oversupply situation. It is recommended to wait and see or short on rallies [17]. - **Tin**: Domestic production has increased, and imports have decreased. The semiconductor industry is recovering, and inventory is at a medium level. Supply is expected to improve, and demand is weak. It is recommended for range trading [18]. - **Gold and Silver**: Affected by US government policies and Fed policy expectations, prices are in range trading. There is support from interest - rate cut expectations and risk - aversion demand [18][19]. Energy Chemicals - **PVC**: Cost is under pressure, supply is high, demand is weak, and exports may slow down. It is expected to trade weakly, with the 01 contract focusing on the 4700 pressure level [20][21][22]. - **Caustic Soda**: Affected by alumina production and inventory, the price is under pressure. It is expected to trade weakly, with the 01 contract focusing on the 2400 pressure level [22][23]. - **Styrene**: Cost and supply - demand factors lead to a weak outlook. It is expected to trade weakly, focusing on the 6500 pressure level [23][25]. - **Rubber**: Raw material prices are high, inventory is increasing, and demand is weak. It is expected to trade in a range, focusing on the 15000 support level [25][26]. - **Urea**: Supply has increased, demand is diversified, and inventory is high. It is expected to trade in a wide range [27][28]. - **Methanol**: Supply has increased, demand has decreased, and inventory has accumulated. It is expected to trade weakly. Key factors to watch include macro changes, device maintenance, and coal prices [28]. - **Polyolefins**: Supply pressure is increasing, demand is weak, and costs are under pressure. PE is expected to trade in a range, focusing on the 6800 support level; PP is expected to trade weakly, focusing on the 6500 support level [29]. - **Soda Ash**: Supply is expected to contract, and demand is stable. The 01 contract short - sellers are advised to exit and wait [33]. Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Global supply - demand is loose, and downstream consumption is weak. Prices are under pressure [34]. - **PTA**: Oil prices are weak, supply - demand is in a state of inventory accumulation, and prices are in low - level oscillation, focusing on the 4400 - 4700 range [34][35]. - **Apples**: Production and quality have decreased, and prices may remain strong [35]. - **Jujubes**: Acquisition prices are falling, and demand is weak. Prices are expected to decline [37]. Agricultural and Livestock - **Pigs**: Short - term prices are in a narrow range, and medium - long - term supply is large. It is recommended to hold short positions in 01, 03, and 05 contracts and pay attention to the 05 - 03 spread arbitrage [38][39][40]. - **Eggs**: Supply is sufficient, and price increases are limited. The 12 - contract is recommended to short on rallies, and the 01 contract is expected to trade in a range [40][41]. - **Corn**: Short - term prices are supported by reduced supply, and medium - long - term supply - demand is relatively loose. The 01 contract is recommended to short on rallies, and attention should be paid to the 3 - 5 spread arbitrage [44][45]. - **Soybean Meal**: The US soybean market is in a wide - range oscillation. Domestic supply may improve in December. The M2601 contract is for range trading, and spot enterprises can fix prices at low points [46][47]. - **Oils**: Short - term price rebounds are limited, and it is recommended not to chase the rise but to buy on dips. Attention should be paid to the rapeseed oil 1 - 5 spread and palm oil 1 - 5 spread arbitrage [47][53].

Core Insights - The 2025 Middle East Organic and Natural Products Expo was held in Dubai, marking the first participation of the Chinese National Agricultural Exhibition Group [1] - Agricultural cooperation between China and the UAE has significant potential, with a trade volume of $1.86 billion in 2024, reflecting a 13.3% year-on-year increase [2] Group 1 - The Chinese Ministry of Agriculture expressed willingness to enhance cooperation in the agricultural and food sectors with the UAE, inviting UAE participation in Chinese trade exhibitions [2] - The UAE's climate change and environment authority highlighted the quality of Chinese agricultural products, which enrich the UAE market and provide new experiences for consumers [2] - Nearly 30 agricultural enterprises from 12 Chinese provinces showcased a variety of products, including fresh fruits and vegetables, seafood, tea, honey, and processed foods, emphasizing innovative achievements in deep processing [2]

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The agricultural products options market shows a complex situation, with different product sectors presenting diverse trends. Oilseeds and oils, as well as agricultural by - products, are in a weak and volatile state, while soft commodities like sugar are slightly volatile, and cotton is in a weak consolidation phase. Grains such as corn and starch are in a narrow - range weak consolidation. The overall strategy is to construct option portfolio strategies mainly for sellers and spot hedging or covered strategies to enhance returns [2]. Summary According to Related Catalogs 1. Futures Market Overview - Multiple agricultural product futures show different price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2601) is 4,202 with a 0.36% increase, trading volume of 15.07 million lots (a decrease of 10.20 million lots), and open interest of 27.88 million lots (a decrease of 0.87 million lots). The price of soybean No.2 (B2601) is 3,781 with a 0.48% increase, trading volume of 14.61 million lots (an increase of 2.14 million lots), and open interest of 14.53 million lots (a decrease of 1.06 million lots) [3]. 2. Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes. For instance, the volume PCR of soybean No.1 is 0.41 (an increase of 0.06), and the open interest PCR is 1.08 (an increase of 0.01). The volume PCR of soybean No.2 is 0.78 (an increase of 0.30), and the open interest PCR is 0.82 (a decrease of 0.13) [4]. 3. Option Factors - Pressure and Support Levels - From the perspective of option factors, different option varieties have corresponding pressure and support levels. For example, the pressure level of soybean No.1 is 4,200, and the support level is 4,050. The pressure level of soybean No.2 is 3,800, and the support level is 3,650 [5]. 4. Option Factors - Implied Volatility - Different option varieties have different implied volatility values and their changes. For example, the at - the - money implied volatility of soybean No.1 is 11.68%, the weighted implied volatility is 13.08% (a decrease of 1.01%), and the historical average is 13.01%. The at - the - money implied volatility of soybean No.2 is 12.56%, the weighted implied volatility is 13.95% (a decrease of 2.69%), and the historical average is 14.91% [6]. 5. Strategy and Recommendations 5.1 Oilseeds and Oils Options - **Soybean No.1**: Fundamentally, the CNF premium of Brazilian soybeans in February 2026 decreased slightly week - on - week, the import cost increased, and the planting progress was slow. The option implied volatility is below the historical average, the open interest PCR is below 0.70, and the pressure and support levels are 4,200 and 3,900 respectively. The recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: Fundamentally, the average daily trading volume and提货 volume increased, the basis decreased, and the inventory decreased week - on - week but increased year - on - year. The option implied volatility is below the historical average, the open interest PCR is below 0.60, and the pressure and support levels are 2,950 and 2,800 respectively. The recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil**: Fundamentally, the spot basis of oils increased slightly, and the total inventory continued to decline. The option implied volatility is below the historical average, the open interest PCR is above 1.00, and the pressure and support levels are 9,500 and 9,000 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Peanut**: Fundamentally, the price of peanut oil remained stable, and the price of peanuts was affected by factors such as farmers' reluctance to sell. The option implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, and the pressure and support levels are 8,000 and 7,700 respectively. The recommended strategy is a long collar strategy for spot hedging [10]. 5.2 Agricultural By - products Options - **Pig**: Fundamentally, the spot price of pigs decreased, the second - fattening volume decreased significantly, and the slaughter volume did not improve significantly. The option implied volatility is above the historical average, the open interest PCR is below 0.50, and the pressure and support levels are 14,000 and 11,000 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [10]. - **Egg**: Fundamentally, the inventory of laying hens in October decreased slightly month - on - month and increased year - on - year, and the estimated inventory in November increased slightly. The option implied volatility is at a relatively high level, the open interest PCR is below 0.60, and the pressure and support levels are 4,000 and 2,800 respectively. The recommended strategy is to construct a neutral short call + put option combination strategy [11]. - **Apple**: Fundamentally, the apple storage is coming to an end, the inventory is lower than in previous years, and the price in cold storage may be higher. The option implied volatility is above the historical average, the open interest PCR is above 0.90, and the pressure and support levels are 10,000 and 8,000 respectively. The recommended strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: Fundamentally, the acquisition price in different regions of jujubes has changed, and the acquisition progress has accelerated. The option implied volatility has risen rapidly to above the historical average, the open interest PCR is below 0.50, and the pressure and support levels are 12,600 and 10,000 respectively. The recommended strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [12]. 5.3 Soft Commodities Options - **Sugar**: Fundamentally, the sugar production in the central - southern region of Brazil increased in the second half of October, and India allowed 1.5 million tons of sugar exports. The option implied volatility is at a relatively low historical level, the open interest PCR is around 0.60, and the pressure and support levels are 5,700 and 5,400 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: Fundamentally, the picking, delivery, and processing progress of new cotton is relatively fast, and the sales rate is 18.3%. The option implied volatility is at a relatively low level, the open interest PCR is below 1.00, and the pressure and support levels are 13,600 and 13,000 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [13]. 5.4 Grains Options - **Corn**: Fundamentally, the average price of corn in the country increased. The option implied volatility is at a relatively low historical level, the open interest PCR is below 0.60, and the pressure and support levels are 2,200 and 2,000 respectively. The recommended strategy is to construct a neutral short call + put option combination strategy [13].

1. Report Industry Investment Rating No information provided in the report. 2. Core Views - On November 17th, equity index futures declined while CGB futures rose; lithium carbonate hit the daily limit up, with precious metals leading the decline [2][9][12]. - For lithium carbonate, the market remains tight in Nov - Dec; potential easing in Dec if Jianxiawo resumes production soon. Long - term demand is positive, and a bullish bias is recommended with buying on dips after corrections [18][19]. - For gold, short - term price is expected to consolidate within a range due to Fed's uncertainty. Long - term, gold price center is expected to shift upward as it hedges against dollar credit risks [25][26][27]. - For silver, short - term price is projected to consolidate within a range, supported by tight overseas spot supply. Long - term, it benefits from dollar credit contraction and global economic recovery [34][35]. 3. Summary by Relevant Catalogs 3.1 China Futures 3.1.1 Overview - Financial futures: IH and IF fell approximately 1%, while TL gained 0.3% [9][12]. - Commodity futures: Top three gainers were lithium carbonate (9.0% rise, 8.9% position increase m - o - m), SCFIS(Europe) (6.7% rise, 2.2% position increase m - o - m), and iron ore (1.8% rise, 0.2% position increase m - o - m). Top three decliners were silver (4.1% drop, 1.1% position decrease m - o - m), gold (3.1% drop, 10.5% position decrease m - o - m), and polysilicon (2.9% drop, 6.2% position decrease m - o - m) [10][11][12]. 3.1.2 Daily Raise - Lithium Carbonate: Rose 9.0% to 95,200 yuan/ton on Nov 17th. Supply is restricted by ore shortage, demand is currently robust, and social inventories are destocking. A bullish bias is recommended with buying on dips [16][17][19]. 3.1.3 Daily Drop - Gold: Fell 3.1% to 929.46 yuan/gram on Nov 17th. Short - term price may consolidate due to Fed's uncertainty, while long - term price center is expected to rise [24][25][27]. - Silver: Fell 4.1% to 11,933 yuan/kilogram on Nov 17th. Short - term price is expected to consolidate with support from tight overseas supply, and long - term it benefits from economic recovery [33][34][35]. 3.2 China News 3.2.1 Macro News - The 22nd issue of Qiushi Journal on November 16 published an important article by Xi Jinping titled "Develop New Quality Productive Forces According to Local Conditions" [39]. - China's Foreign Ministry stated that Premier Li Qiang has no arrangements to meet with Japanese leaders during the G20 summit [39]. 3.2.2 Industry News - CSRC Chairman Wu Qing emphasized efforts to make the capital market more resilient, with more inclusive systems, higher - quality listed companies, more effective regulation, and deeper opening - up [40].

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints - The global soybean supply in the 24/25 season has decreased, and the bottom of import costs may have emerged, but upward movement requires greater production cuts. Domestic soybean and soybean meal inventories are high, and soybean meal is expected to trade sideways [3][5]. - Malaysian palm oil exports decreased in November, and production showed a mixed trend. Palm oil is expected to trade sideways, and a shift to a bullish strategy can be considered if there are signs of production decline [7][9]. - Zhengzhou sugar futures prices fell. With increasing sugar production in Brazil and expected production increases in the Northern Hemisphere in the 2025/26 season, it is advisable to look for opportunities to short at high prices [11][12]. - Zhengzhou cotton futures prices continued to trade sideways. Weak downstream demand and high domestic production this year may lead to short - term sideways movement in cotton prices [14][15]. - Egg prices were mostly stable with minor fluctuations. The egg futures market is expected to trade sideways in the short term, and a short - selling strategy can be considered on rebounds in the medium term [17][18]. - Pig prices were half stable and half falling. The overall trend of the pig futures market is bearish, but there may be short - term rebounds. It is recommended to use a reverse spread strategy first and then short on rebounds [20][21]. 3. Summary by Category Soybeans and Soybean Meal - **Market Conditions**: On Monday, CBOT soybeans rose sharply, and Brazilian soybean premiums increased by 4 - 5 cents per bushel. Domestic soybean meal spot prices decreased slightly by 20 yuan/ton, and trading and pick - up were good. MYSTEEL expects this week's soybean crushing volume to be 234.92 tons, up from 207.76 tons last week. Last week, soybean and soybean meal inventories decreased month - on - month but remained high year - on - year [2]. - **Supply and Demand**: In the next two weeks, rainfall is expected to resume in the under - rained areas of the Brazilian soybean - growing region, and the planting progress has reached 71% as of last Thursday. The USDA monthly report lowered the global new - crop soybean production by about 4.1 million tons and the ending inventory by 2 million tons. US soybean production was lowered by about 1.3 million tons, but exports were lowered by 1.36 million tons, resulting in only a 280,000 - ton reduction in US soybean inventory [3]. - **Strategy**: The bottom of soybean import costs may have emerged, but upward movement requires greater production cuts. Domestic soybean and soybean meal inventories are high, and soybean meal is expected to trade sideways [5]. Palm Oil - **Market Conditions**: From November 1 - 10, Malaysian palm oil exports decreased by 9.5% - 12.28% compared to the previous month, and the first 15 days saw a 10% decrease. Production showed a mixed trend. On Monday, domestic palm oil prices traded sideways, with stable spot basis [7]. - **Strategy**: Palm oil is expected to trade sideways. A shift to a bullish strategy can be considered if there are signs of production decline [9]. Sugar - **Market Conditions**: On Monday, Zhengzhou sugar futures prices fell. Spot sugar prices also decreased. In October, sugar production in the central - southern region of Brazil increased by 16.4% year - on - year, and the number of ships waiting to load sugar at Brazilian ports decreased [11]. - **Strategy**: With increasing sugar production in Brazil and expected production increases in the Northern Hemisphere in the 2025/26 season, it is advisable to look for opportunities to short at high prices [12]. Cotton - **Market Conditions**: On Monday, Zhengzhou cotton futures prices continued to trade sideways. The global cotton production in the 2025/26 season increased compared to the September forecast. As of November 13, the cumulative cotton inspection in China increased year - on - year. The spinning mill operating rate increased slightly week - on - week but was lower than the same period last year and the five - year average. The national commercial cotton inventory increased year - on - year [14]. - **Strategy**: Weak downstream demand and high domestic production this year may lead to short - term sideways movement in cotton prices [15]. Eggs - **Market Conditions**: Yesterday, national egg prices were mostly stable with minor fluctuations. Supply was sufficient, and market trading was inactive [17]. - **Strategy**: The egg futures market is expected to trade sideways in the short term, and a short - selling strategy can be considered on rebounds in the medium term [18]. Pigs - **Market Conditions**: Yesterday, domestic pig prices were half stable and half falling. After continuous price drops, farmers were reluctant to sell, and downstream procurement enthusiasm increased [20]. - **Strategy**: The overall trend of the pig futures market is bearish, but there may be short - term rebounds. It is recommended to use a reverse spread strategy first and then short on rebounds [21].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Palm oil: Short - term negatives are fully priced in, and attention should be paid to the inventory reduction process in the producing areas [2][4] - Soybean oil: With the stabilization of US soybeans, soybean oil is expected to fluctuate strongly [2][4] - Soybean meal: As US soybeans are strong, Dalian soybean meal may follow and rebound [2][13] - Soybean No.1: It may follow the rebound of the soybean market [2][14] - Corn: It will move in a range [2][17] - Sugar: Attention should be paid to the volume of new sugar transactions [2][21] - Cotton: The pressure of new cotton listing still suppresses the futures price [2][26] - Eggs: The near - term is weak and the far - term is strong, showing a reverse spread pattern [2][30] - Pigs: The expectation of price increase due to cooling has failed, and the pressure is gradually being released [2][32] - Peanuts: Attention should be paid to the spot market [2][35] Summary by Relevant Catalogs Palm Oil and Soybean Oil - **Fundamental Data**: Palm oil futures (day session) closed at 8,680 yuan/ton, up 0.42%; soybean oil futures (day session) closed at 8,282 yuan/ton, up 0.31%. Spot prices of palm oil in Guangdong dropped 20 yuan/ton, while that of first - grade soybean oil in Guangdong remained unchanged [4] - **Macro and Industry News**: From November 1 - 15, 2025, Malaysia's palm oil production increased 4.09% month - on - month. Exports estimated by AmSpec decreased 10% and by SGS decreased 44.9% compared to the same period last month. Malaysia set the December palm oil reference price at 4,206.38 ringgit/ton with an export tax rate of 10.0% [5][6][8] - **Trend Intensity**: Palm oil and soybean oil both have a trend intensity of 1 [12] Soybean Meal and Soybean No.1 - **Fundamental Data**: DCE soybean No.1 2601 (day session) closed at 4,178 yuan/ton, down 0.10%; DCE soybean meal 2601 (day session) closed at 3,043 yuan/ton, down 1.23%. CBOT soybean 01 rose 3.12% [14] - **Macro and Industry News**: On November 17, CBOT soybean futures hit a 17 - month high as China's COFCO Group increased its purchase of US soybeans, at least 840,000 tons [14][16] - **Trend Intensity**: Both soybean meal and soybean No.1 have a trend intensity of +1 [16] Corn - **Fundamental Data**: The price of C2601 was 2,182 yuan/ton, unchanged. The trading volume of the corn market increased by 115,065 hands, and the open interest decreased by 22,020 hands [18] - **Macro and Industry News**: Northern corn prices increased, and Guangdong's prices also rose. Northeast's deep - processing corn prices strengthened, and North China's prices generally increased [19] - **Trend Intensity**: Corn has a trend intensity of 0 [20] Sugar - **Fundamental Data**: The raw sugar price was 14.75 cents/pound, down 0.1. The mainstream spot price was 5,650 yuan/ton, down 110 [21] - **Macro and Industry News**: The 25/26 Indian sugar export quota is 150 million tons. Brazil's October sugar production increased 1% year - on - year, and exports increased 13% [21] - **Trend Intensity**: Sugar has a trend intensity of 0 [24] Cotton - **Fundamental Data**: CF2601 (day session) closed at 13,445 yuan/ton, down 0.04%. The trading volume increased by 103,355 hands, and the open interest increased by 25,349 hands [26] - **Macro and Industry News**: Cotton spot trading improved slightly, cotton yarn prices were stable but trading was weak. ICE cotton futures rose slightly [27] - **Trend Intensity**: Cotton has a trend intensity of 0 [29] Eggs - **Fundamental Data**: Egg 2512 closed at 2,987 yuan/500 kg, down 1.84%. Egg 2601 closed at 3,499 yuan/500 kg, down 0.68% [30] - **Trend Intensity**: Eggs have a trend intensity of 0 [30] Pigs - **Fundamental Data**: Henan's spot price was 11,680 yuan/ton, down 300. The trading volume of the live pig 2601 contract increased by 20,120 hands, and the open interest increased by 6,579 hands [32] - **Trend Intensity**: Pigs have a trend intensity of - 2 [33] Peanuts - **Fundamental Data**: PK601 closed at 7,884 yuan/ton, down 0.58%. The trading volume of the peanut market increased by 59,331 hands, and the open interest increased by 9,799 hands [35] - **Macro and Industry News**: In Henan, peanut prices were stable and strong; in Jilin and Liaoning, prices were stable and weak [36] - **Trend Intensity**: Peanuts have a trend intensity of 0 [37]