1. Report Industry Investment Ratings - **Bullish Dominance**: Soybean meal, rapeseed meal, palm oil, soybean oil, cotton [1] - **Bearish Dominance**: Red dates, live pigs [1] - **Range - bound**: Rapeseed oil [1] 2. Core Views of the Report - **Soybean Meal**: Short - term bullish oscillations. Although the current supply is sufficient, the expected decrease in weekly crushing volume may relieve supply pressure. Wait for the US Department of Agriculture (USDA) December report and follow the progress of South American soybean planting weather [1][3]. - **Rapeseed Meal**: Short - term bullish oscillations. The spot market is inactive, but due to weather premium speculation on the soybean meal side and low rapeseed import expectations, the far - month contracts are expected to be bullish. Pay attention to the USDA December report and China - Canada trade progress [1][6]. - **Palm Oil**: Expected to stop falling in stages. Although there is a high probability of inventory accumulation in November in Malaysia, factors such as floods in Southeast Asia and increased Indian purchases have boosted market sentiment. Be cautious when chasing long at high levels and look for opportunities to go long on dips after adjustments [1][8]. - **Soybean Oil**: Short - term bullish oscillations. The domestic inventory has slightly decreased but is still higher than the five - year average. Follow the South American soybean weather and treat it as a range - bound market this week [1]. - **Rapeseed Oil**: Range - bound. The fundamentals are strong, but the spot trading is sluggish. It is advisable to focus on far - month contracts when going long. Pay attention to the import situation of Australian and Russian rapeseed and rapeseed oil [1]. - **Cotton**: Cautiously bullish. Globally, the market is more focused on weather. Domestically, new cotton sales are progressing quickly, and the cost support is strengthening. However, there are still pressures from high inventory and hedging. Consider going long on dips and look for medium - to - long - term recovery opportunities [1][12]. - **Red Dates**: Bearish oscillations. With the peak of new product listings and the arrival of the consumption season, the market is bearish overall. However, since most of the price premiums from speculation on production cuts have been squeezed out, avoid excessive short - selling and maintain short - term observation [1][14]. - **Live Pigs**: Bearish oscillations. In December, the supply pressure is high, and it is difficult to support the spot price. For the near - month 01 contract, focus on short - selling opportunities. The 03 contract is also bearish, and the short - term long - buying opportunities for 09 and 11 contracts can be considered after the supply pressure is released [1][17]. 3. Summaries According to Related Catalogs Soybean Meal - **Inventory**: As of November 28, 2025, national port soybean inventory was 957.6 million tons, a week - on - week increase of 15.10 million tons; 125 oil mills' soybean inventory was 733.96 million tons, a 2.65% increase from last week; and the soybean meal inventory was 120.32 million tons, a 4.49% increase from last week [3]. - **Price**: The futures price of the main contract closed at 2821 yuan/ton, a decrease of 0.42% from the previous day; the national average spot price was 3111.43 yuan/ton, an increase of 0.05% [2]. - **Spread**: The spot price difference between soybean meal and rapeseed meal was 660 yuan/ton, an increase of 10 yuan/ton from the previous day [2]. Rapeseed Meal - **Inventory**: As of November 28, the coastal area's main oil mills' rapeseed inventory was 0 tons, and the rapeseed meal inventory was 0.01 tons, both unchanged from last week [6]. - **Price**: The futures price of the main contract closed at 2377 yuan/ton, a decrease of 1.86% from the previous day; the national average spot price was 2474.74 yuan/ton, a decrease of 0.76% [4]. - **Spread**: The spot price difference between soybean meal and rapeseed meal was 660 yuan/ton, an increase of 10 yuan/ton from the previous day [4]. Palm Oil - **Inventory**: As of November 28, 2025, the national key area's palm oil commercial inventory was 65.35 million tons, a 2.04% decrease from last week [7]. - **Price**: The futures price of the main contract closed at 8770 yuan/ton, an increase of 1.20% from the previous day; the national average price was 8798 yuan/ton, an increase of 0.69% [7]. - **Export**: In November 2025, Malaysia's palm oil export volume decreased compared with the previous month [8]. Cotton - **Global Situation**: In the US, new cotton harvesting is nearing completion, but precipitation in late November was unfavorable for the harvest. In India, new cotton arrivals are stable, but rainfall in late November affected MSP purchases. In Brazil, the 2025 cotton processing progress is 73.87%, and the 2026 new cotton planting has started in non - main producing areas [10]. - **Domestic Situation**: New cotton picking is basically completed, and the inspection volume exceeds 474 million tons. The sales progress is fast, and the cost of new - season lint is locked at 14600 - 15000 yuan/ton. The national commercial inventory has increased to 446 million tons [11]. - **Price**: The futures price of the main contract (CF2601) closed at 13750 yuan/ton, a decrease of 0.29% from the previous day; the CCIndex (3218B) spot price was 15022 yuan/ton, an increase of 0.16% [9]. Red Dates - **Supply**: The acquisition in some areas is completed, and the acquisition progress in other areas is about 80%. The acquisition price is showing a weak trend [14]. - **Inventory**: The physical inventory of 36 sample points this week was 13910 tons, a week - on - week increase of 3062 tons, but lower than the same period last year [14]. - **Price**: The futures prices of contracts such as CJ2601 and CJ2603 have increased to varying degrees, while most spot prices remain stable [13]. Live Pigs - **Supply**: In December, the planned slaughter volume of sample enterprises has increased by 3.2%. The overall supply pressure is high, but the long - term supply may decrease as the number of fertile sows has decreased [16][17]. - **Demand**: The demand has marginally improved, with an increase in pork sales, but the slaughter profit has decreased [15][17]. - **Price**: The futures price of the main contract (Ih2601) remained unchanged at 11385 yuan/ton, and the national average spot price of live pigs was 11540 yuan/ton, an increase of 0.17% [15].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report [1][5][7] 2. Report Core View - The domestic market of soymeal is in a pattern of "strong supply and weak demand", with prices oscillating weakly under cost support and inventory pressure. The palm oil market is in a complex game between "weak reality" and "strong expectations", and the futures price may turn to oscillate after a continuous rebound [5][7] 3. Summary by Variety Soymeal (M) - **Time - period Views**: Short - term is weak, medium - term is oscillating, and intraday is weak. The reference view is also weak [5][6] - **Core Logic**: The domestic market is in a "strong supply and weak demand" situation. Soybean supply is abundant, and port soybean inventory has increased significantly year - on - year. The soymeal market is in a game between high - inventory pressure and cost - support expectations, with short - term prices running weakly [5] Palm Oil (P) - **Time - period Views**: Short - term is oscillating, medium - term is oscillating, and intraday is oscillating weakly. The reference view is oscillating weakly [6][7] - **Core Logic**: The palm oil market is in a game between "weak reality" and "strong expectations". Supply - side pressure is significant. Malaysia's inventory is expected to reach a six - and - a - half - year high at the end of November due to high production and slow exports. The futures price is in a game between high - inventory and weak - export pressure and potential policy benefits and seasonal production - reduction expectations, and may turn to oscillate after a continuous rebound [7] Other Information - For varieties with night trading, the night - trading closing price is the starting price; for those without, the previous day's closing price is used. The intraday closing price is the end price to calculate the price change [2] - A decline greater than 1% is considered weak, a decline of 0 - 1% is oscillating weakly, a rise of 0 - 1% is oscillating strongly, and a rise greater than 1% is strong. Oscillation strength/weakness only applies to intraday views, and no distinction is made between short - term and medium - term [3][4] - Short - term refers to within one week, and medium - term refers to two weeks to one month, with the previous day's night - trading closing price as the benchmark [6]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Palm oil is waiting for the decline in Malaysia's December production to confirm the price bottom. If production in the first quarter is lower than expected, it will bring new-year prospects. During the short-term rebound of palm oil, soybean oil should also be lightly long-positioned and run in a range temporarily, waiting for the thematic resonance in the first quarter after the overall stabilization of the oil and fat sector [5][7][8]. - Without unexpected positive factors, the soybean meal and soybean No. 1 futures prices are expected to be weakly volatile. For soybean meal, the lack of further positive news for US soybean exports and the delay of Chinese purchases until February next year make US soybeans weak. For soybean No. 1, the spot price is stable and slightly strong, but the futures price is affected by rumors of state reserve sales and is weakly volatile [16][20]. - The corn price may experience a correction. Although the supply-demand mismatch has not been resolved, it has marginally eased. After the price reaches a high level, the upward driving force is limited, and there are rumors of a 2 million - ton regulated corn auction [39]. - The international sugar market will be in a low - level consolidation, and the domestic sugar market will run weakly. The 25/26 sugar - making season is expected to see a restorative increase in global sugar production and inventory accumulation. In China, although the sugar production is expected to increase, the production cost in the Guangxi region may rise due to the decline in the sugar yield rate [65][87]. - The upward trend of cotton will slow down. ICE cotton is under pressure due to poor US cotton export data, but the expected Fed rate cut in December limits its decline. Domestic cotton futures and spot prices are slightly stronger, but the increase in Zhengzhou cotton futures has slowed down due to factors such as hedging pressure, poor downstream orders, and an increase in cotton warehouse receipts [88][104]. - The pig price will remain weak. The supply is in an incremental stage, and the demand has been pre - consumed. The pressure on the spot price continues, and the LH2601 futures contract may see a return of the basis logic [108][109]. - For peanuts, attention should be paid to the spot market. The current market is in a deep - game stage. The near - term futures have support, while the long - term futures have more uncertainties. The follow - up focus is on the acquisition strategy adjustment of large - scale oil mills [120]. Summary by Related Catalogs Palm Oil and Soybean Oil Last Week's View and Logic - Palm oil maintained a volatile trend. After a short - term oversold, it had a technical rebound. The palm oil 01 contract rose 1.67% last week, but whether it has reached an inflection point needs further confirmation [4]. - Soybean oil's upward driving force was limited without South American weather speculation. It temporarily followed the oil and fat sector to fluctuate in a range. The soybean oil 01 contract rose 0.27% last week [4]. This Week's View and Logic - Palm oil: Malaysia's production and rainfall this year are generally good. The inventory in November is likely to exceed 2.6 million tons. If the production in December decreases by more than 10%, the year - end inventory may be maintained at around 2.6 million tons. The market is waiting for the decline in Malaysia's December production to confirm the price bottom. The US soybean oil policy may cause short - term price deviations [5]. - Soybean oil: The new US soybean yield is 53 bushels per acre, and the ending inventory is 290 million bushels. The short - term rebound of US soybeans is limited. The purchase rhythm of China and South American weather will determine the callback degree. In China, the arrival of soybeans from January to March is expected to be lower than last year, and domestic soybean oil can maintain a monthly de - stocking process until March to April [7]. Market Data - Palm oil main - continuous contract: The opening price was 8,638 yuan/ton, the highest was 8,794 yuan/ton, the lowest was 8,572 yuan/ton, the closing price was 8,770 yuan/ton, and the increase was 2.12%. The trading volume was 1,841,260 lots, a decrease of 632,643 lots, and the open interest was 232,891 lots, a decrease of 98,470 lots [10]. - Soybean oil main - continuous contract: The opening price was 8,238 yuan/ton, the highest was 8,312 yuan/ton, the lowest was 8,222 yuan/ton, the closing price was 8,266 yuan/ton, and the increase was 0.34%. The trading volume was 2,473,903 lots, a decrease of 183,561 lots, and the open interest was 265,242 lots, a decrease of 82,148 lots [10]. Soybean Meal and Soybean No. 1 Last Week's Market Conditions - International soybean market: US soybean futures prices mainly declined. China's purchase of US soybeans was lower than expected. Brazilian soybean import costs increased slightly, and the planting in Brazil was nearly completed, while the planting in Argentina was slow. The weather in South American soybean - producing areas was generally normal [16]. - Domestic soybean meal market: Futures prices rose first and then fell. The trading volume increased, the提货 volume decreased slightly, the basis increased, the inventory increased, and the soybean crushing volume decreased [17][18]. - Domestic soybean No. 1 market: The spot price was stable and slightly strong, and the futures price was weak, possibly affected by rumors of state reserve sales. The purchase price in the Northeast increased, and farmers' reluctance to sell weakened. The demand pattern in the sales area was "good in the north and stable in the south" [19]. Next Week's Forecast - Both the soybean meal and soybean No. 1 futures prices are expected to be weakly volatile. For soybean meal, without unexpected positive factors, the US soybean price is expected to be weak, and soybean meal may follow the callback. For soybean No. 1, the spot price is stable and slightly strong, but the futures price is affected by rumors of state reserve sales and is weakly volatile [20]. Corn Market Review - Spot market: In the week of December 5, the corn spot price rose. The national average price was 2,358.63 yuan/ton, an increase of 30 yuan/ton from the previous week. The prices in North China fluctuated, and the prices in Northeast China continued to rise [34]. - Futures market: In the week of December 5, the futures price rose. The main contract (C2601) had a high of 2,310 yuan/ton, a low of 2,226 yuan/ton, and a closing price of 2,295 yuan/ton. The basis weakened [35]. Market Outlook - The CBOT corn price fell due to sufficient global supply. The wheat price rose, and the auction of imported corn restarted. The corn starch inventory increased. Attention should be paid to the risk of a price correction after reaching a high level, and the subsequent focus is on the inventory accumulation in the northern ports [36][37][39]. Sugar This Week's Market Review - International market: The US dollar index decreased, the US dollar - Brazilian real exchange rate decreased, the WTI crude oil price increased, and the New York raw sugar active contract price decreased. The net long positions of funds decreased significantly. Brazil, India, and Thailand all had an increase in sugar production [63]. - Domestic market: The spot price of Guangxi groups decreased, the Zhengzhou sugar main contract price decreased, and the basis of the main contract decreased significantly. The cumulative sugar imports in the 25/26 sugar - making season increased, and the syrup and premixed powder imports decreased [64]. Next Week's Market Outlook - International market: It will be in a low - level consolidation. The market expects a restorative increase in global sugar production and inventory accumulation in the 25/26 sugar - making season. Attention should be paid to Brazil's production and export rhythm and India's production and industrial policies [65]. - Domestic market: It will run weakly. The domestic sugar production is expected to increase, but the production cost in Guangxi may rise. The Zhengzhou sugar will follow the raw sugar, and attention should be paid to changes in import policies [65]. Cotton Market Data - ICE cotton main - continuous contract: The opening price was 64.70 cents/pound, the highest was 64.85 cents/pound, the lowest was 63.82 cents/pound, the closing price was 63.95 cents/pound, and the decrease was 1.21%. The trading volume was 85,896 lots, an increase of 12,825 lots, and the open interest was 181,741 lots, an increase of 5,644 lots [91]. - Zhengzhou cotton main - continuous contract: The opening price was 13,725 yuan/ton, the highest was 13,820 yuan/ton, the lowest was 13,660 yuan/ton, the closing price was 13,750 yuan/ton, and the increase was 0.18%. The trading volume was 935,871 lots, a decrease of 155,916 lots, and the open interest was 497,779 lots, a decrease of 47,489 lots [91]. Fundamental Analysis - International cotton: ICE cotton decreased slightly due to poor US cotton export data, but the expected Fed rate cut in December limited its decline. The US cotton weekly export sales data was not ideal. In other cotton - producing and consuming countries, the situation varied, with India's cotton acquisition increasing, Brazil's cotton exports increasing in November and a possible decline in the planting area in 2026, Pakistan's cotton import demand remaining weak, and Bangladesh's cotton import willingness increasing [92][93][94][95][96]. - Domestic cotton: The cotton price rose, and the low - price transactions were good. The cotton warehouse receipts increased. The downstream situation continued to deteriorate, with a differentiation between high - count and low - count yarns. The cotton fabric market was generally weak [97][98][99]. Operation Suggestion - ICE cotton is under pressure due to poor export data, but the expected Fed rate cut limits its decline. Attention should be paid to the support at 63 - 64 cents/pound. Domestic cotton futures and spot prices are slightly stronger, but the increase in Zhengzhou cotton futures has slowed down. It is expected to maintain a weakly upward trend, and attention should be paid to changes in the spot basis [104]. Pig This Week's Market Review - Spot market: The pig price fluctuated and adjusted. The supply was still relatively loose, and the demand increased after the temperature drop. The average slaughter weight increased slightly [107]. - Futures market: The pig futures price was weakly volatile. The LH2601 contract had a high of 11,585 yuan/ton, a low of 11,335 yuan/ton, and a closing price of 11,385 yuan/ton. The basis increased [107]. Next Week's Market Outlook - Spot market: The pig price will remain weak. The supply is in an incremental stage, and the demand has been pre - consumed. The pressure on the spot price continues [108]. - Futures market: The LH2601 contract price is under pressure. The basis logic may return. Attention should be paid to reverse arbitrage and stop - loss [109]. Peanut Market Review - Spot market: The peanut price was weak. The supply increased, the oil mills'开机 rate increased slightly and continued to lower the purchase price, the food processing enterprises made rigid - demand and low - price purchases, and the trading enterprises were cautious [119]. - Futures market: In the week of December 5, the peanut futures price fell. The main contract (PK2603) had a high of 8,146 yuan/ton, a low of 8,022 yuan/ton, and a closing price of 8,076 yuan/ton [119]. Market Outlook - The current market is in a deep - game stage. The peanut spot price shows regional differentiation. The near - term futures have support, while the long - term futures have more uncertainties. The follow - up focus is on the acquisition strategy adjustment of large - scale oil mills [120].

Report Summary 1. Report Industry Investment Ratings - Corn: Oscillating upward [1] - Soybean Meal: Oscillating [1] - Oils: Oscillating [1] - Eggs: Oscillating [1] - Pigs: Oscillating upward [2] 2. Core Views - **Corn**: This week, the near - month 2601 contract of corn led the rise, with the far - month contracts following. The 1 - month contract reduced positions, and funds shifted to the 3 - month and 5 - month contracts. The futures price broke the oscillation and resumed the upward trend. The high purchase price of the Harbin warehouse of China Grain Reserves Corporation supported the price in Heilongjiang. The futures increase led to an upward adjustment of the northern port quotation. The prices of deep - processing enterprises in Shandong, Hebei, and Henan showed different trends. The spot price of corn continued to be strong, and the futures price ended the consolidation and broke upward. In December, be vigilant about the continuous adjustment of corn futures and spot quotes and pay attention to the impact of policy expectations on prices [1]. - **Soybean Meal**: CBOT soybeans rose slightly on Thursday. The US Department of Agriculture's export sales report showed that as of October 30, the net weekly sales of US soybeans were 1.2485 million tons, a 14% decrease from the previous week and a 19% increase from the four - week average. China made its first purchase of 2025 soybeans. Brazil exported 4.197 million tons in November. The rapeseed output in Canada was higher than expected. The domestic protein meal continued to oscillate narrowly, with the near - month performance weaker than the far - month. The spot price of soybean meal continued to oscillate, and the basis quotation rose slightly. The strategy is to think in an oscillating way, use a unilateral range idea, short volatility, and conduct inter - month reverse arbitrage [1]. - **Oils**: BMD palm oil continued to fall on Thursday. The market digested the negative news of rising inventory. Malaysia's palm oil inventory in November might reach a six - and - a - half - year high. The spot prices of Malaysian and Indonesian palm oil both fell, and the price difference between them narrowed. Domestic oil prices decreased, with rapeseed oil falling more than palm oil and soybean oil. The spot supply was sufficient, and the terminal demand was weak, suppressing the price. The strategy is to sell call options and participate in the futures market in the short - term [1]. - **Eggs**: On Thursday, the egg futures oscillated downward in the morning and then rebounded. The main 2601 contract closed flat, and the 2603 contract rose 0.29%. The spot price of eggs decreased slightly. The terminal market purchased as needed, and the procurement enthusiasm of downstream sectors was average. The market was optimistic about future capacity elimination. It is recommended to conduct short - term trading and be vigilant about the risk of the futures price callback due to the smaller - than - expected capacity reduction. Continuously pay attention to the changes in the replenishment and elimination willingness of the breeding end [1]. - **Pigs**: This week, the near - and far - month contracts of pigs continued to oscillate. At the beginning of the week, the positions of the 2601 contract decreased, and funds shifted to the 2607 and 2609 contracts. The 2609 contract was relatively strong. The spot price of pigs declined. The supply pressure of medium - and large - sized pigs in Northeast China increased, and the price support weakened. Technically, the contradiction between the weak spot and the strong expectation in the pig market continued. From December to before the Spring Festival, the long and short factors of sufficient supply and improving demand were intertwined, and the far - month quotation of pigs was expected to continue the oscillating and slightly strong performance [2]. 3. Market Information - As of November 26, the national ex - factory price of pigs was 12.09 yuan/kg, a 1.23% decrease from November 19; the main wholesale market price of corn was 2.28 yuan/kg, the same as on November 19; the pig - to - grain ratio was 5.3, a 1.3% decrease from November 19 [3]. - On December 4, the "Agricultural Product Wholesale Price 200 Index" was 128.52, up 0.36 points from the previous day; the "Vegetable Basket" product wholesale price index was 131.11, up 0.42 points from the previous day. As of 14:00, the average price of pork in the national agricultural product wholesale market was 17.65 yuan/kg, a 0.5% decrease from the previous day; beef was 66.32 yuan/kg, a 0.2% decrease; mutton was 62.39 yuan/kg, a 0.7% decrease; eggs were 7.47 yuan/kg, a 0.7% increase [3]. - The price - holding mentality of the breeding end loosened. The overall market supply was abundant, and the terminal demand lacked obvious increase. The pig price further declined, and the breeding loss continued to expand. In the fourth week of November 2025, the national ex - factory price of pigs was 12.09 yuan/kg, a 1.23% decrease from the previous period, reaching the lowest level in 5 weeks. The national pig - to - feed ratio was 4.63, a 0.86% decrease month - on - month. According to the current price and cost, the expected loss per head of pig breeding in the future piglet fattening mode was 247.43 yuan [4]. 4. Variety Spreads - **Contract Spreads**: There are spread charts for multiple varieties such as corn 1 - 5, corn starch 1 - 5, soybean 1 - 5, soybean meal 1 - 5, etc. [5][6][7] - **Contract Basis**: There are basis charts for multiple varieties such as corn, corn starch, soybean, soybean meal, etc. [13][14][17] 5. Research Team Members - Wang Na, the director of the agricultural product research at Everbright Futures Research Institute, has won the "Best Agricultural Product Analyst" title in the Futures Daily and Securities Times' best futures analyst selection for many years. She led the team to win the title of the top ten research and investment teams of the Dalian Commodity Exchange in 2019 and the special prize of the "Sailing in the Futures Sea" college student practice competition of the Dalian Commodity Exchange in 2023 [27]. - Hou Xueling, a soybean analyst at Everbright Futures, has won the "Best Agricultural Product Analyst" title in the Futures Daily and Securities Times' best futures analyst selection for many years. Her team won the title of the most potential agricultural product futures R & D team of the Dalian Commodity Exchange in 2013 and the top ten R & D teams of the Dalian Commodity Exchange in 2019, and the special prize of the "Sailing in the Futures Sea" college student practice competition of the Dalian Commodity Exchange in 2023 [27]. - Kong Hailan, an analyst of eggs and pigs at Everbright Futures Research Institute, has participated in the top ten R & D teams of the Dalian Commodity Exchange in 2019 and won the special prize of the "Sailing in the Futures Sea" college student practice competition of the Dalian Commodity Exchange in 2023 [27].

Report Industry Investment Ratings - Douyi: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Doupo: ★☆☆, indicating a bullish bias, with a driving force for price increase but poor operability on the trading floor [1] - Douyou: ★★★, suggesting a clearer upward - trend and a relatively appropriate investment opportunity currently [1] - Palm oil: ★★★, suggesting a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Caipo: ★☆☆, suggesting a bearish bias, with a driving force for price decline but poor operability on the trading floor [1] - Caiyou: ★☆☆, indicating a bearish bias, with a driving force for price decline but poor operability on the trading floor [1] - Corn: ★★★, suggesting a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Live pigs: ★☆☆, suggesting a bearish bias, with a driving force for price decline but poor operability on the trading floor [1] - Eggs: ★☆☆, suggesting a bearish bias, with a driving force for price decline but poor operability on the trading floor [1] Core Views - The overall performance of agricultural products in the market shows different trends, with some products affected by supply - demand relationships, policies, weather, and other factors [2][3][4] - Different agricultural products have different price trends, and investment strategies should be adjusted according to the specific situation of each product [3][7][8] Summary by Related Catalogs Douyi - The main contract of Douyi shows a reduction in positions and a price decline. The spot price of domestic soybeans is stable and firm. The price of US soybeans is affected by South American weather and US soybean exports, and is expected to fluctuate strongly in the medium - term. Short - term attention should be paid to the policy and spot performance of domestic soybeans [2] Soybeans & Doupo - The price of Dalian Doupo futures fluctuates weakly. Attention should be paid to the December USDA global agricultural product supply - demand report. The 05 contract has not broken through the upper edge of the box. Whether it can break through upward in the medium - term depends on US soybean exports and the impact of the La Nina weather in South America. The strategy is to observe whether it can break through upward and look for long - entry opportunities later [3] Douyou & Palm oil - The market expects that the palm oil inventory in Malaysia in November is still increasing, with high inventory pressure. If the supply - side production reduction continues, the signal of a phased price bottom will be prominent, but the rebound strength is limited. The medium - term of Douyou also needs to pay attention to policy changes. The domestic soybean crushing profit is improving. The overall view of soybean and palm oil is range - bound, and short - term attention should be paid to the fundamentals of the oil market [4] Caipo & Caiyou - The Caisi market continues its weak trend, and the external rapeseed price is under pressure. The production of Canadian rapeseed in 2025 is estimated to be higher than expected, and the supply of the Caisi market has temporarily eased after Australian rapeseed arrives at the port. The domestic demand for Caisi is still weak, and the futures price of Caisi will continue to fluctuate weakly in the short - term [6] Corn - The Dalian corn futures C2601 contract rose 0.97% after rising and then falling, but the subsequent contracts lack upward momentum. The supply - demand mismatch in the corn market still exists. Future attention should be paid to the sales progress of new corn in the Northeast and the auction of overdue wheat. The 01 contract should be observed first, and the 03 and 05 contracts should wait for a pullback [7] Live pigs - Live pig futures are running weakly, and the 03 contract has hit a new low. The inventory of breeding sows in November continued to decline slightly month - on - month. The southern curing will gradually start, and the supply side has the pressure of fattening pigs for secondary fattening to be sold. In the medium - to - long - term, the pig price is likely to form a second bottom in the first half of next year [8] Eggs - Egg futures are slightly weak, and the spot price in most parts of the country has declined. The current supply pressure is high, and the forward - looking inventory decline expectation has ended. The 01 contract has a premium over the spot, and a short - selling strategy is recommended for the near - term contract [9]

农产品日报 | 2025-12-05 现货库存充足，豆粕维持震荡 粕类观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2601合约2833元/吨，较前日变动-213元/吨，幅度-6.99%；菜粕2601合约2422元/吨，较前 日变动+14元/吨，幅度+0.58%。现货方面，天津地区豆粕现货价格3070元/吨，较前日变动-10元/吨，现货基差 M01+237，较前日变动+203；江苏地区豆粕现货3020元/吨，较前日变动+0元/吨，现货基差M01+187，较前日变动 +213；广东地区豆粕现货价格3000元/吨，较前日变动跌-10元/吨，现货基差M01+167，较前日变动+203。福建地 区菜粕现货价格2570元/吨，较前日变动+10元/吨，现货基差RM01+148，较前日变动-4。 美豆进口情况 玉米观点 市场要闻与重要数据 近期市场资讯， 咨询机构Safras & Mercado的调查显示，基于港口装运计划，12月份巴西大豆出口量估计为281.4 万吨。11月的大豆出口量估计为423.4万吨，高于去年同期的233.9万吨。10月份的大豆出口量估计为639.8万吨。作 物专家迈克尔·科尔多涅博士表示，巴西2 ...

Report Industry Investment Rating - The investment rating for cotton, sugar, and pulp is neutral [3][5][8] Report's Core View - Cotton prices are expected to continue range - bound in the short - term and are expected to be optimistic after seasonal pressure in the long - term. Sugar prices have a downward fundamental drive in the short - term with limited further decline and potential for a weak rebound, and may be unoptimistic in the long - term. Pulp prices have limited upside space due to unimproved supply - demand [3][5][8] Market News and Important Data Cotton - Futures: Yesterday, the closing price of cotton 2601 contract was 13,790 yuan/ton, up 10 yuan/ton (+0.07%) from the previous day. Spot: 3128B cotton in Xinjiang had a factory price of 14,854 yuan/ton, down 8 yuan/ton; the national average price was 14,998 yuan/ton, down 7 yuan/ton [1] - As of November 30, 2025/26, Pakistan's new - season seed cotton equivalent to lint was about 796,000 tons, down 1.1% year - on - year. Domestic mills bought about 666,000 tons, exported about 27,000 tons, and the unsold inventory was about 103,000 tons [1] Sugar - Futures: Yesterday, the closing price of sugar 2601 contract was 5328 yuan/ton, down 38 yuan/ton (-0.71%) from the previous day. Spot: In Nanning, Guangxi, the price was 5430 yuan/ton, down 30 yuan/ton; in Kunming, Yunnan, it was 5380 yuan/ton, down 30 yuan/ton [4] - As of November 30, 2025, 10 sugar mills in the province had started production (5 last year). 439,400 tons of sugarcane were crushed, producing 44,800 tons of sugar. The sales volume was 32,200 tons, with an inventory of 12,600 tons [4] Pulp - Futures: Yesterday, the closing price of pulp 2601 contract was 5496 yuan/ton, up 38 yuan/ton (+0.70%) from the previous day. Spot: In Shandong, the price of Chilean silver star softwood pulp was 5525 yuan/ton, unchanged; the price of Russian softwood pulp was 5100 yuan/ton, up 50 yuan/ton [6] - The price of imported wood pulp in the spot market continued to rise, with a slow market transaction [6] Market Analysis Cotton - Internationally, USDA raised the 2025/26 global cotton production significantly, while consumption increased slightly. End - of - season inventory rose and is in a stock - building phase. US cotton has increased sales pressure. In the short - term, ICE US cotton is under pressure; in the long - term, it has limited downward space but unclear upward drive [2] - Domestically, 2025/26 is expected to see increased cotton production. The supply is abundant in the short - term, and the upward movement of Zhengzhou cotton will be restricted by hedging. The downstream demand is weak, but the spinning profit has improved, and the downward space of the futures is also limited [2] Sugar - For raw sugar, Brazil's strong supply and India's expected production rebound have put pressure on the market. In the short - term, the downward space is limited; in the long - term, the rebound momentum is restricted [5] - For Zhengzhou sugar, the high import volume and the start of sugar mills in Guangxi have increased the short - term supply pressure [5] Pulp - In terms of supply, overseas pulp mills have announced shutdowns and production cuts. In terms of demand, European port inventory has decreased, but the domestic terminal demand is insufficient, and the port inventory is at a historical high [7] Strategy Cotton - Neutral. Expect range - bound in the short - term. Be optimistic about cotton prices after seasonal pressure in the long - term [3] Sugar - Neutral. The short - term downward space is limited, with potential for a weak rebound. The long - term outlook is not optimistic [5] Pulp - Neutral. The upward space is limited due to unimproved supply - demand. Attention should be paid to the impact of remaining Russian softwood pulp warehouse receipts on the market [8]

Group 1: General Information - The report is the Agricultural Products Morning Report on December 5, 2025, from Wukuang Futures [1] Group 2: Soybean and Meal Market Information - On Thursday, CBOT soybeans rose, Brazilian soybean premiums increased, and the cost of imported soybeans slightly rose. Domestic soybean meal spot prices were stable, with the East China price at 3,010 yuan/ton. Meal trading was weak, but pick - up was good. MYSTEEL expects this week's soybean crushing volume at oil mills to be 2.1353 million tons, compared with 2.2038 million tons last week. Last week, feed enterprises' inventory days were 8.17 days, up 0.19 days from the previous week. Domestic soybeans and soybean meal stocks increased last week due to high crushing volume, and apparent consumption was flat compared to the previous period [2] - As of last Thursday, Brazil's 2025/26 soybean planting area reached 89% of the expected area. USDA predicts that the global soybean supply - demand pattern has changed from increasing supply and demand to decreasing supply and increasing demand. However, since the global soybean inventory - to - sales ratio for the forecast year is still relatively high, it is not enough to generate a market with high planting profits on the CBOT soybean futures. It is expected that the cost of imported soybeans will mainly fluctuate without significant problems in South American weather [3] Strategy - The bottom of the import cost may have emerged, but the upward space may require greater production cuts. Currently, domestic soybean inventory is at a record high, soybean meal inventory is large, and crushing margins are under pressure. However, as it gradually enters the destocking season, there is some support. Soybean meal is expected to fluctuate [5] Group 3: Fats and Oils Market Information - ITS and AMSPEC data show that Malaysia's palm oil exports from November 1 - 10 decreased by 9.5% - 12.28% compared to the same period last month, 10% - 15.5% in the first 15 days, 14.1% - 20.5% in the first 20 days, 16.4% - 18.8% in the first 25 days, and 19.9% for the whole month of November. SPPOMA data shows that Malaysia's palm oil production in the first 5 days of November increased by 6.8% month - on - month, decreased by 2.16% in the first 10 days compared to the same period last month, is expected to increase by 4.09% in the first 15 days, increase by 5.49% in the first 25 days, and decrease by 0.19% in the first 30 days [7] - The National Grain and Oil Information Center expects palm oil prices to slightly correct in the near future. Market expectations of a large month - on - month decline in Malaysia's palm oil exports in November may cause inventories to rise to a six - and - a - half - year high, waiting for MPOB data. Indonesia has lowered the reference price of crude palm oil in December, and concerns about floods have eased, which is negative for palm oil prices. However, the expected production cut in November is starting to materialize, and rainfall in the producing areas will increase seasonally in December, supporting the price bottom. The correction is expected to be limited [7] - On Thursday, domestic fats and oils gave back some gains, and foreign investors increased short positions in the three major fats and oils. The expected inventory build - up of Malaysian palm oil in November and less purchasing by India in November are suppressing the market. There is still an expectation of destocking in the medium term, waiting for clear data [8] Strategy - Excessive production of palm oil in Malaysia and Indonesia is suppressing the market, and high - frequency export data has declined. The current situation of inventory build - up due to large supply may reverse in the fourth quarter and the first quarter of next year. If Indonesia's current high production cannot continue, the destocking time may come earlier. If Indonesia maintains its recent high - yield record, palm oil will continue to be weak. It is recommended to try a long - on - correction strategy [10] Group 4: Sugar Market Information - On Thursday, Zhengzhou sugar futures prices fell. The closing price of the January contract was 5,328 yuan/ton, down 38 yuan/ton or 0.71% from the previous trading day. In the spot market, the new sugar price of Guangxi sugar - making groups was 5,410 - 5,510 yuan/ton, down 20 - 30 yuan/ton from the previous trading day; the new sugar price of Yunnan sugar - making groups was 5,410 yuan/ton, down 30 yuan/ton from the previous trading day; the mainstream price range of processing sugar mills was 5,750 - 5,820 yuan/ton, down 0 - 30 yuan/ton from the previous trading day. The basis of Guangxi spot sugar to the Zhengzhou sugar main contract was 82 yuan/ton [11] - As of November 30, 2025, India had crushed 48.6 million tons of sugarcane, an increase of 15.2 million tons year - on - year; sugar production was 4.135 million tons, an increase of 1.375 million tons year - on - year; as of the end of November, the average sugar yield was 8.51%, an increase of 0.24 percentage points year - on - year. In the first half of November, the sugarcane crushing volume in the central - southern region of Brazil was 18.761 million tons, an increase of 14.3% year - on - year, and sugar production was 983,000 tons, an increase of 8.7% year - on - year [11] Strategy - It is currently estimated that the production of major sugar - producing countries will increase in the new crushing season, and the global supply - demand relationship has changed from shortage to surplus. Until the first quarter of next year, international sugar prices may not improve much. Coupled with the continuous opening of the domestic out - of - quota import profit window, the general direction is still bearish. However, domestic sugar prices are already at a relatively low level, the difficulty of long - short games has increased, and the probability of a trending market has decreased. It is recommended to short on rallies and close positions when prices fall [12] Group 5: Cotton Market Information - On Thursday, Zhengzhou cotton futures prices fluctuated. The closing price of the January contract was 13,790 yuan/ton, up 10 yuan/ton or 0.07% from the previous trading day. In the spot market, the China Cotton Price Index (CCIndex) 3128B was 14,998 yuan/ton, down 7 yuan/ton from the previous trading day. The basis of the China Cotton Price Index (CCIndex) 3128B to the Zhengzhou cotton main contract (CF2601) was 1,208 yuan/ton [14] - As of the week of November 28, the spinning mill operating rate was 65.5%, flat compared to last week, 1.6 percentage points lower than the same period last year, and 6.6 percentage points lower than the five - year average of 72.1%. The national commercial cotton inventory was 4.18 million tons, an increase of 270,000 tons year - on - year. In October 2025, China imported 90,000 tons of cotton, a decrease of 20,000 tons year - on - year. From January to October 2025, China imported 780,000 tons of cotton, a decrease of 1.61 million tons or 67.36% year - on - year. The 2025/26 global cotton production in the latest USDA monthly supply - demand report was revised up by 520,000 tons to 26.14 million tons compared to the September estimate. Among them, the US production was revised up by 190,000 tons to 3.07 million tons; Brazil's production was revised up by 110,000 tons to 4.08 million tons; India's production remained at the estimated 5.23 million tons; China's production was revised up by 220,000 tons to 7.29 million tons [15] Strategy - Fundamentally, the peak season was not prosperous before, but the demand was not too bad after the peak season. The downstream operating rate remained at a medium level, and the previous decline in futures prices had digested the negative impact of the domestic bumper harvest. With the rebound of commodities, short - term funds have entered the market to push up cotton prices, but there is no strong driving force for now. Coupled with the pressure of hedging positions, the probability of Zhengzhou cotton having a unilateral trending market is not high [17] Group 6: Eggs Market Information - Yesterday, national egg prices were stable or declined. The average price in the main producing areas dropped 0.01 yuan to 3.04 yuan/jin. The price in Heishan remained at 2.9 yuan/jin, and that in Guantao remained at 2.64 yuan/jin. The supply was basically normal, the downstream digestion speed was slow, most traders were not confident about the future market, the inventory in each link increased slightly, and the downstream purchasing enthusiasm was stable. It is expected that today's national egg prices will mostly be stable, with a few declining [19] Strategy - Continuous losses have led to a strong sentiment of culling laying hens. The far - month contracts are relatively strong, while the near - month contracts fluctuate between reflecting the spot seasonal inventory build - up and capacity reduction. In the short term, this reflects the resonance between spot seasonal inventory build - up and capacity reduction. The strength of the near - and far - month contracts on the futures market cannot be falsified for now. In the medium term, as the far - month contracts offer reasonable breeding profits, capacity reduction will slow down, and after the seasonal stocking ends, attention should be paid to the upper pressure. A short - term long and medium - term short strategy is recommended [20] Group 7: Pigs Market Information - Yesterday, domestic pig prices mainly declined, with some areas stable or slightly rising. The average price in Henan rose 0.02 yuan to 11.27 yuan/kg, and that in Sichuan remained at 11.34 yuan/kg. Farmers were active in selling pigs, the market supply was abundant, and the demand was also slowly increasing. Today, pig prices are expected to be mainly stable, with prices in areas with large supply continuing to decline, and prices in some northern areas with limited supply may rise slightly [22] Strategy - The theoretical number of pigs for slaughter is still large, the completion rate of large - scale farms' slaughter plans is average. Under the background of increased slaughter volume, the average weight of pigs is still higher than the same period last year and continues to increase month - on - month. The price difference between fat and standard pigs has stagnated at a high level, and the release of second - fattening pens by small farmers is slow. The supply - side pressure remains, and there will be further increases in the future. In contrast, due to high temperatures, the demand has been lukewarm, with only sporadic curing activities in some areas, which has limited impact on the spot market. Considering that the futures valuation is not low and the spot market is driving the price down, a strategy of shorting the near - month contracts or reverse arbitrage is recommended [23]

2025年12月05日 国泰君安期货商品研究晨报-农产品 观点与策略 | 棕榈油：等待拐点确认，暂时区间操作 | 2 | | --- | --- | | 豆油：美豆驱动不足，震荡为主 | 2 | | 豆粕：隔夜美豆小幅收涨，连粕震荡 | 4 | | 豆一：现货稳中偏强，盘面偏弱震荡 | 4 | | 玉米：震荡偏强 | 6 | | 白糖：偏弱运行 | 7 | | 棉花：供需双强 | 9 | | 鸡蛋：淘汰继续，现货震荡为主 | 11 | | 生猪：增量将至，产业逻辑回归 | 12 | | 花生：关注现货 | 13 | 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 【基本面跟踪】 油脂基本面数据 | | 棕榈油主力 | 单 位 元/吨 | 收盘价 (日盘） | 涨跌幅 -0.73% | 收盘价 （夜盘） | 涨跌幅 0.16% | | --- | --- | --- | --- | --- | --- | --- | | | 豆油主力 | 元/吨 | 8,666 8,254 | -0.39% | 8,680 8,240 | -0.17% | | | 菜油主力 | 元/吨 | 9,618 ...

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports Pig Industry - Pig prices are at a low level and continue to bottom out. The market supply remains loose, and downstream slaughterhouses are smoothly purchasing. There is an expected increase in December's pig出栏, and the supply pressure from large - scale farms is increasing. The downside space is limited, and the fat - lean price difference is slightly adjusted. Second - round fattening is cautious, and small and medium - sized farmers are not under selling pressure. The futures market is slightly higher than the spot market. The supply - side pressure may be less than expected, but demand is weak. The strategy of inter - month arbitrage can continue to be held, and the single - side price is expected to continue to bottom out [2]. Meal Industry - The domestic soybean meal market remains in a loose pattern, and it is difficult to see an upward trend in the single - side market. The supply in January and February is basically guaranteed, and the uncertainty lies in whether US soybean purchases can meet the domestic soybean arrivals in March. The market is expected to remain volatile, and short - term trading is dull [4]. Oil Industry - For palm oil, the potential negative impact of inventory growth to 2.7 million tons and the weakening of US soybean oil futures may cause short - term Malaysian palm oil to fluctuate around 4,100 ringgit. The Dalian palm oil futures market is in a weak shock, facing resistance at 8,800 yuan and may briefly fall below. It is necessary to pay attention to whether it can stop falling in the 8,350 - 8,500 yuan range and then strengthen. For soybean oil, the US renewable fuel industry's demand for soybean oil remains resilient, but international crude oil decline may drag down CBOT soybean oil. The domestic soybean supply in the fourth quarter is sufficient, and the supply pattern of soybean oil remains unchanged. Some traders' strong selling intentions may drag down the basis price, but the basis price has limited short - term fluctuations due to cost support [5]. Corn Industry - The short - term supply - demand of corn remains tight. In the northeast region, the arrival volume is shrinking, and the price is rising due to restocking and policy support. In the north - central region, the price fluctuates slightly. Traders are cautious about building inventories, while deep - processing enterprises need to replenish stocks. The short - term tight supply - demand pattern and strong northeast spot prices drive the futures price to a new high. Attention should be paid to the corn supply rhythm and inventory changes, which may limit price increases [6]. Sugar Industry - The ICE raw sugar futures are weak. The global sugar market is expected to have a surplus this year, which limits price increases. In India, the sugarcane crushing and production are expected to increase significantly this year. With the listing of new sugar in Guangxi, the price of Yunnan sugar has fallen, and the low - price sugar also affects the processed sugar and beet sugar markets. Zhengzhou sugar is expected to remain in a weak shock [10]. Cotton Industry - The ICE cotton futures have fallen to the lowest level in more than a week due to a weak export sales report and overall market weakness. Investors are waiting for the USDA's next export sales report and the global agricultural supply - demand forecast. In China, the cotton picking in Xinjiang is mostly completed, and the purchase price is falling. Zhengzhou cotton faces hedging pressure, but the pressure is not concentrated. The demand - side purchasing is weak, but pre - sales relieve the short - term supply pressure, and the basis price of spot sales is firm. Short - term cotton prices are expected to fluctuate within a range [12]. Egg Industry - Based on previous chick replenishment and inventory data, the laying - hen inventory in December is likely to decline, although it remains relatively high compared to the same period in previous years. The market trading is light, downstream stocking has not started, and terminal consumption is weak. Traders purchase on demand, and the inventory at each link has slightly increased. Egg futures prices are expected to remain weak at the bottom [15]. 3. Summaries According to Relevant Catalogs Pig Industry - **Futures Indicators**: The main contract basis has increased by 64.58%, the price of "Pig 2605" has decreased by 0.46%, the price of "Pig 2601" has decreased by 0.91%, the 1 - 5 spread has decreased by 11.49%, the main contract position has decreased by 1.34%, and the number of warehouse receipts has increased to 85 [2]. - **Spot Prices**: The spot prices in different regions show various changes, such as a 50 - yuan increase in Henan, a 50 - yuan decrease in Shandong, etc. [2]. - **Spot Indicators**: The daily sample slaughter volume has increased by 0.42%, the weekly white - strip price has decreased by 0.38%, the weekly piglet price has decreased by 2.86%, the weekly sow price remains unchanged, the weekly average slaughter weight has increased by 0.32%, the weekly self - breeding profit has decreased by 8.90%, the weekly purchased - pig breeding profit has decreased by 6.05%, and the monthly reproductive sow inventory has decreased by 1.12% [2]. Meal Industry - **Soybean Meal**: The spot price in Jiangsu remains unchanged, the futures price of "M2605" has decreased by 0.49%, the basis has increased by 6.57%, the Brazilian 2 - month shipping schedule's import crushing profit has decreased by 7.5%, and the number of warehouse receipts has increased by 54.4% [4]. - **Rapeseed Meal**: The spot price in Jiangsu has decreased by 0.42%, the futures price of "RM2605" has decreased by 0.58%, the basis has increased by 44.44%, the Canadian 1 - month shipping schedule's import crushing profit has increased by 8.81%, and the number of warehouse receipts remains unchanged [4]. - **Soybeans**: The spot price of Harbin soybeans remains unchanged, the futures price of the main soybean contract has decreased by 0.82%, the basis has increased by 17.09%, the spot price of imported soybeans in Jiangsu remains unchanged, the futures price of the main soybean - two contract has decreased by 0.32%, the basis has increased by 6.67%, and the number of warehouse receipts has increased by 0.77% [4]. - **Spreads**: The 05 - 09 spread of soybean meal remains unchanged, the 05 - 09 spread of rapeseed meal has decreased by 2.99%, the spot oil - meal ratio has increased by 7.10%, the main - contract oil - meal ratio has decreased by 0.58%, the spot soybean - rapeseed meal price difference has increased by 1.52%, and the 2605 soybean - rapeseed meal price difference remains unchanged [4]. Oil Industry - **Soybean Oil**: The spot price in Jiangsu has decreased by 0.58%, the futures price of "Y2601" has decreased by 0.39%, the basis has decreased by 5.39%, and the number of warehouse receipts has increased by 111.96% [5]. - **Palm Oil**: The spot price in Guangdong has decreased by 0.92%, the futures price of "P2601" has decreased by 0.73%, the basis has decreased by 160.00%, the import cost has decreased by 1.66%, the import profit has increased by 19.12%, and the number of warehouse receipts has increased by 28.41% [5]. - **Rapeseed Oil**: The spot price in Jiangsu has decreased by 0.80%, the futures price of "Ol601" has decreased by 0.96%, the basis has increased by 3.83%, and the number of warehouse receipts has decreased by 20 [5]. - **Spreads**: The 01 - 05 spread of soybean oil has decreased by 4.17%, the 01 - 05 spread of palm oil has increased by 11.76%, the 01 - 05 spread of rapeseed oil has decreased by 20.96%, the spot soybean - palm oil price difference has increased by 30.00%, the 2601 soybean - palm oil price difference has increased by 6.57%, the spot rapeseed - soybean oil price difference has decreased by 2.10%, and the 2601 rapeseed - soybean oil price difference has decreased by 4.28% [5]. Corn Industry - **Corn**: The futures price of "Corn 2601" has increased by 1.24%, the Jinzhou Port flat - hatch price has increased by 0.43%, the basis has decreased by 43.90%, the 1 - 5 spread has increased by 76.67%, the Shekou bulk - grain price has increased by 0.41%, the north - south trade profit remains unchanged, the CIF price has decreased by 0.11%, the import profit has increased by 3.51%, the number of remaining vehicles in Shandong deep - processing enterprises in the morning has decreased by 11.52%, the position has increased by 4.76%, and the number of warehouse receipts has decreased by 1.51% [6]. - **Corn Starch**: The futures price of "Corn Starch 2601" has increased by 1.09%, the Changchun spot price remains unchanged, the Weifang spot price remains unchanged, the basis has decreased by 100.00%, the 1 - 5 spread has increased by 39.29%, the 01 - contract starch - corn price difference remains unchanged, the Shandong starch profit remains unchanged, the position has increased by 0.73%, and the number of warehouse receipts is not available [6]. Sugar Industry - **Futures Market**: The futures price of "Sugar 2601" has decreased by 0.71%, the futures price of "Sugar 2605" has decreased by 0.64%, the ICE raw sugar main - contract price has decreased by 0.07%, the 1 - 5 spread has decreased by 5.80%, the main - contract position has decreased by 0.28%, the number of warehouse receipts remains 0, and the effective forecast remains unchanged [10]. - **Spot Market**: The spot prices in Nanning and Kunming have decreased, the Nanning basis has increased by 3.25%, the Kunming basis has increased by 3.88%, the imported Brazilian sugar (within quota) price has decreased by 0.36%, the imported Brazilian sugar (outside quota) price has decreased by 0.38%, the price difference between imported Brazilian sugar (within quota) and Nanning has increased by 1.15%, and the price difference between imported Brazilian sugar (outside quota) and Nanning has increased by 5.08% [10]. - **Industry Situation**: The cumulative national sugar production has increased by 12.03%, the cumulative national sugar sales have increased by 9.17%, the cumulative sugar production in Guangxi has increased by 4.59%, the monthly sugar sales in Guangxi have decreased by 41.20%, the cumulative national sugar sales rate has decreased by 2.60%, the cumulative sugar sales rate in Guangxi has increased by 4.80%, the US industrial sugar inventory has decreased by 41.20%, the industrial sugar inventory in Guangxi has increased by 62.90%, the industrial sugar inventory in Sichuan has increased by 26.60%, and the sugar import has increased by 37.50% [10]. Cotton Industry - **Futures Market**: The futures price of "Cotton 2605" has increased by 0.04%, the futures price of "Cotton 2601" has increased by 0.07%, the ICE US cotton main - contract price has decreased by 0.64%, the 5 - 1 spread has decreased by 16.67%, the main - contract position has decreased by 1.73%, the number of warehouse receipts has increased by 1.93%, and the effective forecast has increased by 19.39% [12]. - **Spot Market**: The Xinjiang arrival price of 3128B cotton has decreased by 0.05%, the CC Index of 3128B cotton has decreased by 0.05%, the FC Index of M - grade 1% cotton has decreased by 0.12%, the price difference between 3128B cotton and the 01 contract has decreased by 1.17%, the price difference between 3128B cotton and the 05 contract has decreased by 1.66%, and the price difference between the CC Index of 3128B cotton and the FC Index of M - grade 1% cotton has increased by 0.43% [12]. - **Industry Situation**: The commercial inventory has increased by 24.2%, the industrial inventory has increased by 4.9%, the import volume has decreased by 10.0%, the bonded - area inventory has increased by 5.5%, the year - on - year inventory of the textile industry has decreased by 66.7%, the yarn inventory days have increased by 0.9%, the grey - cloth inventory days have decreased by 2.7%, the cotton outbound transportation volume from Xinjiang has increased by 22.6%, the spinning enterprise's C32s immediate processing profit has increased by 0.4%, the retail sales of clothing, footwear, and textiles have increased by 19.5%, the year - on - year monthly retail sales of clothing, footwear, and textiles have increased by 34.0%, the export value of textile yarns, fabrics, and products has decreased by 5.9%, the year - on - year monthly export value of textile yarns, fabrics, and products has decreased by 242.1%, the export value of clothing and accessories has decreased by 11.6%, and the year - on - year export value of clothing and accessories has decreased by 100.2% [12]. Egg Industry - **Futures and Spot Indicators**: The price of the "Egg 01" contract remains unchanged, the price of the "Egg 02" contract has increased by 0.13%, the egg - producing area price has decreased by 0.29%, the basis has decreased by 10.70%, the 1 - 2 spread has decreased by 3.33%, the egg - chick price remains unchanged, the culled - hen price has decreased by 2.06%, the egg - feed ratio has decreased by 0.43%, and the breeding profit has decreased by 3.84% [15].