Industry Investment Ratings No investment ratings for the industries are provided in the report. Core Views Pig Industry - Recently, the enthusiasm for secondary fattening has declined, the market supply is relatively loose, and the pig price has weakened. However, the overall slaughter progress in November will slow down, which may boost the pig price to some extent. Currently, the market has entered a range - bound pattern, and the 3 - 7 reverse spread can continue to be held [2]. Oil and Fat Industry - For palm oil, due to concerns about increased production and slowed exports, the futures price has further declined. It is necessary to pay attention to whether it can find support around 4000 ringgit and gradually stop falling and stabilize. Overall, it is expected to show a pattern of near - term weakness and long - term strength. For soybean oil, the fundamentals in the US are currently bearish, but the rapid rise of CBOT soybeans has boosted the CBOT soybean oil. In the domestic market, the supply is sufficient and the demand is weak, and the market may either rebound after a decline or directly rebound after a narrow - range oscillation [5]. Corn Industry - Currently, the concentrated supply of corn and the expected selling pressure limit the upward movement of the futures price, and the market is in a low - level oscillation. In the long - term, with low imports and resilient demand, and policy regulation, the price will be supported [6]. Meal Industry - China is expected to purchase 12 million tons of new - crop US soybeans this year, which has led to a sharp rise in the US soybean futures price. The domestic soybean and soybean meal inventories are at a high level, but the cost support is strengthening, and the domestic soybean meal is expected to show a strong trend. The domestic rapeseed meal inventory of oil mills is tightening, and the rapeseed meal price has risen sharply [8]. Cotton Industry - The purchase of seed cotton is approaching the end, and the cost of new cotton provides strong support for the cotton price. However, the price also faces hedging pressure, and the downstream demand is weak. In the short - term, the cotton price may oscillate within a range [10]. Sugar Industry - The expected increase in the supply surplus and the weakening of energy prices have led to a weak trend in the raw sugar price. However, as the sugar price is currently far below the Brazilian ethanol parity level, some sugar mills may reduce sugar production and increase ethanol production. It is expected that the raw sugar price will be supported around 14 cents per pound in the short - term, but will generally maintain a weak and oscillating trend. The domestic sugar price is also under pressure but is relatively resistant to decline [13]. Egg Industry - In the short - term, the egg market still faces a situation of oversupply, and the price may be in a dilemma of rising or falling. However, with the slow recovery of demand, the price may gradually transition from a stalemate to a slow increase, and it is expected to oscillate widely at the bottom, with a reference range of 2900 - 3300 [15]. Summary by Related Catalogs Pig Industry Futures Indicators - The main contract basis decreased by 32.12% to 465, the price of Live Pig 2605 decreased by 0.80% to 11800 yuan/ton, and the price of Live Pig 2601 decreased by 0.68% to 11735 yuan/ton. The 1 - 5 spread increased by 18.75% to - 65, the main contract position increased by 7.26% to 144679, and the warehouse receipts decreased by 10.19% to 185 [2]. Spot Prices - The spot prices in various regions generally decreased, with Henan down 300 yuan/ton to 12200 yuan/ton, Shandong down 200 yuan/ton to 12350 yuan/ton, etc. [2]. Spot Indicators - The daily slaughter volume of sample points increased by 0.73% to 158597, the weekly strip price remained unchanged at 18.47, the weekly piglet price decreased by 23.08% to 20 yuan/kg, the weekly sow price remained unchanged at 32.47 yuan/kg, the weekly slaughter weight decreased by 0.16% to 127.69 kg, the weekly self - breeding profit increased by 51.89% to - 89 yuan/head, the weekly purchased - piglet breeding profit increased by 37.83% to - 180 yuan/head, and the monthly fertile sow inventory decreased by 0.07% to 40350000 heads [2]. Oil and Fat Industry Palm Oil - The spot price in Guangdong decreased by 1.15% to 8600 yuan/ton, the futures price of P2601 decreased by 1.14% to 8664 yuan/ton, the basis remained unchanged at - 64, the warehouse receipts increased from 0 to 250, and the import cost decreased by 1.24% to 9123.6 yuan/ton, while the import profit increased by 2.97% to - 460 yuan/ton [5]. Soybean Oil - The price of Y2601 decreased by 0.22% to 8110 yuan/ton, the basis decreased by 4.41% to 260, and the warehouse receipts remained unchanged at 27644 [5]. Rapeseed Oil - The spot price in Jiangsu increased by 0.51% to 9800 yuan/ton, the futures price of OI601 increased by 0.51% to 9470 yuan/ton, the basis increased by 0.61% to 330, and the warehouse receipts remained unchanged at 7540 [5]. Spreads - The soybean oil 01 - 05 spread increased by 11.76% to 190, the palm oil 01 - 05 spread decreased by 16.00% to - 58, the rapeseed oil 01 - 05 spread increased by 37.37% to 386, the spot soybean - palm oil spread increased by 23.33% to - 230, the 2601 soybean - palm oil spread increased by 6.31% to - 802, the spot rapeseed - soybean oil spread increased by 5.93% to 1430, and the 2601 rapeseed - soybean oil spread increased by 5.10% to 1360 [5]. Corn Industry Corn - The price of Corn 2601 increased by 0.52% to 2141 yuan/ton, the basis increased to 9, the 1 - 5 spread decreased by 6.19% to - 103, the Shekou bulk grain price decreased by 0.88% to 2240 yuan/ton, the north - south trade profit decreased by 102.56% to - 1 yuan/ton, the import profit decreased by 8.29% to 259 yuan/ton, the number of remaining vehicles at Shandong deep - processing plants in the morning decreased by 9.25% to 628, the position decreased by 0.61% to 1761555, and the warehouse receipts remained unchanged at 63966 [6]. Corn Starch - The price of Corn Starch 2601 increased by 0.53% to 2453 yuan/ton, the basis decreased by 18.57% to 57 yuan/ton, the 1 - 5 spread increased by 2.78% to - 105, the 01 starch - corn spread increased by 0.65% to 312, the Shandong starch profit decreased by 49.17% to 61 yuan/ton, the position decreased by 0.09% to 280187, and the warehouse receipts decreased by 0.41% to 12453 [6]. Meal Industry Soybean Meal - The spot price in Jiangsu increased by 0.66% to 3040 yuan/ton, the futures price of M2601 increased by 0.17% to 3026 yuan/ton, the basis increased by 1500.00% to 14, the import crushing profit for US Gulf in January increased by 3.8% to - 661, the import crushing profit for Brazil in December decreased by 23.8% to - 307, and the warehouse receipts remained unchanged at 42332 [8]. Rapeseed Meal - The spot price in Jiangsu increased by 2.02% to 2520 yuan/ton, the futures price of RM2601 increased by 4.31% to 2491 yuan/ton, the basis decreased by 64.63% to 29, the import crushing profit for Canada in January increased by 32.60% to 659, and the warehouse receipts remained unchanged at 2955 [8]. Soybean - The spot price of Harbin soybeans remained unchanged at 3900 yuan/ton, the futures price of the main soybean contract decreased by 0.63% to 4076 yuan/ton, the basis increased by 12.87% to - 176. The spot price of imported soybeans in Jiangsu remained unchanged at 3940 yuan/ton, the futures price of the main soybean - 2 contract increased by 0.48% to 3738 yuan/ton, the basis decreased by 8.18% to 202, and the warehouse receipts increased by 2.07% to 7388 [8]. Spreads - The soybean meal 01 - 05 spread decreased by 5.29% to 197, the rapeseed meal 01 - 05 spread increased by 141.30% to 111, the spot soybean - oil ratio decreased by 1.01% to 2.75, the main - contract soybean - oil ratio decreased by 0.39% to 2.68, the spot soybean - rapeseed meal spread decreased by 5.45% to 520, and the 2601 soybean - rapeseed meal spread decreased by 15.48% to 535 [8]. Cotton Industry Futures Market - The price of Cotton 2605 increased by 0.07% to 13812 yuan/ton, the price of Cotton 2601 increased by 0.04% to 13600 yuan/ton, the price of ICE US cotton increased by 0.20% to 65.69 cents per pound, the 5 - 1 spread increased by 50.00% to 15 yuan/ton, the position of the main contract decreased by 0.73% to 573916, the number of warehouse receipts increased by 3.31% to 2494, and the effective forecast increased by 1.45% to 1465 [10]. Spot Market - The Xinjiang arrival price of 3128B decreased by 0.12% to 14656 yuan/ton, the CC Index of 3128B decreased by 0.01% to 14859 yuan/ton, the FC Index of M: 1% increased by 0.09% to 13242 yuan/ton, the 3128B - 01 contract spread decreased by 2.62% to 1041 yuan/ton, the 3128B - 05 contract spread decreased by 2.13% to 1056 yuan/ton, and the CC Index of 3128B - FC Index of M: 1% spread decreased by 0.80% to 1617 yuan/ton [10]. Industry Situation - The commercial inventory increased by 68.4% to 172.02 million tons, the industrial inventory decreased by 4.3% to 80.93 million tons, the import volume increased by 42.9% to 10 million tons, the bonded area inventory decreased by 25.0% to 0.3 million tons, the yarn inventory days increased by 1.6% to 25.24 days, the grey cloth inventory days increased by 1.0% to 31.43 days, the cotton outbound shipment volume increased by 22.6% to 53.46 million tons, the textile enterprise C32s immediate processing profit increased by 0.1% to - 1824.9 yuan/ton, the retail sales of clothing, footwear, and knitted textiles increased by 17.7% to 123.05 billion yuan, the export volume of textile yarns, fabrics, and products decreased by 3.4% to 11.967 billion US dollars, and the export volume of clothing and clothing accessories decreased by 12.0% to 12.453 billion US dollars [10]. Sugar Industry Futures Market - The price of Sugar 2601 increased by 0.29% to 5499 yuan/ton, the price of Sugar 2605 increased by 0.37% to 5433 yuan/ton, the price of ICE raw sugar increased by 1.80% to 14.68 cents per pound, the 1 - 5 spread decreased by 5.71% to 66 yuan/ton, the position of the main contract increased by 0.01% to 372791, the number of warehouse receipts decreased by 0.90% to 7462, and the effective forecast remained unchanged at 586 [12]. Spot Market - The Nanning spot price remained unchanged at 5750 yuan/ton, the Kunming spot price decreased by 0.26% to 5695 yuan/ton, the Nanning basis decreased by 5.93% to 317, the Kunming basis decreased by 11.78% to 262, the imported Brazilian sugar (in - quota) price decreased by 0.62% to 3990 yuan/ton, the imported Brazilian sugar (out - of - quota) price decreased by 0.65% to 5052 yuan/ton [12]. Industry Situation - The cumulative national sugar production increased by 12.03% to 11.1621 million tons, the cumulative national sugar sales increased by 9.17% to 10.48 million tons, the cumulative sugar production in Guangxi increased by 4.59% to 6.465 million tons, the monthly sugar sales in Guangxi decreased by 41.20% to 0.2666 million tons, the national cumulative sugar sales rate decreased by 2.60% to 93.9%, the cumulative sugar sales rate in Guangxi increased by 4.80% to 93.9%, the national industrial inventory decreased by 41.20% to 0.6821 million tons, the sugar industrial inventory in Guangxi increased by 62.90% to 0.4421 million tons, the sugar industrial inventory in Yunnan increased by 26.60% to 0.3365 million tons, and the sugar import volume increased by 37.50% to 0.55 million tons [12]. Egg Industry Futures and Spot Indicators - The price of the Egg 12 contract increased by 0.38% to 3158 yuan/500KG, the price of the Egg 01 contract increased by 0.87% to 3347 yuan/500KG, the egg - producing area price decreased by 2.15% to 2.88 yuan/jin, the basis decreased by 37.13% to - 278 yuan/500KG, the 12 - 01 spread decreased by 9.88% to - 189 [15]. Industry Indicators - The price of egg - laying chicken chicks increased by 5.66% to 2.8 yuan/chick, the price of culled chickens decreased by 4.20% to 4.11 yuan/jin, the egg - feed ratio increased by 1.28% to 2.38, and the breeding profit increased by 6.36% to - 24.44 yuan/chick [15].

Group 1: Report Industry Investment Ratings - No relevant content found Group 2: Core Views of the Report Pig Industry - Short - term pig prices may be supported. The current market has entered a range - bound pattern, and the 3 - 7 inverse spread can continue to be held [2] Oil and Fat Industry - Palm oil may gradually stop falling and stabilize around 4000 ringgit. US soybean oil fundamentals are currently bearish, but cost - side support exists. Domestic soybean oil supply is sufficient, and the market is in a multi - empty coexistence situation. Dalian palm oil futures are in a downward trend, and soybean oil may experience a rebound after a possible decline [5] Corn Industry - The corn market is currently in a low - level oscillation, with selling pressure limiting the upward movement. In the medium - to - long - term, it will be in a tight - balance pattern with policy support [6] Meal Industry - Domestic soybean meal is expected to show a strong upward trend, and rapeseed meal prices have risen significantly [8] Cotton Industry - Short - term cotton prices may oscillate within a range [10] Sugar Industry - International raw sugar prices are in a weak - oscillation trend, and domestic sugar prices are relatively resistant to decline, maintaining a low - level oscillation [12][13] Egg Industry - Short - term egg prices may be in a situation where they are difficult to rise or fall, and are expected to gradually transition to a slow - rising trend, with prices oscillating in a wide range at the bottom [15] Group 3: Summary by Related Catalogs Pig Industry - **Futures Indicators**: The main contract basis decreased by 32.12%, and the positions of the main contract increased by 7.26%. The prices of "Live Pig 2605" and "Live Pig 2601" decreased by 0.80% and 0.68% respectively [2] - **Spot Prices**: Spot prices in various regions decreased, with the largest decline in Hunan at 300 yuan/ton [2] - **Spot Indicators**: The daily slaughter volume of sample points increased by 0.73%, the weekly price of piglets decreased by 23.08%, and the self - breeding and purchased - piglet breeding profits increased by 51.89% and 37.83% respectively [2] Oil and Fat Industry - **Palm Oil**: The current price in Guangdong decreased by 1.15%, the futures price of "P2601" decreased by 1.14%, and the basis remained unchanged. The import cost decreased by 1.24%, and the import profit increased by 2.97% [5] - **Soybean Oil**: The current price in Jiangsu decreased by 0.36%, the futures price of "Y2601" decreased by 0.22%, and the basis decreased by 4.41% [5] - **Rapeseed Oil**: The current price in Jiangsu increased by 0.51%, the futures price of "OI601" increased by 0.51%, and the basis increased by 0.61% [5] Corn Industry - **Corn**: The futures price of "Corn 2601" increased by 0.52%, the Pingcang price in Jinzhou Port increased by 0.94%, and the 1 - 5 spread decreased by 6.19% [6] - **Corn Starch**: The futures price of "Corn Starch 2601" increased by 0.53%, the basis decreased by 18.57%, and the 1 - 5 spread increased by 2.78% [6] Meal Industry - **Soybean Meal**: The current price in Jiangsu increased by 0.66%, the futures price of "M2601" increased by 0.17%, and the basis increased by 1500.00%. The import profit of US Gulf soybeans increased by 3.8%, while that of Brazilian soybeans decreased by 23.8% [8] - **Rapeseed Meal**: The current price in Jiangsu increased by 2.02%, the futures price of "RM2601" increased by 4.31%, and the basis decreased by 64.63%. The import profit of Canadian rapeseed increased by 32.60% [8] Cotton Industry - **Futures Market**: The futures price of "Cotton 2605" increased by 0.07%, the price of ICE US cotton increased by 0.20%, and the 5 - 1 spread increased by 50.00% [10] - **Spot Market**: The Xinjiang arrival price of "3128B" decreased by 0.12%, and the CC Index of "3128B" decreased by 0.01% [10] - **Industry Situation**: Commercial inventory increased by 68.4%, industrial inventory decreased by 4.3%, and imports increased by 42.9% [10] Sugar Industry - **Futures Market**: The futures price of "Sugar 2601" increased by 0.29%, the price of ICE raw sugar increased by 1.80%, and the 1 - 5 spread decreased by 5.71% [12] - **Spot Market**: The Nanning price remained unchanged, and the Kunming price decreased by 0.26%. The basis in Nanning and Kunming decreased by 5.93% and 11.78% respectively [12] - **Industry Situation**: National sugar production increased by 12.03%, sales increased by 9.17%, and industrial inventory decreased by 41.20% [12] Egg Industry - **Futures Market**: The price of the "Egg 12 Contract" increased by 0.38%, and the price of the "Egg 01 Contract" increased by 0.87% [15] - **Spot Market**: The egg - producing area price decreased by 2.15%, and the basis decreased by 37.13% [15] - **Industry Indicators**: The price of egg - laying chicks increased by 5.66%, the price of culled chickens decreased by 4.20%, and the breeding profit increased by 6.36% [15]

Report Industry Investment Ratings - The investment ratings for cotton, sugar, and pulp are all neutral [2][5][7] Core Views - **Cotton**: In the short term, the upper limit of the cotton futures market is under significant hedging pressure, and there is a possibility of a callback to test previous lows after cost solidification. In the long - term, the beginning inventory of the new year is low, consumption is resilient, and the current cotton price is undervalued. After the seasonal pressure, the cotton price can be optimistically viewed [2] - **Sugar**: Before the end of the year, the sugar market is expected to fluctuate. Next year, the situation is not optimistic, and there is a possibility of new lows [5] - **Pulp**: The fundamental improvement of the pulp market is insufficient, and the pulp price is likely to remain in the bottom - range fluctuation. Attention should be paid to the actual implementation of demand during the peak season in the fourth quarter [7] Summary by Related Catalogs Cotton Market News and Important Data - Futures: The closing price of the cotton 2601 contract yesterday was 13,600 yuan/ton, up 5 yuan/ton (+0.04%) from the previous day [1] - Spot: The Xinjiang arrival price of 3128B cotton was 14,656 yuan/ton, down 18 yuan/ton; the national average price was 14,859 yuan/ton, down 1 yuan/ton [1] - US Cotton: From October 24 to 30, 2025, 202,500 tons of US 2025/26 cotton were graded and inspected, with 80.7% meeting the ICE cotton futures delivery requirements [1] Market Analysis - International: Sino - US negotiations have made progress, pushing up US cotton prices, but the amount of US cotton China will purchase is unclear. The US government shutdown has delayed key data release, and the short - term upside of the outer market is limited due to supply and demand pressure [2] - Domestic: The new cotton year starts with low inventory, but new cotton is being listed. The purchase price of seed cotton is rising, and the expected decline in production supports the post - holiday market. However, the short - term upside of cotton prices is limited due to hedging and weak demand [2] Strategy - Neutral. In the short term, there is a high hedging pressure on the market, and in the long - term, the cotton price can be optimistically viewed after seasonal pressure [2] Sugar Market News and Important Data - Futures: The closing price of the sugar 2601 contract yesterday was 5499 yuan/ton, up 16 yuan/ton (+0.29%) from the previous day [2] - Spot: The spot price of sugar in Nanning, Guangxi was 5750 yuan/ton, unchanged; in Kunming, Yunnan, it was 5695 yuan/ton, down 15 yuan/ton [2] - New Sugar: On October 30, 2025, Yingmao Sugar Industry's Mengpeng Sugar Mill started production, and the new sugar is priced at 5700 yuan/ton, 710 yuan lower than the same period last year [3] Market Analysis - International: The global sugar market is in a bearish cycle due to oversupply from Brazil and India. Although the sugar - making ratio in Brazil has decreased recently, the long - term rebound of raw sugar is limited [4] - Domestic: The new sugar season in China is expected to have increased production, but the price is near the production cost, and the tightening of syrup control policies supports the price, limiting the downside [4] Strategy - Neutral. The market will fluctuate before the end of the year, and there may be new lows next year [5] Pulp Market News and Important Data - Futures: The closing price of the pulp 2601 contract yesterday was 5306 yuan/ton, up 94 yuan/ton (+1.80%) from the previous day [5] - Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5500 yuan/ton, up 25 yuan/ton; the price of Russian softwood pulp was 5045 yuan/ton, up 55 yuan/ton [5] - Market: The price of imported wood pulp in the spot market is rising moderately, with different price increases in various regions and pulp types [5] Market Analysis - Supply: Overseas pulp mills' price increases, production cuts, and conversion plans have limited impact on the overall supply. Domestic imports have increased, and port inventories remain high [6] - Demand: Weak consumption in Europe and the United States and insufficient domestic demand are suppressing pulp prices. Despite new production capacity, effective demand is lacking, and paper mills' raw material procurement is cautious [6] Strategy - Neutral. The pulp price is likely to fluctuate at a low level, and attention should be paid to the peak - season demand in the fourth quarter [7]

Report's Industry Investment Rating - Not provided in the content Core View of the Report - The report provides intraday, short - term, and medium - term views and core logics for three agricultural commodity futures: soybean meal, palm oil, and soybean oil. It analyzes the price driving factors of each commodity and points out future areas of concern [5][7] Summary by Related Catalogs Soybean Meal (M) - **Price View**: Intraday view is oscillating strongly, medium - term view is oscillating, and the reference view is oscillating strongly [5] - **Core Logic**: U.S. soybean futures prices are above 1100 cents per bushel, supported by the expectation of Sino - U.S. trade relaxation and the news that China plans to purchase 12 million tons of U.S. soybeans. However, the key report from the U.S. Department of Agriculture on November 14 may bring uncertainties. If the report lowers the yield per unit, it may strengthen the strong oscillation of U.S. soybeans. Domestically, the spot price of soybean meal has risen slightly due to poor crushing margins of oil mills and strong price - holding intentions. But the demand side is affected by breeding losses, and the decline in Brazilian premium will limit the rebound of soybean meal futures prices. In the short term, the supply pressure in the domestic industrial chain will still restrict the rebound space of futures prices [5][6] - **Future Concerns**: South American weather and the actual fulfillment of purchases [6] Palm Oil (P) - **Price View**: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating weakly [5][7] - **Core Logic**: Malaysia's palm oil production in October increased by 5.55% month - on - month. The current loose supply - demand pattern of palm oil is difficult to change in the short term. The contradiction between the increase in Malaysian palm oil production and weak exports is prominent, and the weakening demand after India's Diwali festival intensifies the inventory accumulation expectation. In addition, the high port inventory of palm oil in China has increased the pressure on the domestic palm oil market. In the short term, palm oil futures prices are oscillating weakly, and attention should be paid to the support at the lower integer level [7] - **Future Concerns**: Production and sales data in Southeast Asia and the inventory reduction rhythm in China [7] Soybean Oil (Y) - **Price View**: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating weakly [5] - **Core Influencing Factors**: Sino - U.S. relations, U.S. biofuel policy, U.S. soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [5]

2025 年 11 月 04 日 品 研 究 棕榈油：油脂驱动匮乏，关注短期支撑 豆油：美豆反弹，豆棕做扩维持 | | 棕榈油主力 | 单 位 元/吨 | 收盘价 (日盘） 8,664 | 涨跌幅 -1.14% | 收盘价 （夜盘） 8,676 | 涨跌幅 0.14% | | --- | --- | --- | --- | --- | --- | --- | | | 豆油主力 | 元/吨 | 8,110 | -0.22% | 8,148 | 0.47% | | | 菜油主力 | 元/吨 | 9,470 | 0.51% | 9,471 | 0.01% | | 期 货 | 马棕主力 | 林吉特/吨 | 4,115 | -2.14% | 4,132 | 0.41% | | | CBOT豆油主力 | 美分/磅 | 49.93 | 2.57% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 556,509 | 141062 | 391,237 | -1,758 | | | 豆油主力 | 手 | 260,988 | 32,067 | 483,32 ...

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Views - **Palm Oil**: Lack of drivers, focus on short - term support [2][4] - **Soybean Oil**: With the rebound of US soybeans, maintaining the strategy of expanding the spread between soybean oil and palm oil [2][4] - **Soybean Meal**: US soybeans hit a new high, and Dalian soybean meal may follow the rebound [2][10] - **Soybean No.1**: State reserve purchases have started, and the market shows stability [2][10] - **Corn**: Oscillating [2][13] - **Sugar**: Trading within a range [2][17] - **Cotton**: The impact of seed cotton prices on cotton futures has weakened [2][22] - **Eggs**: Oscillating and adjusting [2][26] - **Hogs**: The price center further shifts down [2][28] - **Peanuts**: Focus on the spot market [2][33] 3. Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: Palm oil main contract closed at 8,664 yuan/ton (down 1.14%) during the day and 8,676 yuan/ton (up 0.14%) at night; soybean oil main contract closed at 8,110 yuan/ton (down 0.22%) during the day and 8,148 yuan/ton (up 0.47%) at night. The trading volume and open interest of both had certain changes [4] - **News**: From October 1 - 31, 2025, Malaysia's palm oil yield increased by 4.50% month - on - month, oil extraction rate increased by 0.20% month - on - month, and production increased by 5.55% month - on - month. The expected export volume from October 1 - 31 was 1,282,036 tons, a 26.54% increase from the previous month [5][6][7] - **Trend Intensity**: Palm oil trend intensity is 0; soybean oil trend intensity is 0 [9] Soybean Meal and Soybean No.1 - **Fundamentals**: DCE soybean No.1 2601 closed at 4,076 yuan/ton (down 0.46%) during the day; DCE soybean meal 2601 closed at 3,026 yuan/ton (up 0.70%) during the day. The spot prices of soybean meal in different regions had certain increases [10] - **News**: On November 3, CBOT soybean futures closed sharply higher, reaching a 16 - month high, due to the expectation of large - scale Chinese purchases of US soybeans [9][10] - **Trend Intensity**: Soybean meal trend intensity is +1; soybean No.1 trend intensity is 0 [12] Corn - **Fundamentals**: The closing prices of C2511 and C2601 had certain changes, and the trading volume, open interest, and basis also had corresponding data [14] - **News**: The northern corn bulk shipping and containerized grain collection prices were basically flat, while the prices in Guangdong Shekou decreased by 20 yuan/ton [15] - **Trend Intensity**: Corn trend intensity is 0 [16] Sugar - **Fundamentals**: The original sugar price was 14.65 cents/pound, the mainstream spot price was 5,700 yuan/ton, and the futures main contract price was 5,499 yuan/ton. The spreads and basis also had corresponding data [17] - **News**: Brazil's sugar production in the second half of September increased by 11% year - on - year, and exports decreased. China's sugar imports in September were 550,000 tons (+150,000 tons) [17] - **Trend Intensity**: Sugar trend intensity is 0 [20] Cotton - **Fundamentals**: CF2601 closed at 13,600 yuan/ton (up 0.04%) during the day, and CY2601 closed at 19,920 yuan/ton (up 0.23%) during the day. The trading volume, open interest, and basis had corresponding changes [22] - **News**: The cotton spot trading was sluggish, and the cotton yarn market was generally stable. Some high - count yarns had better sales, while low - count yarns had fewer new orders [23] - **Trend Intensity**: Cotton trend intensity is 0 [25] Eggs - **Fundamentals**: The closing prices of egg 2512 and egg 2601 had certain increases, and the spot prices in different regions also had corresponding changes [26] - **Trend Intensity**: Egg trend intensity is 0 [26] Hogs - **Fundamentals**: The spot prices in different regions decreased to varying degrees, and the futures prices of different contracts also decreased. The trading volume, open interest, and basis had corresponding changes [30] - **News**: Yuexiu and Yangxiang added delivery warehouses, and the national feed output in September was 30.36 million tons, a 3.4% month - on - month increase and a 5% year - on - year increase [32] - **Trend Intensity**: Hog trend intensity is -1 [31] Peanuts - **Fundamentals**: The spot prices of different peanut varieties had certain changes, and the futures prices of PK511 and PK601 decreased slightly. The trading volume, open interest, and basis had corresponding data [33] - **News**: The peanut spot market in different regions had different performances, with some areas having stable prices and some having a slightly stronger trend [34] - **Trend Intensity**: Peanut trend intensity is 0 [35]

Core Insights - Chicago futures market saw a rise in corn, wheat, and soybean prices on November 3, with corn at $4.34 per bushel, wheat at $5.44, and soybeans at $11.34, reflecting increases of 0.64%, 1.78%, and 1.7% respectively [1] Group 1: Price Movements - The most active December corn contract rose by 2.75 cents, while the December wheat contract increased by 9.5 cents, and the January soybean contract gained 19 cents [1] - The January soybean contract reached a new high, with a target price of $11.40 per bushel, supported by algorithmic trading [1] Group 2: Export Data - As of the week ending October 30, U.S. corn export inspections totaled 65.6 million bushels, soybeans at 35.5 million bushels, and wheat at 12.8 million bushels, all meeting trade expectations [1] - Cumulative export inspections for the current crop year show corn at 482 million bushels (up 188 million), wheat at 434 million bushels (up 74 million), and soybeans at 286 million bushels (down 239 million) compared to the previous year [2] Group 3: Weather Impact - Weather forecasts indicate that wet conditions in Brazil will persist until mid-November, aiding spring planting and seed growth, with no extreme heat expected [2]

Group 1: Report Overview - The report is titled "Meal Daily Report" dated November 3, 2025, with the theme of "Frequent changes in trade relations, meal futures continue to be strong" [1] Group 2: Market Quotes - **Futures and Spot Prices**: The closing prices of soybean meal and rapeseed meal futures contracts showed varying degrees of increase. The spot basis of soybean meal and rapeseed meal also changed, with the spread between soybean meal and rapeseed meal narrowing significantly. The monthly spread of soybean meal futures fluctuated greatly, while that of rapeseed meal strengthened significantly [3] - **Monthly Spread**: The 15 - spread of soybean meal was 197 (down 11 from yesterday), the 59 - spread was - 120 (down 3), and the 91 - spread was - 77 (up 14). The 15 - spread of rapeseed meal was 111 (up 65), the 59 - spread was - 90 (unchanged), and the 91 - spread was - 21 (down 65) [3] - **Cross - Variety Spread**: The spread between soybean meal and rapeseed meal 01 contract was 535 (down from 633 yesterday), and the 09 contract was 479 (down from 498). The oil - meal ratio of 01 contract was 2.680 (down from 2.690) [3] Group 3: Fundamental Analysis - **International Market**: The US soybean market is mainly affected by export volume increase, but the overall supply - demand situation is relatively loose. The sowing progress of Brazilian new - crop soybeans is relatively fast, and the production is expected to remain high, which will put pressure on prices in the medium term. The old - crop soybeans in Argentina have relatively large production, and the recent pressing and export have increased significantly [4] - **Domestic Market**: The domestic soybean meal supply - demand is relatively loose, with high inventory. As of October 31, the actual soybean crushing volume of oil mills was 2.2534 million tons, the开机率 was 61.99%, the soybean inventory was 7.1079 million tons (down 5.39% from last week, up 29.06% year - on - year), and the soybean meal inventory was 1.153 million tons (up 9.33% from last week, up 17.16% year - on - year). The demand for rapeseed meal has gradually weakened, and the supply pressure still exists [5] Group 4: Macro - analysis - The recent Sino - US negotiations have sent positive signals to the market, and the US soybean futures have risen significantly. However, the impact of macro - factors on the market is expected to be limited in the future, and the market will focus more on fundamental changes [6] Group 5: Logic Analysis - **US Soybeans**: If the production does not decline significantly, the further upward space of US soybeans is limited [7] - **Brazilian Soybeans**: The price is expected to face pressure due to relatively loose supply and smooth sowing progress of new - crop soybeans [7] - **Domestic Soybean Meal**: The overall supply - demand is relatively loose, but there is still price support due to crushing profit losses [7] - **Domestic Rapeseed Meal**: The inventory is relatively low, but the demand is average. The further upward space is limited, and the monthly spread strengthening space is also limited [7] Group 6: Trading Strategies - **Single - side**: It is recommended to short the 05 contract [8] - **Arbitrage**: Wait and see [8] - **Options**: Sell the wide - straddle strategy [9]

Group 1: Report Overview - The report is an agricultural product research report on peanuts, dated November 3, 2025 [1] Group 2: Market Data Futures Market - PK604 closed at 7880, down 12 (-0.15%), with a trading volume of 4,077 (up 1492.58%) and an open interest of 4,605 (up 173.78%) [2] - PK510 closed at 8126, unchanged (0.00%), with a trading volume of 47 (up 161.11%) and an open interest of 490 (up 2.94%) [2] - PK601 closed at 7800, down 12 (-0.15%), with a trading volume of 69,185 (up 48.19%) and an open interest of 168,467 (down 0.22%) [2] Spot Market - In the spot market, prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7200, 7800, and 7800 respectively, with Shandong Jining and Linyi down 600 [2] - Imported Sudanese peanuts were priced at 8600, and Senegalese peanuts at 7600, both unchanged [2] - Rizeshao peanut meal was priced at 3250, unchanged; Rizhao soybean meal at 3040, up 30; peanut oil at 14580, unchanged; and Rizhao first - grade soybean oil at 8290, down 30 [2] Spread - The spread between PK01 - PK04 was - 80, unchanged; PK04 - PK10 was - 246, down 12; PK10 - PK01 was 326, up 12 [2] Group 3: Market Analysis - Peanut prices in Henan continued to rebound, and those in Northeast China rose. In Northeast China, the price of 308 common peanuts in Fuyu, Jilin was 4.3 yuan/jin, up 0.1 yuan/jin; in Changtu, Liaoning, it was 4.3 yuan/jin, up 0.15 yuan/jin [4] - In the Henan production area, the price of Baisha common peanuts was 3.6 - 3.75 yuan/jin, up 0.1 yuan/jin; in Junan, Shandong, it was 3.9 yuan/jin, down 0.05 yuan/jin [4] - Imported peanut prices were stable. The price of imported Sudanese refined peanuts was 8600 yuan/ton, Senegalese peanuts were 7600 yuan/ton, Brazilian new peanuts were 9200 yuan/ton, and Indian specification peanuts (50/60) were 8000 yuan/ton [4] - Peanut oil prices were stable. The mainstream transaction price of peanut oil mills was 7700 - 7900 yuan/ton, and the theoretical break - even price of oil mills was 7920 yuan/ton [4] - Rizhao soybean meal was stronger, with the spot price at 3030 yuan/ton, up 40 yuan/ton. The price difference per unit of protein between peanut meal and soybean meal was low, and peanut meal was stronger in the short term, with the 48 - protein peanut meal priced at 3210 yuan/ton [6] Group 4: Trading Strategy - Unilateral: Peanuts in contracts 01 and 05 are in a low - level oscillation, and short - term long positions can be considered [9] - Monthly spread: Wait and see [10] - Options: Hold the short position of pk601 - P - 7600 [11] Group 5: Related Charts - The report includes charts on Shandong peanut spot prices, peanut oil mill profit, peanut oil prices, peanut spot - futures basis, peanut 10 - 1 contract spread, and peanut 1 - 4 contract spread [13][19][22]

Group 1: Report Overview - The report is a soft commodity daily report dated November 3, 2025, covering sugar, cotton, apple, and jujube markets [1] Group 2: Sugar Market Core View - The global sugar supply surplus expectation dominates the market sentiment. Brazil's new sugarcane harvest has a clear prospect of increased production due to improved weather, and sugar mills tend to increase the sugar - making ratio due to weak ethanol profits. In China, the new sugar season has a clear increase in production, but the tightening of syrup import control policies provides some support for prices. Attention should be paid to policy rhythm changes under the loose supply - demand pattern [3] Price and Spread - Sugar futures prices: SR01 closed at 5499 with a daily increase of 0.29% and a weekly increase of 0.99%. SB closed at 14.42 with a daily increase of 1.19% and a weekly decrease of 0.35% [4] - Sugar price spreads: SR01 - 05 was 70, unchanged on the day and up 24 for the week [4] - Sugar basis: On October 31, 2025, the basis of Nanning - SR01 was 267, down 11 on the day and 37 for the week [9] - Sugar import prices: On November 3, 2025, the in - quota price of Brazilian sugar imports was 3990, down 25 on the day and 205 for the week; the out - of - quota price was 5052, down 33 on the day and 267 for the week [12] Group 3: Cotton Market Core View - Under short - term China - US trade consultations, market sentiment may improve. The cotton output in southern Xinjiang in the new year is lower than expected, and the new cotton purchase price is relatively firm. However, the overall domestic new cotton output is still high, and downstream demand is weak. The upward momentum of cotton prices is lacking. Attention should be paid to hedging pressure around 13600 - 13800 and the subsequent new - season production determination [14] Price and Spread - Cotton and cotton yarn futures prices: Cotton 01 closed at 13600, up 5 (0.04%); Cotton 05 closed at 13615, up 10 (0.07%); Cotton 09 closed at 13780, up 25 (0.18%) [15] - Cotton and cotton yarn spreads: The cotton basis was 1265, unchanged on the day; the cotton 01 - 05 spread was - 10, unchanged on the day [15] Group 4: Apple Market Core View - The national apple storage is basically completed. This year's national cold - storage estimated storage volume is about 5.5%, 10% lower than last year, with an estimated storage volume of 700 - 780 million tons. Different regions have different storage changes [18] Price and Spread - Apple futures prices: AP01 closed at 9104, down 1.45% on the day and up 1.88% for the week [19] - Apple price spreads: AP01 - 05 was - 347, unchanged on the day and down 44.75% for the week [20] Group 5: Jujube Market Core View - The new - season jujubes are about to enter the concentrated harvesting stage. The current new - season production is still the core point of market game. There are few rotten jujubes this season, but the jujubes may be smaller. Short - term price fluctuations may be large. Attention should be paid to the production determination and commodity rate after the new jujubes are harvested [24] Price and Spread - Jujube futures spreads: The jujube futures spread of 01 - 05 shows certain historical trends in different years [25]