Core Insights - The rapid promotion and layout of e-commerce in rural areas are enhancing agricultural product sales channels, increasing farmers' income, and stimulating rural consumption [1] Group 1: E-commerce and Agricultural Products - E-commerce is expanding in rural areas, helping to connect farmers with broader markets and improve their income [1] - The "first mile" of agricultural product distribution remains a challenge due to inadequate logistics coverage in remote areas [1] - Live streaming has become a successful method for promoting local agricultural products, as demonstrated by the sales of fresh蕨麻 (fiddlehead fern) in Qinghai [3][6] Group 2: Logistics and Distribution Challenges - The logistics system in rural areas is still developing, with a significant imbalance between incoming and outgoing packages, particularly in Qinghai [6][8] - The local postal service is exploring "direct shipping from the production site" models to enhance the distribution of agricultural products [7] - The current logistics challenges include a low ratio of outgoing to incoming packages, which is reported to be over 1:10 in some areas [7][8] Group 3: Regional Initiatives and Success Stories - In Yunnan, the apple industry has seen significant growth, with over 90% of local farmers engaged in apple cultivation, and logistics improvements facilitating the distribution of apples nationwide [11][14] - The establishment of a "county, town, and village" logistics system in Yunnan has improved the efficiency of agricultural product distribution [13] - The local government and companies are implementing policies to support agricultural product logistics, resulting in a more balanced cost structure for shipping [13][14]

Core Viewpoint - The article emphasizes the importance of rural revitalization and agricultural development in China, highlighting efforts to enhance productivity, improve living standards, and promote sustainable practices in various regions [7]. Group 1: Agricultural Development - Inner Mongolia's Alukerqin Banner is focusing on alfalfa cultivation, showcasing advancements in agricultural technology and practices [1]. - Hubei's Yunxi County is actively developing a cultural tourism industry chain, integrating agriculture with cultural and tourism sectors [3]. - Qinghai's Delingha City is utilizing collective land to develop a comprehensive rural economy, contributing to local income growth [5]. Group 2: Rural Revitalization - The article discusses the significant role of agriculture in providing employment for nearly 200 million people and housing for around 500 million farmers, underlining the sector's contribution to national food security [7]. - There is a concerted effort across various regions to enhance crop yields and quality, with a focus on local conditions to develop specialty industries [7]. - The "Light and Shadow China" photography team is documenting successful rural practices and resource utilization in regions like Inner Mongolia and Liaoning, showcasing progress in building livable and prosperous rural communities [7][8].

Core Points - The Argentine Minister of Economy announced the extension of tax exemptions on wheat and barley exports until March 31, 2026 [1] - The tax exemption does not apply to soybeans, corn, sunflowers, sorghum, or by-products [1] Summary by Category Economic Policy - The extension of tax exemptions aims to support the agricultural sector, particularly for wheat and barley exports [1] Agricultural Impact - The decision specifically excludes major crops such as soybeans, corn, and sunflowers, which may impact their export competitiveness [1]

棉花：新疆的棉花目标价格补贴政策保持稳定，棉农的种植积极性较高， 种植面积略有增加；而内地棉区由于比较效益低和机械化推广难度大等因 素，种植面积持续下降。在棉花播种和出苗期间，主要产区的气候条件良好， 预计单产为每公顷 2172 公斤（每亩 144.8 公斤），与去年持平。棉花总产 量预计为 625 万吨，比去年增加 1.4%。受美国过度征收关税的影响，棉花 消费预期偏弱，但未来仍存在一定的不确定性。预计新年度的棉花消费量为 740 万吨，较去年小幅减少 20 万吨，进口量也下调至 140 万吨，减少 10 万吨。短期观望。 信达期货有限公司 CINDAFUTURESCO.LTD 杭州市萧山区钱江世纪城天人大厦19-20楼 邮编：311200 请务必阅读正文之后的免责条款 1 商品研究 | 走势评级: | 白糖 | 震荡 | | --- | --- | --- | | | 棉花- | 震荡 | 张秀峰—分析师 从业资格证号：F0289189 投资咨询证号：Z0011152 联系电话：0571-28132619 邮箱：zhangxiufeng@cindasc.com 期货研究报告 美农数据压制预期，棉价短线承压 ...

Group 1 - The event showcased nearly a hundred high-quality agricultural products from Beijing's suburbs, marking the first concentrated display at SKP-S mall [1] - The "Beijing优农" brand aims to bring fresh, high-quality agricultural products from Beijing to high-end markets, enhancing brand influence and consumer access [2][3] - The "Beijing优农" brand includes 174 recognized brand entities across 13 agricultural districts in Beijing, promoting local specialties like Daxing watermelon and Pinggu peach [3] Group 2 - Recent initiatives by Beijing's government focus on enhancing the agricultural industry chain, including the implementation of plans to improve agricultural technology and marketing services [4] - The city has cultivated 35 geographical indication agricultural products and over 500 green organic agricultural enterprises to meet consumer demand for fresh and safe agricultural products [4] - The SKP mall has established a dedicated section for organic vegetables, watermelons, cherries, and other seasonal products, with plans to expand the product range based on market feedback [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report suggests short - term trading for both corn and corn starch. For corn, although the pressure on the import side has decreased due to the non - listing of Brazil's second - crop corn, the expected increase in the US corn ending stocks in the 2025/26 season and concerns about long - term import pressure may restrict prices. In the domestic market, the situation varies by region, and the spring sowing progress in some areas is slower than last year. For corn starch, the supply pressure has declined due to the decrease in the operating rate of enterprises, but the downstream demand is weak, and the inventory remains high [7][8][11][12]. Summary by Directory 1. Week - to - Week Summary Corn - **Strategy**: Short - term trading [7] - **Market Review**: This week, the corn futures fluctuated and declined. The closing price of the main 2507 contract was 2335 yuan/ton, a decrease of 40 yuan/ton compared to the previous week [8] - **Market Outlook**: The non - listing of Brazil's second - crop corn reduces import pressure, but the expected 18 billion bushels of US corn ending stocks in the 2025/26 season restricts prices. In the domestic market, the situation in the Northeast and North China - Huanghuai regions is different, and the spring sowing progress in some areas is slower than last year [8] Corn Starch - **Strategy**: Short - term participation [11] - **Market Review**: The Dalian corn starch futures fluctuated and declined. The closing price of the main 2507 contract was 2685 yuan/ton, a decrease of 53 yuan/ton compared to the previous week [12] - **Market Outlook**: The supply - demand situation of corn starch is weak, the operating rate of enterprises has decreased, the supply pressure has declined, but the downstream demand is poor, and the inventory remains high. As of May 14, the total starch inventory of national corn starch enterprises was 142.1 tons, with a weekly decrease of 1.04%, a monthly increase of 2.45%, and a year - on - year increase of 27.22% [12] 2. Futures and Spot Market Futures Price and Position Changes - The 7 - month contract of corn futures fluctuated and closed lower, with a total position of 1353678 lots, a decrease of 145730 lots compared to last week. The 7 - month contract of corn starch futures also fluctuated and closed lower, with a total position of 215408 lots, a decrease of 24779 lots compared to last week [18] Top Twenty Net Position Changes - This week, the net position of the top twenty in corn futures was - 124594, and last week it was - 176092, with a decrease in net short positions. For corn starch futures, the net position of the top twenty was - 3506, and last week it was - 9414, also with a decrease in net short positions [25] Futures Warehouse Receipts - The registered warehouse receipts of yellow corn were 201942 lots, and the registered warehouse receipts of corn starch were 26620 lots [31] Spot Price and Basis - As of May 16, 2025, the average spot price of corn was 2374.9 yuan/ton, and the basis between the active 7 - month contract of corn and the spot average price was 40 yuan/ton. The spot price of corn starch in Jilin was 2800 yuan/ton, and in Shandong it was 2880 yuan/ton, with relatively stable prices this week. The basis between the 7 - month contract of corn starch and the spot price in Changchun, Jilin was 115 yuan/ton [36][40] Futures Inter - month Spread - The 7 - 9 spread of corn was - 16 yuan/ton, at a medium level in the same period. The 7 - 9 spread of starch was - 72 yuan/ton, also at a medium level in the same period [46] Futures Spread between Starch and Corn - The spread between the 7 - month contract of starch and corn was 350 yuan/ton. As of this Thursday, the spread between Shandong corn and corn starch was 436 yuan/ton, an increase of 26 yuan/ton compared to last week [56] Substitute Spread - As of May 15, 2025, the average spot price of wheat was 2468.89 yuan/ton, and the average spot price of corn was 2374.31 yuan/ton, with a wheat - corn spread of 94.58 yuan/ton. In the 20th week of 2025, the average spread between tapioca starch and corn starch was 160 yuan/ton, narrowing by 30 yuan/ton compared to last week [61] 3. Industry Chain Situation Corn - **Supply Side** - As of May 9, 2025, the domestic trade corn inventory in Guangdong Port was 143.9 tons, a decrease of 6.40 tons compared to last week; the foreign trade inventory was 1.4 tons, a decrease of 2.10 tons compared to last week. The corn inventory in the four northern ports was 421.6 tons, a decrease of 4.3 tons week - on - week, and the shipping volume was 53.7 tons, a decrease of 26.00 tons week - on - week [50] - As of May 15, the national farmers' grain sales progress in 13 provinces was 97%, 3% faster than the same period last year, and the sales progress in 7 major producing provinces was 97%, 4% faster than the same period last year [65] - In March 2025, the total import volume of ordinary corn was 8.00 tons, a decrease of 163.00 tons (95.32%) compared to the same period last year, and the same as last month [69] - As of May 15, the average inventory of national feed enterprises was 35.20 days, an increase of 0.06 days compared to last week, a month - on - month increase of 0.17%, and a year - on - year increase of 16.67% [73] - **Demand Side** - As of the end of the first quarter of 2025, the pig inventory was 41731 million heads, a year - on - year increase of 2.2%, and the breeding sow inventory was 4039 million heads, a decrease of 27 million heads month - on - month [77] - As of May 9, 2025, the breeding profit of self - bred and self - raised pigs was 84.33 yuan/head, and the breeding profit of purchased piglets was 58.46 yuan/head [81] - As of May 15, 2025, the corn starch processing profit in Jilin was - 60 yuan/ton, and the corn alcohol processing profit in Henan was - 928 yuan/ton, in Jilin was - 568 yuan/ton, and in Heilongjiang was - 129 yuan/ton [85] Corn Starch - **Supply Side** - As of May 14, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 452.8 tons, a decrease of 8.45% [89] - From May 8 to May 14, 2025, the total national corn processing volume was 58.83 tons, a decrease of 4.84 tons compared to last week; the national corn starch output was 29.58 tons, a decrease of 2.97 tons compared to last week; the weekly operating rate was 57.17%, a decrease of 5.74% compared to last week. As of May 14, the total starch inventory of national corn starch enterprises was 142.1 tons, a decrease of 1.50 tons compared to last week, a weekly decrease of 1.04%, a monthly increase of 2.45%, and a year - on - year increase of 27.22% [93] 4. Option Market Analysis - As of May 15, the main 2507 contract of corn fluctuated and closed lower, with the corresponding option implied volatility at 9.73%, a decrease of 0.43% from 10.1% the previous week. This week, the implied volatility fluctuated and declined, at a relatively high level compared to the 20 - day, 40 - day, and 60 - day historical volatility [96] 5. Representative Enterprise - The report presents the PE(TTM) analysis of Beidahuang (600598.SH), including current value, standard deviation, percentile, etc. [97][98]

Group 1 - The core viewpoint emphasizes the development of local agricultural specialties in Laoshan District, Qingdao, focusing on both traditional and emerging agricultural products [1] - Laoshan District has established a modern rural industrial system, promoting new industries and business formats, with a strong emphasis on the brand value of Laoshan tea, projected to reach 1.758 billion yuan in 2024 [1] - The district has successfully created multiple provincial and national agricultural product brands, enhancing the recognition and reputation of its agricultural products [1] Group 2 - Various cultural and tourism events, such as the Cherry Blossom Festival and the Shazikou Mackerel Festival, are being organized to stimulate local consumption and enhance visitor experiences [2] - The district plans to continue hosting agricultural-themed festivals to attract more tourists and promote rural consumption, integrating agriculture with cultural and tourism development [2] - The recent Huabiao Awards provided a platform for showcasing local products like Laoshan tea and Wangge Village steamed buns, enhancing their visibility and market potential [3] Group 3 - Laoshan District aims to expand sales channels for its agricultural products through promotional activities in major cities and collaboration with the Guangdong-Macao Deep Cooperation Zone [3] - The district is focused on deepening consumer engagement and enhancing the market presence of its agricultural products through various promotional events and tasting activities [3]

雨水不断，阿根廷大豆收割受阻，大豆农户能否及时抢收？市场供需和价格将如何受影响？ 相关链接 期货热点追踪 ...

Core Insights - The USDA drought report indicates an increase in the proportion of U.S. soybean areas affected by drought, raising concerns about the progress of planting [1] Group 1 - The report highlights that the area of U.S. soybeans impacted by drought has expanded, which could hinder planting efforts [1] - The implications of the drought on soybean yields and overall agricultural output are significant, potentially affecting market prices [1]

CFC商品策略研究 . 以下文章来源于CFC商品策略研究 ，作者CFC油脂油料研究 好的研报应该提供打破经验，观念，陈规或惯例的视角，提供自我逻辑审查的意识自觉。阅读体验应该是一次历险，也许是一次漂流，它并不把你带 到任何一个安全的港湾去，但更像是提供一种类似在悬崖边临渊回眸，另做选择的逻辑启发，或自我反讽的邀请。 文 | 石丽红 来源 | CFC商品策略研究 编辑 | 杨兰 审核 | 浦电路交易员 24/25产季，国内花生现货价格仅在国庆后出现一轮上涨行情，随后长期进入僵持阶段。自新季花生上市至今，主流产区通货米价格在3.95- 4.25元/斤范围内波动，尤其是年后基本围绕4.1元/斤关口小范围起伏。市场目前对僵持局面存在几点疑惑：供需为何长期僵持？产区是否还存 在"抛压"？当前价格是否对新季播种积极性有影响？为此我们走入东北产区，开展实地调研，总结成果如下： 供需为何长期僵持：需求走弱，但单产不达预期导致成本抬升 24/25年度，国内需求市场整体疲软，尤其是食品米走货持续偏慢。据产业反馈，2025年春节后80天内兴城红崖子集散地累计走货数量 下降20%左右，黑山、阜新、昌图均有下滑。需求疲弱导致各渠道环节 ...