Report Industry Investment Ratings No relevant content found. Core Views 1. Oils and Fats - Palm oil futures are likely to gradually rise, with the domestic palm oil following the upward trend of Malaysian palm oil. The key level for the domestic palm oil market is 9,000 yuan. - For soybean oil, international oil prices enhance its attractiveness in biodiesel, but CBOT soybeans may drag down CBOT soybean oil. Domestic soybean oil prices are expected to rise after August [1]. 2. Meal - US soybeans remain weak, and the domestic soybean and soybean meal inventories are rising. However, the supply after October is uncertain. It is recommended to wait and see in the short - term [2]. 3. Livestock (Pigs) - The pig market is currently in a situation of weak supply and demand. Spot prices are expected to remain at the bottom, and the near - month contract has strong upward pressure. The far - month contract is affected by policies, and short - selling is not recommended [5]. 4. Corn - In the short term, the corn market is relatively stable, and the price will fluctuate. In the medium to long term, the supply may be tight in the third quarter and relatively loose in the fourth quarter [8]. 5. Sugar - Internationally, the raw sugar price may bottom out, but a bearish view is maintained overall. Domestically, the supply - demand situation is expected to be marginally loose, and the price is expected to fluctuate at a high level [12]. 6. Cotton - In the short term, domestic cotton prices may fluctuate within a range, and the price will face pressure after the new cotton is listed [14]. 7. Eggs - The supply of eggs is sufficient, but the supply of large - sized eggs is tight. The demand may first decrease and then increase this week. Some areas may see a decline in egg prices next week, but the spot price still has some upward space [18]. Summary by Related Catalogs 1. Oils and Fats - **Soybean Oil**: On July 30, the spot price in Jiangsu was 8,420 yuan, up 0.60% from the previous day. The futures price of Y2509 was 8,240 yuan, up 0.17%. The warehouse receipts decreased by 35.07% [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong was 8,990 yuan on July 30, up 0.78%. The futures price of P2509 was 8,970 yuan, up 0.13%. The basis difference increased by 116.00% [1]. - **Rapeseed Oil**: The spot price of fourth - grade rapeseed oil in Jiangsu was 9,680 yuan on July 30, up 0.94%. The futures price of O1509 was 9,621 yuan, up 1.36% [1]. 2. Meal - **Soybean Meal**: The spot price in Jiangsu was 2,890 yuan on July 30, up 1.40%. The futures price of M2509 was 3,010 yuan, up 0.91%. The warehouse receipts decreased by 36.9% [2]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,620 yuan on July 30, up 3.56%. The futures price of RM2509 was 2,735 yuan, up 2.82% [2]. - **Soybeans**: The spot price of Harbin soybeans remained unchanged at 3,960 yuan. The futures price of the main soybean contract was 4,153 yuan, up 0.22% [2]. 3. Livestock (Pigs) - **Futures**: The price of the main contract decreased by 500.00%. The price of the 2511 contract was 14,125 yuan/ton, down 0.88%, and the 2509 contract was 14,150 yuan/ton, up 0.18% [5]. - **Spot**: The spot price in Henan was 13,880 yuan, down 200.0 yuan. The slaughter volume increased by 0.61%, and the self - breeding profit decreased by 31.61% [5]. 4. Corn - **Corn**: The futures price of the 2509 contract was 2,312 yuan/ton on July 30, up 0.43%. The basis difference decreased by 20.83%, and the 9 - 1 spread increased by 8.05% [8]. - **Corn Starch**: The futures price of the 2509 contract was 2,683 yuan/ton on July 30, up 0.64%. The basis difference decreased by 121.43%, and the 9 - 1 spread increased by 24.29% [8]. 5. Sugar - **Futures**: The price of the 2601 contract was 5,667 yuan/ton on July 30, down 1.13%. The price of the 2509 contract was 5,804 yuan/ton, down 1.07%. The ICE raw sugar price decreased by 0.60% [12]. - **Spot**: The spot price in Nanning remained at 6,050 yuan. The price of imported Brazilian sugar (in - quota) increased by 0.87%, and the price of imported Brazilian sugar (out - of - quota) increased by 0.89% [12]. 6. Cotton - **Futures**: The price of the 2509 contract was 13,755 yuan/ton on July 30, down 1.22%. The price of the 2601 contract was 13,905 yuan/ton, down 0.86%. The ICE cotton price decreased by 0.24% [14]. - **Spot**: The Xinjiang arrival price of 3128B was 15,343 yuan, down 0.57%. The commercial inventory decreased by 10.2%, and the industrial inventory decreased by 2.3% [14]. 7. Eggs - **Futures**: The price of the 09 contract was 3,570 yuan/500KG on July 30, down 0.17%. The price of the 08 contract was 3,271 yuan/500KG, down 2.33% [16]. - **Spot**: The egg - producing area price remained at 3.20 yuan/jin. The egg - to - feed ratio increased by 6.64%, and the breeding profit increased by 20.53% [16][18]

1. Report Industry Investment Ratings There is no information provided regarding the industry investment ratings in the given reports. 2. Core Views of the Reports Palm Oil - Before the MPOB report, there is a chance for palm oil to reach the 4,200 ringgit mark. After the report, there is a risk of a high - level pullback and a new round of weakening and decline. In the domestic market, Dalian palm oil futures are in a strong and volatile consolidation, with support at 8,500, and may continue to rise after the consolidation. Overall, a near - strong and far - weak view is maintained [1]. Soybean Oil - The main factor affecting CBOT soybean oil is the US biodiesel policy. In the domestic market, spot prices follow the market down, and the basis quotation has limited fluctuation. With high soybean imports and increased production, factory soybean oil inventories will increase, dragging down the basis quotation [1]. Corn - In the short term, corn prices may adjust due to market sentiment and policy auctions, but the tight supply limits the decline. In the medium term, the supply - demand gap in the third quarter supports price increases [2]. Sugar - Brazilian sugar production decreased in the first half of June. The increase in the ethanol - gasoline blend ratio in Brazil supports the raw sugar price, but the global supply surplus limits the rebound. The domestic sugar market is expected to be marginally looser, and a bearish view is maintained after a rebound [6]. Cotton - The downstream cotton industry is weak, with low demand and continued decline in spinning mill operation rates. Short - term domestic cotton prices may fluctuate in a higher range, but there is a risk of a pullback if the downstream remains weak [9]. Eggs - The national egg supply is sufficient, but prices are at a low level, which may attract traders to replenish stocks. Most areas' egg prices are expected to stabilize and then rise slightly, with a small decline risk in a few areas [10]. Meal - The US soybean planting area report has a neutral impact. The domestic soybean and soybean meal inventories are rising, and the开机 rate is improving. The basis is stable, and there are opportunities for bottom - fishing long positions [12]. Pork - The current pig breeding profit is low, and the market capacity expansion is cautious. There is short - term bullish sentiment, but the 09 contract faces pressure above 14,500 [14]. 3. Summary by Related Catalogs Palm Oil - **Prices**: On July 4, the price of Jiangsu first - grade palm oil was 8,190 yuan/ton, down 1.21% from the previous day; the price of Guangdong 24 - degree palm oil was 8,560 yuan/ton, down 0.58%. The P2509 futures price was 8,472 yuan/ton, down 0.07% [1]. - **Inventory**: The palm oil warehouse receipts on July 4 were 22,977, up 1.23% from the previous day [1]. Soybean Oil - **Prices**: On July 4, the price of Jiangsu soybean oil was 9,830 yuan/ton, down 0.81% from the previous day; the 01509 futures price was 9,607 yuan/ton, down 0.12% [1]. - **Inventory**: The soybean oil warehouse receipts were 805, down from 100 the previous day [1]. Corn - **Prices**: The September 2025 corn futures price was 2,353 yuan/ton, down 0.42% from the previous day. The basis was 27 yuan/ton, up 58.82% [2]. - **Inventory**: The corn warehouse receipts were 204,318, down 2.68% from the previous day [2]. Sugar - **Prices**: The January 2026 sugar futures price was 5,598 yuan/ton, up 0.39% from the previous day. The basis of Nanning was 462 yuan/ton [6]. - **Production and Sales**: The cumulative national sugar production was 1,116.21 million tons, up 12.03% year - on - year; the cumulative sales were 811.38 million tons, up 23.07% [6]. Cotton - **Prices**: The September 2025 cotton futures price was 13,780 yuan/ton, down 0.04% from the previous day. The ICE US cotton price was 68.43 cents/pound, down 0.31% [9]. - **Inventory**: The commercial inventory was 345.87 million tons, down 9.6% month - on - month [9]. Eggs - **Prices**: The September 2025 egg futures price was 3,686 yuan/500KG, down 0.11% from the previous day. The basis was - 976 yuan/500KG, down 1.51% [10]. - **Related Prices**: The egg - chicken feed ratio was 2.24, down 3.86% from the previous day [10]. Meal - **Prices**: The price of Jiangsu soybean meal was 2,820 yuan/ton, down 0.70% from the previous day. The M2509 futures price was 2,954 yuan/ton, down 0.14% [12]. - **Inventory**: The soybean meal warehouse receipts were 40,280, down 0.0% from the previous day [12]. Pork - **Prices**: The September 2025 pork futures price was 14,305 yuan/ton, down 0.45% from the previous day. The basis of Henan was 895 yuan/ton [14]. - **Related Data**: The daily slaughter volume was 133,839, down 0.37% from the previous day [14].

1. Report Industry Investment Ratings No industry investment ratings were provided in the reports. 2. Core Views Oils and Fats - Malaysian BMD crude palm oil futures are under pressure to weaken in the short - term due to concerns about production recovery and a rapid slowdown in export growth. Domestic Dalian palm oil futures are expected to fall further to the 8150 - 8250 yuan range. - For soybeans, the easing of the Middle East situation reduces investors' risk appetite, but the decline in crude oil and refined oil inventories and the increase in refinery operating rates support CBOT soybeans. However, CBOT soybeans are under pressure, dragging down CBOT soybean oil. In the domestic market, demand is weak, and factory soybean oil inventories are accumulating. [1] Meal - Affected by the decline in crude oil, CBOT soybeans have fallen recently. But there are signs of stabilization at around 1020 cents. The increase in the premium of Brazilian beans for August and September shipments boosts the Brazilian bean market. - Currently, domestic soybean and soybean meal inventories are rising, and the basis is stable. The future supply is expected to be high, and attention should be paid to the sustainability of demand. The soybean meal market is in a short - term bottom - grinding adjustment, and support is expected to gradually strengthen. [2] Live Pigs - The spot price of live pigs is still in a volatile structure. The enthusiasm of second - fattening has declined, and the slaughter procurement is slightly more difficult. - Although the current breeding profit is declining, self - breeding still has profit, and market capacity expansion is cautious. The market expects a possible market in July and August, but there is a risk of a decline in the 09 contract if the live inventory continues to shift backward. [3] Corn - The current supply is affected by traders' behavior. As the remaining grain decreases, traders are reluctant to sell, and the futures decline has little impact on the spot price, which is stable with a slight increase. - Downstream deep - processing enterprises have regional maintenance, and the stocking demand is average. The narrowing price difference between wheat and corn limits the increase in corn prices. In the long - term, the supply is tight, and consumption is increasing, supporting the upward movement of corn prices. [6] Sugar - Brazil's increase in the ethanol blending ratio in gasoline supports the slight rebound of raw sugar prices, but the global supply surplus limits the rebound height, and raw sugar is expected to remain in a bottom - oscillating pattern. - The domestic market sentiment has improved, and prices are rebounding. With imports not yet increasing and the overall macro - environment being optimistic, the bullish sentiment is expected to continue. However, considering the future increase in imports, the domestic supply - demand will gradually ease, and a bearish view is maintained after the rebound. [8] Cotton - The short - term contradiction of tight old - crop inventory in the upstream supply cannot be resolved, but the long - term supply is expected to be sufficient. The downstream industry is weakening, with开机 rates decreasing and finished product inventories accumulating. - The driving force for the continuous increase in cotton prices is insufficient, but the downward driving force is also weak. In the short - term, domestic cotton prices may oscillate slightly stronger, and there is a risk of short - term decline at high levels. [10] Eggs - The national egg supply is still sufficient, demand is generally average, and downstream procurement is cautious. It is expected that the national egg price will be stable first, decline slightly in the short - term, and then remain stable. [13] 3. Summary by Related Catalogs Oils and Fats - **Soybean Oil**: On June 27, the price in Jiangsu was 8290 yuan, up 0.61% from the previous day. The basis for Y2509 was 288 yuan, up 20.00%. The number of warehouse receipts remained unchanged at 18882. - **Palm Oil**: The price of 24 - degree palm oil in Guangdong on June 27 was 8500 yuan, up 0.12%. The basis for P2509 was 124 yuan, down 4.62%. The number of warehouse receipts increased by 470 to 470. - **Rapeseed Oil**: The price of Jiangsu Grade 4 rapeseed oil on June 27 was 9650 yuan, up 0.21%. The basis for 01509 was 148 yuan, up 24.32%. [1] Meal - **Soybean Meal**: The price in Jiangsu was 2860 yuan, down 1.40%. The price of M2509 was 2936 yuan, up 0.34%. The basis was - 76 yuan, down 65.79%. - **Rapeseed Meal**: The price in Jiangsu was 2430 yuan, unchanged. The price of RM2509 was 2550 yuan, up 0.35%. The basis was - 120 yuan, down 7.50%. - **Soybeans**: The price of Harbin soybeans was 3960 yuan, unchanged. The price of the main soybean - one contract was 4140 yuan, down 0.24%. The basis was - 180 yuan, up 5.26%. [2] Live Pigs - **Futures**: The price of the main contract was 795, up 20.45%. The price of Live Pig 2507 was 13625 yuan/ton, down 0.18%. The price of Live Pig 2509 was 14005 yuan/ton, down 0.25%. - **Spot**: The prices in Henan, Shandong, Sichuan, Liaoning, Guangdong, Hunan, and Hebei all showed varying degrees of increase. The daily slaughter volume decreased by 0.75% to 142127 heads. The self - breeding profit increased by 159.02% to 50 yuan/head, while the profit from purchasing piglets was - 132 yuan/head, up 29.49%. [3] Corn - **Corn**: The price of Corn 2509 was 2384 yuan, up 0.25%. The basis was - 4 yuan, down 300.00%. The 9 - 1 spread was 111 yuan/ton, up 3.74%. - **Corn Starch**: The price of Corn Starch 2509 was 2743 yuan, up 0.55%. The basis was - 23 yuan, down 187.50%. The 9 - 1 spread was 68 yuan, up 15.25%. [6] Sugar - **Futures**: The price of Sugar 2601 was 5600 yuan/ton, down 0.02%. The price of Sugar 2509 was 5792 yuan, up 0.03%. The main contract's open interest decreased by 3.59% to 315131 lots. - **Spot**: The price in Nanning was 6090 yuan, up 0.16%. The basis in Nanning was 298 yuan, up 2.76%. The national cumulative sugar production was 1116.21 million tons, up 12.03%, and the cumulative sales volume was 811.38 million tons, up 23.07%. [8] Cotton - **Futures**: The price of Cotton 2509 was 13760 yuan/ton, up 0.29%. The price of Cotton 2601 was 13765 yuan, up 0.73%. The 9 - 1 spread was - 5 yuan, down 109.09%. - **Spot**: The price of Xinjiang 3128B cotton was 15053 yuan, up 0.64%. The CC Index 3128B was 15109 yuan, up 0.59%. The industrial inventory was 93.01 million tons, down 1.2%. [10] Eggs - **Futures**: The price of the Egg 09 contract was 3673 yuan/500KG, up 0.36%. The price of the Egg 07 contract was 2803 yuan, down 0.74%. - **Spot**: The egg production area price was 2.78 yuan/jin, unchanged. The basis was - 765 yuan/500KG, up 0.91%. The 9 - 7 spread was 870 yuan, up 4.07%. The breeding profit was - 33.26 yuan/feather, down 19.30%. [13]

Group 1 - The second China-Central Asia Summit was held in Astana, Kazakhstan, from June 16 to 18, resulting in a series of cooperation agreements between China and the five Central Asian countries [1] - Agricultural cooperation is highlighted by the "overseas farming" model, exemplified by Xi'an Aijiu Group, which has established a trade park in Kazakhstan with an annual output of 1 million tons of agricultural products [1] - The cooperation has improved local agriculture, increased farmers' income, and fostered trust and respect from the local population towards Chinese workers [1] Group 2 - Poverty alleviation cooperation is a key highlight, with Uzbekistan sending officials to learn from China's experiences in poverty reduction and rural revitalization [2] - Cultural exchanges, such as the screening of the film "Kashguli" in Central Asian countries, have enhanced mutual understanding and friendship between the peoples of China and Central Asia [2] - The future cooperation between China and Central Asian countries is expected to expand into broader fields and deeper levels, contributing to the construction of a community with a shared future for mankind [2]

Report Industry Investment Ratings No relevant content provided. Core Views of the Reports Palm Oil - Malaysian BMD crude palm oil futures are under pressure to weaken in the short - term due to concerns about production recovery and a rapid slowdown in export growth. Domestic Dalian palm oil futures are expected to fall further to the 8150 - 8250 yuan range [1]. Soybean Oil - The CBOT soybean oil may rise if the US biodiesel policy is consistent with the proposal; otherwise, it may fall again after a short - term adjustment. In the domestic market, cost support makes traders and oil mills reluctant to lower basis quotes, but the increase in factory soybean oil inventory may lead to a reduction in basis quotes [1]. Corn - In the short - term, corn prices may adjust due to auction expectations, but the decline is limited. In the long - term, the supply is tight, imports are low, and breeding consumption is increasing, so the price is expected to rise. It is recommended to go long on dips [2]. Sugar - Global sugar supply is becoming more abundant, putting pressure on raw sugar. It is expected to maintain a weak and volatile pattern. Without new negative factors, the possibility of a sharp decline in sugar prices is small. This week, it is expected to fluctuate at the bottom in the range of 5650 - 5800 [6]. Meal - The bullish sentiment of US soybeans has been fully traded. With the improvement of weather expectations and the decline in oil prices, the market is weak. Domestic soybean inventory pressure is acceptable, and soybean meal inventory is still low. The short - term trend of soybean meal is not clear, and the decline space is expected to be limited [7]. Cotton - The market driving force is still weak, with the downstream开机 rate decreasing and finished - product inventory increasing. However, the basis of old crops is still relatively strong, and there is still support for cotton prices. In the short - term, domestic cotton prices may fluctuate within a range [10]. Pork - The current breeding profit exists, but market capacity expansion is cautious. The short - term futures market may be strong, but there is a risk of decline for the 09 contract near the delivery date if the live inventory continues to be postponed [13]. Eggs - The national egg supply is relatively sufficient. It is expected that egg prices will rise slightly and then stabilize this week, and may decline slightly later [17]. Summary by Directory Palm Oil - **Price Changes**: On June 25, the spot price of 24 - degree palm oil in Guangdong was 8490 yuan, unchanged from the previous day; the futures price of P2509 was 8230 yuan, up 22 yuan or 0.27% from the previous day; the basis was 260 yuan, down 22 yuan or 7.80% from the previous day [1]. - **Inventory and Market Outlook**: The inventory of palm oil in China is at a certain level. The Malaysian market is affected by production and exports, and the domestic market is expected to decline further [1]. Soybean Oil - **Price Changes**: On June 25, the spot price of first - grade soybean oil in Jiangsu was 8240 yuan, down 20 yuan or 0.24% from the previous day; the futures price of Y2509 was 7626 yuan, up 20 yuan or 0.26% from the previous day; the basis was 614 yuan, down 40 yuan or 6.12% from the previous day [1]. - **Policy and Market Impact**: The market is concerned about the US biodiesel policy, which will affect the price of CBOT soybean oil. Domestic cost support affects basis quotes [1]. Corn - **Price and Related Indicators**: The price of corn 2509 in Jinzhou Port decreased by 12 yuan or 0.50% to 2377 yuan; the 9 - 1 spread decreased by 4 yuan or 3.70% to 104 yuan/ton; the import profit increased by 3 yuan or 0.54% to 539 yuan [2]. - **Market Situation**: Trade merchants are reluctant to sell due to the reduction of remaining grain. Downstream demand is affected by factors such as enterprise maintenance and feed substitution [2]. Sugar - **Price and Market Indicators**: The price of sugar 2601 was 5577 yuan/ton, up 22 yuan or 0.40% from the previous day; the price of sugar 2509 was 5757 yuan/ton, up 47 yuan or 0.82% from the previous day. The spot price in Nanning increased by 30 yuan or 0.50% to 6070 yuan [5]. - **Industry Situation**: National sugar production and sales have increased year - on - year, and the industrial inventory has decreased [5]. Meal - **Price Changes**: The spot price of soybean meal in Jiangsu decreased by 40 yuan or 1.37% to 2880 yuan; the futures price of M2509 decreased by 44 yuan or 1.45% to 2993 yuan. The spot price of rapeseed meal in Jiangsu decreased by 20 yuan or 1.96% to 2500 yuan; the futures price of RM2509 decreased by 74 yuan or 2.78% to 2588 yuan [7]. - **Market Outlook**: The supply rhythm is relatively certain, and attention should be paid to the sustainability of demand. The short - term decline space of soybean meal is expected to be limited [7]. Cotton - **Price and Market Indicators**: The price of cotton 2509 was 13645 yuan/ton, up 35 yuan or 0.26% from the previous day; the price of cotton 2601 was 13625 yuan/ton, up 40 yuan or 0.29% from the previous day. The Xinjiang arrival price of 3128B increased by 65 yuan or 0.44% to 14832 yuan [10]. - **Industry Situation**: The downstream开机 rate is decreasing, and the finished - product inventory is increasing, but the basis of old crops is still relatively strong [10]. Pork - **Price and Market Indicators**: The price of the main pork contract increased by 90 yuan or 14.75% to 700 yuan/ton; the price of the 2507 contract was 13615 yuan, up 0.48% from the previous day; the price of the 2509 contract was 14000 yuan, up 0.43% from the previous day [12]. - **Market Outlook**: The current breeding profit exists, but capacity expansion is cautious. The short - term futures market may be strong, with potential risks near the delivery date [13]. Eggs - **Price and Market Indicators**: The price of the egg 09 contract was 3658 yuan/500KG, up 16 yuan or 0.44% from the previous day; the price of the 07 contract was 2848 yuan/500KG, up 29 yuan or 1.03% from the previous day. The egg - producing area price decreased by 0.12 yuan or 4.24% to 2.92 yuan/jin [16]. - **Market Outlook**: The egg supply is sufficient. Prices are expected to rise slightly, then stabilize, and may decline slightly later [17].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - Palm oil in Malaysia aims to use B30 bio - fuel in the transport sector by 2030, with a short - term expectation of further oscillatory rebound. In China, Dalian palm oil futures rose sharply due to the increase in Malaysian palm oil, and may further strengthen and test the 8200 resistance. - For US soybean oil, the fundamental situation hasn't changed much. The recent rebound of CBOT soybean oil is mainly driven by the rise in NYMEX crude oil, but the trade frictions between the US and other countries limit its increase. In China, the spot price fluctuates narrowly, the basis quote is mainly stable with a slight decline in some areas. The factory operating rate is expected to rise, and the market is in a traditional demand off - season, which may lead to a decline in the basis quote [1]. 2.2 Meal Industry - US soybean spring sowing is progressing smoothly with a fast overall sowing progress, and there is limited room for dry - weather speculation. Brazil's supply pressure is still being realized, and China has suspended importing soybeans from the US. The domestic soybean arrival in the later period is abundant, and the supply pressure is expected to increase. However, the current low inventory of soybean meal in oil mills and the low basis level suggest that the basis is expected to stabilize. The two meals are expected to maintain an oscillatory structure, and there may be a short - term callback risk for soybean meal after rising above 2950 yuan/ton [2]. 2.3 Pig Industry - The spot price of pigs maintains a slight oscillation. The pig slaughter volume increases, the weight declines steadily, the secondary fattening is rolling out, and the replenishment willingness is limited. The improvement of the supply - demand situation is limited. There is some pre - Dragon Boat Festival stocking demand, which supports the pig price, but the supply is abundant, so it's difficult for the price to rise. The current breeding profit exists, but the market capacity expansion is cautious, and the price has no basis for a sharp decline or strong upward drive. Attention should be paid to the support around 13500 on the futures market [5]. 2.4 Corn Industry - The remaining grain in the grassroots has been basically sold out. The market supply and price change with the grain - selling rhythm of traders. Traders are optimistic about the future market and hold back from selling. The price rebounds locally and remains stable overall with strong bottom support. The downstream deep - processing industry has continuous losses and reduces the operating rate, and the inventory declines slightly. The breeding end mainly replenishes inventory as a rigid demand, but the small price difference between corn and wheat and the concentrated listing of wheat limit the increase of corn price. In the long - term, the tightening supply, weakened import and substitution, and increasing breeding demand will support the upward movement of corn price. In the short - term, the market pays more attention to the wheat market, and the overall trading of corn is light with no strong unilateral driving force, maintaining an interval oscillation [7]. 2.5 Sugar Industry - Global weather is favorable for sugar production recovery. The dry weather in Brazil speeds up the harvest, and the wet weather in India and Thailand benefits the growth of sugarcane crops. The 25/26 supply outlook is optimistic, and the raw sugar is expected to oscillate weakly. Considering that a large amount of raw sugar hasn't entered the domestic market, it still supports the sugar price. The market focus is on the future import rhythm. The domestic supply - demand situation is generally loose, and the increasing long - term supply is the strongest inhibitory factor. The sugar price is expected to maintain an oscillatory weak trend [10]. 2.6 Cotton Industry - The downstream of the cotton industry has rigid demand resilience. The current downstream operating rate hasn't decreased significantly, the finished product inventory is not high, and the spot basis of raw - material cotton is firm, providing strong support for the cotton price. However, the long - term demand expectation is not strong, and there is no strong driving force for the price to rise. In the short - term, the domestic cotton price is expected to oscillate within an interval [11]. 2.7 Egg Industry - The national egg supply is relatively sufficient, which has a certain negative impact on the egg price. The demand may first decrease and then increase, which is the main factor affecting the egg price fluctuation. The national egg price is expected to first decline and then rise this week with a small adjustment range [13]. 3. Summary According to Related Catalogs 3.1 Oils and Fats Industry 3.1.1 Price Changes - **Soybean oil**: The spot price in Jiangsu remains unchanged at 8100 yuan, the futures price (Y2509) drops from 7492 to 7478 yuan (-0.19%), the basis (Y2509) increases by 14 yuan (2.30%), and the warehouse receipt decreases by 65 to 17152 (-0.38%). - **Palm oil**: The spot price in Guangdong rises from 8600 to 8700 yuan (1.16%), the futures price (P2509) increases from 8000 to 8082 yuan (1.03%), the basis (P2509) rises by 18 yuan (3.00%), the盘面 import cost in Guangzhou Port for September increases by 64 yuan (0.74%), and the盘面 import profit increases by 18 yuan (2.81%). - **Rapeseed oil**: The spot price in Jiangsu remains unchanged at 9600 yuan, the futures price (O1509) drops from 9073 to 9070 yuan (-0.03%), the basis (O1509) increases by 3 yuan (0.57%), and the warehouse receipt decreases by 412 [1]. 3.1.2 Spread Changes - **Inter - period spreads**: The 09 - 01 spread of soybean oil increases from 18 to 30 yuan (66.67%), the 09 - 01 spread of palm oil increases from 16 to 30 yuan (87.50%), and the 09 - 01 spread of rapeseed oil decreases from 169 to 167 yuan (-1.18%). - **Cross - variety spreads**: The soybean - palm oil spread decreases, and the rapeseed - soybean oil spread changes slightly [1]. 3.2 Meal Industry 3.2.1 Price and Basis Changes - **Soybean meal**: The spot price in Jiangsu drops from 2940 to 2930 yuan (-0.34%), the futures price (M2509) rises from 2961 to 2962 yuan (0.03%), the basis decreases, and the warehouse receipt decreases by 110 to 26899 (-0.4%). - **Rapeseed meal**: The spot price in Jiangsu drops from 2530 to 2520 yuan (-0.40%), the futures price (RM2509) rises from 2604 to 2618 yuan (0.54%), the basis decreases, and the warehouse receipt decreases by 394 to 27615 (-1.41%) [2]. 3.2.2 Import and Spread Information - The盘面 import profit of Brazilian soybeans for July shipment increases by 13 yuan, and the 09 - 01 spread of soybean meal and rapeseed meal changes [2]. 3.3 Pig Industry 3.3.1 Futures and Spot Indicators - Futures: The main contract price drops from 970 to 890 yuan/ton (-8.25%), the price of live - hog 2507 drops from 13260 to 13215 yuan (-0.34%), the price of live - hog 2509 rises from 13560 to 13640 yuan (0.59%), and the 7 - 9 spread increases from 300 to 425 yuan (41.67%). The main contract position increases by 1488 to 79448 (1.91%), and the warehouse receipt remains unchanged at 450. - Spot: The spot prices in various regions remain unchanged, the sample - point slaughter volume increases by 4051 to 155211 (2.68%), the weekly white - strip price drops from 20.71 to 20.60 yuan (-0.53%), the weekly piglet price remains unchanged at 28.00 yuan/kg, the weekly sow price remains unchanged at 32.53 yuan/kg, the weekly slaughter weight drops from 129.38 to 129.18 kg (-0.15%), the weekly self - breeding profit drops from 81 to 48 yuan/head (-40.23%), the weekly purchased - pig breeding profit drops from 48 to - 16 yuan/head (-133.32%), and the monthly fertile sow inventory drops from 4039 to 4038 million heads (-0.02%) [5]. 3.4 Corn Industry 3.4.1 Corn - The price of corn 2507 rises from 2325 to 2332 yuan (0.30%), the Jinzhou Port flat - hatch price remains unchanged at 2320 yuan, the basis drops from - 5 to - 12 yuan (-140.00%), the 7 - 9 spread increases from - 24 to - 20 yuan (16.67%), the Shekou bulk - grain price drops from 2410 to 2400 yuan (-0.41%), the north - south trade profit drops from 14 to 4 yuan (-71.43%), the CIF price drops from 2063 to 2056 yuan (-0.37%), the import profit drops from 347 to 344 yuan (-0.71%), the number of remaining vehicles in Shandong deep - processing in the morning drops from 747 to 626 (-16.20%), the position drops from 2025642 to 2010114 (-0.77%), and the warehouse receipt drops from 217099 to 216419 (-0.31%) [7]. 3.4.2 Corn Starch - The price of corn starch 2507 rises from 2663 to 2676 yuan (0.49%), the Changchun spot price and the Weifang spot price remain unchanged. The basis drops from 27 to 14 yuan (-48.15%), the 7 - 9 spread increases from - 60 to - 58 yuan (3.33%), the starch - corn futures spread increases from 338 to 344 yuan (1.78%), the Shandong starch profit rises from - 157 to - 151 yuan (3.82%), the position drops from 324840 to 320150 (-1.44%), and the warehouse receipt remains unchanged at 25252 [7]. 3.5 Sugar Industry 3.5.1 Futures and Spot Prices - Futures: The price of sugar 2601 drops from 5674 to 5660 yuan (-0.25%), the price of sugar 2509 drops from 5795 to 5783 yuan (-0.21%), the ICE raw - sugar main contract price drops from 17.25 to 16.91 cents/pound (-1.97%), the 1 - 9 spread drops from - 121 to - 123 yuan (-1.65%). The main contract position increases by 415 to 308960 (0.13%), and the warehouse receipt decreases by 100 to 31481 (-0.32%). - Spot: The Nanning and Kunming spot prices remain unchanged. The Nanning basis increases by 12 yuan (3.33%), the Kunming basis increases by 12 yuan (7.27%). The price of imported Brazilian sugar (within quota) drops from 4696 to 4680 yuan (-0.34%), and the price of imported Brazilian sugar (outside quota) drops from 5974 to 5952 yuan (-0.37%) [10]. 3.5.2 Industry Situation - The national sugar production and sales increase, the industrial inventory decreases, and the sugar import increases significantly [10]. 3.6 Cotton Industry 3.6.1 Futures and Spot Prices - Futures: The price of cotton 2509 drops from 13330 to 13320 yuan (-0.08%), the price of cotton 2601 rises from 13375 to 13390 yuan (0.11%), the ICE US cotton main contract price drops from 65.33 to 65.03 cents/pound (-0.46%), the 9 - 1 spread drops from - 45 to - 70 yuan (-55.56%). The main contract position decreases by 10069 to 552461 (-1.79%), the warehouse receipt decreases by 52 to 11157 (-0.46%), and the effective forecast increases by 29 to 380 (8.26%). - Spot: The Xinjiang arrival price of 3128B and the CC Index: 3128B rise slightly, the FC Index:M: 1% drops slightly, and the relevant spreads change [11]. 3.6.2 Industry Indicators - The national inventory, industrial inventory, and import volume of cotton decrease, the bonded - area inventory decreases, the textile industry inventory increases year - on - year, the yarn and fabric inventory days increase, the cotton outbound shipment volume increases, the spinning enterprise's immediate processing profit drops, and the clothing and textile retail and export data change [11]. 3.7 Egg Industry - The price of the egg 09 contract rises from 3722 to 3750 yuan/500KG (0.75%), the price of the egg 06 contract rises from 2662 to 2689 yuan/500KG (1.01%), the egg - producing area price remains unchanged at 3.05 yuan/jin, the basis drops from 170 to 134 yuan/500KG (-20.99%), the 9 - 6 spread rises from 1061 to 1060 yuan (0.09%). The egg - chicken chick price remains unchanged, the culled - chicken price drops from 5.22 to 5.12 yuan/jin (-1.92%), the egg - feed ratio rises from 2.51 to 2.53 (0.80%), and the breeding profit rises from - 17.22 to - 15.96 yuan/feather (7.32%) [13].

Report Industry Investment Ratings No relevant content provided. Core Views Oils and Fats - Palm oil: In the short - term, it may follow export benefits and rise to test the 9200 resistance level, but there is a risk of adjustment after stagnant growth. In the long - term, it is viewed with caution and bearishness [1]. - Soybean oil: Bio - diesel news boosts the CBOT soybean oil, but the large listing of Brazilian soybeans restricts its upward momentum. The domestic spot soybean oil basis remains under pressure [1]. Sugar - Raw sugar: It will fluctuate widely in the range of 17 - 20 cents per pound. The domestic sugar price is expected to maintain a high - level oscillation pattern [3][4]. Cotton - The short - term domestic cotton price may operate in a range, with upward pressure and downward support, and attention should be paid to macro - level trends [5]. Eggs - The national egg price is expected to rise slightly next week and then stabilize, and may decline slightly later [8]. Meal - Soybean meal: It will maintain a short - term oscillation pattern, and the basis will continue to be weak. Rapeseed meal will mainly adjust weakly on the disk [10]. Corn - In the short - term, the market's bullish expectation weakens, and the disk gradually stabilizes. In the long - term, it may be supported to rise [12]. Pork - The futures price is supported to a certain extent by the logic of futures - cash convergence. An anti - spread strategy for the 7 - 11 contracts can be re - arranged [16][17]. Summary by Related Catalogs Oils and Fats - **Soybean oil**: On April 1, the spot price in Jiangsu was 8410 yuan/ton, up 1.07% from March 31. The futures price of Y2505 was 7992 yuan/ton, down 1.20%. The basis of Y2505 was 418 yuan/ton, up 1.44% [1]. - **Palm oil**: The spot price in Guangdong on April 1 was 9710 yuan/ton, up 0.52%. The futures price of P2505 was 9146 yuan/ton, up 0.46%. The basis of P2505 was 564 yuan/ton, up 1.44%. The import profit in Guangzhou Port in May was - 558 yuan/ton, down 45.22% [1]. - **Rapeseed oil**: The spot price in Jiangsu on April 1 was 9350 yuan/ton, unchanged. The futures price of O1505 was 9303 yuan/ton, down 0.65%. The basis of O1505 was - 14 yuan/ton, down 435.71% [1]. Sugar - **Futures market**: On April 1, the futures price of sugar 2505 was 6129 yuan/ton, up 0.89%. The futures price of sugar 2509 was 6022 yuan/ton, up 0.89%. The ICE raw sugar main contract was 19.36 cents per pound, up 2.71% [3]. - **Spot market**: The spot price in Nanning was 6200 yuan/ton, up 0.49%. The spot price in Kunming was 6035 yuan/ton, up 0.58%. The import price of Brazilian sugar (in - quota) was 5192 yuan/ton, down 0.50% [3]. Cotton - **Futures market**: On April 1, the futures price of cotton 2505 was 13590 yuan/ton, up 0.37%. The futures price of cotton 2509 was 13725 yuan/ton, up 0.33%. The ICE US cotton main contract was 68.21 cents per pound, up 2.00% [5]. - **Spot market**: The Xinjiang arrival price of 3128B was 14605 yuan/ton, down 0.08%. The CC Index of 3128B was 14864 yuan/ton, down 0.11% [5]. Eggs - The futures price of the egg 04 contract on April 1 was 3092 yuan/500KG, down 0.23%. The futures price of the egg 05 contract was 2962 yuan/500KG, unchanged. The egg - laying chicken chick price was 4.30 yuan per chick, unchanged [8]. Meal - **Soybean meal**: The spot price in Jiangsu on April 1 was 3120 yuan/ton, down 0.95%. The futures price of M2505 was 2804 yuan/ton, down 1.65%. The basis of M2505 was 316 yuan/ton, up 5.69% [10]. - **Rapeseed meal**: The spot price in Jiangsu on April 1 was 2520 yuan/ton, down 1.56%. The futures price of RM2505 was 2520 yuan/ton, down 3.11%. The basis of RM2505 was 0 yuan/ton, up 100.00% [10]. Corn - **Corn**: On April 1, the futures price of corn 2505 was 2254 yuan/ton, up 0.13%. The spot price in Jinzhou Port was 2180 yuan/ton, unchanged. The basis was - 74 yuan/ton, down 4.23% [12]. - **Corn starch**: The futures price of corn starch 2505 on April 1 was 2626 yuan/ton, down 0.11%. The spot price in Changchun was 2610 yuan/ton, unchanged. The basis was - 16 yuan/ton, up 15.79% [12]. Pork - **Futures market**: On April 1, the futures price of the main pork contract was 750 yuan/ton, down 3.23%. The futures price of the pork 2505 contract was 13240 yuan/ton, down 0.04%. The futures price of the pork 2509 contract was 13930 yuan/ton, down 0.11% [16]. - **Spot market**: The spot price in Henan was 14680 yuan/ton, down 40 yuan/ton. The spot price in Shandong was 14830 yuan/ton, unchanged [16].