Report Industry Investment Rating No relevant content provided. Core Views - Palm oil: The fundamentals have no new drivers, waiting for a pullback [2][4] - Soybean oil: The trading of soybean shortage in the fourth quarter has paused, with a sideways consolidation [2][4] - Soybean meal: CBOT soybeans are strong while DCE soybean meal is weak. Beware of a rebound after an over - decline [2][12] - Soybean: Affected by the atmosphere of the soybean market, it is weak in the short term [2][12] - Corn: It is moving sideways [2][15] - Sugar: Maintain the thinking of range consolidation [2][19] - Cotton: Pay attention to the situation of new crops and the influence of external market sentiment [2][23] - Eggs: The sentiment for the distant end is weak [2][29] - Hogs: The spot performance is below expectations. Short at high prices [2][31] - Peanuts: Pay attention to the listing of new peanuts [2][36] Summary by Related Catalogs Palm Oil and Soybean Oil Fundamental Tracking - Futures: Palm oil's daily - session closing price was 9,424 yuan/ton (-0.67%), and night - session was 9,488 yuan/ton (+0.68%); soybean oil's daily - session was 8,536 yuan/ton (0.00%), and night - session was 8,402 yuan/ton (-1.57%) [4] - Spot: Palm oil (24 - degree, Guangdong) was 9,470 yuan/ton (-150); first - grade soybean oil (Guangdong) was 8,850 yuan/ton (+130) [4] - Basis: Palm oil (Guangdong) was 46 yuan/ton; soybean oil (Guangdong) was 314 yuan/ton [4] Macro and Industry News - From August 1 - 25, 2025, Malaysia's palm oil yield decreased by 3.26% MoM, oil extraction rate increased by 0.4% MoM, and production decreased by 1.21% MoM [5] - Malaysia is seeking to exempt crude and refined palm kernel oil from the sales and service tax [7] - The US has agreed in principle to exclude Indonesian palm oil from a 19% tariff [7] Trend Intensity - Palm oil trend intensity: 0; soybean oil trend intensity: 0 [11] Soybean Meal and Soybean Fundamental Tracking - Futures: DCE soybean 2511's daily - session closing price was 3974 yuan/ton (-0.60%), and night - session was 3961 yuan/ton (-0.68%); DCE soybean meal 2601's daily - session was 3081 yuan/ton (-0.93%), and night - session was 3047 yuan/ton (-1.61%) [12] - Spot: Shandong's soybean meal (43%) was 3080 - 3100 yuan/ton, down 30 to flat compared to the previous day [12] - Industry Data: The trading volume of soybean meal was 7.95 million tons/day, and the inventory was 98.55 million tons/week [12] Macro and Industry News - On August 26, CBOT soybeans closed slightly higher as Chinese trade representatives were to visit the US, but the expected bumper harvest of US soybeans limited the upside [14] Trend Intensity - Soybean meal trend intensity: 0; soybean trend intensity: 0 [14] Corn Fundamental Tracking - Futures: C2509's daily - session closing price was 2,210 yuan/ton (-0.09%), and night - session was 2,210 yuan/ton (0.00%); C2511's daily - session was 2,158 yuan/ton (-0.28%), and night - session was 2,157 yuan/ton (-0.05%) [16] - Spot: Jinzhou's closing price was 2,250 yuan/ton (0); Guangdong Shekou was 2,360 yuan/ton (0) [16] Macro and Industry News - Northern corn collection prices were stable, while Guangdong Shekou's prices increased by 10 yuan/ton; Northeast corn prices were weak, and North China's prices declined [17] Trend Intensity - Corn trend intensity: 0 [18] Sugar Fundamental Tracking - Futures: The main contract price was 5632 yuan/ton (-56) [19] - Spot: The mainstream spot price was 5980 yuan/ton (0) [19] Macro and Industry News - Brazil's production needs to be re - estimated, and India's monsoon precipitation decreased; China's July sugar imports were 740,000 tons (+320,000 tons) [19] Trend Intensity - Sugar trend intensity: 0 [22] Cotton Fundamental Tracking - Futures: CF2601's daily - session closing price was 14,100 yuan/ton (-0.14%), and night - session was 14085 yuan/ton (-0.11%); ICE cotton 12 was 66.67 cents/lb (-1.05%) [23] - Spot: Northern Xinjiang's 3128 machine - picked cotton was 15,342 yuan/ton (-20); Southern Xinjiang's was 15,033 yuan/ton (-20) [23] Macro and Industry News - Cotton spot trading was average, and the basis was stable; the cotton yarn market was okay, but the fabric market improved slightly [24] Trend Intensity - Cotton trend intensity: 0 [27] Eggs Fundamental Tracking - Futures: Egg 2509's closing price was 2,916 yuan/500 kg (-1.32%); Egg 2601 was 3,376 yuan/500 kg (-0.53%) [29] - Spot: Liaoning's spot price was 3.20 yuan/jin; Hebei's was 2.69 yuan/jin [29] Trend Intensity - Egg trend intensity: 0 [29] Hogs Fundamental Tracking - Futures: Hog 2509's closing price was 13,665 yuan/ton (-130); Hog 2511 was 13,860 yuan/ton (-50); Hog 2601 was 14,200 yuan/ton (-40) [32] - Spot: Henan's spot price was 13,730 yuan/ton (-50); Sichuan's was 13,600 yuan/ton (+50); Guangdong's was 14,940 yuan/ton (-200) [32] Market Logic - In August, the planned slaughter volume of large - scale farms increased, and retail farmers were forced to hold back pigs. Demand growth was limited. Short the November contract at high prices; the September contract still had a premium over the warehouse - receipt cost [34] Trend Intensity - Hog trend intensity: -1 [33] Peanuts Fundamental Tracking - Futures: PK510's closing price was 8,072 yuan/ton (+1.20%); PK511 was 7,834 yuan/ton (+0.72%) [36] - Spot: Liaoning's 308 common peanuts were 8,000 yuan/ton (0); Henan's Baisha common peanuts were 8,500 yuan/ton (0) [36] Spot Market Focus - In Henan, the supply was limited due to rain, and inquiries increased; new peanuts in Jilin were growing well and were expected to be listed in mid - to late September [37] Trend Intensity - Peanut trend intensity: 0 [38]

Group 1 - The Intercontinental Exchange (ICE) agricultural futures saw a majority of contracts decline on August 26, with raw sugar futures increasing by 0.12% to 16.42 cents per pound [1] - Cotton futures decreased by 0.97% to 66.67 cents per pound [1] - Cocoa futures fell by 4.92% to $7,629.00 per ton [1] - Coffee futures dropped by 1.88% to 370.65 cents per pound [1]

Core Insights - The Chicago futures market for corn, wheat, and soybeans showed mixed price movements on August 26, with corn prices declining while wheat and soybean prices increased [1] Price Movements - The most active December corn contract closed at $4.10 per bushel, down 2.75 cents or 0.67% from the previous trading day [1] - The December wheat contract closed at $5.32 per bushel, up 2 cents or 0.38% from the previous trading day [1] - The November soybean contract closed at $10.50 per bushel, up 1.75 cents or 0.17% from the previous trading day [1] Market Dynamics - The increase in U.S. wheat prices is attributed to a decline in the global spot wheat market, with expectations that a seasonal bottom in the world wheat market may not occur until mid-September [1] - Due to large supply volumes in the U.S. and globally, corn and soybean futures prices are experiencing declines, with an expected increase in global corn export supply by 71 to 74 million tons this year [1] - The market is currently seeking demand as corn-exporting countries have ample supply [1] Weather Impact - Weather forecasts indicate heavy rain will sweep across the U.S. plains and delta regions over the next five days, moving northward to the western Midwest [1] - After September 3, the probability of rainfall in the eastern Midwest is expected to increase, signaling the arrival of autumn in the central U.S. [1]

Group 1 - The core viewpoint of the article highlights the performance of agricultural futures at the Chicago Board of Trade (CBOT) on August 26, with most contracts showing an upward trend [1] Group 2 - Soybean futures increased by 0.12%, closing at 1049.00 cents per bushel [1] - Corn futures decreased by 0.73%, closing at 409.25 cents per bushel [1] - Wheat futures rose by 0.38%, closing at 531.75 cents per bushel [1]

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - The international soybean market's supply - demand situation has improved, but there are still some regional pressures. The domestic soybean market has a high inventory accumulation pressure. For sugar, the international market is expected to be in a state of inventory accumulation, and the domestic sugar price will follow the international trend. The palm oil in Malaysia is expected to continue to increase production and inventory, while the domestic vegetable oil has a relatively stable fundamental situation. The US corn may have a rebound space, and the domestic corn price is expected to decline. The pig price is expected to decline slightly, and the peanut market is expected to be stable with new - season supply increasing. The egg market has obvious supply - side pressure, and the apple market is expected to have a wide - range shock. The cotton market is expected to be slightly stronger in the short term [4][6][10][18][24][30][34][44][52][61]. 3. Summary According to Relevant Catalogs Soybean/Meal - **Market Conditions**: CBOT soybean index fell 0.47% to 1062.75 cents/bu, and CBOT soybean meal index fell 0.41% to 293.4 dollars/short ton [2]. - **Relevant Information**: As of August 24, US soybean crop good - excellent rate was 69%. As of August 21, the US soybean export inspection volume was 382,806 tons. The expected current - year soybean import volume increased by 120 tons to 1.5 million tons. As of August 22, the actual soybean crushing volume of oil mills was 2.27 million tons, with an operating rate of 63.81%. Soybean inventory increased by 0.31% to 6.8253 million tons, and soybean meal inventory increased by 3.8% to 1.0533 million tons [2][3]. - **Logic Analysis**: The international soybean market's supply - demand situation has improved, but Brazilian and Argentine soybeans have price or export pressure. The domestic soybean market has a high inventory accumulation pressure [4][6]. - **Strategy Suggestion**: For single - side trading, buy soybean and rapeseed meal at low prices for far - month contracts; for arbitrage, expand the MRM05 spread; for options, buy call options [7]. Sugar - **Market Conditions**: ICE US raw sugar price fluctuated, with the main contract down 0.05 (- 0.3%) to 16.39 cents/lb. London white sugar price rose in the previous trading day, with the main contract up 3.4 (0.7%) to 486.3 dollars/ton [8]. - **Relevant Information**: As of August 20, the number of ships waiting to load sugar in Brazilian ports decreased, and the waiting sugar volume was 2.9169 million tons. Southern China's sugar quotes were stable with average transactions [9]. - **Logic Analysis**: Internationally, Brazil is in the supply peak, but the actual sugar production is lower than expected, and the price is expected to fluctuate. Domestically, the domestic sugar price is affected by the international price and is expected to follow the international trend [10]. - **Position Suggestion**: For single - side trading, the Zhengzhou sugar price is expected to fluctuate in a narrow range; for arbitrage, wait and see; for options, consider selling out - of - the - money strangles [11][12][13]. Oilseeds - **Market Conditions**: CBOT US soybean oil main price fell 0.94% to 54.84 cents/lb, and BMD Malaysian palm oil main price fell 0.24% to 4482 ringgit/ton [15]. - **Relevant Information**: Malaysia's palm oil exports from August 1 - 25 increased by 10.9%. In July, Canada's rapeseed crushing volume increased by 13.13%. As of August 22, the domestic palm oil inventory decreased by 5.70%, and the soybean oil inventory increased by 3.79% [16][17]. - **Logic Analysis**: Malaysian palm oil is expected to continue to increase production and inventory, but the Indonesian price provides support. The domestic soybean oil pressure is released, and the vegetable oil inventory is decreasing [18]. - **Trading Strategy**: For single - side trading, buy on dips; for arbitrage, expand the P15 spread after a correction; for options, wait and see [19][20]. Corn/Corn Starch - **Market Conditions**: CBOT corn futures fell, with the December main contract down 0.5% to 412.5 cents/bu [21]. - **Relevant Information**: As of August 23, Brazil's second - crop corn harvest rate was 94.8%. The US corn export inspection volume increased. The domestic corn price was weak [22][23]. - **Logic Analysis**: The US corn may rebound, and the domestic corn price is expected to decline [24]. - **Trading Strategy**: For single - side trading, buy the December corn on dips and go long on the 01 corn at the bottom; for arbitrage, wait and see; for options, wait and see [25][27]. Pig - **Relevant Information**: The pig price fluctuated, with some regions falling. Piglet and sow prices changed, and the pork wholesale price was stable [29]. - **Logic Analysis**: The market supply pressure increased, and the price is expected to decline slightly [30]. - **Strategy Suggestion**: For single - side trading, buy far - month contracts at low prices; for arbitrage, conduct LH91 reverse arbitrage; for options, wait and see [31]. Peanut - **Relevant Information**: The peanut price was weakly falling, the oil mill's demand was low, and the peanut oil price was strong. The peanut and peanut oil inventories decreased [33]. - **Logic Analysis**: The peanut market is stable, but the new - season supply is expected to increase [34]. - **Trading Strategy**: For single - side trading, short 11 and 01 peanuts on rallies, wait and see currently, and go long on 05 peanuts lightly; for arbitrage, wait and see; for options, sell pk601 - C - 8200 options [35][37][38]. Egg - **Relevant Information**: The egg price was stable, the in - production laying hen inventory increased, the egg sales volume decreased, and the inventory increased [40][42][43]. - **Trading Logic**: The supply - side pressure is obvious, and the price is expected to decline. Consider shorting on rallies [44]. - **Trading Strategy**: No specific strategies provided in the given text. Apple - **Relevant Information**: The apple cold - storage inventory decreased, the import and export volumes changed, the early - maturing apple price was polarized, and the storage profit decreased [47][51][52]. - **Trading Logic**: The current inventory is low, the demand is in the off - season, and the price is expected to have a wide - range shock [52]. - **Trading Strategy**: For single - side trading, short on rallies; for arbitrage, short near - month contracts and long far - month contracts; for options, sell out - of - the - money call options [49]. Cotton - Cotton Yarn - **Market Conditions**: ICE US cotton fell, with the main contract down 0.62 (0.91%) to 67.38 cents/lb [57]. - **Relevant Information**: As of August 24, the US cotton good - excellent rate was 54%. The 2025 cotton import tariff - rate quota for processing trade was 200,000 tons. As of mid - August, the domestic cotton commercial inventory was at a low level [58]. - **Trading Logic**: The short - term tariff impact is weakened, the supply is tight, and the demand is expected to improve. The price is expected to be slightly stronger [59][61]. - **Trading Strategy**: For single - side trading, the US cotton and Zhengzhou cotton are expected to be slightly stronger; for arbitrage, wait and see; for options, wait and see [62].

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View - The new US soybean supply - demand balance sheet is tight. Under the current China - US trade policy, the discount of Brazilian soybeans is expected to have a limited decline. With the support of import costs, the downside space below 00 is expected to be limited. The futures market is expected to fluctuate in the short - term and show a volatile upward trend in the medium - to - long - term due to the expected increase in costs. Attention should be paid to changes in China - US policies [5][6]. 3. Summary by Related Content Supply - The USDA August report raised the US soybean yield per acre from 52.5 to 53.6 bushels per acre, a record high, but unexpectedly cut the 25/26 US soybean planting area by 2.5 million acres to 80.9 million acres. As a result, the 25/26 US soybean ending stocks were cut from 310 million bushels in July to 290 million bushels [5]. - The Pro Farmer inspection showed that the estimated yield per acre of new US soybeans was 63 bushels, lower than the USDA estimate. The good - excellent rate of US soybeans remained at 68%, still at a high level. Rainfall in the production areas in the next two weeks was expected to be low, but the temperature was low, which might lead to a downward revision of the good - excellent rate [5]. - The arrival of soybeans in China in August and September is expected to exceed 10 million tons, and soybean meal is expected to remain in the inventory accumulation cycle. Shipments from October to January are slow, and there is an expectation of inventory reduction in the far - month under the current China - US trade policy [5][6]. Demand - Short - term high inventory levels of pigs and poultry support soybean meal demand. However, policy - oriented control of pig inventory and weight is expected to affect far - month pig supply [6]. - Soybean meal has a high cost - performance ratio, and提货 is at a high level. In some areas, wheat replaces corn, reducing the use of high - protein feed. Soybean meal downstream transactions this week are relatively cautious [6]. Inventory - Domestic soybean inventory has increased to a high level. The inventory accumulation rate of soybean meal has slowed down but is still in the inventory accumulation cycle. The number of days of soybean meal inventory in feed enterprises has increased [6]. Price and Spread - The report provides data on the basis of 43% soybean meal spot (against the main contract) in different regions such as Dalian, Tianjin, and Zhangjiagang, as well as the basis of rapeseed meal spot in Guangdong, and various spread data such as M9 - M1, M9 - RM9, etc. [4][5]

Investment Ratings - Bean No.1: Neutral (White Star) [1] - Bean Meal: Slightly Bullish (One Red Star) [1] - Soybean Oil: Neutral (White Star) [1] - Palm Oil: Neutral (White Star) [1] - Rapeseed Meal: Neutral (White Star) [1] - Rapeseed Oil: Neutral (White Star) [1] - Corn: Slightly Bearish (One Green Star) [1] - Live Hogs: Slightly Bearish (One Green Star) [1] - Eggs: Neutral (White Star) [1] Core Views - The overall agricultural product market shows a complex situation with different trends in various varieties. Some are affected by supply - demand factors, some by policies, and others by weather and trade relations [2][3][7] - There are opportunities for long - term investment in some varieties like eggs, while others like live hogs are expected to remain weak in the medium - term [8][9] Summary by Variety Bean No.1 - The price of Bean No.1 is in a weak decline due to increased supply pressure from policy - driven soybean auctions and weak demand. The spread between Bean No.1 and Bean No.2 is in consolidation. Short - term focus should be on soybean policies and Sino - US trade relations [2] Soybean & Bean Meal - As of August 24, the US soybean good - to - excellent rate was 69%, higher than expected. Global oil strength may boost soybean crushing. China's soybean supply in Q4 is sufficient, but there may be a gap in Q1 next year. The situation of "crushing for oil" has emerged. The long - term view on domestic bean meal is cautiously bullish [3] Soybean Oil & Palm Oil - The market has positive expectations for Sino - US trade negotiations. US soybean oil is in a short - term rebound and then in a shock. Mid - term overseas palm oil is in a production - reducing cycle. Long - term, there is a development trend for US and Indonesian biodiesel. Bean and palm oils can be considered for buying at low prices with risk control [4] Rapeseed Meal & Rapeseed Oil - Rapeseed varieties' futures prices closed down today, dragged down by the weak external rapeseed market. The supply and demand of Canadian rapeseed affect global rapeseed prices. The domestic rapeseed market is in a short - term shock and the price center may shift down [6] Corn - China Grain Reserves Corporation continued to auction imported corn with a 15% transaction rate. Shandong's corn supply is stable. The US corn good - to - excellent rate was 71% as of August 24. Domestic new - season corn may have a good harvest, and the Dalian corn futures may continue to be weak at the bottom [7] Live Hogs - The live hog spot price is weak, with the average slaughter price hitting a new low. The supply is abundant. The futures price follows the spot price. The supply is expected to be high in the second half of the year, and the price is expected to remain weak in the medium - term. Policy aims at industry capacity reduction, but the inflection point has not been seen [8] Eggs - Egg futures are weak, with some contracts hitting new lows and funds increasing positions. Spot prices are rising in many places. There may be a seasonal rebound in egg prices from late August to September. In the long - term, there are signs of accelerated culling of old hens, and there is a high probability of capacity reduction in the second half of the year. It is advisable to consider buying futures contracts for the first half of next year at low prices [9]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - In the short - term, the market is likely to maintain a slightly stronger oscillating trend. The future trend of US cotton is expected to be slightly stronger with oscillations, and Zhengzhou cotton is expected to maintain a slightly stronger oscillating trend in the short - term, but the upward space is relatively limited. The trading strategy for options is to sell put options, and for arbitrage, it is to wait and see [8][9][12] Group 3: Summary by Relevant Catalogs Market Information - **Futures Disk**: For cotton futures, the closing prices of CF01, CF05, and CF09 contracts decreased by 20, and the closing price of CY01 increased by 5, CY05 remained unchanged, and CY09 decreased by 35. The trading volumes and open interests of each contract also had corresponding changes. For example, the trading volume of CF01 decreased by 94,563, and the open interest increased by 3,455 [3] - **Spot Price**: The CCIndex3128B price was 15,334 yuan/ton, up 91; the CY IndexC32S price was 20,760, up 20. The Cot A price was 78.90 cents/pound, unchanged; the FCY IndexC33S price was 21,880, down 11. Other spot prices also had corresponding changes [3] - **Spreads**: In cotton spreads, the 1 - 5 month spread was 45 with no change, the 5 - 9 month spread was 275 with no change, and the 9 - 1 month spread was - 320 with no change. In yarn spreads, the 1 - 5 month spread was - 235, up 5, the 5 - 9 month spread was 315, up 35, and the 9 - 1 month spread was - 80, down 40. The CY01 - CF01 spread was 6,060, up 25, and the 1% tariff internal - external cotton spread was 1,437, up 99 [3] Market News and Views - **Cotton Market News** - As of August 23, Brazil's cotton harvesting progress was 60.3%, up 11.4 percentage points week - on - week, 15.8% slower than last year, mainly due to the lag in Mato Grosso [6] - As of August 24, the boll - setting rate of US cotton was 81%, 7 percentage points slower than last year and 6 percentage points slower than the five - year average. The flocculation rate was 20%, the same as last year and 2 percentage points slower than the five - year average. The excellent and good rate was 55%, 15 percentage points higher than last year and 11 percentage points higher than the five - year average [6] - As of August 25, India's weekly cotton market volume was 0.8 million tons, down 20% year - on - year. The cumulative market volume in the 2024/25 season was 5.1675 million tons, down 4% year - on - year. The CAI cumulative market volume reached 98% of the 24/25 season forecast balance sheet output, the same as last year [7] - In 2025, the total volume of the sliding - scale duty processing trade quota for cotton imports is 200,000 tons, and it will be issued on a contract - based application basis [7] - **Trading Logic**: After the recent China - US talks, tariffs are likely to be extended by 90 days, and the short - term tariff impact may weaken. China's anti - involution policies have a certain positive impact on commodities. On the supply side, cotton supply is still tight, and whether to issue additional sliding - scale duty quotas in the future will be the main influencing factor. On the demand side, demand is expected to improve from the off - season to the peak season in August. If demand is lower than expected, it will have a negative impact on Zhengzhou cotton [8] - **Trading Strategy** - **Single - side**: The future trend of US cotton is likely to be slightly stronger with oscillations, and Zhengzhou cotton is expected to maintain a slightly stronger oscillating trend in the short - term, but the upward space is limited [9] - **Arbitrage**: Wait and see [10] - **Options**: Sell put options [12] - **Cotton Yarn Industry News** - Recently, the transaction in the pure cotton yarn market is okay, and spinning mills are selling at reasonable prices to reduce inventory, but there is still resistance to price increases. The market is worried about large - scale spinning mills' low - price promotions in early September, and the yarn price is expected to be stable in the short - term [12] - The price of the pure cotton grey fabric market is stable with a weak trend, the overall transaction atmosphere is still weak, and fabric mills are mainly digesting inventory. Most fabric mills still have large inventory pressures, and the order improvement is not sustainable. The dyeing factory's order scheduling recovery is limited and weaker than in previous years [12] Options - **Volatility**: Today, the 120 - day HV of cotton increased slightly compared to the previous day. The implied volatility of CF601 - C - 14000 was 10.5%, CF601 - P - 13600 was 9.8%, and CF601 - P - 13400 was 10.1% [14] - **Option Strategy Suggestion**: Today, the PCR of the main contract of Zhengzhou cotton was 0.7560, and the PCR of the trading volume of the main contract was 0.6197. The trading volumes of both call and put options increased. The option strategy is to sell put options [15][16] Relevant Attachments - The report provides multiple charts, including the 1% tariff internal - external cotton price spread, cotton 1 - month basis, cotton 5 - month basis, cotton 9 - month basis, CY05 - CF05 spread, CY01 - CF01 spread, CF9 - 1 spread, and CF5 - 9 spread [17][24][27]

1. Investment Ratings No investment ratings are provided in the reports. 2. Core Views Palm Oil - Internationally, it may test the support at 4,500 ringgit and could briefly drop to 4,350 ringgit. Pay attention to production and inventory data [1]. - Domestically, after the futures price stabilizes above 9,500 yuan, it may rise to the 9,800 - 10,000 yuan range, maintaining a near - strong and far - weak pattern [1]. Soybean Oil - CBOT soybean oil may experience narrow - range fluctuations. If the policy is not released, it may decline due to sufficient soybean supply in the US [1]. - Domestically, with the arrival of the consumption season, the inventory is expected to decrease, and the basis quote may rise [1]. Corn - Short - term: Supply is increasing, demand is weak, and the market is in a weak and volatile state [2]. - Medium - term: New - season corn costs are decreasing, production may increase, and the supply pressure in the fourth quarter is significant [2]. Live Pigs - Spot prices are stable with minor fluctuations. Short - term sentiment may support the market, but there may be a concentrated slaughter before the double festivals. It is recommended to wait and see, and consider a small - scale long position in the far - month 01 contract below 14,000 [6]. Meal - US soybean prices are supported by weather and Chinese procurement expectations, but the domestic market may not rise smoothly due to import concerns. The cost support for domestic meals is strong in the fourth quarter [10]. Sugar - Raw sugar is under pressure from supply expectations but may be affected by potential production cuts in Brazil. It is expected to trade in the 15 - 17 cents/pound range in the short term. Zhengzhou sugar is expected to fluctuate narrowly [13]. Cotton - Short - term: Old - crop inventory is tight, supporting prices, but new - season production is expected to increase, so prices may fluctuate within a range [14]. - Long - term: New - cotton listing may put pressure on prices [14]. Eggs - Supply is sufficient, downstream digestion is slow, and egg prices are expected to remain bearish [16]. 3. Summary by Industry Oil and Fat Industry - **Soybean Oil**: On August 25, the spot price in Jiangsu was 8,740 yuan, up 0.58% from August 22; the futures price of Y2601 was 8,536 yuan, up 0.52% [1]. - **Palm Oil**: On August 25, the spot price in Guangdong was 9,620 yuan, up 0.84%; the futures price of P2601 was 9,488 yuan, down 0.23% [1]. - **Rapeseed Oil**: On August 25, the spot price in Jiangsu was 9,980 yuan, up 0.30%; the futures price of OI601 was 9,998 yuan [1]. Corn Industry - **Corn**: The price of corn 2511 at Jinzhou Port decreased by 0.97%, the basis increased by 63.08%, and the 11 - 3 spread decreased by 53.33% [2]. - **Corn Starch**: The price of corn starch 2511 decreased by 0.68%, the basis increased by 8.02%, and the 11 - 3 spread decreased by 11.43% [2]. Live Pig Industry - The spot price was stable, the basis of the main contract decreased by 24.05%, and the sample - point slaughter volume decreased by 0.84% [5]. Meal Industry - **Soybean Meal**: The spot price in Jiangsu was 3,060 yuan, up 0.33%; the futures price of M2601 was 3,117 yuan, up 0.94% [10]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,580 yuan, up 1.57%; the futures price of RM2601 was 2,547 yuan, up 0.16% [10]. Sugar Industry - The futures price of sugar 2601 increased by 0.32%, and the 1 - 9 spread increased by 42.86%. Nationwide sugar production increased by 12.03% year - on - year [13]. Cotton Industry - The futures price of cotton 2509 increased by 0.29%, and the 9 - 1 spread decreased by 18.52%. Commercial inventory decreased by 16.9% month - on - month [14]. Egg Industry - The price of the egg 09 contract increased by 1.06%, the price of the 10 contract decreased by 0.40%, and the egg - to - feed ratio decreased by 0.82% [16].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - **Corn**: The spot price of corn is weak this week compared to last week. The purchase price at the northern ports continues to decline, and the arrival of goods is limited. The purchase price of deep - processing enterprises is also weak. The supply increases in the short term, and the market has a strong bearish expectation. The futures price of the near - month contract leads the decline, and the far - month contract follows. It is necessary to pay attention to the price performance of the 2511 contract at the 2150 integer mark and be vigilant against the rebound after a sharp decline [1]. - **Soybean Meal**: CBOT soybeans fell from a two - month high. The export inspection volume of US soybeans last week was 382,000 tons, and the previous week's inspection volume was revised up to 503,000 tons. The good rate of US soybeans was 69%, higher than the expected 67%. Brazil's soybean exports in the first four weeks of August increased by 24% year - on - year. Domestic soybean meal stopped falling and stabilized. The inventory of soybeans and soybean meal of major domestic oil mills increased last week, and the unexecuted contracts decreased. The market transaction improved. The strategy is to maintain a long - only mindset and participate in the positive spread between months [1]. - **Oils and Fats**: BMD palm oil fell. The export of Malaysian palm oil from August 1 - 25 increased by 10.9% - 16.4% month - on - month. Indonesia urged the EU to cancel the anti - subsidy tax on imported biodiesel. Canadian canola futures closed lower. The domestic three major vegetable oils fluctuated, with soybean oil and rapeseed oil performing stronger than palm oil. The inventory pressure increased, and the demand was still weak. If the spot demand starts later, the supply - demand situation of oils and fats is expected to improve, and the basis is expected to strengthen. The strategy is to participate in short - term long positions and sell put options [1]. - **Eggs**: The main 2510 contract of eggs fluctuated and adjusted, and the 2509 contract rebounded. The spot price of eggs increased slightly. After the previous price correction, the terminal demand was slightly boosted, but most traders purchased on demand. In the future, egg demand will enter the peak season, and the egg price may have a seasonal rebound, but the rebound strength is limited due to supply pressure. The short - term market sentiment is bearish, and the futures market continues to be weak [1][2]. - **Pigs**: The main 2511 contract of live pigs futures closed up 0.51%. The futures price continued the range - bound market. The spot price of live pigs decreased slightly. Some large farms increased their slaughter, and the supply increased, while the demand support was general. According to the seasonal law, the demand will recover as the high - temperature weather subsides, and the pig price has support, but the abundant supply still exerts pressure on the pig price. The pig price is expected to remain volatile [2]. 3. Market Information - The export volume of Malaysian palm oil from August 1 - 25 was 1,141,661 tons (ITS data), a 10.9% increase compared with the same period last month, and 1,065,005 tons (Amspec data), a 16.4% increase [3]. - The overall supply of spring plastic - film peanuts in Henan is still low, and the supply area is expected to expand at the end of August. The price may decline slightly in the short term before the large - scale listing of new peanuts. The purchase price of Henan Daza peanuts from late August to early September is expected to be between 7,800 - 8,500 yuan/ton [3]. - The import cost of Brazilian soybeans increased this week, and the prices of domestic soybean oil and soybean meal decreased slightly. The crushing profit of imported soybeans in China declined. As of August 22, the crushing profit of imported Brazilian soybeans for October - November shipments was - 147~ - 115 yuan/ton on the futures market and - 57~ - 25 yuan/ton in the spot market. More than 70% of the soybeans for October shipments have been purchased, and only 10% for November [3]. - The soybean crushing volume of domestic oil mills decreased slightly last week. As of August 22, the crushing volume was 2.27 million tons, a week - on - week decrease of 70,000 tons, a month - on - month increase of 30,000 tons, a year - on - year increase of 220,000 tons, and an increase of 350,000 tons compared with the average of the past three years. It is expected that the operating rate of oil mills will remain high this week, and the crushing volume will rebound to about 2.5 million tons [3]. 4. Variety Spreads - **Contract Spread**: The report provides the 1 - 5 contract spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but no specific analysis of these spreads is given [4][5][6]. - **Contract Basis**: The report provides the contract basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but no specific analysis of these bases is given [12][13][16].