Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - **Corn**: On Monday, affected by the increase in port quotes, corn futures prices continued to rise. The main 2601 contract increased in price with reduced positions, showing a joint rebound in futures and spot prices. There is a game between the producing areas and ports. Downstream feed enterprises remain cautious. Technically, the contract broke through the bottom neckline, suggesting short - term long positions [1]. - **Soybean Meal**: On Monday, CBOT soybeans rose. Traders are preparing for the USDA's supply - demand report. US soybean single - week export inspections were 1.089 million tons. Domestic protein meal fluctuated higher following the increase in import costs, but the supply surplus limited the upside. The strategy is to hold long futures positions and sell out - of - the - money call options [1]. - **Fats and Oils**: On Monday, BMD palm oil was generally stable. Malaysian palm oil data provided some support, but the increase was limited by weak November export data and the strengthening of the Malaysian ringgit. Domestic fats and oils fluctuated. The strategy is to participate in short - term long positions [1]. - **Eggs**: On Monday, the main 2512 egg contract oscillated downward after opening and then rebounded, closing down 1.34%. Spot egg prices are stable with oscillations after a slight rebound last week. It is expected to maintain a wide - range oscillation in the short term [1]. - **Pigs**: On Monday, the main 2601 pig contract closed with a small positive line, stabilizing with oscillations at the 40 - day moving average support. Spot pig prices continued to rebound. The 9 - month contract is expected to remain oscillating strongly [2]. Group 3: Summary by Related Catalogs Research Views - **Corn**: The main 2601 contract increased in price with reduced positions. North port prices rose, and some traders in the sales areas also raised quotes. Downstream feed enterprises are cautious. Technically, it broke through the bottom neckline, suggesting short - term long positions [1]. - **Soybean Meal**: CBOT soybeans rose. US soybean export inspections were in line with expectations, and the domestic supply was loose. The strategy is long futures + selling out - of - the - money call options [1]. - **Fats and Oils**: BMD palm oil was stable. Malaysian palm oil export data in November was weak, and the domestic market fluctuated. The strategy is short - term long positions [1]. - **Eggs**: The main 2512 contract closed down. Spot prices were stable with oscillations. It is expected to oscillate widely in the short term [1]. - **Pigs**: The main 2601 contract stabilized with oscillations. Spot prices rebounded, and the 9 - month contract is expected to be strongly oscillating [2]. Market Information - **Soybean Inventory**: As of November 10, the national imported soybean port inventory was 7.67077 million tons, a week - on - week decrease of 0.50337 million tons [2]. - **Three - major Fats and Oils Inventory**: As of November 7, the total commercial inventory of the three major fats and oils was 2.2047 million tons, a week - on - week decrease of 0.1199 million tons (5.16% decline) and a year - on - year increase of 0.173 million tons (8.52% increase) [3]. - **China's Edible Vegetable Oil**: In 2024/25, production increased, imports decreased, and consumption decreased. In 2025/26, production remained the same as last month, with a slight decrease in peanut oil and a slight increase in cottonseed oil [3]. - **China's Soybean**: In 2024/25, imports were 109.37 million tons and exports were 8000 tons. In 2025/26, the production forecast was adjusted to 20.9 million tons. Global soybean supply is loose [4].

Report Summary 1. Report Industry Investment Ratings The report does not explicitly mention industry investment ratings. 2. Core Views of the Report - **Financial Derivatives**: The stock index futures are expected to maintain a volatile upward trend, while the bond market sentiment is not weak, but the upward space of bond futures is limited [20][23]. - **Agricultural Products**: The protein meal has support in the near - term, while the long - term is under pressure. The sugar price is expected to be volatile. The oil and fat sector is in a bottom - grinding stage. Corn and its starch are in a strong - side volatile state. The pig price is expected to be under pressure, and peanuts are in a short - term bottom - shock state. Egg prices may have limited upside, and apple prices are mainly stable. Cotton prices are expected to be slightly stronger in the short - term [26][31][35][38][42][46][51][54]. - **Black Metals**: Steel prices are in a range - bound state. Coking coal and coke are expected to be adjusted in the short - term and offer buying opportunities after a pullback. Iron ore is considered from a bearish perspective, and ferroalloys' previous short positions can be reduced [57][60][63][64]. - **Non - ferrous Metals**: Precious metals are expected to strengthen in a volatile manner. Copper is in a short - term shock state. Alumina prices may rebound slightly but face pressure. Aluminum prices are expected to be stronger in a volatile state. Zinc requires attention to export volume, lead is in a range - bound state, and nickel prices are expected to weaken in a volatile manner [67][70][74][77][79][86][89][93]. 3. Summary by Relevant Catalogs Financial Derivatives - **Stock Index Futures**: The stock index futures followed the spot market to strengthen. The trading volume and open interest of some varieties changed. The market sentiment is optimistic, and the stock index is expected to maintain a volatile upward trend. The trading strategies include not chasing high, building long positions on dips, conducting IM/IC long 2512 + short ETF cash - and - carry arbitrage, and using bull spreads on dips [19][20][21]. - **Bond Futures**: Bond futures closed mostly higher on Monday. The market funds tightened, but the bond market showed resilience. The upward space of bond futures is limited. The trading strategies include waiting and holding short positions on the 30Y - 7Y term spread and considering long positions on the T - contract current - next quarter spread [22][23]. Agricultural Products - **Protein Meal**: The export prospects of US soybeans have improved, providing support. The domestic soybean meal has supply uncertainties, with strong near - term support and long - term pressure. Rapeseed meal is expected to be in a shock state [26]. - **Sugar**: Internationally, the sugar production in major producing areas is increasing, and the fundamentals are weak. Domestically, the sugar price is expected to be in a range - bound state, with limited downward space due to policy support [31]. - **Oil and Fat Sector**: In October, the palm oil inventory in Malaysia increased as expected. The oil and fat sector is in a bottom - grinding stage, and there may be a technical rebound in the short - term [34][35]. - **Corn/Corn Starch**: The US corn futures rebounded. The domestic corn spot price is strong, and the futures are in a strong - side volatile state [36][38]. - **Pigs**: The pig price is generally in a downward trend. The overall supply pressure still exists, and the pig price is expected to be under pressure [39][40]. - **Peanuts**: The peanut spot price is stable, and the 01 contract is in a short - term bottom - shock state. The 05 contract can be considered for short - term long positions [41][42]. - **Eggs**: The demand for eggs has improved slightly, but the supply of laying hens is still at a high level, and the upside space of egg prices is limited [44][46]. - **Apples**: New apples are gradually being stored, and the price is mainly stable. The inventory is expected to be lower than last year, but the current futures price is at a high level, so it is recommended to wait and see [49][51]. - **Cotton - Cotton Yarn**: The cotton picking is coming to an end. The supply is expected to increase, and the demand is in the off - season. The cotton price is expected to be slightly stronger in the short - term [53][54]. Black Metals - **Steel**: The supply of rebar is increasing, and the steel price is in a range - bound state. The supply and demand structure suppresses the steel price, but there is support at the bottom due to environmental protection [57]. - **Coking Coal and Coke**: The market drive is not obvious in the short - term, and it is expected to be adjusted in a volatile manner. In the medium - term, there are buying opportunities after a pullback [60]. - **Iron Ore**: The terminal demand is weakening, and the supply is at a high level. The iron ore price is expected to be in a high - level bearish operation [62][63]. - **Ferroalloys**: The supply and demand of ferroalloys are weakening at the margin, but the cost provides support. The previous short positions can be reduced [64]. Non - ferrous Metals - **Precious Metals**: The market's liquidity expectation has improved, and precious metals are expected to strengthen in a volatile manner [67]. - **Copper**: The short - term copper price is in a shock state. The supply is tightening, and the demand is warming up [70][71][73]. - **Alumina**: The supply and demand of alumina are still in significant surplus. The price may rebound slightly, but it faces pressure from the basis [77]. - **Electrolytic Aluminum**: There are still concerns about overseas supply, and the aluminum price is expected to be stronger in a volatile manner [79][81]. - **Cast Aluminum Alloy**: Affected by the cost and demand, the cast aluminum alloy price will maintain a strong - side volatile state with the aluminum price [85]. - **Zinc**: Attention should be paid to the export volume of zinc [86]. - **Lead**: The lead price is in a range - bound state, and it may decline with the increase of social inventory [89][90]. - **Nickel**: The cost of nickel has loosened, and the nickel price is expected to weaken in a volatile manner [93].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The price of soybean meal is expected to follow the upward trend of US soybeans and rebound, while the price of soybean No.1 is expected to fluctuate in a rebound [1]. - The trend strength of soybean meal is +1, indicating a relatively strong upward trend, while the trend strength of soybean No.1 is 0, indicating a neutral trend [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Prices**: - DCE soybean No.1 2601 closed at 4,116 yuan/ton during the day session, down 9 yuan (-0.22%), and 4,138 yuan/ton during the night session, up 24 yuan (+0.58%) [1]. - DCE soybean meal 2601 closed at 3,063 yuan/ton during the day session, up 12 yuan (+0.39%), and 3,051 yuan/ton during the night session, unchanged (+0.00%) [1]. - CBOT soybean 01 closed at 1,127.5 cents/bushel, up 10.25 cents (+0.92%) [1]. - CBOT soybean meal 12 closed at 319.1 dollars/short ton, up 2.1 dollars (+0.66%) [1]. - **Spot Prices**: - In Shandong, the spot price of soybean meal (43%) was 3,010 - 3,100 yuan/ton, with a basis of M2601 + 10 to +60, and the price was flat to up 10 yuan compared to the previous day [1]. - In East China, the spot price was 3,010 - 3,100 yuan/ton, with a basis of M2601 + 10, and the price was flat to up 10 yuan compared to the previous day [1]. - In South China, the spot price was 3,030 - 3,120 yuan/ton, with a basis of M2601 + 10 to +40, and the price was flat to up 10 yuan compared to the previous day [1]. - **Industrial Data**: - The trading volume of soybean meal was 15.75 million tons per day on the previous trading day, compared to 4.7 million tons two days ago [1]. - The inventory of soybean meal was not available on the previous trading week, compared to 105.93 million tons two weeks ago [1]. 3.2 Macro and Industry News - On November 10, CBOT soybean futures rose for the second consecutive day, mainly due to the progress of the US government shutdown and the expectation of the recovery of US soybean exports to China [3]. - The market is waiting for the USDA's November supply and demand report, which will include the first US crop production forecast since mid - September [3]. - The planting progress of Brazilian soybeans is 61%, behind last year's 67% due to irregular rainfall [3].

Report Industry Investment Rating - All three industries (cotton, sugar, and pulp) are rated as neutral [3][6][7] Core Viewpoints of the Report - The cotton market has short - term supply pressure and weak demand, but in the long - term, the supply - demand situation is not overly loose and the price is expected to be positive after seasonal pressure [2][3] - The sugar market is in a bearish cycle in the 25/26 season with a surplus pattern. The domestic sugar price may be supported in the short - term but is not optimistic in the long - term [5][6] - The pulp market has a loose supply situation, weak demand, and although the price is currently strong due to macro - sentiment, the fundamental improvement is limited and the upside space may be restricted [6][7] Summary by Related Catalogs Cotton Market News and Key Data - Futures: The closing price of cotton 2601 contract was 13,580 yuan/ton, with no change from the previous day [1] - Spot: The Xinjiang arrival price of 3128B cotton was 14,671 yuan/ton, down 7 yuan/ton from the previous day; the national average price was 14,844 yuan/ton, down 15 yuan/ton from the previous day [1] - From October 31 to November 6, 2025/26 US cotton grading inspection was 230,400 tons, with 82.6% of lint meeting ICE cotton futures delivery requirements [1] Market Analysis - Internationally, the macro - sentiment has improved, but the supply pressure is being released and the consumption is weak, so the short - term rebound space of the outer market is limited [2] - Domestically, the expected new cotton output has declined, the seed cotton purchase price has stabilized and rebounded, but the overall new cotton is still expected to increase in production and the demand is insufficient [2] Strategy - Take a neutral stance. In the short - term, there is a possibility of a price correction, while in the long - term, the cotton price can be viewed optimistically after seasonal pressure [3] Sugar Market News and Key Data - Futures: The closing price of sugar 2601 contract was 5,475 yuan/ton, up 18 yuan/ton from the previous day [4] - Spot: The sugar spot price in Nanning, Guangxi was 5,760 yuan/ton, up 10 yuan/ton from the previous day; in Kunming, Yunnan, it was 5,650 yuan/ton, with no change from the previous day [4] - The Indian government has allowed 1.5 million tons of sugar exports in the 2025/26 season and cancelled the 50% export tariff on molasses [4] Market Analysis - The Brazilian sugar export is strong and the Indian new - season production is expected to rebound, suppressing market confidence. The global sugar market may be in a bearish cycle in the 25/26 season [5] - Domestically, the new - season sugar production is expected to increase, but the price has fallen to the cost line and the syrup control policy provides short - term support [5] Strategy - Adopt a neutral strategy. Before the Spring Festival, view the sugar price as oscillating. In the long - term, the domestic supply - demand is expected to be loose and the price may hit new lows [6] Pulp Market News and Key Data - Futures: The closing price of pulp 2601 contract was 5,468 yuan/ton, up 74 yuan/ton from the previous day [6] - Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5,525 yuan/ton, up 25 yuan/ton from the previous day; the price of Russian softwood pulp was 5,085 yuan/ton, up 25 yuan/ton from the previous day [6] - The import wood pulp spot market price was rising, with some prices of imported softwood pulp and hardwood pulp increasing by 20 - 100 yuan/ton and 20 - 80 yuan/ton respectively [6] Market Analysis - Supply: The European pulp port inventory in September decreased month - on - month but was still at a relatively high level, and the domestic pulp import increased again in September with high port inventory [6] - Demand: The pulp consumption in Europe and the US is weak, and the domestic demand is the core factor suppressing the pulp price. The terminal demand is insufficient and the paper mills' raw material procurement is cautious [6] Strategy - Take a neutral stance. The current pulp price is strong due to macro - sentiment, but the fundamental improvement is limited, and attention should be paid to the demand in the fourth quarter [7]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report The report offers a comprehensive analysis of various agricultural products, including their current situation, influencing factors, and future outlooks. It indicates that most products are expected to show a trend of oscillation, with some products having specific tendencies such as corn being expected to oscillate strongly, and pigs expected to oscillate weakly [1][8]. 3. Summary by Variety 3.1 Oils - **Viewpoint**: Malaysian palm oil inventory in October was slightly higher than expected, while market sentiment improved. The market is expected to oscillate, with macro and industrial factors influencing the trend [5]. - **Logic**: Last Friday, US soybeans oscillated upwards. Recently, the expected domestic imported soybean arrivals are at a relatively high level in the same period, and the speed of domestic soybean oil inventory reduction is expected to be slow. In terms of palm oil, the production and export volume of Malaysian palm oil in October increased significantly month - on - month, and the inventory was slightly higher than expected. In terms of rapeseed oil, as a large amount of Russian rapeseed comes on the market, the domestic rapeseed oil supply is expected to increase in the future [5]. 3.2 Protein Meals - **Viewpoint**: The double meal market oscillated, waiting for the guidance of the supply - demand report. It is expected that both US soybeans and domestic soybean meal will oscillate. One can buy on dips but not chase highs [6]. - **Logic**: Internationally, the US government shutdown ended, and the supply - demand report may be released. The market expects that the US soybean yield may be lowered. Domestically, in the short term, the reduction of soybean meal inventory in oil mills is slow, and the spot and basis are weak. In the medium term, the procurement of December shipments is progressing, but the January imports are still at a loss. In the long term, the supply in the fourth quarter of 2025 is expected to be sufficient, and there may be a soybean gap in March 2026 [6]. 3.3 Corn and Starch - **Viewpoint**: With downstream stocking and upstream reluctance to sell, the futures price broke through upwards. It is expected to oscillate strongly [7][8]. - **Logic**: Today, domestic corn prices mostly rose. On the supply side, farmers' reluctance to sell increased due to cold weather, and the selling pressure has not been realized. On the demand side, the demand for feed grains is concentrated in the Northeast, and the increase in trade costs further supports the price. In the fourth quarter, the market is still in the stage of new grain listing pressure, and the selling pressure after "freezing" needs attention [7][8]. 3.4 Pigs - **Viewpoint**: There is a game between supply and demand, and the pig price oscillates. It is expected to oscillate weakly, showing a pattern of "weak reality + strong expectation" [8]. - **Logic**: In terms of supply, in the short term, the supply of commercial pigs in November is still large. In the medium term, the number of pigs for slaughter in the fourth quarter is expected to increase. In the long term, the production capacity of sows is starting to decline, and the supply pressure may gradually ease in the second half of 2026. In terms of demand, the ratio of meat to pig price has increased. In terms of inventory, the average weight of slaughtered pigs has increased, and the utilization rate of second - fattening pens has increased [8]. 3.5 Natural Rubber - **Viewpoint**: It rebounded slightly following the macro - sentiment, and the sustainability needs attention. It is expected to maintain a bottom - oscillating and highly elastic trend [9][11]. - **Logic**: The rubber market rebounded in line with the commodity rebound rhythm. The macro - sentiment was positive, and the valuation of RU was lower than NR. The supply in overseas producing areas was affected by weather, and the demand has not changed significantly recently [9][11]. 3.6 Synthetic Rubber - **Viewpoint**: It has temporarily stabilized, but the raw material pressure is still relatively large. It is recommended to short on rallies [12][13]. - **Logic**: The BR market rebounded slightly following natural rubber. The price of butadiene has fallen rapidly and temporarily stabilized. The supply of butadiene is abundant, and the downstream buying sentiment is cautious. Although there is short - term support at the bottom, the market atmosphere is still cautious [12][13]. 3.7 Cotton - **Viewpoint**: It fluctuated narrowly and oscillated. In the short term, the 01 contract is expected to oscillate within a range; in the long term, it may oscillate strongly [13]. - **Logic**: Macroscopically, the improvement of Sino - US trade relations is beneficial to cotton imports and textile exports in the long term but has limited short - term impact. In terms of supply and demand, the estimated output of Xinjiang cotton has been lowered, and the cost supports the cotton price, but there is a lack of new positive factors. The inventory is in the accumulation stage, and the 01 contract is expected to oscillate within a range [13]. 3.8 Sugar - **Viewpoint**: It rebounded slightly. In the medium - long term, it is expected to oscillate weakly, and it is recommended to short on rallies [14]. - **Logic**: Internationally, the peak season of Brazilian sugar production and export has ended, and the new sugar production in the Northern Hemisphere has started. India, Thailand, and Brazil are all expected to increase production. Domestically, the sugar production in the new season is expected to increase, and the import is expected to be tightened, but the sugar price may decline as the new sugar supply increases [14]. 3.9 Pulp - **Viewpoint**: The futures drive the spot, and the market is dominated by funds. It is expected to oscillate, and it is recommended to wait and see [15]. - **Logic**: The futures market is rising strongly, but the spot market shows insufficient follow - up. There are both positive and negative factors. The positive factors include the rise of packaging paper prices, the increase in import costs, and the expected good production and sales of white cards and cultural papers. The negative factors include low demand for softwood pulp, slow procurement by downstream enterprises, and the influence of warehouse receipts on pricing [15]. 3.10 Double - Glue Paper - **Viewpoint**: Supported by tenders, the market has stabilized. The price is expected to stop falling and stabilize [16]. - **Logic**: In the short term, the new production capacity has increased the supply pressure, and the tender delay has limited support for the price. In the later stage, the concentrated start of tenders in November is expected to drive the price to stop falling and rebound, but the market may decline in December and January [16]. 3.11 Logs - **Viewpoint**: Domestic timber is being delivered successively, and the log market is operating at a low level. It is expected to oscillate at the bottom recently [19]. - **Logic**: The spot market of logs is under downward pressure due to factors such as traders' active inventory reduction and weak sales of integrated materials. The foreign quotation of New Zealand logs has been lowered, but the trading volume is still poor. After the peak season, the inventory is expected to accumulate again, but the downward space is limited [19].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View - The report provides short - term, medium - term, and intraday views on several commodity futures in the agricultural products sector, including soybean meal, soybean oil, and palm oil. It analyzes the driving factors and market conditions for each variety [5][6]. 3. Summary by Variety Soybean Meal (M) - **Viewpoints**: Intraday and reference view is "oscillating strongly", medium - term view is "oscillating" [5][6]. - **Core Logic**: Market expects China to resume purchasing US soybeans, and there is uncertainty in Brazilian production area weather, driving up US soybean futures prices. China's soybean arrivals are expected to decrease monthly, alleviating long - term supply pressure. However, current soybean meal inventory is high, and downstream feed enterprises are cautious in purchasing, with demand not expected to increase significantly. The market is waiting for the USDA report and China's actual purchase of US soybeans to determine the price breakthrough direction, leading to increased short - term price volatility at high levels [5]. Palm Oil (P) - **Viewpoints**: Intraday and reference view is "oscillating strongly", medium - term view is "oscillating" [7]. - **Core Logic**: The MPOB report showed that Malaysia's palm oil end - of - month inventory increased by 4.44% month - on - month to 2.4645 million tons, slightly higher than expected, indicating supply pressure. But exports increased by 18.58% month - on - month to 1.6929 million tons, exceeding expectations, which alleviated market pessimism. However, high - frequency data showed that exports from November 1 - 10 decreased by 9.5% - 12.3% month - on - month, casting a shadow on future demand. Overall, the fundamental situation of palm oil has not changed, and short - term rebound space is limited [7]. Soybean Oil 2601 - **Viewpoints**: Short - term, medium - term, intraday, and reference view is "oscillating strongly" [6]. - **Core Logic**: Influenced by Sino - US relations, US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6]. Palm 2601 - **Viewpoints**: Short - term is "weak", medium - term is "oscillating", intraday and reference view is "oscillating strongly" [6]. - **Core Logic**: Affected by its biodiesel attribute, Malaysian palm production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrivals and inventory, and substitution demand [6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For soybeans and soybean 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 the strategy is to sell on rallies [4]. - For palm oil, it may reverse the situation of inventory accumulation in the fourth quarter and the first quarter of next year. If Indonesia's high - yield does not continue, the inventory - reduction time may come earlier. The strategy is to view it as oscillating weakly before the export of Malaysian palm oil improves, and turn to a long - position thinking if there are signals of production decline [10]. - For sugar, due to the strengthening of import control of syrup and premixed powder, the Zhengzhou sugar price has rebounded, but the external market is still weak. It is recommended to look for short - selling opportunities after the rebound weakens [12]. - For cotton, the downstream demand is weak, and the domestic production is high this year, with great selling - hedging pressure. The short - term cotton price is expected to continue to oscillate [15]. - For eggs, short - term prices are expected to be relatively strong, and it is recommended to wait and see or conduct short - term trading. In the medium term, pay attention to the upper pressure and wait for short - selling opportunities [20]. - For pigs, in the long - term, the strategy is to sell on rallies. Currently, the first - choice strategy is reverse arbitrage, followed by short - selling after the rebound [23]. 3. Summary by Related Catalogs Soybeans and Soybean Meal - **Market Information**: Overnight CBOT soybeans rose slightly. The domestic soybean meal spot price was stable on Monday, and the transaction and pick - up were good. The domestic port soybean inventory exceeded 10 million tons last week. The expected soybean crushing volume of oil mills this week is 2.1579 million tons [2]. - **Strategy**: The import cost fluctuates mainly. The domestic soybean and soybean meal inventories are large, but there is some support as it enters the de - stocking season. Short - term, the price of soybean meal is expected to rise with the import cost, and in the medium term, sell on rallies [4]. Oils - **Market Information**: From November 1 - 10, the export volume of Malaysian palm oil decreased by 9.5% - 12.28% compared with the same period last month. The production in the first 5 days of November increased by 6.8% month - on - month. As of November 7, the total commercial inventory of the three major oils decreased by 5.16% week - on - week and increased by 8.52% year - on - year [6]. - **Strategy**: The high production in Malaysia and Indonesia suppresses the palm oil market. Before the export of Malaysian palm oil improves, view it as oscillating weakly. Turn to a long - position thinking if there are signals of production decline [10]. Sugar - **Market Information**: On Monday, the Zhengzhou sugar futures price continued to oscillate. India will allow the export of 1.5 million tons of sugar in the 2025/26 season. The expected opening time of Guangxi sugar mills is November 15, 7 days later than last year. As of November 9, 3 sugar mills in Yunnan have opened, 1 more than last year [11]. - **Strategy**: Due to the strengthening of import control, the Zhengzhou sugar price has rebounded, but the external market is weak. Look for short - selling opportunities after the rebound weakens [12]. Cotton - **Market Information**: On Monday, the Zhengzhou cotton futures price continued to oscillate. As of November 7, the spinning mill's operating rate was 65.4%, down 0.2 percentage points week - on - week [14]. - **Strategy**: The downstream demand is weak, and the domestic production is high. The short - term cotton price is expected to continue to oscillate [15]. Eggs - **Market Information**: The national egg price was stable or decreased yesterday. The supply is stable, and the market demand is average [17]. - **Strategy**: Short - term prices are expected to be relatively strong. In the medium term, pay attention to the upper pressure and wait for short - selling opportunities [20]. Pigs - **Market Information**: The domestic pig price showed a mixed trend yesterday. The demand side has limited acceptance of the current pig price, and the support for the pig price has weakened [22]. - **Strategy**: In the long - term, sell on rallies. Currently, the first - choice strategy is reverse arbitrage, followed by short - selling after the rebound [23].

2025年11月11日 国泰君安期货商品研究晨报-农产品 观点与策略 | 棕榈油：短期暂企稳，反弹高度有限 | 2 | | --- | --- | | 豆油：美豆企稳，豆油震荡偏强 | 2 | | 豆粕：美豆收涨，或跟随反弹 | 4 | | 豆一：反弹震荡 | 4 | | 玉米：震荡运行 | 6 | | 白糖：产量+50万吨，消费量-20万吨 | 7 | | 棉花：注意外部市场影响 | 8 | | 鸡蛋：维持震荡 | 10 | | 生猪：现货矛盾继续累积，短期震荡 | 11 | | 花生：关注现货 | 12 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2025 年 11 月 11 日 研 究 棕榈油：短期暂企稳，反弹高度有限 华南油脂价格减主力合约期价；现货部分：指报告日前一交易日价格。 资料来源：同花顺 iFinD，国泰君安期货研究 【宏观及行业新闻】 MPOB：马来西亚 10 月底棕榈油库存较前月增加 4.4%，至 246 万吨。MPOB 数据显示，马来西亚 10 月 毛棕榈油产量较前月增加 11.02%，至 204 万吨；当月棕榈油出口量增加 ...

Core Viewpoint - The Chicago Mercantile Exchange saw a rise in corn, wheat, and soybean prices on November 10, driven by supply uncertainties and the resumption of U.S. government operations, which will lead to the release of agricultural market data [1] Group 1: Price Movements - On November 10, the most actively traded December corn contract closed at $4.30 per bushel, up 2.5 cents or 0.59% from the previous trading day [1] - The December wheat contract closed at $5.36 per bushel, increasing by 8 cents or 1.52% [1] - The January 2026 soybean contract settled at $11.30 per bushel, rising by 13 cents or 1.16% [1] Group 2: Export Inspection Reports - The USDA reported that for the week ending November 6, corn export inspections totaled 56 million bushels, soybean inspections were 40 million bushels, and wheat inspections reached 10.7 million bushels [1] - Cumulative corn export inspections for the current crop year stand at 540.3 million bushels, an increase of 21.4 million bushels year-on-year [1] - Cumulative soybean export inspections are at 32.7 million bushels, a decrease of 23.6 million bushels year-on-year, while cumulative wheat inspections are at 445.2 million bushels, an increase of 7.16 million bushels year-on-year [1]

Core Insights - The Bloomberg Grain Index increased by 1.07%, reaching 30.5370 points [1] - CBOT corn futures rose by 0.47%, settling at $4.2925 per bushel [1] - CBOT wheat futures saw a rise of 1.47%, closing at $5.3550 per bushel [1] - CBOT soybean futures increased by 0.94%, ending at $11.2750 per bushel [1] - Soymeal futures rose by 0.63% and soybean oil futures increased by 1.71% [1]