1. Report Industry Investment Ratings - The investment rating for soybeans is neutral [3][5] - The investment rating for peanuts is neutral [3][5] 2. Core Views - The soybean market is at a critical juncture between new and old grains, with new beans in Northeast China expected to be listed on a large - scale next week. The overall growth of soybeans is good, and there are expectations of a bumper harvest. The price of early - maturing new beans is not yet representative, and attention should be paid to the progress of new grain listing. The soybean futures price has declined, and the spot basis has increased [1][2] - The peanut market has a slow release of high - quality new peanut supplies due to weather factors, while the supply of new peanuts with poor moisture and quality may increase. The demand for peanuts is lackluster, with weakened double - festival stocking effects, reluctance of traders to purchase in large quantities, and major oil mills not starting seasonal procurement. The peanut futures price is oscillating strongly, and the spot price has a slight increase [3][4] 3. Summary by Related Catalogs Soybean Market Analysis - **Futures**: The closing price of the soybean No. 1 2511 contract yesterday was 3895.00 yuan/ton, a decrease of 29.00 yuan/ton (-0.74%) from the previous day [1] - **Spot**: The basis of edible soybean spot is A11 + 325, an increase of 29 (+32.14%) from the previous day. The prices of national standard first - class soybeans in various regions of Heilongjiang remained stable compared to the previous day [1] - **Market Information**: High - oil soybeans in the Northeast soybean market are being listed in small quantities. Due to rainy weather, the purchase volume is small. Most enterprises plan to start purchasing after the large - scale listing at the end of the month. The overall growth of soybeans is good, with some areas having average growth, and there are expectations of a bumper harvest of new grains [1] Soybean Strategy - The strategy for soybeans is neutral [3] Peanut Market Analysis - **Futures**: The closing price of the peanut 2510 contract yesterday was 7822.00 yuan/ton, an increase of 26.00 yuan/ton (+0.33%) from the previous day [3] - **Spot**: The average spot price of peanuts is 8300.00 yuan/ton, a month - on - month increase of 10.00 yuan/ton (+0.12%), and the spot basis is PK10 + 378.00, a month - on - month decrease of 26.00 (-6.44%). The average price of general - quality peanuts in the national peanut market is 4.15 yuan/jin, a decrease of 0.03 yuan/jin [3] - **Market Information**: The release of high - quality new peanut supplies is slow due to weather. The double - festival stocking effect is weakened, traders are reluctant to purchase in large quantities, and major oil mills have not started seasonal procurement. The demand side lacks support, and the market is waiting for price clarity [3][4] Peanut Strategy - The strategy for peanuts is neutral [5] Peanut Risk - The risk for peanuts is the weakening of demand [5]

Group 1: Overnight Market Information - Canada's 2025 rapeseed production is expected to increase by 4.1% to 20 million tons due to a 6.2% increase in yield offsetting a 2.0% decline in harvest area [1] - In Saskatchewan, 2025 rapeseed production is expected to increase by 6.8% to 11.2 million tons with a 6.0% yield increase and a 0.8% area increase [1] - In Alberta, rapeseed production is expected to increase by 2.8% to 5.8 million tons due to a 6.1% yield increase despite a 3.1% area decline [1] - In Manitoba, rapeseed production is expected to decline by 2.2% to 2.9 million tons as a 9.6% area decline offsets an 8.2% yield increase [1] - Malaysia's palm oil exports from September 1 - 15, 2025, decreased by 24.7% to 404,688 tons compared to the same period last month [1] - US 2025/26 soybean export sales for the week ending September 11 are expected to increase by 40 - 150 million tons [1] Group 2: Spot Prices - Spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from September 11 - 17, 2025, are presented in a table [2] Group 3: Other Information - Information on protein meal basis, oil basis, and oil - seed futures price spreads is mentioned [3][6] - Information on main - producing country precipitation, imported soybean crushing profit, and oil import profit is mentioned [1]

Group 1: Goji Berry Industry - The goji berry has transitioned from a traditional health product to a trendy beverage ingredient, with various tea drinks featuring goji berries gaining popularity among consumers [2][3] - In Ningxia, the goji berry industry has extended its supply chain, with farmers now focusing on high-quality, eco-friendly cultivation to meet the demands of beverage companies, resulting in increased income for farmers [3] - The price for fresh goji berries has significantly increased, with 1 pound of fresh fruit fetching prices equivalent to 3 pounds of dried fruit, leading to a 30% increase in annual income for farmers who engage in standardized cultivation [3] Group 2: Kale Industry - Kale drinks have become a hot trend in Shandong, with various kale-based beverages experiencing high demand as consumers show increased interest in healthy drink options [6] - The domestic orders for kale have surged, with a family farm supplying over 10 tea companies, indicating a shift in market dynamics towards local sourcing of ingredients [6][7] - The establishment of a cooperative workshop has enabled local villagers to gain employment opportunities, with the farm employing up to 600 workers during peak harvest seasons, thus contributing to local economic development [7]

Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is rated as neutral [3][6] Core Viewpoints - The soybeans market is in the transition phase between old and new crops. With the approaching autumn harvest in the Northeast, new soybeans are about to be listed. Although there are some adverse conditions in some areas, the overall national soybean planting area has increased, and there is a strong expectation of a good harvest in the regions outside the pass [1][2] - The peanut futures market shows range - bound fluctuations. The supply of peanuts is expected to increase as wheat - stubble peanuts are about to be mass - listed. However, future rainfall in Henan may affect peanut quality, and low prices may lead to farmers' reluctance to sell [3][4][5] Market Analysis of Soybeans Futures and Spot Market - The closing price of the soybeans 2511 contract was 3924.00 yuan/ton yesterday, a change of - 15.00 yuan/ton from the previous day, a decrease of - 0.38%. The spot basis of edible soybeans was A11 + 296, a change of + 15 from the previous day, an increase of 32.14% [1] Market Information - In the Northeast soybean market, a small amount of high - oil soybeans have been listed, and most enterprises are waiting for the listing of commodity soybeans at the end of the month to start purchasing. The current price of early - maturing new soybeans is not representative, and attention should be paid to the progress of new grain listing. The overall growth of soybeans is good, but there are some areas with general growth, and there is still an expectation of a good harvest for new grains [1] - The prices of standard - grade first - class soybeans in various regions of Heilongjiang remained stable compared with the previous day [1] Market Analysis of Peanuts Futures and Spot Market - The closing price of the peanut 2510 contract was 7796.00 yuan/ton yesterday, a change of + 68.00 yuan/ton from the previous day, an increase of + 0.88%. The average spot price of peanuts was 8290.00 yuan/ton, a change of - 60.00 yuan/ton from the previous day, a decrease of - 0.72%. The spot basis was PK10 + 404.00, a change of - 68.00 from the previous day, a decrease of - 14.41% [3] Market Information - New peanuts in the Northeast have been sporadically listed. Although the average price of common peanuts in the national market has increased, the prices in some producing areas have shown a stable - to - weak pattern, with a north - south difference in prices. The contract procurement prices of oil mills vary by region, and the overall demand for oil extraction is poor [3] - Future rainfall in Henan may lead to an increase in the possibility of peanut mildew, a decrease in yield, and low prices may intensify farmers' reluctance to sell [5]

Group 1 - Guangdong's agricultural sector is showcasing its high-quality products at the 23rd China International Meat Industry Exhibition in Xiamen, highlighting the achievements in agricultural development [11][12][14] - The event features a variety of specialty agricultural products from across the country, emphasizing the theme of high-quality agricultural development in China [12][14] - The Guangdong sweet potato industry is being promoted as a key crop for enhancing farmers' income and rural revitalization, with efforts focused on food security, technological innovation, and market expansion [18][20] Group 2 - The 2025 Poultry Breeding Industry Development Forum is set to take place in Beijing, aiming to strengthen the foundation for high-quality development in the livestock sector through collaboration and knowledge sharing [24][26] - Guangdong is recognized as a "vegetable kingdom" due to its diverse climate and geography, which supports a wide variety of vegetable cultivation [29][30] - The cultivation of late-season vegetables, such as the late vegetable heart from Zengcheng, is underway, with expectations for a new harvest before the winter solstice [34]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [5] Core Views - The agricultural sector is expected to perform better than the market, with specific focus on the cyclical recovery in beef prices and the potential upward trend in dairy prices [5] Summary by Relevant Sections Corn - The USDA's September supply and demand report indicates a reduction in the global corn ending stocks-to-use ratio by 0.10 percentage points, with China's ratio decreasing by 0.34 percentage points [16] - Domestic corn prices are expected to maintain a moderate upward trend, supported by a tightening supply-demand balance [18] Soybeans - The USDA report shows a reduction in global soybean ending stocks by 0.13 percentage points, with a focus on U.S. trade policies and weather conditions impacting short-term prices [32] - The long-term outlook for soybeans remains positive, with expectations of strong price support in Q4 2025 [34] Wheat - The global wheat supply remains ample, with the USDA projecting an increase in the global ending stocks-to-use ratio by 1.53 percentage points [45] - Domestic wheat prices are expected to stabilize at the bottom, supported by sufficient supply [46] Sugar - The market anticipates a good harvest for the 2025/26 season, but sugar prices may remain weak due to increased import volumes [2] Cotton - The global cotton supply is expected to remain loose, with a slight reduction in the ending stocks-to-use ratio by 1.09 percentage points [4] - Domestic cotton prices are projected to have room for recovery if macroeconomic conditions improve [4] Beef - The USDA forecasts a reduction in U.S. beef production for 2025, with prices expected to maintain an upward trend [3] - The domestic beef market is showing resilience, with expectations for a cyclical recovery in prices starting in 2025 [3] Dairy - The USDA has adjusted its forecasts for U.S. milk production and consumption upwards for 2026, indicating a potential recovery in domestic dairy prices [4] Pork - The USDA predicts a slight increase in U.S. pork consumption for 2026, with domestic breeding stock remaining stable [7] Poultry - The U.S. poultry market is expected to recover, with domestic demand anticipated to improve [7] Eggs - The supply of eggs is expected to gradually recover in the second half of 2025, although price pressures are anticipated throughout the year [8] Investment Recommendations - The report recommends investing in undervalued leaders in livestock, poultry, and feed sectors, including specific companies such as YouRan Agriculture and Mu Yuan Shares [8]

Group 1 - The core viewpoint of the article highlights the bountiful harvest of sweet corn in Shuo Zhou, Shanxi, with over 4,000 acres of corn fields thriving during the autumn season [1][3] - The daily harvesting volume of corn reaches nearly 200 tons, indicating a significant agricultural output [5] - Fresh corn is distributed to various markets across China, including Jiangsu, Hebei, Guangdong, and Sichuan, and is also exported to countries like South Korea [7] Group 2 - The article describes the busy scene in the corn fields, with machinery and workers actively engaged in harvesting and loading operations [5][3] - The visual imagery of the corn fields is depicted as lush and full of ripe corn, symbolizing the joy of harvest [3][1] - The article emphasizes the economic impact of the corn harvest, contributing to local and national markets [7]

（文章来源：新华财经） 美国农业部（USDA）报告显示，截至9月14日当周，美国玉米优良率为67%，高于市场预期的66%，前 一周为68%，上年同期为65%。 ...

Core Viewpoint - The training event held in Bai Tu Village aims to enhance the quality and efficiency of peanut production in Conghua District, Guangzhou, promoting the local specialty product "Conghua Bai Tu Peanut" through advanced agricultural techniques and standardized production practices [3][30]. Group 1: Training Event Overview - A technical training event focused on high-quality peanut production was successfully held on September 12 in Bai Tu Village, Aotou Town [3][4]. - The training was organized by the Conghua District Agricultural Technology Promotion Center in collaboration with the Aotou Town Agricultural Office, involving over 70 participants including experts from the Guangdong Academy of Agricultural Sciences and local farmers [4][5][6]. Group 2: Key Training Content - Researcher Li Shaoxiong from the Guangdong Academy of Agricultural Sciences provided insights on peanut cultivation techniques, including soil management, fertilization, and irrigation practices tailored to the local market [11][12][14]. - Researcher Sun Dayuan discussed common peanut pests and diseases, emphasizing ecological and environmentally friendly pest control methods [16][20]. Group 3: Standardization and Resource Provision - The training included a comprehensive introduction to the local standards for peanut production, helping farmers understand the requirements for standardized production [22][23]. - Participants received practical resources, including books on high-yield peanut cultivation techniques and seed treatment agents, to enhance their theoretical knowledge and practical skills [24][25]. Group 4: Impact on Local Agriculture - The training empowered farmers with essential techniques for standardized peanut cultivation, addressing practical production challenges and laying a solid foundation for improving the quality and efficiency of "Conghua Bai Tu Peanut" [30]. - The initiative by agricultural technology specialists not only revitalizes local agricultural industries but also contributes to rural development and income generation for farmers [31][32].

Core Insights - The article highlights the flourishing gourd cultivation in Emin County, Xinjiang, where local farmer Ilyar is successfully growing and selling gourds, with most already pre-ordered by customers for crafting into art pieces [1] Group 1: Industry Development - The gourd farming industry in Emin County is thriving, with a significant number of gourds being cultivated and pre-ordered for artistic purposes [1] - Local artisans are enhancing their skills in gourd pyrography, transforming gourds into colorful art pieces, which contributes to the local economy [1] Group 2: Economic Impact - The gourd pyrography not only increases the income of local villagers but also fosters social connections among them [1]