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 ...

1. Report Industry Investment Rating The report does not explicitly mention an overall industry investment rating. However, it provides individual outlooks for different agricultural products: - **Corn/Starch**: Oscillating strongly. There is still room for short - term price increase, and the regional strong trend continues. Consider short - selling opportunities around 2200 [2][7]. - **Oils and Fats**: Palm oil and rapeseed oil are expected to oscillate strongly, while soybean oil is expected to oscillate [5]. - **Protein Meal**: Soybean meal and rapeseed meal are expected to oscillate. Buy on dips, avoid chasing highs, and consider selling near - term contracts and buying far - term contracts [6]. - **Pigs**: Oscillating weakly. The near - term end has high - capacity realization and inventory pressure, while the far - term end is supported by production - reduction expectations [8]. - **Natural Rubber**: Oscillating. There may be a repair market for the RU - NR spread, and the price is expected to maintain a bottom - oscillating and highly elastic trend [10]. - **Synthetic Rubber**: Oscillating. Short - term, it is recommended to short on rallies before there is an obvious supply - demand contradiction in butadiene [13]. - **Cotton**: Short - term, the 01 contract is expected to oscillate within a range; long - term, it may oscillate strongly as the 25/26 annual balance sheet may see inventory reduction [13][14]. - **Sugar**: Medium - to long - term, it is expected to oscillate weakly; short - term, it fluctuates around 5400 - 5500 yuan/ton, and a short - on - rallies strategy is recommended [14]. - **Pulp**: Oscillating. The spot market is dominated by weak supply - demand and birch needle warehouse receipts, while the futures market is driven by funds. Adopt a wait - and - see approach [16]. - **Double - Glued Paper**: The market price stops falling and stabilizes as tenders are launched [17][19]. - **Logs**: Oscillating weakly. The fundamentals are weak, and the spot price is under pressure, with recent bottom - oscillating [20]. 2. Core Viewpoints of the Report The report analyzes the market conditions of various agricultural products. In general, the agricultural product market is affected by multiple factors such as supply and demand, weather, policies, and international trade. Different products show different trends. For example, corn prices are currently supported by downstream stocking and upstream hoarding, but there is pressure from new - grain listing in the fourth quarter; pig prices are low due to abundant supply in the short - to medium - term, but supply pressure may ease in the second half of 2026; some products like oils and fats, protein meal, and cotton are affected by factors such as international market conditions, production expectations, and inventory levels [2][6][8]. 3. Summary by Relevant Catalogs 3.1行情观点 - **Oils and Fats**: Yesterday, rapeseed oil led the rise in oils and fats. Factors such as the possible resumption of the US government, the outlook for US soybean exports, the planting progress of South American soybeans, and the supply and demand of domestic and international oils and fats affect the market. Palm oil and rapeseed oil are expected to oscillate strongly, and soybean oil is expected to oscillate [5]. - **Protein Meal**: The far - term contracts are making up for losses, and the spread between near - term and far - term contracts is narrowing. The market is affected by factors such as the upcoming USDA report, the export of Brazilian soybeans, and the supply and demand of domestic and international soybean meal. Soybean meal and rapeseed meal are expected to oscillate [6]. - **Corn/Starch**: Downstream stocking and upstream hoarding lead to a strongly oscillating market. Currently, prices are supported by supply and demand factors, but there is pressure from new - grain listing in the fourth quarter. The short - term price may continue to rise, and there may be short - selling opportunities around 2200 [2][7]. - **Pigs**: Monthly supply is abundant, and pig prices are running at a low level. The supply is high in the short - to medium - term but may ease in the second half of 2026. The demand, inventory, and market rhythm also affect the price. The market shows a pattern of "weak reality + strong expectation" [8]. - **Natural Rubber**: Narrowly oscillating, waiting for speculative opportunities. The price is affected by factors such as overseas supply, demand, and the spread between RU and NR. There may be a repair market for the RU - NR spread [10]. - **Synthetic Rubber**: Temporarily stabilizing, but the pressure from raw materials is still large. The market is affected by the price of butadiene and supply - demand fundamentals. It is recommended to short on rallies [13]. - **Cotton**: Narrowly fluctuating, pay attention to the adjustment of production expectation differences. The short - term price is affected by production expectations and supply - demand relationships, and the 01 contract is expected to oscillate within a range. Long - term, it may oscillate strongly [13][14]. - **Sugar**: The external market stabilizes, and the domestic market rebounds slightly. The international and domestic sugar supply and demand situations affect the price. Medium - to long - term, it is expected to oscillate weakly; short - term, it fluctuates around 5400 - 5500 yuan/ton [14]. - **Pulp**: The futures market is driven by funds, and a wait - and - see approach is recommended. The market is affected by factors such as the price of packaging paper, import costs, and supply - demand relationships. The price is expected to oscillate within a certain range [16]. - **Double - Glued Paper**: In the tender peak season, the spot price stabilizes and strengthens. The market may show a pattern of rising first and then falling, with price stabilization as tenders are launched [17][19]. - **Logs**: The fundamentals remain unchanged, and the price mainly oscillates narrowly. The supply and demand of logs are affected by factors such as import volume, demand from the real - estate industry, and inventory levels. The price is expected to oscillate weakly [20]. 3.2品种数据监测 The report lists the data monitoring sections for various agricultural products such as oils and fats, corn, starch, cotton, sugar, pulp, double - glued paper, and logs, but specific data content is not fully elaborated in the provided text.

Report Industry Investment Ratings No relevant content provided. Core Views - Palm oil: Temporarily stabilized in the short term, with limited rebound height [2] - Soybean oil: U.S. soybeans stabilized, continue to expand the spread between soybean oil and palm oil [2] - Soybean meal: Range-bound [2] - Soybean No.1: Range-bound [2] - Corn: Moving in a range [2] - Sugar: Consolidating within a range [2] - Cotton: Lacking upward drivers, futures prices oscillating within a range [2] - Eggs: Maintaining a range-bound trend [2] - Live pigs: The price spread between fattening and standard pigs in the north is weakening, and the driving force is emerging [2] - Peanuts: Focus on the spot market [2] Summary by Related Catalogs Palm Oil and Soybean Oil - **Fundamental Tracking**: Palm oil's daily and night - session closing prices were 8,770 yuan/ton (up 0.92%) and 8,734 yuan/ton (down 0.41%) respectively; soybean oil's were 8,238 yuan/ton (up 0.12%) and 8,248 yuan/ton (up 0.12%). The trading volume and open interest of palm oil decreased, while those of soybean oil showed different trends. Spot prices of palm oil and soybean oil in Guangdong increased by 50 yuan/ton [4]. - **Macro and Industry News**: CIMB Securities expects Malaysia's palm oil inventory to increase by 4.0% to 2.57 million tons in November due to a 10% month - on - month decline in exports, and production to decline by 8.0% to 1.88 million tons after peaking in October. SPPOMA reported that from November 1 - 10, 2025, Malaysia's palm oil yield, oil extraction rate, and production decreased compared to the same period last month [5][6]. Soybean Meal and Soybean No.1 - **Fundamental Tracking**: DCE soybean No.1 2601's daily and night - session closing prices were 4,112 yuan/ton (down 0.05%) and 4,114 yuan/ton (down 0.34%); DCE soybean meal 2601's were 3,054 yuan/ton (up 0.10%) and 3,046 yuan/ton (down 0.39%). Spot prices of soybean meal in different regions were stable or slightly increased. The trading volume of soybean meal increased, and the inventory decreased [12]. - **Macro and Industry News**: On November 11, CBOT soybean futures closed mixed, with a near - weak and far - strong trend. Traders were waiting for China's large - scale soybean purchases and the USDA's global supply - demand report [12]. Corn - **Fundamental Tracking**: The closing prices of C2601 and C2603 were 2,177 yuan/ton (up 0.93%) and 2,197 yuan/ton (up 0.60%) during the day, and 2,180 yuan/ton (up 0.14%) and 2,196 yuan/ton (down 0.05%) at night. The trading volume increased, and the open interest changed differently. Spot prices in some regions increased [16]. - **Macro and Industry News**: Corn prices in northern China and the south showed different trends. Imported sorghum and barley prices were reported [17]. Sugar - **Fundamental Tracking**: The raw sugar price was 14.28 cents/pound, the mainstream spot price was 5,760 yuan/ton, and the futures main - contract price was 5,480 yuan/ton. The 15 - spread was 69 yuan/ton, and the 59 - spread was 7 yuan/ton [19]. - **Macro and Industry News**: High - frequency information focused on China's syrup and premix import policy changes. The 25/26 sugar - cane crushing season's production, consumption, and import data were reported for different countries and regions [19][20][21]. Cotton - **Fundamental Tracking**: The closing prices of CF2601 and CY2601 decreased. The trading volume of CF2601 decreased, and the open interest increased. Spot prices of cotton in different regions changed slightly [23]. - **Macro and Industry News**: The cotton spot market's trading was general, and the cotton yarn market was mixed. ICE cotton futures were in a low - level oscillation [24][25]. Eggs - **Fundamental Tracking**: The closing prices of egg 2512 and egg 2601 decreased. The price spreads between different contracts changed. Spot prices in different regions were stable or decreased slightly [28]. Live Pigs - **Fundamental Tracking**: Spot prices in different regions varied. Futures prices of different contracts decreased. The trading volume and open interest of futures contracts increased. The price spreads between different contracts changed [30]. - **Market Information**: The national feed output in September increased month - on - month and year - on - year [31]. Peanuts - **Fundamental Tracking**: Spot prices of peanuts in different regions changed. Futures prices of PK601 and PK603 increased. The trading volume and open interest of futures contracts increased [34]. - **Spot Market Focus**: Peanut prices in different regions were stable or slightly increased, with different degrees of supply and demand situations [35].

Core Insights - The Bloomberg Grain Index increased by 0.06%, reaching 30.5541 points [1] - CBOT corn futures rose by 0.52%, priced at $4.32 per bushel [1] - CBOT wheat futures remained unchanged at $5.3575 per bushel [1] - CBOT soybean futures decreased by 0.29%, priced at $11.2675 per bushel [1] - Soymeal futures fell by 1.00%, while soybean oil futures increased by 0.91% [1] - CBOT lean hog futures dropped by 0.51%, and live cattle futures decreased by 0.54% [1] - Feeder cattle futures saw a slight increase of 0.24% [1]

Core Insights - The "Tongzhou Cup" special award has gained significant attention in the market due to its distinct industry characteristics and professional competition design [1] - Participants in the peanut category, such as Han Jingbo and Huang Liwei, shared their practical experiences and insights from the competition, highlighting their deep industry backgrounds and trading strategies [1][2] Group 1: Participants' Backgrounds - Han Jingbo from Henan Chishu Agricultural Development Co., Ltd. has 16 years of experience in the futures industry, focusing on peanut futures since its inception [1] - Huang Liwei, known as "Mifei Agricultural Products," has been involved in futures since 2009, with a strong focus on agricultural products, particularly peanuts [2] Group 2: Trading Strategies - Han Jingbo employs a strategy combining arbitrage and options selling, leveraging his background in risk management and physical trade to make subjective arbitrage decisions [3] - Huang Liwei emphasizes flexibility in strategy, adjusting approaches based on market conditions and utilizing options to enhance capital efficiency and returns [3] Group 3: Risk Management - Han Jingbo maintained a maximum drawdown of approximately 2.2% during the competition, adhering to strict stop-loss disciplines based on absolute amounts [4] - Huang Liwei highlighted the importance of adapting to market changes, using his deep industry understanding to manage risks effectively, keeping drawdowns within acceptable limits [4] Group 4: Value of the Competition - Both participants acknowledged the value of the "Tongzhou Cup" in expanding their trading perspectives and enhancing their market understanding through interaction with other skilled traders [5] - The competition serves as a professional platform for industry participants to exchange ideas and learn from each other, contributing to the growth of the futures market [6]

Group 1 - The Bloomberg Grain Index increased by 0.06%, closing at 30.5541 points [1] - CBOT corn futures rose by 0.52%, reaching $4.32 per bushel [1] - CBOT wheat futures remained unchanged at $5.3575 per bushel [1] Group 2 - CBOT soybean futures decreased by 0.29%, closing at $11.2675 per bushel [1] - Soymeal futures fell by 1.00% [1] - Soy oil futures increased by 0.91% [1] Group 3 - CBOT lean hog futures declined by 0.51% [1] - Live cattle futures dropped by 0.54% [1] - Feeder cattle futures rose by 0.24% [1]

Core Insights - The article discusses the pervasive nature of market design in everyday life, illustrating how even simple choices, like breakfast, are influenced by complex market operations [2][3] - It highlights the transformation of markets from traditional matching systems to standardized commodity markets, using wheat and coffee as primary examples [4][6] Market Transformation - The Chicago Mercantile Exchange established a standardized grading system for wheat, allowing for anonymous and efficient trading, which eliminated the need for buyers to know the seller's identity [4][5] - The transition from a matching market to a commodity market increases market "thickness," enabling any buyer to purchase from any seller, thus enhancing efficiency [5] Coffee Market Evolution - The establishment of the Ethiopian Commodity Exchange in 2008 introduced an anonymous coffee grading system, allowing buyers to purchase coffee without knowing the supplier's identity [6][7] - The grading system incentivizes coffee farmers to harvest only ripe cherries, improving the overall quality of coffee available in the market [7] Market Dynamics - There exists a tension between commoditization and product differentiation, where sellers aim to attract buyers in a thick market while also wanting their products to stand out [8][9] - The article illustrates that while consumers may prefer standardized products for convenience, they also appreciate unique offerings that require more effort to find [9][10] Local Market Appeal - Farmers' markets are presented as a blend of matching and commodity markets, where buyers can connect with local sellers, enhancing the shopping experience [10]

Report Industry Investment Ratings - **Beans 1**: ★☆☆ (One star indicates a bullish/bearish bias, with a driving force for price increase/decrease, but limited operability on the trading floor) [1] - **Soybean Oil**: ★★★ (Three stars represent a clearer bullish/bearish trend, with relatively appropriate investment opportunities at present) [1] - **Palm Oil**: ★★★ [1] - **Soybean Meal**: ★☆☆ [1] - **Rapeseed Meal**: ★★★ [1] - **Rapeseed Oil**: ★★★ [1] - **Corn**: ★★★ [1] - **Live Pigs**: ★☆☆ [1] - **Eggs**: ★★★ [1] Core Views - The prices of various agricultural products show different trends, affected by factors such as supply and demand, policies, and international trade relations. Investors should pay attention to relevant information and market dynamics to find investment opportunities and manage risks [2][3][4] Summary by Related Catalogs Beans 1 - The price of Beans 1 shows high - level fluctuations. The resumption of soybean auction by Sinograin cools the market sentiment. Sinograin started soybean procurement last week, with high - protein soybeans having a price advantage. The warehouse receipts of domestic soybeans increase with the rebound of imported soybeans. Short - term attention should be paid to domestic soybean policies and market sentiment [2] Soybean & Soybean Meal - The main contract of soybean meal futures continues to fluctuate. Affected by the easing of Sino - US negotiations, US soybeans enter a wide - range oscillation waiting period after a strong rise. The import tax rate of US soybeans in China is changed to 13%, but commercial imports still have no price advantage. The crushing profit is repaired with the increase of import cost. It is expected that the soybean supply will be basically sufficient in the fourth quarter, and there may be inventory reduction in the first quarter of next year. The sowing rate of Brazilian soybeans is 58.4% as of November 8th, slower than normal. The key lies in the ending inventory data in the USDA November supply - demand report. Attention should be paid to the opportunity of buying on dips after the Sino - US trade eases [3] Soybean Oil & Palm Oil - Soybean oil and palm oil follow the strength of rapeseed oil. The supply - demand situation of rapeseed oil in the medium and short term is strong, which boosts the price of soybean and palm oil. The current supply - demand situation of palm oil shows high inventory in Malaysia. The import loss of soybean in the near - term disk provides support for soybean oil. The soybean oil is stronger than soybean meal in the oil - meal ratio this week. The price of palm oil is in a horizontal oscillation, and attention should be paid to its supply - demand situation and the trend of surrounding oils [4] Rapeseed Meal & Rapeseed Oil - The trading volume and open interest of domestic rapeseed futures contracts increase, maintaining the trend of strong oil and weak meal. The shortage of rapeseed in domestic coastal areas leads to a more than expected decline in the inventory of rapeseed oil and meal, especially rapeseed oil, which supports its price reversal. Attention should be paid to the arrival time of Australian rapeseed, the data adjustment of the USDA supply - demand report, and the trend of China - Canada relations. It is recommended to wait and see in the short term [6] Corn - The Dalian corn futures 2601 contract increases by 0.93% with reduced positions. The estimated corn output this season is 300 million tons, an increase of 1.72% compared with the previous season. The spot price of corn is strong in some areas due to factors such as temperature drop and reduced supply. However, the overall supply pattern is still loose, and the rebound height is expected to be limited. The 01 contract of Dalian corn futures may continue to operate at the bottom and wait for a callback [7] Live Pigs - The spot price of live pigs decreases slightly, while the futures show a significant increase in positions, and the near - month January contract drops sharply. The high price difference between fattening pigs may slow down the overall slaughter rhythm. Seasonal demand is increasing, and the pig price may enter a seasonal rebound stage. In the long - term, the pig price may form a double - bottom pattern, and there is a high probability of a second bottom - testing in the first half of next year [8] Eggs - The far - month egg futures price rises sharply and breaks through the previous oscillation platform. The decline in chick replenishment in the second half of this year leads to the expectation of a decrease in the laying - hen inventory in the future. The near - month contracts are weak due to the stable - to - weak spot price. The price of eggs is stable in most areas with a decline in some provinces. The logic of near - and far - month contracts is different. Attention should be paid to the spot performance and old - hen culling, and it is recommended to wait and see for now [9]