1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The overall supply pressure of the feed and breeding industry is gradually emerging, with high supply in the short - to - medium term and weak demand, which will put pressure on prices of related products. For pigs, there is a risk of price decline; for eggs, the price is under pressure due to slow capacity clearance; for corn, the price has short - term support and long - term upward drive, but the upside space is limited [4][5][6]. 3. Summary by Related Catalogs 3.1 Pig - **Periodic and Spot Market**: As of May 16, the national spot price was 14.76 yuan/kg, down 0.16 yuan/kg from last week; Henan pig price was 14.91 yuan/kg, up 0.1 yuan/kg from last week; the quotation of live hog 2509 was 13,660 yuan/ton, down 265 yuan/ton from last week; the basis of the 09 contract was 1,250 yuan/ton, up 365 yuan/ton from last week. Pig prices fluctuated weakly, and the market was in a stalemate [4][11]. - **Supply Side**: From May to November 2024, the inventory of reproductive sows increased steadily. In the context of stable epidemics, the supply from April to September 2025 showed an increasing trend. Although the production capacity was reduced, the reduction was limited. The supply pressure in the fourth quarter still exists. The number of piglets from November 2024 to February 2025 increased year - on - year, and the slaughter pressure in the second quarter was still high. In May, the planned slaughter volume of enterprises increased [4][61]. - **Demand Side**: The weekly slaughter start - up rate increased slightly, but the slaughter volume decreased. It is currently the off - season for consumption. High temperatures have led to a decrease in terminal consumption, and the slaughter volume is difficult to improve under the background of losses for slaughtering enterprises [4][61]. - **Cost Side**: The price of piglets decreased slightly, and the price of binary reproductive sows was stable. The breeding profits of self - breeding and self - raising and purchasing piglets increased slightly [4][61]. - **Weekly Summary**: In May, the planned slaughter volume of enterprises increased, and the supply pressure was accumulating. The demand was weak, but there was still some secondary fattening. The overall supply - demand game intensified, and pig prices fluctuated frequently. In the long - term, there is a risk of price decline due to strong supply and weak demand [4][61]. - **Strategy Recommendation**: Adopt a short - selling strategy at the rebound pressure level. The pressure level for 07 is 13,800 - 14,000, and the support level is 13,200 - 13,300; for 09, the pressure level is 14,300 - 14,500, and the support level is 13,600 - 13,800. Sell out - of - the - money call options for 09 [4][61]. 3.2 Egg - **Periodic and Spot Market**: As of May 16, the average price in the main egg - producing areas was 3.26 yuan/jin, up 0.23 yuan/jin from last Friday; the average price in the main egg - selling areas was 3.13 yuan/jin, up 0.11 yuan/jin from last Friday. The main egg contract 2506 closed at 2,894 yuan/500 kg, down 1 yuan/500 kg from last Friday. The basis of the main contract was - 54 yuan/500 kg, 61 yuan/500 kg weaker than last Friday. Egg prices are expected to fall first and then rise next week [5][90]. - **Supply Side**: The number of newly - opened laying hens in May was large, and the slaughter of culled chickens increased but not significantly, so the supply pressure was still high. From February to April 2025, the high number of replenished chicks means more newly - opened laying hens from June to August 2025. The capacity clearance may take time [5][90]. - **Demand Side**: As the Dragon Boat Festival approaches, low egg prices may stimulate procurement demand. However, high temperatures and humidity in the south are not conducive to egg storage, and the demand is relatively limited [5][90]. - **Weekly Summary**: In the short - term, the approaching Dragon Boat Festival may support egg prices, but the high supply is not alleviated, so egg prices are under pressure. In the long - term, the high supply trend is difficult to reverse, and attention should be paid to near - term culling and raw material cost fluctuations [5][90]. - **Strategy Recommendation**: For the 06 contract, adopt a wait - and - see strategy; for the 08 and 09 contracts, take a bearish view and wait for a rebound to short. Pay attention to the pressure level of 3,750 - 3,800 for 08, and the impact of feed and culling [5][90]. 3.3 Corn - **Periodic and Spot Market**: As of May 16, the corn平仓 price at Jinzhou Port in Liaoning was 2,320 yuan/ton, up 10 yuan/ton from last Friday. The main corn contract 2507 closed at 2,335 yuan/ton, down 40 yuan/ton from last Friday. The basis of the main contract was - 15 yuan/ton, 50 yuan/ton stronger than last Friday. Corn prices are expected to rise slightly in the short term [6]. - **Supply Side**: As corn prices rose to a high level, traders' willingness to sell increased, increasing the supply. However, the primary grain sales are basically over, and the grain has been transferred to traders. The market is bullish, and traders are firm in their asking prices. At the same time, the inventories at north - south ports are gradually decreasing, which supports the price [6]. - **Demand Side**: The increase in the inventory of livestock and poultry has driven the recovery of feed demand. However, the increase in the price of corn has led to an increase in the procurement of wheat, squeezing the feed demand for corn. The deep - processing industry is in a loss, with a decline in the start - up rate and limited incremental demand [6]. - **Weekly Summary**: In the short - term, the reduction of primary grain sources and the bullish market sentiment support the price. In the long - term, the supply - demand relationship is tightening, driving the price up, but the upside space is limited due to the supply of substitutes [6]. - **Strategy Recommendation**: Take a generally bullish view. The 07 contract will fluctuate at a high level (2,320 - 2,400), and buy at the lower end of the range. Pay attention to the 7 - 9 positive spread [6].

饲料养殖产业日报 日度观点 ◆生猪： 产业服务总部 饲料养殖团队 2025-05-16 公司资质 长江期货股份有限公司交易咨询业 务资格：鄂证监期货字[2014]1 号 研究员 5 月 16 日辽宁现货 14.2-14.9 元/公斤，较上一日跌 0.1 元/公斤；河南 14.6-15.2 元/公斤，较上一日跌 0.1 元/公斤；四川 14.2-14.6 元/公斤，较 上一日跌 0.1 元/公斤；广东 14.9-15.4 元/公斤，较上一日稳定。前期二育 强势进场，部分养殖户预计加快出栏节奏，且肥标价差倒挂以及成本提升， 二次育肥进场积极性减弱，后期供应增加。需求端，天气转热，猪肉消费转 淡，且猪价偏高，屠企利润仍亏损，需求增量有限，不过低位二次育肥滚动 进场仍存，整体供需博弈加剧，猪价频繁震荡整理，关注企业出栏节奏、二 育进出情况。中长期来看，能繁母猪存栏 2024 年 5-11 月缓增，生产性能 提升，在疫情平稳情况 下，5-9 月供应呈增加态势，根据仔猪数据，2024 年 11-2025 年 2 月仔猪同比增加，二季度出栏压力仍大，叠加生猪体重偏 高，而上半年消费淡季，在供强需弱格局下， 猪价有下跌风险， ...

饲料养殖产业日报 日度观点 ◆生猪： 5 月 15 日辽宁现货 14.2-14.9 元/公斤，较上一日稳定；河南 14.6-15.3 元/ 公斤，较上一日稳定；四川 14.4-14.8 元/公斤，较上一日稳定；广东 15.1- 15.6 元/公斤，较上一日稳定。前期二育强势进场，部分养殖户预计节后出 栏，且肥标价差倒挂以及成本提升，二次育肥进场积极性减弱，后期供应增 加。需求端，天气转热，节后猪肉消费转淡，且猪价偏高，屠企利润仍亏 损，需求增量有限，不过低位二次育肥滚动进场仍存，整体供需博弈加剧， 猪价频繁震荡整理，关注企业出栏节奏、二育进出情况。中长期来看，能繁 母猪存栏 2024 年 5-11 月缓增，生产性能提升，在疫情平稳情况 下，5-9 月供应呈增加态势，根据仔猪数据，2024 年 11-2025 年 2 月仔猪同比增 加，二季度出栏压力仍大，叠加生猪体重偏高，而上半年消费淡季，在供强 需弱格局下， 猪价有下跌风险，关注二育介入造成供应后移、冻品出入库 以及饲料价格波动对价格的扰动；2024 年 12 月开始，生猪产能有所去 化，但行业有利润，去化幅度有限，处于均衡区间上限，四季度供应压力仍 大，远 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The overall supply of pigs is increasing and being postponed, leading to downward pressure on pig prices, but the futures market has already factored in the weak expectations, resulting in limited decline. Egg prices are expected to be supported in the short - term but face long - term supply pressure. The short - term outlook for palm oil is weak, while soybean oil and rapeseed oil are expected to be stronger than palm oil in the short - term. In the long - term, the overall trend of oils is to decline in the second quarter and potentially rebound in the third quarter. The short - term price of soybean meal is expected to be weak, with a long - term upward trend. Corn prices are expected to be stable with an upward bias in the long - term, but the upside is limited by substitutes [1][2][7]. 3. Summary by Product Pigs - On May 13, the spot prices in different regions were stable. The enthusiasm for secondary fattening has weakened, and the supply will increase later. In the long - term, the supply from April to September 2024 is increasing, and there is a risk of price decline. The strategy is to go short on rebounds. The pressure and support levels for 07 and 09 contracts are provided [1]. Eggs - On May 13, egg prices in some regions increased. Short - term price support may come from pre - holiday demand, but long - term supply pressure is significant. The strategy is to short on rebounds for the 06 contract and take a bearish view on the 08 and 09 contracts [2]. Oils - **Palm oil**: The production increase in Malaysia is greater than the export increase, and inventory is expected to accumulate. The 07 contract is expected to be weak in the short - term. In China, the inventory is decreasing but is expected to rise from May to June [4]. - **Soybean oil**: The USDA report is positive, and the reduction of tariffs between China and the US is also positive, but the upside of US soybeans is limited. In China, the inventory is expected to increase due to large imports from May to July [5]. - **Rapeseed oil**: The supply in Canada is tightening, and the ICE rapeseed is expected to rebound. In China, the inventory is high, but if the supply tightens, the inventory may gradually decrease [6]. Soybean Meal - The price of US soybeans rebounded on May 12. In the short - term, the domestic price is expected to fall due to increased supply, but in the long - term, it may be strong due to cost and weather factors. The strategy is to go short in the short - term and long in the long - term for the 09 contract [8]. Corn - On May 12, the price in some regions increased, while in others it decreased. In the short - term, the price is supported by reduced supply from farmers, but the upside is limited by demand. In the long - term, the price may rise but is restricted by substitutes. The strategy is to go long at the lower end of the 07 contract range [9]. 4. Today's Futures Market Overview - Provides the closing prices, price changes of various futures and spot products on May 12, including CBOT soybeans, soybean meal, CBOT corn, etc. [10]

Report Summary 1. Report Industry Investment Rating There is no information provided about the report industry investment rating in the given content. 2. Core Views of the Report - **Pig Market**: In the short - term, the supply - demand game intensifies, and pig prices fluctuate frequently. In the long - term, under the pattern of strong supply and weak demand, pig prices face a downward risk. The overall trend is weak and volatile [1]. - **Egg Market**: In the short - term, the egg price is under pressure due to increased supply and decreased demand. In the long - term, the supply pressure increases, and the far - month valuation is under pressure [2]. - **Oil Market**: After the holiday, domestic oils are expected to follow the external market and international crude oil to fluctuate weakly. In the second quarter, the overall oils are dragged down by the increase in soybean and palm oil arrivals, and may rebound in the third quarter [8]. - **Soybean Meal Market**: In the short - term, the price of soybean meal is expected to decline with the relaxation of supply and demand. In the long - term, due to increased costs and weather disturbances, the price is expected to be strong [9]. - **Corn Market**: In the short - term, the price has support. In the long - term, although there is an upward driving force, the upside space is limited due to substitutes [10]. 3. Summary by Related Catalogs Pig - **Spot Price**: On May 9, the spot prices in Liaoning, Henan, Sichuan, and Guangdong were stable compared to the previous day [1]. - **Supply and Demand**: Short - term: Secondary fattening entry enthusiasm weakens, and post - festival demand is weak. Long - term: Supply increases from April to September 2024, and the supply pressure is still large in the fourth quarter [1]. - **Strategy**: Short - term: The overall trend is weak and volatile, and short positions should be stopped for profit. Long - term: Wait for a rebound to go short at high prices [1]. Egg - **Spot Price**: On May 9, the prices in Shandong Dezhou and Beijing were stable compared to the previous day [2]. - **Supply and Demand**: Short - term: After the May Day holiday, demand falls, and supply accumulates. Long - term: High replenishment volume leads to an increasing supply trend [2]. - **Strategy**: 06 contract: Low - level shock. 08 and 09 contracts: Treat with a bearish logic [2]. Oil - **External Market**: On May 8, the US soybean oil and Malaysian palm oil futures rose [2]. - **Palm Oil**: Malaysia: Production increases more than exports, and prices are under pressure. China: There is an expectation of inventory recovery and supply loosening in the second quarter [5]. - **Soybean Oil**: The US soybean futures are under short - term pressure. In China, the supply pressure is large in the second quarter [6]. - **Rapeseed Oil**: The supply in Canada is tightening. In China, the inventory is expected to gradually decrease in the second quarter [7]. - **Strategy**: 09 contracts of soybean, palm, and rapeseed oils are expected to fluctuate weakly in the short - term. Be cautious about shorting palm oil, and wait and see for soybean and rapeseed oils [8]. Soybean Meal - **External Market**: On May 8, the US soybean 07 contract rose. The premium quotation is weak [9]. - **Domestic Market**: In the short - term, supply and demand are loosening, and prices are falling. In the long - term, prices are expected to be strong due to cost and weather factors [9]. - **Strategy**: Short - term: Go short at high prices for the 09 contract. Long - term: Go long at low prices [9]. Corn - **Spot Price**: On May 8, the price in Jinzhou Port was stable, and the price in Shandong Weifang Xingmao rose [10]. - **Supply and Demand**: Short - term: Supply is tight, and prices have support. Long - term: There is an upward driving force, but the upside space is limited [10]. - **Strategy**: Wait for a callback to go long, and be cautious about chasing up [10]. Today's Futures Market Overview - It shows the prices, price changes of various varieties such as CBOT soybeans, soybean meal, corn, etc. on the previous trading day [11].

饲料养殖产业日报 日度观点 ◆生猪： 5 月 8 日辽宁现货 14.2-14.8 元/公斤，较上一日稳定；河南 14.5-15.3 元/ 公斤，较上一日稳定；四川 14.5-14.8 元/公斤，较上一日稳定；广东 15.4- 16 元/公斤，较上一日稳定。前期二育强势进场，二育栏舍利用率已超过一 半，部分养殖户五一前后出栏，且肥标价差倒挂以及成本提升，二次育肥进 场积极性减弱，后期供应增加。需求端，天气转热，节后猪肉消费转淡，且 猪价偏高，屠企利润仍亏损，需求增量有限，不过低位二次育肥滚动进场仍 存，整体供需博弈加剧，猪价频繁震荡整理，关注企业出栏节奏、二育进出 情况。中长期来看，能繁母猪存栏 2024 年 5-11 月缓增，生产性能提升， 在疫情平稳情况 下，4-9 月供应呈增加态势，根据仔猪数据，2024 年 11- 2025 年 2 月仔猪同比增加，二季度出栏压力仍大，叠加生猪体重偏高，而 上半年消费淡季，在供强需弱格局下， 猪价有下跌风险，关注二育介入造 成供应后移、冻品出入库以及饲料价格波动对价格的扰动；2024 年 12 月 开始，生猪产能有所去化，但行业有利润，去化幅度有限，处于均衡区间上 限， ...

饲料养殖产业日报 日度观点 ◆生猪： 5 月 7 日辽宁现货 14.2-14.8 元/公斤，较上一日稳定；河南 14.5-15.3 元/ 公斤，较上一日跌 0.1 元/公斤；四川 14.5-14.8 元/公斤，较上一日稳定； 广东 15.4-16 元/公斤，较上一日稳定。前期二育强势进场，二育栏舍利用 率已超过一半，部分养殖户五一前后出栏，且肥标价差倒挂以及成本提升， 二次育肥进场积极性减弱，后期供应增加。需求端，天气转热，节后猪肉消 费转淡，且猪价偏高，屠企利润仍亏损，需求增量有限，不过低位二次育肥 滚动进场仍存，整体供需博弈加剧，猪价频繁震荡整理，关注企业出栏节 奏、二育进出情况。中长期来看，能繁母猪存栏 2024 年 5-11 月缓增，生 产性能提升，在疫情平稳情况 下，4-9 月供应呈增加态势，根据仔猪数据， 2024 年 11-2025 年 2 月仔猪同比增加，二季度出栏压力仍大，叠加生猪体 重偏高，而上半年消费淡季，在供强需弱格局下， 猪价有下跌风险，关注 二育介入造成供应后移、冻品出入库以及饲料价格波动对价格的扰动； 2024 年 12 月开始，生猪产能有所去化，但行业有利润，去化幅度有限， 处 ...

Report Industry Investment Ratings No relevant content provided. Core Views - In the short - term, the prices of hog, egg, and corn will experience fluctuations. The hog market is under supply pressure with increased supply and weakening demand; the egg market has both supply and demand increasing, with short - term demand supporting prices and long - term supply pressuring prices; the corn market is supported by reduced supply from the grassroots level and decreased imports in the short - term, but faces pressure from deep - processing losses and new wheat substitution in the long - term [6][55][92]. - In the long - term, the hog price is likely to decline due to strong supply and weak demand; the egg price is under pressure from increasing supply; the corn price has an upward drive but its upside is limited by substitutes [6][55][92]. Summary by Catalog 1. Hog 1.1 Market Review - As of April 30, the national hog price was 14.94 yuan/kg, up 0.27 yuan/kg from the end of last month; the Henan hog price was 14.75 yuan/kg, up 0.16 yuan/kg. The main 09 futures price closed at 13910 yuan/ton, down 35 yuan/ton or 0.25% from the end of last month, and the 09 contract basis was 840 yuan/ton, up 195 yuan/ton [6]. 1.2 Supply - The inventory of breeding sows increased steadily from May to November 2024, with improved performance. From April to September, the supply is on the rise. The inventory decreased slightly from December 2024 to January 2025, rebounded in February, and decreased by 0.66% month - on - month in March, still 3.56% higher than the normal level. The supply pressure remains in the fourth quarter. The number of piglets increased year - on - year from November 2024 to February 2025, so the second - quarter slaughter pressure is high. The planned slaughter volume of enterprises in April increased month - on - month, the slaughter weight increased, and the fat - to - standard price difference was inverted [6][17]. 1.3 Demand - The monthly slaughter enterprise's开工 rate first decreased and then increased. After the May Day holiday, the pork market demand will weaken, but it will improve near the Dragon Boat Festival. However, the slaughter enterprises are still in loss, and the demand increment is limited. In April, the average daily slaughter of key slaughter enterprises was 121412 heads, up 4.62% from the previous month and 8.52% year - on - year; the slaughter gross profit was - 30 yuan/head, down 4.5 yuan/head from the previous month; the national frozen product inventory was 16.84%, down 0.01% from the end of last month and 0.46% from last year [6]. 1.4 Cost and Profit - The monthly piglet price decreased slightly, the breeding sow price was stable, and the breeding profit improved. As of April 30, the 15 - kg piglet sales price was 649 yuan/head, down 10 yuan/head from the end of last month; the binary sow price was 1634 yuan/head, unchanged from the end of last month. The breeding cost of enterprises with 5000 - 10000 sows was 13.31 yuan/kg, down 0.24 yuan/kg from the previous month; the cost of purchasing piglets for breeding was 13.87 yuan/kg, down 0.3 yuan/kg from the previous month. The self - breeding and self - raising profit of hogs was 145.34 yuan/head, up 24.34 yuan/head from the end of last month; the profit of purchasing piglets for breeding was 118.88 yuan/head, up 87.95 yuan/head from the previous month [6]. 1.5 Strategy Suggestion - Under the background of increased and postponed supply, the hog price is under pressure, but the futures discount has already reflected the weak expectation, so the decline is limited. It is recommended to gradually stop profiting on short positions and short at high prices after a rebound. For the 07 contract, the resistance level is 13800 - 13900, and the support level is 13200 - 13300; for the 09 contract, the resistance level is 14600 - 14700, and the support level is 13700 - 13800. Sell out - of - the - money call options on the 07 and 09 contracts at high prices, partially stop profiting, and re - enter after a rebound [6]. 2. Egg 2.1 Market Review - As of April 30, the average price of eggs in the main producing areas was 3.19 yuan/jin, up 0.05 yuan/jin from the end of March; the average price in the main selling areas was 3.22 yuan/jin, up 0.04 yuan/jin. The main 06 contract closed at 2942 yuan/500 kg, up 74 yuan/500 kg from the end of March; the main contract basis was 58 yuan/500 kg, 86 yuan/500 kg stronger than at the end of March. The egg price first rebounded and then declined, and the futures followed the spot price [55]. 2.2 Supply - In May, the number of newly - opened laying hens corresponding to the replenishment in January 2025 decreased month - on - month but increased year - on - year, with a large opening volume. Coupled with the non - increasing elimination of old hens, the supply continued to accumulate. In the long - term, the high replenishment volume from February to April 2025 means more newly - opened laying hens from June to August 2025, and the long - term supply increase trend is difficult to reverse. In April 2025, the national inventory of laying hens was 1.329 billion, an increase of 0.011 billion month - on - month and 0.089 billion year - on - year [55]. 2.3 Demand - In early April, the downstream replenishment demand after the Tomb - sweeping Festival and the approaching May Day holiday boosted the egg price. After the May Day holiday, the channel may have replenishment demand, and the Dragon Boat Festival stocking demand increases, so the seasonal consumption of eggs improves. As of the end of April, the monthly sales volume of eggs in representative selling areas was 29500 tons, up 1.99% from March [55]. 2.4 Strategy Suggestion - The 06 contract is expected to fluctuate in a range after the May Day holiday. Pay attention to the performance of the 3100 resistance and 2900 support levels. Treat the 08 and 09 contracts with a bearish view in general, and pay attention to the impact of feed and elimination [55]. 3. Corn 3.1 Market Review - As of April 30, the平仓 price of corn at Jinzhou Port in Liaoning was 2280 yuan/ton, up 90 yuan/ton from the end of March; the main 2507 contract of corn was 2377 yuan/ton, up 89 yuan/ton from the end of March; the main contract basis was - 97 yuan/ton, 1 yuan/ton stronger than at the end of March. The corn price first fluctuated narrowly and then rose rapidly at the end of the month, and the futures contract first fell and then rose [92]. 3.2 Supply - The grassroots grain sales are basically over, and the grain source has transferred to the trading end. Traders are reluctant to sell, and the supply is tight, which supports the price. However, after the price rises in May, traders' willingness to sell at high prices may increase, and there is a demand for making room for wheat in North China, which will increase the supply periodically. In March, the corn import was 80000 tons, the same as the previous month and a 95.3% year - on - year decrease. The import of international grains decreased year - on - year [92]. 3.3 Demand - The inventory of hogs and poultry is increasing, which drives the recovery of feed demand. Although wheat substitution has an impact on corn feed demand, it has not been carried out on a large scale, and the cost - effectiveness of corn is still high. The deep - processing industry is in loss, the operating rate has declined, and the demand increment is limited. As of April 25, the weekly feed corn inventory days were 35.74 days, an increase of 2.15 days from the end of March; the operating rate of sample deep - processing enterprises was 58.37%, a decrease of 5.45% from the end of March [92]. 3.4 Strategy Suggestion - Generally, take a stable - to - strong view. Wait for the futures to pull back to go long, and be cautious about chasing high prices. For the 07 contract, pay attention to the 2400 resistance and 2280 - 2300 support levels; for the 09 contract, pay attention to the 2320 - 2330 support level [92].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The overall supply - demand situation in the feed and breeding industry is complex, with different products facing various challenges and opportunities. In the short - term, most products show a trend of volatile fluctuations, while in the long - term, the supply and price trends of different products are affected by factors such as production capacity, consumption, and policy [1][2][4]. 3. Summary by Product Pig - **Spot Price**: On April 30, the spot price in Liaoning was 14.3 - 14.9 yuan/kg, in Henan 14.6 - 15.2 yuan/kg, in Sichuan 14.2 - 14.5 yuan/kg, and in Guangdong 15.2 - 16 yuan/kg, all stable compared to the previous day [1]. - **Supply and Demand**: In the short - term, the reduction of supply by large - scale enterprises at the end of the month and the resistance of small farmers support the price, but the increase in supply from secondary fattening and the weak demand limit the price increase. In the long - term, the supply from April to September 2024 will increase, and the supply pressure in the fourth quarter is still large [1]. - **Strategy**: The overall pig price is under pressure, but the decline is limited. Short - term short positions can be gradually stopped for profit, and short positions can be opened on rebounds. Sell out - of - the - money call options on contracts 07 and 09 and take profit partially [1]. Egg - **Spot Price**: On April 30, the price in Shandong Dezhou was 3.1 yuan/jin, and in Beijing 3.39 yuan/jin, both stable compared to the previous day [2]. - **Supply and Demand**: In the short - term, the high price restricts the price increase, but the holiday demand and low inventory support the price. After the holiday, the price may be under pressure. In the long - term, the supply will continue to increase, but the impact of old chicken culling needs to be noted [2]. - **Strategy**: For contract 06, hold a light position during the May Day holiday. Contracts 08 and 09 are considered bearish in the long - term, and pay attention to feed and culling factors [2]. Oil - **Futures Price**: On April 29, the US soybean oil主力 contract 07 fell 2.26% to 49.32 cents/pound, and the Malaysian palm oil主力 contract 07 fell 0.53% to 3940 ringgit/ton [4]. - **Supply and Demand**: For palm oil, the export increased in April, but the production also increased, and the inventory is expected to rise. In China, the supply and demand are both weak in April, but the supply will increase in May. For soybean oil, the South American supply is large in the second quarter, and the domestic supply will increase in the future. For rapeseed oil, the supply in Canada is tight, and the domestic inventory will gradually decrease [4][5][6]. - **Strategy**: Temporarily wait and see for contracts 09 of soybean, palm, and rapeseed oil, and pay attention to the pressure levels [7]. Soybean Meal - **Futures Price**: On April 29, the US soybean 07 contract closed at 1052.5 cents/bushel, and the domestic M2509 contract closed at 2964 yuan/ton [7]. - **Supply and Demand**: In the short - term, the supply will increase with the arrival of soybeans and the increase in oil mill operation rate, and the price will decline. In the long - term, the cost increase and weather factors will drive the price up [7]. - **Strategy**: Short - term: short on rebounds for contract 09. Long - term: long on dips, and pay attention to the support level. Do long - short spreads for the 9 - 1 spread [7]. Corn - **Spot Price**: On April 29, the purchase price at Jinzhou Port was 2250 yuan/ton, up 20 yuan/ton, and the purchase price at Shandong Weifang Xingmao was 2406 yuan/ton, up 20 yuan/ton [7]. - **Supply and Demand**: In the short - term, the supply - demand game intensifies, but the market is optimistic about the future. In the long - term, the production reduction and decrease in imports drive the price up, but the substitutes limit the upside [7]. - **Strategy**: Be bullish in general, wait for dips to go long, and pay attention to the support and pressure levels [7]. 4. Today's Futures Market Overview - The prices of most futures products showed fluctuations. For example, the CBOT soybean active contract fell 8.75 cents/bushel, the soybean meal主力 contract fell 21 yuan/ton, and the CBOT corn active contract fell 12 cents/bushel [8].

1. Report Industry Investment Rating No information provided. 2. Core Views - The overall supply of live pigs is increasing and shifting backward, causing downward pressure on prices. However, the futures market has already factored in the weak expectations, limiting the decline. Egg prices are expected to face a short - term supply - demand imbalance after the May Day holiday, and long - term supply is likely to increase. For oils, short - term prices have upward momentum, but long - term supply increases may lead to price fluctuations. The short - term price of soybean meal is expected to be weak, while the long - term is strong. Corn prices are expected to be stable with an upward trend, but the upside is limited [1][2][4]. 3. Summary by Related Catalogs Live Pigs - On April 29, the spot price of live pigs in Liaoning was 14.3 - 15 yuan/kg, up 0.1 yuan/kg from the previous day; in Henan, it was 14.6 - 15.2 yuan/kg, up 0.1 yuan/kg; in Sichuan, it was 14.2 - 14.5 yuan/kg, stable; in Guangdong, it was 15.4 - 16 yuan/kg, stable. In the short term, the supply - demand game intensifies, and prices fluctuate frequently. In the long term, from April to September 2024, supply increases, and the second quarter of 2025 still faces large supply pressure. The strategy is to sell out - of - the - money call options for contracts 07 and 09 at high prices [1]. Eggs - On April 29, the price in Shandong Dezhou was 3.1 yuan/jin, stable; in Beijing, it was 3.39 yuan/jin, down 0.18 yuan/jin. Short - term egg prices are affected by supply - demand factors, and there is a risk of decline after the May Day holiday. Long - term supply is expected to increase. The 06 contract is recommended to be held with a light position during the holiday, and contracts 08 and 09 are considered bearish [2]. Oils - On April 29, the US soybean oil main contract rose 1.53% to 50.46 cents/lb, and the Malaysian palm oil main contract rose 0.55% to 4058 ringgit/ton. Palm oil exports increased in April, but production also increased, and inventory is expected to rise. Domestic palm oil will face increased supply in the second quarter. Soybean oil has large supply pressure in the second quarter in China. Rapeseed oil has a tight supply in Canada, and domestic inventory is expected to decrease in the second quarter. Short - term prices are supported, but long - term supply increases may limit the upside [4][5][6]. Soybean Meal - On April 28, the US soybean 07 contract rose 3.25 cents to 1062.5 cents/bu. Short - term prices are expected to decline with increased supply, while long - term prices are expected to rise due to cost increases and weather factors. The 09 contract is recommended to be short - sold in the short term and long - bought in the long term [8]. Corn - On April 28, the purchase price of new corn at Jinzhou Port was 2230 yuan/ton, stable; the closing price was 2270 yuan/ton. The short - term spot price is supported, and the futures market fluctuates at a high level. In the long term, supply - demand tightness drives prices up, but the upside is limited. The strategy is to wait for a callback to buy [9]. Futures Market Overview - The report provides the prices, price changes, and other information of various futures and spot products on April 28 - 29, including CBOT soybeans, soybean meal, corn, etc [10].