Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures saw a decline across all major contracts on November 13, with significant drops in various commodities [1] Group 1: Commodity Price Movements - Raw sugar futures decreased by 0.62%, closing at 14.43 cents per pound [1] - Cotton futures fell by 0.35%, ending at 64.58 cents per pound [1] - Cocoa futures experienced a decline of 2.57%, closing at $5,609 per ton [1] - Coffee futures dropped by 1.08%, finishing at 372.60 cents per pound [1]

（文章来源：每日经济新闻） 每经AI快讯，当地时间11月13日，芝加哥期货交易所（CBOT）农产品期货主力合约收盘多数上涨，大 豆期货涨1.08%报1146.00美分/蒲式耳，玉米期货涨1.61%报442.25美分/蒲式耳，小麦期货跌0.18%报 551.50美分/蒲式耳。 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The rapeseed oil market is expected to continue its upward trend due to inventory depletion and overseas bio - fuel policies [1][2]. - The apple market may maintain its strength because of low inventory and tight deliverable supplies [1][3]. - The egg market is likely to keep falling as a result of high hen inventory and weakening demand [1][5]. - The hog market will continue to fluctuate at a low level, with a slight short - term rebound but limited space [7]. - The soybean meal market will run at a high level with short - term strength, suitable for short - term trading [9]. - The corn market is expected to keep rising, supported by policy and downstream restocking [11]. - The jujube market will continue to decline due to new jujube listings and high inventory [13]. - The cotton market is likely to fall as supply increases [15]. - The sugar market is expected to rise, driven by external market trends and domestic supply shortages [17]. 3. Summary by Variety Rapeseed Oil - The rapeseed oil主力 2601 contract has been rising strongly, supported by overseas bio - fuel policies and inventory depletion. As of the end of the 45th week in 2025, domestic imported rapeseed oil inventory was 51.6 million tons, a 10% week - on - week decrease. The strategy is to hold light long positions [2]. Apple - The apple主力 2601 contract reached a new high this year, supported by low inventory. As of November 12, the national apple cold - storage inventory was 764.24 million tons, a year - on - year decrease of 10.59%. The strategy is to hold light long positions with support at 9200 and resistance at 9500 [3]. Egg - The egg主力 2601 contract has been falling sharply, pressured by sufficient supply and weakening demand. The strategy is to hold light short positions with support at 3250 and resistance at 3303 [5]. Hog - The hog主力 2601 contract first declined and then rebounded, continuing to fluctuate at a low level. The strategy is to close short positions, with support at 11690 and resistance at 11970 [7]. Soybean Meal - The soybean meal主力 2601 contract has been rising in a volatile manner, running at a high level. The strategy is short - term trading, with support at 3050 and resistance at 3089 [9]. Corn - The corn主力 2601 contract has been rising strongly, supported by policy and downstream restocking. The strategy is to hold light long positions, with support at 2170 and resistance at 2200 [11]. Jujube - The jujube主力 2601 contract has been falling sharply, pressured by new jujube listings and high inventory. As of the week of November 6, the inventory of 36 sample physical warehouses was 9541 tons, a 2.06% week - on - week increase. The strategy is to hold light short positions, with support at 9150 and resistance at 9360 [13]. Cotton - The cotton主力 2601 contract has been falling in a volatile manner, pressured by increased supply. The strategy is to try light short positions, with support at 13435 and resistance at 13545 [15]. Sugar - The sugar主力 2601 contract has been rising strongly, driven by external market trends and domestic supply shortages. The strategy is to hold light long positions, with support at 5473 and resistance at 5519 [17].

Report Industry Investment Ratings - Not provided in the given content Core Views of the Report - **Soybean Meal**: Market sentiment is bullish, but due to the lack of obvious bullish drivers, it is recommended to be cautious when chasing long positions. Technical operations are advised, and attention should be paid to the opportunities of going long on dips. Keep an eye on the USDA report and the soybean planting situation in Brazil [1][3] - **Rapeseed Meal**: Market sentiment is bullish, but the rebound space of the main and near - month contracts may be limited due to the current fundamental factors. Focus on the subsequent progress of China - Canada trade [1][6] - **Palm Oil**: It has temporarily stopped falling and is in a consolidation phase. There is still a risk of inventory accumulation, so it is necessary to be cautious when chasing long positions. Pay attention to the fluctuations in import profits [1][8] - **Soybean Oil**: It is in a short - term rebound. Due to the lack of strong bullish drivers, it is treated as a rebound for the time being. In stage operations, pay attention to the opportunities of going long on dips. Monitor the progress of US biodiesel and China - US trade [1] - **Rapeseed Oil**: It has stopped falling and rebounded in the short term. The zero - start of coastal oil mills, zero inventory of rapeseed, and a significant decline in port inventory have driven up the domestic rapeseed oil price [1] - **Cotton**: It is in a short - term adjustment. The international market is expected to be volatile and bullish in the short term, while the domestic market is digesting the supply pressure of the new season. The consumption of cotton - related products may not be overly pessimistic in the future. Pay attention to the low - buying opportunities within the month and the impact of the USDA supply - demand balance sheet on the domestic market [1][12] - **Red Dates**: It is recommended to be cautiously bearish. The market is expected to be volatile and bearish, but considering the strong basis and possible production cuts, the downside space may be limited for the time being. Short - selling operations should be carried out at high levels based on the changes in the mainstream purchase price and purchase progress [1][15] - **Live Pigs**: Be vigilant about the rebound. The supply pressure in Q4 remains high. It is recommended to short - sell on rebounds for near - month contracts, be vigilant about the rebound risk of the 01 contract, and pay attention to the 03 contract. For arbitrage, focus on the reverse - spread opportunities during the downward repair of the far - month premium [1][18] Summaries According to Relevant Catalogs Soybean Meal - **Price and Spread**: The latest futures price of the main contract is 3059 yuan/ton, up 0.16% from the previous day. The national average spot price is 3097.71 yuan/ton, down 0.21%. The basis and spreads of different contracts have changed to varying degrees [2] - **Inventory and Supply - demand**: As of November 7, 2025, the national port soybean inventory is 1033.4 million tons, an increase of 70.5 million tons from last week. The soybean inventory of 125 oil mills is 761.95 million tons, an increase of 7.20%. The soybean meal inventory is 99.86 million tons, a decrease of 13.39%. The inventory days of domestic feed enterprises are 7.75 days, a decrease of 3.39% [3] Rapeseed Meal - **Price and Spread**: The latest futures price of the main contract is 2494 yuan/ton, down 0.24% from the previous day. The national average spot price is 2588.95 yuan/ton, down 1.09%. The basis and spreads of different contracts have changed [4] - **Inventory and Supply - demand**: As of November 7, the coastal oil mills' rapeseed inventory is 0 million tons, and the rapeseed meal inventory is 0.5 million tons, a decrease of 0.21 million tons. The international rapeseed production has recovered, and the domestic rapeseed meal is in a de - stocking state, but the demand is in the off - season [6] Palm Oil - **Price and Spread**: The latest futures price of the main contract is 8744 yuan/ton, down 0.30% from the previous day. The national average price is 8755 yuan/ton, down 0.68%. The import cost has increased, and the basis and spreads of different contracts have changed [7] - **Inventory and Supply - demand**: As of November 7, 2025, the national key area commercial inventory is 59.73 million tons, an increase of 0.76%. The production in Malaysia in October has increased, and the export data varies. The palm oil is in a state of weakening supply - demand, with a continuous inventory accumulation expectation [8] Cotton - **Price and Spread**: The latest futures price of the main contract is 13515 yuan/ton, down 0.33% from the previous day. The spot price has a slight increase. The basis and spreads of different contracts have changed, and the spinning profit has improved [9] - **Inventory and Supply - demand**: The new cotton harvesting in the US, India, Pakistan, and Brazil is in progress. The domestic new cotton harvesting is nearly completed, the cost is basically locked, the inventory has increased, and the demand is showing signs of improvement [10][11] Red Dates - **Price and Spread**: The latest futures price of the main contract is 9365 yuan/ton, down 1.37% from the previous day. The spot price is relatively stable, the basis has changed, and the profit has decreased [13] - **Inventory and Supply - demand**: The Xinjiang main - producing area is in the concentrated harvesting stage, the inventory has increased, and the downstream demand for new products is weak [15] Live Pigs - **Price and Spread**: The latest futures price of the main contract is 11795 yuan/ton, up 0.34% from the previous day. The spot price has a slight increase, the basis and spreads of different contracts have changed [16] - **Inventory and Supply - demand**: The short - term supply pressure is not prominent, the medium - term supply pressure in Q4 is confirmed, and the long - term capacity reduction needs to be further promoted. The demand is gradually stabilizing, and the slaughter and sales volume have increased [17][18]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Protein Meal**: The short - term price of soybean meal is expected to rise with the import cost, and the crushing margin will recover, which will stimulate ship purchases. In the medium term, the expectation of a loose global soybean supply remains unchanged, and it is still recommended to sell on rebounds [5]. - **Oils**: Palm oil is recommended to be viewed with a range - bound perspective. If there are signals of a decline in production, a bullish approach can be adopted [10]. - **Sugar**: After the rebound strength of Zhengzhou sugar fades, look for opportunities to short [13]. - **Cotton**: The cotton price is expected to continue to fluctuate in the short term [16]. - **Eggs**: In the short term, the price is expected to be relatively strong, and it is advisable to wait and see or conduct short - term trading. In the medium term, pay attention to the upper pressure and wait to sell on rebounds [19]. - **Pigs**: The current strategy first recommends reverse spreads, and second, wait to sell on rebounds [22]. 3. Summary by Related Catalogs Protein Meal - **Market Information**: Overnight, CBOT soybeans rose slightly. Brazilian soybean premiums were stable on Wednesday, and the cost of imported soybeans remained unchanged. The domestic soybean meal spot price was stable, with the East China price at 2,990 yuan/ton. MYSTEEL statistics showed that the domestic port soybean inventory exceeded 10 million tons last week. MYSTEEL predicted that the soybean crushing volume of oil mills this week would be 2.1579 million tons, compared with 1.8057 million tons last week [2]. - **Strategy**: The short - term price of soybean meal is expected to rise with the import cost, and the crushing margin will recover, which will stimulate ship purchases. In the medium term, the expectation of a loose global soybean supply remains unchanged, and it is still recommended to sell on rebounds [5]. Oils - **Market Information**: ITS and AMSPEC data showed that the export volume of Malaysian palm oil from November 1 - 10 decreased by 9.5% - 12.28% compared with the same period last month. SPPOMA data showed that the production of Malaysian palm oil in the first 5 days of November increased by 6.8% month - on - month, and the production from November 1 - 10 decreased by 2.16% compared with the same period last month. The 2025/26 annual rapeseed production in Australia is expected to be 6.3 million tons. Malaysia's 2025 crude palm oil production will increase by 3.4% year - on - year to a record 20 million tons. On Wednesday, the domestic oil prices showed a differentiated trend [7]. - **Strategy**: Palm oil is recommended to be viewed with a range - bound perspective. If there are signals of a decline in production, a bullish approach can be adopted [10]. Sugar - **Market Information**: On Wednesday, the Zhengzhou sugar futures price continued to fluctuate. The closing price of the Zhengzhou sugar January contract was 5,478 yuan/ton, a decrease of 2 yuan/ton or 0.04% from the previous trading day. The survey showed that the sugar production in the central and southern regions of Brazil is expected to increase by 7.8% to 1.92 million tons in the second half of October. Datagro lowered its forecast for the global sugar market surplus in the 2025/26 season to 1 million tons [12]. - **Strategy**: After the rebound strength of Zhengzhou sugar fades, look for opportunities to short [13]. Cotton - **Market Information**: On Wednesday, the Zhengzhou cotton futures price continued to fluctuate. The closing price of the Zhengzhou cotton January contract was 13,515 yuan/ton, a decrease of 45 yuan/ton or 0.33% from the previous trading day. As of the week of November 7, the spinning mill operating rate was 65.4%. On November 11, the purchase index of machine - picked cotton in Xinjiang decreased by 0.02 yuan/kg to 6.23 yuan/kg, and the purchase index of hand - picked cotton decreased by 0.02 yuan/kg to 6.92 yuan/kg [15]. - **Strategy**: The cotton price is expected to continue to fluctuate in the short term [16]. Eggs - **Market Information**: The national egg price was generally stable with a slight decline yesterday. The average price in the main production areas dropped by 0.01 yuan to 2.95 yuan/jin. The supply was stable, the market demand was average, and it is expected that today's egg price will be mainly stable with a few narrow adjustments [18]. - **Strategy**: In the short term, the price is expected to be relatively strong, and it is advisable to wait and see or conduct short - term trading. In the medium term, pay attention to the upper pressure and wait to sell on rebounds [19]. Pigs - **Market Information**: The domestic pig price mainly declined yesterday. The average price in Henan dropped by 0.14 yuan to 11.84 yuan/kg, in Sichuan dropped by 0.1 yuan to 11.43 yuan/kg, and in Guangxi dropped by 0.13 yuan to 11.46 yuan/kg. The demand was weak, and it is expected that today's pig price will continue to decline [21]. - **Strategy**: The current strategy first recommends reverse spreads, and second, wait to sell on rebounds [22].

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures saw a majority of contracts decline, with notable movements in sugar, cotton, cocoa, and coffee futures [1] Group 1: Futures Performance - Sugar futures increased by 2.25%, closing at 14.57 cents per pound [1] - Cotton futures decreased by 0.86%, closing at 64.82 cents per pound [1] - Cocoa futures fell by 3.12%, closing at $5744.00 per ton [1] - Coffee futures dropped by 6.16%, closing at 374.70 cents per pound [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The agricultural products sector shows mixed trends, with eggs falling sharply, oils and fats fluctuating strongly, and corn maintaining an upward trend [1]. Summary by Variety Eggs - The near - month main contracts 2512 and 2601 of eggs dropped significantly due to sufficient supply and weakening demand. The high inventory of laying hens and the slow elimination of old hens led to continuous supply pressure. After Double 11, the sales volume of e - commerce and supermarkets is expected to decline. The 2601 contract broke through the support level, and the technical indicators turned weak. A light - position short - selling strategy is recommended, with support at 3298 and resistance at 3350 [2]. Soybean Oil - The main 2601 contract of soybean oil continued to rise due to the decline in inventory. The increase in the price of CBOT soybean oil in the external market and the decline in the domestic oil mill operating rate led to a significant reduction in supply and inventory. As of the 45th weekend, the domestic soybean oil inventory was 1.37 million tons, a week - on - week decrease of 6.26%. The technical indicators showed strength. A light - position long - buying strategy is recommended, with support at 8234 and resistance at 8300 [3]. Hogs - The main 2601 contract of hogs fluctuated at a low level. The supply side had high inventory of sows, and the planned slaughter volume of large - scale pig enterprises in November was still high. The demand side had a slow start of curing and weak recovery of the catering industry. The technical indicators were weak. A light - position short - selling strategy is recommended, with support at 11580 and resistance at 12000 [5]. Soybean Meal - The main 2601 contract of soybean meal first declined and then rose, fluctuating at a high level. The improvement of Sino - US economic and trade relations may lead to the re - export of US soybeans to the Chinese market, but the import tariff is still high. The domestic supply of imported soybeans is sufficient, and downstream feed enterprises mainly purchase on a just - in - time basis. A short - term trading strategy is recommended, with support at 3044 and resistance at 3089 [7]. Corn - The main 2601 contract of corn fluctuated narrowly at a high level, maintaining an upward trend. The grain sales progress in the Northeast was better than expected, and the increase in new grain was reduced. The continuous purchase of the central grain reserve supported the price. Downstream feed and deep - processing enterprises had a demand for replenishment. The technical indicators showed strength. A light - position long - buying strategy is recommended, with support at 2166 and resistance at 2200 [10]. Red Dates - The main 2601 contract of red dates continued to fall. The new jujubes in the Xinjiang main production area were about to be listed, and the inventory increased. As of November 6, the physical inventory of 36 sample points was 9541 tons, a week - on - week increase of 2.06%, much higher than the same period last year. The technical indicators showed a downward trend. A light - position short - selling strategy is recommended, with support at 9335 and resistance at 9550 [13]. Cotton - The main 2601 contract of cotton fluctuated and declined, showing a weak trend. The supply increased as the picking and sales of Xinjiang cotton were basically completed, and the commercial inventory increased significantly. Some textile enterprises in the inland reduced their operating rates due to cost pressure. A short - term trading strategy is recommended, with support at 13435 and resistance at 13580 [14]. Apples - The main 2601 contract of apples fluctuated narrowly at a high level. The inventory level was lower than the same period last year, and the proportion of high - quality fruits was low. The technical indicators showed strength. A light - position long - buying strategy is recommended, with support at 9148 and resistance at 9250 [17]. White Sugar - The main 2601 contract of white sugar fluctuated narrowly and showed a strong trend. The peak of domestic white sugar imports has passed, and the cost of sugar production and strict syrup control policies supported the price. The start - up of sugar cane crushing in Guangxi was postponed, and the supply shortage supported the price. The technical indicators showed strength. A light - position long - buying strategy is recommended, with support at 5467 and resistance at 5490 [19].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The market expects the palm oil inventory in the producing areas to peak at the end of October, improving market sentiment. The strengthening of the external palm oil market drives up the prices of soybean oil, palm oil, and other related products. However, the sufficient domestic oil inventory restricts the increase in soybean oil prices. The rise in soybean cost narrows the oil mill's profit margin, but there is a driving force for profit repair, which effectively supports the soybean oil price. [3][4] - The inventory of rapeseed oil has significantly decreased this week, relieving the high - inventory pressure and boosting market sentiment. After the previous decline, the support at the lower level has strengthened, and with the expectation of improved consumption in the future, the futures price has rebounded. However, the shipment of Australian rapeseed in November may limit the increase in the futures price. [3] - For soybean meal, although the export inspection volume of US soybeans has decreased and the domestic soybean inventory is accumulating, the subsequent narrowing of profit margins and negative buying of ships provide strong support at the lower level. There is a continuous driving force for profit repair. [4] - The corn futures price rebounded on Tuesday, driven by the price - increasing sentiment of deep - processing enterprises. However, the continuous rebound momentum of the futures price is still insufficient, and the full reflection of the concentrated supply pressure remains to be verified. [5] - The price of live pigs is in a bottom - seeking stage. The feed price has stopped falling and rebounded, and the expectation of capacity reduction has strengthened. The far - month futures price is slightly at a premium to the spot price. [8][9] - The egg futures price shows a pattern of near - month weakness and far - month strength. The spot price has stopped rising and adjusted after a continuous rebound. With the expectation of the end of the cycle, the far - month contract is supported and shows a strong performance. The overall consumption is gradually entering a peak season, and the egg - laying hen inventory capacity is gradually being reduced. [9] Summary According to the Directory Part One: Sector Strategy Recommendations 1. Market Analysis | Sector | Variety | Market Logic (Supply - Demand) | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No.1 01 | After the continuous rise in the price of domestic new soybeans, the purchasing sentiment of the middle and lower reaches has cooled, but the farmers' reluctance to sell remains. | 4000 - 4020 | 4180 - 4200 | Firm operation | Temporary wait - and - see | | | Soybean No.2 01 | The restart of the USDA website is expected to release a positive November supply - demand report. The import profit of soybeans in China is still negative. Affected by the cost side, the price of Soybean No.2 has increased. | 3685 - 3710 | 3850 - 3900 | Oscillatory rise | Hold long positions | | | Peanut 01 | The market supply is increasing, but the yield performance in some areas is not good. | 7500 - 7600 | 8020 - 8162 | Oscillatory adjustment | Buy on dips | | Oils | Soybean Oil 01 | The increase in soybean import cost narrows the oil mill's profit margin. | 8000 - 8030 | 8350 - 8400 | Oscillatory strength | Light - position trial long or sell out - of - the - money put options | | | Rapeseed Oil 01 | The oil mill's operation is almost at a standstill, the inventory has been significantly reduced, and market sentiment has been boosted. | 9300 - 9350 | 9840 - 9890 | Oscillatory strength | Light - position trial long or sell out - of - the - money put options | | | Palm 01 | The negative impact of the October MPOB monthly report has been released. The producing areas are about to enter the production - reduction season, and the inventory is expected to peak. In the short term, palm oil may continue the upward trend. | 8530 - 8550 | 9000 - 9050 | Bottom - building and rising | Light - position trial long or sell out - of - the - money put options | | Proteins | Soybean Meal 01 | The restart of the USDA website is expected to release a positive November supply - demand report, and the import profit is still negative. The cost side provides obvious support. | 2970 - 2980 | 3100 - 3150 | Firm operation | Temporary wait - and - see | | | Rapeseed Meal 01 | There is a short - term supply shortage, but the shipment of Australian rapeseed eases the supply expectation. It is also the off - season for demand, with both long and short factors intertwined. | 2400 - 2430 | 2570 - 2600 | Narrow - range oscillation | Wait - and - see | | Energy and By - products | Corn 01 | The profit of deep - processing has been repaired, and the price - increasing sentiment provides support. However, the concentrated supply has not been fully released, and the futures price may rebound slightly in the short term. | 2050 - 2070 | 2200 - 2220 | Slight rebound | Close short positions and wait - and - see | | | Starch 01 | The cost of corn has rebounded slightly, and the starch futures price has followed the upward trend. | 2350 - 2360 | 2520 - 2540 | Slight rebound | Close short positions and wait - and - see | | Livestock | Live Pig 01 | The feed price has stopped falling and rebounded, and the expectation of capacity reduction has strengthened. | 11500 - 12000 | 12500 - 12800 | Oscillatory bottom - seeking | Switch to wait - and - see | | | Egg 12 | The expected decrease in newly - opened laying hens and the peak consumption season. | 2900 - 3100 | 3300 - 3350 | Oscillatory bottom - seeking | Buy on dips | [12] 2. Commodity Arbitrage - **Inter - delivery Arbitrage**: For most varieties, the current values are the same as the previous values, and the recommended strategies are mainly wait - and - see. For example, for Soybean No.1 1 - 5, Soybean No.2 1 - 5, etc., the current values are unchanged, and the strategies are to wait and see. For Peanut 1 - 4, the value has increased by 30, and the strategy is to short the near - month contract and long the far - month contract. For Corn 5 - 1, the strategy is to buy on dips with a target range of 150 - 200. For Live Pig 1 - 3, the strategy is to conduct a positive spread on dips. [13] - **Inter - variety Arbitrage**: For some oil - related spreads, such as 01 Soybean Oil - Palm Oil, 01 Rapeseed Oil - Palm Oil, and 01 Soybean Meal - Rapeseed Meal, the current values are unchanged, and the strategies are mainly temporary wait - and - see. For 01 Rapeseed Oil - Soybean Oil, the strategy is to take a long - biased operation. For the oil - meal ratio of 01 soybeans and 01 rapeseeds, the strategies are to take light - position long positions. For 01 Starch - Corn, the strategy is to wait and see with a reference range of 300 - 350. [13] 3. Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis values and their changes of various varieties in different sectors, including oilseeds (Soybean No.1, Soybean No.2, Peanut), oils (Soybean Oil, Rapeseed Oil, Palm Oil), proteins (Soybean Meal, Rapeseed Meal), energy and by - products (Corn, Starch), and livestock (Live Pig, Egg). [14][15] Part Two: Key Data Tracking Table 1. Oilseeds and Oils - **Daily Data**: The report provides the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping dates, including CIF premiums, CBOT or ICE futures prices, CNF prices, and landed duty - paid prices. [16][17] - **Weekly Data**: It shows the inventory and operating rates of various oilseeds and oils. For example, the port soybean inventory is 767.08 (decreased by 15.58), the oil - mill soybean meal inventory is 99.86 (decreased by 15.44), and the port soybean oil inventory is 114.00 (decreased by 5.90). The operating rate of soybean - related processing is 55.00% (increased by 1.00%). [19] 2. Feed - **Daily Data**: The import cost data of corn from Argentina and Brazil in different months are provided, including CNF prices and landed duty - paid costs. [19] - **Weekly Data**: It shows the consumption, inventory, operating rate, and inventory of corn and corn starch in deep - processing enterprises. For example, the consumption of corn in deep - processing enterprises is 125.40 (increased by 1.93), and the inventory is 279.50 (decreased by 3.20). [20] 3. Livestock - **Daily Data**: The daily data of live pigs and eggs are provided, including the prices of different types of live pigs in different regions, the prices of 7KG outer - ternary piglets, pork wholesale prices, pig - grain ratios, basis, and monthly spreads. For eggs, the daily price changes in different regions and the prices of culled chickens are provided. [21][22] - **Weekly Data**: The weekly data of live pigs and eggs are provided, including the average prices of binary sows, outer - ternary piglets, outer - ternary live pigs, and the costs and profits of different breeding methods. For eggs, the data on the supply side (laying rate, proportion of different sizes, culled chicken age, culled chicken output), demand side (sales volume, inventory in production and circulation links), and related profits and prices are provided. [23][24][25] Part Three: Fundamental Tracking Charts The report provides a series of charts to track the fundamentals of the livestock (live pigs, eggs), oilseeds and oils (palm oil, soybean oil, peanut), and feed (corn, corn starch, rapeseed, soybean meal) sectors, including price trends, inventory changes, operating rates, and other aspects. [27][30][31][32][33][34][36][38][40][42][44][46][53][56][62][66][77] Part Four: Options Situation of Feed, Livestock, and Oils The report provides charts on the historical volatility of rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanut, as well as the trading volume, open interest, and put - call ratio of corn options. [91][93][94] Part Five: Warehouse Receipt Situation of Feed, Livestock, and Oils The report provides charts on the warehouse receipt situations of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanut, corn, corn starch, live pigs, and eggs, as well as the open interest of the live pig index and the egg index. [96][97][98][99]

Group 1: Report Overview - Report title: Peanut Daily Report [1] - Report date: November 12, 2025 [1][2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Views - Peanut spot prices are expected to remain relatively stable in the short term, with supply increasing and downstream demand remaining weak [4][8] - Peanut futures will continue to oscillate at the bottom, and the new - season peanut output is expected to be higher than last year with lower planting costs [8] - Oil mills' theoretical crushing profits are acceptable, and peanut oil and peanut meal prices are stable [4][6][8] Group 4: Data Summary Futures Market - PK604 closed at 7934, up 4 (0.05%), with a trading volume of 21,358 (-18.06%) and an open interest of 22,453 (3.82%) [2] - PK510 closed at 8182, down 8 (-0.10%), with a trading volume of 47 (-70.81%) and an open interest of 570 (1.79%) [2] - PK601 closed at 7914, up 18 (0.23%), with a trading volume of 92,242 (-29.64%) and an open interest of 165,618 (-0.56%) [2] Spot Market - Spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7200, 7800, and 7800 respectively, with Henan Nanyang down 200 [2] - Imported Sudanese peanuts were priced at 8600 yuan/ton, and Senegalese peanuts at 7600 yuan/ton [2][4] - Peanut oil was priced at 14580 yuan/ton, up 10; soybean oil was priced at 8430 yuan/ton; peanut meal was priced at 3250 yuan/ton; soybean meal was priced at 3020 yuan/ton, down 10 [2] Spread - PK01 - PK04 spread was -20, up 14; PK04 - PK10 spread was -248, up 12; PK10 - PK01 spread was 268, down 26 [2] Group 5: Market Analysis - Peanut prices in Henan are stable, and those in the Northeast are strong. Imported peanut prices are stable. It is expected that peanut spot prices will be relatively stable in the short term [4] - Some peanut oil mills have started purchasing, with the mainstream transaction price at 7350 - 7600 yuan/ton, and the theoretical break - even price at 7910 yuan/ton [4] - Peanut oil and soybean oil prices are stable, and the by - product soybean meal in Rizhao is weak, while peanut meal is strong [4][6] Group 6: Trading Strategies Unilateral - Peanuts in contracts 01 and 05 are oscillating at low levels. It is advisable to try to go long on contract 05 peanuts at low prices [9] Inter - month Spread - Hold a wait - and - see attitude [10] Options - Sell and hold pk601 - P - 7600 [11] Group 7: Related Attachments - The report includes six figures showing historical data on Shandong peanut spot prices, peanut oil mill crushing profits, peanut oil prices, peanut spot - futures basis, and inter - contract spreads [16][19][22]

农产品日报 | 2025-11-12 现货供应充足，豆粕维持震荡 粕类观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2601合约3054元/吨，较前日变动-9元/吨，幅度-0.29%；菜粕2601合约2500元/吨，较前日 变动-27元/吨，幅度-1.07%。现货方面，天津地区豆粕现货价格3050元/吨，较前日变动+0元/吨，现货基差M01-4， 较前日变动+9；江苏地区豆粕现货3000元/吨，较前日变动+0元/吨，现货基差M01-54，较前日变动+9；广东地区 豆粕现货价格3000元/吨，较前日变动跌+0元/吨，现货基差M01-54，较前日变动+9。福建地区菜粕现货价格2690 元/吨，较前日变动-20元/吨，现货基差RM01+190，较前日变动+7。 近期市场资讯，外媒11月10日消息：咨询机构AgRural周一表示，截至11月6日，2025/26年度巴西大豆播种完成61%， 高于一周前的47%，低于去年同期的67%。截至2025年11月6日的一周，美国大豆出口检验量为108.8万吨，上周为 修正后的98.5玩吨，去年同期为236.4万吨。2025/26年度迄今美国大豆出口检验总量达到888.9万吨，同 ...