Group 1: Report Investment Rating - The investment strategy for both the soybean meal and corn sectors is cautiously bearish [4][7] Group 2: Core Views - In the short - term, the soybean meal market shows narrow - range fluctuations due to ample spot supply. In the medium to long - term, with the arrival of Brazilian soybeans, the supply of soybean meal in China will become more abundant, and the support of import costs for soybean meal prices will weaken [1][3] - For the corn market, the domestic supply is tight as the grassroots grain sources are exhausted, but the demand is affected by factors such as the inventory of deep - processing enterprises, feed enterprises' procurement strategies, and the substitution pressure from wheat [6] Group 3: Market News and Important Data (Soybean Meal and Rapeseed Meal) - Futures: The closing price of the soybean meal 2509 contract was 2919 yuan/ton, down 1 yuan/ton from the previous day, a decrease of 0.03%. The closing price of the rapeseed meal 2509 contract was 2563 yuan/ton, down 2 yuan/ton from the previous day, a decrease of 0.08% [1] - Spot: In Tianjin, the soybean meal spot price was 3340 yuan/ton, up 40 yuan/ton from the previous day; in Jiangsu, it was 3100 yuan/ton, up 10 yuan/ton; in Guangdong, it was 3120 yuan/ton, down 80 yuan/ton. The rapeseed meal spot price in Fujian was 2500 yuan/ton, up 10 yuan/ton [1] Group 4: Market News and Important Data (Corn and Corn Starch) - Futures: The closing price of the corn 2507 contract was 2365 yuan/ton, down 4 yuan/ton from the previous day, a decrease of 0.17%. The closing price of the corn starch 2507 contract was 2731 yuan/ton, down 14 yuan/ton from the previous day, a decrease of 0.51% [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2650 yuan/ton, unchanged from the previous day [4] Group 5: Recent Market Information (Soybeans) - On May 7, the Brazilian National Association of Grain Exporters estimated that Brazil's soybean exports in May might drop to 12.6 million tons. The current export forecast by Anec shows a possible reduction of 900,000 tons compared with April this year and May last year. Brazil exported 15.27191382 million tons of soybeans in April, with an average daily export volume of 763,595.69 tons, a 14% increase from the same period last year [2] Group 6: Recent Market Information (Corn) - Brazil exported 178,347.53 tons of corn in April, with an average daily export volume of 8,917.38 tons, a 197% increase from the same period last year. As of May 7, Ukraine's grain exports in the 2024/25 season were 35.81 million tons, compared with 42.91 million tons in the same period last year. Corn exports were 18.98 million tons, compared with 23.81 million tons last year [5] Group 7: Market Analysis (Soybean Meal) - The tariff policy has changed rapidly this month, causing concerns about future soybean imports. However, with the arrival of Brazilian new - season soybeans, the domestic soybean supply will be relatively abundant in the coming months. The tight supply of soybean meal in the early stage of April will ease, and the inventory will replenish quickly. The support of import costs for soybean meal prices will weaken. The current tariff policy has limited impact on soybean meal prices, but policy changes, domestic soybean arrivals, and the planting and weather conditions of new - season US soybeans still need attention [3] Group 8: Market Analysis (Corn) - In China, the supply is tight as the grassroots grain sources are exhausted and traders are reluctant to sell. The demand is affected by factors such as the inventory of deep - processing enterprises, feed enterprises' procurement strategies, and the substitution pressure from wheat. The price of corn in North China increased by more than 100 yuan/ton during the May Day holiday. The supply and price of new wheat in May need attention, and the substitution pressure on corn will increase. Attention should be paid to tariff policies and the release of substitute grains [6]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints The report analyzes the recent trends and influencing factors of various agricultural products. Overall, the prices of some products are under pressure due to factors such as increased supply and weak demand, while others are supported by factors like strong demand and limited supply [1]. 3. Summary by Variety (1) Sugar - **Trend**: The main 2509 contract of sugar gapped down and fell sharply, affected by the decline in the external market [2]. - **Influencing Factors**: Brazil's new sugar - cane crushing season has a strong start, with sufficient supply and expected production increase, which strengthens the market's expectation of loose supply. The domestic import profit window for out - of - quota sugar is open, and the subsequent arrival pressure may increase. The spot trading is light [2]. - **Strategy**: Hold light - position short positions, with support at 5800 and resistance at 5849 [2]. (2) Soybean No.1 - **Trend**: The main 2507 contract of soybean No.1 reversed and fell sharply, entering a downward trend [3]. - **Influencing Factors**: The acceptance of high - priced domestic soybeans in the market is low, and the overall market trading is light. The arrival of imported soybeans eases the shortage of soybeans in oil mills, and the consumption of soy products enters the off - season [3]. - **Strategy**: Close long positions and hold light - position short positions, with support at 4100 and resistance at 4194 [3]. (3) Palm Oil - **Trend**: The main 2509 contract of palm oil first declined and then rose, but the price is still in a downward trend [5]. - **Influencing Factors**: The decline of the Malaysian palm oil futures price in the external market is narrowed by short - covering. The export growth rate of Malaysian palm oil is lower than the production growth rate, and the inventory is expected to continue to increase. The domestic import profit of palm oil rises, and the subsequent purchases increase, but the demand is still suppressed by the inverted price difference between soybean oil and palm oil [5]. - **Strategy**: Hold light - position short positions, with support at 7812 and resistance at 7974 [5]. (4) Soybean Oil - **Trend**: The main 2509 contract of soybean oil oscillated and declined [7]. - **Influencing Factors**: The overall inventory of the three major domestic oils has increased, and the inventory of soybean oil has increased significantly. With the increase in the arrival of soybeans, the oil mill's operating rate will rise, and the supply of soybean oil will increase [7]. - **Strategy**: Conduct short - term trading, with support at 7712 and resistance at 7782 [7]. (5) Soybean Meal - **Trend**: The main 2509 contract of soybean meal oscillated narrowly, and the downward trend remained unchanged [10]. - **Influencing Factors**: The operating rhythms of soybean oil mills in different regions are different, and the spot prices in the north and south are differentiated. With the increase in soybean supply, the oil mill's operating rate will rise, and the supply of soybean meal will increase. The downstream feed enterprises are cautious, and the trade enterprises have some purchases [10]. - **Strategy**: Hold light - position short positions, with support at 2895 and resistance at 2930 [10]. (6) Corn - **Trend**: The main 2507 contract of corn declined slightly and fluctuated at a high level [11]. - **Influencing Factors**: The remaining grain in the corn - producing areas is almost sold out, and the trading entities are reluctant to sell. The operating rate of downstream corn starch enterprises has increased, and the demand from feed enterprises has also gradually increased, and the port inventory has decreased slightly [13]. - **Strategy**: Hold light - position long positions on dips, with support at 2351 and resistance at 2387 [13]. (7) Live Pigs - **Trend**: The 2509 contract of live pigs was restricted in rebound, oscillated and declined, and the downward trend continued [14]. - **Influencing Factors**: The存栏 of the breeding end is at a high level, and the willingness to sell has increased. The planned slaughter volume in May has increased. After the May Day holiday, the demand has decreased, and the support from the demand side is insufficient [14]. - **Strategy**: Hold light - position short positions on rallies, with support at 13800 and resistance at 13940 [17]. (8) Eggs - **Trend**: The contracts of eggs showed a pattern of near - strong and far - weak, and the main 2506 contract of the near - month oscillated slightly, but the downward trend remained unchanged [18]. - **Influencing Factors**: The存栏 of laying hens is at a high level, and the supply of eggs is sufficient. During the May Day holiday, the spot price continued to fall, the market demand decreased, and the inventory digestion was slow [18]. - **Strategy**: Hold light - position short positions, with support at 2850 and resistance at 2905 [18]. (9) Cotton - **Trend**: The main 2509 contract of cotton oscillated and closed up, continuing the rebound trend [20]. - **Influencing Factors**: The meeting between Chinese and US senior officials on tariff issues has boosted market sentiment. The strong rise of cotton yarn futures has driven the rise of cotton. However, the weak downstream demand limits the rebound height [20]. - **Strategy**: Hold light - position long positions, with support at 12885 and resistance at 13015 [20]. (10) Apples - **Trend**: The main 2510 contract of apples fell sharply, and the trend turned downward [22]. - **Influencing Factors**: After the festival, the purchase speed of market merchants has slowed down. The apple inventory is still at a five - year low, but the inventory reduction speed has slowed down slightly. The futures price was under pressure from long - position liquidation and broke through the support level [22]. - **Strategy**: Hold light - position short positions and set stop - losses, with support at 7722 and resistance at 7828 [22].

Group 1: General Information - The reports cover various industries including oils and fats, sugar, cotton, eggs, meal, livestock, and corn [1][3][4][7][9][12][14] - The date of the reports is May 8, 2025 [1][3][4][7][9][12][14] Group 2: Oils and Fats Industry Investment Rating - Not provided Core View - Palm oil: Potential over - supply due to increased production may push down prices. Domestic palm oil futures may follow the downward trend of Malaysian palm oil [1] - Soybean oil: Sino - US meeting may boost CBOT soybeans, but US biodiesel policy may limit the upside. In China, high basis and increasing supply may lead to a decline in basis quotes [1] Summary by Catalog - Price Data: Different price changes are shown for spot and futures prices of palm oil, soybean oil, and rapeseed oil, along with basis, spreads, and inventory data [1] Group 3: Sugar Industry Investment Rating - Not provided Core View - Supply concerns are alleviated with good starts in Brazil's new sugar - cane season and expected increase in India's sugar production. In China, the overall supply - demand is loosening, and sugar prices are expected to be weak after the holiday [3] Summary by Catalog - Price Data: Futures and spot prices of sugar show certain fluctuations, along with basis, spreads, and inventory data [3] - Industry Data: National and regional sugar production, sales, and inventory data show year - on - year changes [3] Group 4: Cotton Industry Investment Rating - Not provided Core View - In the short term, macro factors dominate the market, and cotton prices may fluctuate. The downstream market is slightly weakening, and inventory is slightly accumulating [4] Summary by Catalog - Price Data: Futures and spot prices of cotton show changes, along with basis, spreads, and inventory data [4] - Industry Data: Inventory, import volume, and textile - related data show month - on - month changes [4] Group 5: Egg Industry Investment Rating - Not provided Core View - Post - holiday replenishment has a limited impact on egg prices due to supply pressure. Egg prices may remain stable in May and decline in June. Short - selling is recommended for 06 and 07 contracts [7] Summary by Catalog - Price Data: Futures and spot prices of eggs, along with related spreads and costs, show certain changes [7] Group 6: Meal Industry Investment Rating - Not provided Core View - US soybeans are following the decline of US soybean oil. Spring sowing is progressing well, and the supply pressure from Brazil is continuing. In China, the supply is recovering, and the basis is under pressure [9] Summary by Catalog - Price Data: Spot and futures prices of soybeans, soybean meal, and rapeseed meal are presented, along with basis, spreads, and inventory data [9] Group 7: Livestock (Pig) Industry Investment Rating - Not provided Core View - During the May Day holiday, pig prices were stable. Secondary fattening may lead to more supply in May, and demand is weak. Pig prices are expected to remain volatile. The 09 contract has priced in the weak post - holiday expectation [12] Summary by Catalog - Price Data: Futures and spot prices of pigs, along with related indicators such as slaughter volume, profit, and inventory, are shown [12] Group 8: Corn Industry Investment Rating - Not provided Core View - The corn market has a tight supply, and spot prices are strong. However, new wheat listing and policy releases may put pressure on prices. Corn prices are expected to be high and volatile in the short term and may rise in the long term [14][15] Summary by Catalog - Price Data: Futures and spot prices of corn and corn starch are presented, along with basis, spreads, and inventory data [14]

市场要闻与重要数据 期货方面，昨日收盘棉花2509合约12900元/吨，较前一日变动+155元/吨，幅度+1.22%。现货方面，3128B棉新疆 到厂价13839元/吨，较前一日变动-7元/吨，现货基差CF09+939，较前一日变动-162；3128B棉全国均价14100元/吨， 较前一日变动-13元/吨，现货基差CF09+1200，较前一日变动-168。 近期市场资讯，4月越南棉纺织品产量为0.96亿平方米，同比增加16.58%(上年同期数据为0.82亿平方米)，环比增加 3.72%;服装产量5.06亿件，同比下降12.71%(上年同期数据为5.8亿件)，环比增加2.04%。2025年1-4月棉纺织品产量 3.64亿平方米，同比增加15.87%，服装产量19.03亿件，同比下降14.2%。 市场分析 昨日郑棉期价震荡上行。宏观方面，外交部宣布将与美国进行会谈，叠加国内发布降准降息和其他一揽子金融政 策支持，短期提振市场信心。国际方面，4月USDA报告小幅上调本年度全球棉花期末库存，整体调整中性偏空。 不过市场对于24/25年度全球棉市供需宽松格局的交易已经较为充分，随着北半球陆续进入播种期，关注焦点已逐 渐 ...

油料日报 | 2025-05-08 销区消费需求较为清淡，大豆价格震荡运行 大豆观点 市场分析 期货方面，昨日收盘豆一2505合约4236.00元/吨，较前日变化+27.00元/吨，幅度+0.64%。现货方面，食用豆现货基 差A05-116，较前日变化-27，幅度32.14%。 市场资讯汇总：周二，芝加哥期货交易所(CBOT)大豆期货收盘下跌，基准期约收低0.41%，因为中美贸易紧张局 势，芝加哥豆油价格下跌，美国春播工作进展顺利 。4月7日，黑龙江哈尔滨市场国标一等蛋白39%蛋白中粒塔粮 装车报价2.06元/斤，较昨日平；黑龙江双鸭山宝清市场国标一等蛋白39%蛋白中粒塔粮装车报价2.04元/斤，较昨 日平；黑龙江佳木斯富锦市场国标一等蛋白39%蛋白中粒塔粮装车报价2.05元/斤，较昨日平；黑龙江齐齐哈尔讷 河市场国标一等蛋白41%蛋白中粒塔粮装车报价2.16元/斤，较昨日平；黑龙江黑河嫩江市场国标一等蛋白41%蛋白 中粒塔粮装车报价2.14元/斤，较昨日涨0.02元/斤；黑龙江绥化海伦市场国标一等蛋白41%蛋白中粒塔粮装车报价 2.15元/斤，较昨日平。 昨日国内大豆价格震荡。4月压榨厂、蛋白厂对国产豆需求 ...

Report Industry Investment Rating - The investment strategy for both the soybean meal and corn sectors is "cautiously bearish" [4][7] Core Viewpoints - In the soybean meal market, due to the large - scale arrival of new - season Brazilian soybeans, the domestic soybean supply will be relatively abundant in the coming months. The tight supply situation of soybean meal is expected to ease, and the oil mill operating rate and inventory will increase. The support of import costs for soybean meal prices is expected to weaken. Attention should be paid to policy changes, domestic soybean arrivals, and the planting and weather conditions of new - season US soybeans [3] - In the corn market, the domestic supply is tight as the grassroots grain sources are exhausted and traders are reluctant to sell. The demand side shows that deep - processing enterprises have sufficient inventory, and feed enterprises sign long - term contracts and purchase on - demand. With the approaching of the new wheat harvest in May, the substitution pressure on corn will increase. Attention should be paid to tariff policies and the release policy of substitute grains [6] Summary by Relevant Catalogs 1. Soybean Meal Market News and Important Data - Futures: The closing price of the soybean meal 2509 contract was 2920 yuan/ton, up 5 yuan/ton (+0.17%) from the previous day; the rapeseed meal 2509 contract was 2565 yuan/ton, up 17 yuan/ton (+0.67%) [1] - Spot: In Tianjin, the soybean meal spot price was 3300 yuan/ton, up 120 yuan/ton; in Jiangsu, it was 3090 yuan/ton, down 10 yuan/ton; in Guangdong, it was 3200 yuan/ton, down 30 yuan/ton. In Fujian, the rapeseed meal spot price was 2490 yuan/ton, up 10 yuan/ton [1] Recent Market News - As of May 4, the soybean harvest progress in Brazil's 2024/25 season was 97.7%, higher than 94.3% in the same period last year. The harvest in some states has ended, and the progress in Rio Grande do Sul was 92%. In Argentina, the soybean harvest was only 25%, 9 percentage points slower than last year [2] Market Analysis - With the arrival of new - season Brazilian soybeans, the domestic soybean supply will be abundant, the tight situation of soybean meal will ease, and the oil mill operating rate and inventory will recover. The decline in soybean premiums will weaken the support of import costs for soybean meal prices. The current tariff policy has limited impact on soybean meal prices, but policy changes still need attention [3] Strategy - Cautiously bearish [4] 2. Corn Market News and Important Data - Futures: The closing price of the corn 2507 contract was 2369 yuan/ton, up 4 yuan/ton (+0.17%); the corn starch 2507 contract was 2745 yuan/ton, up 4 yuan/ton (+0.15%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton; in Jilin, the corn starch spot price was 2650 yuan/ton [4] Recent Market News - As of May 4, the US corn planting progress was 40%, slightly lower than the market expectation of 41%, but higher than 35% in the same period last year and the five - year average of 39% [5] Market Analysis - Domestically, the supply is tight as grassroots grain sources are exhausted and traders are reluctant to sell. The demand side shows that deep - processing enterprises have sufficient inventory, and feed enterprises sign long - term contracts and purchase on - demand. With the approaching of the new wheat harvest in May, the substitution pressure on corn will increase. Attention should be paid to tariff policies and the release policy of substitute grains [6] Strategy - Cautiously bearish [7]

分析师Dorab Mistry：预计从6月到11月，马来西亚棕榈油期货的交易价格将为每吨3500林吉特。棕榈油 库存的积累始于生产的持续复苏。 ...

农产品日报（2025 年 5 月 7 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周二，五一假期节后开盘玉米期价表现弱于预期，主力 2507 合约小幅高开后期 | | | | 价下行，当日收带长下引线的小阴线，期价呈现偏弱表现。现货市场方面，五一 | | | | 期间玉米现货延续上行，现货市场存粮贸易商看涨热情持续。东北玉米价格偏强 | | | | 运行为主，北港玉米价格上涨对行情形成较为明显的带动，产区贸易商低价售粮 | | | | 意向一般。五一假期期间，华北地区玉米价格延续偏强运行的态势，价格重心继 | | | | 续上移。农户余粮见底，粮源集中到贸易商手中，经过价格持续上涨，市场看涨 | | | 玉米 | 预期增强。期现价格联动上涨，小麦和玉米价格联动上涨。截至 5 月 6 日，山东 | 震荡 | | | 寿光金玉米收购价格 2420 元/吨，较节前价格上涨 40 元/吨，山东大部分企业站 | | | | 上 2400 元/吨的价位。产区带动销区玉米报价上涨，近期产区玉米价格持续上涨， | | | | 销区港口贸易商报价提高，期货市场表现偏强， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The impact of the tariff event on the corn market is limited, and domestic corn prices are still dominated by domestic supply - demand logic. Currently in the window period between old and new supplies, the tight supply makes the futures price more likely to rise than fall, and there may be an upward expectation for corn prices in the medium - to - long term [5][36][37] 3. Summary by Directory 3.1 Corn Market Structure - In early May, the corn index price in April first fluctuated and then rose. After falling to 2,260 yuan/ton in early April, it fluctuated in the range until late April, then rebounded and tested the resistance level of 2,350 yuan/ton, and continued to test 2,400 yuan/ton after a successful breakthrough. The supply is gradually tightening due to factors such as the clearing of grassroots surplus grain, a sharp drop in imports in Q1, and the price increase of new wheat. The downstream demand has limited boosting effect. Although the tariff event may affect corn prices, corn prices are still dominated by domestic supply - demand logic [7] - The overall futures - spot structure shows that 05 is at a discount to 09, and 09 is at a premium to 01 [8] 3.2 Market行情 Analysis 3.2.1 Supply Side - **Global Corn 4 - month USDA Report Shows Tightening Supply - Demand**: The USDA's April report shows that in the 2024/25 season, the corn production outside the US has been adjusted upwards, with some increases offset by decreases. The global ending inventory is 287.7 million tons, a decrease of 1.3 million tons. The overall data interpretation is neutral [10] - **Market Surplus Grain is Almost Exhausted, and Grain Sources are Gradually Transferred to Traders**: The 2024/25 corn production is still in the high - yield category. Different institutions have different judgments on the increase or decrease in production. Currently, the surplus grain in most producing areas has been exhausted, and most grain sources have been transferred to traders and processing enterprises. The selling progress of farmers may slow down, and the supply in the market has tightened. However, due to the price difference between North China and Northeast China, the market liquidity is good [12][13] - **Tariff Policy Tightens Imports and Boosts Confidence in the Domestic Corn Market**: Since April 10, a 84% tariff has been imposed on US goods, and the import tax rate of US corn is as high as 99%, which stimulates domestic grain procurement. Although the import cost of agricultural products will increase and the import volume from the US is expected to decline, China has diversified its grain import layout in recent years, so the impact of the tariff policy on corn is relatively limited [17] 3.2.2 Demand Side - **Slow Capacity Reduction of Pig Production, Limited Increment in Feed Consumption**: As of March 2025, the inventory of breeding sows was 40.39 million. The pig market is under pressure from both cost and supply sides and will show low - profit characteristics throughout the year. Although the feed consumption of pigs is expected to increase year - on - year, it is mainly to digest the previous inventory. There is a large - scale rigid demand for feed, but it is difficult to have an increment [23] - **Deep - processing Enterprises are in Loss, and Demand Boost is Limited**: Due to weak macro - economic growth and general downstream demand, the deep - processing profit is poor. The Sino - US tariff confrontation will continue to put pressure on product sales. As of April 3, the starch enterprise operating rate was 61.13%, and the processing profit was - 260 yuan/ton. Enterprises' procurement is relatively cautious [34] 3.3 Market Outlook - The impact of the tariff event on the corn market is limited, and domestic corn prices are still dominated by domestic supply - demand logic. Currently in the window period between old and new supplies, the tight supply makes the futures price more likely to rise than fall, and there may be an upward expectation for corn prices in the medium - to - long term [5][36][37]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - **Soybean/Meal**: There is a strong trend of inventory accumulation for soybeans and soybean meal in the next three months. The cost of soybean arrivals in China has a tendency to rise steadily, but trade - related factors may suppress the price of soy - related products [3]. - **Oils and Fats**: Oils and fats face significant downward pressure on prices in the short term, but may be supported in the medium term if the macro - economy stabilizes [9]. - **Sugar**: The supply shortage of raw sugar is alleviated, and the price of Zhengzhou sugar may weaken in the future [12]. - **Cotton**: The cotton market shows a pattern of weak supply and demand, and the cotton price is expected to fluctuate in the short term [15]. - **Eggs**: The supply of eggs dominates the price, and a strategy of shorting on rallies is recommended [17]. - **Pigs**: The short - term price of live pigs fluctuates little, and a short - selling strategy after short - term rebounds is recommended [20]. 3. Summary by Directory Soybean/Meal - **Important Information**: Overnight US soybeans closed lower. The estimated soybean arrivals in May, June, and July are 919.75 million tons, 1.1 billion tons, and 1.05 billion tons respectively. The soybean arrivals cost has a tendency to rise steadily, but trade - related factors may suppress prices [3]. - **Trading Strategy**: Near - term soybean meal prices are expected to decline, and far - month contracts may fluctuate weakly compared to US soybeans. Pay attention to trading rhythms [5]. Oils and Fats - **Important Information**: The export of Malaysian palm oil increased in April, and the production also increased. The domestic spot basis of oils and fats fluctuated [7][8]. - **Trading Strategy**: Oils and fats face downward pressure in the short term. Pay attention to the supply - demand situation in the producing areas. They may be supported in the medium term if the macro - economy stabilizes [9]. Sugar - **Important Information**: The price of Zhengzhou sugar futures fluctuated. The production of sugar in the central - southern region of Brazil increased in the first half of April [11]. - **Trading Strategy**: The price of raw sugar may reach a new low in the second and third quarters. The price of Zhengzhou sugar may weaken in the future [12]. Cotton - **Important Information**: The price of Zhengzhou cotton futures fluctuated weakly. The US cotton planting rate was 21% as of May 4, 2025 [14]. - **Trading Strategy**: The cotton market shows a pattern of weak supply and demand. The cotton price is expected to fluctuate in the short term. Pay attention to Sino - US negotiations and domestic inventory changes [15]. Eggs - **Spot Information**: The domestic egg price was half - stable and half - falling. It is expected to be stable or decline today [16]. - **Trading Strategy**: The supply of eggs dominates the price. A strategy of shorting on rallies is recommended [17]. Pigs - **Spot Information**: The domestic pig price was mainly stable. The supply of live pigs may increase, and the price is expected to be weak in the near future [19]. - **Trading Strategy**: The short - term price of live pigs fluctuates little. A short - selling strategy after short - term rebounds is recommended [20].