Group 1 - The core viewpoint of the article indicates a decline in agricultural futures at the Chicago Board of Trade (CBOT) on September 5, with all major contracts closing lower [1][2] Group 2 - Soybean futures fell by 0.61%, closing at 1026.75 cents per bushel [1] - Corn futures decreased by 0.42%, ending at 418.00 cents per bushel [1] - Wheat futures dropped by 0.10%, closing at 519.00 cents per bushel [1]

Group 1 - The core viewpoint of the article highlights the performance of major agricultural futures contracts on the Intercontinental Exchange (ICE) as of September 5, with most contracts experiencing declines [1] Group 2 - Raw sugar futures decreased by 0.70%, closing at 15.58 cents per pound [1] - Cotton futures fell by 0.17%, ending at 66.09 cents per pound [1] - Cocoa futures saw an increase of 0.86%, reaching $7463.00 per ton [1] - Coffee futures dropped by 0.33%, closing at 373.15 cents per pound [1]

Report Industry Investment Ratings - **Positive Outlook**: Soybean No. 1, Soybean Meal, Soybean Oil, Palm Oil, Corn, Live Hogs, Eggs [1] - **Neutral Outlook**: Rapeseed Meal, Rapeseed Oil [1] Core Views - Market sentiment is improving due to expected anti - involution regulations, affecting commodity prices [2][4] - Uncertainties in Sino - US trade impact soybean supply and market expectations [3][4] - Different commodities have unique supply - demand situations and price trends based on seasonality, weather, and trade policies [2][3][4][6][7][8][9] Summary by Commodity Soybean No. 1 - Domestic soybean main contract reduced positions, with prices oscillating upwards. Market sentiment improved due to expected regulations [2] - 45,299 tons of domestic soybeans were auctioned this Friday, with 10,570 tons sold at an average price of 4,110 yuan/ton [2] - Domestic soybeans are growing well, and new soybeans will be listed in late September. Monitor new - season prices and trade policies [2] Soybean & Soybean Meal - As of September 2nd, 16% of US soybean areas were affected by drought. Future weather will be less rainy and hotter [3] - Global oil prices may drive up soybean crushing. Domestic soybean meal is weak, but supply is sufficient in Q4. There may be a supply gap in Q1 next year if Sino - US trade is not resolved [3] - The market may oscillate in the short - term. A cautious bullish view is held for the long - term [3] Soybean Oil & Palm Oil - Main contracts of soybean and palm oil increased positions and prices. Market sentiment improved due to expected regulations [4] - Sino - US soybean trade uncertainty affects supply expectations. Overseas palm oil supply will decrease in Q4, and domestic demand is strong in Q4 [4] - Consider buying on dips in the long - term, while controlling risks [4] Rapeseed Meal & Rapeseed Oil - Rapeseed main contracts slightly increased positions, with prices stabilizing and rising. Monitor Sino - US and Sino - Canadian trade negotiations [6] - New - season rapeseed supply from major producers will be abundant. China's rapeseed imports are diversifying, and the domestic market is in a tight - balance state [6] - Domestic rapeseed prices are expected to rise [6] Corn - Dalian corn futures continued to strengthen. As of September 5th, 20 auctions of imported corn totaled about 4.4387 million tons, with 1.434 million tons sold, and the September成交 rate increased [7] - Domestic new - season corn is likely to be a bumper harvest, but old - crop inventory is low. Traders are optimistic about new - season corn [7] - Corn may remain strong before new - grain purchase and then weaken [7] Live Hogs - Live hog futures weakened and then recovered due to expected anti - involution policies. Spot prices are weak, and supply pressure is high in H2 [8] - Monitor policy variables and price support. Currently, it is advisable to wait and see [8] Eggs - Egg futures were pressured by increased positions, halting the previous rebound. Spot prices are rising due to pre - Mid - Autumn Festival demand [9] - Hen culling has increased, and chick replenishment in August was low. Egg - laying hen production is expected to decline by the end of the year [9] - Monitor spot price trends and capacity reduction. Consider long positions in far - month contracts for H1 next year and focus on short - position exits in near - month contracts [9]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Corn futures continued to rise this week, with the closing price of the main 2511 contract at 2,224 yuan/ton, up 33 yuan/ton from the previous week. The US corn production forecast may be adjusted downward, while in the domestic market, the approaching new - season corn listing and sufficient reserves have led to weak market sentiment. The corn futures price rebounded due to short - covering [8]. - Dalian corn starch futures fluctuated slightly higher at low levels, with the closing price of the main 2511 contract at 2,519 yuan/ton, up 18 yuan/ton from the previous week. During the new - old corn transition period, the industry's operating rate declined, supply pressure eased, and demand improved slightly, resulting in a decrease in inventory pressure. However, the inventory is still high, and alternative starches are squeezing the market demand. The starch market rose under the influence of the corn price increase but was weaker than corn [12]. Summary by Directory 1. Week - to - Week Summary Corn - **Market Review**: The main 2511 contract of corn futures closed at 2,224 yuan/ton, up 33 yuan/ton from the previous week [8]. - **Market Outlook**: The US corn production forecast may be adjusted downward. In the domestic market, the approaching new - season corn listing, continuous reserve corn release, and sufficient enterprise inventories have led to weak market sentiment. The futures price rebounded due to short - covering [8]. - **Strategy**: Pay attention to the pressure at the 60 - day moving average and adopt a short - term wait - and - see approach [8]. Corn Starch - **Market Review**: The main 2511 contract of corn starch futures closed at 2,519 yuan/ton, up 18 yuan/ton from the previous week [12]. - **Market Outlook**: During the new - old corn transition period, the industry's operating rate declined, supply pressure eased, and demand improved slightly, resulting in a decrease in inventory pressure. However, the inventory is still high, and alternative starches are squeezing the market demand. The starch market rose under the influence of the corn price increase but was weaker than corn [12]. - **Strategy**: Short - term wait - and - see [11]. 2. Futures and Spot Market Futures Price and Position Changes - The 11 - month contract of corn futures fluctuated and closed higher, with a total position of 915,637 lots, down 67,642 lots from the previous week. The 11 - month contract of corn starch futures fluctuated slightly higher, with a total position of 197,852 lots, down 11,035 lots from the previous week [16]. Top 20 Net Position Changes - The top 20 net position of corn futures was - 59,080, with a decrease in net short positions compared to last week. The top 20 net position of starch futures was - 46,611, with an increase in net short positions compared to last week [22]. Futures Warehouse Receipts - The registered warehouse receipts of yellow corn were 57,753 lots, and the registered warehouse receipts of corn starch were 7,450 lots [28]. Spot Price and Basis - As of September 4, 2025, the average spot price of corn was 2,360.59 yuan/ton, and the basis between the active 11 - month contract and the spot average price was + 136 yuan/ton. The spot price of corn starch in Jilin was 2,850 yuan/ton, and in Shandong was 2,900 yuan/ton, showing a stable - to - weak trend this week. The basis between the 11 - month contract of corn starch and the spot price in Changchun, Jilin was 331 yuan/ton [33][37]. Futures Inter - month Spread - The 11 - 1 spread of corn was 20 yuan/ton, at a medium level in the same period. The 11 - 1 spread of starch was - 24 yuan/ton, also at a medium level in the same period [43]. Futures Spread between Starch and Corn - The spread between the 11 - month contracts of starch and corn was 295 yuan/ton. In the 36th week of 2025, the spread between Shandong corn and corn starch was 360 yuan/ton, down 10 yuan/ton from the previous week [51]. Substitute Spread - As of September 4, 2025, the average spot price of wheat was 2,425.78 yuan/ton, and the average spot price of corn was 2,360.59 yuan/ton, with a wheat - corn spread of 65.19 yuan/ton. In the 36th week of 2025, the spread between tapioca starch and corn starch continued to widen, with an average spread of 212 yuan/ton, up 28 yuan/ton from the previous week [57]. 3. Industry Chain Corn - **Supply Side** - **Port Inventory**: As of August 29, 2025, the domestic trade corn inventory in Guangdong Port was 73.5 tons, down 3.5 tons from the previous week, and the foreign trade inventory was 0 tons, unchanged from the previous week. The corn inventory in the four northern ports was 112.7 tons, down 14.5 tons week - on - week, and the shipping volume was 24 tons, down 3.1 tons week - on - week [47]. - **Monthly Import Volume**: In July 2025, China's ordinary corn import volume was 60,000 tons, a decrease of 1,030,000 tons (94.5%) compared to the same period last year and a decrease of 100,000 tons compared to the previous month [65]. - **Feed Enterprise Inventory**: As of September 4, the average inventory of national feed enterprises was 27.63 days, down 0.5 days from the previous week, a week - on - week decrease of 1.78% and a year - on - year decrease of 5.12% [69]. - **Demand Side** - **Livestock Inventory**: As of the end of the second quarter of 2025, the national pig inventory was 424.47 million, a year - on - year increase of 2.2%. As of the end of July, the inventory of breeding sows was 40.42 million, a decrease of 10,000 from the previous month, accounting for 103.6% of the normal reserve of 39 million [73]. - **Breeding Profit**: As of August 29, 2025, the self - breeding and self - raising pig breeding profit was 32.24 yuan/head, and the profit from purchasing piglets was - 148.41 yuan/head [77]. - **Processing Profit**: As of September 4, 2025, the corn starch processing profit in Jilin was - 110 yuan/ton. The corn alcohol processing profit in Henan was - 396 yuan/ton, in Jilin was - 680 yuan/ton, and in Heilongjiang was - 257 yuan/ton [82]. Corn Starch - **Supply Side** - **Enterprise Inventory**: As of September 3, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.711 million tons, a decrease of 7.85% [86]. - **Starch Enterprise Operating Rate and Inventory**: From August 28 to September 3, 2025, the national corn processing volume was 515,500 tons, down 23,700 tons from the previous week; the national corn starch output was 246,800 tons, down 17,100 tons from the previous week; the weekly operating rate was 47.7%, down 3.31% from the previous week. As of September 3, the total starch inventory of national corn starch enterprises was 1.265 million tons, down 53,000 tons from the previous week, a week - on - week decrease of 4.02%, a month - on - month decrease of 4.16%, and a year - on - year increase of 37.2% [90]. 4. Options Market Analysis - As of September 5, the implied volatility of the options corresponding to the main 2511 contract of corn was 9.39%, a decrease of 1.31% from 10.7% in the previous week. The implied volatility fluctuated and decreased this week, being at a relatively high level compared to the 20 - day, 40 - day, and 60 - day historical volatilities [93].

Group 1: Report Industry Investment Ratings - The investment rating for the soybean meal market is neutral [3] - The investment rating for the corn market is cautiously bearish [6] Group 2: Core Views - The domestic soybean meal inventory continues to increase, with supply remaining relatively loose. Future soybean arrivals are expected to be high, and the inventory may rise further. The decline in import costs has led to a drop in domestic soybean meal prices, and future attention should be paid to Sino - US trade policy negotiations [2] - In the domestic corn market, the supply is expected to increase as new grain in North and Northeast China is approaching the market, while traders' remaining grain is tight. On the demand side, the inventory and operating rate of deep - processing enterprises are seasonally decreasing, and feed enterprises' inventory is also declining. Attention should be paid to the new - season corn yield [5] Group 3: Market News and Important Data Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2601 contract was 3048 yuan/ton, a change of - 18 yuan/ton (- 0.59%) from the previous day; the rapeseed meal 2601 contract was 2519 yuan/ton, a change of - 2 yuan/ton (- 0.08%) [1] - Spot: In Tianjin, the soybean meal spot price was 3060 yuan/ton, unchanged from the previous day; in Jiangsu, it was 2970 yuan/ton, a decrease of 20 yuan/ton; in Guangdong, it was 2950 yuan/ton, a decrease of 10 yuan/ton. The rapeseed meal spot price in Fujian was 2640 yuan/ton, unchanged from the previous day [1] - Market news: In July, the US soybean crushing volume was 204.7 million bushels, a record high for the same period, but slightly lower than market expectations. The US soybean oil inventory at the end of July was 1.873 billion pounds, the lowest in nearly 7 months and lower than market expectations [1] Corn and Corn Starch - Futures: The closing price of the corn 2511 contract was 2210 yuan/ton, a change of + 17 yuan/ton (+ 0.78%) from the previous day; the corn starch 2511 contract was 2498 yuan/ton, a change of + 11 yuan/ton (+ 0.44%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2620 yuan/ton, unchanged from the previous day [3] - Market news: The Allendale survey shows that the expected US corn production in 2025 will reach a record high of 16.631 billion bushels, with an average yield of 187.52 bushels per acre. The expected US soybean production in 2025 is 4.268 billion bushels, with an average yield of 53.28 bushels per acre [3]

1. Report Industry Investment Ratings - All three industries (cotton, sugar, and pulp) are rated neutral [3][5][8] 2. Core Views of the Report - For cotton, the global supply - demand pattern has shifted from loose to tight, with potential for improved US cotton supply - demand. Domestic cotton has a tight supply situation at the end of this season, but new - year production increase expectations limit the upside of cotton prices [2] - For sugar, the adjustment of syrup policy may cause short - term negative sentiment, but the low domestic sugar inventory restricts the continuous decline space [5] - For pulp, the current pulp market fundamentals have no significant improvement, and the short - term pulp price is expected to continue to oscillate at a low level [8] 3. Summary by Related Catalogs Cotton Market News and Important Data - Futures: The closing price of the cotton 2601 contract was 14,010 yuan/ton, up 20 yuan/ton (+0.14%) from the previous day [1] - Spot: The Xinjiang arrival price of 3128B cotton was 15,352 yuan/ton, down 21 yuan/ton; the national average price was 15,451 yuan/ton, down 14 yuan/ton [1] - Overseas: As of August 29, India's new - year cotton planting area was 10.88 million hectares, a 2.3% decrease from last year. As of August 31, Pakistan's new - year ginned cotton equivalent was about 207,000 tons, a 50.5% increase from two weeks ago and an 8.6% increase from last year [1] Market Analysis - International: India extended the tariff - free period, and the USDA adjusted global cotton production and inventory, making the supply - demand pattern tight. The US cotton supply - demand is expected to improve, but the slow export sales limit the upside [2] - Domestic: The domestic cotton de - stocking is fast, and the commercial inventory is at a low level. The late - issued and limited - quantity sliding - scale duty quota did not solve the cotton shortage. With the approaching peak season, the domestic cotton price has strong support, but the new - year production increase and future hedging pressure limit the upside [2] Strategy - Maintain a neutral view. In the short term, there is strong support for Zhengzhou cotton prices before the large - scale listing of new cotton. In the medium term, the peak listing period may face pressure, and there may be a decline if the peak season is disappointing [3] Sugar Market News and Important Data - Futures: The closing price of the sugar 2601 contract was 5,533 yuan/ton, down 29 yuan/ton (-0.52%) from the previous day [3] - Spot: The spot price of sugar in Nanning, Guangxi was 5,880 yuan/ton, down 20 yuan/ton; in Kunming, Yunnan it was 5,845 yuan/ton, down 5 yuan/ton [3] - Overseas: Ukraine's sugar production in the 2025/26 season is expected to drop from 1.8 million tons to 1.5 million tons [3] Market Analysis - Raw sugar: Brazil's sugar production forecast has been lowered, and Pakistan's sugar purchase supports prices. However, with the peak crushing season in Brazil and the expected increase in the Northern Hemisphere, the upside is limited [5] - Zhengzhou sugar: The high import profit and large - scale imports in July, along with expected processed sugar supply in August - September, put pressure on the market. Attention should be paid to the possible increase in syrup imports in August [5] Strategy - Maintain a neutral view. The syrup policy adjustment may cause short - term negative sentiment, but the low domestic sugar inventory restricts the decline space [5] Pulp Market News and Important Data - Futures: The closing price of the pulp 2511 contract was 5,052 yuan/ton, up 2 yuan/ton (+0.04%) from the previous day [5] - Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5,715 yuan/ton, down 35 yuan/ton; the price of Russian softwood pulp was 5,100 yuan/ton, unchanged [5] - Market: The import wood pulp spot market was mostly stable, with some price fluctuations among different pulp types [6] Market Analysis - Supply: There will be more pulp production capacity put into operation in the second half of the year in China, and the import volume of wood pulp is expected to decline. However, the slow de - stocking at ports and high inventory levels keep the supply pressure high, with hardwood pulp supply being looser [7] - Demand: The pulp consumption in Europe and the US is weak, and the global pulp mill inventory pressure is increasing. In China, the demand is weak during the off - season, and the paper mills' raw material procurement is cautious. The planned new paper production capacity has not effectively increased the output due to insufficient terminal demand [7] Strategy - Maintain a neutral view. The short - term pulp price is expected to continue to oscillate at a low level due to the lack of positive drivers in the industry chain [8]

Market Conditions - The latest USDA drought report indicates that approximately 9% of the U.S. corn planting area was affected by drought as of the week ending September 2, up from 5% the previous week and down from 13% the same time last year [1] - According to external forecasts, U.S. corn export net sales for the 2024/25 marketing year are expected to range between -400,000 to 1,000,000 tons, while for the 2025/26 marketing year, net sales are projected to be between 900,000 to 2,200,000 tons [1] Brazil's Export Outlook - The Brazilian National Association of Grain Exporters (Anec) projects that corn exports from Brazil in September will reach 1.94 million tons, compared to 1.62 million tons in the same month last year [2] Domestic Market Analysis - Donghai Futures reports that in Northeast China, the new season corn is being released in small quantities, with a generally strong wait-and-see attitude in the market. Farmers show limited willingness to sell at low prices, leading to a sluggish purchasing and sales environment [3] - In North China, corn prices remain stable, with tight channel inventory and limited circulation, resulting in frequent narrow fluctuations in prices. This year, there is no concentrated port pressure as seen last year, and port inventory is low, while downstream feed and deep processing enterprises also have low corn stocks [3] - According to Ruida Futures, as the new season corn approaches in Northeast China, the continuous release of reserve corn is supplementing market supply. Traders' confidence in maintaining prices is weakening, leading to accelerated sales of remaining stocks. Large enterprises have sufficient safety stocks to last until early October, while many processing companies are controlling their purchasing volumes [4]

Report Industry Investment Rating - The investment rating for the strategy is neutral [2] Core Viewpoints - The domestic soybean price is expected to remain stable in the short - term, with future market trends depending on policy guidance and downstream demand improvement [1] - The peanut market's short - term supply - demand structure is expected to remain stable, and attention should be paid to factors such as weather, new peanut quality, and pre - Mid - Autumn Festival downstream stocking demand [2] Market Analysis of Soybeans Futures - The closing price of the bean one 2511 contract was 3965.00 yuan/ton, up 4.00 yuan/ton (+0.10%) from the previous day [1] Spot - The edible bean spot basis was A11 + 255, down 4 (-32.14%) from the previous day [1] Market Information - The quotes of national standard first - class protein 39% or 41% medium - grain tower grain loading in various regions of Heilongjiang remained unchanged from the previous day [1] Market Analysis of Peanuts Futures - The closing price of the peanut 2510 contract was 7778.00 yuan/ton, down 18.00 yuan/ton (-0.23%) from the previous day [2] Spot - The average spot price of peanuts was 8440.00 yuan/ton, up 40.00 yuan/ton (+0.48%) month - on - month. The spot basis was PK10 + 622.00, up 318.00 (+104.61%) month - on - month [2] Market Information - The national average price of common peanuts was 4.22 yuan/jin, up 0.02 yuan/jin. The prices of Henan Baisha common peanuts and 8 - sieve peanuts were given, and the prices of domestic first - class ordinary peanut oil and small - pressed fragrant peanut oil remained unchanged [2]

Report Overview - The report is the Commodity Research Morning Report - Agricultural Products by Guotai Junan Futures on September 5, 2025, covering various agricultural products such as palm oil, soybean oil, etc. [1] Industry Investment Rating - Not provided in the report Core Views - Palm oil lacks continuous driving force and is waiting for a pullback; soybean oil is in a volatile adjustment; soybean meal may rebound following US soybeans, but beware of frost risks; soybean No.1 is in a rebound and volatile state; corn is in a volatile operation; sugar has a year - on - year decline in Brazilian exports; cotton requires attention to the situation of new crop listings; eggs have strong near - end gaming sentiment; live pigs have weak spot prices but strong far - end expectations; peanuts require attention to the listing of new peanuts [2] Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: Palm oil's main contract closed at 9,368 yuan/ton during the day with a 0.24% increase and 9,402 yuan/ton at night with a 0.36% increase. Soybean oil's main contract closed at 8,410 yuan/ton during the day with a - 0.52% decrease and 8,356 yuan/ton at night with a - 0.64% decrease. The spot price of 24 - degree palm oil in Guangdong decreased by 80 yuan/ton to 9,320 yuan/ton, and the spot price of first - grade soybean oil in Guangdong decreased by 50 yuan/ton to 8,700 yuan/ton [5] - **News**: MPOA estimates that Malaysia's palm oil production from August 1 - 31 increased by 2.07%, with a total estimated production of 1.85 million tons in August [6] - **Trend Intensity**: Palm oil and soybean oil both have a trend intensity of 0 [9] Soybean Meal and Soybean No.1 - **Fundamentals**: DCE soybean No.1 2511 closed at 3,965 yuan/ton during the day with a 0.03% increase and 3,971 yuan/ton at night with a 0.13% increase. DCE soybean meal 2601 closed at 3,048 yuan/ton during the day with a - 0.29% decrease and 3,050 yuan/ton at night with a - 0.42% decrease. The daily trading volume of soybean meal was 6.7 million tons, and the inventory was 101.49 million tons [10] - **News**: As of September 2, about 16% of the US soybean - growing area was affected by drought. StoneX lowered its forecast for US soybean yield in 2025 to 53.2 bushels per acre, with an expected production of 4.257 billion bushels. On September 4, CBOT soybean futures mostly closed higher due to active technical buying [7][8][12] - **Trend Intensity**: Soybean meal has a trend intensity of +1, and soybean No.1 has a trend intensity of 0 [12] Corn - **Fundamentals**: C2511 closed at 2,210 yuan/ton during the day with a 0.59% increase and 2,214 yuan/ton at night with a 0.18% increase. C2601 closed at 2,194 yuan/ton during the day with a 0.50% increase and 2,197 yuan/ton at night with a 0.14% increase. The trading volume of the corn market increased, and the open interest decreased [14] - **News**: The northern corn collection and port prices remained stable, and the prices in Northeast China slightly decreased, while the prices in North China decreased steadily [15] - **Trend Intensity**: Corn has a trend intensity of 0 [16] Sugar - **Fundamentals**: The raw sugar price was 15.7 cents/pound, the mainstream spot price was 5,920 yuan/ton, and the futures main contract price was 5,533 yuan/ton [17] - **News**: India's monsoon precipitation was 8.8% higher than the long - period average. Conab lowered Brazil's sugar production forecast for the 25/26 season to 44.5 million tons. Brazil's sugar exports decreased in July and August. China's sugar imports in July were 740,000 tons [17] - **Trend Intensity**: Sugar has a trend intensity of - 1 [20] Cotton - **Fundamentals**: CF2601 closed at 14,010 yuan/ton during the day with a 0.14% increase and 13,960 yuan/ton at night with a - 0.36% decrease. The spot price of cotton in North Xinjiang's 3128 machine - picked variety increased by 20 yuan/ton to 15,267 yuan/ton [22] - **News**: The overall trading of cotton spot was sluggish, and the cotton yarn market was generally trading. ICE cotton futures were in a narrow - range fluctuation [23] - **Trend Intensity**: Cotton has a trend intensity of 0 [25] Eggs - **Fundamentals**: Egg 2510 closed at 3,021 yuan/500 kg with a 1.41% increase, and Egg 2601 closed at 3,405 yuan/500 kg with a - 0.18% decrease. The spot prices in some regions increased [26] - **Trend Intensity**: Eggs have a trend intensity of 0 [26] Live Pigs - **Fundamentals**: The spot prices in Henan, Sichuan, and Guangdong were 14,080 yuan/ton, 13,850 yuan/ton, and 15,640 yuan/ton respectively, with Guangdong's price decreasing by 200 yuan/ton [28] - **Market Logic**: There is still supply pressure in September and October. Consider 11 - 1 inverse spread intervention. Pay attention to the downward - driving force of the central price of March and May contracts. The July contract may have further policy regulation expectations. The short - term support and pressure levels of LH2601 are 13,500 yuan/ton and 14,500 yuan/ton respectively [30] - **Trend Intensity**: Live pigs have a trend intensity of 0 [29] Peanuts - **Fundamentals**: The spot price of Liaoning 308 common peanuts was 7,700 yuan/ton, and the futures prices of PK510 and PK511 decreased. The trading volume and open interest of the peanut market changed [32] - **News**: In most peanut - producing areas, the supply was affected by rainfall, and the prices were generally stable. New peanuts are expected to be listed around late September [33] - **Trend Intensity**: Peanuts have a trend intensity of 0 [34]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The short - term trading logic of the bean market has shifted to the weak reality, and the short - term rebound of soybean meal futures prices is under pressure, showing a weak and volatile trend. The medium - term view is in a volatile state [6]. - Palm oil is highly sensitive to crude oil price fluctuations. The short - term price of palm oil futures fluctuates around energy attributes and industrial changes, and is expected to be mainly in a wide - range volatile state. The medium - term view is also in a volatile state [9]. 3. Summary by Relevant Catalogs For Soybean Meal (M) - **Time - frame Views**: The short - term, medium - term, and intraday views are all "weak and volatile", and the reference view is also "weak and volatile" [6][8]. - **Core Logic**: The Sino - US trade prospect is the biggest uncertainty factor affecting the bean market. If a procurement agreement is reached, there is an expectation of price spread repair between domestic and foreign bean markets, and the risk of the long - term supply gap being falsified exists. The market trading logic has shifted to the more certain weak reality, leading to the short - term rebound pressure of soybean meal futures prices [6]. For Palm Oil (P) - **Time - frame Views**: The short - term, medium - term, and intraday views are all "weak and volatile", and the reference view is also "weak and volatile" [8][9]. - **Core Logic**: Palm oil is still highly sensitive to crude oil price fluctuations. The market expects that the increase in Malaysia's palm oil inventory may be limited due to strong exports. The short - term price of palm oil futures fluctuates around energy attributes and industrial changes [9].