1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - The pig market is currently under pressure due to strong supply and weak demand in the short - term, with a near - weak and far - strong trend in the futures market. Egg prices may rise in the short - term but are limited by supply pressure, and the supply pressure may ease in the fourth quarter. The short - term trend of edible oils is high - level oscillation with upward potential after a correction, with palm oil expected to be the strongest, followed by soybean oil, and rapeseed oil being relatively weak. The short - term trend of soybean meal is range - bound, and it is expected to strengthen in the medium - to - long - term. The short - term trend of corn is a tug - of - war between supply and demand, and it is expected to rise in the medium - to - long - term, but the upside is limited [1][2][6][7]. 3. Summary by Related Catalogs Pig - On July 25, the spot prices of pigs in Liaoning, Henan, and Guangdong decreased, while that in Sichuan remained stable. In the short - term, supply is strong and demand is weak, and the pig price will be adjusted slightly. In the medium - to - long - term, the supply will gradually increase in the second half of the year. The futures market shows a near - weak and far - strong trend. It is recommended to go short on 09 and 11 contracts when they rebound under pressure and wait and see on the 01 contract, and also consider the strategy of shorting 09, 11 and longing 01 [1]. Egg - On July 25, the egg prices in Shandong Dezhou and Beijing remained stable. In the short - term, the egg price has an upward drive but is limited by supply. In the medium - term, the supply will increase in the future. In the long - term, the supply may decrease. It is recommended to take a short position on the 09 contract and wait for a long - position opportunity on the 12 and 01 contracts [2]. Edible Oils Palm Oil - On July 24, the Malaysian palm oil futures price rose. Although the export decreased and the production increased from July 1 - 20, multiple factors support the short - term strong - side oscillation of Malaysian palm oil. In China, the supply of palm oil will be abundant in August. It is recommended to focus on the 4400 pressure level of the 10 - contract [4]. Soybean Oil - In the short - term, the U.S. soybean may have limited decline and will be range - bound. In China, the soybean oil inventory is expected to accumulate in the short - term, but the long - term supply is uncertain. The 11 - contract has support at 1000 - 1020 [5]. Rapeseed Oil - The Canadian rapeseed futures price will continue to oscillate in the short - term. In China, the supply of rapeseed oil will tighten, and the possibility of importing Australian rapeseed has increased. It is recommended to focus on the July 25 - 26 Canadian supply - demand report [6]. Soybean Meal - On July 24, the U.S. soybean futures price rose. In the short - term, the U.S. soybean will be range - bound, and the domestic soybean meal spot price increase is limited, while the futures price is relatively strong. In the medium - to - long - term, the cost will rise, and the price is expected to strengthen. It is recommended to go long on the M2509 contract at low levels and consider the M2511 and M2601 contracts at low levels [7]. Corn - On July 24, the corn purchase prices in Jinzhou Port and Shandong Weifang Xingmao rose. In the short - term, the supply - demand tug - of - war is intensifying, and the price range is limited. In the medium - to - long - term, the supply - demand relationship will tighten, and the price will rise, but the upside is limited. It is recommended to be cautious about going long on the 09 contract and consider the 9 - 1 reverse spread [7]. Today's Futures Market Overview - The report provides the closing prices, price changes, and other information of various futures and spot varieties on the previous trading day and the day before the previous trading day, including CBOT soybeans, soybean meal, corn, etc. [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The supply - demand pressure of live pigs remains, showing a situation of weak reality and strong expectation. For eggs, the short - term price has a rising drive but the supply pressure is large, and the supply pressure in the fourth quarter may ease. Oils are expected to be in a relatively strong trend after a correction. The short - term trend of soybean meal is range - bound, and it may strengthen in the medium - to - long term. The short - term supply - demand of corn is in a game, and the price may rise in the medium - to - long term with limited upside space [1][2][7][8][9] Summary by Variety Live Pigs - On July 24, the spot prices in Liaoning, Henan, Sichuan, and Guangdong all declined. In the short term, supply exceeds demand, and the pig price adjusts slightly. In the medium - to - long term, the supply will gradually increase. Under the expectation of capacity reduction, it shows weak reality and strong expectation. The 09 contract has pressure at 14700 - 15000, the 11 contract at 14400 - 14600, and the 01 contract has support. Consider the strategy of shorting 09, 11 and going long on 01 [1] Eggs - On July 24, the prices in Shandong Dezhou and Beijing remained stable. In the short term, high - temperature weather reduces the laying rate, and demand is expected to turn seasonally strong, but supply factors limit the increase. In the medium term, the supply in August - October 2025 may increase. In the long term, the subsequent new production may decrease. The 09 contract waits for spot guidance, and consider shorting on rallies. The 12 and 01 contracts can be considered for long positions on dips [2] Oils Palm Oil - On July 23, the Malaysian palm oil futures rose. The MPOB June report was neutral - bearish, but the market focused on the increased import demand. In July, the export decline and production increase were bearish, but the GAPKI May report and other factors were bullish. The short - term trend is relatively strong, and the 10 contract focuses on the 4300 - 4400 pressure level. In China, the supply in August is relatively loose [4][5] Soybean Oil - As of mid - July, the growth of US soybeans is good. The US soybean futures are in a short - term range - bound. The short - term inventory accumulation in China is expected to be strong, but the long - term supply is uncertain. The soybean oil is moderately strong [6] Rapeseed Oil - The growth of Canadian rapeseed is improving, but there are potential weather threats. The international demand may be affected. In China, the supply is tightening, but the potential import of Australian rapeseed may improve the supply. It is relatively weak [7] Soybean Meal - On July 23, the US soybean futures declined. The short - term US soybean is range - bound, and the domestic soybean meal is strong in the short term but the upside of the spot is limited. In the medium - to - long term, there may be a supply gap. Short - term, consider going long on the M2509 contract on dips; medium - to - long term, pay attention to the M2511 and M2601 contracts [8] Corn - On July 23, the price in Jinzhou Port was stable, and the price in Shandong Weifang Xingmao increased. The short - term supply - demand game is intense, and the price is range - bound. In the medium - to - long term, the supply - demand tightens, and the price may rise but the upside is limited. Short - term, be cautious about going long on the 09 contract; consider the 9 - 1 reverse arbitrage [8][9] Today's Futures Market Overview - The table shows the prices, price changes of various futures and spot products such as CBOT soybeans, soybean meal, corn, etc. on the previous trading day and the day before the previous trading day [10]

Report Industry Investment Rating No relevant content provided. Core View of the Report The report provides daily insights into the feed and aquaculture industry including price movements of various agricultural products and offers corresponding trading strategies. It analyzes the supply - demand dynamics of products such as pigs, eggs, palm oil, soybean oil, rapeseed oil, soybean meal, and corn, and expects a short - term correction but a long - term bullish trend for oils. [1][2][5][8] Summary by Relevant Catalogs Pigs - On July 23, the spot price of pigs in Liaoning was 14 - 14.6 yuan/kg, down 0.1 yuan/kg from the previous day; in Henan, it was 14.2 - 14.5 yuan/kg, also down 0.1 yuan/kg; in Sichuan, it was stable at 13.5 - 13.7 yuan/kg; in Guangdong, it was stable at 15.6 - 16.2 yuan/kg. The short - term supply - demand game is intensifying, and the pig price fluctuates within a narrow range. In the medium - to - long - term, the supply pressure in the second half of the year is still high, and the price rebound is under pressure. [1] - Futures prices are rising due to macro - bullish sentiment, but the supply - demand pressure remains. The pressure levels for contracts 09, 11, and 01 are 14500 - 14700, 14000 - 14200, and 14400 respectively. It is recommended to wait and see for unilateral trading, and consider shorting contracts 11 and 01 on rebounds, and also pay attention to the short 09/11 and long 01 arbitrage. [1] Eggs - On July 23, the egg price in Shandong Dezhou was 3.25 yuan/jin, up 0.1 yuan/jin from the previous day; in Beijing, it was 3.39 yuan/jin, up 0.12 yuan/jin. In the short - term, high - temperature weather reduces the egg - laying rate, and demand is expected to pick up seasonally, driving up the egg price, but supply - side factors limit the increase. [2] - In the medium - term, the high number of chicks replenished from April to June 2025 means more laying hens will start production from August to October 2025, and the supply increase trend may be hard to reverse. In the long - term, the enthusiasm for chick replenishment has declined, and the number of new - laying hens may decrease. [2] - The current 09 basis is still low, and the futures market is highly volatile. It is recommended to wait for spot price guidance. If the spot price increase slows down, consider shorting at high prices. For the fourth - quarter contracts 12 and 01, consider going long at low prices, and pay attention to feed prices and hen culling. [2] Oils - On July 22, the US soybean oil December contract fell 0.57% to 55.48 cents/lb due to falling international crude oil prices; the Malaysian palm oil October contract rose 0.88% to 4263 ringgit/ton, driven by the strength of US soybean oil but limited by falling crude oil and other edible oil markets. [4] - For palm oil, the June MPOB report showed an increase in ending stocks, but the market focused on the strong import demand in major consuming countries in June. In July, although exports decreased and production increased, Indonesian biodiesel news, potential lower - than - expected production in Indonesia, and import demand from China and India supported the short - term bullish trend. The 10 - contract is expected to face resistance at 4300 - 4400. In China, palm oil stocks have risen, and new purchases in August are being watched. [5] - For soybean oil, as of mid - July, the growth of US soybeans in the 25/26 season is good. Although there will be high - temperature weather in the next 1 - 2 weeks, there will also be precipitation. The US soybean oil is strong due to the RVO draft from the EPA and potential trade negotiations. In China, soybean oil stocks are expected to accumulate in July, and the long - term supply depends on future soybean purchases. [6] - For rapeseed oil, the growth of Canadian rapeseed is improving, but there is still a risk of drought. Sino - Canadian relations may lead to an increase in Australian rapeseed imports. In China, rapeseed oil stocks are gradually decreasing, and the impact of Australian rapeseed imports needs to be monitored. [7] - Overall, although there was a correction in domestic oils due to factors such as falling international crude oil prices and reduced palm oil exports, the correction is limited, and oils are expected to be bullish after the correction. Palm oil is expected to be the strongest, followed by soybean oil, and rapeseed oil may be relatively weak. It is recommended to buy on dips for the 09 contracts of soybean, palm, and rapeseed oils, paying attention to the support levels of 8000, 8900, and 9400 respectively. [8][9] Soybean Meal - On July 22, the US soybean 11 - contract fell 0.5 cents to 1025.5 cents/bu, and the domestic soybean meal was stronger than US soybeans due to the expected destocking after August and tariff factors. The M2509 contract closed at 3086 yuan/ton. [9] - In the short - term, the good precipitation in the US soybean - growing areas and high soybean quality limit the upward movement of US soybeans. In China, high soybean arrivals and high - volume crushing lead to inventory accumulation, limiting the increase in the spot price of soybean meal. The basis is expected to be weak, with a bottom around 09 - 200 yuan/ton in the East China region. The M2509 contract is trading on the destocking expectation. [9] - In the medium - to - long - term, there may be a supply gap from October to January, and attention should be paid to import policies and volumes. It is recommended to reduce long positions in the short - term for the M2509 contract and go long on the M2511 and M2601 contracts at low prices in the medium - to - long - term. [9] Corn - On July 22, the purchase price of new corn at Jinzhou Port was 2290 yuan/ton, and the平仓 price was 2330 yuan/ton; in Shandong Weifang Xingmao, the purchase price was 2522 yuan/ton, both stable from the previous day. [9] - In the short - term, policy - grain releases increase supply, but reduced selling willingness and inventory depletion support the price. However, the availability of alternative feedstocks limits the upward space. In the medium - term, there was a production reduction in the 24/25 season, and the supply - demand situation tightened, but policy releases and alternative feedstocks limit price increases. In the long - term, the 25/26 corn planting is stable, and costs have decreased. [9] - It is recommended to be cautious about going long on the 09 contract in the short - term and wait for spot price guidance. Also, pay attention to the 9 - 1 reverse - spread arbitrage opportunity. [9] Today's Futures Market Overview - The report provides the closing prices, price changes, and trading information of various futures and spot products including CBOT soybeans, soybean meal, CBOT corn, etc. [10]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Short - term supply - demand game intensifies in the feed and breeding industry, with price fluctuations. In the medium - and long - term, supply pressure remains high in some sectors, and price rebounds face challenges. Different varieties have different performance trends due to various factors such as production, consumption, and policies [1][2][5][6] - The strategy suggestions for different varieties include waiting for appropriate trading opportunities based on pressure levels, conducting hedging operations, and following the idea of buying on dips [1][2][5][7] Summary by Related Catalogs 1. Hog - **Spot Price**: On July 22, the spot price in Liaoning was 14.2 - 14.6 yuan/kg, stable; in Henan 14.2 - 14.6 yuan/kg, stable; in Sichuan 13.5 - 13.7 yuan/kg, stable; in Guangdong 15.8 - 16.2 yuan/kg, up 0.2 yuan/kg [1] - **Supply and Demand**: In July, the scale enterprise's slaughter volume decreased, and factors like government price - stabilizing sentiment and secondary fattening supported the price. However, high hog weight and weak demand restricted the price increase. In the medium - and long - term, the supply pressure is large due to the increase in the number of sows capable of reproduction [1] - **Strategy**: The futures price has risen, but the supply - demand pressure persists. The pressure levels for 09, 11, and 01 contracts are 14500 - 14700, 14000 - 14200, and 14200 - 14400 respectively. It is recommended to wait and see on the long - short side, short 11 and 01 on rebounds, and consider the spread trading of short 09, 11 and long 01 [1] 2. Egg - **Spot Price**: On July 22, the price in Shandong Dezhou was 3.15 yuan/jin, stable; in Beijing 3.27 yuan/jin, stable [2] - **Supply and Demand**: In the short - term, high - temperature weather reduces the laying rate and drives the price up, but factors like slow culling, large new - laying hens, and cold - storage egg release limit the increase. In the medium - term, the supply will increase in the future due to high replenishment in 25 years 4 - 6 months. In the long - term, the replenishment enthusiasm has declined, and the new - laying may decrease [2] - **Strategy**: The 09 contract's basis is low, and the futures price is waiting for spot guidance. It is recommended to short on highs if the spot price increase slows down. Consider going long on 12 and 01 contracts in the fourth quarter [2][3] 3. Oil - **Futures Price**: On July 21, the US soybean oil 12 - month contract rose 0.40% to 55.80 cents/pound; the Malaysian palm oil 10 - month contract fell 2.09% to 4226 ringgit/ton [4] - **Supply and Demand**: Palm oil: The June ending inventory increased, and the export in July 1 - 20 decreased while the production increased. The domestic inventory rose in June. Soybean oil: The US soybean growth is good, and the export is expected to improve. The domestic inventory is expected to increase in July. Rapeseed oil: The Canadian rapeseed growth is improving, and the Australian rapeseed may enter the Chinese market [5] - **Strategy**: The oil prices are expected to be strong after a correction. Palm oil is the strongest, soybean oil is medium, and rapeseed oil is relatively weak. Consider buying on dips for 09 contracts of soybean, palm, and rapeseed oil [6][7] 4. Soybean Meal - **Futures Price**: On July 21, the US soybean 11 - contract fell 9.75 cents to 1026 cents/bushel; the domestic M2509 contract closed at 3069 yuan/ton [7] - **Supply and Demand**: The US soybean is waiting for weather guidance, and the domestic soybean meal is stronger than the US soybean due to the expected de - stocking after August and tariff effects. The domestic supply is abundant in July - August, and the inventory is expected to decrease later [7] - **Strategy**: Short - term, reduce long positions and take profits; medium - and long - term, go long on M2511 and M2601 contracts on dips [7] 5. Corn - **Spot Price**: On July 21, the new corn purchase price in Jinzhou Port was 2290 yuan/ton, stable; the purchase price in Shandong Weifang Xingmao was 2522 yuan/ton, stable [8] - **Supply and Demand**: In the short - term, policy grain supply and demand game intensifies, and the price range is limited. In the medium - term, the supply is tightening, but substitutes limit the increase. In the long - term, the planting is stable, and the cost decreases [8] - **Strategy**: Short - term, be cautious about going long unilaterally and wait for spot guidance; consider the 9 - 1 reverse spread trading [8] 6. Today's Futures Market Overview - **Price Changes**: CBOT soybean decreased 8.25 cents to 1026.75 cents/bushel; domestic soybean meal M2509 rose 13 yuan to 3069 yuan/ton; CBOT corn decreased 5 cents to 404 cents/bushel; domestic corn futures rose 6 yuan to 2320 yuan/ton; CBOT soybean oil rose 0.22 cents to 55.80 cents/pound; BMD palm oil rose 3984 ringgit to 8300 ringgit/ton; ICE rapeseed decreased 1.10 Canadian dollars to 698.90 Canadian dollars/ton; egg futures rose 41 yuan to 3636 yuan/500 kg; hog futures rose 230 yuan to 14365 yuan/ton [9]

1. Investment Ratings The report does not mention any industry investment ratings. 2. Core Views - The current situation of the feed and breeding industry is complex, with each product facing unique supply - demand dynamics and price trends. The overall market is in a state of multi - factor influence, and prices are expected to fluctuate in the short to medium term [1][2][5][6][7][8][9]. 3. Summary by Product 3.1. Pig - **Short - term**: On June 12, the national pig price showed a pattern of decline in the north and stability in the south. The supply - demand pattern of strong supply and weak demand remains unchanged, and the pig price is under pressure. It is expected to maintain a volatile consolidation, with the 07 contract having a pressure level of 13700 - 13800 and a support level of 12800 - 13000; the 09 contract having a pressure level of 14000 - 14200 and a support level of 13100 - 13300; the 11 contract having a pressure level of 13700 - 13800 and a support level of 13000 - 13200. The strategy is to wait for a rebound to the pressure level and then short [1]. - **Medium - to - long - term**: From June to September 2024, the supply is increasing, and in the fourth quarter, the supply pressure is still large, and the long - term price rebound is under pressure [1]. 3.2. Egg - **Short - term**: As the rainy season approaches, egg demand seasonally weakens, and the supply is relatively sufficient, so the egg price support is insufficient. The 08 and 09 contracts are mainly treated as bearish, waiting for a rebound to short. The 08 contract should focus on the 3650 - 3750 pressure level, and the 09 contract on the 3770 - 3820 pressure level [2]. - **Medium - term**: From July to August 2025, there will be more newly - opened laying hens, and the long - term supply increase trend may be difficult to reverse [2]. - **Long - term**: In the fourth quarter, the supply pressure may be alleviated, and attention should be paid to the elimination and chicken disease situations in the third quarter [2]. 3.3. Oil - **Palm oil**: In the short term, the 08 contract is in a dilemma of rising or falling, and is expected to fluctuate in the 3700 - 3800 range. In the long run, the trend of inventory accumulation in Malaysia remains unchanged, and it is difficult to provide continuous upward momentum [5]. - **Soybean oil**: In the short term, the 07 contract of US soybeans is expected to oscillate widely in the 1030 - 1080 range. In China, the inventory of soybean oil is expected to increase. In the long run, the price decline is limited due to factors such as the tightening of new - crop soybean supply [6]. - **Rapeseed oil**: ICE rapeseed is expected to rise moderately in the short term. In China, the rapeseed oil price is supported by the expectation of supply tightening after June. The inventory is currently at a historically high level, but it is expected to decrease in the far - month [7]. - **Overall**: The overall fundamentals of oils are mixed, and the trend is expected to continue to oscillate at the bottom. From the third quarter, oils are expected to stop falling and rebound. The 09 contracts of soybean, palm, and rapeseed oils are expected to oscillate in the short term, with operating ranges of 7500 - 8000, 7800 - 8300, and 9000 - 9500 respectively. Attention can be paid to the strategy of narrowing the oil - meal ratio [7][8]. 3.4. Soybean Meal - **Short - term**: US soybeans are affected by weather, and the price is expected to be strong. In China, from June to August, the supply of soybeans and soybean meal will increase, which will limit the increase of near - month contracts and spot prices [8]. - **Medium - to - long - term**: The cost increases and the influence of weather disturbances make the price trend stable and strong. The M2509 contract is mainly long on dips, and attention should be paid to the support performance at 2950 - 2980 [8]. 3.5. Corn - **Short - term**: The market supply - demand game intensifies, and the corn price has support. The spot is strong, and the futures price oscillates [9]. - **Medium - to - long - term**: The supply - demand relationship tightens marginally, which drives the price up, but the upward space is limited by substitutes. The 07 contract oscillates at a high level (2280 - 2400), and attention can be paid to the 7 - 9 positive spread [9]. 3.6. Today's Futures Market Overview - The report provides the trading prices and price changes of various products such as CBOT soybeans, soybean meal, corn, etc. on the previous trading day and the day before the previous trading day [10].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overall supply-demand pattern in the feed and aquaculture industry is complex, with different products facing various short - term, medium - term, and long - term supply and demand situations, resulting in different price trends and investment strategies [1][2][4][8][9]. Summary by Product 1. Pig - **Price Situation**: On June 11, the spot prices in Liaoning, Henan, Sichuan, and Guangdong were 13.9 - 14.2 yuan/kg, 13.8 - 14.4 yuan/kg, 13.8 - 14 yuan/kg, and 15 - 15.4 yuan/kg respectively, with prices in Liaoning rising and those in other regions remaining stable [1]. - **Supply - Demand Analysis**: In the short term, the supply - demand pattern of strong supply and weak demand remains unchanged. There is still significant pressure on pig slaughter in June, and the seasonal demand off - season is emerging. In the long term, the supply from June to September is expected to increase, and the supply pressure in the fourth quarter is still high [1]. - **Strategy**: The futures market is in a state of discount. In the short term, it will fluctuate at a low level. It is advisable to short at the resistance level after a rebound [1]. 2. Egg - **Price Situation**: On June 11, the prices in Shandong Dezhou and Beijing were 2.5 yuan/jin and 2.78 yuan/jin respectively, both showing a decline [2]. - **Supply - Demand Analysis**: In the short term, the demand is seasonally weakening, and the supply is still relatively sufficient. In the medium term, the supply is expected to increase in the future. In the long term, the supply pressure may ease in the fourth quarter [2]. - **Strategy**: Temporarily observe the 07 contract. For the 08 and 09 contracts, take a bearish view and short at high levels after a rebound. Look for long opportunities for the 10 contract at low levels [2]. 3. Oil - **Price Situation**: On June 10, the US soybean oil main contract rose, the Malaysian palm oil main contract fell, and domestic palm oil and soybean oil prices mostly declined while rapeseed oil prices rose [4]. - **Supply - Demand Analysis**: The fundamentals of palm oil, soybean oil, and rapeseed oil are all mixed. Palm oil has limited upside potential due to seasonal production increases. Soybean oil is under supply pressure but has some support. Rapeseed oil has short - term supply pressure but may see inventory reduction in the long term [5][6][7]. - **Strategy**: The 09 contracts of soybean, palm, and rapeseed oil will fluctuate in the short term. Consider the oil - meal ratio shrinking strategy [8]. 4. Soybean Meal - **Price Situation**: On June 10, the US soybean 07 contract rose, and the domestic soybean meal futures price also increased [8]. - **Supply - Demand Analysis**: In the short term, the US soybean price is strong due to weather factors, while the domestic supply is increasing. In the long term, the cost increase and weather factors will drive the price to rise steadily [8]. - **Strategy**: Go long on the M2509 contract at low levels and hold existing long positions [8]. 5. Corn - **Price Situation**: On June 10, the new corn purchase price in Jinzhou Port rose, and the price in Shandong Weifang remained stable [9]. - **Supply - Demand Analysis**: In the short term, the supply - demand game intensifies, and the price has support. In the long term, the supply - demand situation tightens, but the price increase is limited by substitutes [9]. - **Strategy**: Take a bullish view overall. For the 07 contract, go long at the lower end of the range. Consider the 7 - 9 positive spread arbitrage [9]. 6. Today's Futures Market Overview - The table shows the price changes of various futures and spot products such as CBOT soybeans, soybean meal, CBOT corn, etc. from the previous trading day [10].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The overall supply-demand situation in the feed and breeding industry is complex, with different products facing different supply and demand pressures and price trends. For example, the pig price is under pressure in the short and long term, the egg price is under pressure in the short and medium term but may ease in the long term, and the price trends of various oils and fats are also affected by multiple factors such as production, consumption, and policies [1][2][5]. Summary by Related Catalogs Pig - On June 10, the spot prices of pigs in Liaoning, Henan, and other regions were stable with a slight increase. The short - term pig price is expected to fluctuate and consolidate, and the long - term price rebound is under pressure due to large supply. The 07, 09, and 11 contracts of the futures are recommended to short at the rebound pressure level [1]. Egg - On June 10, the egg prices in Shandong and Beijing were stable. In the short term, the egg price has some support but is under pressure due to seasonal factors. In the medium term, the supply is expected to increase. In the long term, the supply pressure may ease in the fourth quarter. Different strategies are recommended for different contracts [2]. Oils and Fats - On June 9, the prices of palm oil, soybean oil, and rapeseed oil showed different trends. Palm oil's export data improved in May, and the inventory accumulation speed in Malaysia slowed down, but the long - term accumulation trend remains. Soybean oil is affected by policies and fundamental factors, and the domestic inventory is expected to increase. Rapeseed oil is affected by factors such as Canada's supply and China - Canada relations. The overall oils and fats market is expected to fluctuate and bottom out in June and may rebound from the third quarter [4][5][6]. Bean Meal - On June 9, the domestic bean meal futures price rose. In the short term, the price is affected by US soybean weather, and the domestic inventory is expected to increase. In the long term, the price is expected to be stable with an upward trend due to cost and weather factors. The M2509 contract is recommended to go long at low levels [8]. Corn - On June 9, the corn prices in some regions were stable with a slight increase. In the short term, the corn price has support due to supply - demand game. In the long term, the price has an upward drive but the upward space is limited. The 07 contract is recommended to go long at the lower edge of the range, and the 7 - 9 spread arbitrage is recommended [9]. Futures Market Overview - The table shows the price changes of various futures and spot products on June 9, including CBOT soybeans, bean meal, corn, etc., providing a reference for the market situation [10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The pig market is characterized by strong supply and weak demand, with the price under pressure in the short - term and facing supply pressure in the fourth quarter. The egg market has a seasonal weakening in demand, and the supply is expected to increase in the third quarter. The corn market has intensified supply - demand competition, with short - term price support and long - term upward drive but limited upside space [4][5][8]. 3. Summary by Related Catalogs 3.1 Pig 3.1.1 Period - Spot End - As of June 6, the national spot price was 14.26 yuan/kg, down 0.36 yuan/kg from last week; the Henan pig price was 14.09 yuan/kg, down 0.27 yuan/kg; the futures price of live pigs 2509 was 13460 yuan/ton, down 145 yuan/ton; the 09 - contract basis was 630 yuan/ton, down 125 yuan/ton [4][15]. 3.1.2 Supply End - From May to November 2024, the inventory of breeding sows increased steadily, and the performance improved. In the case of stable epidemics, the supply from May to September showed an increasing trend. Although the production capacity has been reduced, the overall reduction is limited. In June, the pressure of live pig slaughter is still high. The proportion of small pig slaughter decreased, and the proportion of large pig slaughter increased slightly. The average slaughter weight continued to decline [4]. 3.1.3 Demand End - The weekly slaughter start - up rate and slaughter volume both declined. After the Dragon Boat Festival, demand fell, and downstream demand was poor. The cold - storage market demand was dull, but the cold - storage inventory was low, and the enthusiasm for cold - storage warehousing might increase as the pig price continued to fall [4]. 3.1.4 Cost End - The weekly piglet price dropped slightly, the price of binary breeding sows was stable, the feed cost was low, and the breeding profits of self - breeding and self - raising and purchasing piglets increased slightly [4]. 3.1.5 Weekly Summary - In June, the pressure of live pig slaughter is still high, and the overall consumption is difficult to perform well. The pig price still has a risk of decline, but the entry enthusiasm of secondary fattening and low cold - storage inventory limits the decline. In the long - term, the supply pressure in the fourth quarter is still large, and the forward price rebound is under pressure [4]. 3.1.6 Strategy Suggestion - The futures price is at a discount. In the short - term, it fluctuates at a low level. Wait for the price to rebound to the resistance level and then go short [4]. 3.2 Egg 3.2.1 Period - Spot End - As of June 6, the average price of the main egg - producing areas was 2.83 yuan/jin, down 0.12 yuan/jin from last Friday; the average price of the main egg - selling areas was 2.88 yuan/jin, down 0.07 yuan/jin; the main egg contract 2507 closed at 2859 yuan/500 kg, down 79 yuan/500 kg; the basis of the main contract was - 279 yuan/500 kg, up 79 yuan/500 kg. The egg price is expected to run weakly and stably in the future [5]. 3.2.2 Supply End - In June, the number of newly - opened laying hens was relatively high. The current market supply is still relatively sufficient, which exerts pressure on the egg price. In the long - term, the supply is expected to increase in the third quarter, but the number of newly - opened laying hens may decrease in the fourth quarter [5]. 3.2.3 Demand End - After the Dragon Boat Festival, the demand for replenishment and cold - storage warehousing increased, which supported the egg price, but the demand for eggs decreased seasonally, and the substitution consumption had support [5]. 3.2.4 Weekly Summary - In the short - term, the egg price has certain support, but the demand weakens seasonally, and the supply is still sufficient, which exerts pressure on the egg price. In the medium - term, the supply is expected to increase in the third quarter. In the long - term, the supply pressure may be relieved in the fourth quarter [5]. 3.2.5 Strategy Suggestion - Temporarily wait and see for the 07 contract, be cautious about bottom - fishing; treat the 08 and 09 contracts bearishly, wait for the price to rebound and then go short; pay attention to the opportunity of going long at a low price for the 10 contract [5]. 3.3 Corn 3.3.1 Period - Spot End - As of June 6, the closing price of corn at Jinzhou Port in Liaoning was 2310 yuan/ton, stable compared with last Friday; the main corn contract 2507 closed at 2340 yuan/ton, up 4 yuan/ton; the main basis was - 30 yuan/ton, down 4 yuan/ton. The corn price is expected to run narrowly in the future [6]. 3.3.2 Supply End - The listing of new wheat puts pressure on the corn price, and traders' willingness to sell corn increases, but the supply from the grass - roots level is basically over, and the inventory in the north and south ports is in the process of reduction, which supports the spot price [6]. 3.3.3 Demand End - The increase in livestock and poultry inventory drives the increase in feed demand, but the narrowing of the corn - wheat price difference makes downstream buyers prefer wheat, and the deep - processing industry is in a loss state, with limited demand growth [7]. 3.3.4 Weekly Summary - In the short - term, the supply - demand competition in the corn market intensifies, and the price has support. In the long - term, the supply - demand relationship tightens, and the price has an upward drive, but the upside space is limited [8]. 3.3.5 Strategy Suggestion - Treat the overall trend as stable and slightly strong. The 07 contract fluctuates at a high level, and go long at the lower limit of the range. Pay attention to the 7 - 9 positive spread [9].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Pig Market**: In the short - term, the pig market is in a supply - strong and demand - weak situation, with prices likely to decline but limited by factors like secondary fattening and low frozen product inventory. In the long - term, the supply pressure in the fourth quarter is large, and the forward price rebound is under pressure. The futures market is expected to be in a low - level shock in the short - term [1]. - **Egg Market**: Short - term egg prices lack support due to weak post - festival demand. In the third quarter, supply and demand both increase, and price rebound is under pressure. In the fourth quarter, the supply pressure may ease [2]. - **Oil Market**: The current oil market shows differentiation. Palm oil is relatively strong, but the overall inventory accumulation trend in Malaysia restricts its rise. Soybean oil has supply pressure and uncertainty about biodiesel policies. Rapeseed oil has price support from the relationship between China and Canada, but there is short - term supply pressure [5][6][7]. - **Soybean Meal Market**: In the short - term, the soybean meal market is expected to be in a wide - range shock. In the long - term, due to factors such as increased import costs and tightened supply and demand, the price is expected to rise steadily [8][9]. - **Corn Market**: In the short - term, the corn price has support, and the futures price is expected to be in a high - level shock. In the long - term, the supply and demand are marginally tightened, but the price increase space is limited by substitutes [9]. 3. Summary by Product Pig - **Spot Price**: On June 6, the spot prices in Liaoning, Henan, and Sichuan decreased by 0.1 yuan/kg compared to the previous day, while the price in Guangdong remained stable [1]. - **Supply and Demand**: In June, the supply pressure is large, and the seasonal demand is weak. In the long - term, the supply from June to September 2024 is increasing, and the supply pressure in the fourth quarter is still large [1]. - **Strategy**: The futures market is in a low - level shock in the short - term. It is recommended to short at the rebound pressure level [1]. Egg - **Spot Price**: On June 6, the prices in Shandong Dezhou and Beijing decreased compared to the previous day [2]. - **Supply and Demand**: Short - term demand is weak after the Dragon Boat Festival. In the medium - term, the supply in July - August 2025 is expected to increase. In the long - term, the supply pressure in the fourth quarter may ease [2]. - **Strategy**: For the 07 contract, it is recommended to wait and see. For the 08 and 09 contracts, it is recommended to hedge when the price rebounds. For the 10 contract, it is recommended to go long at low prices [2]. Oil - **Palm Oil**: On June 5, the Malaysian palm oil futures price decreased. The export in May improved, and the inventory accumulation slowed down. In the long - term, the inventory accumulation trend remains. The 08 contract is in a shock stage after the rebound [3][5]. - **Soybean Oil**: The EPA is about to announce the US biofuel blending plan. The US soybean fundamentals are mixed. The domestic soybean to - port volume is large, and the inventory accumulation expectation is strong [6]. - **Rapeseed Oil**: The supply and demand of Canadian rapeseed are tightening. The domestic rapeseed oil inventory is at a high level, and the price has support from the relationship between China and Canada [7]. - **Strategy**: The 09 contracts of palm oil, soybean oil, and rapeseed oil are expected to be in a range shock. It is recommended to pay attention to the oil - meal ratio short - selling strategy [8]. Soybean Meal - **Spot Price**: On June 5, the domestic soybean meal spot price was 2790 yuan/ton, and the basis was 09 - 170 yuan/ton [8]. - **Supply and Demand**: In the short - term, the US soybean is expected to be in a shock. The domestic soybean supply is increasing, and the price is expected to be weak. In the long - term, the domestic soybean meal price is expected to rise steadily [8][9]. - **Strategy**: The 09 contract is recommended to operate in the range of [2930, 3000] in the short - term and go long after the callback in mid - June [9]. Corn - **Spot Price**: On June 5, the new corn purchase price in Jinzhou Port remained stable, and the price in Shandong Weifang Xingmao decreased by 6 yuan/ton [9]. - **Supply and Demand**: In the short - term, the price has support. In the long - term, the supply and demand are marginally tightened, but the price increase space is limited by substitutes [9]. - **Strategy**: The overall trend is expected to be stable and upward. The 07 contract is in a high - level shock, and it is recommended to go long at the lower edge of the range. It is recommended to pay attention to the 7 - 9 positive spread arbitrage [9]. 4. Today's Futures Market Overview | Product | Previous Trading Day Price (Closing Price) | Two Days Ago Trading Day Price (Closing Price) | Daily Change | | --- | --- | --- | --- | | CBOT Soybean Active (US cents/bushel) | 1,050.50 | 1,044.75 | 5.75 | | Soybean Meal Main (Yuan/ton) | 2,958 | 2,939 | 19.00 | | Zhangjiagang Soybean Meal (Yuan/ton) | 2,900 | 2,900 | 0.00 | | CBOT Corn Active (US cents/bushel) | 438.25 | 438.00 | 0.25 | | Corn Main (Yuan/ton) | 2,335 | 2,333 | 2.00 | | Dalian Corn Spot (Yuan/ton) | 2,330 | 2,330 | 0.00 | | CBOT Soybean Oil Active (US cents/pound) | 46.62 | 46.72 | - 0.10 | | Zhangjiagang Soybean Oil (Yuan/ton) | 7,980 | 8,000 | - 20.00 | | BMD Palm Oil Active (Ringgit/ton) | 3,904 | 3,950 | - 46.00 | | Guangzhou Palm Oil Spot (Yuan/ton) | 8,530 | 8,600 | - 70.00 | | ICE Rapeseed Active (Canadian dollars/ton) | 695.10 | 699.80 | - 4.70 | | Fangchenggang Rapeseed Oil Spot (Yuan/ton) | 9,160 | 9,160 | 0.00 | | Egg Main (Yuan/500 kg) | 2,878 | 2,877 | 1.00 | | Dezhou Egg Spot (Yuan/jin) | 2.70 | 2.70 | 0.00 | | Pig Futures Main (Yuan/ton) | 13,485 | 13,490 | - 5.00 | | Henan Pig Spot (Yuan/kg) | 14.21 | 14.21 | 0.00 | [10]

6 月 5 日山东德州报价 2.7 元/斤，较上日稳定；北京报价 3.02 元/斤，较上 日稳定。短期端午节后需求转弱，叠加梅雨季来临，鸡蛋容易发生质量问 题，渠道及下游采购心态偏弱，蛋价支撑有限，不过近期淘汰有所加速，一 定程度缓解供应压力，各环节库存有所消化，关注蛋价跌至低位后冷库入库 积极性。中期来看，25 年 3-4 月补栏量依旧较高，对应 25 年 7-8 月新开 产蛋鸡较多，养殖企业经过前期利润积累，抗风险能力增强，产能出清或需 要时间，整体高补苗量下，远期供应增势或难逆转，关注近端淘汰情况。长 期来看，经过上半年养殖利润不佳传导，养殖端补苗积极性有所下滑，四季 度新开产或环比减少，关注三季度淘汰及鸡病情况。短期节后需求转弱，蛋 价支撑不足，三季度供需双增，蛋价反弹承压，四季度供应压力或有所缓 解，关注近端淘汰及鸡病情况。策略建议：07 进入 6 月后限仓，观望为 主，关注 3020-3060 压力表现；08、09 大逻辑偏空对待，养殖企业等待反 弹逢高套保，08 关注 3750-3800 压力，关注饲料端及淘汰扰动；10 关注 逢低多机会。关注淘鸡、鸡病、天气等因素（数据来源：蛋 e 网、同花顺 ...